[Summary of Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) Bohai Leasing anticipates a shift from profit to loss in H1 2025, with net profit attributable to shareholders projected to be a loss of RMB 1.8 billion to RMB 2.4 billion, and net profit after non-recurring items also expected to be a loss of RMB 2.1 billion to RMB 2.7 billion Key Performance Indicators for H1 2025 Performance Forecast | Project | Current Reporting Period (Jan 1 - Jun 30, 2025) | Same Period Last Year | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Loss: RMB 1.8 billion – RMB 2.4 billion | Profit: RMB 716.4 million | | **Net Profit After Non-Recurring Gains and Losses** | Loss: RMB 2.1 billion – RMB 2.7 billion | Profit: RMB 532.241 million | | **Basic Earnings Per Share** | Loss: RMB 0.2910/share – RMB 0.3881/share | Profit: RMB 0.1158/share | [Analysis of Performance Change](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change) The shift from profit to loss is primarily due to an estimated RMB 3.2-3.4 billion goodwill impairment from the planned sale of subsidiary GSCL, while core businesses, particularly aircraft leasing, show strong growth of 40%-95% driven by favorable industry conditions - Primary reason for loss: The company plans to sell its wholly-owned subsidiary Global Sea Containers Ltd (GSCL), and due to the transaction price being lower than its net assets, an estimated goodwill impairment provision of approximately **RMB 3.2-3.4 billion** is required[5](index=5&type=chunk) - Strong core business growth: Excluding the impact of goodwill impairment, the company's net profit attributable to shareholders is estimated to be **RMB 1.0-1.4 billion**, representing a year-on-year increase of approximately **40%-95%**[5](index=5&type=chunk) - Aircraft leasing business is the main growth driver, benefiting from robust global air passenger demand, high aircraft market values and leasing rates, and the completion of the acquisition of 100% equity in Castlelake Aviation Limited, further enhancing fleet yield[6](index=6&type=chunk) [Other Important Information](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm%20and%20IV.%20Risk%20Warning) This performance forecast is a preliminary, unaudited estimate by the finance department, with final data subject to the 2025 semi-annual report, and investors are advised to exercise caution regarding investment risks - This performance forecast is a preliminary estimate by the company's finance department, unaudited by an accounting firm[4](index=4&type=chunk)[7](index=7&type=chunk) - The company reminds investors to be aware of investment risks and to refer to the official announcements published on Securities Times, Shanghai Securities News, and Juchao Information website[7](index=7&type=chunk)

Group 1 - The core viewpoint of the news is that Bohai Leasing's stock price has decreased, and its valuation metrics indicate it is underperforming compared to its industry peers [1] - As of July 14, Bohai Leasing's closing price was 3.51 yuan, down 3.31%, with a rolling PE ratio of 18.32 times and a total market capitalization of 21.708 billion yuan [1] - In the multi-financial industry, the average PE ratio is 72.41 times, and the median is 33.31 times, placing Bohai Leasing in 9th position among its peers [1] Group 2 - On July 14, Bohai Leasing experienced a net outflow of main funds amounting to 66.6869 million yuan, with a total outflow of 9.4593 million yuan over the past five days [1] - The company's main business includes leasing services and production for aircraft, containers, domestic infrastructure, high-end equipment, commercial properties, and new energy [1] - The latest quarterly report for Q1 2025 shows that the company achieved an operating income of 17.117 billion yuan, a year-on-year increase of 99.82%, and a net profit of 669 million yuan, a year-on-year increase of 72.21%, with a gross profit margin of 24.75% [1]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the need for the express delivery industry to shift towards high-quality development, as the State Post Bureau opposes "involution" competition and aims to improve service quality [4] - The express delivery sector is currently experiencing a decline in per-package revenue, with major companies like Zhongtong, Yuantong, Yunda, and Shentong showing year-on-year decreases in revenue per package [4] - Jitu's Southeast Asian market has seen significant growth, with a total package volume of 7.392 billion pieces in Q2 2025, a year-on-year increase of 23.5% [5] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for growth [12] - The shipping sector is anticipated to improve due to OPEC+ production increases and the Federal Reserve's interest rate cuts, with specific recommendations for companies like China Merchants Energy and COSCO Shipping [12] Summary by Sections Express Delivery - The express delivery market is facing intense competition, with major players experiencing a decline in revenue per package [4] - The report suggests that regulatory changes could help improve the situation by reducing low-cost competition and enhancing the performance of leading companies [4][12] Airline Industry - The airline sector is characterized by long-term low supply growth, but demand is expected to benefit from macroeconomic recovery [12] - Key companies to watch include China National Aviation Holding, Southern Airlines, and HNA Group [12] Shipping and Ports - The report indicates a positive outlook for oil transportation due to OPEC+ production increases and potential interest rate cuts [12] - Recommendations include focusing on companies like China Merchants Energy and COSCO Shipping for their growth potential in the shipping market [12] Road and Rail - The report notes that the Daqin Railway experienced a year-on-year decrease in freight volume in June 2025, while overall logistics operations remain stable [11][12] - Companies like Zhongyuan Expressway and Sichuan Chengyu are highlighted for their growth potential due to infrastructure developments [12]

