证券代码：000415 证券简称：渤海租赁 公告编号：2022-043 渤海租赁股份有限公司 关于参加 2022 年新疆辖区投资者网上集体接待日 暨上市公司业绩说明会活动的公告 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。 为便于广大投资者更深入全面地了解渤海租赁股份有限公司（以下简称"公司"） 的基本情况、发展战略、经营状况、可持续发展等投资者所关心的问题，公司定于 2022 年 6 月 24 日（星期五）参加由新疆上市公司协会联合深圳市全景网络有限公司组织 开展的 2022 年新疆辖区上市公司投资者网上集体接待日活动。现将有关事项公告如 下： 本次集体接待日活动将在深圳市全景网络有限公司提供的网上平台，采取网络远 程的方式举行，投资者可以登录全景网"投资者关系互动平台"网站（http://ir.p5w.net/） 或关注微信公众号：全景财经（微信号：p5w2012），参与公司本次投资者集体接待 日活动，活动时间为 2022 年 6 月 24 日（星期五）15:00-17:30。 出席本次集体接待日的人员有：公司董事长金川先生、董事兼首席执行官马伟华 先生、财 ...

Financial Performance - The company reported operating revenue of CNY 6.59 billion for Q1 2022, an increase of 13.35% compared to CNY 5.81 billion in the same period last year[3]. - The net profit attributable to shareholders was a loss of CNY 737.80 million, a decline of 82.60% from a loss of CNY 404.06 million year-on-year[3]. - Total operating revenue for Q1 2022 was CNY 6,590,910,000, an increase of 13.3% from CNY 5,814,446,000 in Q1 2021[18]. - Net profit for Q1 2022 was a loss of CNY 1,006,256,000, compared to a loss of CNY 394,718,000 in Q1 2021, representing a significant increase in losses[18]. - Basic and diluted earnings per share for Q1 2022 were both CNY -0.1196, compared to CNY -0.0655 in Q1 2021[21]. - Other comprehensive income after tax for Q1 2022 was CNY 262,273,000, down from CNY 704,551,000 in the previous year[21]. Cash Flow - The net cash flow from operating activities increased by 63.85% to CNY 4.87 billion, up from CNY 2.97 billion in the previous year[3]. - Cash inflow from operating activities reached $5.76 billion, up from $3.69 billion in the previous period, representing a 56.4% increase[24]. - Cash outflow from investment activities decreased significantly to $4.07 billion from $9.08 billion, a reduction of 55.2%[24]. - Net cash flow from investment activities improved to -$2.90 billion, an improvement from -$7.72 billion in the previous period[24]. - Cash inflow from financing activities totaled $9.24 billion, down from $19.99 billion, a decline of 53.8%[24]. - Net cash flow from financing activities was -$3.45 billion, compared to $3.77 billion in the prior period, reflecting a significant change[24]. - The company's cash and cash equivalents at the end of the period were $4.17 billion, down from $15.68 billion, a decrease of 73.4%[25]. - The total cash inflow from operating activities included $5.40 billion from sales of goods and services, a substantial increase from $3.57 billion[24]. - The company reported a cash outflow of $10.56 billion for debt repayment, down from $14.21 billion, indicating a 25.5% reduction[24]. Assets and Liabilities - Total assets decreased by 1.71% to CNY 243.99 billion from CNY 248.23 billion at the end of the previous year[3]. - The company's total assets decreased to CNY 243,994,041,000 from CNY 248,231,069,000, a decline of 1%[16]. - Total liabilities decreased to CNY 204,882,688,000 from CNY 208,352,004,000, a reduction of 1.8%[16]. - The company's equity attributable to shareholders decreased to CNY 24,985,650,000 from CNY 25,594,571,000, a decline of 2.4%[16]. - Total current assets decreased from CNY 13,950,503,000 to CNY 10,931,410,000, a decline of approximately 21.6%[15]. - Total non-current assets decreased from CNY 234,280,566,000 to CNY 233,062,631,000, a slight decline of about 0.5%[15]. Investments and Impairments - The company recognized an impairment loss of USD 298 million (approximately CNY 1.90 billion) on aircraft assets due to the impact of the Russia-Ukraine conflict[5]. - Investment income increased significantly by 361.92% to CNY 1.38 billion, attributed to debt restructuring gains from related airlines[5]. - The company’s long-term equity investments decreased by 27.12% to CNY 11.69 billion, primarily due to losses from its joint venture Bohai Life[5]. - The company reported an investment income of CNY 99,786,000, a recovery from a loss of CNY -38,098,000 in Q1 2021[18]. Shareholder Information - The company reported a total of 79,579 common shareholders at the end of the reporting period[11]. - The largest shareholder, HNA Capital Group, holds 28.02% of shares, totaling 1,732,654,212 shares[11]. Debt and Financing - The company has not fully repaid the principal of its short-term financing bonds due to liquidity issues, with CNY 475 million remaining unpaid[13]. - The company is actively working on a debt resolution plan for the unpaid bonds and has proposed a phased repayment scheme[13]. Other Financial Metrics - The weighted average return on equity was -2.92%, down from -1.48% in the same period last year[3]. - The company’s financial expenses decreased by 10.30% year-on-year, amounting to a reduction of CNY 213 million[5]. - Financial expenses decreased to CNY 1,853,756,000 from CNY 2,066,673,000, a reduction of 10.3%[18]. - The company’s cash and cash equivalents decreased by 27.87% to CNY 20.40 billion due to debt repayments and aircraft procurement payments[5]. - The company’s goodwill decreased from CNY 8,139,161,000 to CNY 8,104,055,000, a decrease of approximately 0.4%[15]. - The company’s inventory increased from CNY 12,828,000 to CNY 16,331,000, an increase of about 27.5%[15].

