Core Viewpoint - Bohai Leasing reported significant revenue growth in the first half of 2025, driven by increased aircraft sales and leasing income, despite a one-time impairment loss from the sale of its container leasing subsidiary [1][2]. Group 1: Financial Performance - In the first half of 2025, Bohai Leasing achieved operating revenue of 28.46 billion yuan, a year-on-year increase of 75.91% [1]. - The net profit attributable to shareholders was -2.02 billion yuan, but adjusted for the impairment loss, the net profit was 1.27 billion yuan, reflecting a year-on-year growth of 77.27% [1]. - The average yield of the fleet improved, with the weighted average annualized rental rate of the Avolon fleet increasing by approximately 70 basis points compared to the same period last year [1]. Group 2: Strategic Transactions - To optimize its debt structure, Bohai Leasing's wholly-owned subsidiary signed an agreement to sell 100% of its container leasing subsidiary GSCL, resulting in an impairment loss of approximately 3.29 billion yuan [2]. - The proceeds from the sale are intended to repay high-interest dollar debts and improve cash flow, which is expected to enhance the company's operational capabilities and future profitability [2]. Group 3: Business Expansion - Bohai Leasing continues to expand its aircraft leasing business, with Avolon signing a procurement agreement with Airbus for 75 A321NEO and 15 A330NEO aircraft, expected to be delivered by the end of 2033 [3]. - Avolon is now the company with the largest number of aircraft orders globally, which will enhance its bargaining power and reduce acquisition costs [3]. - Credit ratings for Avolon were upgraded by Fitch and Moody's, indicating improved financial stability and outlook [3]. Group 4: Fleet Overview - As of June 30, 2025, Bohai Leasing's fleet comprised 1,105 aircraft, including 663 owned and managed aircraft and 442 on order, primarily consisting of Airbus A320 and Boeing 737 models [4]. - The average age of the fleet is 6.6 years, serving 142 airline customers across 60 countries, making it the second-largest aircraft leasing company by fleet size [4].

Core Viewpoint - Bohai Leasing reported significant revenue growth in the first half of 2025, driven by increased aircraft sales and leasing income, despite a one-time impairment loss from the sale of its container leasing subsidiary [1][2]. Financial Performance - The company achieved an operating income of 28.46 billion yuan, a year-on-year increase of 75.91% [1]. - The net profit attributable to shareholders was -2.02 billion yuan, but adjusted for the impairment loss, the net profit was 1.27 billion yuan, reflecting a 77% year-on-year growth [1]. Business Operations - The increase in operating income was primarily due to strong global air passenger demand and limited aircraft manufacturing capacity, which kept aircraft market values, leasing rates, and renewal rates high [1]. - Bohai Leasing completed the 100% equity transfer of CAL and optimized its fleet structure through aircraft asset sales, leading to improved average yield levels [1]. Debt and Asset Management - To optimize its debt structure, Bohai Leasing's subsidiary Global Sea Containers Two Limited signed an agreement to sell its container leasing subsidiary GSCL for a price below its net assets, resulting in an impairment loss of approximately 3.29 billion yuan [2]. - The proceeds from this transaction are intended to repay high-interest foreign dollar debts and improve domestic cash flow and business recovery [2]. Strategic Expansion - In July 2025, Bohai Leasing's subsidiary Avolon signed a procurement agreement with Airbus for 75 A321NEO and 15 A330NEO aircraft, with deliveries expected by the end of 2033 [3]. - Avolon is now the company with the largest number of aircraft orders globally, enhancing its bargaining power and reducing acquisition costs [3]. Market Position - As of June 30, 2025, Bohai Leasing's fleet comprised 1,105 aircraft, making it the second-largest aircraft leasing company globally by fleet size, serving 142 airline customers across 60 countries [4].

Company Summary - Bohai Leasing announced a credit impairment loss of approximately 154 million RMB and an asset impairment loss of about 3.44 billion RMB for the first half of 2025, impacting the total profit by approximately -3.594 billion RMB [1] - The revenue composition for Bohai Leasing in the first half of 2025 includes: 53.84% from aircraft sales, 35.26% from aircraft leasing, 8.94% from container leasing, 1.45% from container sales, and 0.31% from other financing leases [1] - As of the report date, Bohai Leasing has a market capitalization of 21.8 billion RMB [1] Industry Summary - The domestic A-class car market is set to undergo significant changes with the opening of the first A-class car exhibition in the second half of the year, featuring nearly 120 brands and 1600 vehicles [1]

