(於新加坡共和國註冊成立的有限公司) 股份代號:2588 *僅供識別 著眼全球謀發展 2025年中期報告 公司2025年上半年稅後淨利潤為3.42億美元， 每股收益為0.49美元，較2024年上半年稅後 淨利潤4.60億美元及每股收益0.66美元有所減 少。然而，與2024年上半年的核心稅後淨利潤 2.84億美元相比，盈利增長20%。 截至2025年上半年末，公司自有機隊共有441 架飛機，平均機齡為5.0年，加權平均剩餘租期 為7.9年。我們亦連續第二個季度達到100%的 利用率，五年多來首次實現所有飛機處於租賃狀 態，這充分體現了航空公司客戶的強勁需求、我 們的風險管理能力以及投資組合的信用質量。 公司在2025年上半年向航空公司客戶交付了24 架新飛機，高於去年的18架，預計下半年將交付 至少相似數量的飛機。我們還簽訂了公司歷史上 最大的新飛機訂單，包括70架空客A320NEO 系列及50架波音737-8飛機。公司在2025年上 半年新增143架飛機訂單，使訂單總數達到351 架。公司的未來交付計劃規模在全球飛機租賃公 司中排名前列，為公司核心資產增長奠定了堅實 基礎。 2025年上半年經營收入及其他收 ...

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" investment rating for the industry [2][3]. Core Insights - The brokerage sector has experienced a recent adjustment, with the Shenwan Brokerage II Index declining by 3.51%, underperforming the CSI 300 Index by 3.07 percentage points. However, the sector is expected to maintain double-digit year-on-year profit growth in Q3 2025, supported by ongoing capital inflows [3][6]. - The insurance sector has seen a decline of 4.76% in the Shenwan Insurance II Index, with significant movements such as Ping An Life increasing its stake in China Pacific Insurance to over 10%. This reflects a strong positive outlook from insurance capital towards the sector [3][8]. - The report highlights the upcoming National New Conference on September 22, which is anticipated to bring new policies that could positively impact market sentiment [3][15]. Summary by Sections Market Review - The CSI 300 Index closed at 4501.92 with a slight decline of 0.44%. The non-bank index reported a drop of 3.66%, with the brokerage, insurance, and diversified financial sectors showing declines of 3.51%, 4.76%, and 0.50% respectively [6][8]. Non-Bank Industry Key Data - As of September 19, 2025, the 10-year government bond yield was 1.88%, with a slight increase of 0.65 basis points. The average daily stock trading volume reached 25,181.36 billion yuan, reflecting an increase of 8.23% week-on-week [11][14]. Non-Bank Industry News and Key Announcements - The report notes that the property insurance sector achieved a record high in underwriting profits in the first half of 2025, with premium growth of 4.2% [16]. - Ping An Life's recent acquisition of shares in China Pacific Insurance is seen as a strong signal of confidence in the insurance sector's investment value [19]. - China Pacific Insurance announced the completion of a convertible bond issuance, which is expected to enhance its capital position [20]. Investment Recommendations - For brokerages, the report recommends focusing on leading firms benefiting from improved competitive dynamics, such as GF Securities, Guotai Junan, and CITIC Securities. It also suggests considering firms with strong international business capabilities like China Galaxy and CICC [3][8]. - In the insurance sector, the report recommends China Life, China Pacific, New China Life, and Ping An, among others, due to their favorable valuation and growth prospects [3][8].