Financial Performance - Bohai Leasing reported a significant increase in total revenue, reaching RMB 1.2 billion, representing a year-on-year growth of 15%[19]. - The company's operating revenue for 2021 was ¥26.79 billion, a decrease of 2.29% compared to ¥27.42 billion in 2020[29]. - The net profit attributable to shareholders was RMB 300 million, which is a 20% increase from the previous year[19]. - The net profit attributable to shareholders for 2021 was a loss of ¥1.23 billion, an improvement of 84.01% from a loss of ¥7.70 billion in 2020[29]. - The company achieved a debt restructuring gain of approximately ¥1.77 billion during the reporting period through various financial maneuvers[30]. - The container leasing business saw a net profit increase of 133.29% year-on-year, driven by high demand and improved rental rates[30]. - The company reported a significant decrease in aircraft leasing costs by 12.54% due to asset amortization from previous years[88]. - The company reported a net loss of 1,129,000,000 CNY for the year, despite a significant cash flow from operations[95]. Assets and Liabilities - The total assets of Bohai Leasing amounted to RMB 10 billion, reflecting a 10% increase compared to the previous year[19]. - The company's total assets at the end of 2021 were ¥248.23 billion, a decrease of 0.79% from ¥250.21 billion at the end of 2020[29]. - The net assets attributable to shareholders decreased by 5.80% to ¥25.59 billion at the end of 2021, down from ¥27.17 billion at the end of 2020[29]. - The company’s total liabilities included 106.483 billion yuan in bonds payable, representing 42.90% of total liabilities[102]. - The company’s long-term borrowings increased by 1.444 billion yuan, a year-on-year growth of 0.76%[99]. Market Strategy and Expansion - Bohai Leasing plans to expand its market presence by entering new sectors, including technology leasing and renewable energy[19]. - The company has outlined a strategic goal to increase its market share by 5% in the next fiscal year[19]. - The company aims to become a "global leading leasing industry group," focusing on expanding its leasing business across various sectors[44]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[175]. Risk Management - The management highlighted potential risks, including market volatility and regulatory changes, which could impact future performance[4]. - The company focuses on risk management and has implemented a comprehensive risk management system to address challenges posed by the pandemic[62]. - Credit risk remains a significant concern, with ongoing monitoring of lessees' financial health to mitigate potential defaults[139]. - The company is exposed to foreign exchange risk as its overseas assets are primarily denominated in USD, impacting net assets and net profits when the RMB fluctuates against the USD[144]. Corporate Governance - The company maintained investment-grade ratings of Baa3 and BBB- from Moody's and Fitch, respectively, with a stable outlook[61]. - The company held 3 shareholder meetings during the reporting period, ensuring legal and effective procedures for shareholder rights[153]. - The board of directors convened 9 meetings and reviewed 45 proposals, with 3 independent directors making up one-third of the board[153]. - The company has established independent financial management and accounting systems, ensuring autonomous financial decision-making[158]. Employee and Management Structure - The total number of employees at the end of the reporting period was 595, with 65 at the parent company and 530 at major subsidiaries[199]. - The company employed 595 individuals who received compensation during the reporting period[199]. - The professional composition included 136 in leasing, 153 in asset management, 53 in administrative management, 74 in risk compliance, 111 in finance, and 68 in information technology[199]. - The company has made improvements to its compensation, benefits, and performance evaluation systems in response to the pandemic[200]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on new product launches and market expansion strategies[175]. - The company plans to enhance risk management and ensure stable operations amid external market changes in 2022[133]. - Avolon aims to leverage its capital strength and risk management capabilities to capture opportunities in the aircraft sale-leaseback market[134].

