Investment Rating - The report assigns a "Buy" rating to Bohai Leasing, with a target price of 3.61 CNY per share, compared to the current price of 2.10 CNY [3][12]. Core Insights - Bohai Leasing's subsidiary Avolon plans to acquire 100% of Castlelake Aviation Limited (CAL) for a total price of 1.2 billion USD, which is below the book value of the assets [1][5]. - The acquisition is seen as a strategic move to enhance asset quality and expand Avolon's fleet, which will increase its total aircraft to 1,147, including 647 owned and 40 managed aircraft [5][6]. - The deal is expected to close in Q1 2025, and it will not affect Avolon's current credit rating according to Fitch Ratings [2][6]. Summary by Sections Acquisition Details - The acquisition price is set at 0.98 times book value, amounting to approximately 12.21 billion CNY [5][6]. - CAL has a fleet of 107 owned aircraft with an average age of 4.7 years, and a high proportion of narrow-body aircraft at 68% [2][8]. Financial Projections - For 2024, the expected revenue is 36.405 billion CNY, with a net profit forecast of 1.657 billion CNY, representing a year-on-year growth of 29.3% [10][11]. - The report anticipates a continued increase in rental income due to a favorable market environment and the acquisition's impact on asset yield [10][11]. Market Context - The report highlights a trend of consolidation in the aircraft leasing industry, with major players engaging in acquisitions to bolster their market positions amid declining OEM deliveries [6][8]. - The report notes that Avolon's debt-to-asset ratio is lower than its peers, which positions it well for the acquisition [5][6].

证券代码：000415 证券简称：渤海租赁 公告编号：2024-060 渤海租赁股份有限公司 关于控股子公司 Avolon Holdings Limited 收购 Castlelake Aviation Limited 100%股权的公告 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。 特别提示： 1. 渤海租赁股份有限公司（以下简称"渤海租赁"或"公司"）控股子公司 Avolon Holdings Limited（以下简称"Avolon"）拟通过下属全资子公司 Avolon Acquisitions Holdings Limited（ 以下简称"AAHL"） 收 购 Castlelake Aviation Limited（以下简称"CAL"或"标的公司"）100%股权（以下简称"本次交易"）。 本次交易已经公司 2024 年第四次临时董事会审议通过以及交易对方内部批准。 2. 本次交易尚需取得的批准、核准或备案包括但不限于：通过美国、哥伦 比亚、菲律宾、越南的反垄断审查等。以上批准、核准或备案能否完成以及完 成时间存在较大不确定性，提请投资者注意投资风险。 3 ...

一、召开会议的基本情况 渤海租赁股份有限公司（以下简称"渤海租赁"或"公司"）经第十届董事会第 八次会议审议决定于 2024 年 9 月 20 日召开公司 2024 年第一次临时股东大会。 现将有关事项通知如下： ㈠股东大会届次：2024 年第一次临时股东大会。 ㈡本次股东大会召集人：公司董事会，经公司第十届董事会第八次会议审议 决定于 2024 年 9 月 20 日召开公司 2024 年第一次临时股东大会。 ㈢会议召开的合法性及合规性：本次股东大会会议的召开符合有关法律、行 政法规、部门规章、规范性文件、深交所业务规则和本公司章程的规定。 ㈣会议召开的日期、时间： 现场会议时间：2024 年 9 月 20 日（星期五）下午 14：30； 证券代码：000415 证券简称：渤海租赁 公告编号：2024-061 渤海租赁股份有限公司 关于召开 2024 年第一次临时股东大会的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或者重大遗漏。 网络投票时间：2024 年 9 月 20 日，其中，通过深圳证券交易所交易系统投 票的时间为 2024 年 9 月 20 日上午 9: ...

