Group 1 - The core viewpoint of the report is that Cathay Pacific maintains an "overweight" rating for China Ship Leasing (03877), despite a year-on-year decline in net profit for the first half of 2025 due to the impact of Hong Kong's international corporate tax reform [1] - The company's net profit for the first half of 2025 is recorded at HKD 1.15 billion, representing a 14% year-on-year decrease, which is attributed mainly to the tax reform [1] - The report highlights that the company's pre-tax profit remains stable, with only a slight decline of 5% when excluding the impact of the tax reform [1] Group 2 - The report anticipates a peak season for refined oil transportation, which is expected to drive performance improvement in the second half of the year [1] - The company's earnings flexibility is derived from its short-term leasing business, particularly the MR tanker fleet, which is expected to enhance performance in the latter half of 2025 [1] - The company plans to increase its interim dividend for 2025 to HKD 0.05 per share, up from HKD 0.03 per share, indicating a commitment to improving shareholder returns [1]