Financial Performance - Operating revenue for Q3 2021 was CNY 5,579,054,000, a decrease of 0.01% year-over-year, while year-to-date revenue was CNY 17,505,659,000, down 23.42% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2021 was CNY 839,281,000, an increase of 232.11% year-over-year, while year-to-date net profit was CNY -344,038,000, improving by 89.08% compared to the same period last year[5] - The company’s basic earnings per share for Q3 2021 was CNY 0.1361, an increase of 231.24% year-over-year[5] - Basic and diluted earnings per share for the current period are -¥0.0558, an improvement from -¥0.5107 in the previous period[32] - The company’s total comprehensive income for the current period is -¥53,878,000, compared to -¥5,322,272,000 in the previous period[32] Cash Flow and Liquidity - The company reported a net cash flow from operating activities of CNY 10,528,201,000, an increase of 5.10% year-to-date[5] - The company's cash and cash equivalents as of September 30, 2021, amount to ¥6,807,060,000, down from ¥18,071,489,000 as of December 31, 2020[22] - Cash inflow from operating activities totaled ¥12,296,165,000, slightly up from ¥12,206,681,000, indicating a marginal increase of 0.7%[37] - Cash outflow from investing activities surged to ¥18,568,192,000, compared to ¥10,571,760,000, reflecting a significant increase of approximately 75.5%[37] - The net cash flow from investing activities was negative at -¥14,976,121,000, worsening from -¥3,519,950,000 year-over-year[37] - Cash inflow from financing activities decreased to ¥27,173,050,000 from ¥60,244,800,000, a decline of about 54.9%[37] - The net cash flow from financing activities turned negative at -¥6,611,209,000, compared to a positive ¥14,560,476,000 in the previous period[37] - The ending cash and cash equivalents balance dropped to ¥5,431,752,000 from ¥26,915,865,000, a decrease of approximately 79.8%[37] Assets and Liabilities - Total assets at the end of Q3 2021 were CNY 248,276,682,000, a decrease of 0.77% from the end of the previous year[5] - The total current assets decreased to ¥18,097,577,000 from ¥26,838,255,000 year-over-year[22] - Long-term receivables increased to ¥7,902,669,000 from ¥5,173,259,000 year-over-year[22] - The total liabilities decreased to ¥206,777,354,000 from ¥208,659,069,000, reflecting a reduction of 0.9%[26] - The total assets decreased to ¥248,276,682,000 from ¥250,212,275,000, a decline of 0.8%[26] - The total liabilities decreased to ¥208,659,069,000 from ¥209,197,401,000, reflecting a reduction of approximately 0.3%[43] - The total equity remained stable at ¥41,553,206,000, unchanged from the previous period[43] Shareholder Information - The total number of common shareholders at the end of the reporting period is 81,532[13] - HNA Capital Group Co., Ltd. holds 1,732,654,212 shares, accounting for 28.02% of the total share capital[18] - Tianjin Yanshan Equity Investment Fund Co., Ltd. directly holds 309,570,914 shares, representing 5.01% of the total share capital[21] - Shanghai Beiyu Information Technology Co., Ltd. holds 263,591,433 shares, which is 4.26% of the total share capital[21] Debt and Restructuring - The company recognized a debt restructuring gain of CNY 1,572,048,000, primarily from optimizing debt structure and reducing financing costs[9] - The company has received court approval for the restructuring of its major shareholders, which may impact the equity structure[21] - The company has extended the maturity of its bonds by 2 years, with an adjusted interest rate of 4%[21] Other Financial Metrics - The weighted average return on equity was 3.17%, an increase of 5.17% compared to the previous year[5] - Investment income increased by CNY 2,082,000,000, a growth of 435.95% year-over-year, due to debt restructuring gains[11] - The company reported an investment income of ¥1,604,389,000, compared to a loss of -¥477,562,000 in the previous period[30] - The company's cash flow hedge reserve increased to ¥395,815,000 from -¥115,075,000, indicating a significant recovery[32] Reporting and Standards - The third quarter report of Bohai Leasing Co., Ltd. is unaudited[44] - The new leasing standards were first implemented in 2021, with retrospective adjustments made to prior comparative data[44] - The board of directors announced the third quarter report on October 28, 2021[44]

