Bohai Leasing Co Ltd

Avolon has announced a firm order for 110 Airbus jets, comprising 75 A320neo family aircraft and 35 A330-900s, with options for a further 100 aircraft pending Bohai Leasing shareholder approval. The commitment from the leading lessor reinforces long-term demand visibility for Airbus's single-aisle and widebody programmes and deepens its presence in the leasing market. The order, once Bohai Leasing approves it, supports the long-term demand story but does not materially change the most immediate swing factors, which remain engine and supply chain reliability on the A320 family and the impact of elevated investment and Spirit AeroSystems integration costs on near-term free cash flow. Alongside the Avolon deal, Airbus Defence and Space has completed the first 32 new OneWeb satellites for Eutelsat, underlining the push to build a more meaningful second profit pillar outside commercial jets. Airbus's narrative projects 107.5 billion euros in revenue and 9.3 billion euros in earnings by 2029, requiring 11.8% yearly revenue growth and about a 3.4 billion euro earnings increase from 5.9 billion euros today, while some of the most optimistic analysts were already pencilling in about 122.6 billion euros of revenue and 10.4 billion euros of earnings by 2029.

China Jushi announced that it expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 5.136 billion yuan and 5.393 billion yuan, up 100% to 110% year on year. The change is mainly due to increased demand in major downstream application areas for fiberglass and a simultaneous rise in product volume and prices. On the same day, several other companies released earnings forecasts. Kinwong Electronic expects third-quarter net profit of 912 million yuan to 1.089 billion yuan, up 205.46% to 264.74% year on year, benefiting from faster mass production and shipments of high-performance PCBs in high-speed communications and AI data infrastructure. Delton Technology expects net profit of 1.45 billion yuan to 1.5 billion yuan for the first three quarters, up 100.33% to 107.23%, focusing on the computing power PCB market. Hongfuhan expects net profit of 170 million yuan to 200 million yuan for the first three quarters, up 108.19% to 144.93%, with mass production and delivery of liquid cooling plate cabinet module business becoming the core incremental driver. Bohai Leasing's controlling subsidiary Avolon, through its wholly owned subsidiary AALL, signed an agreement with Boeing to purchase 140 B737 MAX series aircraft. Based on Boeing's published list prices, the total value does not exceed 26.953 billion US dollars, while the actual purchase price carries a certain discount. The deal still needs shareholder approval and is expected to be fully delivered by the end of 2036. MicuRx Pharmaceuticals plans to sign an exclusive license agreement for the MRX-23 project and a platform technology cooperation agreement with ClearideBio of Switzerland. The upfront payment is 1 million US dollars, the nominal cap for MRX-23 development, registration and sales milestone payments totals 223 million US dollars, and the total payment cap when all platform cooperation project options are exercised and all milestones are achieved is 750 million US dollars. China Northern Rare Earth and Baogang Group both announced that the rare earth concentrate transaction price for the fourth quarter of 2026 will be adjusted to 38,769 yuan per ton excluding tax, up 0.53% quarter on quarter. Wuliangye has cumulatively repurchased 16.1278 million shares, with a total amount paid of about 1.201 billion yuan. ST Nachuan has been placed on file for investigation by the China Securities Regulatory Commission for suspected illegal information disclosure in its 2023 annual report. Yu Faxiang, the actual controller of Xiangyuan Cultural Tourism and Jiaojian Co., Ltd., has also been placed on file for investigation by the CSRC for suspected illegal information disclosure.

Bohai Leasing announced on the evening of October 9 that its subsidiary Avolon has signed agreements with Airbus and Boeing to purchase 250 aircraft, including 75 A320NEO family aircraft, 35 A330NEO family aircraft, and 140 B737 MAX family aircraft, while also obtaining purchase options for 100 Airbus aircraft covering the A320NEO and A330NEO. Airbus aircraft will be delivered progressively by the end of 2035, and Boeing aircraft by the end of 2036. After this purchase, Avolon's ordered aircraft will increase to 749, ranking first in the industry by order size. Third-quarter operating information disclosed on the same day shows that as of the end of the third quarter of 2026, Avolon's fleet size was 1,092 aircraft, including 561 owned aircraft, 32 managed aircraft, and 499 ordered aircraft, excluding this purchase, serving 138 airline customers in 62 countries worldwide. In the first half of 2026, the company's overall fleet utilization rate was approximately 100 percent, achieving aircraft leasing revenue of about 10.7 billion yuan, up 6.62 percent year on year, with a fleet weighted average lease rate of 10.74 percent, up 23 basis points from the end of 2025.

