中国飞机租赁中期报告2025

2025 242336383940414244 Maples Corporate Services LimitedPO Box 309Ugland HouseGrand CaymanKY1–1104Cayman Islands 1632 www.calc.aero ir@calc.aero Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand CaymanKY1–1102Cayman Islands Tricor Investor Services Limited17/F., Far East Finance Centre16 Harcourt RoadHong Kong 01848 • Airbus Bank GmbH MUFG Bank, Ltd. 2025(IATA)2025RPKs5.1%82.5%84.2% 20256302,405.220242,528.1140.52024131.76.7%0.18920240.177 0.1220240.1289.8 1) 10121192 20256301811513089%100%20256308.65.7 OEMs202563011488262025630 2) 202573A321neo1 202563067%30%20256302241102% 202612 3) 100(PDP)20256304,88411,22816,112 2024720 5152.38%1.73202563032%12 AAA 4) C909–C909C90942036C909 2025IATA 620259,79049.9 1. 20256302,405.22,528.1122.94.9%2025630157.92024630185.62025630140.52024630131.72025630EBITDA1,976.120246302,481.3 202563058,612.82024123158,239.7373.10.6% 202563052,787.12024123152,911.5124.40.2% 1.1 20256302,405.22,528.1122.94.9% 20256301,908.120246302,222.5314.414.1%20246301722025630151 20256306.8%20246309.5%9.3%202463010.2%9.3%20246 3010.1%20256 30 1.2 1.2.1 202563019294.7202463025.45,573.82024630507.4 1.2.2 2025630 202563066.62024630113.146.541.1% 1.3 1.3.1 20256301,104.41,340.1235.717.6%(i)(ii)20246305.36%20254.47%5.52%20246306.30% 2025630 1.3.2 2025630683.3839.7156.418.6%2024630119202563090 1.3.3 2025630 1.3.4 1.4 202412317.320256307.2 20256304262025630365%2025630195.7 1.5 202563030.5115.8 2. 2.1 202563058,612.82024123158,239.7373.10.6% 2.1.1– 2024123191202563090 202563049 20256302024123119202563012 – –202412311592025630151 202563042,242.12024123142,812.4 2.1.2 2.1.3PDP PDPPDP 2.1.4 2025630332.120241231376.944.811.9% 2025630102.2%2024630101.3% 2.2 202563052,787.12024123152,911.5124.40.2% 2.2.1 2024123143,046.2202563042,816.0230.20.5%(i)2024123115920256301511,528.1(ii)PDP605.6(iii)2,205.7 2.2.2 202412313,930.720256304,384.11,500.01,200.0 (a)(b) 2.2.3 3. 2025630 4. 20256301752024630183202563094.22024630122.1 5. 5.1 2025630497.120241231515.6187.520241231196.0309.620241231319.6 5.2 20256 30414202412 31451PDP 202563011488A32026C909 11 19 22 20246302025630 2025630XVXV78352C3 (1)L(2)2025630744,648,542(3)185,827,261(a)176,496,672Capella Capital LimitedCapella Capital Limited50%50%(b)9,330,589Equal Honour Holdings Limited 2025630XVi)XV78ii)352iii) 202563018 20256302025630XV23336 (1)L(2)2025630744, 648,542(3)244,065,37339,352,320(4)Honorich Holdings Limited49.39%0.35%Honorich HoldingsLimited(3)(5)63.16%100%(3)(4)(6)CapellaCapella(7)Capella50%50%(6)(8)185,827,261(a)176,496,672Capella Capital LimitedCapella Capital Limited50%50%(b)9,330,589Equal Honour Holdings Limited 2025630XV235% C1 630 2025630 201393.21D.3 • •202412312025630 ••• 2025630 201393.25E.1 20139B.3 20146232014711 2024710 20256302025630 (1)20224650%50%202346202446 (2)2022460.3 1.2.3. (3)2025630 (4)2025630 (6)2025630 17.07 (a) ••• (b) 121202246 2025630 20224617 13.51B(1) 13.51B(1) 20253182025318 20253182025318202541720253270165.HK2025429601788.SH, 6178.HK20254170257.HK 20256102448.HK 2025122Amplefield LimitedAOF.SGX202541Forbidden Foods LimitedFFF.ASXOMGGroup LimitedOMG.ASX 202552720253182025527 2025318370,000200,00080,00050,00040,0005,00020253182025417 20255272025527 13.51B(1) 13.51B(1) 20257312025102025731 2025630 202591520256300.1220240.12202520252025108 20259112025915 (c) 2025915 1617 20222124.4%2025212 2025630 2025630 20256305%2025630 2025827 38902025630343434 24102410 34 20246302410 •2025827 1. 201212212012MaplesCorporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman KY1–1104, Cayman Islands2014711 2025630 2. 34202412312024 20256307,697.2202563041,390.3202812,430.120256304,884.2 2025630 2. •PDP20252025630112,640.02025630 •2025630PDP4,365.6 2025630PDPPDPPDPPDP20256307,126.3PDP2025630PDP2025630PDPPDP 2. •202563020,218.213,534.36,683.9 •2025215202581.6 •20256301620256302025630 2025630 3. 202563020241231 202511 21 4. 20241231 5. 20241231 20241231 5. 1926 5. 202520246305% 202563020241231 5. 2025630112024123116 202563050202563079,247,0002024630106,414,00037,0002024123115,432,000 50 5. (d) 20 (a) – – (b) (c) 9 5. (c) 202563022,757,0002024123118,508,0008149,598,00020241231152,951,00010(b) 5. (c) (d) 20256308 730 5. 730 5. 5. 20256301632024123112751202412314811PDP382024123127742024123152202563029202412313131(d)PDP 202412312025630 5. 5. ••• 5. (i) (ii)2025630CAG Bermuda1 LimitedCAGCAG 5. (ii) CAG 100 5. 5. 6. 20256301,574,830,00020246301,922,237,000 20256 3028,393,125,000202412 3128,071,670,000 202563021,357,594,0002024123123,867,672,00016 20256309,960,000202463024,348,000 209,575,00020241231215,655,00020256306,849,000202463031,274,000 7. 2025630 (a)2025630787,498,00020241231702,347,000202412312025630405,376,00020241231243,211,00030(b) (b) 2025630144,965,00020241231139,979,000