Group 1 - Cathay Pacific's passenger volume in November 2025 increased by 26% compared to November 2024, with available seat kilometers rising by 22%. Year-to-date passenger volume for the first eleven months of 2025 increased by 27% compared to the same period in 2024 [1] - The load factor reached 87%, marking a two-year monthly high, driven by strong demand on Northeast Asia routes, particularly from Hong Kong, Europe, and Southeast Asia [1] - Cargo volume for Cathay Pacific in November 2025 increased by 10% year-on-year, with available cargo ton kilometers rising by 7%. Year-to-date cargo volume for the first ten months of 2025 also saw a 10% increase compared to the previous year [1] Group 2 - Hong Kong Express recorded a passenger volume of nearly 640,000 in November 2025, a 27% increase from November 2024, with available seat kilometers increasing by 18%. Year-to-date passenger volume for the first eleven months of 2025 increased by 30% compared to the previous year [2] - The load factor exceeded 83%, an increase of nearly 6 percentage points compared to the same month in 2024. However, demand for Japan routes has slowed due to various factors, resulting in losses that partially offset positive trends [2] - The group anticipates that the second half of the year will be driven by increased capacity, stable passenger load factors, and resilient cargo demand, with overall financial performance expected to surpass last year's robust results [2]

Core Insights - The overall situation of air cargo transportation in China has been improving throughout the year, with a continuous expansion in business scale [1] Group 1: Cargo Transportation Volume - In the first eleven months, the total cargo and mail transportation volume reached over 9.24 million tons, representing a year-on-year growth of 13.6% [1] - Domestic routes accounted for 5.254 million tons, while international routes contributed 3.988 million tons, with respective year-on-year growth rates of 8.1% and 21.8% [1] Group 2: Flight Operations - The number of cargo flights has been consistently increasing, with operations covering 70 countries and 170 cities, marking an increase of 8 countries and 27 cities compared to the same period last year [1] - The average weekly flight volume reached 1,767 flights, which is a 15.7% increase from the previous year [1]

Core Insights - The overall situation of air cargo transportation in China has been improving throughout the year, with a continuous expansion in business scale [1] Summary by Categories Cargo Volume - In the first eleven months, China's civil aviation completed a cargo and mail transportation volume exceeding 9.24 million tons, representing a year-on-year growth of 13.6% [1] - Domestic routes accounted for 5.254 million tons, while international routes contributed 3.988 million tons, with respective year-on-year increases of 8.1% and 21.8% [1] Flight Operations - The number of cargo flights in China has been steadily increasing, with operations reaching 70 countries and 170 cities, marking an increase of 8 countries and 27 cities compared to last year [1] - The average weekly flight volume reached 1,767 flights, which is a 15.7% increase from the previous year [1]