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Bohai Leasing (000415) investor relations material
Bohai Leasing Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
9M 2026 revenue fell 7.29% YoY to RMB 37.35B, while net income attributable to shareholders rose 427.23% to RMB 4.49B.
Profit growth reflected strong aircraft leasing performance, lower financing costs, and the absence of the prior-year RMB 3.277B goodwill impairment tied to the GSCL disposal.
Financial highlights
Q3 revenue was RMB 13.69B, up 15.75% YoY; Q3 net income attributable to shareholders was RMB 1.286B, up 99.04%.
9M net income attributable to shareholders was RMB 4.491B, up 427.23%; excluding non-recurring items, it was RMB 2.577B, up 238.29%.
9M operating profit was RMB 7.356B versus RMB 420.2M a year earlier; finance costs decreased 29.07% YoY to RMB 5.510B.
9M operating cash flow was RMB 13.229B, down 25.58% YoY; total assets were RMB 239.78B, down 4.04% from year-end 2025.
Segment performance
Aircraft leasing profit continued to grow as global passenger demand remained strong and aircraft manufacturing capacity constraints supported high aircraft values, lease rates, and utilization.
Revenue declined 7.29% YoY mainly because GSCL was sold at the end of 2025 and was no longer consolidated in 2026.
- Aviation recovery restored profitability, but high debt and liquidity pressure remain acute.000415
Q4 2023 - Net profit surged to RMB 3.20 billion on resilient aircraft leasing, despite lower revenue.000415
Q2 2026 - Revenue up 37.71% but goodwill impairment led to a net loss; adjusted profit surged 215%.000415
Q4 2025 - Net profit surged 35.57% year-over-year as leasing profits rose and costs fell.000415
Q1 2026 - Revenue up 60.58%, but goodwill impairment drove a net loss; leasing profits rose on strong demand.000415
Q3 2025 - Strong revenue growth offset by GSCL impairment, with focus shifting to aircraft leasing.000415
Q2 2025 - Q3 2024 net profit soared 170.68% year-over-year, driven by robust aircraft leasing and sales.000415
Q3 2024 - H1 2024 net profit surged 36.18% to ¥716 million on robust aircraft sales and leasing.000415
Q2 2024 - Revenue up, net profit down on one-offs; Bohai Leasing maintains global leasing leadership.000415
Q4 2024
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