四大产业齐发力！航空航天、生物医药、先进材料、生态环保五年来跨越式增长，营业收入最高增长14倍！四川发展（控股）公司以实绩擦亮国企名片。 "十四五"期间四川发展（控股）公司以产业为根基，以资本为纽带，打造一流国有资本投资运营公司，书写高质量发展的壮丽新篇。本期让我们一起走进 四川发展（控股）公司的"十四五"答卷。 "十四五"以来，公司围绕打造一流国有资本投资运营公司的发展愿景，全力以赴拼经济、搞建设，集中精力抓效益、谋发展，承压前行，克难奋进，推动 高质量发展迈上新台阶。 截至2024年底，先进材料产业板块资产总额达318.4亿元，较2020年增长约6倍；全年实现营业总收入93.7亿元，较2020年同期增长近14倍；全年实现利润 总额7.6亿元，较2020年同期增长约8倍。 截至2024年底，航空航天产业板块资产总额达127.3亿元，较2020年增长65.6%；全年实现营业总收入23.4亿元，较2020年同期增长约4倍。 加快夯实产业发展平台，成功完成炼石航空定增控股工作，并推动其实现摘星摘帽，为发展航空高端制造奠定坚实基础；旗下引领资本控股并购富江工 业，培育打造航空航天装备锻造领域标杆企业。 截至2024 ...

《方案》提出，力争到2030年末，全市租赁公司资产规模达到2.8万亿元，飞机、船舶、出口离岸 和绿色租赁比较优势持续巩固，累计完成3000架飞机租赁业务、1600艘船舶租赁业务，绿色租赁资产超 过6500亿元。同时，拓宽租赁新赛道，推动算力租赁等新质生产力设备租赁业务初具规模，全面提升租 赁行业发展水平和在经济社会发展中的贡献度。 值得关注的是，在打造特色业态方面，《方案》明确支持东疆建设全球飞机租赁中心、国际船舶租 赁中心和全球出口离岸租赁中心，同时高水平建设"绿色租赁高质量发展区"，引领行业绿色转型。 《方案》强调，将在风险可控前提下开展融资租赁先行先试各项创新，切实防范各类风险，坚决守 住不发生区域性风险、不引发系统性风险的底线。 中新网天津11月19日电 (记者 周亚强)记者19日从天津官方获悉，天津市委金融办日前发布《天津 市建设国际一流国家租赁创新示范区更好服务实体经济高质量发展实施方案(2026-2030年)》(下称《方 案》)，旨在进一步发挥融资租赁服务实体经济作用，高水平建设国际一流国家租赁创新示范区，促进 天津租赁行业高质量发展。 《方案》部署了推动融资环境、司法环境、人才环境和政策环境优 ...

Core Viewpoint - The Tianjin Municipal Financial Office has released a five-year implementation plan aimed at establishing an international first-class national leasing innovation demonstration zone, with a target of reaching a total asset value of 2.8 trillion yuan for leasing companies by the end of 2030 [1][2]. Group 1: Consolidation of Advantages and Expansion into New Fields - The plan sets clear quantitative goals for the leasing industry, aiming to maintain a leading position in traditional sectors such as aircraft, ships, offshore leasing, and green leasing, with targets including 3,000 aircraft and 1,600 ships leased, and green leasing assets exceeding 650 billion yuan [2]. - It emphasizes the expansion into new leasing sectors, particularly in computing power leasing and low-altitude economic equipment, to create a "computing power leasing hub" and inject new momentum into the real economy [2]. Group 2: Comprehensive Support System - The plan outlines a comprehensive support system across ten dimensions, including financing, legal, talent, and business innovation [3]. - To address financing challenges, it proposes a dual approach of securing special credit policies from banking institutions and encouraging direct financing through corporate bonds and asset securitization [3]. - It aims to enhance the legal environment by leveraging the expertise of the Tianjin Free Trade Zone financing leasing court and establishing a multi-faceted dispute resolution mechanism [3]. Group 3: Policy and Business Innovation - Key highlights include allowing financial leasing companies to issue foreign currency loans to project companies and supporting operational leasing to collect foreign currency rents [4]. - The plan encourages deep integration of leasing companies with the industrial chain and promotes export leasing through collaboration with the China Export Credit Insurance Corporation [4]. Group 4: Building a World-Class Industrial Cluster - The plan aims to create a nationally influential high-end leasing industry think tank and support core enterprises in the industrial chain to invest in compliant leasing companies [5]. - It seeks to establish a global aircraft leasing center and an international ship leasing center in the Dongjiang Comprehensive Bonded Zone, optimizing the business environment to compete with international hubs like Singapore and Hong Kong [5]. - The plan also emphasizes the importance of digital and intelligent regulatory transformations to ensure the stable development of the leasing industry [5].

