紅星冷鏈（湖南）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01641） Hongxing Coldchain (Hunan) Co., Ltd. 董事名單及其角色與職能 紅星冷鏈（湖南）股份有限公司董事會（「董事會」）成員載列如下： 執行董事 張明生 許群英 非執行董事 羅躍 （董事長） 李俊 陸芬芳 張中 獨立非執行董事 李珍珠 董事會已成立三個委員會。下表載列各董事所服務的該等委員會的成員資料。 | | 委員會 | 審計 | 薪酬與 | 提名 | | --- | --- | --- | --- | --- | | 董事 | | 委員會 | 考核委員會 | 委員會 | | 張明生 | | | | | | 許群英 | | | 成員 | | | 羅躍 | | | | 主席 | | 李俊 | | | | | | 陸芬芳 | | | | | | 張中 | | | | | | 李珍珠 | | 成員 | 成員 | 成員 | | 蔡艷萍 | | 成員 | 主席 | | | 侯思明 | | 主席 | | 成員 | – 2 – 蔡艷萍 侯思明 – 1 – 主席 相關董事委員會主席 成員 相關董事委 ...

紅星冷鏈（湖南）股份有限公司 董事會薪酬與考核委員會議事規則 第一章 總則 第一條 為進一步建立健全公司董事及高級管理人員的考核和薪酬管理制度， 完善公司治理結構，根據《中華人民共和國公司法》《香港聯合交易所有限公司 證券上市規則》（以下簡稱「《香港上市規則》」）和《紅星冷鏈（湖南）股份有限公 司章程》（以下簡稱「《公司章程》」）等有關規定，公司設立董事會薪酬與考核委 員會，並制定本議事規則。 第二條 薪酬與考核委員會是董事會設立的專門工作機構，主要負責制定、審 查公司董事及高級管理人員的薪酬政策與方案，負責制定公司董事及高級管 理人員的考核標準並進行考核，對董事會負責。 第三條 本議事規則所稱董事指在本公司領取薪酬的董事長、董事，高級管理 人員指董事會聘任的總經理、副總經理、財務總監、董事會秘書及《公司章程》 規定的其他高級管理人員。 第九條 薪酬與考核委員會可下設工作組，專門負責提供公司有關經營方面的 資料及被考評人員的有關資料，負責籌備薪酬與考核委員會會議並執行薪酬 與考核委員會的有關決議。 第三章 職責權限 第十條 薪酬與考核委員會的主要職責權限： – 2 – 第四條 《公司法》《香港上市規則》和《公 ...

紅星冷鏈（湖南）股份有限公司 董事會提名委員會議事規則 第一章 總則 第一條 為規範公司董事和高級管理人員的產生，優化董事會組成，完善公司 治理結構，根據《中華人民共和國公司法》《香港聯合交易所有限公司證券上市 規則》和《紅星冷鏈（湖南）股份有限公司章程》（以下簡稱「《公司章程》」）等有關 規定，公司設立董事會提名委員會，並制定本議事規則。 第二條 董事會提名委員會是董事會設立的專門工作機構，主要負責對公司董 事、總經理和其他高級管理人員的人選、選擇標準和程序等事項進行選擇並提 出建議。 本規則所稱高級管理人員，是指公司總經理、副總經理、董事會秘書、財務總 監。 第三條 《公司法》《公司章程》關於董事義務的規定適用於提名委員會委員。 第二章 人員組成 第四條 提名委員會成員由至少3名董事組成，至少一名為不同性別的董事， 其中獨立非執行董事佔多數。 第五條 提名委員會委員由董事長、二分之一以上獨立非執行董事或者全體董 事的三分之一以上提名，並由董事會選舉產生。 第六條 提名委員會設主席一名，由獨立非執行董事或董事會主席擔任，主席 負責主持委員會工作，擔任召集人，主席由董事會批准產生。 – 1 – 第七條 提名委 ...