Financing Progress - Avolon Holdings Limited plans to issue a total of $650 million in senior unsecured notes through its wholly-owned subsidiary Avolon Holdings Funding Limited, with a coupon rate of 4.900% and a maturity date of October 10, 2030 [1][2] - The proceeds from the notes will be used for general corporate purposes, including the repayment of future maturing debts [1] Financing Amount Utilization - As of the announcement date, Avolon has utilized $2.195 billion of its authorized loan limit of $10.5 billion for 2025, excluding the current financing amount [2] - The issuance of the senior unsecured notes will fall within the authorized loan limit for 2025, thus not requiring further approval from the board or shareholders [2] Guarantee Progress - Avolon and its subsidiaries will provide joint liability guarantees for the $650 million senior unsecured notes issuance [1][2] - The total guarantee amount provided by Avolon and its subsidiaries for their wholly-owned subsidiaries or SPVs will not exceed $10.5 billion for 2025 [4] Guarantee Amount Utilization - As of the announcement date, Avolon and its subsidiaries have utilized $2.195 billion of the authorized guarantee limit for 2025, excluding the current guarantee [4] - The cumulative guarantee amount provided by the company in the past 12 months is approximately ¥5.83 billion, with specific amounts detailed for various subsidiaries [5]

证券代码：000415 证券简称：渤海租赁 公告编号：2025-054 渤海租赁股份有限公司 关于控股子公司 Avolon Holdings Limited 融资及对外担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 为满足渤海租赁股份有限公司（以下简称"公司"或"渤海租赁"）控股子 公司 Avolon Holdings Limited（以下简称"Avolon"）的业务发展需求，Avolon 拟 以全资子公司 Avolon Holdings Funding Limited（以下简称"Avolon Funding"）作 为票据发行人，向相关合格金融机构非公开发行总计 6.5 亿美元优先无抵押票据。 2025 年 7 月 7 日（都柏林时间），Avolon Funding 完成了上述优先无抵押票据的 定价工作。详见公司于 2025 年 7 月 9 日在《证券时报》《上海证券报》和巨潮 资讯网（http://www.cninfo.com.cn）上披露的《关于控股子公司 Avolon Holdings Limited 融资进展的提示性公告》（2025-05 ...

证券代码:000415 债券代码:112723 债券代码:112765 债券代码:112771 债券代码:112783 债券代码:112810 证券简称:渤海租赁 债券简称:18渤金01 债券简称:18渤金02 债券简称:18渤金03 债券简称:18渤金04 债券简称:18渤租05 长城证券股份有限公司 关于渤海租赁股份有限公司 面向合格投资者公开发行公司债券 临时受托管理事务报告 债券受托管理人 证券股份有限公 T WALL SECURITIES CO.,LTD. (深圳市福田区福田街道金田路 2026 号能源大厦南塔楼 10-19 层) 签署时间: 2025 年 7 月 l 声明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业 行为准则》、《渤海金控投资股份有限公司 2018 年公开发行公司债券募集说明 书》（以下简称"《募集说明书》"）、《渤海金控投资股份有限公司 2018 年公 开发行公司债券受托管理协议》（以下简称《受托管理协议》）等相关规定以及 渤海租赁股份有限公司（以下简称"公司"、"发行人"、"渤海租赁"）出具的相关 说明文件以及提供的相关资料等,由本期公司债券受托管理人长 ...