天津市委金融委员会办公室近日印发《天津市建设国际一流国家租赁创新示范区更好服务实体经济高质 量发展实施方案（2026-2030年）》。实施方案提出，力争到2030年末，全市租赁公司资产规模达到2.8 万亿元，飞机、船舶、出口离岸和绿色租赁比较优势持续巩固，累计完成3000架飞机租赁业务、1600艘 船舶租赁业务，绿色租赁资产超过6500亿元，拓宽租赁新赛道，推动算力租赁等新质生产力设备租赁业 务初具规模，全面提升租赁行业发展水平和在经济社会发展中的贡献度，全力推动建设国际一流国家租 赁创新示范区，促进天津市租赁行业高质量发展。 天津市建设国际一流国家租赁创新示范区更好服务实体经济高质量发展实施方案（2026-2030年） 为深入贯彻习近平总书记关于做好金融工作的系列重要讲话精神，认真落实习近平总书记视察天津重要 讲话精神和对天津工作一系列重要指示要求，进一步发挥融资租赁服务实体经济作用，高水平建设国际 一流国家租赁创新示范区，促进我市租赁行业高质量发展，以金融之为，更好服务实体经济，根据《关 于金融支持天津高质量发展的意见》、《建设国际一流国家租赁创新示范区促进行业高质量发展行动计 划》等文件精神，结合实际制 ...

人民财讯11月18日电，《天津市建设国际一流国家租赁创新示范区更好服务实体经济高质量发展实施方 案(2026—2030年)》近日印发，其中提出，力争到2030年末，全市租赁公司资产规模达到2.8万亿元，飞 机、船舶、出口离岸和绿色租赁比较优势持续巩固，累计完成3000架飞机租赁业务、1600艘船舶租赁业 务，绿色租赁资产超过6500亿元，拓宽租赁新赛道，推动算力租赁等新质生产力设备租赁业务初具规 模，全面提升租赁行业发展水平和在经济社会发展中的贡献度，全力推动建设国际一流国家租赁创新示 范区，促进我市租赁行业高质量发展。 ...

Core Viewpoint - Bohai Leasing is focusing on its core business by optimizing its asset structure through the transfer of shares in Anhui Jiangkou Financial Leasing Co., Ltd. [1] Group 1: Share Transfer Details - On November 6, 2025, Bohai Leasing's board approved the transfer of approximately 818 million shares (20.97% of total shares) of Anhui Jiangkou Financial Leasing by its wholly-owned subsidiary Tianjin Bohai Leasing to Anhui Provincial Transportation Holding Group [1] - The total transaction price for the share transfer is 700 million yuan, with 481 million shares being unrestricted and valued at approximately 412 million yuan, while 337 million shares are under judicial freeze and valued at approximately 288 million yuan [1] Group 2: Revenue Composition - For the first half of 2025, Bohai Leasing's revenue composition was as follows: aircraft sales accounted for 53.84%, aircraft leasing for 35.26%, container leasing for 8.94%, container sales for 1.45%, and other financing leasing for 0.31% [2] Group 3: Market Capitalization - As of the latest report, Bohai Leasing's market capitalization stands at 22.2 billion yuan [3]