Company Overview - Bohai Leasing (SZ 000415) announced its second board meeting of the 11th session held on August 28, 2025, in Beijing, discussing the 2025 semi-annual report and summary [1] Financial Performance - For the first half of 2025, Bohai Leasing's revenue composition was as follows: aircraft sales accounted for 53.84%, aircraft leasing for 35.26%, container leasing for 8.94%, container sales for 1.45%, and other financing leasing for 0.31% [1] Market Capitalization - As of the report, Bohai Leasing's market capitalization stood at 21.8 billion yuan [1]

Core Viewpoint - Bohai Leasing reported significant revenue growth in the first half of 2025, driven by increased aircraft sales and leasing income, despite a one-time impairment loss from the sale of its container leasing subsidiary [1][2]. Financial Performance - The company achieved operating revenue of 28.46 billion yuan, a year-on-year increase of 75.91% [1]. - The net profit attributable to shareholders was -2.02 billion yuan, but adjusted for the impairment, the net profit was 1.27 billion yuan, reflecting a growth of 77.27% [1]. Business Operations - The increase in revenue was attributed to strong global air passenger demand and limited production capacity from aircraft manufacturers, maintaining high market values, leasing rates, and renewal rates [1]. - Bohai Leasing completed the 100% equity transfer of CAL and optimized its fleet structure through aircraft asset sales, enhancing the average yield of its existing fleet [1]. Debt and Asset Management - To optimize its debt structure, Bohai Leasing's subsidiary Global Sea Containers Two Limited signed an agreement to sell its container leasing subsidiary GSCL, resulting in an impairment loss of approximately 3.29 billion yuan [2]. - The proceeds from the sale are intended to repay high-interest foreign dollar debts and improve domestic cash flow and business recovery [2]. Expansion and Competitive Position - Bohai Leasing is expanding its aircraft leasing business, with its subsidiary Avolon signing a purchase agreement for 75 A321NEO and 15 A330NEO aircraft, expected to be delivered by the end of 2033 [3]. - Avolon is now the company with the largest number of aircraft orders globally, enhancing the company's bargaining power and reducing acquisition costs [3]. Credit Ratings - In the first half of 2025, credit ratings for Avolon were upgraded by Fitch and Moody's, with Fitch raising the rating from "BBB-" to "BBB" and Moody's from "Baa3" to "Baa2," both with stable outlooks [3]. Fleet Overview - As of June 30, 2025, Bohai Leasing's fleet comprised 1,105 aircraft, including 663 owned and managed aircraft and 442 on order, primarily consisting of Airbus A320 and Boeing 737 models, with an average age of 6.6 years [4].

Core Insights - Bohai Leasing (000415.SZ) reported a significant increase in revenue for the first half of 2025, achieving 28.46 billion yuan, a year-on-year growth of 75.91% [1] - The company experienced a net loss attributable to shareholders of 2.02 billion yuan, marking a shift from profit to loss compared to the previous year [1] - The decline in net profit was primarily due to an impairment loss of approximately 3.29 billion yuan related to the sale of GSCL's 100% equity, which was below its net asset value [1] Financial Performance - The company's net profit attributable to shareholders, excluding the impact of goodwill impairment, was 1.27 billion yuan, reflecting a year-on-year increase of 77.27% [2] - The net profit after excluding non-recurring gains and losses was 998 million yuan, showing an 87.42% increase compared to the previous year [2] - The growth in profitability was driven by strong global air passenger demand and limited production capacity from aircraft manufacturers, which maintained high market values, leasing rates, and renewal rates [2] Business Operations - The completion of the CAL 100% equity transfer contributed positively to the company's financial performance [2] - The company continued to optimize its fleet structure through aircraft asset sales, leading to an improvement in the average yield of its existing fleet [2] - The profitability of the aircraft leasing business increased compared to the same period last year [2]

Group 1 - The company reported a significant increase in revenue for the first half of 2025, achieving an operating income of 28.46 billion yuan, a year-on-year growth of 75.91% [1] - The net profit attributable to shareholders was -2.02 billion yuan, but excluding the impact of a one-time impairment from the sale of a subsidiary, the net profit was 1.27 billion yuan, reflecting a growth of 77.27% [1] - The increase in revenue was primarily driven by growth in aircraft sales and leasing income, supported by strong global air passenger demand and limited production capacity from aircraft manufacturers [1] Group 2 - The company signed a share purchase agreement to sell its container leasing subsidiary, GSCL, for a price below its net assets, resulting in an impairment loss of approximately 3.29 billion yuan [2] - The proceeds from the sale are intended to repay high-interest foreign dollar debts and improve domestic cash flow, which is expected to enhance the company's ongoing operational capacity and profitability [2] Group 3 - The company is expanding its aircraft leasing business by signing a procurement agreement with Airbus for 75 A321NEO and 15 A330NEO aircraft, with deliveries expected by the end of 2033 [3] - Avolon, a subsidiary of the company, has received credit rating upgrades from Fitch and Moody's, indicating improved financial stability and outlook [3] Group 4 - As of June 30, 2025, the company's fleet consisted of 1,105 aircraft, making it the second-largest aircraft leasing company globally by fleet size, with an average aircraft age of 6.6 years [4]

