Core Viewpoint - Bohai Leasing reported significant revenue growth in the first half of 2025, driven by increased aircraft sales and leasing income, despite a one-time impairment loss from the sale of its container leasing subsidiary [1][2]. Financial Performance - The company achieved operating revenue of 28.46 billion yuan, a year-on-year increase of 75.91% [1]. - The net profit attributable to shareholders was -2.02 billion yuan, but adjusted for the impairment loss, the net profit was 1.27 billion yuan, reflecting a growth of 77.27% [1]. Business Operations - The increase in revenue was attributed to strong global air passenger demand and limited production capacity from aircraft manufacturers, which kept aircraft market values, leasing rates, and renewal rates high [1]. - Bohai Leasing completed the 100% equity transfer of CAL and optimized its fleet structure through aircraft asset sales, leading to improved average yield levels [1]. Debt and Asset Management - To optimize its debt structure, Bohai Leasing's subsidiary Global Sea Containers Two Limited signed an agreement to sell its container leasing subsidiary GSCL, resulting in an impairment loss of approximately 3.29 billion yuan [2]. - The proceeds from the sale are intended to repay high-interest dollar debts and improve cash flow and business recovery [2]. Expansion and Competitive Position - In July 2025, Bohai Leasing's subsidiary Avolon signed a procurement agreement with Airbus for 75 A321NEO and 15 A330NEO aircraft, with deliveries expected by the end of 2033 [3]. - Avolon is now the company with the largest number of aircraft orders globally, enhancing its bargaining power and reducing acquisition costs [3]. Fleet Overview - As of June 30, 2025, Bohai Leasing's fleet comprised 1,105 aircraft, including 663 owned and managed aircraft and 442 on order, primarily consisting of Airbus A320 and Boeing 737 models [4]. - The average age of the fleet is 6.6 years, serving 142 airline customers across 60 countries, making it the second-largest aircraft leasing company by fleet size [4].

渤海租赁股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：渤海租赁股份有限公司 单位：人民币千元 | | 资金往来方名称 | 往来方与上市 公司的关联关 | 上市公司 核算的 | 年初 2025 往来资金 | 2025 年 1-6 往来累计 | 月 2025 月往来资金 | 年 1-6 6 | 年 2025 1- 月偿还累 | 其他 | 年 2025 6 月末往来资 | 往来形成 | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 系 | 会计科目 | 余额 | 发生金额 | 的利息（如 | | 计发生金额 | | 金余额 | 原因 | | | | | | | | （不含利息） | 有） | | | | | | | | | 一、控股股东及其附属企业非经营性资金占用 | | | | | | | | | | | | | 无 | | 不适用 | 不适用 | 无 | 无 | 无 | | 无 | 无 | 无 | 不适用 | 不适用 | | | 二 ...

财务报表 2025年1-6月 渤海租赁股份有限公司 目录 | | 页 | | 次 | | --- | --- | --- | --- | | 财务报表 | | | | | 合并资产负债表 | 1 | - | 3 | | 合并利润表 | 4 | - | 5 | | 合并股东权益变动表 | 6 | - | 7 | | 合并现金流量表 | 8 | - | 9 | | 公司资产负债表 | 10 | - | 11 | | 公司利润表 | | 12 | | | 公司股东权益变动表 | | 13 | | | 公司现金流量表 | 14 | - | 15 | | 财务报表附注 | 16 | - | 145 | | 补充资料 | | | | | 1.非经常性损益明细表 | | 1 | | | 2.净资产收益率和每股收益 | | 2 | | 渤海租赁股份有限公司 合并资产负债表 2025年6月30日 人民币千元 | 资产 | 附注五 | 2025年6月30日 | 2024年12月31日 | | --- | --- | --- | --- | | 流动资产 | | | | | 货币资金 | 1 | 7,774,693 | 26,54 ...

证券代码：000415 证券简称：渤海租赁 公告编号：2025-068 渤海租赁股份有限公司 关于 2025 年半年度计提资产减值准备的公告 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。 根据《企业会计准则》和渤海租赁股份有限公司（以下简称"公司"）相关会 计政策的规定，为真实、准确地反映公司目前的资产状况，基于谨慎性原则，公 司对截至 2025 年 6 月 30 日合并报表范围内的有关资产计提相应的减值准备。现 根据《深圳证券交易所股票上市规则》等有关规定，将公司 2025 年半年度计提 资产减值准备的有关情况公告如下： 一、本次计提减值准备情况 2025 年 1-6 月，公司及下属全资、控股子公司对资产负债表日可能发生减值 迹象的资产计提各项减值准备合计 3,648,881 千元，转回以前期间计提减值准备 合计 54,876 千元，合计发生减值损失 3,594,005 千元。 2025 年 1-6 月，公司计提信用减值损失的项目主要为应收账款和长期应收款， 计提资产减值损失的资产项目主要为持有待售资产、固定资产和商誉，具体如下： | 单位：千元 | | - ...

| 利 润 | 表 | | | --- | --- | --- | | 编制单位：Global Sea Containers Ltd. | 单位：美元千元 | | | 项 目 | 年 2025 1-6 | 月 | | 一、营业收入 | | 417,459 | | 减：营业成本 | | 247,095 | | 销售费用 | | 6,111 | | 管理费用 | | 18,320 | | 财务费用 | | 50,068 | | 其中：利息费用 | | 50,779 | | 利息收入 | | 1,424 | | 加：公允价值变动收益(损失以负数填列) | | 65 | | 信用减值损失(损失以负数填列) | | 131 | | 资产减值损失(损失以负数填列) | | (4,789) | | 二、营业利润 | | 91,272 | | 三、利润总额 | | 91,272 | | 减：所得税费用 | | 12,846 | | 四、净利润 | | 78,426 | 证券代码：000415 证券简称：渤海租赁 公告编号：2025-069 渤海租赁股份有限公司 关于主要境外子公司 2025 年半年度财务报表 本公司及董事会全 ...

证券代码：000415 证券简称：渤海租赁 公告编号：2025-067 渤海租赁股份有限公司 第十一届监事会第三次会议决议公告 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 渤海租赁股份有限公司（以下简称"渤海租赁"或"公司"）于 2025 年 8 月 18 日以通讯方式发出会议通知，于 2025 年 8 月 28 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十一届监事会第三次会议。会议应到监事 3 人，实到 监事 3 人。会议由监事会主席周珮萱先生主持。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。 表决结果：3 票同意，0 票弃权，0 票反对，表决通过。 公 司 2025 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 2025 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 ...

证券代码：000415 证券简称：渤海租赁 公告编号：2025-066 渤海租赁股份有限公司 第十一届董事会第二次会议决议公告 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 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 2025 年 8 月 18 日以通讯方式发出会议通知，于 2025 年 8 月 28 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十一届董事会第二次会议。会议应到董事 9 人，实到 董事 9 人。董事长金川先生、副董事长张灿先生，董事刘璐先生、冯俊先生、龙 雪红女士，独立董事刘超先生、李剑铭先生、程大中先生共 8 人以通讯方式出席 本次会议。 本次会议由公司董事长金川先生主持，公司监事会主席周珮萱先生、监事马 丽女士、廖小莉女士及高级管理人员童志胜先生、王景然先生、彭鹏先生、王佳 魏先生列席本次会议。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。 二、董事会会议审议情况 1.审议并通过《2025 年半年度报告及摘要》 ...

