红星冷链业绩停滞清仓式分红2亿 内忧外患总冷库空置率升至11.9%

Core Viewpoint - Hongxing Cold Chain (Hunan) Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange amid challenges such as increasing vacancy rates and stagnant revenue growth [1][2]. Company Overview - Hongxing Cold Chain is the largest frozen storage service provider in Hunan Province, established in 2006 and headquartered in Changsha [2][3]. - The company’s main business is frozen storage services, followed by leasing services [2]. Financial Performance - From 2022 to 2024, Hongxing Cold Chain reported revenues of 237 million yuan, 202 million yuan, and 234 million yuan, with a compound annual growth rate (CAGR) of approximately -0.64% [3]. - Net profits for the same period were 79.11 million yuan, 75.31 million yuan, and 82.88 million yuan, with a CAGR of only 2.35% [3]. - The company’s total cold storage vacancy rate increased from 3.3% in 2022 to 11.9% in 2024, with the northern frozen storage base reaching a vacancy rate of 32.2% in 2024 [2][7]. Dividend Policy - Hongxing Cold Chain distributed 84.39% of its net profits as dividends over the past three years, with a particularly high dividend payout ratio of 168.9% in 2024 [3][5]. - The company’s major shareholder, Hongxing Industrial Group, holds 58.25% of the shares, controlling a total of 70.97% of the issued share capital [4]. Research and Development - The company’s R&D expenditure from 2022 to 2024 totaled only 2.675 million yuan, representing a minimal investment in innovation compared to competitors [6][8]. - In contrast, major national cold chain logistics companies like JD Logistics and SF Express invested 2.534 billion yuan and 3.571 billion yuan in R&D, respectively, indicating a significant gap in technological advancement [8]. Market Challenges - The cold chain logistics industry is facing intense price competition, with rental rates for storage services declining [2][7]. - The company’s southern cold storage base saw a decrease in utilization rates, attributed to increased capacity and strategic pricing to attract new customers [7]. - The overall market environment poses a long-term challenge for Hongxing Cold Chain to maintain its market position and seek growth opportunities [8].