公司設立的內部審計部門對審計委員會負責，向審計委員會報告工作。 第三條 《公司法》《公司章程》及《香港上市規則》關於董事義務的規定適用於審 計委員會委員。 第二章 人員組成 第四條 審計委員會成員由至少3名董事組成，全部為非執行董事，其中獨立 非執行董事佔多數，過半數成員不得在公司擔任除董事以外的其他職務，不得 與公司存在任何可能影響其獨立客觀判斷的關係，且至少應有一名獨立非執 行董事是會計專業人士且符合《香港上市規則》對具備適當專業資格或具備適 當的會計或相關的財務管理專長的獨立非執行董事的要求。 紅星冷鏈（湖南）股份有限公司 董事會審計委員會議事規則 第一章 總則 第一條 為強化紅星冷鏈（湖南）股份有限公司（以下簡稱「公司」）董事會決策功 能，做到事前審計、專業審計，確保董事會對高管層的有效監督，進一步完善 公司治理結構，根據《中華人民共和國公司法》（以下簡稱「《公司法》」）、《香港 聯合交易所有限公司證券上市規則》（以下簡稱「《香港上市規則》」）、《紅星冷 鏈（湖南）股份有限公司章程》（以下簡稱「《公司章程》」）等規定，制定本議事規 則。 第二條 董事會審計委員會是董事會設立的專門工作機構，主要負責公司 ...

紅星冷鏈（湖南）股份有限公司 章程（草案）（H股發行後適用） 2025年6月 – 1 – | 第一章 | 總則 | 3 | | --- | --- | --- | | 第二章 | 經營宗旨和範圍 | 5 | | 第三章 | 股份 | 5 | | 第一節 | 股份發行 | 5 | | 第二節 | 股份增減和回購 | 10 | | 第三節 | 股份轉讓 | 12 | | 第四章 | 股東和股東會 | 16 | | 第一節 | 股東 | 16 | | 第二節 | 股東會的一般規定 | 26 | | 第三節 | 股東會的召集 | 29 | | 第四節 | 股東會的提案與通知 | 32 | | 第五節 | 股東會的召開 | 34 | | 第六節 | 股東會的表決和決議 | 38 | | 第五章 | 董事會 | 46 | | 第一節 | 董事 | 46 | | 第二節 | 董事會 | 52 | | 第三節 | 獨立非執行董事 | 58 | | 第四節 | 董事會專門委員會 | 63 | | 第六章 | 總經理及其他高級管理人員 | 65 | | 第七章 | 監事會 | 68 | | 第一節 | 監事 | 68 | | 第 ...

Core Insights - The article highlights the strong performance of the Hong Kong stock market in early 2026, particularly focusing on the cold chain logistics company, Hongxing Cold Chain, which has established itself as a leader in the industry with a unique business model and strong financial metrics [1]. Group 1: Business Model - Hongxing Cold Chain employs an innovative "transaction + warehousing" model that integrates specialized low-temperature storage with an active trading platform, creating an ecological closed loop that enhances efficiency and reduces costs for customers [2]. - This model allows the company to generate revenue from both renting out stores for frozen food transactions and providing storage services, resulting in dual income streams [2]. Group 2: Financial Performance - The company has maintained a gross margin above 50% and a net profit margin between 33% and 38% from 2022 to the first half of 2025, significantly outperforming the logistics industry average [2]. - The gross margin for store rental services has increased from 57.1% in 2022 to 65.3% in the first half of 2025, reflecting strong profitability [2]. - Hongxing Cold Chain has distributed a total of 200 million yuan in cash dividends from 2022 to 2024, demonstrating its robust operational stability and commitment to shareholder returns [2]. Group 3: Service Matrix - The company has developed a comprehensive cold chain service ecosystem that integrates unloading services, trunk logistics, and other value-added services, achieving a breakthrough from "point" to "chain" [3]. - Over 70% of customers have utilized both warehousing and rental services, with collaborative customer revenue consistently maintaining around 80% [3]. - The store rental rate exceeds 94%, and the renewal rate remains above 90%, indicating high customer retention and loyalty [3]. Group 4: Technological Infrastructure - Hongxing Cold Chain's competitive edge is supported by its automated technology-driven infrastructure, including a new cold storage facility set to enhance efficiency through automated conveyor systems and high-rise storage racks [4]. - The company employs advanced temperature control systems to maintain storage conditions at or below -18°C, ensuring product safety and quality [4]. - The integration of IoT technology allows for real-time monitoring of the cold storage environment, with backup power systems ensuring uninterrupted operations [4]. Group 5: Market Position - Hongxing Cold Chain serves over 700 clients and operates in eight provinces across China, solidifying its position as the largest cold chain storage service provider in Central China and Hunan [5]. - The company is well-positioned for future growth due to its regional advantages, strong profitability, unique ecological closed loop, and clear growth strategy, making it a rare long-term investment opportunity in the Hong Kong stock market [5].