Part I Important Notice, Table of Contents and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with all directors attending the review meeting and key financial personnel certifying the financial report. - The company's Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness[3] - The company's head, chief accountant, and accounting department head declare the financial report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital[3] [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's overall structure, comprising eight main chapters that cover company profile to financial reports, providing a comprehensive navigation guide for investors. - The report is divided into eight main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[6] [List of Reference Documents](index=4&type=section&id=List%20of%20Reference%20Documents) This section lists the reference documents available for inspection during the reporting period, including signed financial statements, original public disclosure documents, and semi-annual reports published on other securities markets. - Reference documents include financial statements signed by the company's head and chief accountant[8] - Original copies of all publicly disclosed company documents and announcements during the reporting period are available for inspection[8] [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms and abbreviations used in the report, covering legal regulations, company entities, business units, industry metrics, and reporting periods to ensure accurate understanding of the content. - Clarifies abbreviations for laws, regulations, and institutions such as the "Company Law," "Securities Law," and "CSRC"[10] - Defines the company and its main subsidiaries and associates, including Bohai Leasing, HNA Capital, Avolon, and GSCL[10] - Explains industry-standard measurement units TEU and CEU, as well as the time scope of the reporting period[10] Part II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=1.%20Company%20Profile) This section introduces the company's basic information, including its stock abbreviation, code, listing exchange, Chinese and English names, legal representative, and detailed contact information for the Board Secretary and Securities Affairs Representative. - Company stock abbreviation is **"Bohai Leasing,"** stock code **"000415,"** listed on the Shenzhen Stock Exchange[12] - The company's legal representative is Jin Chuan[12] - Contact addresses, telephone numbers, faxes, and email addresses for Board Secretary Wang Jiawei and Securities Affairs Representative Ma Xiaodong are provided[13] [3. Other Information](index=6&type=section&id=3.%20Other%20Information) This section states that the company's registered address, office address, website, email, and information disclosure and storage locations remained unchanged during the reporting period, with specific details available in the 2024 annual report. - Company contact information remained unchanged during the reporting period, refer to the 2024 annual report[14] - Information disclosure and storage locations remained unchanged during the reporting period, refer to the 2024 annual report[15] [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, operating revenue increased by 75.91% to 28.46 billion yuan, primarily due to higher aircraft sales and leasing income, while net profit attributable to shareholders decreased by 381.80% to -2.02 billion yuan, mainly impacted by a 3.29 billion yuan goodwill impairment for GSCL. Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (yuan) | Prior Year (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 28,460,034,000.00 | 16,178,569,000.00 | 75.91% | | Net Profit Attributable to Listed Company Shareholders | -2,018,780,000.00 | 716,400,000.00 | -381.80% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -2,291,268,000.00 | 532,241,000.00 | -530.49% | | Net Cash Flow from Operating Activities | 11,177,978,000.00 | 11,717,371,000.00 | -4.60% | | Basic Earnings Per Share (yuan/share) | -0.3264 | 0.1158 | -381.87% | | Weighted Average Return on Net Assets | -6.73% | 2.37% | -9.10% | - Operating revenue increased by **75.91%**, primarily due to increased aircraft sales and aircraft leasing income in the current period[18] - Net profit decreased mainly due to a goodwill impairment of approximately **3.29 billion yuan** resulting from the sale of GSCL equity[18] - Excluding the impact of goodwill impairment, net profit was **1.27 billion yuan**, an increase of **77.27%** year-on-year, primarily driven by the robust aviation passenger demand and increased profitability in the aircraft leasing business[19] [5. Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=5.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) This section states that during the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards, nor under overseas accounting standards and Chinese Accounting Standards. - The company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20] - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[21] [6. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This section details the non-recurring gains and losses and their amounts for the reporting period, totaling 272.49 million yuan, primarily from government subsidies, fair value changes and disposal gains/losses of financial assets, and debt restructuring gains, confirming no reclassification of non-recurring items as recurring. Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Government grants recognized in current profit or loss | 3,111,000.00 | | | Gains and losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations of non-financial enterprises | 224,738,000.00 | Comprises fair value change losses of financial assets of approximately 142 million yuan and gains from disposal of financial assets of approximately 366 million yuan | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 15,691,000.00 | | | Debt restructuring gains and losses | 115,551,000.00 | Primarily due to the company receiving existing aircraft lease payments from HNA-related airlines, recognizing debt restructuring gains of approximately 72 million yuan; the company and its subsidiaries also generated debt restructuring gains of approximately 43 million yuan through contract term modifications | | Other non-operating income and expenses apart from the above | -1,439,000.00 | | | Less: Income tax impact | 80,890,000.00 | | | Minority interest impact (after tax) | 4,274,000.00 | | | Total | 272,488,000.00 | | - The company does not classify non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring items[24] Part III Management Discussion and Analysis [1. Company's Main Businesses During the Reporting Period](index=9&type=section&id=1.%20Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) During the reporting period, the company's main business was leasing, primarily providing aircraft leasing, container leasing, and domestic finance leasing services, maintaining a leading global position in aircraft and container leasing. - The company's main business is leasing, providing aircraft leasing, container leasing, infrastructure leasing, and large equipment leasing services[26] - Aircraft leasing business revenue accounts for approximately **89.11%** of the company's operating revenue, while container leasing business revenue accounts for approximately **10.39%**[26, 27] - The company maintains a global leading position in both the aircraft leasing and container leasing industries, with its fleet and container fleet sizes ranking among the top[32, 35] [(I) Company's Main Businesses and Business Model](index=9&type=section&id=(I)%20Company%27s%20Main%20Businesses%20and%20Business%20Model) The company's core businesses include aircraft leasing (primarily operating leases via Avolon and Tianjin Bohai, supplemented by sale-leasebacks and asset sales), container leasing (primarily operating leases via GSCL, offering diverse container types), and domestic finance leasing (sale-leasebacks and direct leases via Tianjin Bohai and Hengqin Leasing). - Aircraft leasing business primarily involves operating leases, acquiring aircraft and providing medium-to-long-term leasing services to global airlines, while also optimizing fleet structure through sales[26] - Container leasing business involves acquiring containers and leasing them to shipping companies, primarily through operating leases and supplemented by finance leases, offering a diversified container investment portfolio[27] - Domestic finance leasing business mainly provides sale-leaseback and direct leasing services to