SUNWARD(SZ:002097) Di Yi Cai Jing·2025-08-12 14:56Core 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].