Bohai Leasing (000415) investor relations material

Executive summary

• Revenue rose 37.71% year-over-year to ¥52.92 billion, driven by increased aircraft sales and leasing income.

• Net loss attributable to shareholders was ¥406 million, down from a ¥904 million profit last year, mainly due to a ¥3.26 billion goodwill impairment from the sale of GSCL.

• Excluding the impairment, adjusted net profit was ¥2.85 billion, up 215.63% year-over-year.

• The company completed the sale of its container leasing subsidiary GSCL and acquired 100% of Castlelake Aviation Limited (CAL), focusing its business on aircraft leasing.

Financial highlights

• Operating income: ¥52.92 billion, up 37.71% year-over-year.

• Net loss attributable to shareholders: ¥406 million (vs. ¥904 million profit last year).

• Adjusted net profit (excluding goodwill impairment): ¥2.85 billion, up 215.63% year-over-year.

• Basic and diluted EPS: -¥0.0656 (vs. ¥0.1462 last year).

• Total assets: ¥249.87 billion, down 12.76% from last year.

• Net assets attributable to shareholders: ¥29.44 billion, down 6.46% year-over-year.

• Operating cash flow: ¥23.32 billion, down 8.41% year-over-year.

Outlook and guidance

• The company expects continued strong demand for aircraft leasing, supported by global aviation recovery and supply constraints in new aircraft production.

• Plans to further optimize capital structure, reduce financing costs, and enhance shareholder value through potential share buybacks.

• No cash dividend, bonus shares, or capital reserve to share capital conversion planned for 2025 due to accumulated losses at the parent company.