On October 9, all three major A-share indices closed higher, with total market turnover of 1.92 trillion yuan, an increase of 222.4 billion yuan from the previous trading day. More than 3,200 stocks closed higher, including 72 at the daily limit. Evening announcements showed that ST Nachuan, stock code 300198, was placed under investigation by the China Securities Regulatory Commission for suspected illegal information disclosure in its 2023 annual report, and Yu Faxiang, the actual controller of Xiangyuan Cultural Tourism, was also placed under investigation by the CSRC. Dragon-Tiger list data showed that institutional seats appeared in 67 stocks this week, with net buying in 38 stocks and net selling in 29. Among them, 22 stocks saw net institutional buying exceeding 10 million yuan each, and 10 stocks including Jones Tech and OGAWA saw net institutional buying exceeding 50 million yuan each. The largest net buying was in Jones Tech, with total net institutional buying of 332 million yuan, while Yuanjie Technology saw the largest net institutional selling of 1.436 billion yuan. In terms of earnings forecasts, Kinwong Electronic expects third-quarter net profit to rise 205 to 265 percent year on year, Hongfuhan expects net profit for the first three quarters to rise 108 to 145 percent year on year, and China Jushi expects net profit for the first three quarters to rise 100 to 110 percent year on year. In addition, Avolon, a controlled subsidiary of Bohai Leasing, plans to purchase 140 B737 MAX series aircraft from Boeing through its subsidiaries, with a total value not exceeding 26.953 billion US dollars. Mengke Pharmaceutical signed an exclusive license and platform cooperation agreement with ClearideBio for MRX-23, with milestone payments and other amounts capped at 750 million US dollars in total.

Bohai Leasing announced on the evening of September 28 that its controlling subsidiary Avolon's sub-subsidiaries and related entities signed an aircraft sale and purchase agreement and a beneficial interest transfer agreement with LAC Ireland 1 in Ireland on September 28, selling 33 aircraft leasing assets with attached leases. The market price of these assets is approximately 1.609 billion US dollars, equivalent to about 10.924 billion yuan, and the actual sale price will be determined by both parties through negotiation on this basis. The transaction methods include direct sale of aircraft leasing assets by Avolon's sub-subsidiaries, sale through entrusted trust institutions, or sale of beneficial interests in aircraft leasing assets. The counterparty is a non-related third party, so this does not constitute a related-party transaction. Bohai Leasing stated that this transaction is conducive to optimizing the aircraft asset structure, maintaining a young leasing fleet, and will have a positive impact on the company's current and future annual profits.

Bohai Leasing released its 2026 interim report, with net profit attributable to the parent company of 3.204 billion yuan, an increase of 5.223 billion yuan compared with the same period last year, achieving a turnaround from losses to profits. The company's total operating revenue was 23.663 billion yuan, and net cash inflow from operating activities was 8.686 billion yuan. The latest asset-liability ratio was 80.24 percent, down 3.75 percentage points from the same period last year; gross margin was 33.61 percent, up 5.38 percentage points year-on-year; ROE was 10.27 percent, up 17.35 percentage points year-on-year. Diluted earnings per share were 0.52 yuan, an increase of 0.85 yuan year-on-year.

On the evening of August 7, multiple A-share listed companies disclosed shareholding increase and buyback plans. Joulwatt's actual controller, Lyu Hanquan, and his controlled enterprises plan to increase their holdings by a total of no less than 12 million yuan and no more than 24 million yuan within six months starting from August 10, 2026. Suda Co.'s CFO and board secretary, Xie Lizhi, increased his holdings by 6,500 shares on August 6, with an amount of 179,400 yuan. China State Construction's controlling shareholder, China State Construction Engineering Corporation, received a loan commitment letter of no more than 900 million yuan from the Beijing branch of Industrial and Commercial Bank of China, specifically for the previously disclosed 500 million to 1 billion yuan shareholding increase plan. Bohai Leasing plans to buy back 200 million yuan worth of shares at a price not exceeding 6.48 yuan per share, and has received a 150 million yuan special loan commitment from the Urumqi branch of China Everbright Bank. Bright Power Semiconductor plans to buy back 60 million to 120 million yuan worth of shares at a price not exceeding 239.71 yuan per share, and has received a loan commitment letter from the Shanghai branch of China CITIC Bank. The repurchased shares will be used to maintain company value and shareholder interests.

Bohai Leasing announced that the company plans to use its own funds and a special stock buyback loan to repurchase a portion of its A-shares through centralized competitive trading. The buyback amount is 200 million yuan, with a maximum repurchase price of 6.48 yuan per share. The repurchased shares will be used entirely to safeguard company value and shareholder interests, and will all be available for sale. The buyback period is within three months from the date of board approval.