Core Insights - Ningxia's financial sector demonstrated reasonable growth in 2025, with significant increases in both loans and deposits, supporting high-quality development [1][3] Financial Performance - As of the end of last year, the total RMB loan balance in Ningxia reached 10,452.75 billion yuan, while the RMB deposit balance was 10,915.08 billion yuan, reflecting a year-on-year growth of 8.6% [1] - The total new loans for the year amounted to 487.83 billion yuan, an increase of 82.95 billion yuan compared to the previous year [1] - The medium and long-term loan balance was 6,986.69 billion yuan, with new loans of 221.72 billion yuan, accounting for 45.5% of the total loan increase [1] - Short-term loans reached a balance of 2,502.15 billion yuan, with new loans of 163.20 billion yuan, representing 33.5% of the total loan increase [1] Deposit Growth - Total new deposits for the year were 983.89 billion yuan, an increase of 260.89 billion yuan year-on-year [1] - Household deposits reached 6,710.68 billion yuan, growing by 9.2% [1] - Government and fiscal deposits totaled 2,370.31 billion yuan, with a year-on-year increase of 15.6% [1] - Non-financial enterprise deposits amounted to 1,605.27 billion yuan, reflecting a growth of 6.7% [1] Social Financing and Sectoral Support - The total social financing scale in Ningxia increased by 1,256.05 billion yuan, a year-on-year rise of 538.86 billion yuan [3] - Net financing from local government bonds increased by 252.01 billion yuan, while corporate bonds and stock financing rose by 94.70 billion yuan [3] - Industrial and infrastructure loans combined saw an increase of 243.30 billion yuan, which is 3.7 times the amount from 2024 [3] Consumer and Small Business Loans - Personal consumption loans reached a balance of 2,416.29 billion yuan, with a year-on-year growth of 4.2% [3] - Loans to small and micro enterprises totaled 2,941.63 billion yuan, growing by 8.8%, outpacing the overall loan growth by 5.3 percentage points [4] Green and Innovative Financing - Green loan balance was 1,853.83 billion yuan, with a growth of 14.6% year-on-year, and new green loans amounted to 270.04 billion yuan, making up 55.4% of the total loan increase [4] - Loans for technology-driven small and medium enterprises and "specialized, refined, distinctive, and innovative" enterprises saw significant growth, with increases of 16.6%, 11.6%, and 16.9% respectively [4] Interest Rate Policies - The Ningxia branch of the People's Bank of China implemented measures to enhance interest rate policy execution, aiming to reduce financing costs for enterprises and residents [4] - The weighted average interest rate for newly issued corporate loans was 3.01%, while for personal housing loans it was 3.10%, both representing the lowest levels recorded [4]

Core Insights - The company reported a 6% year-over-year increase in revenue to US$1.24 billion for 1H25, while net profit decreased by 26% year-over-year to US$342 million, primarily due to non-recurring write-backs related to two aircrafts in Russia in 1H24. Excluding this impact, core net profit grew by 20% year-over-year, aligning with expectations [1] Financial Performance - In 1H25, the company delivered 24 aircrafts, a 6-unit increase year-over-year and a 4-unit increase half-over-half, with 19 being operating leased aircrafts, marking a 12-unit increase year-over-year and half-over-half. This resulted in capital expenditures of US$1.9 billion, a 138% year-over-year increase [2] - The net book value of operating leased aircrafts rose by 1% compared to the beginning of 2025, reaching US$18.2 billion, attributed to accelerated aircraft disposals, which increased by 3 units year-over-year to 18 [2] - The lease rate factor increased by 0.5 percentage points year-over-year to 10.3%, contributing to a net operating lease yield increase of 0.5% year-over-year to 7.5% [2] - Other interest and fee income surged by 80% year-over-year, driven by a significant rise in pre-delivery payment financing income due to global aircraft delivery growth [2] Growth Outlook - The company signed its largest aircraft order in history during 1H25, with the orderbook increasing by 132% year-over-year to 351 aircrafts, implying total capital expenditures of approximately US$20 billion. This robust orderbook supports a solid medium-to-long-term growth outlook [3] - The company targets total assets of US$40 billion by 2030, indicating a compound annual growth rate (CAGR) of 8% from 2024 to 2035 [3] - As of 1H25, the company maintained a 100% aircraft utilization rate, with an average aircraft age of five years and a weighted average remaining lease term of 7.9 years, enhancing visibility in rental income [3] Financing and Valuation - The funding cost remained stable year-over-year at 4.6%, with total debt increasing by 2% year-over-year. The stability in financing costs is attributed to internal cash flow management [4] - A potential 10 basis points decline in financing costs could increase net profit by approximately US$2.5 million, benefiting from easing overseas monetary conditions [4] - The stock is currently trading at 1.0x 2025 estimated price-to-book (P/B) ratio and 0.9x 2026 estimated P/B ratio, with a target price of HK$81.40, suggesting a 13% upside [4]

Core Viewpoint - ADAMA Ltd. has approved a bond buyback plan to improve its debt structure and reduce financing costs, with a maximum consideration of up to USD 300 million [3][4]. Group 1: Meeting Details - The 12th Meeting of the 10th Session of the Board of Directors was held via circulation on May 27, 2025, with unanimous consent from all six participating directors [2]. - The meeting complied with all relevant laws, regulations, and the Articles of Association of the Company [3]. Group 2: Buyback Plan - The Board of Directors approved a buyback plan for certain bonds listed by ADAMA Agricultural Solutions Ltd., a wholly-owned subsidiary, with a maximum price per bond set at ILS 1.466 [3][4]. - The term for the bonds buyback is one year following the resolution's adoption, with funding sourced from internal resources and/or unutilized loans or credit facilities [4]. Group 3: Management Authorization - The Board authorized the management of Solutions to make decisions and enter into necessary documents related to the Buyback Plan [5]. - The proposal received unanimous approval with 6 affirmative votes, 0 negative votes, and 0 abstentions [5].