meet customer funding needs and asset acquisition plans[28] [(II) Industry Development](index=9&type=section&id=(II)%20Industry%20Development) The aircraft leasing industry benefits from global aviation recovery and limited manufacturer capacity, driving strong demand, higher aircraft values, and lease rates, with the company being the world's second-largest aircraft lessor. The container leasing industry faces demand uncertainty despite short-term support from the Red Sea crisis, with the company among the top five global lessors. Domestic finance leasing is stabilizing under improved regulation. - The global aircraft leasing market share reached **51.5%**, with an estimated demand for approximately **43,420 new aircraft** in the next 20 years, indicating broad industry prospects[29][30] - In the first half of 2025, the global aviation industry is expected to remain profitable, with passenger demand increasing by **5.8%**, and limited aircraft supply driving up aircraft market values and lease rates[31] - The company's fleet size is **1,105 aircraft**, with an average age of **6.6 years**, serving **142 airlines** globally, making it the world's second-largest aircraft leasing company[32] - Global container leasing companies hold approximately **48.3%** of containers, with high industry concentration where the top five companies account for **82.0%** of the market share[33] - The Red Sea crisis temporarily supports the container shipping market's prosperity, but US tariff policies and geopolitical risks exacerbate market differentiation, with global container port throughput projected to decline by **1.0%** in 2025[34] - The company's container fleet size is approximately **4.07 million CEU**, with a utilization rate of about **97.9%**, ranking among the top five global container leasing companies[35] - In the first half of 2025, the national finance leasing contract balance was approximately **5.42 trillion yuan**, a **0.66%** decrease from the end of 2024[36] [(III) Performance Overview](index=11&type=section&id=(III)%20Performance%20Overview) In H1 2025, the company's operating revenue was 28.46 billion yuan, up 75.91%, but net profit attributable to parent was -2.02 billion yuan, mainly due to GSCL goodwill impairment. Excluding impairment, net profit was 1.27 billion yuan, up 77.27%. Aircraft leasing revenue increased significantly, while container leasing remained stable after impairment, and domestic finance leasing focused on risk prevention. 2025 H1 Key Financial Data | Indicator | Amount (billion yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 28.46 | 75.91% | | Net Profit Attributable to Parent Company Shareholders | -2.02 | - | | Net Profit Attributable to Parent Company Shareholders After Deducting Goodwill Impairment | 1.27 | 77.27% | | Earnings Per Share (yuan) | -0.3264 | - | | Total Assets | 2,862.46 | - | | Net Assets Attributable to Parent Company Shareholders | 285.08 | - | | Net Assets Per Share (yuan) | 4.61 | - | - Aircraft business revenue was **25.36 billion yuan**, an increase of **94.32%** year-on-year, with aircraft leasing revenue at **10.04 billion yuan** (up **5.75%**) and aircraft sales revenue at **15.32 billion yuan** (up **330.29%**)[38] - Avolon's fleet weighted average annualized lease rate increased by approximately **70BP**, signed **43 aircraft lease agreements**, and completed **54 aircraft sales**[39] - Avolon signed purchase agreements with Airbus for **75 A321NEO** and **15 A330NEO** aircraft, strengthening its order backlog[39] - Avolon obtained "Investment Grade" credit ratings from three major international rating agencies, with Fitch and Moody's upgrading ratings and S&P improving its outlook to "Positive"[40] - Container leasing business revenue was **2.96 billion yuan**, with net profit of **589 million yuan** after deducting goodwill impairment, largely flat compared to the same period last year[44] - The company plans to sell **100% equity in GSCL**, with the proceeds primarily used to repay high-interest overseas USD debt and improve domestic cash flow[45] - Domestic finance leasing subsidiaries did not add new finance leasing projects, with Tianjin Bohai's asset balance at **2.82 billion yuan** and Hengqin Leasing's asset balance at **312 million yuan**[47] [2. Analysis of Core Competencies](index=13&type=section&id=2.%20Analysis%20of%20Core%20Competencies) The company aims to be a leading global leasing industry group, maintaining international leadership in aircraft and container leasing, possessing a comprehensive global layout and excellent asset management capabilities, supported by strong capital, diversified financing, robust risk management, and an experienced international team. - The company maintains international leading positions in the aircraft leasing and container leasing industries, with a fleet of **1,105 aircraft** and **4.07 million CEU** containers[49] - The company has established branches or sales channels in over **80 countries** and regions across six continents, serving over **900 leasing clients**[50] - As of June 30, 2025, the company's total assets were approximately **286.25 billion yuan**, and net assets attributable to parent company shareholders were approximately **28.51 billion yuan**[51] - Avolon and GSCL possess diversified financing channels, with Avolon maintaining "Investment Grade" credit ratings, Fitch and Moody's upgrading ratings, and S&P's outlook "Positive"[51][52] - The company has established a comprehensive risk management system based on "three lines of defense" to strengthen risk identification and response[53][54] - The company's management team possesses extensive leasing industry experience and an international perspective, enabling effective response to industry cycle changes[55] [3. Analysis of Main Business](index=14&type=section&id=3.%20Analysis%20of%20Main%20Business) During the reporting period, operating revenue increased by 75.91% to 28.46 billion yuan, primarily due to increased aircraft sales, while operating costs rose by 133.93%. Net cash flow from operating activities slightly decreased, net cash flow from investing activities significantly increased, and net cash flow from financing activities significantly decreased. Aircraft sales revenue accounted for 53.84% of total revenue, growing by 330.29%. Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 28,460,034,000.00 | 16,178,569,000.00 | 75.91% | Primarily due to increased aircraft sales in the current period | | Operating Cost | 20,427,186,000.00 | 8,732,219,000.00 | 133.93% | Primarily due to increased aircraft sales in the current period | | Financial Expenses | 4,965,920,000.00 | 4,540,643,000.00 | 9.37% | Primarily due to increased debt scale in the current period | | Net Cash Flow from Operating Activities | 11,177,978,000.00 | 11,717,371,000.00 | -4.60% | Primarily due to overseas subsidiaries returning lease deposits higher than the prior year | | Net Cash Flow from Investing Activities | -2,195,803,000.00 | -12,376,541,000.00 | 82.26% | Primarily due to increased cash inflow from aircraft disposals in the current period | | Net Cash Flow from Financing Activities | -28,560,020,000.00 | -1,628,823,000.00 | -1,653.41% | Primarily due to increased cash payments for debt repayment by overseas subsidiaries compared to the prior year | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Period Amount (yuan) | % of Operating Revenue | Prior Year Amount (yuan) | % of Operating Revenue | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Aircraft Leasing | 10,035,088,000.00 | 35.27% | 9,489,087,000.00 | 58.66% | 5.75% | | | Aircraft Sales | 15,324,303,000.00 | 53.84% | 3,561,395,000.00 | 22.01% | 330.29% | | | Container Leasing | 2,543,977,000.00 | 8.94% | 2,546,753,000.00 | 15.74% | -0.11% | | | Container Sales | 414,035,000.00 | 1.45% | 429,117,000.00 | 2.65% | -3.51% | | | Other Finance Leasing | 87,503,000.00 | 0.31% | 82,563,000.00 | 0.51% | 5.98% | | **By Product** | Operating Lease | 12,215,530,000.00 | 42.94% | 11,781,553,000.00 | 72.83% | 3.68% | | | Aircraft Sales | 15,324,303,000.00 | 53.84% | 3,561,395,000.00 | 22.01% | 330.29% | | | Finance Lease and Finance Lease Consulting | 451,038,000.00 | 1.58% | 336,850,000.00 | 2.08% | 33.90% | | **By Region** | Mainland China | 1,587,641,000.00 | 5.58% | 2,068,234,000.00 | 12.78% | -23.24% | | | Other Countries and Regions | 26,872,393,000.00 | 94.42% | 14,110,335,000.00 | 87.22% | 90.44% | - Aircraft sales revenue increased by **330.29%** year-on-year, primarily due to an increase in the number of aircraft sold in the current period (53 aircraft and 10 engines in H1 2025; 15 aircraft and 1 engine in H1 2024)[60] - Finance lease income increased by **33.90%** year-on-year, primarily due to an increase in Avolon's aircraft finance lease business in the current period[61] [4. Analysis of Non-Core Businesses](index=15&type=section&id=4.