证券代码：000415 证券简称：渤海租赁 公告编号：2020-051 渤海租赁股份有限公司 关于参加新疆上市公司 2020 年度 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 2020 年 6 月 24 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 2020 年新疆辖区上 市公司投资者集体接待日活动。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·路演天下"网站（http://rs.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 2020 年 6 月 24 日（星期三）15:00—17:30。 出席本次集体接待日的人员有：公司董事长卓逸群先生，公司副董事长兼首席执 行官马伟华先生，公司董事、副经理兼董事会秘书王景 ...

Financial Performance - The company's operating revenue for Q1 2020 was CNY 9,771,606,000, representing a 23.71% increase compared to CNY 7,899,044,000 in the same period last year[9]. - Net profit attributable to shareholders decreased by 69.97% to CNY 380,650,000 from CNY 1,267,742,000 year-on-year[9]. - The net cash flow from operating activities was CNY 4,069,485,000, showing a slight increase of 0.32% from CNY 4,056,412,000 in the previous year[9]. - Total assets increased by 11.42% to CNY 295,863,570,000 from CNY 265,537,353,000 year-on-year[9]. - The weighted average return on equity decreased to 1.00% from 3.50% in the previous year, a decline of 2.50%[9]. - The net profit excluding non-recurring gains and losses was CNY 360,612,000, a slight decrease of 0.42% from CNY 362,121,000 year-on-year[9]. - Operating revenue and operating costs increased by 23.71% and 46.27% year-on-year, respectively, primarily due to an increase in aircraft sales, with aircraft sales revenue approximately RMB 3.7 billion, up about RMB 1.6 billion compared to the same period in 2019[26]. - Total operating revenue for Q1 2020 was CNY 9,771,606,000, an increase of 23.6% compared to CNY 7,899,044,000 in Q1 2019[97]. - Total operating costs for Q1 2020 were CNY 8,977,536,000, up 26.3% from CNY 7,114,331,000 in the previous year[97]. - Net profit for Q1 2020 was CNY 706,077,000, a decrease of 58.0% from CNY 1,680,362,000 in Q1 2019[97]. Cash Flow and Liquidity - Cash and cash equivalents increased by 281.52% compared to the beginning of the period, primarily due to Avolon, a foreign subsidiary, drawing down a $3.2 billion unsecured revolving credit facility to enhance liquidity management in response to the COVID-19 pandemic[25]. - The company’s cash and cash equivalents amounted to CNY 31.16 billion, significantly up from CNY 8.17 billion at the end of 2019, indicating a growth of approximately 281.5%[87]. - Cash and cash equivalents at the end of the period amount to CNY 29,653,357,000, significantly up from CNY 6,566,984,000 in the previous period[108]. - The company’s cash and cash equivalents were CNY 80,584,000 as of March 31, 2020, down from CNY 85,899,000 at the end of 2019[94]. - The net cash flow from investing activities increased by 171.03% year-on-year, primarily due to increased aircraft acquisition expenditures by Avolon[28]. - Net cash flow from investing activities is CNY -5,178,290,000, worsening from CNY -1,910,604,000 in the previous period[108]. - Net cash flow from financing activities is CNY 24,254,389,000, compared to CNY -1,835,958,000 in the previous period, showing a strong improvement[108]. Asset Management - The company reported a significant increase in aircraft sales revenue, approximately CNY 3.7 billion, up by CNY 1.6 billion compared to the same period last year[10]. - Accounts receivable increased by 32.38% compared to the beginning of the period, mainly due to some airline customers failing to pay rent on time[25]. - Assets held for sale increased by 203.72% compared to the beginning of the period, as Avolon reclassified aircraft assets under signed sale agreements to held-for-sale assets[25]. - The company’s total equity attributable to shareholders increased by 0.82% to CNY 38,063,290,000 from CNY 37,753,900,000 at the end of the previous year[9]. - The company reported a total of CNY 42.69 billion in current assets, compared to CNY 16.60 billion in the previous period, marking an increase of approximately 156.5%[87]. Shareholder and Equity Changes - The company’s controlling shareholder, HNA Capital, passively reduced its holdings by 308,704,766 shares, accounting for approximately 4.99% of the total share capital, due to default clauses triggered in stock pledge repurchase agreements[31]. - Avolon agreed to sell 21 aircraft leasing assets to Sapphire Aviation Finance II Limited for a base transaction price of $726 million, approximately RMB 5.087 billion[33]. - Avolon issued $1.75 billion in senior unsecured notes with maturities of 5 and 7 years, with interest rates of 2.875% and 3.25%, respectively[34]. - The company has not implemented any share buyback or reduction of shares through centralized bidding[38]. - The stock lock-up period for shares issued in the private placement will last for 36 months from the listing date, which began on January 8, 2016[63]. Corporate Governance and Restructuring - HNA Capital and HNA Group have made commitments to avoid substantial competition with the listed company post-restructuring[41]. - The listed company will maintain independence in operations, assets, personnel, and financial management post-restructuring[44]. - The company has committed to minimizing related party transactions and ensuring compliance with legal procedures[44]. - The restructuring will not involve any substantial competition from HNA Group's other leasing companies[41]. - HNA Group has committed to provide guarantees for HNA Capital's obligations related to debt transfer and early repayment, ensuring that the listed company is not liable for these debts post-restructuring[46]. - HNA Capital will fully compensate the listed company for any losses incurred due to creditor demands related to debts that cannot be transferred, with a ten-day response time upon notification[46]. - The company confirmed that its business, assets, personnel, and financials will remain independent from HNA Group, with no misuse of funds or assets by HNA Group post-restructuring[57]. - Bohai Leasing's restructuring aims to establish a complete and independent business system, including assets, personnel, and operational capabilities[62]. Risk Management - The company has established comprehensive risk control measures for its derivative investments, focusing on market, liquidity, credit, operational, and legal risks[75]. - The company has established a strict internal evaluation and regulatory mechanism for its derivative trading business, ensuring compliance with relevant laws and regulations[86]. - The independent directors confirmed that the company's derivative trading activities are closely related to its operational needs and are aimed at hedging risks, thus maintaining financial stability[86]. - The company has implemented a rigorous approval process for derivative trading to mitigate operational and legal risks associated with complex financial instruments[86]. Other Financial Metrics - The company reported a derivative investment loss of 129,169.2 thousand yuan, accounting for -2.35% of the company's net assets at the end of the reporting period[75]. - The initial investment amount for interest rate swaps was -37,371.6 thousand yuan, with a reported gain of 477.6 thousand yuan during the reporting period[75]. - The fair value of the WOW AIR bond investment was 39,720,032.97 yuan, with no impact on the current reporting period's profit and loss[70]. - The derivative investment in interest rate cap options had an initial investment of 6,202.6 thousand yuan, with a reported gain of 113.4 thousand yuan during the reporting period[75]. - The company has no entrusted financial management during the reporting period[71]. - The company did not undergo an audit for the first quarter report[114]. - The company has not applied new revenue and leasing standards for the current period[114].