Group 1 - Bohai Leasing announced the transfer of equity in Anhui Jiang Financial Leasing Co., Ltd. by its wholly-owned subsidiary Tianjin Bohai Leasing Co., Ltd. during a temporary board meeting held on November 6, 2025 [1] - For the first half of 2025, Bohai Leasing's revenue composition was as follows: aircraft sales accounted for 53.84%, aircraft leasing for 35.26%, container leasing for 8.94%, container sales for 1.45%, and other financing leasing for 0.31% [1] - As of the report date, Bohai Leasing's market capitalization was 22.2 billion yuan [1] Group 2 - The domestic art insurance market, valued at 4.8 billion yuan, faces challenges as insurers find pricing difficult, indicating a lack of optimism in the sector [1]

Core Insights - The company reported a significant increase in revenue for the first three quarters of 2025, achieving 40.284 billion yuan, a year-on-year growth of 60.58% [1] - Despite the revenue growth, the company experienced a net loss attributable to shareholders of 1.372 billion yuan, a shift from profit compared to the previous year [1] - Excluding the impact of goodwill impairment from the sale of container assets, the net profit for the first three quarters was 1.904 billion yuan, reflecting a year-on-year increase of 19.75% [1] Revenue Performance - The company’s revenue growth for the first three quarters of 2025 was 60.58%, with a notable increase in Q3 revenue of 11.824 billion yuan, up 32.73% year-on-year and 4.24% quarter-on-quarter [2] - The revenue growth was driven by fleet expansion and a favorable industry environment, alongside continued high aircraft sales compared to the previous year [2] - In Q3 2025, the company sold 15 aircraft, an increase of 4 aircraft year-on-year but a decrease of 5 aircraft quarter-on-quarter [2] Cost and Profit Analysis - The operating cost for Q3 2025 was 10.926 billion yuan, representing a year-on-year increase of 46.20% [3] - The net profit attributable to shareholders for Q3 2025 was 646 million yuan, a decrease of 26.03% year-on-year, but a recovery from losses in the previous quarter [2] Fleet Expansion and Industry Outlook - As of the end of Q3 2025, the company had a total of 601 owned, 36 managed, and 522 ordered aircraft, showing growth in fleet size despite significant aircraft sales [4] - The company has placed an order for 90 additional aircraft from Airbus, with an option for 40 more, expected to be delivered by the end of 2033 [4] - The overall industry remains robust, with Boeing and Airbus delivering an average of 105 aircraft per month and holding 159 aircraft orders, indicating sustained high industry demand [4] Investment Recommendation - The company maintains a "buy" rating based on the ongoing positive outlook for the aircraft leasing industry, with projected revenues of 47.1 billion, 38 billion, and 41.1 billion yuan for 2025-2027, reflecting growth rates of 22.54%, -19.24%, and 7.96% respectively [5] - The net profit forecasts for the same period are -100 million, 1.7 billion, and 2.4 billion yuan, with a significant expected growth rate of 39.28% over three years [5]

