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]

Core Viewpoint - Company maintains its profit forecast for China Aircraft Leasing Group (02588) with a target price of HKD 81.40, indicating a potential upside of 13% based on projected P/B ratios for 2025 and 2026 [1] Group 1: Financial Performance - In 1H25, the company's revenue increased by 6% year-on-year to USD 1.24 billion, while net profit decreased by 26% to USD 342 million, primarily due to a one-time impact from the return of two Russian aircraft [1] - Excluding this impact, the company's core net profit grew by 20% year-on-year, aligning with expectations [1] Group 2: Operational Metrics - The company delivered a total of 24 aircraft in 1H25, an increase of 6 aircraft year-on-year and 4 aircraft quarter-on-quarter, with capital expenditures reaching a five-year high of USD 1.9 billion, up 138% year-on-year [2] - The operating lease fleet's net book value increased by 1% to USD 18.2 billion, while the total fleet size rose by 2% to USD 22.2 billion [2] - The rental yield improved, with the net leasing yield increasing by 0.5% year-on-year to 7.5% [2] Group 3: Growth Potential - The company signed its largest aircraft order in history during 1H25, with the order book increasing by 132 aircraft year-on-year to 351 aircraft, representing a capital expenditure of approximately USD 20 billion [3] - The company aims to reach total assets of USD 40 billion by 2030, with a projected CAGR of 8% from 2024 to 2035 [3] - The fleet maintains a 100% utilization rate, with an average age of 5 years and an average remaining lease term of 7.9 years, indicating a strong and predictable rental income stream [3] Group 4: Financing Costs - The company's funding cost remained stable at 4.6% year-on-year, with total debt increasing by 2% [4] - The company is expected to benefit from potential reductions in short-term interest rates, particularly for its 32% floating-rate debt, which is the highest among listed leasing companies [4]

Core Viewpoint - The report maintains the profit forecast for China Aircraft Leasing Group (02588) and sets a target price of HKD 81.40, indicating a 13% upside potential based on projected P/B ratios for 2025 and 2026 [1] Group 1: Financial Performance - In 1H25, the company's revenue increased by 6% year-on-year to USD 1.24 billion, while net profit decreased by 26% to USD 342 million, primarily due to the one-time impact of recovering two Russian aircraft [1] - Excluding this impact, the core net profit increased by 20% year-on-year, aligning with expectations [1] Group 2: Operational Metrics - The company delivered a total of 24 aircraft in 1H25, an increase of 6 aircraft year-on-year and 4 aircraft quarter-on-quarter, with capital expenditures reaching a near five-year high of USD 1.9 billion, up 138% year-on-year [2] - The operating lease fleet's net book value increased by 1% to USD 18.2 billion, while the total fleet size rose by 2% to USD 22.2 billion [2] - The rental yield improved, with new high-value aircraft contributing to a rental factor increase of 0.5 percentage points year-on-year to 10.3% [2] Group 3: Growth Potential - The company signed its largest aircraft order in history during 1H25, with the order book increasing by 132 aircraft year-on-year to 351 aircraft, corresponding to a capital expenditure of approximately USD 20 billion [3] - The fleet maintained a 100% utilization rate with an average age of 5 years and an average remaining lease term of 7.9 years, indicating a robust and predictable rental income structure [3] Group 4: Financing Costs - The company's funding cost remained stable at 4.6% year-on-year, with total debt increasing by 2% [4] - The company is expected to benefit from potential reductions in short-term interest rates, particularly for its 32% floating-rate debt, which is the highest among listed leasing companies [4]

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]

Core Insights - The company reported total operating and other income of $1.242 billion for the six months ending June 30, 2025, representing a year-on-year increase of 6% [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, consistent with the previous year's payout ratio of 30% of net profit [1] Revenue Breakdown - Operating lease income rose to $937 million, accounting for over 75% of total revenue, driven by increased aircraft deliveries and improved timing and composition of aircraft sales [1] - The lease factor increased 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, with an additional 5 aircraft added to the fleet in the first half of 2025, following 25 new aircraft in 2024 [1] Profitability and Fees - Core leasing rental contributions increased by 24% to $342 million, with a profit margin of 32%, indicating improved performance in total leasing income [2] - Other interest and fee income surged by 80% to $65 million, attributed to 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]

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]

Core Viewpoint - Bank of China Aviation Leasing (02588.HK) reported a total operating and other income of $1.242 billion for the six months ending June 30, 2025, reflecting a 6% increase from $1.174 billion in the previous year. However, net profit after tax decreased by 26% to $342 million compared to $460 million in the first half of 2024, which included a non-recurring reversal of $175 million related to aircraft in Russia. Earnings per share were $0.49. The board declared an interim dividend of $0.1476 per share, down from $0.1988 per share in the first half of 2024 [1][1][1]. Financial Performance - Total operating and other income reached $1.242 billion, up 6% from $1.174 billion year-on-year [1]. - Net profit after tax was $342 million, a decrease of 26% from $460 million in the previous year [1]. - Earnings per share stood at $0.49 [1]. Dividend Information - The board declared an interim dividend of $0.1476 per share, compared to $0.1988 per share in the first half of 2024 [1]. Asset and Cash Flow - Total assets increased to $25.6 billion as of June 30, 2025, from December 31, 2024 [1]. - Net assets amounted to $6.5 billion [1]. - Record operating cash flow (excluding interest) reached $1 billion [1]. - Strong liquidity was maintained with $533 million in cash and cash equivalents, in addition to $5.5 billion in undrawn committed loan facilities [1].

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 ...