%20Analysis%20of%20Non-Core%20Businesses) During the reporting period, non-core businesses significantly impacted total profit, with investment income of 593.47 million yuan, fair value change losses of 141.79 million yuan, and asset impairment losses of 3.44 billion yuan, primarily due to a 3.29 billion yuan goodwill impairment from the GSCL equity sale. Impact of Non-Core Businesses on Total Profit | Item | Amount (yuan) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 593,471,000.00 | -69.27% | Primarily due to investment gains of approximately 366 million yuan from disposal of financial assets in the current period, and an increase of approximately 243 million yuan in income from subsidiaries accounted for using the equity method compared to the prior year | No | | Fair Value Change Gains and Losses | -141,785,000.00 | 16.55% | Primarily due to changes in fair value of financial instruments measured at fair value through profit or loss | No | | Asset Impairment | -3,440,092,000.00 | 401.51% | Primarily due to the signing of an agreement to sell 100% equity in GSCL in the current period; based on the agreed transaction price and adjustment mechanism, the transaction price of GSCL equity was lower than its net assets, indicating impairment, and goodwill impairment loss of approximately 3.29 billion yuan was recognized based on the goodwill impairment test results | No | | Credit Impairment Losses | -153,913,000.00 | 17.96% | Primarily due to an increase in receivables from some customers, leading to a corresponding increase in bad debt provisions | No | | Asset Disposal Gains | 99,037,000.00 | -11.56% | Primarily gains from disposal of finance lease projects | Yes | [5. Analysis of Assets and Liabilities](index=16&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets slightly decreased, and net assets attributable to shareholders decreased by 9.41%. Monetary funds significantly decreased by 70.71% due to CAL acquisition and debt repayment. Long-term receivables increased by 54.62% due to CAL consolidation. Goodwill decreased by 42.63% due to impairment. Non-current liabilities due within one year increased by 83.79% due to increased bonds and borrowings. A significant portion of assets, including monetary funds, receivables, and fixed assets, are restricted to secure borrowings and guarantees. Significant Changes in Asset Composition | Item | Amount at Period-End (yuan) | % of Total Assets | Amount at Year-End (yuan) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 7,774,693,000.00 | 2.72% | 26,545,137,000.00 | 9.27% | -6.55% | Decreased by **70.71%** from the beginning of the period, due to payment for CAL acquisition and repayment of related debts | | Accounts Receivable | 1,870,886,000.00 | 0.65% | 1,489,417,000.00 | 0.52% | 0.13% | Increased by **25.61%** from the beginning of the period, due to the consolidation of CAL | | Long-Term Receivables | 18,279,485,000.00 | 6.39% | 11,822,501,000.00 | 4.13% | 2.26% | Increased by **54.62%** from the beginning of the period, due to the consolidation of CAL | | Goodwill | 4,460,731,000.00 | 1.56% | 7,774,909,000.00 | 2.71% | -1.15% | Decreased by **42.63%** from the beginning of the period, due to goodwill impairment provision in the current period | | Non-Current Liabilities Due Within One Year | 37,286,614,000.00 | 13.03% | 20,287,567,000.00 | 7.08% | 5.95% | Increased by **83.79%** from the beginning of the period, primarily due to an increase in bonds and borrowings due within one year | - Major overseas assets include Avolon (total assets **231.43 billion yuan**, profit **2.38 billion yuan**) and GSCL (total assets **41.23 billion yuan**, profit **563 million yuan**)[70] - GSCL recorded a goodwill impairment loss of approximately **3.29 billion yuan** because its equity transaction price was lower than its net assets[70] Asset Restrictions as of the End of the Reporting Period | Item | Book Value (thousand yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 3,284,281 | Frozen | Margin deposits, pledged for long-term borrowings, pledged for guarantees | | Accounts Receivable and Long-Term Receivables | 6,131,227 | Pledged | Pledged to obtain long-term borrowings | | Assets Held for Sale | 1,516,486 | Mortgaged | Mortgaged to obtain long-term borrowings | | Long-Term Equity Investments | - | Pledged | Pledged equity of associate companies, subsidiary equity to obtain long-term borrowings/payables | | Fixed Assets | 100,060,245 | Mortgaged | Mortgaged to obtain long-term borrowings and corporate bonds | [6. Analysis of Investment Status](index=22&type=section&id=6.%20Analysis%20of%20Investment%20Status) During the reporting period, total investment significantly increased by 37,714.73% to 7.56 billion yuan, primarily due to the payment for CAL equity acquisition. The company completed the acquisition of 100% equity in Castlelake Aviation Limited, expecting a profit of 888.18 million yuan. The company also holds securities investments and engages in hedging derivative investments to manage interest rate and exchange rate risks, largely achieving risk management objectives. - The investment amount for the reporting period was **7.56 billion yuan**, an increase of **37,714.73%** year-on-year, primarily due to the payment for the purchase of CAL equity[83] Significant Equity Investments During the Reporting Period | Investee Company Name | Main Business | Investment Amount (yuan) | Shareholding Ratio (%) | Current Period Investment Profit/Loss (yuan) | | :--- | :--- | :--- | :--- | :--- | | Castlelake Aviation Limited | Aircraft Leasing | 8,166,623,000.00 | 100.00% | 888,180,000.00 | - The company has no significant ongoing non-equity investments[86] - The company holds domestic and overseas stocks and bonds, including Tianjin Bank, EVTL, AEROMEX, and various trust products[87][89][91] Derivative Investments for Hedging Purposes | Derivative Investment Type | Amount at Period-End (million yuan) | % of Company's Net Assets at Period-End | | :--- | :--- | :--- | | Interest Rate Swap Contracts | 1,954.2 | 0.07% | | Interest Rate Cap Contracts | 5,062.6 | 0.18% | | Forward Foreign Exchange Contracts | 4,439.7 | 0.16% | | Interest Rate Collar Options | -5,614.3 | -0.20% | | Interest Rate Swap Options | 0 | 0.00% | | Other | 2,408.6 | 0.08% | | Total | 8,250.8 | 0.29% | - The company's hedging activities adhere to the principle of locking in interest rate and exchange rate risks, avoiding speculative trading, and have largely achieved the expected risk management objectives[93] - The company has no derivative investments for speculative purposes[95] - The company had no use of raised funds during the reporting period[96] [7. Significant Asset and Equity Sales](index=28&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not sell significant assets. The company plans to sell 100% equity in its wholly-owned subsidiary GSCL for a base price of 1.75 billion USD, aiming to mitigate liquidity risks, reduce financial burden, and refocus on aircraft leasing. - The company did not sell significant assets during the reporting period[97] - The company plans to sell **100% equity in GSCL** held by its wholly-owned subsidiary GSCTL, with a base price of **1.75 billion USD** (approximately **12.53 billion yuan**)[98][100] - This transaction aims to mitigate the company's liquidity risks, reduce financial burden, with the proceeds primarily used to repay high-interest overseas USD debt and improve domestic cash flow[98] - Upon completion of the transaction, the company will no longer operate container leasing business, further focusing on its core aircraft leasing business to enhance its sustained operational capacity and profitability[98][100] [8. Analysis of Major Holding and Associate Companies](index=29&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section analyzes the company's major holding and associate companies, including Tianjin Bohai, Avolon, and GSCL, with Avolon and GSCL serving as core overseas leasing platforms, and Avolon enhancing its aircraft leasing scale and market competitiveness through the acquisition of 100% equity in CAL during the reporting period. Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Bohai | Subsidiary | Leasing | RMB 22,100,850,000 | 289,280,032,000.00 | 46,941,122,000.00 | 28,460,034,000.00 | -706,058,000.00 | -1,155,677,000.00 | | Avolon | Subsidiary | Leasing | USD 0.0000097105 | 231,424,767,000.00 | 57,672,481,000.00 | 25,065,988,000.00 | 2,733,512,000.00 | 2,381,236,000.00 | | GSCL | Subsidiary | Leasing | USD 102 | 41,234,231,000.00 | 15,288,737,000.00 | 2,994,642,000.00 | 654,740,000.00 | 562,589,000.00 | - The company's acquisition of CAL through purchase is beneficial for leveraging the scale and synergy of its aircraft leasing business, enhancing market share and competitiveness[102] [9. Structured Entities Controlled by the Company](index=30&type=section&id=9.%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company did not control any structured entities during the reporting period. - The company did not control any structured entities during the reporting period[104] [10. Risks Faced by the Company and Countermeasures](index=30&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from global economic fluctuations, credit, liquidity, dividend policy, interest rates, exchange rates, goodwill impairment, force majeure, and geopolitical conflicts, actively responding through enhanced risk management, asset optimization, diversified financing, debt renegotiation, derivative financial products, and impairment provisions to ensure sustained operations and profitability. - Global economic fluctuations, trade tensions, and policy uncertainties may significantly impact the company's operating performance and financial position[104] - Lessees' failure to timely pay rent or fulfill obligations is a primary credit risk faced by the company, which is managed through continuous tracking, credit assessment, and collection of security deposits[105] - The company faces liquidity risk, with current liabilities exceeding current assets by approximately **20.85 billion yuan**, and some debts are overdue; the company plans to mitigate this through the sale of GSCL equity, new financing, and debt extensions[106][108] - The company's parent company has accumulated losses, which may prevent it from distributing cash dividends to shareholders for a certain period[109] - The company has a large financing scale, making interest rate fluctuations significantly impact leasing income and interest expenses; the company uses derivative financial products to hedge interest rate risk[110] - Changes in the RMB-USD exchange rate will lead to foreign currency translation risk in the company's consolidated financial statements, affecting its profitability[111] - The GSCL asset group recorded a goodwill impairment loss of approximately **3.29 billion yuan** because its equity transaction price was lower than its net assets; Avolon's future operating performance volatility still poses goodwill impairment risk[113] - Geopolitical conflicts may disrupt the global economy, energy prices, and supply chains; the company has recognized impairment for Russia-related aircraft assets and reached settlements with insurance companies[115] [11. Implementation of Market Value Management System and Valuation Enhancement Plan](index=32&type=section&id=11.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) This section states that the company has not established a market value management system nor disclosed a valuation enhancement plan. - The company has not established a market value management system[116] - The company has not disclosed a valuation enhancement plan[116] [12. Implementation of "Quality and Return Dual Improvement" Action Plan](index=33&type=section&id=12.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) This section states that the company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan. - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[117] Part IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=34&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there was a change in the company's board of directors, with Long Xuehong elected as a director and Liu Wenji departing due to the expiration of his term. - Long Xuehong was elected as a company director[119] - Liu Wenji resigned from his director position due to the expiration of his term[119] [2. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=34&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) This section states that the company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the half-year period. - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the half-year period[120] [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=34&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section states that the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period. - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[121] [4. Environmental Information Disclosure](index=34&type=section&id=4.%20Environmental%20Information%20Disclosure) This section states that the company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law. - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[122] [5. Social Responsibility](index=34&type=section&id=5.%20Social%20Responsibility) The company actively fulfills its social responsibilities through educational assistance, charitable initiatives, fundraising, and aid for children in need, including a museum study tour for disadvantaged children in H1 2025 and diverse global projects by its overseas subsidiaries. - The company actively engages in social responsibility activities such as educational assistance, charitable giving, fundraising, and aid for children in need[122] - In the first half of 2025, the company partnered with the Aiyou Ansheng project to organize a museum study tour for **30 disadvantaged and left-behind children**[122] - Overseas subsidiaries Avolon and Seaco have carried out diverse social responsibility projects globally, including women and children protection, special children care, regional poverty alleviation, and clean environmental protection[122] Part V Significant Matters [1. Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company](index=35&type=section&id=1.%20Commitments%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) The company's controlling shareholder and related parties continue to fulfill long-term commitments to avoid horizontal competition, maintain company independence, and reduce/standardize related-party transactions, while share lock-up commitments from IPO and refinancing have been fulfilled on time. - HNA Xin Guan, HNA Industrial, and HNA Capital committed to avoiding horizontal competition, designating Bohai Leasing as the sole capital operation platform for leasing business[125] - Shanghai Shengzhan Investment Development Co., Ltd. committed to avoiding horizontal competition, designating Bohai Leasing as the sole capital operation platform for leasing business[125] - HNA Xin Guan, HNA Industrial, and HNA Capital committed to maintaining the listed company's independence in personnel, assets, finance, business, and organization[125][127] - The non-public offering shares subscribed by HNA Capital Group Co., Ltd. and others were listed on January 8, 2016, with the share lock-up period ending on January 8, 2019, and the commitments have been fulfilled on time[131] [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=39&type=section&id=2.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) This section states that there were no non-operating funds occupied by the controlling shareholder and other related parties of the listed company during the reporting period. - The company had no non-operating funds occupied by the controlling shareholder and other related parties during the reporting period[132] [3. Irregular External Guarantees](index=39&type=section&id=3.%20Irregular%20External%20Guarantees) This section states that there were no irregular external guarantees during the reporting period. - The company had no irregular external guarantees during the reporting period[133] [4. Appointment and Dismissal of Accounting Firms](index=39&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) This section states that the company's half-year financial report was not audited. - The company's half-year report was not audited[134] [5. Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for This Period](index=39&type=section&id=5.%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20This%20Period) This section states that it is not applicable as the company's half-year report was not audited. - Not applicable, as the company's half-year report was not audited[135] [6. Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=39&type=section&id=6.