Financial Performance - Bohai Leasing reported a total revenue of RMB 1.2 billion for the year 2019, representing a year-on-year increase of 15%[18]. - The company's net profit attributable to shareholders was RMB 300 million, up 10% compared to the previous year[18]. - The company's operating revenue for 2019 was ¥38.80 billion, a decrease of 6.03% compared to ¥41.29 billion in 2018[26]. - The net profit attributable to shareholders for 2019 was ¥1.85 billion, down 18.90% from ¥2.28 billion in 2018[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1.07 billion, a decrease of 13.51% from ¥1.24 billion in 2018[26]. - The basic earnings per share for 2019 was ¥0.2992, down 18.83% from ¥0.3686 in 2018[29]. - The weighted average return on equity for 2019 was 5.01%, a decrease of 1.79% from 6.80% in 2018[29]. - The net cash flow from operating activities for 2019 was ¥19.88 billion, a decrease of 2.74% from ¥20.43 billion in 2018[26]. - The company’s operating income for 2019 was CNY 38.8 billion, a year-on-year decrease of 6.03%, while net profit attributable to shareholders was CNY 1.848 billion, down 18.90% year-on-year[71]. - The company reported a net profit of 3,323,000,000.00 CNY for 2019, reflecting a significant difference from the cash flow generated from operating activities[104]. Asset Management - Bohai Leasing's total assets reached RMB 10 billion, reflecting a growth of 20% year-on-year[18]. - The total assets at the end of 2019 were ¥265.54 billion, a decline of 7.10% from ¥285.82 billion at the end of 2018[29]. - The company’s total assets reached approximately 265.5 billion RMB, with operating income around 38.8 billion RMB by the end of 2019[60]. - The company’s total assets decreased due to the loss of control over a subsidiary, resulting in a change in consolidation scope[95]. - The company reported total assets of 263,371,473,000 CNY and net profit of 3,786,483,000 CNY for its subsidiary Tianjin Bohai[145]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in regional revenue by 2021[7]. - Bohai Leasing aims to enhance its operational efficiency by implementing a new digital platform, projected to reduce costs by 15%[7]. - The company is exploring potential mergers and acquisitions to diversify its service offerings, with a focus on logistics and transportation sectors[7]. - The company aims to become a "global leader in the leasing industry," currently being the largest operating leasing company in the A-share market and the third-largest aircraft leasing company globally[41]. - The company aims to transition from scale-driven growth to quality-driven growth as regulatory policies are implemented, enhancing competitive differentiation in the industry[55]. Customer and Market Demand - User data indicates a 30% increase in customer acquisition in the leasing segment over the past year[18]. - The global demand for aircraft is projected to reach 44,040 units over the next 20 years, with a total value of $6.8 trillion, indicating a strong market outlook[48]. - The aircraft leasing market penetration rate has increased from 14.7% in the 1990s to 41% in 2017, with expectations to reach 50% by 2025[45]. - The container leasing industry is expected to see the share of leased containers rise from 53% in 2018 to 55% by 2023, driven by global economic growth[50]. Operational Efficiency - The company has established over 30 operational centers worldwide, covering six continents, enhancing its global reach[41]. - The average rental income from container leasing is influenced by global trade dynamics, with a forecasted decline in global merchandise trade by 13% to 32% in 2020 due to the pandemic[51]. - The company continuously optimizes its fleet structure by selling aircraft leasing assets and reinvesting the proceeds into expanding its leasing business[42]. - The company provides a range of leasing services, including operating and financing leases, catering to diverse customer needs across various sectors[44]. Financial Health and Investments - The company’s long-term equity investments increased by 1.195 billion RMB, a growth of 46.84%, due to the completion of equity transfer procedures for Anhui Jiangjin Leasing[56]. - Fixed assets increased by 16.529 billion RMB, a growth of 9.08%, attributed to new aircraft and container acquisitions[56]. - Cash and cash equivalents decreased by 3.12 billion RMB, a reduction of 27.65%, primarily due to debt repayments[56]. - The company’s financial expenses decreased by 5.20% to 8,702,915,000.00 CNY due to a reduction in interest-bearing liabilities[102]. - The investment cash flow for 2019 showed a net outflow of -13,057,367,000.00 CNY, a decrease of 715.94% compared to the previous year[103]. Risk Management - The company plans to strengthen risk control and cash flow management in response to challenges posed by the pandemic[151]. - Credit risk remains a significant concern, as lessees may face challenges in fulfilling lease agreements due to market fluctuations[162]. - Liquidity risk is heightened due to potential mismatches between rental income and loan repayment schedules, especially amid economic downturns[163]. - The company has established comprehensive risk control measures to mitigate market, liquidity, credit, operational, and legal risks associated with derivative transactions[135]. Corporate Governance and Compliance - The company has made commitments to avoid substantial competition with HNA Group and its subsidiaries, ensuring that any competitive business will be transferred to the listed company at fair value[189]. - HNA Group guarantees the safety and independence of all deposits made by Bohai Leasing in the financial company, allowing for unrestricted access under regulatory conditions[196]. - HNA Capital commits to bear all responsibilities, costs, risks, and debts arising from any disputes related to the major asset restructuring, ensuring full compensation to the listed company within ten days of notification[194]. - HNA Group promises to minimize related party transactions with Bohai Leasing post-restructuring and will ensure compliance with market principles in any unavoidable transactions[197].

Financial Performance - Operating revenue for the reporting period was CNY 7.34 billion, down 22.75% year-on-year[11]. - Net profit attributable to shareholders decreased by 76.05% to CNY 274.40 million compared to the same period last year[11]. - Net profit attributable to shareholders after deducting non-recurring gains and losses fell by 46.33% to CNY 240.98 million year-on-year[12]. - Basic earnings per share decreased by 76.04% to CNY 0.0444[10]. - Cash flow from operating activities for the year-to-date was CNY 14.68 billion, down 7.62%[10]. - The decline in net profit was also influenced by the sale of Avolon shares and domestic economic slowdown[12]. - Total operating revenue for Q3 2019 was ¥7,336,876,000, a decrease of 22.8% compared to ¥9,498,023,000 in Q3 2018[90]. - Net profit for Q3 2019 was ¥629,398,000, a decline of 45.8% from ¥1,164,971,000 in Q3 2018[90]. - Total operating revenue for the current period is CNY 26,263,036,000, a decrease from CNY 29,368,328,000 in the previous period, representing a decline of approximately 10.7%[98]. - Net profit for the current period is CNY 3,246,954,000, an increase from CNY 2,559,933,000 in the previous period, reflecting a growth of about 26.9%[98]. Asset and Liability Changes - Total assets decreased by 5.37% to CNY 270.48 billion compared to the end of the previous year[10]. - Total assets classified as held for sale decreased by CNY 29.412 billion, a reduction of 80.54%, due to the completion of the equity transfer of Anhui Jiangjin Leasing[27]. - The company completed the transfer of all liabilities classified as held for sale, resulting in a decrease of CNY 22.046 billion, a reduction of 99.87%[28]. - The company's total liabilities decreased to ¥9,531,841,000 in Q3 2019 from ¥9,408,837,000 in Q3 2018, reflecting a slight increase of 1.3%[88]. - The total liabilities amounted to 230,725,901,000.00 CNY, an increase from 229,987,010,000.00 CNY, indicating a rise of approximately 0.3%[117]. - The company's total equity decreased to 55,092,735,000.00 CNY from 55,410,782,000.00 CNY, a decline of approximately 0.6%[117]. Investment and Financing Activities - The company plans to issue up to 50 million shares in a non-public offering[30]. - The company was approved to publicly issue corporate bonds totaling up to ¥5 billion, with the approval received on