Bohai Leasing (000415) Q3 2026 earnings summary

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.