Core Viewpoint - Company maintains its profit forecast for China Aircraft Leasing Group (02588) with a target price of HKD 81.40, indicating a potential upside of 13% based on projected P/B ratios for 2025 and 2026 [1] Group 1: Financial Performance - In 1H25, the company's revenue increased by 6% year-on-year to USD 1.24 billion, while net profit decreased by 26% to USD 342 million, primarily due to a one-time impact from the return of two Russian aircraft [1] - Excluding this impact, the company's core net profit grew by 20% year-on-year, aligning with expectations [1] Group 2: Operational Metrics - The company delivered a total of 24 aircraft in 1H25, an increase of 6 aircraft year-on-year and 4 aircraft quarter-on-quarter, with capital expenditures reaching a five-year high of USD 1.9 billion, up 138% year-on-year [2] - The operating lease fleet's net book value increased by 1% to USD 18.2 billion, while the total fleet size rose by 2% to USD 22.2 billion [2] - The rental yield improved, with the net leasing yield increasing by 0.5% year-on-year to 7.5% [2] Group 3: Growth Potential - The company signed its largest aircraft order in history during 1H25, with the order book increasing by 132 aircraft year-on-year to 351 aircraft, representing a capital expenditure of approximately USD 20 billion [3] - The company aims to reach total assets of USD 40 billion by 2030, with a projected CAGR of 8% from 2024 to 2035 [3] - The fleet maintains a 100% utilization rate, with an average age of 5 years and an average remaining lease term of 7.9 years, indicating a strong and predictable rental income stream [3] Group 4: Financing Costs - The company's funding cost remained stable at 4.6% year-on-year, with total debt increasing by 2% [4] - The company is expected to benefit from potential reductions in short-term interest rates, particularly for its 32% floating-rate debt, which is the highest among listed leasing companies [4]

Core Viewpoint - The report maintains the profit forecast for China Aircraft Leasing Group (02588) and sets a target price of HKD 81.40, indicating a 13% upside potential based on projected P/B ratios for 2025 and 2026 [1] Group 1: Financial Performance - In 1H25, the company's revenue increased by 6% year-on-year to USD 1.24 billion, while net profit decreased by 26% to USD 342 million, primarily due to the one-time impact of recovering two Russian aircraft [1] - Excluding this impact, the core net profit increased by 20% year-on-year, aligning with expectations [1] Group 2: Operational Metrics - The company delivered a total of 24 aircraft in 1H25, an increase of 6 aircraft year-on-year and 4 aircraft quarter-on-quarter, with capital expenditures reaching a near five-year high of USD 1.9 billion, up 138% year-on-year [2] - The operating lease fleet's net book value increased by 1% to USD 18.2 billion, while the total fleet size rose by 2% to USD 22.2 billion [2] - The rental yield improved, with new high-value aircraft contributing to a rental factor increase of 0.5 percentage points year-on-year to 10.3% [2] Group 3: Growth Potential - The company signed its largest aircraft order in history during 1H25, with the order book increasing by 132 aircraft year-on-year to 351 aircraft, corresponding to a capital expenditure of approximately USD 20 billion [3] - The fleet maintained a 100% utilization rate with an average age of 5 years and an average remaining lease term of 7.9 years, indicating a robust and predictable rental income structure [3] Group 4: Financing Costs - The company's funding cost remained stable at 4.6% year-on-year, with total debt increasing by 2% [4] - The company is expected to benefit from potential reductions in short-term interest rates, particularly for its 32% floating-rate debt, which is the highest among listed leasing companies [4]

Core Viewpoint - Bank of China Aviation Leasing (02588.HK) reported a total operating and other income of $1.242 billion for the six months ending June 30, 2025, reflecting a 6% increase from $1.174 billion in the previous year. However, net profit after tax decreased by 26% to $342 million compared to $460 million in the first half of 2024, which included a non-recurring reversal of $175 million related to aircraft in Russia. Earnings per share were $0.49. The board declared an interim dividend of $0.1476 per share, down from $0.1988 per share in the first half of 2024 [1][1][1]. Financial Performance - Total operating and other income reached $1.242 billion, up 6% from $1.174 billion year-on-year [1]. - Net profit after tax was $342 million, a decrease of 26% from $460 million in the previous year [1]. - Earnings per share stood at $0.49 [1]. Dividend Information - The board declared an interim dividend of $0.1476 per share, compared to $0.1988 per share in the first half of 2024 [1]. Asset and Cash Flow - Total assets increased to $25.6 billion as of June 30, 2025, from December 31, 2024 [1]. - Net assets amounted to $6.5 billion [1]. - Record operating cash flow (excluding interest) reached $1 billion [1]. - Strong liquidity was maintained with $533 million in cash and cash equivalents, in addition to $5.5 billion in undrawn committed loan facilities [1].