September 27, 2019[34]. - The company’s subsidiary, Global Aircraft Leasing Co., Ltd, issued $1.55 billion in notes with a 6.5% interest rate, maturing on September 15, 2024[35]. - The company has committed to a lock-up period for newly issued shares for 36 months from the listing date[62]. - The company received 660,000,000.00 CNY in cash from investment income, which is an increase from 350,000,000.00 CNY in the previous period, marking an increase of 88.6%[110]. Shareholder and Stakeholder Actions - The controlling shareholder passively reduced their stake by 61,756,708 shares, accounting for approximately 0.9986% of the company's total shares[36]. - The company planned to repurchase up to 1% of its total shares at a price not exceeding ¥7.00 per share, with a total repurchase amount not exceeding ¥500 million[41]. - As of October 18, 2019, the company repurchased 17,166,092 shares, representing 0.2776% of the total shares, which is 27.76% of the planned repurchase[41]. Restructuring and Corporate Governance - HNA Capital and HNA Group committed to avoid substantial competition with the listed company post-restructuring, ensuring any competitive business will be transferred at fair value[44]. - The listed company will maintain operational independence from HNA Capital and its controlled entities, ensuring no unfair related transactions occur[47]. - HNA Capital guarantees to fully compensate the listed company for any losses incurred due to creditor demands, with a commitment period of two years from the debt performance deadline[49]. - Bohai Leasing's management team will not hold positions outside of the company, ensuring independence in personnel management[56]. - The company has established a complete business system and independent assets necessary for its operations post-restructuring[58]. Risk Management and Compliance - The company has established comprehensive risk control measures to mitigate market, liquidity, credit, operational, and legal risks associated with its derivative transactions[71]. - The independent directors confirmed that the company's derivative trading activities comply with relevant laws and regulations, aiming to hedge against interest rate and exchange rate risks[81]. - The company has implemented a risk control and information disclosure system for derivative trading, enhancing its operational structure and processes[81]. Cash Flow and Financial Management - The net cash flow from operating activities was -1,021,115,000.00 CNY, an improvement from -1,619,457,000.00 CNY in the previous period, indicating a reduction in cash outflow[110]. - The company reported a decrease in cash outflow related to operating activities, suggesting improved cash management strategies[110]. - Cash inflow from investment activities totaled 1,261,186,000.00 CNY, down from 2,289,484,000.00 CNY in the prior period, reflecting a decrease of approximately 44.8%[110].

Company Information - The company's stock is listed on the Shenzhen Stock Exchange with the stock code 000415[19] - The company's registered office and mailing address remained unchanged during the reporting period[21] - The company's selected information disclosure newspapers and the website for semi-annual report disclosure remained unchanged during the reporting period[22] - The company's legal representative is Zhuo Yiqun[19] - The company's Board Secretary is Wang Jingran, and the Securities Affairs Representative is Wang Jiawei[20] - The company's contact address is 20th Floor, HNA Building, No. 26 Xiaoyun Road, Chaoyang District, Beijing[20] - The company's telephone number is 010-58102668, and the fax number is 010-59782368[20] - The company's email addresses are jr.wang1@bohaileasing.com and jiawei-wang@bohaileasing.com[20] - The company's foreign name is Bohai Leasing Co., Ltd., and its foreign name abbreviation is Bohai Leasing[19] - The company's Chinese name is Bohai Leasing Co., Ltd., and its Chinese abbreviation is Bohai Leasing[19] Financial Performance - Revenue for the reporting period was RMB 18.93 billion, a decrease of 4.75% compared to the same period last year[25] - Net profit attributable to shareholders of the listed company was RMB 1.81 billion, an increase of 40.08% year-on-year[25] - Net cash flow from operating activities was RMB 9.04 billion, a decrease of 10.86% compared to the same period last year[25] - Total assets at the end of the reporting period were RMB 264.51 billion, a decrease of 7.46% compared to the end of the previous year[25] - The company recognized a non-recurring gain of RMB 905.08 million from the disposal of non-current assets[30] - The company's revenue for the first half of 2019 was 18.926 billion yuan, with net profit attributable to shareholders of 1.807 billion yuan, a year-on-year increase of 40.08%[64] - The company's revenue decreased by 4.75% YoY to 18.926 billion RMB, primarily due to the exclusion of Wanjiang Financial Leasing's revenue after the equity transfer[76] - The company's net cash flow from operating activities decreased by 10.86% YoY to 9.042 billion RMB, mainly due to increased fixed asset purchases and the exclusion of Wanjiang Financial Leasing's cash flow[76] - Investment income reached RMB 1.13 billion, accounting for 36.26% of total profit, mainly due to the disposal of Wanjiang Financial Leasing shares[80] - The company achieved an investment income of approximately 1.2 billion yuan from the transfer of 1.65 billion shares of Wanjiang Financial Leasing and all shares of Lianxun Securities[64] Business Operations - The company's aircraft leasing business is primarily conducted through subsidiaries Avolon and Tianjin Bohai, focusing on operating leases[35] - The company's container leasing business is mainly operated through subsidiary GSC, offering diversified container leasing services[36] - The company's domestic financial leasing business is conducted through subsidiaries Tianjin Bohai and Hengqin Leasing, providing sale-leaseback and direct leasing services[37] - The company owns, manages, and has orders for 957 aircraft, making it the world's third-largest aircraft leasing company[40] - The company's container leasing business manages 3.865 million CEU with a 94.6% utilization rate, making it the world's second-largest container lessor[42] - The company has established branches or sales channels in over 80 countries and regions across six continents, serving nearly 900 clients globally[54] - The company's fleet consists of 957 aircraft, including 564 owned and managed aircraft and 393 ordered aircraft, serving 149 clients in 60 countries[65] - The company's fleet market value ranks third globally, with a focus on A320 and B737 series narrow-body aircraft[65] - The company sold 58 older aircraft (including 44 regional jets) to maintain a younger fleet, with an average remaining lease term of 7 years and an average fleet age of 4.8 years, making it one of the youngest among the top three global aircraft leasing companies[66] - The company's fleet distribution by region is 51% in Asia-Pacific, 19% in the Americas, and 30% in Europe and Africa, with a leading fleet utilization rate of nearly 99% (Avolon at 98.8%, Tianjin Bohai at 100%)[66] - The company's container leasing subsidiary, GSC, owns and manages 3.86 million CEU, with a 10.3% YoY growth and an average utilization rate of 94.6%, ranking as the second-largest container leasing company globally[71] - GSC adjusted its container fleet structure, increasing the proportion of refrigerated containers to 39.5% and reducing dry containers to 42.7%, with refrigerated containers achieving a 97.3% utilization rate[72] Industry Outlook - The global aircraft leasing industry is expected to account for 50% of commercial aircraft by 2025, up from 41% in 2017[37] - IATA predicts global airline revenue to reach $865 billion in 2019, a 6.5% increase year-on-year[37] - Global air transport volume is expected to double in 15 years, with Boeing predicting a 1.7x growth rate compared to GDP over the next 20 years[39] - Boeing forecasts a demand for 44,040 new aircraft valued at $6.8 trillion over the next 20 years, with 44% replacing older models[39] - Airbus predicts a 4.4% annual growth rate in global air passenger traffic from 2018-2037, requiring 37,390 new passenger and cargo aircraft[39] - Narrow-body aircraft are expected to account for 80% of deliveries over the next 20 years due to their efficiency and capacity[39] - Aircraft leasing penetration rates are highest in Latin America (55%), Europe (52%), Asia ex-China (50%), and China (42%)[39] - Global container fleet reached 41.6 million TEU in 2018, with 53% leased, and is expected to grow at less than 4% annually through 2023[41] - China's leasing market penetration remains below developed countries' 15-30% range, indicating significant growth potential[43] Financial Structure and Assets - The company's fixed assets increased by 7.789 billion yuan (4.28%) due to new aircraft and container acquisitions[46] - Total assets reached 264.508 billion yuan, with operating income of 18.926 billion yuan as of June 30, 2019[52] - As of June 30, 2019, the company's total assets were 264.508 billion yuan, with shareholders' equity of 37.457 billion yuan[55] - Monetary funds decreased by 4.58% to RMB 13.33 billion, accounting for 5.04% of total assets, mainly due to reduced deposit pledge loans and repayment of secured financing by overseas subsidiaries[81] - Fixed assets increased by 11.66% to RMB 189.78 billion, accounting for 71.75% of total assets, mainly due to new aircraft and container acquisitions and the transfer of Wanjiang Financial Leasing shares[81] - Short-term borrowings decreased by 4.37% to RMB 4,040,536,000 due to the completion of the equity transfer of Anhui Jiangjin Leasing, which is no longer included in the consolidated financial statements[83] - Long-term borrowings decreased by 6.28% to RMB 77,735,328,000, primarily due to the repayment of Avolon's acquisition loans and the adjustment of Avolon's debt structure to improve its credit rating[83] - Other receivables increased by 0.44% to RMB 1,302,331,000[83] - Assets held for sale decreased by 0.22% to RMB 3,888,046,000[83] - Non-current assets due within one year decreased by 3.57% to RMB 2,113,025,000, mainly due to the completion of the equity transfer of Anhui Jiangjin Leasing[83] - Long-term receivables decreased by 7.69% to RMB 10,132,152,000, as the financing lease projects of Anhui Jiangjin Leasing are no longer included in the consolidated financial statements[83] - Other non-current assets increased by 2.84% to RMB 25,751,565,000, mainly due to the increase in Avolon's prepayments for aircraft purchases[83] - Bonds payable increased by 7.72% to RMB 89,143,760,000, as Avolon issued unsecured bonds to repay secured loans to improve its credit rating[83] - Non-current liabilities due within one year decreased by 4.56% to RMB 16,295,931,000, mainly due to the redemption of bonds payable within one year[83] - Total equity attributable to owners of the parent company increased by 2.82% to RMB 37,456,937,000, primarily due to the increase in net profit attributable to the parent company[83] - Long-term loans decreased to RMB 649,356 thousand as of June 30, 2019, from RMB 938,187 thousand as of December 31, 2018, secured by held-for-sale assets with a net book value of RMB 855,671 thousand (December 31, 2018: RMB 1,542,746 thousand)[92] - Subsidiary Avolon's corporate bonds decreased to USD 2,453,202 thousand (RMB 16,865,024 thousand) as of June 30, 2019, from USD 4,279,248 thousand (RMB 29,369,339 thousand) as of December 31, 2018, secured by fixed assets with a net book value of USD 3,823,622 thousand (RMB 26,286,255 thousand)[92] Subsidiaries and Investments - Avolon successfully issued $3.6 billion in senior unsecured notes with a coupon rate reduced to 3.625%[64] - The company's fleet consists of 515 owned aircraft, 49 managed aircraft, and 393 ordered aircraft, totaling 957 aircraft, with significant orders for A320neo and Boeing 737 MAX series[70] - The company's domestic leasing subsidiaries reduced their asset scale, with Tianjin Bohai's leasing assets decreasing by 5.38% to 9.059 billion RMB and Hengqin Leasing's assets decreasing by 10.03% to 823 million RMB[73] - The company completed the sale of a 35.87% stake in Wanjiang Financial Leasing for 2.98187 billion RMB, resulting in Wanjiang Financial Leasing no longer being included in the consolidated financial statements[73] - The company sold a 35.87% stake in Wanjiang Financial Leasing for RMB 2.98 billion, contributing 23% to the company's net profit and reducing its debt ratio[108] - Subsidiary Tianjin Bohai reported total assets of RMB 262.7 billion, revenue of RMB 18.9 billion, and net profit of RMB 2.7 billion[111] - Subsidiary Avolon reported total assets of USD 194.1 billion, revenue of USD 15.6 billion, and net profit of USD 2.4 billion[111] - The sale of Wanjiang Financial Leasing reduced its contribution to the company's net profit from 100% to 17.78%[111] - The company's subsidiaries, including GSC and Avolon, are consolidated in financial reporting, with adjustments for non-controlling interests[111] - No significant changes in the company's structured entities or forecasts for significant profit fluctuations were reported for the first nine months of 2019[112] Risks and Challenges - The company faces credit risk as lessees may fail to fulfill lease obligations due to market demand, competition, policy changes, and liquidity fluctuations[115] - Liquidity risk is heightened due to potential mismatches between lease income and debt repayment periods, especially in a tight liquidity market environment[116] - Dividend distribution risk exists as the company relies on subsidiary profits, and delays or insufficient distributions from subsidiaries could impact shareholder dividends[117] - Interest rate risk is significant due to the high leverage in the aircraft and container leasing industries, with large financing scales making income and interest expenses sensitive to rate fluctuations[118] - Exchange rate risk is notable as the company's overseas assets are primarily USD-denominated, and RMB-USD exchange rate fluctuations impact consolidated financial statements[119] - The company's overseas revenue accounts for a high proportion, and its performance is significantly affected by global macroeconomic conditions, with IMF lowering the 2019 global economic growth forecast to 3.2%[114] - The company holds 9 B737 MAX 8 aircraft, accounting for 1.6% of its total fleet, and has 119 B737 MAX 8 orders, representing 35% of its total aircraft orders[123] - Potential delays in B737 MAX 8 deliveries due to global grounding, with 24 aircraft originally planned for delivery in 2019 possibly being delayed[123] - The company faces potential operational impacts from the prolonged grounding of B737 MAX aircraft, which could affect future cash flow and business plans[124] Legal and Compliance - A lawsuit involving unpaid rent resulted in a claim of RMB 11,784.41 million, with the company winning the case and entering the execution phase[155] - Another lawsuit involving unpaid rent resulted in a claim of RMB 8,997.53 million, with the company winning the case and entering the execution phase[155] - A lawsuit involving unpaid rent resulted in a claim of RMB 84,090 million, with the company winning the second trial and entering the execution phase[155] - A lawsuit involving unpaid rent resulted in a claim of RMB 18,200 million, with the second court hearing held on May 17, 2019[155] - A lawsuit involving unpaid rent resulted in a claim of USD 1,117.78 million, with the client filing for bankruptcy and Seaco claiming the debt[155] - A lawsuit involving unpaid rent resulted in a claim of USD 97.92 million, with the company's appeal pending after the initial request was dismissed[155] - A lawsuit involving unpaid rent resulted in a claim of USD 2,093.65 million, with the company winning the case and the defendant declaring bankruptcy[155] - The company's semi-annual financial report was not audited[151] - The company did not undergo bankruptcy restructuring during the reporting period[152] Related Party Transactions - The company conducted aircraft operating lease transactions with Hainan Airlines Holding Co., Ltd., with monthly rents ranging from $29.8 million to $137.2 million, accounting for 0.11% to 0.46% of similar transactions[161][164] - The total transaction amount for aircraft operating leases with Hainan Airlines Holding Co., Ltd. reached approximately RMB 1,249.19 million to RMB 5,255.92 million[161][164] - The company's aircraft operating lease transactions with Hainan Airlines Holding Co., Ltd. were priced through negotiation and settled in cash[161][164] - The company's aircraft operating lease transactions with Hainan Airlines Holding Co., Ltd. did not exceed the approved transaction limits[161][164] - The company's aircraft operating lease transactions with Hainan Airlines Holding