Financial Performance - Total operating revenue and other income reached $1.242 billion, a 6% increase from $1.174 billion in the previous year[4] - Net profit after tax was $342 million, a decrease of 26% compared to $460 million in the first half of 2024, which included a one-time reversal of $175 million related to Russian aircraft[4] - Earnings per share were $0.49, down from $0.66 in the first half of 2024[4] - The board declared an interim dividend of $0.1476 per share, compared to $0.1988 per share in the first half of 2024[4] - The net profit for the first half of 2025 was $342 million, a decrease of 25.8% compared to the same period last year[42] - Total operating revenue and other income for the first half of 2025 was $1.24 billion, an increase of 5.8% year-over-year[44] - Lease rental income for the first half of 2025 was $937 million, up 1.0% from the previous year[45] - Financing lease interest income increased by 35.6% to $130 million in the first half of 2025[46] - The company reported a net gain from aircraft sales of $60,329 thousand for the first half of 2025, compared to $55,868 thousand in the same period of 2024, which is an increase of approximately 7.6%[112] - The company’s total operating expenses for the first half of 2025 were $836,281 thousand, compared to $664,833 thousand in the first half of 2024, reflecting an increase of approximately 25.8%[112] Assets and Liabilities - Total assets increased to $25.569 billion as of June 30, 2025, up from $25.053 billion on December 31, 2024[5] - Total assets reached $25.6 billion, a 5% increase from December 31, 2024, with aircraft assets accounting for the majority[35] - As of June 30, 2025, property, plant, and equipment, along with assets held for sale, amounted to $20.6 billion, a 2.2% increase from $20.1 billion on December 31, 2024[61] - Total liabilities increased to $19,069,037 thousand from $18,690,447 thousand, marking a rise of 2%[116] - Total debt increased by 1.8% to $16.9 billion as of June 30, 2025, from $16.7 billion on December 31, 2024, driven by the issuance of $500 million in notes and the utilization of $1.7 billion in term loan facilities[66] - The company has a total of $17.0 billion in debt repayment obligations, with $0.3 billion due in the second half of 2025 and $2.6 billion in 2026[77] Cash Flow and Financing - Record operating cash flow (excluding interest) reached $1 billion in the first half of 2025[4] - Cash generated from operating activities amounted to $1,393,647,000, an increase of 8.1% from $1,289,550,000 in the previous year[121] - The net cash flow from investing activities was negative at $(1,235,533,000), significantly higher than $(290,717,000) in the same period last year, indicating increased investment in assets[121] - The company reported a net cash outflow from financing activities of $(296,212,000), an improvement compared to $(858,859,000) in the same period last year[121] - The company raised over $48 billion in debt financing[41] - The company issued $500 million in three-year bonds at the lowest spread in its history, alongside securing $1.9 billion in new financing from the bank market[36] Fleet and Aircraft Orders - The fleet consisted of 834 aircraft, with an average age of 5.0 years and an average remaining lease term of 7.9 years[8] - The company signed its largest aircraft order in history for 120 new aircraft, bringing the total order book to 351 aircraft[8] - The company delivered 24 new aircraft in the first half of 2025, up from 18 in the same period last year, with plans to deliver at least the same number in the second half[29] - The total value of aircraft deliveries in 2025 is expected to exceed $100 billion, an increase from $78 billion in 2024, marking the highest level since 2019[29] - The company has committed to purchasing 1,300 aircraft with a total value exceeding $75 billion[41] Shareholder Information - Central Huijin Investment Limited holds 70% of the company's shares, totaling 485,807,334 shares[89] - The company's directors and CEO hold a total of 1,131,107 shares, representing approximately 0.16% of the total issued share capital[90] - The interim dividend declared is $0.1476 per share, payable on October 13, 2025, to shareholders registered by September 26, 2025[85] - The company declared a final dividend of $0.2670 per share for the year ended December 31, 2024, totaling $185,301 thousand, which was paid on June 30, 2025[180] Corporate Governance and Compliance - The company has fully complied with the corporate governance code as of June 30, 2025, enhancing shareholder value through high standards of corporate behavior and accountability[97] - The audit committee consists of three independent non-executive directors and two non-executive directors, overseeing the company's financial reporting and internal control procedures[96] - The company has implemented a trading policy for directors that is at least as stringent as the standard code for securities trading[98] Tax and Regulatory Matters - The group has recognized an estimated current tax expense related to Pillar Two income tax of $16.1 million for the period ended June 30, 2025, compared to $1.3 million for the same period in 2024[137] - The group has introduced a global minimum effective tax rate of 15% in jurisdictions such as the UK, Ireland, and Singapore, effective from January 1, 2024, and January 1, 2025, respectively[136] Risk Management - The company utilizes cross-currency interest rate swap contracts to hedge foreign currency exposure from loans denominated in currencies other than USD[78] - The company assesses the hedging relationships as highly effective, with a hedging ratio of 1:1 for derivative instruments[172]