Financial Data and Key Metrics Changes - The company reported quarterly revenue of $183.4 million, a 25.4% increase year over year, driven by strong demand for leasing services and a strengthening aviation market [3][4] - Core leasing revenues reached a record $76.6 million, up 17.9% from the prior year, while maintenance reserve revenue increased by 52.8% to $76.1 million [9][10] - Net income attributable to common shareholders was $22.9 million, with diluted weighted average income per share at $3.25 [19][20] Business Line Data and Key Metrics Changes - Leasing, maintenance reserve, and interest revenue totaled $156 million, reflecting a 32% increase from the same quarter in 2024 [5][9] - The average portfolio utilization increased to 86% from 82.9% in the comparable period of 2024 [10] - Maintenance reserve revenues associated with long-term liabilities rose significantly to $29.5 million from $1.2 million in the prior year [11] Market Data and Key Metrics Changes - The company purchased 16 engines and six aircraft for a total of approximately $136.4 million, indicating strong market activity [3][4] - The average lease rate factors for on-lease operating lease assets remained stable at 1.04% compared to the previous year [10] Company Strategy and Development Direction - The company aims to grow its aircraft leasing capabilities while maintaining its core focus on engine leasing and services [8][45] - The recent hiring of Pascale Tucano as Senior Vice President of Aircraft Leasing and Trading is expected to enhance the company's capabilities in aircraft leasing [6][8] - The company is also focusing on sustainable aviation fuel (SAF) projects, with plans to solicit third-party equity for funding [45][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the leasing business, citing robust demand and operational capacity [4][5] - The company anticipates that improved clarity on new aircraft delivery dates will benefit its services and leasing strategies [5][26] - Management acknowledged the potential impact of increased aircraft supply on legacy engine values but emphasized the ongoing demand for their services [25][26] Other Important Information - The company declared its seventh consecutive quarterly dividend, increasing it to $0.40 per share, reflecting confidence in business strength [4][23] - Total debt obligations increased to $2.24 billion, with a fixed-rate debt profile of 89% and a weighted average cost of debt at 5.11% [18][22] Q&A Session Summary Question: Impact of improving new aircraft delivery rates on legacy engine values - Management noted that increased aircraft supply could lead to the retirement of older aircraft, potentially affecting legacy engine values, but emphasized the ongoing demand for their services [25][26] Question: Reconciliation of common equity increase versus reported earnings - Management explained that the increase in common equity includes various components such as net income and stock-based compensation, which will be detailed in the upcoming 10-Q [28][29] Question: General and administrative expense clarification - Management provided details on the increase in G&A expenses, attributing it to higher personnel costs and changes in share-based compensation [30][32] Question: Write-downs and their frequency - Management clarified that write-downs are common in the engine space and are related to assets coming off lease, with recent write-downs reflecting the transition of engines to held for sale [40][41] Question: Future investment in aircraft leasing - Management confirmed plans to expand aircraft leasing capabilities while maintaining their core focus on engine leasing, emphasizing a thoughtful growth strategy [44][45] Question: Funding for SAF project - Management indicated that they plan to seek third-party equity for the SAF project, with a conservative risk approach to funding [45][46]

Investment Rating - The investment rating for Bohai Leasing is "Buy" with a target price of 4.29 CNY, maintaining the current rating [5]. Core Views - Bohai Leasing reported a revenue of 40.284 billion CNY for the first three quarters of 2025, a year-on-year increase of 60.58%. However, the net profit attributable to shareholders was -1.372 billion CNY, a decrease of 186.31% year-on-year, primarily due to goodwill impairment [1]. - The company’s revenue growth is driven by increased aircraft sales and leasing income, while the net profit decline is significantly impacted by goodwill impairment. Excluding this impairment, the net profit for the first three quarters would be 1.904 billion CNY, reflecting a year-on-year growth of 19.75% [1]. - The global demand for air passenger transport remains strong, and the aircraft market value, leasing rates, and renewal rates are expected to stay high due to limited production capacity from manufacturers [2]. Summary by Sections Financial Performance - For Q3 2025, Bohai Leasing achieved a revenue of 11.824 billion CNY, up 32.73% year-on-year, with a net profit of 646 million CNY, down 26.03% year-on-year [1]. - The projected revenues for 2025-2027 are 53.404 billion CNY, 33.728 billion CNY, and 35.983 billion CNY, with year-on-year growth rates of 38.96%, -36.84%, and 6.69% respectively [3][4]. Market Position and Outlook - Avolon, a key player in the aircraft leasing market, has a fleet of 1,159 aircraft, with 99% of the aircraft scheduled for delivery in the next two years already leased out. The demand for aircraft remains robust, with backlogs at historical highs [2]. - The aircraft leasing industry is expected to benefit from the ongoing supply-demand imbalance, with limited availability of aircraft for leasing in the coming years [2]. Valuation Metrics - The projected net profit for 2025 is 135 million CNY, with a significant rebound expected in 2026 and 2027, reaching 1.485 billion CNY and 2.134 billion CNY respectively [3][4]. - The price-to-book (PB) ratios for 2025, 2026, and 2027 are projected to be 0.74x, 0.70x, and 0.66x respectively, indicating a potential for valuation improvement [3][4].