%20Board%20of%20Directors%27%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) This section states that it is not applicable. - Not applicable[135] [7. Bankruptcy Reorganization Matters](index=39&type=section&id=7.%20Bankruptcy%20Reorganization%20Matters) This section states that no bankruptcy reorganization matters occurred during the reporting period. - No bankruptcy reorganization matters occurred during the reporting period[135] [8. Litigation Matters](index=39&type=section&id=8.%20Litigation%20Matters) The company is involved in multiple significant litigation and arbitration cases, primarily concerning clients' failure to pay rent or financing disputes, with some cases won or settled and others ongoing. Significant Litigation and Arbitration Matters | Litigation (Arbitration) Basic Information | Amount Involved (million yuan) | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | | Tianjin Bohai initiated litigation due to client's failure to pay rent as per contract | 126,189 | Mandatory enforcement procedures are underway | Second instance judgment in favor of the company, court supported the company's right to reclaim leased assets and compensation for the difference between the creditor's rights amount and the value of the leased assets | | Seaco initiated litigation due to client's failure to pay rent as per contract | 440.55 | Under trial | Client entered bankruptcy proceedings | | Hengqin Leasing and a third-party guarantor were sued due to contract disputes | 6,822.7 | First instance judgment rendered | Company lost the lawsuit | | Bohai Leasing was sued due to financing disputes | 8,548.86 | Second instance judgment rendered | Company lost the lawsuit | | Tianjin Bohai initiated litigation due to client's failure to pay rent as per contract | 24,427.91 | First instance judgment rendered | Company won the lawsuit, case closed | - Other litigation matters where the company is a defendant, not meeting the significant litigation disclosure standards, totaled **15.07 million yuan**, and as a plaintiff totaled **34.39 million yuan**, all currently in the trial phase[138] [9. Penalties and Rectification](index=40&type=section&id=9.%20Penalties%20and%20Rectification) This section states that there were no penalties or rectification situations during the reporting period. - The company had no penalties or rectification situations during the reporting period[139] [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=40&type=section&id=10.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) As of June 30, 2025, the company's controlling shareholder is HNA Capital Group Co., Ltd., and the company has no actual controller; the controlling shareholder has not been listed in any abnormal operation, serious illegal, or dishonest enterprise lists. - As of June 30, 2025, the company's controlling shareholder is HNA Capital Group Co., Ltd., and the company has no actual controller[140] - The company's controlling shareholder, HNA Capital Group Co., Ltd., has not been listed in the abnormal operation directory, serious illegal and dishonest enterprise list, or list of dishonest judgment debtors[140] [11. Significant Related-Party Transactions](index=41&type=section&id=11.%20Significant%20Related-Party%20Transactions) The company engages in related-party transactions related to its daily operations, primarily involving aircraft operating and finance leasing, as well as related-party creditor-debtor relationships, including operating lease transactions with Tianjin Airlines Financial Services Co., Ltd. and finance lease transactions with Hubei Huayu Air Logistics Warehousing Management Co., Ltd. Related-Party Transactions Related to Daily Operations | Related Party | Related Relationship | Related Transaction Type | Related Transaction Content | Related Transaction Amount (million yuan) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Airlines Financial Services Co., Ltd. | Joint Venture | Operating Lease | Aircraft | 17,712.8 | 1.44% | | Hubei Huayu Air Logistics Warehousing Management Co., Ltd. | Indirect controlling shareholder exerts significant influence | Finance Lease | Commercial Real Estate | 12.3 | 0.03% | - The company had no related-party transactions involving asset or equity acquisition or disposal during the reporting period[142] - The company had no related-party transactions involving joint external investments during the reporting period[143] Payables to Related Parties | Related Party | Related Relationship | Reason for Formation | Balance at Beginning of Period (million yuan) | Current Period Interest (million yuan) | Balance at End of Period (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bohai International Trust Co., Ltd. | Under common control | Related party provided borrowings | 25,200 | 697.6 | 25,200 | | Wanjiang Financial Leasing Co., Ltd. | Associate Company | Related party provided borrowings | 12,000 | 307.2 | 10,000 | - There are no deposit, loan, credit, or other financial businesses between the company and related financial companies[145] - There are no deposit, loan, credit, or other financial businesses between the company's controlled financial companies and related parties[146] - The company had no other significant related-party transactions during the reporting period[148] [12. Significant Contracts and Their Performance](index=43&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment, contracting, or leasing matters during the reporting period. It has multiple significant guarantees, including external guarantees by the company and its subsidiaries, and inter-subsidiary guarantees, with the total guarantee amount representing 487.22% of the company's net assets. - The company had no entrustment, contracting, or leasing situations during the reporting period[149][150][151] External Guarantees by the Company and its Subsidiaries | Guaranteed Party Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Yunnan Xiangpeng Airlines Co., Ltd. | 218,900 | 205,750.05 | Pledge | No | No | Company's Guarantees to Subsidiaries | Guaranteed Party Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Bohai Leasing Co., Ltd. | 70,000 | 61,300 | Pledge | No | Yes | | Tianjin Bohai Leasing Co., Ltd. | 156,599.33 | 151,885.53 | Joint and Several Liability Guarantee, Pledge | No | Yes | | Haikou Bohai No. 2 Leasing Co., Ltd. | 15,000 | 9,000 | Joint and Several Liability Guarantee | No | Yes | Subsidiaries' Guarantees to Subsidiaries | Guaranteed Party Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Bohai No. 4 Leasing Co., Ltd. | 78,640.08 | 37,719.70 | Joint and Several Liability Guarantee | No | Yes | | Guangzhou Nansha Bohai No. 1 Leasing Co., Ltd. | 76,125.81 | 36,950.78 | Joint and Several Liability Guarantee | No | Yes | | Global Sea Containers Two Limited | 715,860 | 715,860 | Joint and Several Liability Guarantee, Pledge | No | Yes | | Global Aircraft Leasing Co., Ltd. | 787,446 | 787,446 | Pledge | No | Yes | - The total actual guarantee amount represents **487.22%** of the company's net assets[166] - Debt guarantees provided directly or indirectly to guaranteed entities with a debt-to-asset ratio exceeding **70%** totaled **138.90 billion yuan**[166] - The company had no entrusted wealth management during the reporting period[167] - The company had no other significant contracts during the reporting period[168] [13. Explanation of Other Significant Matters](index=51&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) This section states that there are no other significant matters requiring explanation during the reporting period. - The company had no other significant matters requiring explanation during the reporting period[169] [14. Significant Matters of Company Subsidiaries](index=51&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) This section states that there are no significant matters concerning company subsidiaries during the reporting period. - The company had no significant matters concerning company subsidiaries during the reporting period[170] Part VI Share Changes and Shareholder Information [1. Share Change Status](index=52&type=section&id=1.%20Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged at 6,184,521,282 shares, with restricted shares accounting for 12.80% and unrestricted shares for 87.20%, and no share repurchases or concentrated bidding reductions of repurchased shares occurred. Share Change Status | Item | Quantity Before Change (shares) | % Before Change | Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 791,565,549.00 | 12.80% | 0.00 | 791,565,549.00 | 12.80% | | II. Unrestricted Shares | 5,392,955,733.00 | 87.20% | 0.00 | 5,392,955,733.00 | 87.20% | | III. Total Shares | 6,184,521,282.00 | 100.00% | 0.00 | 6,184,521,282.00 | 100.00% | - There were no reasons, approval situations, or transfer situations for share changes during the reporting period[173] - There was no progress on share repurchase implementation or concentrated bidding reductions of repurchased shares during the reporting period[173] [2. Securities Issuance and Listing](index=53&type=section&id=2.