Core Viewpoint - The report indicates that China Aircraft Leasing's profit for the first half of the year increased by 7% year-on-year to HKD 140 million, driven by cost improvements and significant contributions from aircraft disposals [1] Financial Performance - The company plans to deliver 15 new aircraft in the second half of the year, which is expected to support rental income as the fleet size recovers [1] - The introduction of a profit forecast of HKD 475 million for 2026 reflects the company's growth expectations [1] Cost Management - The company aims to optimize its debt and capital structure through diversified financing and reducing leverage to lower financing costs, which will enhance profitability [1] - The report highlights that cost improvements will be a core driver of growth moving forward [1] Asset Management - Accelerating aircraft asset disposals is anticipated to help realize asset premiums and support profit performance [1] - The contribution from aircraft disposals is noted as a significant incremental benefit to the company's financial results [1] Target Price and Rating - The target price has been raised by 22% to HKD 5, maintaining an "outperform" rating for the company [1]

Core Viewpoint - China Aircraft Leasing (01848) maintains its 25-year profit forecast while introducing a profit estimate of HKD 475 million for 2026, with a target price increase of 22% to HKD 5.0, reflecting a strong market outlook and a recommendation to outperform the industry [1]. Company Status - The company reported a 7% year-on-year increase in profit to HKD 140 million for the first half of 2025, driven by cost improvements and significant contributions from aircraft disposals. The ongoing high market demand and the company's global strategy suggest a positive long-term profit recovery [2]. Mid-term Growth Drivers - **Revenue Side**: - Leasing revenue decreased by 14.1% year-on-year to HKD 1.91 billion, accounting for 79% of total revenue, primarily due to aircraft disposals. The company plans to deliver 15 new aircraft in the second half of the year while selling 6-10 aircraft, which is expected to support rental income [3]. - Net income from aircraft transactions surged by 1060.2% year-on-year to HKD 290 million, corresponding to the sale of 19 aircraft, indicating a strong asset value in a high-demand market [3]. - **Cost Side**: - The company reduced interest-bearing liabilities by 11.0% year-on-year, and interest expenses fell by 17.6% to HKD 1.1 billion, leading to a decrease in leverage from 9.1x at the end of 2024 to 8.4x. The focus on diversified financing and debt reduction is expected to enhance profitability [3]. Long-term Support Factors - As of the end of the first half of 2025, the company had a fleet of 181 aircraft, with 151 owned and 30 managed. The order book stands at 114 aircraft, providing a solid foundation for future growth amid tightening supply chains. The company is also expanding its global customer base, with 33% of aircraft leased to overseas airlines, reinforcing its growth potential [4].

Company Overview - China Aircraft Leasing (01848) maintains its 25-year profit forecast and introduces a profit estimate of HKD 475 million for 2026, currently trading at 0.79x/0.75x 25e/26e P/B [1] - The company reported a 7% year-on-year increase in profit for the first half of 2025, reaching HKD 140 million, driven by cost improvements and significant contributions from aircraft disposals [1] Revenue Insights - Leasing revenue for the first half of 2025 decreased by 14.1% year-on-year to HKD 1.91 billion, accounting for 79% of total revenue, primarily due to a reduction in fleet size from aircraft disposals [1] - The company plans to deliver 15 new aircraft in the second half of the year while selling 6-10 aircraft, which is expected to support rental income performance [1] - Net income from aircraft transactions surged by 1060.2% year-on-year to HKD 290 million, corresponding to the sale of 19 aircraft, indicating a strong market for aircraft assets [1] Cost Management - The company reduced its interest-bearing debt by 11.0% year-on-year, resulting in a 17.6% decrease in interest expenses to HKD 1.1 billion, with the leverage ratio declining from 9.1x at the end of 2024 to 8.4x [2] - Future strategies will focus on diversifying financing and reducing leverage to optimize debt and capital structure, thereby lowering financing costs [2] Order Book and Client Base - As of the end of the first half of 2025, the company had a fleet of 181 aircraft, with 151 owned and 30 managed, maintaining a leading position in high liquidity narrow-body aircraft [3] - The order book stands at 114 aircraft, providing a solid foundation for future growth amid tightening supply chains [3] - The company is expanding its global customer base while solidifying its leading position in the Chinese market, with 33% of aircraft leased to overseas airlines [3]

