2025年全区工业贷款、基础设施行业贷款合计新增243.30亿元，新增额是2024年的3.7倍，其中电力、热 力、燃气及水的生产和供应业贷款新增184.13亿元，占对公贷款增量的比重达103.6%，为我区重点项目投 资和建设提供了坚实的资金支持。年末全区个人消费贷款余额2416.29亿元，同比增长4.2%，其中个人非 住房消费贷款同比增长4.8%，有效激发了全区消费市场活力。 普惠领域贷款规模稳步扩大，截至去年末，全区小微企业贷款余额2941.63亿元，同比增长8.8%，比全部 贷款增速高5.3个百分点，个体工商户、小微企业主经营性贷款余额分别同比增长13.4%和10.8%，农户贷 款余额同比增长9.8%。科技创新领域贷款快速增长，全区科技型中小企业、"专精特新"中小企业、高技术 1月30日，记者从2025年宁夏金融运行情况新闻发布会上获悉，去年，宁夏金融总量保持合理增长，存贷 款规模稳步扩大，信贷投放重点突出，服务高质量发展成效明显。截至去年末，全区人民币贷款余额 10452.75亿元，人民币存款余额10915.08亿元、同比增长8.6%。 贷款保持平稳增长，截至去年末，全年新增贷款487.83亿元，同比多 ...

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].