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、 ...

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 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中銀航空租賃有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 02588 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 694,010,334 | | 0 | | 694,010,334 | | 增加 / 減少 (-) ...

Core Viewpoint - 中银航空租赁的1H25业绩符合预期，显示出强劲的业绩释放能力和市场需求的增长 [1][3] Financial Performance - 1H25 total revenue reached 1.24 billion USD, a year-on-year increase of 6% [1] - Taxed net profit was 342 million USD, a 20% increase compared to core net profit in 1H24 [1] - The interim dividend was set at 0.1476 USD, corresponding to a dividend payout ratio of 30% [1] Asset Side - The order book expanded significantly, with expected deliveries in 2025 projected to increase by 26% year-on-year [2] - As of the end of 1H25, the fleet size was 834 aircraft, with a 100% utilization rate for owned aircraft [2] - The average age of the fleet was 5.0 years, significantly younger than the global average of 15 years [2] - The company sold 18 owned aircraft and signed 43 new leasing commitments in 1H25 [2] - New aircraft deliveries in 1H25 totaled 24, accounting for 63% of the total expected deliveries for 2024 [2] Revenue Side - Demand in the Asia-Pacific region is leading, with a strong performance in both volume and pricing [3] - The market value of the fleet increased by 15% compared to book value, driving up leasing yields [3] - Net leasing yield rose to 7.5% in 1H25, compared to 7.0% in 1H24 [3] - The Asia-Pacific region accounted for 37.2% of the company's aircraft assets and 42.7% of rental income [3] Expenditure Side - The annualized funding cost remained stable at 4.6%, with the company maintaining the lowest spread in the industry [4] - Financial expenses accounted for 44% of total operating expenses, making them a key factor in profitability [4] Investment Analysis - Profit forecasts have been raised, with net profit estimates for 2025-2027 adjusted to 702, 739, and 763 million USD respectively [4] - The company maintains a buy rating based on improved net leasing yields [4]