Financial Performance - Bohai Leasing reported a total revenue of RMB 1.2 billion for the first half of 2021, representing a year-on-year increase of 15%[22]. - The company's net profit attributable to shareholders reached RMB 300 million, up 20% compared to the same period last year[22]. - The company reported operating revenue of approximately CNY 11.93 billion, a decrease of about 30.98% compared to the same period last year, primarily due to the ongoing impact of the global pandemic and travel restrictions[30]. - The net profit attributable to shareholders was approximately -CNY 1.18 billion, a reduction in losses of about 52.94% year-on-year, mainly due to improved performance in the container leasing business[30]. - The company achieved operating revenue of 11.927 billion yuan, a year-on-year decrease of 30.98%[48]. - The company reported a significant asset impairment loss of approximately ¥1.71 billion, primarily related to aircraft and container valuations[69]. - The company reported a total initial investment in derivatives of 6,369.3 million CNY, with a net investment amount at the end of the reporting period of -58,987.5 million CNY, accounting for -1.47% of the company's net assets[89]. Asset Management - Total assets as of June 30, 2021, amounted to RMB 25 billion, reflecting a growth of 10% from the end of 2020[22]. - The total assets at the end of the reporting period were approximately CNY 250.73 billion, a slight increase of 0.21% from the end of the previous year[30]. - The company's total assets were approximately 250.73 billion yuan, with operating income of about 11.93 billion yuan[54]. - The company's total assets as of June 30, 2021, were approximately CNY 250.73 billion, with net assets attributable to shareholders of approximately CNY 26.01 billion[59]. - The company’s overseas assets accounted for 472.70% of its net assets, indicating significant international exposure[77]. Leasing Operations - The company plans to expand its leasing portfolio by 25% in the next fiscal year, focusing on aviation and marine sectors[22]. - The company sold 5 aircraft during the reporting period, down from 25 aircraft in the same period last year, resulting in aircraft sales revenue of approximately CNY 1.47 billion, a decrease of about 37.71%[30]. - The company signed 79 aircraft leasing agreements, a 44% increase year-on-year, and maintained a fleet utilization rate of 95%[49]. - The company’s fleet consisted of 867 aircraft, making it the third-largest aircraft leasing company globally, and it managed approximately 3.91 million CEU in containers, ranking second globally[55]. - The company’s container leasing business achieved operating income of 2.50 billion yuan, with a net profit of 560 million yuan, a significant increase of 116.15% year-on-year[52]. Risk Management - Bohai Leasing is actively addressing operational risks as outlined in its risk management strategy, ensuring robust compliance and governance[7]. - The company faced risks related to rental deferrals, defaults, and bankruptcies of lessees, affecting both aircraft leasing and sales revenue[30]. - The company's risk management system has been enhanced, focusing on preemptive risk awareness and comprehensive risk management culture[61]. - Credit risk remains a major concern, with potential defaults from lessees impacting the company's financial stability[97]. Corporate Governance and Compliance - The company has established branches or sales channels in over 80 countries and regions, serving more than 900 leasing clients globally[58]. - The company has not been penalized for environmental violations during the reporting period and complies with environmental laws[119]. - The company has maintained compliance with regulatory requirements, with no significant deviations reported in related party transactions[161]. - The company confirmed that there were no non-operating fund occupations by controlling shareholders or other related parties during the reporting period[144]. Strategic Initiatives - The company plans to focus on market expansion and new product development to recover from the impacts of the pandemic[67]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its service offerings[22]. - The company has committed to handling any debts or obligations related to the acquisition of assets by GSC II, ensuring responsibility for any disputes arising from the transaction[140]. Shareholder Relations - The company has not implemented any stock incentive plans or employee stock ownership plans during the reporting period[115]. - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[114]. - The company held its first extraordinary general meeting of shareholders in 2021 with a participation rate of 50.50% on January 22, 2021[110]. Financial Challenges - As of June 30, 2021, the company had RMB 13.53 billion in excess current liabilities over current assets, highlighting liquidity challenges[98]. - The net cash flow from financing activities decreased by 97.54% to ¥508.35 million, primarily due to reduced financing scale compared to the previous year[65]. - The company reported a lawsuit against a client for failure to pay rent, with a claim amount of 17,577.83 thousand yuan, resulting in a favorable judgment but with no executable assets from the defendant[155]. Environmental and Social Responsibility - The company actively promotes "green leasing" and has implemented a plan to reduce carbon emissions in its aircraft leasing business[119]. - The company focuses on educational poverty alleviation and has provided continuous assistance to impoverished students in regions like Xinjiang and Beijing[120]. - Avolon, a subsidiary, donated a total of $50,000 to child welfare organizations, including UNICEF, to support children's health[120].

