Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's net profit after tax for 1H25 was USD 342 million, a year-on-year increase of 20%, aligning closely with Bloomberg's consensus estimate of USD 337 million [1] - The aviation leasing industry is gradually improving, with aircraft manufacturers' production capacity starting to recover, leading to a 12% year-on-year increase in total aircraft deliveries [2] - The company is expected to benefit from rising rental prices and market values due to the ongoing supply-demand imbalance in the aircraft leasing market [1][2] Summary by Sections Financial Performance - In 1H25, the company's capital expenditure increased by 150% year-on-year to USD 1.9 billion, the highest semi-annual figure since 2020 [3] - The net lease yield (NLY) improved by 50 basis points year-on-year to 7.5%, driven by the sale of older, low-yield aircraft and the introduction of higher-yield new models [4] Market Outlook - The global demand for air travel is expected to continue recovering, with IATA projecting a 5.8% increase in global RPK for 2025, supporting the leasing market [2] - The report anticipates that the total value of new aircraft deliveries globally will reach USD 100 billion in 2025, the highest since 2019 [2] Capital Expenditure and Growth - The company has a total aircraft order reserve of 351 aircraft, with committed capital expenditure reaching USD 20 billion [3] - The company aims to achieve an asset scale growth target of USD 40 billion by 2030 [3] Profitability Forecast - The report adjusts the forecast for net profit attributable to the parent company for 2025, 2026, and 2027 to USD 710 million, USD 800 million, and USD 830 million respectively, with target price raised to HKD 85 [5][6]

智通财经APP获悉，中金发布研报称，基本维持中银航空租赁(02588)盈利预测不变，当前公司交易于 25e/26e 1.0x/0.9x P/B。维持跑赢行业评级及目标价81.40港币(对应25e/26e 1.1x/1.0x P/B及13%上行空 间)。公司1H25收入同比+6%至12.4亿美元，净利润同比-26%至3.42亿美元，利润下行主因1H24收回两 架俄罗斯飞机构成一次性影响，剔除该影响、公司核心净利润同比+20%，符合该行预期。 公司1H25合计交付24架飞机(同比+6架、环比+4架)，其中19架经营租赁飞机(同环比均+12架)，对应公 司上半年完成资本支出19亿美元(同比+138%)。交付改善下： 1)总规模方面，公司经营租赁机队账面净值自2023年上半年以来首次实现边际扩表、较年初+1%至182 亿美元，增速偏低主因公司飞机处置进程亦加速(上半年出售飞机同比+3架至18架)，涵盖融资租赁总机 队规模较年初+2%至222亿美元; 2)存量机队结构方面，截至1H25，公司机队保持100%出租率，平均机龄5年、平均剩余租期7.9年，机 队持续保持年轻、长久期的稳健架构，租金收益及价值曲线可预期性较强。 ...

中金发布研报称，基本维持中银航空租赁(02588)盈利预测不变，当前公司交易于25e/26e1.0x/0.9x P/B。 维持跑赢行业评级及目标价81.40港币(对应25e/26e1.1x/1.0x P/B及13%上行空间)。公司1H25收入同比 +6%至12.4亿美元，净利润同比-26%至3.42亿美元，利润下行主因1H24收回两架俄罗斯飞机构成一次性 影响，剔除该影响、公司核心净利润同比+20%，符合该行预期。 依托庞大订单簿及高质量机队，公司中长期增长趋势稳健 1)订单簿方面，公司上半年完成签订历史上最大飞机订单，1H25订单簿同比+132架/环比+119架至351 架、对应合计资本支出~200亿美元，充足订单簿奠定公司中长期增长能力，公司目标2030年达到总资 产400亿美元、对应2024-2035CAGR~8%; 2)存量机队结构方面，截至1H25，公司机队保持100%出租率，平均机龄5年、平均剩余租期7.9年，机 队持续保持年轻、长久期的稳健架构，租金收益及价值曲线可预期性较强。同时公司当前经营租赁机队 评估价值较账面净值溢价15%(vs.24年末溢价14%)、溢价价值约28亿美元，高价值机队夯实 ...

