机构：中银国际 研究员：Eric HU/Freya REN BOC Aviation (BOCA) reported stellar financial results in 1H25. Its total revenue and other income increased 5.8% YoY to US$1,242m in 1H25. Its net profit decreased 25.8% YoY to US$341.5m in 1H25, mainly due to lack of non-recurring income. Looking back, its net profit for 1H24 included US$175m of non-recurring write-backs related to aircraft in Russia. Excluding the impact of the Russia event, its core net profit after tax increased 20% YoY in 1H25. Finance expenses increased ...