Co., Ltd. were disclosed on various dates, with the latest disclosure on April 23, 2019[161][164] - The company's aircraft operating lease transactions with Hainan Airlines Holding Co., Ltd. were subject to floating rents, which could be adjusted based on the rent adjustment date[164] - The company's aircraft operating lease transactions with Hainan Airlines Holding Co., Ltd. were conducted through its subsidiaries, including Tianjin Bohai Leasing Co., Ltd. and Avolon Holdings Limited[161][164] - The company's aircraft operating lease transactions with Hainan Airlines Holding Co., Ltd. were disclosed on the website of the Shenzhen Stock Exchange[161][164] - The company's aircraft operating lease transactions with Hainan Airlines Holding Co., Ltd. were conducted under the influence of the ultimate controlling party[161][164] - The company's aircraft operating lease transactions with Hainan Airlines Holding Co., Ltd. were conducted under the principle of negotiated pricing[161][164] - The company has non-operating related party debt, with the largest being from HNA Capital Group, which had an initial balance of 549.6 million yuan, an additional 1.07 billion yuan during the period, and a repayment of 1.62 billion yuan, resulting in an ending balance of 1 million yuan[193] - Bohai International Trust Co., Ltd., a related party under the same control, provided a loan with an initial balance of 252 million yuan, no additional amount during the period, and an ending balance of 252 million yuan, with an interest rate of 9% and interest accrued of 12.23 million yuan[193] - BL Capital, another related party, provided a loan with an initial balance of 3.85 million yuan, an additional 168.45 million yuan during the period, and a repayment of 172.04 million yuan, resulting in an ending balance of 267,900 yuan[193] - The company has no other significant related party transactions during the reporting period[194] - There is no non-operating occupation of funds by the controlling shareholder and its related parties during the reporting period[195] - The company has a history of managing and operating PuHang Leasing, Yangtze River Leasing, and Yangzijiang Leasing since 2015, with annual management fees of 2.5 million yuan, 2 million yuan, and 2 million yuan respectively, and the agreements have been renewed annually[198] - The company has no significant contracts related to contracting or leasing during the reporting period[199][200] Corporate Governance and Independence - HNA Capital and HNA Group have made commitments to avoid industry competition and regulate related transactions, ensuring that businesses with substantial competition will be transferred to the listed company at fair prices, with all profits from such businesses accruing to the listed company[132] - HNA Group's subsidiary leasing companies have committed to not engage in municipal infrastructure leasing, transportation infrastructure leasing, or new energy/clean energy facility leasing, and will transfer any competitive businesses to the listed company at fair prices if identified[132] - The listed company maintains independence in business, assets, personnel, institutions, and finance, with no intermingling of operations or assets with HNA Group or its affiliates[134] - HNA Capital has committed to providing guarantees or early repayment for any debts that creditors require to be secured or repaid in advance due to the restructuring[134] - HNA Capital will compensate the listed company for any losses

证券代码：000415 证券简称：渤海租赁 公告编号：2019-071 渤海租赁股份有限公司 关于参加新疆上市公司 2019 年度 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 2019 年 7 月 26 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 2019 年新疆辖区上 市公司投资者集体接待日活动。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·路演天下"网站（http://rs.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 2019 年 7 月 26 日（星期五）15:00 至 17:30。 出席本次集体接待日的人员有：公司副董事长兼首席执行官马伟华先生，公司董 事、副经理兼董事会秘书王景然先生。 欢迎广大 ...

Financial Performance - The company's operating revenue for Q1 2019 was CNY 7,899,044,000, representing a 6.55% increase compared to CNY 7,413,146,000 in the same period last year[10]. - Net profit attributable to shareholders increased by 133.79% to CNY 1,267,742,000 from CNY 542,247,000 year-on-year[10]. - The basic earnings per share rose by 133.75% to CNY 0.2050 from CNY 0.0877 in the same period last year[10]. - Operating income and operating costs increased by 6.55% and 7.52% year-on-year, respectively, driven by increased aircraft sales, with sales revenue approximately RMB 2.1 billion, up about RMB 1.4 billion from the same period last year[28]. - Investment income increased by 2167.02% year-on-year, resulting in approximately RMB 1.2 billion from the completion of equity transfers of Wanjing Jin Leasing and Lianxun Securities[29]. - The company reported a significant decrease in inventory from CNY 9.82 million to CNY 5.93 million, a drop of approximately 39.5%[80]. - The company reported a total comprehensive income of ¥575,093,000, a turnaround from -¥470,624,000 in the previous period[95]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 4,056,412,000, down 26.04% from CNY 5,484,513,000 in the same period last year[10]. - Operating cash inflow decreased to ¥5,549,578,000 from ¥6,733,709,000, a decline of approximately 17.6% year-over-year[102]. - Cash outflow from investment activities totaled ¥6,762,623,000, compared to ¥13,105,283,000, indicating a reduction of approximately 48.5%[102]. - The ending balance of cash and cash equivalents was ¥6,566,984,000, down from ¥18,459,433,000, a decrease of approximately 64.3%[102]. - Cash received from sales of goods and services was ¥5,318,848,000, down from ¥6,602,694,000, a decrease of about 19.4%[102]. Asset and Liability Management - Total assets decreased by 10.69% to CNY 255,271,292,000 from CNY 285,818,636,000 at the end of the previous year[10]. - Total liabilities decreased to CNY 202.31 billion from CNY 230.73 billion, a reduction of approximately 12.3%[84]. - The company's cash and cash equivalents were CNY 10.21 billion, down from CNY 11.29 billion, reflecting a decrease of about 9.5%[80]. - Long-term equity investments grew by 60.60% compared to the beginning of the period, due to the completion of the equity transfer of Wanjing Jin Leasing and accounting for the remaining investment using the equity method[26]. - The total current liabilities as of January 1, 2019, were ¥54,948,314,000, down from ¥54,831,443,000, a decrease of ¥116,871,000[113]. Shareholder and Equity Information - The net assets attributable to shareholders increased by 2.11% to CNY 36,491,093,000 from CNY 35,737,768,000 at the end of the previous year[10]. - The company plans to repurchase approximately 61.85 million shares, representing 1% of its total share capital, at a price not exceeding RMB 7.00 per share, with a total repurchase amount not exceeding RMB 500 million[40]. - HNA Capital's stock purchase plan was approved to continue after the completion of a major asset restructuring, which was initially suspended[64]. - The company has committed to avoiding substantial competition with its controlling shareholder and related parties[44]. Corporate Governance and Restructuring - The company committed to maintaining its independence post-restructuring, ensuring that its main business will focus on leasing municipal infrastructure, transportation infrastructure, and new energy clean energy facilities[47]. - HNA Group committed to minimizing related party transactions with the company post-restructuring, adhering to market transaction principles[48]. - Bohai Leasing will maintain a complete and independent internal governance structure post-restructuring[57]. - The company guarantees that its assets will not be used to secure debts of HNA Group or its controlled companies[57]. Derivative Investments and Risk Management - The company has implemented strict risk control measures for derivative investments, focusing on market, liquidity, credit, operational, and legal risks[71]. - The company has established a comprehensive internal evaluation and regulatory mechanism for its derivative trading activities, ensuring compliance with relevant laws and regulations[72]. - The derivative trading is aimed at hedging interest rate risks and is closely related to the company's daily operational needs[72]. - The company has adopted accounting policies for hedging transactions in accordance with the relevant financial instrument standards issued by the Ministry of Finance[72].