Group 1 - The company, Konggang Co., announced the convening of its eighth board meeting on August 20, 2025, in Beijing to review the 2025 semi-annual report and other documents [2] - For the year 2024, the revenue composition of Konggang Co. is as follows: construction industry accounts for 71.5%, leasing accounts for 21.76%, and property management and others account for 7.76% [2]

Core Viewpoint - The company, Xingye Holdings, has announced a financing lease agreement with Heilongjiang Longfang Property Management Co., Ltd. for an amount of RMB 50 million (approximately HKD 54.35 million) to acquire ownership of certain heating equipment and facilities located in Harbin, Heilongjiang Province, China, which will be leased back to the tenant for a period of five years [1]. Group 1 - The financing lease is part of the normal business operations of the company's subsidiary, Green Gold Leasing, and is expected to provide stable revenue and cash flow for the group [1]. - The board believes that the financing lease and related documents are established on fair terms and are in the best interests of the group and its shareholders [1].

Group 1 - The company, Global Medical (02666), announced that its wholly-owned subsidiary, China Global Leasing Co., Ltd., plans to issue a total principal amount of up to RMB 500 million in the second phase of domestic medium-term notes for 2025 [1] - The second phase of the notes will have a term of three years and will feature a fixed interest rate, with the final rate to be determined through a book-building process at the time of subscription [1] - The net proceeds from the issuance of the second phase notes will be used by the issuer to repay maturing debts [1]

Economic Performance - The province's economy showed a steady and positive development trend in July, with industrial and investment growth accelerating, and key indicators consistently exceeding the national average [1][2]. Industrial Growth - The industrial added value above designated size increased by 8.8% year-on-year in July, accelerating by 0.6 and 2.4 percentage points compared to the previous month and the same period last year, respectively, and surpassing the national average by 3.1 percentage points [1]. - The power generation industry saw a significant increase, with industrial power generation volume rising by 27.3% year-on-year in July, accelerating by 31.5 percentage points from the previous month [1]. - The equipment manufacturing sector experienced rapid growth, with an added value increase of 12.5% in July, contributing 34.7% to the province's industrial growth [1]. Investment Trends - Fixed asset investment in the province grew by 5.6% year-on-year from January to July, surpassing the national growth rate of 4.0% [2]. - Private investment maintained strong growth, increasing by 8.5% year-on-year, contributing 90.9% to the overall investment growth in the province [2]. - Industrial investment continued to show double-digit growth, with a year-on-year increase of 23.4%, exceeding the national average by 14.4 percentage points [2]. Consumer Market - The total retail sales of social consumer goods reached 212.5 billion yuan in July, with a year-on-year growth of 4.8%, and a cumulative growth of 6.9% from January to July, outpacing the national average by 2.1 percentage points [3]. - The high-tech manufacturing industry and strategic emerging industries saw added value growth of 13.5% and 11.2% respectively in July, indicating a shift towards modernization [3]. Emerging Services - The province's emerging service industries, such as leasing and multi-modal transport, reported significant revenue growth, with increases of 38.1% and 34.2% respectively in the first half of the year [4]. - New consumption models are being actively developed, with a notable increase in the number of Hanfu stores in Luoyang, which grew to 1,360, a 14-fold increase from the end of 2022 [4].