Financial Performance - Total revenues and other income increased by 6% to US$1242 million in 1H 2025 [12] - Core lease rental contribution increased by 24% to US$342 million in 1H 2025 [12] - Core net profit after tax increased by 20% to US$342 million in 1H 2025 [12] - Operating cash flow net of interest reached US$1 billion in 1H 2025 [67] Balance Sheet and Portfolio - Total assets increased by 2% to US$256 billion as of June 30, 2025 [13] - Total equity increased by 2% to US$65 billion as of June 30, 2025 [13] - Total liquidity was US$61 billion as of June 30, 2025 [13] - The company's portfolio exceeded 830 aircraft and engines [31] Dividends and Lease Terms - The 2025 interim dividend per share is US$01476, the second highest on record [16] - The average remaining lease term is 79 years [47] Future Growth - The company has a record total future committed capex of US$20 billion [82]

Key Points - The top three stocks with net inflows from southbound funds are China Life (02628) with 1.58 billion, Southern Hang Seng Technology (03033) with 768 million, and Alibaba-W (09988) with 452 million [1][2] - The top three stocks with net outflows are Tencent Holdings (00700) with -1.20 billion, Anta Sports (02020) with -697 million, and Rongchang Biopharmaceutical (09995) with -584 million [1][2] - In terms of net inflow ratio, Datang Renewable (01798) leads with 74.45%, followed by Shenzhen Expressway (00548) with 50.53%, and Bosideng (03998) with 50.23% [1][3] - The top three stocks with the highest net outflow ratios are Chongqing Rural Commercial Bank (03618) at -58.46%, Kington Services (09666) at -54.34%, and Poly Property Group (00119) at -51.88% [1][3] Net Inflow Rankings - The top ten stocks by net inflow include: - China Life (02628): 1.58 billion, 34.91% increase, closing price 23.620 (+3.60%) [2] - Southern Hang Seng Technology (03033): 768 million, 14.65% increase, closing price 5.475 (-0.90%) [2] - Alibaba-W (09988): 452 million, 4.38% increase, closing price 121.800 (-1.54%) [2] - Other notable stocks include Li Auto-W (02015) with 349 million and AIA Group (01299) with 317 million [2] Net Outflow Rankings - The top ten stocks by net outflow include: - Tencent Holdings (00700): -1.20 billion, -5.56% decrease, closing price 590.000 (+0.68%) [2] - Anta Sports (02020): -697 million, -40.49% decrease, closing price 92.450 (+2.72%) [2] - Rongchang Biopharmaceutical (09995): -584 million, -33.65% decrease, closing price 77.450 (+13.65%) [2] - Other notable stocks include Meituan-W (03690) with -387 million and China Construction Bank (00939) with -366 million [2] Net Inflow Ratio Rankings - The top stocks by net inflow ratio include: - Datang Renewable (01798): 74.45%, net inflow of 14.5175 million, closing price 2.360 (+0.85%) [3] - Shenzhen Expressway (00548): 50.53%, net inflow of 8.719 million, closing price 7.020 (0.00%) [3] - Bosideng (03998): 50.23%, net inflow of 6.728 million, closing price 4.630 (+0.65%) [3]

Key Points - The top three stocks with net inflows from southbound funds are Yingfu Fund (02800) with 1.184 billion, Alibaba-W (09988) with 730 million, and Hang Seng China Enterprises (02828) with 556 million [1] - The top three stocks with net outflows are WuXi Biologics (02269) with -539 million, Hua Hong Semiconductor (01347) with -509 million, and SMIC (00981) with -432 million [1] - In terms of net inflow ratio, Shanghai Industrial Holdings (00363) leads with 63.56%, followed by Bank of China Aviation Leasing (02588) with 60.26%, and Sunshine Insurance (06963) with 55.37% [1] - The top three stocks with the highest net outflow ratios are GX China (03040) at -100.00%, Southern Hang Seng Index ETF (03037) at -65.52%, and Sichuan Chengyu Expressway (00107) at -49.23% [1] Top 10 Net Inflows - Yingfu Fund (02800) had a net inflow of 1.184 billion, representing a 16.79% increase, closing at 25.380 [2] - Alibaba-W (09988) saw a net inflow of 730 million, with a 10.34% increase, closing at 116.300 [2] - Hang Seng China Enterprises (02828) had a net inflow of 556 million, with an 8.70% increase, closing at 91.160 [2] - Xiaomi Group-W (01810) had a net inflow of 473 million, with a 6.69% increase, closing at 51.250 [2] - Zai Ding Pharmaceutical (09688) had a net inflow of 429 million, with a 26.73% increase, closing at 27.200 [2] Top 10 Net Outflows - WuXi Biologics (02269) experienced a net outflow of -539 million, with a -33.02% decrease, closing at 29.360 [2] - Hua Hong Semiconductor (01347) had a net outflow of -509 million, with a -21.78% decrease, closing at 44.000 [2] - SMIC (00981) saw a net outflow of -432 million, with a -3.98% decrease, closing at 48.660 [2] - Kuaishou-W (01024) had a net outflow of -292 million, with a -14.76% decrease, closing at 79.150 [2] - Juzi Biotechnology (02367) experienced a net outflow of -220 million, with a -24.75% decrease, closing at 59.000 [2] Net Inflow Ratios - Shanghai Industrial Holdings (00363) had a net inflow ratio of 63.56%, with a net inflow of 11.36 million, closing at 14.870 [3] - Bank of China Aviation Leasing (02588) had a net inflow ratio of 60.26%, with a net inflow of 3.56 million, closing at 73.500 [3] - Sunshine Insurance (06963) had a net inflow ratio of 55.37%, with a net inflow of 2.48 million, closing at 3.790 [3] - Poly Property (06049) had a net inflow ratio of 52.60%, with a net inflow of 1.14 million, closing at 34.880 [3] Net Outflow Ratios - GX China (03040) had a net outflow ratio of -100.00%, with a net outflow of -7100.00, closing at 35.460 [3] - Southern Hang Seng Index ETF (03037) had a net outflow ratio of -65.52%, with a net outflow of -724,900, closing at 25.400 [3] - Sichuan Chengyu Expressway (00107) had a net outflow ratio of -49.23%, with a net outflow of -380,740, closing at 4.920 [3]