Financial Performance - The company's operating revenue for 2018 was CNY 41.29 billion, an increase of 14.91% compared to CNY 35.93 billion in 2017[26]. - The net profit attributable to shareholders for 2018 was CNY 2.28 billion, a decrease of 13.34% from CNY 2.63 billion in 2017[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1.24 billion, down 48.46% from CNY 2.41 billion in 2017[28]. - The net cash flow from operating activities for 2018 was CNY 20.43 billion, a decrease of 2.80% from CNY 21.02 billion in 2017[28]. - The total assets at the end of 2018 were CNY 285.82 billion, a decrease of 4.85% from CNY 300.39 billion at the end of 2017[28]. - The net assets attributable to shareholders at the end of 2018 were CNY 35.74 billion, an increase of 12.96% from CNY 31.64 billion at the end of 2017[28]. - The basic earnings per share for 2018 were CNY 0.3686, down 13.33% from CNY 0.4253 in 2017[28]. - The weighted average return on equity for 2018 was 6.80%, a decrease of 1.57% from 8.37% in 2017[28]. - The company reported a comprehensive income attributable to the parent company of approximately 4.2 billion RMB for the year[123]. Market Position and Operations - The company operates primarily in the leasing industry, providing comprehensive aircraft, container, infrastructure, and large equipment leasing services, focusing on both operating and financing leases[40]. - As of December 31, 2018, the company owned, managed, and had orders for a total of 1,005 aircraft, with an average age of approximately 4.9 years, making it the third-largest aircraft leasing company globally[47]. - The company’s container leasing segment managed a total of 3.82 million CEU with an average utilization rate of 96.9%, positioning it as the second-largest container leasing company globally[49]. - The company has established various subsidiaries to enhance its operational capabilities in leasing[12]. - The company has established over 30 operational centers worldwide, serving more than 1,000 clients across six continents[58]. Strategic Plans and Future Outlook - The company plans to expand its market presence and enhance its product offerings in the upcoming year[6]. - The financial report indicates a focus on risk management and future development strategies[6]. - The company aims to leverage technological advancements in its leasing operations to improve efficiency[6]. - The company plans to explore new leasing business areas, including cargo aviation and airport facilities, to increase domestic business scale and revenue share[161]. - The company aims to enhance its aircraft leasing business by optimizing fleet structure and utilization rates, maintaining its industry position[160]. Shareholder and Dividend Policy - Bohai Leasing reported no cash dividends, stock bonuses, or capital reserve transfers for the year[7]. - The company has established a shareholder return plan for 2018-2020, committing to distribute at least 10% of the annual distributable profits as cash dividends, with a cumulative distribution of no less than 30% of the average annual distributable profits over three years[182]. - In 2018, the company did not propose any cash dividend distribution, marking a shift from previous years where dividends were paid[186]. - The cash dividend paid in 2017 was approximately 371.07 million RMB, representing 14.11% of the net profit attributable to ordinary shareholders[188]. - The cash dividend paid in 2016 was approximately 309.23 million RMB, representing 13.58% of the net profit attributable to ordinary shareholders[188]. Financial Health and Risk Management - The company acknowledges risks from macroeconomic fluctuations, credit risks, and liquidity risks that could impact its operations[168][169][170]. - The company has a high leverage ratio and significant financing scale, making its leasing income and interest expenses highly sensitive to interest rate fluctuations[172]. - The company's overseas assets, primarily denominated in USD, expose it to foreign exchange risks, with RMB depreciation positively impacting net assets and profits, while appreciation has the opposite effect[173]. - The company is focused on maintaining a reasonable asset-liability level and ensuring cash flow balance in its financing strategy[163]. - The company has effectively reduced overall operating costs by accessing various financing markets, including capital markets and overseas financing[172]. Corporate Governance and Compliance - The company emphasized the importance of accurate financial reporting, with key personnel affirming the report's integrity[5]. - The company operates under the supervision of the China Securities Regulatory Commission[12]. - The company has established a strict internal evaluation and regulatory mechanism for its derivative trading business, ensuring compliance with relevant laws and regulations[149]. - The company’s independent directors confirmed that the derivative trading activities align with the company’s operational needs and comply with legal requirements[149]. Restructuring and Related Party Transactions - HNA Capital and HNA Group committed to avoiding substantial competition with the listed company post-restructuring, ensuring any competitive business will be transferred at fair value to the listed company[193]. - The listed company will maintain operational independence from HNA Capital and its controlled entities, ensuring no unfair related-party transactions occur[196]. - HNA Capital committed to providing guarantees or early repayment obligations for debts if required by creditors, ensuring financial stability for the listed company[196]. - The commitments made by HNA Capital and HNA Group are long-term and are being continuously fulfilled[193]. - HNA Group commits to bear joint liability for HNA Capital's obligations, ensuring that all responsibilities, costs, risks, and debts arising from the restructuring are handled by HNA Capital[198].

