Core Viewpoint - Morgan Stanley's research report indicates that Cathay Pacific's performance in the first half of the year fell short of market expectations, primarily due to a 12% year-on-year decline in passenger yield, alongside rising operating costs and competitive pressures, similar to Singapore Airlines, highlighting challenges faced by high-end full-service airlines in Asia [1] Summary by Category Financial Performance - Cathay Pacific's operating cash flow remained strong in the first half of the year, with its debt ratio remaining almost unchanged [1] - The company slightly reduced its dividend payout [1] Market Outlook - Morgan Stanley has revised its forecasts for Cathay Pacific for the fiscal years 2025 to 2027, lowering them by 5% to 8% compared to market consensus [1] - The rating for Cathay Pacific has been downgraded from "Neutral" to "Underweight" [1]

Core Viewpoint - Cathay Pacific Airways reported a mid-year performance for 2025, showcasing a revenue of HKD 54.309 billion, reflecting a year-on-year growth of 9.5% and a shareholder profit of HKD 3.651 billion, which is a 1.1% increase [1] Group 1: Financial Performance - The group's revenue reached HKD 54.309 billion, marking a 9.5% increase compared to the previous year [1] - Shareholder profit stood at HKD 3.651 billion, showing a year-on-year growth of 1.1% [1] - Basic earnings per share were reported at HKD 0.567, with an interim dividend of HKD 0.20 per share [1] Group 2: Operational Developments - Cathay Pacific and Hong Kong Express have launched or announced 19 new routes since the beginning of 2025, with plans for more destinations to follow [1] - The group currently operates flights to over 100 destinations worldwide, highlighting the strong connectivity between Hong Kong and the global network [1] - The company has completed a significant recruitment drive, stabilizing hiring and training levels in line with its development plans [1] Group 3: Industry Recognition - Cathay Pacific was recognized as one of the top three airlines globally by Skytrax, receiving awards for "World's Best Economy Class" and "World's Best Inflight Entertainment" [1] - Cathay Cargo was named "Airline of the Year" by Air Transport World, while Hong Kong Express was ranked among the top five "Best Low-Cost Airlines" by Airline Ratings [1]

Core Viewpoint - Cathay Pacific Airways reported a mid-year performance for 2025, showcasing a revenue of HKD 54.309 billion, reflecting a year-on-year growth of 9.5% and a shareholder profit of HKD 3.651 billion, up 1.1% [1] Group 1: Financial Performance - The group's revenue reached HKD 54.309 billion, marking a 9.5% increase compared to the previous year [1] - Shareholder profit stood at HKD 3.651 billion, which is a 1.1% year-on-year growth [1] - Basic earnings per share were reported at HKD 0.567 [1] - The interim dividend declared was HKD 0.20 per share [1] Group 2: Operational Developments - Cathay Pacific and Hong Kong Express have launched or announced 19 new routes since the beginning of 2025, with plans for more destinations to follow [1] - The group currently operates flights to over 100 destinations globally, highlighting the strong connection between Hong Kong and the world [1] - The company has completed a significant recruitment drive, stabilizing hiring and training levels in line with its development plans [1] Group 3: Industry Recognition - Cathay Pacific was recognized as one of the top three airlines globally by Skytrax, receiving awards for "Best Economy Class" and "Best In-Flight Entertainment" [1] - Cathay Cargo was named "Airline of the Year" by Air Transport World [1] - Hong Kong Express was ranked among the top five "Best Low-Cost Airlines" by Airline Ratings [1]