Core Viewpoint - China Aircraft Leasing Group (01848) reported a total revenue of HKD 2.405 billion for the six months ending June 30, 2025, representing a year-on-year decrease of 4.86% [1] - The company achieved a profit attributable to shareholders of HKD 141 million, an increase of 6.66% year-on-year [1] - The company proposed an interim dividend of HKD 0.12 per share [1] Financial Performance - Total revenue for the period was HKD 2.405 billion, down 4.86% compared to the previous year [1] - Profit attributable to shareholders was HKD 141 million, reflecting a 6.66% increase year-on-year [1] - Basic earnings per share were HKD 0.189 [1] Operational Highlights - During the review period, the company delivered a total of 10 new aircraft and 1 used aircraft to airline customers, with most being new generation fuel-efficient Airbus models [1] - The company signed new agreements or letters of intent for the purchase of 21 aircraft and completed the sale of 19 aircraft and 2 engines, setting a record for aircraft transactions during the same period [1] - The company leveraged market opportunities from rising aircraft values and the interest rate decline to optimize its fleet composition through aircraft trading [1]

Core Viewpoint - The article discusses the implications of the ongoing Russo-Ukrainian War on aircraft leasing companies, particularly focusing on the seizure of leased aircraft by Russia and the subsequent insurance claims made by affected companies [1][5][6]. Group 1: Aircraft Leasing Context - Aircraft leasing is a common practice in the aviation industry, allowing airlines to operate without the high upfront costs of purchasing aircraft [3][4]. - As of the onset of the Russo-Ukrainian War, Russia had a fleet of 980 passenger aircraft, with 777 being leased, and 515 of those from foreign leasing companies [4][5]. Group 2: Impact of the Russo-Ukrainian War - Following the war's outbreak, Russia nationalized all foreign-leased aircraft as a countermeasure against Western sanctions, leading to significant losses for Western leasing companies, particularly AerCap [5][6]. - The article notes that some aircraft were seized and held in foreign jurisdictions, complicating the return process for leasing companies [5][6]. Group 3: Insurance Claims and Compensation - Leasing companies have pursued insurance claims for the seized aircraft, with some successfully receiving compensation, such as the $22.96 million received by AVMAX, a subsidiary of Shanhe Intelligent [1][8]. - The article highlights that the resolution of these claims often involves lengthy legal processes, with some companies opting for settlements with insurance providers [8][12]. Group 4: Future of Seized Aircraft - The article suggests that the resolution of remaining seized aircraft issues will be a prolonged process, potentially requiring the normalization of relations between Russia and Western countries post-war [14][15]. - It also mentions that some aircraft have been returned or compensated through insurance settlements, allowing for legal ownership transfer to Russian airlines [12][14]. Group 5: Market Dynamics - Despite the challenges posed by the war, the aircraft leasing market has seen increased rental rates due to supply chain constraints and a recovering aviation industry, benefiting leasing companies financially [16].

8月11日晚，上市公司山河智能发表公告称，其全资子公司AVMAX租赁给俄罗斯航司并被扣押的三架飞机（dash-8）已获得投保的保险公司理赔，共获得 2296万美元的理赔款。 这次成功理赔让舆论场重新关注起了由于俄乌冲突爆发而被俄罗斯扣押的租赁飞机，有些人在追问被扣押飞机什么时候能归还，而另一部分人则把话题引 向了中俄关系与对俄罗斯的攻击。 在我看来，前者是有着朴素情感的群众，担心我们国家受损失。而后者嘛，怎么在与俄罗斯有关时就开始突击爱国了呢？真令人百思不得其解。 当然，自俄乌冲突爆发后俄罗斯将航司租赁的飞机全都国有化而拒不归还是客观事实，而几大航空租赁公司在过去三年半中想方设法解决被扣押飞机的问 题也是事实。那么事情到底如何呢？这里就给大家好好捋一捋。 一、俄罗斯为何扣押租赁飞机？ 顾名思义，飞机租赁就是租赁公司将飞机租给航空公司供航空公司运营用。由于航空是个重资产的行业，而且飞机的价值往往以亿来计，因此一个航司想 要买飞机的话往往有着较大的资金压力。 | 飞机类型 | 序列号 | 承租方 | 合同开始日期 | 合同到期日期 | 租期 | | --- | --- | --- | --- | --- | -- ...

智通财经APP讯，中国飞机租赁(01848)发布公告，于2025年8月15日，因根据2024年末期股息的以股代 息计划而发行332.64万股普通股(以现金派发，可选择以股代息方式收取股息)。 ...

