Bohai Leasing (000415) investor relations material

Executive summary

• Revenue for the first three quarters reached ¥40.28 billion, up 60.58% year-over-year, driven by increased aircraft sales and leasing income.

• Net loss attributable to shareholders was ¥1.37 billion, a decrease of 186.31% year-over-year, mainly due to a ¥3.277 billion goodwill impairment from the sale of GSCL.

• Excluding the impairment, net profit attributable to shareholders was ¥1.904 billion, up 19.75% year-over-year.

• Aircraft leasing business profit increased due to strong global air travel demand and high aircraft market values.

Financial highlights

• Operating cash flow for the period was ¥17.78 billion, down 4.88% year-over-year.

• Basic and diluted EPS were -¥0.2219, down 186.31% year-over-year.

• Total assets at period end were ¥286.33 billion, nearly flat from the previous year.

• Shareholders’ equity decreased by 8.3% to ¥28.86 billion.

• Gross margin and other profitability metrics were impacted by the one-time impairment.

Outlook and guidance

• Aircraft market value, lease rates, and renewal rates remain high due to robust demand and limited manufacturer capacity.

• Ongoing optimization of fleet structure and focus on core aircraft leasing business.