渤海租赁(000415.SZ)：上半年净亏损20.19亿元

Core Insights - Bohai Leasing (000415.SZ) reported a significant increase in revenue for the first half of 2025, achieving 28.46 billion yuan, a year-on-year growth of 75.91% [1] - The company experienced a net loss attributable to shareholders of 2.02 billion yuan, marking a shift from profit to loss compared to the previous year [1] - The decline in net profit was primarily due to an impairment loss of approximately 3.29 billion yuan related to the sale of GSCL's 100% equity, which was below its net asset value [1] Financial Performance - The company's net profit attributable to shareholders, excluding the impact of goodwill impairment, was 1.27 billion yuan, reflecting a year-on-year increase of 77.27% [2] - The net profit after excluding non-recurring gains and losses was 998 million yuan, showing an 87.42% increase compared to the previous year [2] - The growth in profitability was driven by strong global air passenger demand and limited production capacity from aircraft manufacturers, which maintained high market values, leasing rates, and renewal rates [2] Business Operations - The completion of the CAL 100% equity transfer contributed positively to the company's financial performance [2] - The company continued to optimize its fleet structure through aircraft asset sales, leading to an improvement in the average yield of its existing fleet [2] - The profitability of the aircraft leasing business increased compared to the same period last year [2]