Core Insights - The Hong Kong stock market continues to thrive, with the red star cold chain (01641) emerging as a key player in the cold chain logistics sector, leveraging its unique "transaction + storage" model and advanced automation technology to establish a competitive advantage [1] Group 1: Business Model and Financial Performance - The company integrates specialized low-temperature storage with an active trading platform, creating an ecosystem that enhances efficiency and reduces costs for customers while generating dual revenue streams from rental and storage services [2] - From 2022 to the first half of 2025, the company maintained a gross margin above 50% and a net profit margin between 33% and 38%, significantly outperforming the logistics industry average [2] - The gross margin for rental services increased from 57.1% in 2022 to 65.3% in the first half of 2025, reflecting strong profitability and a commitment to shareholder returns, with cash dividends totaling 200 million yuan from 2022 to 2024 [2] Group 2: Comprehensive Cold Chain Services - The company has developed a full-service cold chain ecosystem through partnerships, integrating unloading services, trunk logistics, and value-added services to achieve a breakthrough from "point" to "chain" [3] - Over 70% of customers utilize both storage and rental services, with collaborative customer revenue consistently around 80%, and a store rental rate exceeding 94% with a renewal rate above 90% [3] Group 3: Automation and Technological Infrastructure - The company’s regional leadership is supported by automated technology, with a new cold storage facility utilizing automated conveyor lines and high-rise storage racks to enhance efficiency [4] - Advanced temperature control systems maintain storage conditions at or below -18°C, with IoT technology enabling real-time monitoring and immediate alerts for any temperature deviations [4] - The company operates two major storage bases in Changsha with a total design capacity exceeding 1 million cubic meters, serving over 700 clients across eight provinces, solidifying its position as the largest cold chain storage provider in Central China [4] Group 4: Future Outlook - With its regional advantages, robust profitability, unique ecosystem, and clear growth plans, the company is poised to strengthen its leadership position in the market, making it a rare long-term investment opportunity in the Hong Kong stock market [5]

Core Viewpoint - Hongxing Cold Chain officially launched its IPO on December 31, 2025, with plans to list on the Hong Kong Stock Exchange under the stock code "1641" on January 13, 2026 [1][5]. Group 1: IPO Details - The IPO subscription period runs from December 31, 2025, to January 8, 2026 [5]. - A total of 23,263,000 H-shares will be offered globally, with 2,326,500 shares available for public sale in Hong Kong and 20,936,500 shares for international sale [3]. - The offering price is set at HKD 12.26 per H-share, plus various fees including a 1% brokerage commission and other transaction fees [3]. Group 2: Financial Performance - For the year ending December 31, 2022, the revenue from frozen food storage services was RMB 137.368 million, accounting for 58.0% of total revenue [6]. - In the first half of 2023, revenue from frozen food storage services increased to RMB 132.813 million, representing 65.8% of total revenue [6]. - The company projects revenue from frozen food storage services to reach RMB 160.018 million in 2024, which would account for 68.5% of total revenue [6]. Group 3: Use of Proceeds - The net proceeds from the IPO will be used to construct a new processing plant and cold storage warehouse over the next four years, equipped with processing equipment and systems for frozen food processing services [6]. - Funds will also be allocated to upgrade existing business equipment, IT infrastructure, and software, including investments in artificial intelligence technology to enhance operations and customer service [6]. - The company plans to seek strategic acquisitions and partnerships to strengthen its position within the cold chain ecosystem [6].

