Bohai Leasing (000415) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB 17.12 billion, up 99.82% year-over-year, driven by increased aircraft sales and leasing income.

• Net profit attributable to shareholders was RMB 669 million, up 72.21% year-over-year; adjusted net profit (excluding non-recurring items) rose 106.81%.

• Avolon completed the acquisition of Castlelake Aviation Limited (CAL), which was consolidated into the group, contributing to profit growth and asset expansion.

Financial highlights

• Operating cash flow was RMB 4.75 billion, down 15.57% year-over-year due to higher security deposit payments.

• Total assets at quarter-end were RMB 295.13 billion, up 3.05% from year-end 2024.

• Basic and diluted EPS were RMB 0.1082, up 72.02% year-over-year.

• Gross margin and segment cost details not specified, but operating costs rose 161.14% year-over-year, mainly from increased aircraft sales.

Outlook and guidance

• Benefiting from continued recovery in air passenger demand, aircraft leasing and sales profits increased, and fleet yield improved.

• Ongoing fleet structure optimization and integration of CAL expected to further enhance profitability.