%20Securities%20Issuance%20and%20Listing) This section states that there were no securities issuance and listing situations during the reporting period. - The company had no securities issuance and listing situations during the reporting period[174] [3. Number of Shareholders and Shareholding Status](index=53&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had 121,893 common shareholders. HNA Capital Group Co., Ltd. held 28.02% as the largest shareholder, with most of its shares pledged, and related-party or concerted action relationships existed among the top ten shareholders. - The total number of common shareholders at the end of the reporting period was **121,893**[175] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | HNA Capital Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 28.02% | 1,732,654,212 | 527,182,866 | 1,205,471,346 | Pledged | 1,717,479,342 | | Tianjin Yanshan Equity Investment Fund Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.01% | 309,570,914 | 0 | 309,570,914 | Not Applicable | 0 | | Guangzhou City Investment Co., Ltd. | State-Owned Legal Person | 4.26% | 263,591,433 | 0 | 263,591,433 | Not Applicable | 0 | | Shanghai Beiyu Information Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 4.26% | 263,591,433 | 263,591,433 | 0 | Pledged | 263,591,433 | | Shanghai Shengzhan Yunhui Enterprise Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.46% | 214,168,039 | 0 | 214,168,039 | Not Applicable | 0 | - The company's largest shareholder, HNA Capital, and Yanshan Investment, Shanghai Beiyu, Shanghai Shengzhan, and Ningbo Detong are concerted parties as defined by the "Measures for the Administration of the Takeover of Listed Companies"[176] [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=54&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report. - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[178] [5. Changes in Controlling Shareholder or Actual Controller](index=55&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period. - There were no changes in the company's controlling shareholder during the reporting period[179] - There were no changes in the company's actual controller during the reporting period[179] [6. Preferred Share Information](index=55&type=section&id=6.%20Preferred%20Share%20Information) This section states that the company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[180] Part VII Bond-Related Information [1. Enterprise Bonds](index=56&type=section&id=1.%20Enterprise%20Bonds) This section states that the company had no enterprise bonds during the reporting period. - The company had no enterprise bonds during the reporting period[182] [2. Corporate Bonds](index=56&type=section&id=2.%20Corporate%20Bonds) The company issued multiple corporate bonds, including "18 Bohai Jin 01" to "18 Bohai Jin 04" and "18 Bohai Zu 05," all with a coupon rate of 4.00% and maturity in 2026; these are unsecured bonds, and "18 Bohai Jin 01" interest payment was completed during the reporting period, with unchanged debt repayment guarantees. Basic Information on Corporate Bonds | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Maturity Date | Bond Balance (million yuan) | Interest Rate (%) | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Bohai Jinkong Investment Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (First Tranche) | 18 Bohai Jin 01 | 112723 | June 20, 2018 | June 20, 2026 | 94,138.9 | 4.00% | Shenzhen Stock Exchange | | Bohai Jinkong Investment Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (Second Tranche) | 18 Bohai Jin 02 | 112765 | September 10, 2018 | September 10, 2026 | 110,769 | 4.00% | Shenzhen Stock Exchange | | Bohai Jinkong Investment Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (Third Tranche) | 18 Bohai Jin 03 | 112771 | October 10, 2018 | October 10, 2026 | 50,400 | 4.00% | Shenzhen Stock Exchange | | Bohai Jinkong Investment Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (Fourth Tranche) | 18 Bohai Jin 04 | 112783 | October 26, 2018 | October 26, 2026 | 90,291.4 | 4.00% | Shenzhen Stock Exchange | | Bohai Leasing Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (Fifth Tranche) | 18 Bohai Zu 05 | 112810 | December 05, 2018 | December 05, 2026 | 31,890 | 4.00% | Shenzhen Stock Exchange | - Corporate bonds are restricted to qualified professional institutional investors and traded via non-transactional transfer[184] - There is no risk of termination of listing and trading for corporate bonds[184] - "18 Bohai Jin 01," "18 Bohai Jin 02," "18 Bohai Jin 03," "18 Bohai Jin 04," and "18 Bohai Zu 05" are unsecured bonds[185] - During the reporting period, the company completed the interest payment for the "18 Bohai Jin 01" bond for 2025[185] - During the reporting period, the company's debt repayment guarantees remained consistent with the prospectus and relevant commitments, with no changes[185] [3. Non-Financial Enterprise Debt Financing Instruments](index=57&type=section&id=3.%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section states that the company had no non-financial enterprise debt financing instruments during the reporting period. - The company had no non-financial enterprise debt financing instruments during the reporting period[186] [4. Convertible Corporate Bonds](index=57&type=section&id=4.%20Convertible%20Corporate%20Bonds) This section states that the company had no convertible corporate bonds during the reporting period. - The company had no convertible corporate bonds during the reporting period[187] [5. Consolidated Loss Exceeding 10% of Net Assets at Year-End in the Reporting Period](index=57&type=section&id=5.%20Consolidated%20Loss%20Exceeding%2010%25%20of%20Net%20Assets%20at%20Year-End%20in%20the%20Reporting%20Period) This section states that the company's consolidated loss did not exceed 10% of net assets at the end of the previous year during the reporting period. - The company's consolidated loss did not exceed **10%** of net assets at the end of the previous year during the reporting period[188] [6. Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period](index=57&type=section&id=6.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years%20as%20of%20the%20End%20of%20the%20Reporting%20Period) At the end of the reporting period, the company's current ratio and quick ratio decreased by 62.50% and 69.47% respectively, mainly due to reduced monetary funds and increased current liabilities, while interest coverage ratio and EBITDA interest coverage ratio decreased by 37.31% and 26.92% respectively, primarily due to lower total profit and EBIT. Key Accounting Data and Financial Indicators (Past Two Years) | Item | Amount at Current Period-End/Current Period (million yuan) | Amount at Prior Year-End/Prior Year (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 0.54 | 1.44 | -62.50% | | Asset-Liability Ratio | 83.99% | 82.97% | 1.02% | | Quick Ratio | 0.40 | 1.31 | -69.47% | | Net Profit After Deducting Non-Recurring Gains and Losses | -229,126.8 | 53,224.1 | -530.49% | | EBITDA to Total Debt Ratio | 3.91% | 5.06% | -1.15% | | Interest Coverage Ratio | 0.84 | 1.34 | -37.31% | | Cash Interest Coverage Ratio | 3.08 | 3.48 | -11.49% | | EBITDA Interest Coverage Ratio | 1.71 | 2.34 | -26.92% | | Loan Repayment Rate | 98.24% | 95.41% | 2.83% | | Interest Payment Rate | 97.78% | 100.06% | -2.28% | - The current ratio and quick ratio decreased due to a reduction in monetary funds from the CAL equity acquisition and debt repayment, a decrease in current assets, and an increase in current liabilities resulting from non-current liabilities due within one year[190] - The interest coverage ratio decreased due to a decrease in total profit[190] - The EBITDA interest coverage ratio decreased due to a decrease in earnings before interest and taxes (EBIT)[190] Part VIII Financial Report [1. Audit Report](index=59&type=section&id=1.