Group 1 - The company currently has no business dealings with Shanhe Intelligent, a manufacturer of shield tunneling machines [2]

Core Viewpoint - The article discusses the recent insurance compensation received by Shanhe Intelligent (山河智能) for aircraft that could not be recovered from Russia due to geopolitical conflicts, highlighting the broader impact on the aircraft leasing industry and the financial implications for companies involved [3][5]. Group 1: Insurance Compensation - Shanhe Intelligent's subsidiary AVMAX received a total insurance compensation of $29 million, with a net amount of $22.97 million after legal fees [4][5]. - The insurance payout, after tax deductions, is expected to impact the company's net profit by approximately 126 million yuan, accounting for 172.92% of the previous year's net profit attributable to shareholders [5]. Group 2: Aircraft Leasing Challenges - AVMAX had previously fully impaired the value of the three aircraft involved, indicating that the insurance compensation is a non-recurring gain [6]. - Other companies, such as Rifa Precision Machinery (日发精机), also face challenges with aircraft stranded in Russia, having reported significant impairment losses due to the inability to recover their leased aircraft [6][8]. Group 3: Broader Industry Impact - Many Chinese leasing companies have encountered similar issues with aircraft stranded in Russia, leading to substantial impairment losses [9]. - The overall leasing business in Russia represents a small portion of the leasing companies' operations, but the rising global aviation market and supply chain issues are leading to increased rental prices for aircraft [10][11]. - Rental rates for narrow-body aircraft have increased by 20%-30% compared to 2019, with expectations of continued growth in 2025 due to ongoing production delays from manufacturers [11][13].

Core Viewpoint - The company Shanhai Intelligent (山河智能) has received an insurance compensation of approximately 164 million RMB due to the inability to recall aircraft leased to Russian clients, highlighting the ongoing challenges faced by the aviation leasing industry in the context of geopolitical tensions [1][2]. Company Summary - Shanhai Intelligent's subsidiary Avmax Group Inc. (AVMAX) has been unable to recover three aircraft leased to Russian clients since February 2022, despite multiple attempts [2]. - AVMAX has reached an agreement with the insurance provider for a compensation of 29 million USD, with a net payout of approximately 22.97 million USD, equivalent to about 164 million RMB after currency conversion [2]. - The insurance compensation represents a non-recurring gain for AVMAX, as the company had previously fully impaired the value of the leased aircraft [2]. Industry Summary - Several domestic aviation leasing companies, including Zhongyin Aviation Leasing and Guoyin Financial Leasing, have also faced similar issues with aircraft stranded in Russia, leading to significant financial losses and insurance claims [4][5]. - Zhongyin Aviation Leasing terminated leases for 18 aircraft with Russian airlines, resulting in a 791 million USD asset impairment, and has since received approximately 258 million USD in insurance claims for 11 of the stranded aircraft [4]. - Guoyin Financial Leasing reported a total impairment loss of 2.414 billion RMB for 9 aircraft stranded in Russia and has received insurance compensation totaling 1.562 billion RMB for 5 of those aircraft [5]. - Bohai Leasing has also disclosed a 298 million USD impairment due to 10 aircraft remaining in Russia, with a subsequent settlement of approximately 177 million USD received [6]. - Some companies, like Airwork Holdings Limited, have resorted to legal action against insurance providers due to unresolved compensation claims for aircraft that remain in Russia [7].

Core Viewpoint - Chinese leasing companies have a limited share of leasing business in Russia, but they are benefiting from rising rental prices in other markets due to aircraft supply constraints as the global aviation market recovers [1][6]. Group 1: Company Specifics - Shanhe Intelligent (002097) received $29 million in insurance compensation for three aircraft leased to Russian clients, which could not be recovered since the geopolitical conflict began in February 2022. The net amount after deductions was approximately $22.97 million [2]. - AVMAX, a wholly-owned subsidiary of Shanhe Intelligent, had previously fully recognized impairment losses on the three aircraft, making the insurance compensation a non-recurring gain that significantly impacts the company's net profit [2][3]. - Another company, Rifa Precision (002520), reported that its subsidiary Airwork has six B757-200 cargo aircraft leased to a Russian client, with only one aircraft recovered so far, leading to an impairment loss of approximately 741 million yuan [3][5]. Group 2: Industry Insights - The majority of aircraft operated by Russian passenger and cargo airlines are leased, with a significant portion coming from overseas leasing companies, including several with Chinese backgrounds [5][6]. - Chinese leasing companies, such as Bank of China Leasing and Bohai Leasing, have fully recognized impairment losses on their aircraft stranded in Russia, with Bank of China Leasing reporting 17 aircraft and an impairment of $804 million [6]. - The rental prices for narrow-body aircraft have increased by 20%-30% compared to 2019, with expectations of continued growth in rental prices for twin-aisle aircraft due to ongoing production delays from manufacturers [7][8].

