Bohai Leasing (000415) investor relations material

Executive summary

• Revenue for H1 2026 was RMB 23.66 billion, down 16.86% year-over-year, mainly due to reduced aircraft sales and the exclusion of GSCL after its divestiture.

• Net profit attributable to shareholders reached RMB 3.20 billion, a significant turnaround from a loss of RMB 2.02 billion in H1 2025, driven by robust aircraft leasing performance and the absence of prior year goodwill impairment.

• Aircraft leasing remains the core business, with a fleet of 1,146 aircraft and a global customer base across 60 countries.

• The company completed a major share buyback and maintained a strong capital position, with total assets of RMB 240.97 billion at period end.

Financial highlights

• Operating income: RMB 23.66 billion, down 16.86% year-over-year.

• Net profit attributable to shareholders: RMB 3.20 billion, up 258.73% year-over-year.

• Basic and diluted EPS: RMB 0.5209, compared to a loss of RMB 0.3264 per share in H1 2025.

• Gross margin for aircraft leasing: 65.67%, up 3.13 percentage points year-over-year.

• Operating cash flow: RMB 8.69 billion, down 22.29% year-over-year.

Outlook and guidance

• Aircraft leasing market expected to remain robust due to high demand and limited new aircraft supply.

• The company plans to continue optimizing its fleet structure and expand its order book, with 503 aircraft on order for delivery through 2033.

• No interim dividend, bonus shares, or capital increase from reserves planned for the period.