格隆汇8月8日丨中银航空租赁(02588.HK)公告，董事会将于2025年8月21日(星期四)举行会议，以审阅 及批准公司截至2025年6月30日止6个月未经审计合并财务报表，考虑宣派中期股息(如有)，以及处理其 他事项。 ...

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） 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。 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8月8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、付舒拉 先生、Antony Nigel Tyler先生及楊賢博士。 * 僅供識別 股份代號：2588 董事會會議日期 中銀航空租賃有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會將於2025 年8月21日（星期四）舉行會議，以審閱及批准本公司截至2025年6月30日止六個月 未經審計合併財務報表，考慮宣派中期股息（如有），以及處理其他事項。 ...

Core Viewpoint - Fitch Ratings has adjusted the rating outlook of six Chinese state-owned banks' non-bank financial subsidiaries from "negative" to "stable" [1] Group 1: Company Ratings and Performance - The six financial subsidiaries include four leasing companies: ICBC Financial Leasing, Bank of Communications Financial Leasing, CCB Financial Leasing, and BOCA Aviation [1] - BOCA Aviation, a state-owned enterprise, focuses on aircraft leasing and has achieved a 100% aircraft utilization rate for the first time in five years, with a total of 829 aircraft and engines [1] - ICBC Financial Leasing owns over 500 aircraft, including four C919s, while Bank of Communications Financial Leasing has a fleet of 298 aircraft [1] Group 2: Industry Challenges and Risks - Aircraft leasing companies face risks from tariff changes, which can significantly impact procurement costs [3] - The recent announcement of a "reciprocal tariff" policy by the U.S. government could increase the cost of Boeing 737 MAX 8 aircraft from approximately $120 million to over $200 million [3] - In 2024, China is expected to import approximately $12.167 billion worth of helicopters, aircraft, and parts, with over 50% coming from the U.S. [3] Group 3: Strategic Recommendations - Aviation leasing companies should review existing contracts to assess tax cost implications and utilize tariff exclusion rules [5] - It is crucial for companies to clarify tax burden responsibilities in contracts to avoid disputes and renegotiations [5] - Companies are advised to negotiate supplementary agreements to address new tax burdens and reduce uncertainties [5]

Core Viewpoint - China Aircraft Leasing Group Holdings Limited (中银航空租赁) announced a change in its strategic and budget committee leadership, with Zhang Xiaolu appointed as the chairman and Jin Hongju stepping down from the chairman role but remaining a committee member [1] Group 1 - Zhang Xiaolu will assume the role of chairman of the strategic and budget committee starting from August 7, 2025 [1] - Jin Hongju will no longer serve as the chairman of the strategic and budget committee but will continue as a committee member [1]

Core Viewpoint - China Aircraft Leasing Group Holdings Limited (中银航空租赁) announced a change in its strategic and budget committee leadership, with Zhang Xiaolu appointed as the new chairperson starting August 7, 2025, while Jin Hongju will remain a committee member but step down as chairperson [1] Group 1 - Zhang Xiaolu has been appointed as the chairperson of the strategic and budget committee [1] - Jin Hongju will no longer serve as the chairperson but will continue as a member of the committee [1]

股份代號：2588 董事名單及其角色與職能 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 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） 張曉路女士 執行董事 Steven Matthew Townend先生 （總經理兼首席執行官） 非執行董事 靳紅舉先生 金彥女士 李珂女士 劉雲飛女士 Robert James Martin先生 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 – 1 – 自2025年8月7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 | | 金彥女士 | M | | | M ...