Group 1 - The A-share financial sector has seen a significant rally, with notable increases in stocks such as Nanhua Futures, which has achieved two consecutive trading limits [1] - Other companies that experienced gains include Yuexiu Capital, China National Petroleum Capital, Hongye Futures, Bohai Leasing, and Shaanxi Guotou A [1]

根据上述审议授权事项，公司控股子公司 Avolon Holdings Limited（以下简 称"Avolon"）（含全资或控股 SPV 及子公司）2025 年贷款额度合计不超过 105 亿美元或等值外币，贷款额度预计的授权期限自 2024 年年度股东大会审议通过 之日起至 2025 年年度股东大会召开之日止。 为满足控股子公司 Avolon 的业务发展需求，Avolon 拟以全资子公司 Avolon Holdings Funding Limited（以下简称"Avolon Funding"）作为票据发行人，向相关 合格金融机构非公开发行总计 6.5 亿美元的优先无抵押票据。2025 年 7 月 7 日 （都柏林时间），Avolon Funding 完成了上述优先无抵押票据的定价工作，票面 利率为 4.900%，到期日至 2030 年。上述票据募集资金将用于企业一般用途，包 括可用于偿还未来到期债务等。 为保证上述融资业务的顺利开展，Avolon 及其下属子公司将就上述 6.5 亿美 元优先无抵押票据提供连带责任保证担保。本次优先无抵押票据的发行工作预计 将于 2025 年 7 月 10 日（都柏林时间）完成 ...

Core Viewpoint - Bohai Leasing's stock closed at 3.45 yuan, up 1.77%, with a rolling PE ratio of 18.01, marking a new low in 84 days, and a total market capitalization of 21.337 billion yuan [1] Company Summary - Bohai Leasing's main business includes leasing services and production for aircraft, containers, domestic infrastructure, high-end equipment, commercial properties, and new energy [1] - The company's primary products consist of aircraft leasing, aircraft sales, container leasing, container sales, operating leasing, financing leasing, and financing leasing consulting [1] - For Q1 2025, the company reported operating revenue of 17.117 billion yuan, a year-on-year increase of 99.82%, and a net profit of 669 million yuan, up 72.21%, with a gross profit margin of 24.75% [1] Industry Summary - The average PE ratio for the multi-financial industry is 73.98, with a median of 27.79, placing Bohai Leasing in 9th position within the industry [2] - As of Q1 2025, 19 institutions hold shares in Bohai Leasing, including 12 funds and 7 other entities, with a total shareholding of 3.07232 billion shares valued at 10.231 billion yuan [1]

证券代码：000415 证券简称：渤海租赁 公告编号：2025-052 渤海租赁股份有限公司 截至 2025 年 7 月 3 日，公司控股股东海航资本集团有限公司（以下简称"海 航资本"）及其一致行动人累计质押股份数量占其所持公司股份数量的 81.40%， 请投资者注意相关风险。 一、本次股份质押的基本情况 近日，公司接到控股股东之一致行动人上海圣展云汇企业管理有限公司（曾 用名：上海圣展投资开发有限公司。以下简称"上海圣展"）通知，获悉其所持 有的公司部分股份办理了质押，具体情况如下： | | 是否为控 股股东或 | | 占其所 | 占公司 | 是否 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | | 本次质押股 | | | | 为补 | | | | | | 名称 | 第一大股 | 份数量 | 持股份 | 总股本 | 为限 | 充质 | 质押起始日 | 质押到期日 | 质权人 | 质押用途 | | | 东及其一 | | 比例 | 比例 | 售股 | | | | | | | | ...