Financial Performance - Total assets at the end of the reporting period were CNY 293.95 billion, a decrease of 2.14% compared to the end of the previous year[7]. - Net assets attributable to shareholders of the listed company reached CNY 35.51 billion, an increase of 12.22% year-on-year[7]. - Operating revenue for the reporting period was CNY 9.50 billion, reflecting a year-on-year increase of 12.57%[7]. - Net profit attributable to shareholders of the listed company was CNY 1.15 billion, up 35.37% compared to the same period last year[7]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 448.97 million, a decrease of 40.91% year-on-year[7]. - Basic earnings per share for the reporting period were CNY 0.1853, an increase of 35.35% compared to the same period last year[7]. - The weighted average return on net assets was 3.28%, an increase of 0.57% compared to the previous year[7]. - The company reported a net cash flow from operating activities of CNY 15.90 billion, an increase of 5.52% year-to-date[7]. Shareholder Information - The top shareholder, HNA Capital Group Co., Ltd., holds 34.62% of the shares, amounting to 2.14 billion shares[11]. - The company did not engage in any repurchase transactions during the reporting period[12]. Asset Management - Cash and cash equivalents decreased by 29.32% compared to the beginning of the period due to debt repayment[15]. - Accounts receivable increased by 36.34% compared to the beginning of the period due to business development[15]. - Assets classified as held for sale increased by 122.04% compared to the beginning of the period due to an increase in aircraft held for sale[15]. Investment Income - Investment income increased by 829.01% compared to the same period last year due to the sale of equity in subsidiaries[17]. - Net cash inflow from operating activities increased by 5.52% compared to the same period last year due to improved cash flow from container leasing business[17]. - Net cash inflow from investing activities increased by 102.49% compared to the same period last year due to reduced project investments and aircraft purchases[17]. - Other comprehensive income increased by 3463.06% compared to the beginning of the period due to exchange rate fluctuations[16]. Business Strategy - The company plans to focus on the leasing business, particularly in aviation leasing, and will change its name to Bohai Leasing Co., Ltd.[20]. - The company intends to divest from low-related financial investments to enhance its leasing business capabilities[21]. Restructuring Efforts - Bohai Jin控 reported a significant asset restructuring process, with multiple announcements regarding progress from January to October 2018[25]. - The company plans to transfer part of its equity in its subsidiary Anhui Jiang Financial Leasing Co., Ltd., with updates provided in March 2018[25]. - Bohai Jin控's major asset restructuring was halted in October 2018, as indicated in the announcement dated October 25, 2018[26]. - The company has been actively disclosing updates on its restructuring efforts, with over 15 announcements made between January and October 2018[26]. - The company held multiple board meetings and shareholder meetings to discuss restructuring and related matters throughout 2018[25]. - Bohai Jin控's equity transfer and restructuring activities are part of its strategy to optimize its asset portfolio and enhance operational efficiency[25]. - The company has faced challenges in its restructuring efforts, leading to the termination of the major asset restructuring plan in late 2018[26]. - The company continues to monitor market conditions and adjust its strategies accordingly, as evidenced by its frequent updates and announcements[26]. - Bohai Jin控's restructuring activities are aimed at improving its financial position and aligning with market trends[25]. - The company remains committed to transparency, providing regular updates to stakeholders regarding its restructuring and equity transfer initiatives[26]. Corporate Bonds - Bohai Jin控 reported the issuance of corporate bonds in 2018, with the first phase targeting qualified investors[27]. - The company announced the results of the first phase of corporate bond issuance, with a total issuance amount of 1 billion RMB[27]. - Bohai Jin控 issued the second phase of corporate bonds, with a total issuance amount of 1.5 billion RMB[28]. - The company reported a successful listing of the second phase of corporate bonds on September 27, 2018[28]. - The interest rate for the first phase of corporate bonds was adjusted, impacting investor returns[27]. - Bohai Jin控 announced the results of the repurchase implementation for the "15 Bohai Rent 01" bond[28]. - The company is preparing for the issuance of the third phase of corporate bonds, with an expected total amount of 2 billion RMB[28]. - The interest rate for the third phase of corporate bonds was announced, reflecting market conditions[28]. - Bohai Jin控 is actively managing its debt structure through multiple phases of bond issuance[27]. Related Party Transactions - The company continues to explore strategic opportunities for market expansion and investment[27]. - The company has committed to avoiding substantial competition with its controlling shareholder and related parties, ensuring that any competitive business will be transferred at fair value to the listed company[29]. - The company aims to maintain its independence post-restructuring, with a focus on leasing businesses related to municipal infrastructure, transportation infrastructure, and new energy facilities[31]. - The company guarantees that its financial department and accounting system will remain independent, ensuring compliance with tax regulations and independent financial decision-making[31]. - The company has pledged to minimize related party transactions and will follow legal procedures for any unavoidable transactions to protect shareholders' rights[29]. - The company has established a long-term commitment to strictly adhere to its promises regarding avoiding competition and related party transactions[31]. - The company’s management team will not hold positions or receive salaries from the controlling shareholder or its affiliates, ensuring operational independence[31]. - The company will ensure that its assets are not occupied by the controlling shareholder or its affiliates, maintaining financial independence[31]. - The company has committed to independent operations, including having its own office space and management structure, free from interference from the controlling shareholder[31]. - The company will ensure that any competitive business activities will not affect its operational integrity and will be managed independently[29]. - The company has a long-term commitment to fulfill its promises made during the restructuring process, ensuring compliance and operational independence[31]. Guarantees and Liabilities - HNA Group has committed to provide irrevocable joint liability guarantees for HNA Capital's obligations related to debt transfer and early repayment, with a guarantee period of two years from the debt performance deadline[32]. - HNA Capital will bear all responsibilities, costs, risks, and debts arising from any disputes related to the major asset restructuring, ensuring full compensation to the listed company within ten days of notification[32]. - HNA Group promises to minimize related party transactions with Bohai Jin Kong after the restructuring, ensuring that any unavoidable transactions are conducted at fair market prices[34]. - HNA Capital will use Bohai Jin Kong as the sole capital operation platform for its leasing business, committing not to establish or acquire other leasing companies post-transaction[34]. - HNA Capital guarantees compliance with relevant regulations regarding deposits with financial companies, ensuring the safety and independence of Bohai Jin Kong's deposits[34]. - HNA Capital will not engage in any business that constitutes substantial competition with the listed company after the completion of the transaction[34]. - HNA Group's subsidiaries in leasing, including Changjiang Leasing and Yangtze River Leasing, have committed not to engage in any form of direct or indirect competition in municipal infrastructure leasing and related sectors[34]. - HNA Capital will ensure that its controlled enterprises do not engage in substantial competition with the listed company post-transaction[34]. - HNA Group will adhere to the decision-making procedures and information disclosure obligations as per laws and regulations, ensuring no improper benefits are obtained through transactions with Bohai Jin Kong[34]. - HNA Capital will be responsible for handling any disputes and losses related to the unclear ownership of assets being disposed of, waiving the right to seek compensation from the listed company[32]. Bohai Capital Operations - Bohai Capital reported a significant focus on leasing businesses, particularly in the clean energy sector, with ongoing projects being monitored quarterly[35]. - The company has established a long-term supervision mechanism to avoid competition with HNA Group, ensuring that new leasing opportunities are communicated promptly[35]. - HNA Group has committed to maintaining the independence of Bohai Capital's operations and assets, ensuring no substantial competition or unfair related transactions occur post-restructuring[37]. - Bohai Capital's asset independence is emphasized, with a complete business system and related assets that do not overlap with HNA Group's enterprises[37]. - The company aims to minimize related transactions with HNA Group, adhering to fair market principles and legal regulations[37]. - Bohai Capital's leasing business, including Global Sea Containers Ltd, is structured to meet the necessary independence criteria for listing[37]. - The company is committed to transparency in its operations, ensuring that any potential disputes related to asset purchases are managed responsibly by HNA Group[37]. - Bohai Capital's strategy includes a focus on expanding its leasing services while maintaining compliance with regulatory requirements[35]. - The company has outlined a clear framework for decision-making regarding new business