Performance Summary - China Petroleum & Chemical Corporation (00386.HK) reported a revenue of 1,409.05 billion yuan, a decrease of 10.6% year-on-year, and a net profit of 21.483 billion yuan, down 39.8% year-on-year [2] - Kuaishou Technology (01024.HK) achieved a revenue of 67.654 billion yuan, an increase of 12.04% year-on-year, with a net profit of 8.9 billion yuan, up 9.9% year-on-year [2] - China National Pharmaceutical Group (01099.HK) recorded a revenue of 36.363 billion yuan, a decrease of 1.48% year-on-year, and a net profit of 295 million yuan, an increase of 1.02% year-on-year [2] - Miniso Group (09896.HK) reported a revenue of 9.393 billion yuan, a growth of 21.1% year-on-year, but a net profit of 906 million yuan, down 22.6% year-on-year [2] - Tuhu (09690.HK) had a revenue of 7.9 billion yuan, an increase of 10.5% year-on-year, with an adjusted net profit of 410 million yuan, up 14.6% year-on-year, and the number of stores increased to 7,205 [2] - Bilibili Inc. (09626.HK) reported a second-quarter revenue of 7.338 billion yuan, an increase of 19.76% year-on-year, and a net profit of 219 million yuan, turning from a loss of 609 million yuan in the same period last year [2] - Zaitong (00062.HK) achieved a revenue of 4.226 billion HKD, an increase of 3.98% year-on-year, and a net profit of 190 million HKD, up 57.94% year-on-year [2] - Xincheng Power (01148.HK) reported a revenue of 2.804 billion yuan, an increase of 7.06% year-on-year, but a net profit of 16.49 million yuan, down 25.49% year-on-year [2] - Fourth Paradigm (06682.HK) achieved a revenue of 2.626 billion yuan, an increase of 40.71% year-on-year, with an adjusted net loss of 44 million yuan, narrowing by approximately 71.2% from a loss of 152 million yuan in the same period last year [2] - Meilian Group (01200.HK) reported a revenue of 2.518 billion HKD, a decrease of 24.1% year-on-year, and a net profit of 151 million HKD, down 13% year-on-year [2] - Baisheng Group (03368.HK) achieved a revenue of 1.963 billion yuan, an increase of 0.93% year-on-year, and a net profit of 22.468 million yuan, turning from a loss of 18.641 million yuan in the same period last year [2] - Yuexiu Services (06626.HK) reported a revenue of approximately 1.962 billion yuan, a slight increase of 0.09% year-on-year, with a net profit of approximately 240 million yuan [2] - Yika (09923.HK) achieved a revenue of 1.64 billion yuan, an increase of 4% year-on-year, and a net profit of 43.075 million yuan, up 36.2% year-on-year [2] - Gaoweidianzi (01415.HK) reported a revenue of 1.36 billion USD, an increase of 132.2% year-on-year, with a net profit of 67.398 million USD, up approximately 320% year-on-year [2] - BOC Aviation (02588.HK) achieved a revenue of 1.242 billion USD, an increase of 6% year-on-year, but a net profit of 342 million USD, down 26% year-on-year [2] - Jiuxing Holdings (01836.HK) reported a revenue of 775 million USD, an increase of 0.7% year-on-year, but a net profit of 78.633 million USD, down 14.5% year-on-year [2] - Sinopec Kantons Holdings (00934.HK) reported a revenue of approximately 307 million HKD, a decrease of 7.2% year-on-year, and a net profit of approximately 563 million HKD, down 17.8% year-on-year [2] - Great Wall Holdings (00583.HK) issued a profit warning, expecting a mid-term net loss of 266 million to 294 million HKD, a significant shift from profit to loss [2] Company News - Shengye (06069.HK) has initiated a global strategic layout to build an AI + international supply chain technology platform [2] - Yuan Zheng Technology (02488.HK) plans to develop a strategic layout for equipment assetization and related RWA applications [2] - Oconview Biosciences (01477.HK) announced that the second Phase III clinical trial of OT-301 has reached its primary endpoint [2] Buyback Activities - Tencent Holdings (00700.HK) repurchased 928,000 shares at a cost of 551 million HKD, with a buyback price ranging from 590 to 597 HKD [2] - HSBC Holdings (00005.HK) repurchased approximately 1.33 million shares at a cost of about 132 million HKD, with a buyback price ranging from 98.6 to 99.55 HKD [2] - Techtronic Industries (00669.HK) repurchased approximately 25,000 shares at a cost of about 25.085 million HKD, with a buyback price ranging from 99.5 to 101.6 HKD [2] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of 22.4935 million HKD, with a buyback price ranging from 111.8 to 112.8 HKD [2]