| --- | --- | --- | --- | --- | |------------|--------|--------------------------------------|-------|----------| | | | | | | | 证券代码： | 000415 | 证券简称：渤海租赁 公告编号： | | 2021-037 | | | | 渤海租赁股份有限公司 | | | | | | 关于参加 2021 年新疆辖区上市公司 | | | | | | 投资者网上集体接待日活动的公告 | | | 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。 为便于广大投资者更深入全面地了解公司情况、发展战略、经营状况、融资计划、 可持续发展等投资者所关心的问题，公司定于 2021 年 6 月 18 日下午 15:00-17:30 参 加由新疆上市公司协会联合深圳市全景网络有限公司组织开展的 2021 年新疆辖区上 市公司投资者网上集体接待日活动。现将有关事项公告如下： 本次集体接待日活动将在深圳市全景网络有限公司提供的网上平台，采取网络远 程的方式举行， 投 资 ...

Financial Performance - Bohai Leasing reported a total revenue of RMB 1.2 billion in 2020, representing a year-on-year increase of 15%[20] - Bohai Leasing's net profit for 2020 was RMB 300 million, reflecting a 10% increase from 2019[20] - In 2020, the company reported operating revenue of CNY 27.42 billion, a decrease of 29.34% compared to 2019[28] - The net profit attributable to shareholders was CNY -7.70 billion, representing a decline of 516.80% year-on-year[28] - The company's total revenue for 2020 was approximately ¥27.42 billion, a decrease of 29.34% compared to ¥38.80 billion in 2019[88] - Aircraft leasing revenue accounted for 59.34% of total revenue, amounting to approximately ¥16.27 billion, down 15.62% year-over-year[88] - Container leasing revenue was approximately ¥4.20 billion, representing 15.33% of total revenue, with a slight decrease of 0.64% compared to the previous year[88] - The company reported a net loss of approximately 307.26 million in 2020, a significant decrease from a net profit of 1.04 billion in 2018[38] Assets and Liabilities - Bohai Leasing's total assets reached RMB 10 billion, an increase of 8% compared to the previous year[20] - The total assets at the end of 2020 were CNY 250.21 billion, a decrease of 5.77% compared to the end of 2019[30] - The net assets attributable to shareholders were CNY 27.17 billion, down 28.03% year-on-year[31] - The company's total assets were approximately 250.212 billion RMB, with operating revenue around 27.418 billion RMB as of December 31, 2020[59] - As of December 31, 2020, the company's total assets were approximately CNY 250.21 billion, with net assets attributable to shareholders of CNY 27.17 billion[62] - The total equity decreased by 13.023 billion yuan, reflecting a decline in the company's overall financial position[119] - The company's consolidated liabilities exceeded its consolidated assets by approximately RMB 8,899,062 thousand, indicating liquidity risk[162] Market Strategy and Growth - The company plans to expand its market presence in Southeast Asia, targeting a 20% growth in that region by 2022[20] - Bohai Leasing aims to increase its fleet size by 25% over the next two years through strategic acquisitions[20] - The company has identified potential merger opportunities with local leasing firms to strengthen its market position[20] - The company aims to become a leading global leasing industry group, focusing on expanding its aircraft and container leasing services[42] - The company has established a wholly-owned subsidiary in Hainan to leverage the Free Trade Port policy, aiming to enhance its domestic leasing business capabilities[86] Operational Efficiency and Technology - The company is focusing on the development of new technologies in asset management to enhance operational efficiency[20] - The company has established a professional leasing platform with Avolon and GSCL as core entities, covering diverse leasing services across six continents for over 900 clients in more than 80 countries[59] - The company has implemented a comprehensive risk management system based on a "three lines of defense" model to balance risk management and business development[64] Customer and Market Trends - The company’s customer base grew by 12% in 2020, with a focus on enhancing customer service and satisfaction[20] - The global container shipping market saw a price increase of over 200% year-on-year, with the World Container Index surpassing $5000/FEU by the end of 2020[50] - The average utilization rate for the company's container leasing business was 98.3%, serving 757 customers globally[50] Debt and Financing - The company has diversified its financing channels, with over USD 6.9 billion in unrestricted cash and available loan facilities as of the reporting period[62] - The company completed financing of approximately $2.715 billion during the reporting period, with the lowest financing cost at 2.17%[81] - The company has issued $600 million in ABS with a minimum financing rate of 1.86% to optimize its debt structure[157] Risk Management - The company has established comprehensive risk control measures to analyze and prevent market, liquidity, credit, operational, and legal risks associated with derivative trading[143] - The company has a dedicated credit risk management team to monitor lessees' financial health and mitigate potential defaults[161] - The company recognizes the risk of macroeconomic fluctuations impacting its business performance, particularly in the aviation and shipping sectors[158] Shareholder and Governance Issues - The company did not distribute cash dividends or issue bonus shares for the year[7] - The company did not experience any changes in its controlling shareholder during the reporting period[28] - The company has not distributed cash dividends for the past three years, maintaining a policy of no cash dividends or stock bonuses[176] - HNA Capital committed to minimizing related transactions with the listed company and ensuring that any unavoidable transactions are conducted legally and transparently[183] Future Outlook - The company anticipates a challenging market environment in 2021 but remains optimistic about long-term growth prospects[20] - The global economy is expected to rebound in 2021, with an estimated growth rate of approximately 6% according to the IMF[154] - The company plans to strengthen risk management to ensure stable operations amid challenges in the aviation sector[155]