%20Audit%20Report) This section states that the company's half-year financial report was not audited. - The company's half-year financial report was not audited[192] [Financial Statements](index=60&type=section&id=Financial%20Statements) This section presents Bohai Leasing Co., Ltd.'s consolidated and company financial statements for January-June 2025, including balance sheets, income statements, statements of changes in equity, and cash flow statements, providing a comprehensive view of the company's financial position and operating results at period-end. - Financial statements include the consolidated balance sheet, consolidated income statement, consolidated statement of changes in shareholders' equity, and consolidated cash flow statement[195] - Financial statements also include the company balance sheet, company income statement, company statement of changes in shareholders' equity, and company cash flow statement[195] [Consolidated Balance Sheet](index=62&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 286.25 billion yuan, slightly down from year-end 2024, with total current assets at 24.65 billion yuan and total non-current assets at 261.60 billion yuan, while total liabilities were 240.43 billion yuan, and equity attributable to parent company shareholders was 28.51 billion yuan. Consolidated Balance Sheet Key Data (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 286,246,443 | 286,399,306 | | Total Current Assets | 24,649,314 | 41,423,967 | | Total Non-Current Assets | 261,597,129 | 244,975,339 | | Total Liabilities | 240,425,721 | 237,628,537 | | Total Current Liabilities | 45,496,628 | 28,701,670 | | Total Non-Current Liabilities | 194,929,093 | 208,926,867 | | Total Equity Attributable to Parent Company Shareholders | 28,508,346 | 31,470,660 | | Minority Interests | 17,312,376 | 17,300,109 | | Total Shareholders' Equity | 45,820,722 | 48,770,769 | [Consolidated Income Statement](index=65&type=section&id=Consolidated%20Income%20Statement) For January-June 2025, the company achieved operating revenue of 28.46 billion yuan, with a net loss of 1.30 billion yuan, a net loss attributable to parent company shareholders of 2.02 billion yuan, and a total comprehensive loss of 2.53 billion yuan. Consolidated Income Statement Key Data (RMB Thousand) | Item | January-June 2025 | January-June 2024 | | :--- | :--- | :--- | | Operating Revenue | 28,460,034 | 16,178,569 | | Operating Cost | 20,427,186 | 8,732,219 | | Financial Expenses | 4,965,920 | 4,540,643 | | Investment Income | 593,471 | 5,472 | | Asset Impairment Losses | (3,440,092) | (616,922) | | Net Profit | (1,304,970) | 1,214,129 | | Net Profit Attributable to Parent Company Shareholders | (2,018,780) | 716,400 | | Minority Interest Income | 713,810 | 497,729 | | Net Other Comprehensive Income After Tax | (1,221,783) | 783,825 | | Total Comprehensive Income | (2,526,753) | 1,997,954 | | Basic Earnings Per Share (RMB yuan) | (0.3264) | 0.1158 | [Consolidated Statement of Changes in Shareholders' Equity](index=67&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Shareholders%27%20Equity) For January-June 2025, equity attributable to parent company shareholders decreased from 31.47 billion yuan at the beginning of the period to 28.51 billion yuan at the end, primarily due to a total comprehensive loss of 2.96 billion yuan, leading to a reduction in total shareholders' equity. Consolidated Statement of Changes in Shareholders' Equity Key Data (RMB Thousand) | Item | January 1, 2025 | June 30, 2025 | | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Shareholders | 31,470,660 | 28,508,346 | | Minority Interests | 17,300,109 | 17,312,376 | | Total Shareholders' Equity | 48,770,769 | 45,820,722 | | Total Comprehensive Income | - | (2,526,753) | | Total Comprehensive Income Attributable to Parent Company Shareholders | - | (2,962,314) | | Total Comprehensive Income Attributable to Minority Shareholders | - | 435,561 | [Consolidated Cash Flow Statement](index=69&type=section&id=Consolidated%20Cash%20Flow%20Statement) For January-June 2025, net cash flow from operating activities was 11.18 billion yuan, a 4.60% decrease year-on-year, while net cash flow from investing activities was -2.20 billion yuan, a significant improvement, and net cash flow from financing activities was -28.56 billion yuan, mainly due to increased debt repayment. Consolidated Cash Flow Statement Key Data (RMB Thousand) | Item | January-June 2025 | January-June 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 11,177,978 | 11,717,371 | | Net Cash Flow from Investing Activities | (2,195,803) | (12,376,541) | | Net Cash Flow from Financing Activities | (28,560,020) | (1,628,823) | | Impact of Exchange Rate Changes on Cash and Cash Equivalents | 7,936 | 32,764 | | Net Decrease in Cash and Cash Equivalents | (19,569,909) | (2,255,229) | | Cash and Cash Equivalents Balance at Period-End | 4,490,412 | 3,567,381 | [Company Balance Sheet](index=71&type=section&id=Company%20Balance%20Sheet) As of June 30, 2025, the company's (parent company) total assets were 33.93 billion yuan, total liabilities were 12.70 billion yuan, and total shareholders' equity was 21.23 billion yuan, with current assets primarily other receivables and non-current assets mainly long-term equity investments. Company Balance Sheet Key Data (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 33,926,499 | 33,980,508 | | Total Current Assets | 7,370,053 | 9,922,366 | | Total Non-Current Assets | 26,556,446 | 24,058,142 | | Total Liabilities | 12,696,116 | 12,600,857 | | Total Current Liabilities | 8,166,235 | 6,235,992 | | Total Non-Current Liabilities | 4,529,881 | 6,364,865 | | Total Shareholders' Equity | 21,230,383 | 21,379,651 | [Company Income Statement](index=73&type=section&id=Company%20Income%20Statement) For January-June 2025, the company's (parent company) operating revenue was zero, with a net loss of 149.27 million yuan, primarily influenced by financial expenses and investment income, resulting in a total comprehensive loss of 149.27 million yuan. Company Income Statement Key Data (RMB Thousand) | Item | January-June 2025 | January-June 2024 | | :--- | :--- | :--- | | Operating Revenue | - | - | | Administrative Expenses | 17,705 | 19,016 | | Financial Expenses | 155,582 | 220,014 | | Investment Income | 23,960 | (203,002) | | Net Profit | (149,268) | (441,983) | | Total Comprehensive Income | (149,268) | (467,500) | [Company Statement of Changes in Shareholders' Equity](index=74&type=section&id=Company%20Statement%20of%20Changes%20in%20Shareholders%27%20Equity) For January-June 2025, the company's (parent company) total shareholders' e

Company Overview - Bohai Leasing's current stock price is 3.56 CNY, down 1.11%, with a rolling PE ratio of 18.59 times and a total market capitalization of 22.017 billion CNY [1] - The company ranks 9th in the diversified financial industry, which has an average PE ratio of 51.27 times and a median of 31.84 times [1] Institutional Holdings - As of the first quarter of 2025, six institutions hold shares in Bohai Leasing, including five funds and one brokerage, with a total holding of 5.5396 million shares valued at 0.018 billion CNY [1] Business Operations - Bohai Leasing specializes in leasing services and production for aircraft, containers, domestic infrastructure, high-end equipment, commercial properties, and new energy [1] - The main products include aircraft leasing, aircraft sales, container leasing, container sales, operating leasing, financing leasing, and financing leasing consulting [1] Financial Performance - For the first quarter of 2025, Bohai Leasing reported operating revenue of 17.117 billion CNY, a year-on-year increase of 99.82%, and a net profit of 669 million CNY, up 72.21% year-on-year, with a gross profit margin of 24.75% [1]

Group 1 - The core viewpoint of the news highlights the financial performance and stock activity of Bohai Leasing, indicating a significant increase in revenue and profit for the first quarter of 2025 [1] - As of August 15, 2025, Bohai Leasing's stock closed at 3.6 yuan, experiencing a slight decline of 0.28% with a trading volume of 1.0427 million hands and a transaction amount of 375 million yuan [1] - The company reported total operating revenue of 17.117 billion yuan for Q1 2025, representing a year-on-year growth of 99.82%, and a net profit attributable to shareholders of 669 million yuan, up 72.21% year-on-year [1] Group 2 - Bohai Leasing's financial ratios include a current ratio of 0.803, a quick ratio of 0.799, and a debt-to-asset ratio of 83.49% [1] - The company has made investments in 5 enterprises and participated in 7 bidding projects, indicating active engagement in business expansion [2] - Bohai Leasing was established in 1993 and is primarily engaged in the leasing industry, with a registered capital of 6.18452 billion yuan [1][2]