新股消息 | 红星冷链二次递表港交所 为中国中部地区第二大冷冻食品门店租赁服务市场提供商

Core Viewpoint - Hongxing Cold Chain (Hunan) Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange in 2023, with CCB International and Agricultural Bank of China International as joint sponsors [1]. Company Overview - Hongxing Cold Chain is a provider of frozen food store leasing and cold storage services, headquartered in Changsha, Hunan Province. The company has developed a business model that combines frozen food store leasing with cold storage, connecting wholesalers and retailers in the frozen food supply chain [3][4]. - The company primarily leases over 36,000 square meters of space to frozen food wholesalers and retailers, achieving a rental rate of over 94% during the reporting period, establishing itself as a core hub in Hunan's frozen food industry [4]. Market Position - According to a report by Frost & Sullivan, the cold chain service market for frozen foods in China is divided into frozen food store leasing (1.8% market share) and frozen food logistics services (98.2% market share) by revenue in 2024. Hongxing Cold Chain is the second-largest provider in Central China (8.8% market share) and the largest in Hunan Province (54.7% market share) [4]. - The company serves over 700 clients as of June 30, 2025, with its self-operated cold storage facilities in Changsha having a total design capacity exceeding 1 million cubic meters (over 230,000 tons) and a utilization rate of over 88% [4]. Industry Growth - The cold chain industry in China is experiencing rapid growth due to increasing consumer demand for high-quality frozen foods and the recognition of the critical role of cold chain services in maintaining food quality. The market for frozen food store leasing is projected to grow from RMB 2.2 billion in 2024 to RMB 2.9 billion in 2029, with a compound annual growth rate (CAGR) of 6.0% [6]. - The cold storage service market is also expanding, with a projected market size of RMB 25.6 billion in 2024, growing to RMB 35.1 billion by 2029, reflecting a CAGR of 6.5% from 2025 to 2029 [6]. Financial Performance - The company reported revenues of approximately RMB 237 million, RMB 202 million, RMB 234 million, and RMB 118 million for the six months ending June 30 in 2022, 2023, 2024, and 2025, respectively. The corresponding profits for these periods were RMB 79.1 million, RMB 75.3 million, RMB 82.9 million, and RMB 39.7 million [6][7].