Company Overview - The company reported a 7% year-on-year increase in profit for 1H25, reaching 140 million HKD, driven by cost improvements and significant contributions from aircraft disposals [1] - The company plans to deliver 15 new aircraft in the second half of the year while selling 6-10 aircraft, which is expected to support rental income performance [1] Revenue and Income - Rental income decreased by 14.1% year-on-year to 1.91 billion HKD, accounting for 79% of total revenue, primarily due to a reduction in fleet size from aircraft disposals [1] - Net income from aircraft transactions surged by 1060.2% year-on-year to 290 million HKD, corresponding to the sale of 19 aircraft, an increase of 14 aircraft compared to the previous year [1] Cost Management - The company reduced its interest-bearing debt by 11.0% year-on-year, resulting in interest expenses decreasing by 17.6% to 1.1 billion HKD [1] - The company's leverage ratio improved from 9.1x at the end of 2024 to 8.4x, with a focus on optimizing debt and capital structure to lower financing costs [1] Fleet and Orders - As of the end of 1H25, the company had a fleet of 181 aircraft, with 151 owned and 30 managed, maintaining a leading position in high liquidity narrow-body aircraft [2] - The company has a robust order book of 114 aircraft, which supports future growth amid tightening supply chains [2] Market Position and Valuation - The company is maintaining its 2025 profit forecast and introducing a profit estimate of 475 million HKD for 2026, currently trading at 0.79x/0.75x P/B for 2025/2026 [2] - The target price has been raised by 22% to 5.0 HKD, reflecting an upward adjustment based on sustained high market conditions for aircraft [2]

Group 1 - The core viewpoint is that Hong Kong aviation stocks have collectively risen, with China National Aviation, China Aircraft Leasing, China Southern Airlines, and China Eastern Airlines showing significant gains [1] - Guojin Securities reports a 3.6% increase in passenger volume during the summer travel season, with BDTI showing a month-on-month increase. Supply growth is expected to slow due to capacity constraints from aircraft manufacturers and upstream component suppliers, leading to improved ticket prices and profit elasticity for airlines [3] - Domestic ticket prices have turned positive year-on-year, and the aviation sector is recommended, particularly China National Aviation and China Southern Airlines [3] Group 2 - Russian President Putin announced a mutual visa waiver policy for Chinese citizens, which is expected to boost travel demand. OTA platforms report a doubling in ticket search volume year-on-year for destinations like Moscow and St. Petersburg, with the average ticket price from Beijing to Moscow being 1482 yuan [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 公司名稱: 中國飛機租賃集團控股有限公司 呈交日期: 2025年9月1日 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01848 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD ...

Core Viewpoint - China Aircraft Leasing (01848) reported that its wholly-owned subsidiary, CEA Leasing (Tianjin), achieved a total revenue of 2.063 billion yuan and a net profit of 479 million yuan for the six months ending June 30, 2025 [1] Financial Performance - Total revenue for the first half of 2025 was 2.063 billion yuan [1] - Net profit for the same period was 479 million yuan [1]

Core Viewpoint - China Aircraft Leasing Group (01848) announced that its wholly-owned subsidiary, CEA Finance Leasing Co., Ltd. (Tianjin), achieved total revenue of 2.063 billion yuan and a net profit of 479 million yuan for the six months ending June 30, 2025 [1] Financial Performance - Total revenue for the six-month period reached 2.063 billion yuan [1] - Net profit for the same period was reported at 479 million yuan [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CHINA AIRCRAFT LEASING GROUP HOLDINGS LIMITED 中飛租 (天 津 )2025 年 中 期 未 經 審核 財務 資 料 概 要 根 據 上 海 證 券 交 易 所 上 市 規 則 及 中 國 其 他 相 關 條 例 及 法 規 所 規 定 ， 一 份 名 為 「 中 飛 租 融 資 租 賃 有 限 公 司 - 公 司 債 券 中 期 報 告 （ 2025 年 ）」 之 公 告 已 於 2025 年 8 月 28 日 刊載 於 上海 證 券交 易所 網 站 (http://www.sse.com.cn)， 並可 於該 網 站下 載 。此 外， 中 飛租 （ 天津 ） 截 至 2025 年 6 月 30 日 止 六个 月 之 財 務 資 料 預 期 於 2025 年 8 月 28 日 刊 載 於 中 國 外 匯 交 易 中 心 網 站 (www.chinamoney.c ...

Core Viewpoint - China Aircraft Leasing (01848) announced the signing of a sale agreement for an Airbus A321-200 aircraft with an independent third party, expected to be completed by November 30, 2025 [1] Group 1 - The transaction involves a wholly-owned subsidiary of the company acting as the seller [1] - The sale agreement was established on August 27, 2025, after trading hours [1] - The completion of the sale is anticipated to occur on or before November 30, 2025 [1]