渤海租赁上半年调整后净利润同比增长77% 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 an operating income 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 loss, the net profit was 1.27 billion yuan, reflecting a 77% year-on-year growth [1]. Business Operations - The increase in operating income was primarily due to strong global air passenger demand and limited aircraft manufacturing capacity, which kept aircraft market values, leasing rates, and renewal rates high [1]. - Bohai Leasing completed the 100% equity transfer of CAL and optimized its fleet structure through aircraft asset sales, leading to improved average yield levels [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 for a price below its net assets, resulting in an impairment loss of approximately 3.29 billion yuan [2]. - The proceeds from this transaction are intended to repay high-interest foreign dollar debts and improve domestic cash flow and business recovery [2]. Strategic Expansion - In July 2025, Bohai Leasing's subsidiary Avolon signed a procurement agreement with Airbus for 75 A321NEO and 15 A330NEO aircraft, with deliveries expected by the end of 2033 [3]. - Avolon is now the company with the largest number of aircraft orders globally, enhancing its bargaining power and reducing acquisition costs [3]. Market Position - As of June 30, 2025, Bohai Leasing's fleet comprised 1,105 aircraft, making it the second-largest aircraft leasing company globally by fleet size, serving 142 airline customers across 60 countries [4].