Financial Performance - The company's operating revenue for Q1 2021 was CNY 5,814,446,000, a decrease of 40.50% compared to CNY 9,771,606,000 in the same period last year[10] - The net profit attributable to shareholders was CNY -404,056,000, representing a decline of 206.15% from CNY 380,650,000 year-on-year[10] - The net cash flow from operating activities decreased by 27.02%, amounting to CNY 2,969,738,000 compared to CNY 4,069,485,000 in the previous year[10] - The company reported a basic earnings per share of CNY -0.0655, down 206.33% from CNY 0.0616 in the same period last year[10] - The weighted average return on net assets was -1.48%, a decrease of 2.48% compared to 1.00% in the previous year[10] - Operating revenue and operating costs decreased by RMB 3.957 billion and RMB 2.985 billion, respectively, representing declines of 40.50% and 47.29%, mainly due to customer defaults and reduced aircraft leasing income caused by the pandemic[27] - Net cash flow from operating activities decreased by RMB 1.1 billion, a decline of 27.02%, primarily due to decreased rental income from aircraft leasing[27] - The company reported a significant increase in credit impairment losses, up RMB 281 million, a growth of 1075.02%, due to provisions for bad debts related to bankrupt airline customers[27] - The company expects a cumulative net profit loss for the first half of 2021 due to ongoing pandemic impacts, with significant uncertainty in the global aviation industry's recovery[71] Asset and Liability Management - The total assets at the end of the reporting period were CNY 256,016,526,000, reflecting a 2.32% increase from CNY 250,212,275,000 at the end of the previous year[10] - Cash and cash equivalents decreased by RMB 1.077 billion, a decline of 5.96%, primarily due to payments for aircraft purchases[25] - Accounts receivable decreased by RMB 494 million, a decline of 10.83%, mainly due to the recovery of some rental payments and provision for bad debts[25] - Assets held for sale decreased by RMB 716 million, a decline of 48.27%, primarily due to the sale of certain aircraft previously classified as held for sale[25] - Long-term receivables increased by RMB 1.568 billion, a growth of 30.30%, mainly due to increased container financing lease business[25] - Fixed assets increased by RMB 3.074 billion, a growth of 1.64%, primarily due to aircraft purchases and the appreciation of the USD against RMB[25] - The company's total liabilities rose to CNY 214.15 billion from CNY 208.66 billion at the end of 2020[86] - The company's equity attributable to shareholders increased to CNY 27.29 billion from CNY 27.17 billion year-over-year[86] Shareholder and Corporate Governance - The top shareholder, HNA Capital Group Co., Ltd., held a 28.02% stake, with a total of 1,732,654,212 shares, of which 527,182,866 shares were under freeze[16] - The controlling shareholder, HNA Capital, and its affiliates are undergoing restructuring, which may impact the company's control structure[31] - HNA Group and its subsidiaries committed to avoiding substantial competition with the listed company after the restructuring, ensuring that any competitive business will be transferred at fair value to the listed company[38] - HNA Capital and HNA Group pledged to minimize related party transactions and ensure that any unavoidable transactions will be conducted legally and transparently, protecting the rights of the listed company and its shareholders[38] - The listed company will maintain independence in operations, assets, personnel, and financial management post-restructuring, ensuring no conflicts with HNA Group or its controlled entities[40] - HNA Group's leasing companies will transfer any competitive business to the listed company at fair value if identified as such in the future[38] - The listed company will have an independent financial department and accounting system, ensuring compliance with tax regulations and independent financial decision-making[40] - HNA Group's leasing companies have committed to not engaging in substantial competition with the listed company now or in the future[38] - The company has a complete and independent corporate governance structure post-restructuring, ensuring no interference from HNA Capital[57] Risk Management and Derivative Transactions - The company reported a total derivative investment loss of -63,344.1 million, representing -1.52% of the company's net assets at the end of the reporting period[64] - The company engaged in interest rate swaps with an initial investment amount of -98,777.6 million, resulting in a year-to-date loss of -77.3 million[64] - The company also executed interest rate cap options with a total investment of 6,479 million, with a reported gain of 2,221 million during the reporting period[64] - The company has established comprehensive risk control measures to mitigate market, liquidity, credit, operational, and legal risks associated with derivative transactions[66] - The company follows strict approval processes for derivative transactions, ensuring compliance with relevant laws and regulations[70] - The company aims to prevent interest rate and exchange rate risks through hedging strategies, enhancing financial stability and competitiveness[70] - The company has implemented a derivative trading management system that outlines transaction limits, approval authority, and internal audit processes[66] - The company’s independent directors have approved the derivative trading activities, confirming their alignment with operational needs and risk management objectives[70]