Investment Rating - The report assigns a rating of 4.9 for the IPO, indicating a reasonable pricing based on the company's performance, industry outlook, and valuation [11] Core Insights - The company, Hongxing Cold Chain, is a provider of frozen food storage and rental services, with a significant operational base in Hunan Province, China [1] - The company has a strong market position, being the largest provider of frozen food storage services in Central China and Hunan Province, with market shares of 2.6% and 13.6% respectively [3] - The revenue projections for the company show a decline in 2023, followed by growth in 2024 and a slight increase in the first half of 2025, with expected revenues of RMB 2 billion, RMB 2.3 billion, and RMB 1.2 billion respectively [2] Company Overview - Hongxing Cold Chain offers services including sorting, classification, packaging, inventory tracking, and rental of frozen food stores, with a total storage capacity exceeding 1 million cubic meters [1] - The company has served over 700 clients, maintaining a utilization rate of over 88% for its storage services and over 94% for its rental services during the historical performance period [1] Industry Status and Outlook - The frozen food storage service market in China is projected to reach RMB 25.6 billion by 2024, with a compound annual growth rate (CAGR) of 4.2% from 2020 to 2024 [3] - The frozen food store rental service market is expected to grow from RMB 2.2 billion in 2024 to RMB 2.9 billion by 2029, with a CAGR of 6.0% from 2025 to 2029 [3] Advantages and Opportunities - The company can provide a complete cold chain service matrix and possesses an automated technological foundation [4] Weaknesses and Risks - The industry faces intense competition and high levels of homogeneity, which may impact the company's warehouse utilization and rental rates, subsequently affecting performance [5] Fundraising and Use of Proceeds - The company anticipates a net fundraising amount of HKD 250 million, with approximately 57.5% allocated for building a new processing plant and expanding storage facilities [10]

Summary of Key Points Core Viewpoint The Hong Kong IPO market saw significant activity in the past week, with 29 companies submitting listing applications, highlighting a robust interest in public offerings despite varying performance metrics among the companies involved [3][4]. Group 1: IPO Applications and Hearings - A total of 29 companies submitted IPO applications during the week of December 29, 2025, to January 4, 2026, including notable firms like BlueFocus (蓝色光标) and Stone Technology (石头科技) [3][4]. - Only one company, Longqi Technology (龙旗科技), successfully passed the Hong Kong Stock Exchange hearing [3][4]. - Ten companies initiated their IPO processes, including Jinxun Resources (金浔资源) and Ruibo Biotechnology (瑞博生物) [3][4]. Group 2: Companies Successfully Listed - Seven companies officially listed on the Hong Kong Stock Exchange, including Woan Robotics (卧安机器人) and Linqingxuan (林清轩) [3][4]. - Linqingxuan's stock opened at HKD 85, reflecting a 9.3% increase on its first trading day [22]. - Woan Robotics opened at HKD 73.8 and closed at HKD 73.85, showing slight movement on its debut [20]. Group 3: Company Performance Metrics - Tianjiu Qifu (天九企服) reported a revenue of RMB 725 million for the first half of 2025, a decrease of 37.9% year-on-year, while net profit surged by 241.3% to RMB 2.508 billion [10]. - Stone Technology (石头科技) achieved a revenue of RMB 12.055 billion for the first nine months of 2025, marking a 72.3% increase, although net profit fell by 29.5% to RMB 1.038 billion [11]. - Longqi Technology (龙旗科技) recorded a revenue of RMB 31.332 billion for the first nine months of 2025, down 10.3%, with a net profit of RMB 507 million, up 17.7% [12]. Group 4: Upcoming IPOs and Market Activity - Red Star Cold Chain (红星冷链) initiated its IPO process on December 31, 2025, planning to issue 23.263 million shares at an expected price of HKD 12.26 per share [13][14]. - Zhaoyi Innovation (兆易创新) also started its IPO on December 31, 2025, with plans to issue 28.916 million shares at a price range of HKD 132-162 [17][18]. - A-share companies like Zhejiang Rongtai (浙江荣泰) and Juchen Co. (聚辰股份) announced preparations for their IPOs in Hong Kong [22].