【#一公司飞机滞俄4年后收到1.6亿赔款#，这些受损公司也在追讨、起诉】租赁出去的飞机无法召回， 山河智能（002097.SZ）最近收到了保险赔付款，金额折算人民币1.64亿元。 根据披露，山河智能名下的子公司，曾与俄罗斯客户签订三份飞机租赁合同，从2022年2月以来，虽然 持续进行交涉与回收尝试，但仍无法成功收回涉事飞机。近日，这家子公司与飞机保险承保方，就赔付 方案达成了一致。 除了山河智能，国内多家经营航空租赁的租赁公司及飞机租赁商，都有租赁给俄罗斯客户的飞机无法取 回。其中不少机构当年就计提了减值，同时向保险公司索赔。4年来，部分租赁公司或飞机租赁商收到 了保险赔款、部分收回了飞机，也有一些出租方至今还在与保险公司对簿公堂。 ...

Core Viewpoint - The article discusses the challenges faced by aircraft leasing companies in recovering leased planes from Russian clients due to ongoing geopolitical tensions, highlighting the financial implications and insurance claims associated with these situations [2][3][4]. Summary by Sections Aircraft Leasing and Insurance Claims - Shanhe Intelligent's subsidiary, Avmax Group Inc. (AVMAX), has been unable to recover three leased aircraft from Russian clients since February 2022 despite multiple attempts [3][4]. - AVMAX has reached an agreement with its insurance provider for a compensation of $29 million, with a net payout of approximately $22.97 million, equivalent to about RMB 164 million after currency conversion [4]. Financial Impact - The insurance payout is classified as a non-recurring gain, as AVMAX had previously fully impaired the value of the aircraft [5]. - The net profit impact from this insurance compensation is estimated at RMB 126 million, representing 172.92% of the company's audited net profit from the previous year [4]. Industry Context - Other domestic aircraft leasing companies, such as Bank of China Aviation Leasing and Guoyin Financial Leasing, have also faced similar challenges with aircraft stranded in Russia, leading to significant asset impairments and insurance claims [8][9]. - For instance, Bank of China Aviation Leasing reported a $791 million asset impairment and received approximately $258 million in insurance compensation for 11 aircraft [8]. - Guoyin Financial Leasing has successfully recovered some aircraft and received a total of RMB 1.562 billion in insurance compensation for five aircraft leased to Russian airlines [9]. Legal Actions - Some companies, like Airwork Holdings Limited, have resorted to legal action against insurance providers due to disagreements over compensation for aircraft that remain in Russia [11][12]. - Airwork has attempted to recover five aircraft but has only succeeded in retrieving one, leading to litigation as a means to resolve the insurance claim disputes [12].

Core Viewpoint - The company Shanhai Intelligent has received an insurance compensation of approximately 164 million RMB due to the inability to recall aircraft leased to Russian clients, highlighting the ongoing challenges faced by the aviation leasing industry in the context of geopolitical tensions [1][2]. Company Summary - Shanhai Intelligent's subsidiary, Avmax Group Inc. (AVMAX), has been unable to recover three aircraft leased to Russian clients since February 2022 despite multiple attempts [2]. - AVMAX has reached an agreement with the insurance provider for a compensation of 29 million USD, with a net payout of 22.97 million USD, equivalent to approximately 164 million RMB after currency conversion [2]. - The insurance compensation represents a non-recurring gain for AVMAX, significantly impacting its net profit for the previous year, accounting for 172.92% of the audited net profit [2]. Industry Summary - Several domestic aviation leasing companies, including Bank of China Aviation Leasing and Guoyin Financial Leasing, have also faced losses due to aircraft stranded in Russia [4]. - Bank of China Aviation Leasing terminated leases for 18 aircraft with Russian airlines in 2022, resulting in a write-down of 791 million USD in assets, and has since received approximately 258 million USD in insurance claims [4]. - Guoyin Financial Leasing reported 9 aircraft stranded in Russia with a recognized impairment loss of 2.414 billion RMB, and has received insurance compensation totaling 1.562 billion RMB for 5 aircraft [5]. - Bohai Leasing disclosed a 298 million USD impairment loss due to 10 aircraft remaining in Russia, and has received a total settlement of approximately 177 million USD [6]. - Some companies, like Airwork Holdings Limited, have resorted to legal action against insurance providers due to unresolved compensation claims for aircraft held in Russia [7].

