Core Viewpoint - The company reported a decline in total revenue for the first half of 2025, while net profit increased significantly, indicating mixed performance in different segments of its operations [1] Financial Performance - Total revenue for the first half of 2025 was HKD 27.36 billion, a decrease of 6.5% year-on-year [1] - Net profit attributable to shareholders was HKD 7.71 billion, an increase of 27.5% year-on-year, with earnings per share at HKD 1.24 [1] - The interim dividend per share remains unchanged at HKD 0.42 [1] Segment Performance - Revenue from Hong Kong passenger services increased by nearly 2.6% to HKD 14.13 billion, but profit contribution fell by nearly 18% to approximately HKD 1.9 billion [1] - Revenue from operations rose over 3% to HKD 11.5 billion, yet profit plummeted over 76% to HKD 98 million [1] - Revenue from station commercial activities decreased by over 5% to nearly HKD 1.8 billion [1] Passenger Volume - Total passenger volume for rail and bus services was approximately 964 million, a year-on-year increase of 0.7% [1] - Local rail service passenger volume was 786 million, a slight decline of 0.2% year-on-year [1] - High-speed rail (Hong Kong section) and intercity passenger volume increased by over 16% to 14.7 million, while airport express passenger volume rose by over 2% to 6.4 million [1] Pricing Strategy - The company announced that ticket prices for the 2025/26 fiscal year will remain unchanged, with a calculated adjustment of 1.45% to be applied in the 2026/27 fiscal year [1] - The previously planned adjustment of 1.91% has also been postponed to the next fiscal year [1]

Core Viewpoint - Hong Kong MTR Corporation has proposed a fare increase of 9.4% for the Airport Express, expected to be implemented by June 2025 [1][3]. Fare Adjustment Details - The current adult fare from Hong Kong Station to the airport is HKD 110, proposed to increase by HKD 10 to HKD 120 [3]. - The fare from Kowloon Station to the airport will rise from HKD 100 to HKD 105, while the fare from Tsing Yi Station will increase from HKD 65 to HKD 73 [3]. - For single journey tickets without Octopus, the fare from Hong Kong Station will increase from HKD 115 to HKD 130, from Kowloon Station from HKD 105 to HKD 115, and from Tsing Yi Station from HKD 70 to HKD 80 [3]. - The adult single journey fare from the airport to the exhibition center will increase by HKD 1 [3]. Context and Impact - The Airport Express has not adjusted its fares since 2017, and the service has faced losses due to reduced passenger numbers during the pandemic [3]. - Passenger volume has only recovered to about 70% of pre-pandemic levels, influenced by competition from other public transport and changes in business travel patterns [3].