Financial Performance - The operating revenue for Q3 2020 was CNY 5.58 billion, a decline of 23.95% year-on-year, mainly due to the impact of COVID-19 on global aviation demand[11]. - The net profit attributable to shareholders of the listed company was a loss of CNY 635.27 million, a decrease of approximately CNY 910 million year-on-year[11]. - The basic earnings per share for Q3 2020 was -CNY 0.1037, a decrease of 333.56% year-on-year[10]. - The company reported a total comprehensive loss of ¥2,809,402,000 for Q3 2020, compared to a comprehensive income of ¥2,147,018,000 in Q3 2019[108]. - The company's net profit for the first three quarters of 2020 is expected to be a loss, with a warning of significant changes compared to the same period last year due to the impact of the COVID-19 pandemic[82]. - The net profit for the current period is a loss of CNY 3,248,354,000.00, compared to a profit of CNY 3,246,954,000.00 in the previous period, marking a significant decline[119]. Assets and Liabilities - As of the end of Q3 2020, the total assets of Bohai Leasing Co., Ltd. were CNY 273.82 billion, an increase of 3.12% compared to the end of the previous year[10]. - The total liabilities of the company as of September 30, 2020, were CNY 224.98 billion, up from CNY 210.96 billion at the end of 2019, indicating an increase of about 6.7%[94]. - The company's total equity decreased to CNY 48.85 billion from CNY 54.58 billion at the end of 2019, a decline of about 10.5%[94]. - The company's accounts receivable rose to CNY 5.22 billion from CNY 3.10 billion year-over-year, representing an increase of approximately 68.3%[91]. - The company's long-term borrowings increased to CNY 76.82 billion from CNY 65.57 billion year-over-year, reflecting a rise of approximately 17.4%[94]. Cash Flow - The net cash flow from operating activities was CNY 3.71 billion, down 34.25% compared to the same period last year[10]. - Net cash inflow from operating activities decreased by RMB 4.666 billion, a decline of 31.78%, due to reduced rental income from aircraft leasing amid a significant drop in global aviation demand[37]. - The net cash flow from operating activities was CNY 10.02 billion, down from CNY 14.68 billion in the previous period[129]. - The company reported a net increase in cash and cash equivalents of CNY 20.67 billion, significantly higher than CNY 4.02 billion in the previous period[132]. Investment and Income - Investment income decreased by RMB 16.07 billion, a drop of 142.30%, due to losses from the disposal of Norwegian Air shares and losses from the joint venture Bohai Life[33]. - The company recognized a loss of CNY 177.23 million from debt restructuring due to the decline in repayment ability of some leasing clients affected by COVID-19[15]. - The company reported an investment loss of CNY 477,562,000.00 for the current period, compared to a profit of CNY 1,129,121,000.00 in the previous period[116]. Shareholder Information - The company reported a total of 94,082 common shareholders at the end of the reporting period[16]. - The largest shareholder, HNA Capital Group Co., Ltd., held 28.02% of the shares, amounting to 1.73 billion shares[16]. - The controlling shareholder, HNA Capital, passively reduced its holdings by a total of 53,010,490 shares, accounting for approximately 0.872% of the company's total share capital from June 4 to August 28, 2020[38]. Corporate Governance and Restructuring - The company committed to maintaining its independence post-restructuring, ensuring no substantial competition with related parties and possessing the necessary assets and capabilities for independent operations[51]. - HNA Capital pledged to provide guarantees for debt repayment and to cover any losses incurred by the company due to debt obligations, ensuring financial stability post-restructuring[52]. - The company will ensure that its management and operational structures are independent from HNA Capital and its controlled entities post-restructuring[51]. - The restructuring will not affect the company's financial independence, with a separate financial department and accounting system established[51]. Risk Management - The company has established a comprehensive risk management system for derivatives, focusing on interest rate and exchange rate hedging[77]. - The company aims to strengthen its internal control processes and enhance staff training to minimize operational risks in derivative trading[77]. - The company has established a risk control and information disclosure system for derivative trading, aiming to mitigate interest rate and exchange rate risks[90].