Core Viewpoint - The article discusses the insurance compensation received by Shanhai Intelligent (山河智能) for aircraft that were stranded in Russia due to geopolitical conflicts, highlighting the financial impact and the company's operational challenges in the aviation leasing sector [2][5]. Group 1: Insurance Compensation - Shanhai Intelligent's subsidiary AVMAX has reached an agreement with the insurance provider for a compensation amount of $29 million, with a net amount of $22.97 million received after deducting legal fees [5]. - The compensation, converted at the exchange rate on August 8, amounts to approximately 164 million RMB, significantly impacting the company's net profit by 126 million RMB, which represents 172.92% of the previous year's net profit attributable to shareholders [5]. Group 2: Aircraft Leasing Contracts - AVMAX had signed three aircraft leasing contracts with Russian clients, with the aircraft being unable to be recalled since the geopolitical conflict began in February 2022 [2][4]. - The aircraft involved include DHC-8-300 and DHC-8-200 models, with lease terms ranging from 96 months to 148 months [4]. Group 3: Market Performance - In the recent trading period, Shanhai Intelligent recorded nine trading halts, with a cumulative increase of 123.19%, leading to a current market capitalization of approximately 19.2 billion RMB [8]. Group 4: Industry Context - Other companies, such as Zhejiang Rifa Precision Machinery Co., Ltd. (日发精机), are also facing similar challenges with aircraft stranded in Russia, indicating a broader issue within the aviation leasing industry due to geopolitical tensions [9][10].

Market Overview - The engineering machinery sector experienced a slight decline of 0.18% on August 12, with Southern Road Machinery leading the drop [1] - The Shanghai Composite Index closed at 3665.92, up 0.5%, while the Shenzhen Component Index closed at 11351.63, up 0.53% [1] Individual Stock Performance - Notable gainers included: - Construction Machinery (600984) with a closing price of 3.80, up 10.14% and a trading volume of 917,600 shares [1] - Noli Shares (603611) closed at 27.53, up 5.24% with a trading volume of 256,300 shares [1] - Hangcha Group (603298) closed at 21.98, up 3.53% with a trading volume of 126,800 shares [1] - Major decliners included: - Southern Road Machinery (603280) closed at 50.95, down 5.82% with a trading volume of 66,000 shares [2] - Wuxin Suizhuang (835174) closed at 63.65, down 4.50% with a trading volume of 61,100 shares [2] - Hengli Drilling Star (836942) closed at 48.71, down 4.08% with a trading volume of 60,400 shares [2] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 605 million yuan from institutional investors, while retail investors contributed a net inflow of 643 million yuan [2] - Key capital flows for selected stocks included: - Construction Machinery (600984) had a net inflow of 83.36 million yuan from institutional investors [3] - Noli Shares (603611) saw a net inflow of 7.28 million yuan from institutional investors [3] - Southern Road Machinery (603280) experienced a net outflow of 24.50 million yuan from retail investors [3]

Summary of Key Points Core Viewpoint - The company Shanhai Intelligent has received insurance compensation for three aircraft that were stranded in Russia due to geopolitical conflicts since February 2022, which affected the aviation industry and led to sanctions [1][4]. Group 1: Aircraft Leasing and Insurance Compensation - Shanhai Intelligent's wholly-owned subsidiary AVMAX had signed three aircraft leasing contracts with Russian clients, which became problematic due to the geopolitical situation [1]. - AVMAX attempted multiple times to recall the leased aircraft from Russia but was unsuccessful [1]. - AVMAX reached an agreement with the insurance underwriter, confirming an insurance claim amount of $29 million, with a net amount of $22.9651 million after deducting legal fees [4]. Group 2: Financial Impact - The total insurance compensation received by AVMAX amounts to approximately 164 million RMB, based on the exchange rate as of August 8 [4]. - After tax deductions, the impact on the company's net profit from the insurance compensation is estimated to be 126 million RMB, which represents 172.92% of the company's net profit attributable to shareholders from the previous year [4]. - The compensation is classified as a non-recurring gain, as AVMAX had previously fully provided for impairment on the three aircraft [4].