红星冷链，通过港交所聆讯

Core Viewpoint - Hongxing Cold Chain (Hunan) Co., Ltd. has submitted its listing application materials, indicating its position as a leading provider of cold storage services for frozen food in Central China and Hunan Province, with significant market shares [1] Group 1: Company Overview - Hongxing Cold Chain is headquartered in Changsha, Hunan Province, primarily offering cold storage services for frozen food [1] - According to a report by Frost & Sullivan, Hongxing Cold Chain holds a market share of 2.6% in Central China and 13.6% in Hunan Province based on projected 2024 revenue [1] Group 2: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately CNY 237 million, CNY 202 million, CNY 234 million, and CNY 118 million respectively [1] - Net profits for the same periods are approximately CNY 79 million, CNY 75 million, CNY 83 million, and CNY 40 million respectively [1] - The gross profit margins for these years are 50.1%, 57.7%, 52.8%, and 53.3% respectively [1] Group 3: Market Outlook - The cold chain service market for frozen food in Central China is expected to grow at a compound annual growth rate (CAGR) of 8.5% from 2025 to 2029 [1] - The growth of the cold chain logistics service industry is influenced by various factors, many of which are beyond the company's control [1] Group 4: Client Base - The company's main clients include frozen food wholesalers and retailers, with revenue from the top five clients for 2022, 2023, 2024, and the first half of 2025 being CNY 21 million, CNY 18 million, CNY 19 million, and CNY 9 million, accounting for 9.0%, 8.7%, 8.1%, and 7.5% of total revenue respectively [2] - Revenue from the largest client represents 2.4%, 2.8%, 3.0%, and 2.9% of total revenue for the same periods [2] Group 5: Fundraising and Future Plans - The company plans to use the funds raised for constructing a new processing plant and cold storage warehouse, upgrading existing equipment and IT infrastructure, and seeking strategic acquisitions and partnerships [2] - The company acknowledges that some of these business plans may not succeed and that initial investments may not generate sufficient revenue to offset costs [2]