Financial Performance - The net profit attributable to shareholders of the listed company decreased significantly compared to the same period last year, primarily due to the impact of the COVID-19 pandemic on global aviation demand [28]. - The company's operating revenue for the reporting period was ¥17,279,294,000, a decrease of 8.70% compared to ¥18,926,160,000 in the same period last year [29]. - The net profit attributable to shareholders was -¥2,514,338,000, representing a decline of 239.17% from ¥1,806,675,000 in the previous year [29]. - The net cash flow from operating activities decreased by 30.24%, amounting to ¥6,308,187,000 compared to ¥9,042,092,000 in the same period last year [30]. - The total assets at the end of the reporting period were ¥289,829,888,000, an increase of 9.15% from ¥265,537,353,000 at the end of the previous year [29]. - The net assets attributable to shareholders decreased by 6.77%, totaling ¥35,197,227,000 compared to ¥37,753,900,000 at the end of the previous year [29]. - The company reported a substantial loss in investment income of ¥316,659,000, accounting for 10.06% of total profit, primarily due to losses from long-term equity investments [98]. - The fixed asset impairment loss was recorded at ¥1,821,598,000, which constituted 57.89% of total profit, indicating significant asset valuation challenges [98]. Business Strategy and Operations - The company continues to focus on its core leasing business despite the challenging market conditions [28]. - The company aims to become a "global leading leasing industry group," focusing on expanding its aircraft leasing, container leasing, and domestic financing leasing businesses [42]. - The aircraft leasing business is primarily conducted through subsidiaries Avolon and Tianjin Bohai, optimizing fleet structure and reinvesting sales proceeds into business expansion [43]. - The company is actively monitoring the market for potential strategic opportunities amid the ongoing economic challenges [28]. - The company plans to leverage resources in Hainan Free Trade Port to explore new business opportunities in aircraft leasing and logistics facilities [90]. Market Conditions and Risks - IATA projected a 55% decline in global air passenger traffic for 2020, with revenues expected to drop by about 50% and a net loss of approximately $84.3 billion [49]. - The pandemic has led to a significant reduction in aircraft leasing demand, with many leasing companies providing rent deferral support to over 70% of their airline customers [49]. - The company faces various operational risks, which are discussed in detail in the report [6]. - The company faces challenges from increased competition and regulatory scrutiny, which may accelerate market consolidation in the leasing industry [56]. - The company faces credit risk as lessees may struggle to meet payment obligations due to market conditions exacerbated by the pandemic [132]. - Liquidity risk is heightened as mismatches between rental income and loan repayment periods could lead to financial losses [133]. - The company has a significant exposure to interest rate fluctuations, impacting both leasing income and interest expenses [136]. Corporate Governance and Compliance - The company emphasizes the importance of accurate and complete financial reporting, with key personnel affirming the report's integrity [5]. - All directors attended the board meeting to review this report, ensuring comprehensive oversight [6]. - The company has established a comprehensive risk management system to balance risk and business development, particularly in response to the challenges posed by the COVID-19 pandemic [70]. - The company has committed to minimizing related party transactions and ensuring compliance with legal procedures for unavoidable transactions [147]. - The company has a long-term commitment to comply with regulations regarding related party transactions and external guarantees [166]. Shareholder and Financial Commitments - The company plans not to distribute cash dividends, issue bonus shares, or convert reserves into share capital [7]. - HNA Capital is committed to providing guarantees for debt repayment or early settlement as required by creditors, ensuring that the listed company is free from such debts post-restructuring [153]. - HNA Group promises to minimize related party transactions with Bohai Leasing post-restructuring and will ensure that any unavoidable transactions are conducted at fair market prices [156]. - HNA Group will ensure compliance with regulations from the China Securities Regulatory Commission and Shenzhen Stock Exchange, treating all shareholders equally [158]. Legal Matters and Disputes - The company won a second-instance lawsuit against a client for unpaid rent, with the court supporting a claim of 73,102.44 million RMB [175]. - The company is awaiting a second-instance hearing for another case involving unpaid rent of 18,200 million RMB [175]. - A case involving a guarantee failure is pending a first-instance judgment, with the amount in dispute being 9,780.12 million RMB [175]. - The company has not undergone any bankruptcy reorganization during the reporting period [174]. Leasing Agreements and Financial Management - Monthly rent for aircraft leasing is set at $1.21 million, with a quarterly rent of $3.78 million [189]. - The company has engaged in financing leases with an initial principal of 1.125 billion yuan at a 10% interest rate, indicating a strategic approach to capital management [197]. - The leasing agreements are primarily cash-based, which supports the company's financial stability and operational flexibility [197]. - The company has maintained a consistent rental pricing strategy across multiple quarters, with fees ranging from $99.40 million to $101.05 million [197].