Group 1: Avolon Key Operating Data - As of the end of Q2 2025, Avolon has a fleet size of 1,076 aircraft, which includes 599 owned aircraft, 35 managed aircraft, and 442 ordered aircraft, serving 142 airline customers across 60 countries [1] - The aircraft fleet composition includes various models such as 428 Airbus A320NEO series, 182 Airbus A320CEO series, and 156 Boeing 737 MAX series, among others [1] - 98% of the ordered aircraft scheduled for delivery in the next 24 months have already secured leases, with 54 aircraft sold but not yet delivered [1] Group 2: GSCL Key Operating Data - As of the end of Q2 2025, GSCL has a fleet size of approximately 4.068 million CEU, with an average container utilization rate of 97.9% [2] - The container fleet composition includes 1,740,956 dry containers (42.8% of total), 1,668,189 refrigerated containers (41.0%), 410,590 tank containers (10.1%), and 248,077 special containers (6.1%) [2] - GSCL serves around 750 leasing customers and has containers distributed across approximately 190 ports globally, supported by 23 operational centers [2]

Core Insights - The container leasing industry is a crucial pillar in the logistics sector, providing leasing services for various transportation modes including maritime, land, and air [1][14] - The industry has evolved from initial exploration to a mature market since the rise of containerized transport in the 1960s, experiencing rapid growth due to globalization and increased cross-border trade [1][14] - China, as the largest producer and consumer of containers, is witnessing a continuous increase in the market size of the container leasing industry, projected to reach approximately 30 billion yuan in 2024, reflecting an 8.3% year-on-year growth [1][14] Industry Overview - Container leasing involves agreements between leasing companies and lessees, typically shipping lines or transport companies, for the rental of containers, with responsibilities for maintenance and repair resting on the lessee [3] - The leasing methods can be categorized into three types: time charter, voyage charter, and flexible leasing [3] Market Dynamics - The Chinese container leasing market is expected to continue expanding, particularly driven by the rapid development of emerging markets [1][14] - Government policies have been introduced to promote the development of the container leasing market, including initiatives to encourage collaboration between rail and shipping companies and the establishment of container return points [5][12] Industry Chain - The container leasing industry chain consists of upstream raw material suppliers and container manufacturers, midstream leasing companies, and downstream users including maritime, rail, road, and air transport [8] Current Development - In 2024, China's metal container production is projected to reach 29.8956 million cubic meters, a 177% year-on-year increase, with continued growth expected into 2025 [10] - Container throughput in China is also on the rise, increasing from 26.4 million TEUs in 2020 to an estimated 33.2 million TEUs in 2024, indicating strong demand for container leasing services [12] Competitive Landscape - The industry exhibits a high degree of market concentration, with the top five companies controlling 84.8% of the total container fleet, and the top ten companies holding 92.7% [16] - Major players include China COSCO Shipping Corporation, China International Marine Containers, Bohai Leasing, and China Foreign Trade Development Company [16][18] Future Trends - The container leasing industry is expected to benefit from the rapid development of emerging markets in Asia and Africa, technological innovations, and supportive government policies [22]