Core Viewpoint - The aircraft leasing industry is experiencing a tightening supply-demand dynamic, leading to rising aircraft values and rental rates, with strong demand for leasing continuing amidst supply chain constraints and skilled labor shortages [1][2]. Group 1: Industry Dynamics - Aircraft manufacturers are facing production capacity limitations due to supply chain issues, skilled labor shortages, and raw material supply disruptions, while demand for aircraft remains robust [1]. - The tightening supply-demand situation is expected to benefit leading aircraft leasing companies, which are experiencing stable aircraft deliveries during this upcycle [1]. Group 2: Company Strengths - The company has a strong management team with over 26 years of experience in banking, leasing, and aviation, which enhances its fleet management capabilities and helps mitigate cyclical risks in the aviation industry [1]. - The company has maintained profitability for 31 consecutive years since its establishment, with a steady growth trend in aircraft business revenue, primarily driven by operating lease rental income, which has consistently accounted for over 70% of total revenue [1]. Group 3: Financial Position - Backed by its major shareholder, Bank of China, the company enjoys significant financing cost advantages and strong capital acquisition capabilities, with a high credit rating relative to peers [1][2]. - Approximately 30% of the company's debt consists of floating-rate bonds, positioning it to benefit from potential interest rate cuts by the Federal Reserve [1][2]. Group 4: Performance Forecast - The company is expected to achieve revenues of $2.533 billion, $2.668 billion, and $2.817 billion for the years 2025-2027, with year-on-year growth rates of -0.9%, +5.3%, and +5.6% respectively [2]. - Projected net profits for the same period are $699 million, $766 million, and $840 million, with year-on-year growth rates of -24.31%, +9.56%, and +9.66% respectively [2]. - The company’s target price is set at HKD 91.70, with a target price-to-book ratio of 1.20x for 2025, reflecting an anticipated improvement in valuation amid favorable industry conditions and reduced financing costs [2].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 91.70 based on a projected PB of 1.20x for 2025 [5][3]. Core Views - The aircraft leasing industry is experiencing upward momentum due to a supply-demand gap driving aircraft values and rental rates higher, with sustained strong demand for leasing [1][2]. - The company has a strong fleet management capability, with a management team that has extensive experience in banking, leasing, and aviation, allowing it to effectively navigate cyclical risks in the aviation industry [1][2]. - The company benefits from a significant cost advantage in financing due to its backing by the Bank of China, maintaining a high credit rating and lower bond yield spreads compared to peers [2]. Summary by Sections Supply-Demand Dynamics - Aircraft manufacturers are facing production capacity constraints due to supply chain issues, skilled labor shortages, and material supply disruptions, leading to longer delivery times and a tight supply situation [13][14]. - Global air passenger demand continues to grow, with strong load factors reported, indicating robust market conditions for aircraft leasing [19][21]. - The limited availability of aircraft for leasing is driving up market values and rental rates, with new aircraft rental rates surpassing pre-pandemic levels [24][31]. Company Strengths - The company has maintained profitability for 31 consecutive years since its establishment, demonstrating resilience and strong operational capabilities [40]. - The management team has an average of over 26 years of experience, which is crucial for navigating the cyclical nature of the aircraft leasing industry [47][48]. - The fleet has been steadily expanding, with a focus on mainstream aircraft types, and the company has a significant order backlog, ensuring future growth [55][60]. Financial Performance and Projections - The company is projected to achieve revenues of USD 2.533 billion in 2025, with a slight decline of 0.9% year-on-year, followed by growth in subsequent years [4][3]. - Net profit is expected to be USD 699 million in 2025, reflecting a decrease of 24.31% year-on-year, but with a recovery anticipated in the following years [4][3]. - The company’s financing costs are expected to improve due to a significant portion of its debt being floating rate, which may benefit from potential interest rate cuts by the Federal Reserve [2][3].

Investment Rating - Investment recommendation: Outperform the market (maintained) [8] Core Viewpoints - The aircraft leasing industry is currently experiencing an upward trend in prosperity. Despite gradual improvements in aircraft manufacturers' production capacity, the existing backlog of over 15,000 aircraft orders suggests that the supply-demand imbalance is unlikely to improve in the short term, which will further drive the asset-side revenue levels of aircraft leasing companies [5][12]. Summary by Sections 1. Industry: Capacity Improvement but Supply-Demand Imbalance Persists - The delivery capabilities of aircraft manufacturers have improved significantly compared to 2024. As of the end of July 2025, Boeing and Airbus had average monthly delivery rates of approximately 47 and 53 aircraft, respectively. However, the demand remains strong, with a combined average monthly order volume of 171 aircraft, exceeding the delivery levels [16][17]. - The current backlog of over 15,000 aircraft indicates that it may take more than 10 years to fulfill these orders at the current average delivery rate of 100 aircraft per month [17]. 2. Company: Overall Performance of Aircraft Leasing is Good, Low-Yield Asset Disposal Nearing End 2.1 Performance: Overall Performance is Good - The revenue growth of major aircraft leasing companies in the first half of 2025 was strong, with year-on-year growth rates for Bohai Leasing, Bank of China Aviation Leasing, China Aircraft Leasing, Guoxin Financial Leasing, Aercap, and Air Lease at 75.91%, 6.83%, -14.14%, 8.11%, -0.31%, and 10.48%, respectively [20]. - The net profit growth rates for the same companies were -381.80%, -25.76%, 6.66%, 27.63%, 80.74%, and 293.25%, with some companies experiencing declines due to goodwill impairment and other factors [21]. 2.2 Asset Status: Excellent Asset Package, Aircraft Disposal Approaching End - As of mid-2025, the self-owned and managed fleet sizes for major leasing companies were 663, 483, 181, 312, 1700, and 548 aircraft, respectively, indicating a high overall fleet size and ongoing expansion [10][31]. - The ratio of ordered aircraft to the total fleet for domestic leasing companies is generally above 0.6, suggesting greater potential for fleet expansion compared to Aercap and Air Lease, which have lower ratios [35]. 2.3 Outlook: Revenue Levels Gradually Increasing, Performance Elasticity Varies - The average leasing yield for major aircraft leasing companies in the first half of 2025 was 11.65%, 10.35%, 10.90%, 9.66%, 12.15%, and 9.24%, showing an upward trend [11][44]. - The performance elasticity of companies varies significantly, with Bohai Leasing and China Aircraft Leasing having over 10% of their leases maturing within a year, indicating greater potential for performance elasticity [45]. 3. Investment Recommendations - The overall outlook for the aircraft leasing industry remains positive, with continued upward trends in prosperity. The significant backlog of over 15,000 aircraft orders suggests that the supply-demand imbalance will persist in the short term, further enhancing the revenue levels of aircraft leasing companies [12][46].

