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].

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 ...