opportunities, ensuring that all actions align with its strategic goals[35]. - Bohai Capital's ongoing projects and their performance will be reported in a timely manner to ensure stakeholders are informed of developments[35]. - Bohai Capital maintains independence from HNA Group and its controlled companies, ensuring that senior management does not hold positions in HNA Group or receive salaries from it[38]. - The company has established a complete and independent financial accounting system, allowing for independent financial decision-making and compliance with tax regulations[39]. - Bohai Capital's business operations are independent from HNA Capital, with no substantial competition or unfair related transactions between them[39]. - The restructuring guarantees that Bohai Capital's assets are not occupied by HNA Capital or its controlled companies, ensuring asset independence[39]. - The company has committed to handling any liabilities or obligations related to the acquisition of Seaco SRL, ensuring that GSCII will bear all related responsibilities[39]. Financial Instruments - The company raised a total of RMB 16 billion through the issuance of 2,635,914,330 shares at a price of RMB 6.07 per share, with a net amount of RMB 15.84 billion after deducting issuance costs[41]. - The company plans to increase its stake in Bohai Jin Kong by up to 1% of the total share capital, with a commitment not to reduce its holdings during the acquisition period[42]. - The management team has committed to purchasing shares worth a total of RMB 6.5 million and RMB 3.1 million respectively, with a promise not to sell their shares during the acquisition period[43]. - The company has suspended trading since January 17, 2018, due to significant asset restructuring plans[42]. - The company has indicated that it may experience a significant change in net profit compared to the same period last year, but specific figures are not applicable at this time[46]. Investment Valuation - The initial investment cost for Lianxun Securities was CNY 223,551,212.50, with a fair value change resulting in a year-end book value of CNY 303,705,448.84[47]. - Tianjin Bank reported an initial investment of CNY 669,657,942.02, with a fair value change leading to a year-end book value of CNY 401,074,443.19, reflecting a decrease of 44.5%[47]. - The total initial investment across both securities amounted to CNY 893,209,154.52, with a year-end book value of CNY 704,779,892.03, indicating a decline of approximately 21.1%[47]. - The company did not engage in entrusted financial management during the reporting period[48]. Derivative Investments - The derivative investments included interest rate swaps with an initial investment of CNY 7,423.2 million and a year-end net investment of CNY 63,106.9 million, representing 1.60% of the company's net assets[50]. - The company also held interest rate cap options with an initial investment of CNY 15,007.4 million, with a year-end net investment of CNY 5,172.1 million, accounting for 0.13% of the company's net assets[50]. - The total derivative investment at the end of the reporting period was CNY 68,279 million, which is 1.73% of the company's net assets[50]. - The company has established comprehensive risk control measures to mitigate market, liquidity, credit, operational, and legal risks associated with derivative trading[50]. - The company plans to continue using simple, liquid, and controllable financial derivative instruments for hedging purposes, with strict control over trading scale[50]. - The board approved derivative investments on July 13, 2018, and the shareholders' meeting approved them on July 30, 2018[50]. - The company has established a clear approval process and supervision mechanism for derivative transactions to minimize operational risks[51]. - The fair value measurement of financial derivatives is based on observable inputs, classified as Level 2 in the fair value hierarchy[51]. - The company’s overseas subsidiary Avolon obtains monthly valuation reports directly from banks, while GSCL hires KPMG for fair value assessments[51]. - The accounting policies for hedging transactions are in accordance with the Ministry of Finance's accounting standards, with no significant changes compared to the previous reporting period[51].

Financial Performance - The company's operating revenue for the reporting period was CNY 19,870,305,000, representing a 0.78% increase compared to the same period last year[17]. - Net profit attributable to shareholders was CNY 1,289,763,000, reflecting a 25.66% increase year-over-year[17]. - The net profit after deducting non-recurring gains and losses was CNY 1,176,551,000, up by 21.94% from the previous year[17]. - The net cash flow from operating activities increased by 14.60% to CNY 10,143,543,000 compared to the same period last year[17]. - The total assets at the end of the reporting period were CNY 292,243,231,000, a decrease of 2.71% from the end of the previous year[17]. - The net assets attributable to shareholders increased by 4.78% to CNY 33,149,785,000 compared to the end of the previous year[17]. - The company achieved an operating income of CNY 19.87 billion in the first half of 2018, representing a year-on-year growth of 0.78%, while net profit attributable to shareholders was CNY 1.29 billion, up 25.66% year-on-year[42]. - The company's total assets reached 292.243 billion RMB, with net assets attributable to shareholders growing by 4.78% to 33.150 billion RMB as of June 30, 2018[36]. Market Position and Strategy - The company plans to expand its market presence and explore new strategies, although specific details were not disclosed in the report[4]. - The company has a diverse portfolio, including subsidiaries in leasing and financial services[9]. - The company managed a total of 925 aircraft as of June 30, 2018, with an average age of 5.2 years, making it the third-largest aircraft leasing company globally[27]. - The global demand for aircraft is projected to reach 37,390 units over the next 20 years, with a total value of USD 5.8 trillion[26]. - The container leasing market is expected to maintain a growth rate of no less than 3% from 2018 to 2020, driven by global economic recovery[29]. - The company operates in over 80 countries and regions, serving more than 1,000 clients globally, enhancing its operational risk diversification[36]. - The company has established a strong competitive position in aircraft and container leasing, with a total of 925 aircraft, making it the third-largest aircraft leasing company globally[35]. Risk Management - The report includes a section on potential risks and the company's strategies to mitigate them[4]. - The company has established a comprehensive risk management system to address operational changes and financial risks, ensuring effective oversight and accountability[38]. - The company anticipates risks from macroeconomic fluctuations, particularly affecting its overseas aircraft leasing and container leasing businesses[77]. - Credit risk remains a significant concern, as lessees may fail to meet payment obligations due to market conditions[79]. - Liquidity risk is heightened due to potential mismatches between rental income and loan repayment schedules[80]. Corporate Governance and Compliance - The company emphasized the importance of accurate and complete financial reporting, with key personnel affirming the integrity of the financial statements[3]. - The board of directors and management are responsible for the report's content, ensuring no misleading statements or omissions[3]. - The company has established a commitment to maintain independent financial operations, including separate bank accounts and tax compliance, to ensure financial autonomy[91]. - The listed company will adhere to legal and regulatory requirements regarding related party transactions and will ensure transparency in disclosures[89]. - HNA Capital and HNA Group have made commitments to minimize related party transactions and ensure fair pricing in any unavoidable transactions[89]. Shareholder and Equity Information - The company reported a dividend distribution of 0.60 RMB per 10 shares based on a total share capital of 6,184,521,282 shares as of December 31, 2017[178]. - The total number of ordinary shareholders at the end of the reporting period was 103,797[189]. - HNA Capital Group Co., Ltd. held 34.91% of the shares, totaling 2,158,823,675 ordinary shares[189]. - The company has not undergone any bankruptcy reorganization during the reporting period[108]. - The company did not experience any changes in its controlling shareholder during the reporting period[192]. Legal Matters - There are ongoing litigation matters with a total claim amount of RMB 84,090,000, with favorable judgments received in the first instance[109]. - The company has fully won a lawsuit regarding unpaid rental payments, with the case currently in the execution phase[109]. - Seaco won a lawsuit regarding unpaid rent, with a judgment amount of 772.7 million[111]. - Seaco filed a lawsuit for unpaid rent totaling 7.3 million, currently under court review[111]. Leasing Operations - The company continues to expand its aircraft leasing operations, indicating a strategic focus on growth in this sector[124]. - The financial performance reflects a consistent increase in rental income across various agreements, supporting the company's revenue growth strategy[124]. - The company is actively pursuing new leasing agreements to strengthen its market position[132]. - The company has established a cash transaction structure for its leasing agreements, ensuring liquidity and operational efficiency[137]. - The company anticipates a continued impact from rental adjustments in the upcoming periods[145]. Related Party Transactions - The company has established significant related party transactions with Hainan Airlines, primarily in aircraft leasing[117]. - The company has not exceeded the approved transaction limits for related party transactions in aircraft leasing[117]. - The company’s related party transactions are primarily based on negotiated pricing principles[117]. - The company continues to engage in related party transactions that are essential for its operational activities[117].