Group 1 - The company, China Aircraft Leasing Group Holdings Limited (中银航空租赁), announced that Li Ke has resigned from his positions as a non-executive director, member of the remuneration committee, and member of the nomination committee [1] - The resignation is effective from September 10, 2025 [1] - The reason for the resignation is stated as work-related needs [1]

Core Viewpoint - China Bank of Aviation Leasing (02588.HK) announced the resignation of Li Ke from his positions as non-executive director, remuneration committee member, and nomination committee member, effective from September 10, 2025 [1] Company Summary - Li Ke's resignation is due to work requirements, indicating potential changes in the company's governance structure [1]

BOC AVIATION LIMITED 中銀航空租賃有限公司* （於新加坡共和國註冊成立的有限公司） 獨立非執行董事 戴德明先生 付舒拉先生 Antony Nigel Tyler先生 楊賢博士 股份代號：2588 董事名單及其角色與職能 自2025年9月10日起，中銀航空租賃有限公司董事會成員載列如下： 董事長兼非執行董事 張曉路女士 執行董事 Steven Matthew Townend先生 （首席執行官兼總經理） 非執行董事 靳紅舉先生 金彥女士 劉雲飛女士 Robert James Martin先生 * 僅供識別 – 1 – 自2025年9月10日起，相關董事會委員會委員載列如下： | | 審計 | 薪酬 | 提名 | 風險 | 戰略及預算 | | --- | --- | --- | --- | --- | --- | | 董事 | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | | 張曉路女士 | | | C | | C | | Steven Matthew Townend | | | | | M | | 先生 | | | | | | | 靳紅舉先生 | M | | | | M | | ...

Group 1 - The core point of the article is the resignation of Li Ke from his positions as non-executive director, member of the remuneration committee, and member of the nomination committee at China Aircraft Leasing Group Holdings Limited, effective from September 10, 2025 [1] Group 2 - The announcement indicates a change in the company's governance structure due to Li Ke's resignation [1] - The resignation is attributed to work-related reasons, suggesting potential shifts in the company's strategic direction or management [1] - The timing of the resignation, effective in 2025, allows for a transition period for the company to adjust to this change [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本公告全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 BOC AVIATION LIMITED 中銀航空租賃有限公司* （於新加坡共和國註冊成立的有限公司） 股份代號：2588 非執行董事、薪酬委員會委員及提名委員會委員辭任 中銀航空租賃有限公司（「本公司」）董事會（「董事會」）宣佈，李珂女士因工作需 要，已辭去非執行董事、薪酬委員會委員及提名委員會委員職務，辭任自2025年9 月10日起生效。 李珂女士已確認其與董事會並無意見分歧，且概無與其辭任有關的任何事項須提請 本公司股東注意。 董事會謹此對李珂女士任職期間的貢獻表示感謝。 承董事會命 中銀航空租賃有限公司 蘇堯鋒 公司秘書 香港，2025年9月9日 於本公告日期，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、 ...