中国飞机租赁(01848)发布公告，于2025年8月15日，因根据2024年末期股息的以股代息计划而发行 332.64万股普通股(以现金派发，可选择以股代息方式收取股息)。 ...

格隆汇8月15日丨中国飞机租赁(01848.HK)发布公告，于2025年8月15日，因根据2024年末期股息的以股 代息计划而发行332.64万股普通股。 ...

格隆汇8月14日丨中国飞机租赁(01848.HK)宣布，本公司将于2025年8月27日(星期三)举行董事会会议， 以批准(其中包括)本公司及其附属公司截至2025年6月30日止六个月的中期业绩，以及考虑派付中期股 息(如有)。 ...

山河智能收到了来自保险公司的赔偿，因为其全资子公司AVMAX曾与俄罗斯客户签订三份飞机租赁合 同。自2022年2月地缘政治冲突以来，尽管AVMAX多次尝试召回上述租赁在俄罗斯的飞机，但未能成 功收回。近日，AVMAX与飞机保险承保人就赔付方案达成一致意见，确认可从保险承保商获得的保险 理赔款为2900万美元，扣除律师费用等后的保险赔付款净额为2296.51万美元。截至目前，AVMAX已全 额收到这笔款项，折算人民币约1.64亿元。保险赔付款项扣税后对公司净利润影响金额为1.26亿元，会 计核算计入营业外收入，占公司上一年度归母净利润的172.92%。 | 飞机序列号 | 合作开始日期 | 合同到期 | 合作终止 | 租期内合同金额 | 租期 | | --- | --- | --- | --- | --- | --- | | | | 日期 | 日期 | (万新西兰元) | | | MSN25731 | 2018年8月 | 2024年11月 | 2022年3月 | 2, 572. 83 | 6年零70天 | | NSN25696 | 2019年1月 | 2025 年4月 | 2022年3月 | 2, 572. 8 ...

Core Viewpoint - The article discusses the recent insurance compensation received by Shanhe Intelligent (山河智能) for aircraft that could not be recovered from Russia due to geopolitical conflicts, highlighting the broader impact on the aircraft leasing industry and the financial implications for companies involved [3][5]. Group 1: Insurance Compensation - Shanhe Intelligent's subsidiary AVMAX received a total insurance compensation of $29 million, with a net amount of $22.97 million after legal fees [4][5]. - The insurance payout, after tax deductions, is expected to impact the company's net profit by approximately 126 million yuan, accounting for 172.92% of the previous year's net profit attributable to shareholders [5]. Group 2: Aircraft Leasing Challenges - AVMAX had previously fully impaired the value of the three aircraft involved, indicating that the insurance compensation is a non-recurring gain [6]. - Other companies, such as Rifa Precision Machinery (日发精机), also face challenges with aircraft stranded in Russia, having reported significant impairment losses due to the inability to recover their leased aircraft [6][8]. Group 3: Broader Industry Impact - Many Chinese leasing companies have encountered similar issues with aircraft stranded in Russia, leading to substantial impairment losses [9]. - The overall leasing business in Russia represents a small portion of the leasing companies' operations, but the rising global aviation market and supply chain issues are leading to increased rental prices for aircraft [10][11]. - Rental rates for narrow-body aircraft have increased by 20%-30% compared to 2019, with expectations of continued growth in 2025 due to ongoing production delays from manufacturers [11][13].

总体来看，中资租赁公司对俄罗斯的租赁业务占比不大，而随着全球航空市场的回暖，租赁公司也在"享受" 因飞机供应受限而带来的其他市场租金上涨。 3架租赁给俄罗斯的飞机无法收回多年后，山河智能（002097）收到了来自保险公司的赔偿。 8月11日晚，山河智能发布公告称，公司全资子公司AVMAX曾与俄罗斯客户签订三份飞机租赁合同，自2022年2月地缘政治冲突以来，AVMAX多次尝试召 回上述租赁在俄罗斯的飞机，尽管已持续进行交涉与回收操作，仍无法成功收回涉事飞机。 | 飞机类型 | 序列号 | 承租方 | 合同开始日期 | | | --- | --- | --- | --- | --- | | DHC-8-300 | 443 | Yakutia Airlines | 2019 年 7 月 18 日 | 21 | | DHC-8-200 | વર્તવ | Aurora JSC | 2012 年 3 月 1 日 | 21 | | DHC-8-200 | 457 | Aurora JSC | 2012 年 3 月 1 日 | 21 | 近日，AVMAX与飞机保险承保人就赔付方案达成一致意见，确认AVMAX可从保险承保商获 ...