证券代码：000415 证券简称：渤海租赁 公告编号：2024-059 渤海租赁股份有限公司 2024 年第四次临时董事会决议公告 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。 一、董事会会议召开情况 渤海租赁股份有限公司（以下简称"渤海租赁"或"公司"）于 2024 年 9 月 9 日以通讯方式发出会议通知，于 2024 年 9 月 12 日以通讯方式召开 2024 年第四 次临时董事会。会议应到董事 9 人，实到董事 9 人。本次会议由公司董事长金川 先生主持，会议的召集、召开和表决程序符合有关法律、行政法规、部门规章、 规范性文件和《渤海租赁股份有限公司章程》的有关规定。 ㈠审议并通过《关于公司控股子公司 Avolon Holdings Limited 购买 Castlelake Aviation Limited 100%股权的议案》 表决结果：8 票同意、1 票弃权、0 票反对，表决通过。董事刘文吉先生因其 代表的股东方尚未完成内部决策程序而对该议案弃权。 为进一步加强公司在全球飞机租赁行业的市场占有率和竞争力，提高公司盈 利能力，董事会同意公司控股子 ...

Group 1: Bond Issuance Overview - The total issuance amount for the bonds is 40 billion RMB, with the first phase "18 渤金 01" issued at 10.60 billion RMB [3] - "18 渤金 01" has a maturity of 3 years, with a principal extension of 2 years approved in 2021 and a further extension of 3 years approved in 2023 [3][4] - The coupon rate for "18 渤金 01" is 7.00%, reduced to 4% during the extension periods [3][4] Group 2: Specific Bond Details - "18 渤金 02" has an issuance scale of 11.17 billion RMB, with similar terms regarding maturity and coupon rates as "18 渤金 01" [5][6] - "18 渤金 03" has an issuance scale of 5.04 billion RMB, with a maturity extension of 3 years approved in 2023 [7][8] - "18 渤金 04" has an issuance scale of 10 billion RMB, with a similar extension process and coupon rates [9][10] - "18 渤租 05" has an issuance scale of 3.19 billion RMB, also following the same extension and coupon rate structure [12][13] Group 3: Use of Proceeds - The proceeds from the bond issuance will be used to replenish working capital and repay interest-bearing liabilities [5][6][12] Group 4: Major Events and Guarantees - Avolon Holdings Limited, a subsidiary, has a total guarantee limit of up to 7 billion USD for its subsidiaries [16] - As of the announcement date, Avolon has utilized 2.625 billion USD of the authorized guarantee limit [16] - The company has a total guarantee amount of approximately 5.12 billion RMB, accounting for about 19.58% of the audited total assets for 2023 [19] Group 5: Risk and Management - Investors are advised to pay attention to the major events and risks associated with the issuer [21] - The trustee, Changcheng Securities, will closely monitor the issuer's repayment of principal and interest [20]

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。 根据上述审议授权事项，2024 年公司控股子公司 Avolon Holdings Limited（以 下简称"Avolon"）及其下属子公司对 Avolon 下属全资子公司或 SPV 担保额度 总计不超过 70 亿美元，授权期限至公司 2024 年年度股东大会召开之日止。 一、担保情况概述 由于业务发展需要，2016 年 12 月 23 日，公司控股子公司 Avolon 之全资子 公司 Avolon Aerospace Leasing Limited（以下简称"AALL"）与 Deutsche Bank Trust Company Americas（以下简称"Deutsche Bank"）签署了贷款协议，AALL 向 Deutsche Bank 申请总额不超过 9.5 亿美元的循环信用贷款额度。上述贷款协议 签署后，AALL 先后与 Deutsche Bank 及相关金融机构签署了《增加联合贷款人 协议》，累计新增 44.90 亿美元的循环信用贷款额度，AALL 合计可向银团申请 的循环信用贷款总额不超过 54.4 ...

证券代码：000415 证券简称：渤海租赁 公告编号：2024-056 渤海租赁股份有限公司 关于全资子公司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。 渤海租赁股份有限公司（以下简称"公司"或"渤海租赁"）于 2024 年 3 月 29 日、4 月 23 日分别召开第十届董事会第七次会议及 2023 年年度股东大会，审 议通过了《关于公司及下属子公司 2024 年担保额度预计的议案》，详见公司于 2024 年 4 月 2 日及 2024 年 4 月 24 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 2024-011、2024-014、2024-025 号公 告。 根据上述审议授权事项，2024 年天津渤海租赁有限公司（以下简称"天津渤 海"）全资 SPV 对天津渤海担保额度总计不超过 5 亿元人民币或等值外币，授权 期限至公司 2024 年年度股东大会召开之日止。 一、担保情况概述 因业务发展需要，公司全资子公司天津渤海于 2018 年与天津信托有限责任 公司（以下简称"天津信 ...

