消息面上，国泰航空昨日发布2025年中期业绩，集团收益543.09亿港元，同比增长9.5%；股东应占溢利 36.51亿港元，同比增长1.1%；中期息每股20港仙。此外，国泰宣布行使2013年认购协议项下的购买 权，购入14架波音777-9型飞机，同时获授额外最多7架同型号飞机的认购权。14架飞机的基本价格约81 亿美元，折合约632亿港元，由于制造商将提供大幅价格优惠，预期实际代价较上述基本价格为低。 摩根士丹利发布研报称，国泰航空上半年普通股股东应占净利润同比增长8.3%。经营利润为59亿港 元，与去年同期持平，但低于市场预期66亿港元。国泰航空客运收益率低于预期，主要由于长途航线收 益率持续正常化及短途航线竞争加剧，尽管商务舱需求强劲且载客率同比提升。市场普遍预期2025年全 年净利润将同比下降，但该行认为下行风险有限。评级"与大市同步"，目标价12.1港元。 国泰航空(00293)续跌超3%，该股昨日重挫逾9%。截至发稿，跌3.32%，报10.49港元，成交额1.62亿港 元。 ...

国泰航空港股股价急跌。 8月6日午间，国泰航空（HK0293）发布最新业绩报告：截至2025年6月30日，国泰集团（包括航空公 司、附属公司及联属公司）收益543.09亿港元，同比增长9.5%；股东应占溢利36.51亿港元，同比增长 1.1%；每股普通股股息为20港仙（0.2港元）；可动用的无限制用途流动资金为215.04亿港元，同比增 长12.7%。 国泰航空表示，集团旗下航空公司及附属公司在撇除特殊项目后，2025年上半年录得应占溢利38.32亿 港元，2024年同期为38.46亿港元；来自联属公司的业绩(大部分为延迟三个月确认)录得应占亏损1.81亿 港元，2024年同期为亏损3.42亿港元。 国泰货运于2025年上半年录得的收益为111.41亿港元，同比增加2.2%；可用货运吨千米增加8.1%，以货 运收入吨千米计算的货运量增加5.9%，整体载货吨数增加11.4%至80.1万吨；运载率为56.8%，2024年上 半年为59.9%。 国泰航空在财报中表示，尽管关税及小额免税的变动带来不明朗因素，但货运业务展现其应变能力，公 司利用旗下的全球航线网络，重新调配可载货量，从而把握市场需求殷切的地区。另外，活 ...

国泰航空(0293.HK)午后放量跳水，一度跌近11%，报10.72港元，截至目前成交额放大至4.1亿港元。 旗下香港快运上半年录得除财务支出净额及税前亏损5.24亿港元，去年同期溢利为6600万港元，主要是由于旅客受地震传闻影响而暂时避免前往日本等传 统热门目的地，以及新增的航线需时才发展成熟。集团提到，香港快运将继续面临短期挑战。前往日本的机票预订有所回升，但尚未恢复至正常水平。 摩根士丹利称，国泰上半年业绩未达市场高预期，因乘客收益率低于预期。 公司午间公布，截至6月底止中期股东应占溢利36.51亿港元，同比上升1.1%。每股基本盈利56.7港仙，派第一次中期股息每股20港仙。期内，收益543.09 亿港元，同比增长9.49%。国泰航空的客运收益为342.08亿港元，增加14%，以收入乘客千米计算的客运量则增加30%；上半年运载乘客共1360万人次，平 均每日载客7.53万人次，增加27.8%。国泰货运的收益为111.41亿港元，增加2.2%。 ...

Core Viewpoint - JetBlue Airways reported second-quarter earnings with revenue of $2.18 billion, falling short of analysts' average expectation of $2.28 billion [1] - The adjusted loss per share was $0.16, compared to a profit of $0.08 per share in the same period last year, while analysts had anticipated a loss of $0.33 per share [1] Group 1 - The company’s president, Marty St. George, indicated that there has been an improvement in air travel demand as the quarter progressed, with significant increases in bookings made within 14 days prior to travel and during peak travel periods [1] - This positive momentum in bookings has continued into July [1] - The company expects a decline in revenue per available seat mile (RASM) of 2% to 6% for the third quarter [1]

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company's 2024 net profit attributable to shareholders is expected to increase by 18% year-on-year, with a revenue of 22.1 billion yuan, reflecting a 10% year-on-year growth [1] - The company plans to introduce 17 new aircraft from 2025 to 2027, indicating confidence in future growth [2] - The company has announced a cash dividend of 0.19 yuan per share, representing a 45% cash dividend payout ratio, and plans to cancel 15 million repurchased shares [5] - The long-term outlook for the industry suggests a persistent supply constraint with steady demand growth, leading to a potential reversal in supply-demand dynamics and high profit elasticity [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 22.1 billion yuan, with a net profit of 910 million yuan, marking an 18% increase year-on-year [1] - For Q1 2025, the company reported a revenue of 5.7 billion yuan, a slight increase of 0.05% year-on-year, with a net profit of 350 million yuan, down 8% year-on-year [1] Operational Metrics - The aircraft utilization rate improved to 11.5 hours per day in 2024, an increase of approximately 1.2 hours year-on-year [2] - The passenger load factor reached 84.6% in 2024, up 1.8 percentage points from 2023 [2] - The company plans to increase its fleet size to 127 aircraft by the end of 2024, with a net addition of 10 aircraft [2] Revenue and Cost Analysis - The unit revenue per available seat kilometer (ASK) decreased by 6% year-on-year to 0.394 yuan in 2024, primarily due to falling ticket prices [3] - The unit cost per ASK also decreased by 6% year-on-year to 0.339 yuan, driven by lower fuel prices [3] Expense Management - The company reduced its unit sales and management expenses by 5% and 16% year-on-year, respectively, in 2024 [4] - Financial expenses decreased to 1.46 billion yuan in 2024, down 0.4 billion yuan year-on-year, mainly due to lower leasing interest expenses [4] Future Profit Forecast - The company is projected to achieve net profits of 1.32 billion yuan, 1.76 billion yuan, and 2.31 billion yuan for 2025, 2026, and 2027, respectively [6]