红星冷链转战港股IPO：市占率触及区域天花板 “内忧外患”下业绩增长停滞

Core Viewpoint - Hongxing Cold Chain has submitted an application for an IPO on the Hong Kong Stock Exchange after failing to go public in A-shares five years ago, amid a stagnation in its revenue and net profit growth over the past three years [1][4][6]. Company Overview - Established in 2006, Hongxing Cold Chain is a leading integrated service platform for frozen food trading and storage, with a self-operated trading market area of 36,000 square meters and a storage capacity exceeding 1 million cubic meters [3][4]. - The company ranks first in Hunan Province and second in Central China for frozen food trading services, with an expected transaction value of approximately 40 billion yuan in 2024 [4][6]. Financial Performance - From 2022 to 2024, Hongxing Cold Chain's revenue fluctuated around 200 million yuan, while net profit remained between 75 million and 83 million yuan, with a stable gross margin above 50% [7][8]. - The company faces significant pressure from high fixed asset ratios, with fixed assets accounting for 89.8% of total assets by the end of 2024, leading to increased depreciation and amortization costs [8][9]. Market Challenges - The cold chain logistics industry in China is highly fragmented and competitive, with rising vacancy rates in cold storage facilities, which reached 11.9% by 2024, indicating a growing supply-demand imbalance [9][12]. - Hongxing Cold Chain's reliance on the local market and insufficient technological investment have become apparent, as over 90% of its revenue comes from Hunan Province, limiting its expansion potential [10][13]. Competitive Landscape - National cold chain giants like Yuhu Cold Chain are aggressively entering the Changsha market, posing a direct threat to Hongxing Cold Chain's market position [2][14]. - The company is at a disadvantage compared to competitors like JD Cold Chain and SF Express, which have established national networks and higher technological capabilities [12][13]. Future Outlook - The cold chain logistics market is expected to grow due to the rise of fresh e-commerce, agricultural product upgrades, and increased demand for high-standard distribution systems in lower-tier markets [10][12]. - Yuhu Cold Chain's rapid development in Changsha, including a significant investment in a digital cold chain food trading center, highlights the competitive pressures facing Hongxing Cold Chain [14][15][17].