Investment Rating - The investment rating for Bohai Leasing is "Buy (Maintain)" [4] Core Views - Bohai Leasing reported a revenue of 16.179 billion yuan for H1 2024, representing a year-on-year increase of 19.24%. The net profit attributable to shareholders was 716 million yuan, up 36.18% year-on-year [2][6] - The aircraft leasing business showed good growth, while the container leasing business faced slight pressure. The revenue from aircraft leasing and sales reached 9.489 billion yuan and 3.561 billion yuan, respectively, with year-on-year growth of 1.48% and 291.52% [6] - The annualized aircraft leasing yield for H1 2024 was estimated at 11.0%, maintaining a high level, supported by strong demand growth in the global aviation market [6] - Liquidity pressure is considered manageable, with 2 billion yuan in interest-bearing liabilities as of H1 2024, over 80% of which is borne by AVOLON and GSCL [6] Summary by Sections Financial Performance - For H1 2024, Bohai Leasing achieved operating revenue of 16.179 billion yuan, a 19.24% increase year-on-year, and a net profit of 716 million yuan, up 36.18% year-on-year [2][6] - The revenue from aircraft leasing and sales was 9.489 billion yuan and 3.561 billion yuan, with respective year-on-year growth rates of 1.48% and 291.52% [6] - The gross profit margins for aircraft leasing and sales were 59.44% and 9.61%, reflecting increases of 1.95 percentage points and 2.49 percentage points year-on-year [6] Business Outlook - The company expects revenues for 2024-2026 to be 35.9 billion yuan, 37.9 billion yuan, and 39.9 billion yuan, with year-on-year growth rates of 6.66%, 5.51%, and 5.17% respectively [6] - The net profit attributable to shareholders is projected to be 1.5 billion yuan, 1.8 billion yuan, and 2.1 billion yuan for the same period, with growth rates of 20.50%, 19.64%, and 15.50% respectively [6] Asset and Liability Management - As of H1 2024, the company had 20.03 billion yuan in overdue principal and interest, with 18.76 billion yuan already restructured [6] - The company is considering selling some overseas assets to alleviate liquidity pressure, with AVOLON holding non-restricted cash and available loan amounts totaling 8.2 billion USD [6]

