渤海租赁：上半年营收增长76% 拟采购90架飞机持续扩大竞争优势

Core Viewpoint - Bohai Leasing reported significant revenue growth in the first half of 2025, driven by increased aircraft sales and leasing income, despite a one-time impairment loss from the sale of its container leasing subsidiary [1][2]. Financial Performance - The company achieved operating revenue of 28.46 billion yuan, a year-on-year increase of 75.91% [1]. - The net profit attributable to shareholders was -2.02 billion yuan, but adjusted for the impairment, the net profit was 1.27 billion yuan, reflecting a growth of 77.27% [1]. Business Operations - The increase in revenue was attributed to strong global air passenger demand and limited production capacity from aircraft manufacturers, maintaining high market values, leasing rates, and renewal rates [1]. - Bohai Leasing completed the 100% equity transfer of CAL and optimized its fleet structure through aircraft asset sales, enhancing the average yield of its existing fleet [1]. Debt and Asset Management - To optimize its debt structure, Bohai Leasing's subsidiary Global Sea Containers Two Limited signed an agreement to sell its container leasing subsidiary GSCL, resulting in an impairment loss of approximately 3.29 billion yuan [2]. - The proceeds from the sale are intended to repay high-interest foreign dollar debts and improve domestic cash flow and business recovery [2]. Expansion and Competitive Position - Bohai Leasing is expanding its aircraft leasing business, with its subsidiary Avolon signing a purchase agreement for 75 A321NEO and 15 A330NEO aircraft, expected to be delivered by the end of 2033 [3]. - Avolon is now the company with the largest number of aircraft orders globally, enhancing the company's bargaining power and reducing acquisition costs [3]. Credit Ratings - In the first half of 2025, credit ratings for Avolon were upgraded by Fitch and Moody's, with Fitch raising the rating from "BBB-" to "BBB" and Moody's from "Baa3" to "Baa2," both with stable outlooks [3]. Fleet Overview - As of June 30, 2025, Bohai Leasing's fleet comprised 1,105 aircraft, including 663 owned and managed aircraft and 442 on order, primarily consisting of Airbus A320 and Boeing 737 models, with an average age of 6.6 years [4].