Summary of Key Points Core Viewpoint - The average monthly salary in Uzbekistan for the first half of 2025 is reported to be 5,982,300 UZS (approximately 470 USD), reflecting a year-on-year increase of 17.2% [1]. By Region - Tashkent city has the highest average salary at 10,138,400 UZS (798.3 USD), with an 18.8% increase year-on-year [2]. - Navoi region follows with an average salary of 7,486,400 UZS (589.5 USD), showing a 13.4% growth [2]. - Tashkent region has an average salary of 5,674,400 UZS (446.8 USD), increasing by 15.3% [2]. - Andijan region reports an average salary of 4,935,300 UZS (388.2 USD), with an 11.0% increase [2]. - Syrdarya region has an average salary of 4,789,800 UZS (377.1 USD), growing by 18.0% [2]. - Bukhara region's average salary is 4,787,300 UZS (377 USD), reflecting a 14.8% increase [2]. - Karakalpakstan reports an average salary of 4,757,200 UZS (374 USD), with a 14.2% growth [2]. - Khorezm region has an average salary of 4,720,100 UZS (371.7 USD), increasing by 15.6% [2]. - Jizzakh region reports an average salary of 4,476,800 UZS (352.5 USD), with a 17.0% increase [2]. - Fergana region has an average salary of 4,443,800 UZS (349.9 USD), reflecting a 16.9% growth [2]. - Samarkand region reports an average salary of 4,435,400 UZS (349.2 USD), with a 15.8% increase [2]. - Namangan region has an average salary of 4,350,100 UZS (342.5 USD), growing by 16.6% [2]. - Surkhandarya region reports an average salary of 4,256,500 UZS (335.2 USD), with a 16.1% increase [2]. - Kashkadarya region has an average salary of 4,148,300 UZS (326.6 USD), reflecting a 14.3% growth [2]. By Industry - The financial sector (banking, insurance, loans, leasing, and financial intermediation) has the highest average salary at 16,252,900 UZS (1,279.5 USD), with a year-on-year increase of 13.9% [3]. - Information and communication sector follows with an average salary of 14,785,800 UZS (1,164.2 USD), showing a 17.0% growth [3]. - Transportation and warehousing report an average salary of 9,006,600 UZS (709.2 USD), increasing by 16.0% [3]. - The industrial sector has an average salary of 7,173,100 UZS (564.8 USD), reflecting a 15.4% increase [3]. - Trade sector reports an average salary of 6,700,900 UZS (527.6 USD), with a 12.8% growth [3]. - Construction sector has an average salary of 5,888,300 UZS (463.6 USD), increasing by 6.1% [3]. - Arts, entertainment, and recreation sector report an average salary of 5,036,800 UZS (396.6 USD), with a significant growth of 20.7% [3]. - The hotel and restaurant sector has an average salary of 4,592,600 UZS (361.6 USD), reflecting a 4.5% increase [3]. - Education sector reports an average salary of 4,141,800 UZS (326.1 USD), with an 18.3% growth [3]. - Healthcare and social services sector has an average salary of 3,697,300 UZS (291.1 USD), increasing by 12.4% [3].

Core Viewpoint - Baide International (02668) is expected to report a significant increase in losses for the first half of the year, projecting a loss of approximately HKD 110 million to HKD 130 million, compared to a loss of HKD 36.8 million in the same period last year [1]. Group 1: Financial Performance - The company anticipates a loss of around HKD 110 million to HKD 130 million for the first half of the year [1]. - Last year's loss for the same period was HKD 36.8 million, indicating a substantial deterioration in financial performance [1]. Group 2: Reasons for Loss - The primary reasons for the expected losses include increased operational costs following the acquisition of iron ore mining and processing operations completed at the end of last year [1]. - The mining operations have led to a significant rise in overall costs, including direct costs, operational expenses, and administrative expenses [1]. - The company maintains approximately HKD 405 million in bank loans related to its mining business, contributing to increased financial costs [1]. - There has also been an increase in fair value losses related to investment properties [1]. Group 3: Business Segments - Baide International is primarily engaged in the trading of non-ferrous metals and construction materials [1]. - The company operates five main business segments: - Supply chain services for non-ferrous metals and construction materials - Hotel management and catering services - Equipment leasing - Property investment focusing on retail shop leasing - Securities investment in equity [1].

Core Viewpoint - Baide International (02668) is expected to report a significant increase in losses for the first half of the year, projecting a loss attributable to shareholders of approximately HKD 110 million to HKD 130 million, compared to a loss of HKD 36.8 million in the same period last year [1] Financial Performance - The company anticipates a loss of HKD 110 million to HKD 130 million for the first half of the year, a substantial increase from the previous year's loss of HKD 36.8 million [1] - The increase in losses is attributed to several factors, including significant operational cost increases following the acquisition of iron ore mining and processing operations [1] Operational Challenges - The operational costs have risen due to direct costs, operational expenses, and administrative expenses associated with the new mining business [1] - The mining operations are maintaining approximately HKD 405 million in bank loans, which has led to increased financial costs for the group [1] - There has also been an increase in the fair value loss of investment properties [1] Business Segments - Baide International primarily engages in the trading of non-ferrous metals and construction materials, with five main business segments: 1. Supply chain services for non-ferrous metals and construction materials 2. Hotel management and catering services 3. Equipment leasing 4. Property investment, focusing on retail shop leasing 5. Securities investment in equity [1]