Financial Performance - Bohai Leasing reported a revenue of 1.2 billion RMB for the first half of 2024, representing a 15% increase compared to the same period last year[6]. - The net profit attributable to shareholders was 300 million RMB, up 20% from the previous year[6]. - The company's operating revenue for the reporting period was CNY 16.18 billion, an increase of 19.24% compared to the same period last year, primarily due to increased aircraft sales revenue[11]. - The net profit attributable to shareholders was CNY 716.4 million, a year-on-year increase of 36.18%, while the net profit excluding non-recurring gains and losses increased by 255.70% to CNY 532.24 million[11]. - The company aims for a revenue growth target of 20% for the full year 2024[6]. - The total revenue for the first half of 2024 was reported at 10,061.30 million, reflecting a year-on-year increase of 5.8%[121]. - The company reported a net profit attributable to shareholders of 53,224.10 million RMB, a significant increase of 255.70% compared to the same period last year, which recorded a loss of 34,182.70 million RMB[141]. Assets and Liabilities - Total assets reached 25 billion RMB, an increase of 10% year-on-year[6]. - The company's total assets amounted to approximately CNY 268.547 billion, with net assets attributable to shareholders of CNY 30.886 billion as of June 30, 2024[25]. - The total liabilities as of June 30, 2024, amounted to RMB 221,164,827 thousand, a slight increase from RMB 215,931,990 thousand at the end of 2023[148]. - The company's total equity increased to RMB 47,382,183 thousand as of June 30, 2024, compared to RMB 45,612,870 thousand at the end of 2023, reflecting a growth of 3.9%[148]. - The debt-to-asset ratio was 82.36%, slightly down by 0.20% from 82.56% at the end of the previous year, indicating a stable leverage position[141]. Market Expansion and Strategy - Bohai Leasing plans to expand its market presence in Southeast Asia, targeting a 25% growth in that region by 2025[6]. - The company is exploring potential mergers and acquisitions to enhance its service offerings and market share[6]. - The company is actively pursuing strategic acquisitions to bolster its market position and expand its service offerings[116]. - The company has committed to using Bohai Leasing as the sole capital operation platform for its leasing business, ensuring no new leasing companies will be established or acquired post-acquisition[85]. Risk Management - Bohai Leasing has identified several risks, including market volatility and regulatory changes, and has outlined strategies to mitigate these risks[2]. - The company has established a comprehensive risk management system to enhance its risk awareness and control, ensuring a balance between risk and profitability[38]. - The company faces significant risks from global economic fluctuations, with the World Bank predicting a global growth rate of 2.6% in 2024[68]. - Credit risk remains a major concern, as lessees may fail to meet payment obligations, impacting the company's financial health[69]. Technology and Innovation - The company is investing 200 million RMB in new technology development for its leasing services[6]. - The company is actively involved in a feasibility study for Sustainable Aviation Fuel (SAF) in collaboration with partners, predicting SAF will significantly contribute to achieving net-zero emissions in aviation by 2050[83]. - Avolon has partnered with Airbus to support the development of hydrogen-powered commercial aircraft, focusing on financing and commercialization strategies for hydrogen aviation[83]. Environmental and Social Responsibility - The company has implemented a "green leasing" plan to integrate sustainable development into its management practices, responding to carbon neutrality goals[82]. - The company has engaged in various social responsibility projects, including educational support for underprivileged students and disaster relief initiatives globally[84]. - The company has maintained compliance with environmental regulations, with no administrative penalties reported during the reporting period[82]. Legal and Compliance Issues - The company is currently pursuing enforcement procedures for a lawsuit involving RMB 126.19 million due to unpaid rent[89]. - The company won a second-instance lawsuit regarding the recovery of leased assets and compensation for the difference in value[89]. - The company faced a lawsuit from Seaco for RMB 440.55 thousand, which is currently under trial[89]. - The company has ongoing litigation concerning an insurance claim related to Russian aircraft, with a claim amount of CNY 259,083.12 million, which has been accepted by the court and is pending a hearing[90]. Financial Management - The company has a cumulative unallocated loss of RMB 4.11 billion as of June 30, 2024, which may affect future dividend distributions[72]. - The company has committed to adhering to regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange, ensuring equal rights and obligations among shareholders[85]. - The company has not declared any cash dividends or stock bonuses for the first half of 2024, nor has it implemented any employee incentive plans[81]. Shareholder Information - The largest shareholder, HNA Capital Group, held 28.02% of the total shares at the end of the reporting period[127]. - The company reported a total of 1,205,471,346 shares held by its largest shareholder, HNA Capital Group, Co., Ltd., representing a significant ownership stake[130]. - The top ten shareholders include several major entities, with each holding over 263 million shares, indicating strong institutional support[130].

本公司及监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。 一、监事会会议召开情况 证券代码：000415 证券简称：渤海租赁 公告编号：2024-049 渤海租赁股份有限公司 第十届监事会第十二次会议决议公告 表决结果：3 票同意，0 票弃权，0 票反对，表决通过。 公 司 2024 年 半 年 度 报 告 及 摘 要 详 见 公 司 同 日 刊 登 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的公告。 经审核，公司监事会认为：董事会编制和审议 2024 年半年度报告的程序符 合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上 市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 三、备查文件 1.渤海租赁股份有限公司第十届监事会第十二次会议决议。 特此公告。 渤海租赁股份有限公司（以下简称"渤海租赁"或"公司"）于 2024 年 8 月 19 日以通讯方式发出会议通知，于 2024 年 8 月 29 日在北京宏源大厦 10 层会议室 以现场结合通讯方式召开第十届监事会第十二次会议。会议应到监事 3 人，实到 ...