Core Viewpoint - Bohai Leasing reported significant revenue growth in the first half of 2025, driven by increased aircraft sales and leasing income, despite a one-time impairment loss from the sale of its container leasing subsidiary [1][2]. Financial Performance - The company achieved operating revenue of 28.46 billion yuan, a year-on-year increase of 75.91% [1]. - The net profit attributable to shareholders was -2.02 billion yuan, but adjusted for the impairment loss, the net profit was 1.27 billion yuan, reflecting a growth of 77.27% [1]. Business Operations - The increase in revenue was attributed to strong global air passenger demand and limited production capacity from aircraft manufacturers, which kept aircraft market values, leasing rates, and renewal rates high [1]. - Bohai Leasing completed the 100% equity transfer of CAL and optimized its fleet structure through aircraft asset sales, leading to improved average yield levels [1]. Debt and Asset Management - To optimize its debt structure, Bohai Leasing's subsidiary Global Sea Containers Two Limited signed an agreement to sell its container leasing subsidiary GSCL, resulting in an impairment loss of approximately 3.29 billion yuan [2]. - The proceeds from the sale are intended to repay high-interest dollar debts and improve cash flow and business recovery [2]. Expansion and Competitive Position - In July 2025, Bohai Leasing's subsidiary Avolon signed a procurement agreement with Airbus for 75 A321NEO and 15 A330NEO aircraft, with deliveries expected by the end of 2033 [3]. - Avolon is now the company with the largest number of aircraft orders globally, enhancing its bargaining power and reducing acquisition costs [3]. Fleet Overview - As of June 30, 2025, Bohai Leasing's fleet comprised 1,105 aircraft, including 663 owned and managed aircraft and 442 on order, primarily consisting of Airbus A320 and Boeing 737 models [4]. - The average age of the fleet is 6.6 years, serving 142 airline customers across 60 countries, making it the second-largest aircraft leasing company by fleet size [4].

渤海租赁股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：渤海租赁股份有限公司 单位：人民币千元 | | 资金往来方名称 | 往来方与上市 公司的关联关 | 上市公司 核算的 | 年初 2025 往来资金 | 2025 年 1-6 往来累计 | 月 2025 月往来资金 | 年 1-6 6 | 年 2025 1- 月偿还累 | 其他 | 年 2025 6 月末往来资 | 往来形成 | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 系 | 会计科目 | 余额 | 发生金额 | 的利息（如 | | 计发生金额 | | 金余额 | 原因 | | | | | | | | （不含利息） | 有） | | | | | | | | | 一、控股股东及其附属企业非经营性资金占用 | | | | | | | | | | | | | 无 | | 不适用 | 不适用 | 无 | 无 | 无 | | 无 | 无 | 无 | 不适用 | 不适用 | | | 二 ...

财务报表 2025年1-6月 渤海租赁股份有限公司 目录 | | 页 | | 次 | | --- | --- | --- | --- | | 财务报表 | | | | | 合并资产负债表 | 1 | - | 3 | | 合并利润表 | 4 | - | 5 | | 合并股东权益变动表 | 6 | - | 7 | | 合并现金流量表 | 8 | - | 9 | | 公司资产负债表 | 10 | - | 11 | | 公司利润表 | | 12 | | | 公司股东权益变动表 | | 13 | | | 公司现金流量表 | 14 | - | 15 | | 财务报表附注 | 16 | - | 145 | | 补充资料 | | | | | 1.非经常性损益明细表 | | 1 | | | 2.净资产收益率和每股收益 | | 2 | | 渤海租赁股份有限公司 合并资产负债表 2025年6月30日 人民币千元 | 资产 | 附注五 | 2025年6月30日 | 2024年12月31日 | | --- | --- | --- | --- | | 流动资产 | | | | | 货币资金 | 1 | 7,774,693 | 26,54 ...