融资租赁收入持续增长，涨幅36%，达到1.30亿美元。继2024年机队新增25架融资租赁飞机后，公司在 上半年又增加5架，目前预计在2025年余期内再交付2架。 核心租赁租金贡献增长24%至3.42亿美元，利润率为32%，反映出总租赁收入表现改善。 得益于交付前付款融资的手续费大幅增长，其他利息及手续费收入增长80%至0.65 亿美元。公司近期宣 布与阿维安卡航空(Avianca)和海湾航空达成合共18架飞机的交易预计将持续推动手续费贡献提升。 中银航空租赁(02588)发布截至2025年6月30日止六个月业绩，经营收入及其他收入总额为12.42亿美元， 同比增长6%;净利润3.42亿美元，同比下降26%;基本每股收益0.49美元。 董事会批准派发中期股息每股0.1476美元，相当于税后净利润的30%，与往年派发中期股息占税后净利 润的比例一致，反映出公司现金流量与盈利能力持续强劲。该股息低于去年每股0.1988美元的中期股 息，后者受益于非经常性涉俄收回款项。 2025年上半年，各业务条线均实现改善。经营租赁收入增长至9.37亿美元，继续占据总收入的75%以 上。得益于飞机交付量提升以及飞机销售的时机及构成 ...

中银航空租赁(02588)公布，将于2025年10月13日派发中期股息每股0.1476美元。 ...

Core Points - The company reported total operating and other income of $1.242 billion for the six months ending June 30, 2025, representing a 6% year-on-year increase [1] - Net profit decreased by 26% to $342 million, with basic earnings per share at $0.49 [1] - The board approved an interim dividend of $0.1476 per share, which is 30% of the net profit after tax, consistent with the previous year's payout ratio [1] Revenue Breakdown - Operating lease income increased to $937 million, accounting for over 75% of total revenue [1] - The lease factor rose to 10.3% from 9.8% in the first half of 2024, while net lease yield improved from 7.0% to 7.5% [1] - Financing lease income grew by 36% to $130 million, following the addition of 5 new financing lease aircraft in the first half of 2025 [1] Additional Income Sources - Core leasing rental contributions increased by 24% to $342 million, with a profit margin of 32% [2] - Other interest and fee income surged by 80% to $65 million, driven by significant growth in pre-delivery payment financing fees [2] - Recent agreements with Avianca and Gulf Air for a total of 18 aircraft are expected to further enhance fee contributions [2]

Group 1 - The company, China Aircraft Leasing Group Holdings Limited (中银航空租赁), announced a mid-term dividend of $0.1476 per share to be distributed on October 13, 2025 [1]

格隆汇8月21日丨中银航空租赁(02588.HK)发布公告，截至2025年6月30日止六个月，经营收入及其他收 入总额为12.42亿美元，较去年的11.74亿美元增长6%；税后净利润为3.42亿美元，较2024年上半年的 4.60亿美元减少26%，后者包括有关滞俄飞机的非经常性拨回1.75亿美元，每股收益为0.49美元。董事 会宣派中期股息每股0.1476美元，2024年上半年为每股0.1988美元。 截至2025年6月30日，资产总额从2024年12月31日增至256亿美元，净资产为65亿美元。上半年经营现金 流量(扣除利息)创纪录，达10亿美元。流动性保持强劲，截至2025年6月30日，除55亿美元未动用已承 诺贷款授信外，还拥有5.33亿美元现金及现金等价物。 ...

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 本公司董事會成員包括董事長兼非執行董事張曉路女士；執行董事Steven Matthew Townend先生；非執行董事靳紅舉先生、金彥 女士、李珂女士、劉雲飛女士及Robert James Martin先生；以及獨立非執行董事戴德明先生、付舒拉先生、Antony Nigel Tyler先 生及楊賢博士。 EF001 免責聲明 | 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的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中銀航空租賃有限公司 (僅供識別) | | 股份代號 | 02588 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月的中期業績公告 | | 公告日期 | 2025年8 ...