Bohai Leasing (000415) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached ¥28.46 billion, up 75.91% year-over-year, driven by strong growth in aircraft sales and leasing income.

• Net loss attributable to shareholders was ¥2.02 billion, mainly due to a ¥3.29 billion goodwill impairment from the planned sale of GSCL.

• Excluding the impairment, adjusted net profit was ¥1.27 billion, up 77.27% year-over-year.

• Aircraft leasing and sales accounted for over 89% of total revenue, with aircraft sales up 330.29% year-over-year.

• The company completed the acquisition of CAL and signed an agreement to sell GSCL, focusing future strategy on aircraft leasing.

Financial highlights

• Operating income: ¥28.46 billion (+75.91% YoY); net loss: ¥2.02 billion (vs. profit ¥716 million YoY).

• Adjusted net profit (excluding impairment): ¥1.27 billion (+77.27% YoY).

• Basic and diluted EPS: -¥0.3264 (vs. ¥0.1158 YoY).

• Total assets: ¥286.25 billion; net assets attributable to shareholders: ¥28.51 billion.

• Operating cash flow: ¥11.18 billion (-4.60% YoY).

Outlook and guidance

• Aircraft leasing market remains robust, with high utilization and lease rates; 98% of future deliveries are pre-leased.

• Sale of GSCL will reduce financial leverage and improve liquidity, with the company exiting container leasing to focus on aircraft.

• Management expects continued growth in aircraft leasing, leveraging industry recovery and new aircraft orders.