红星冷链（1641.HK）港股上市：区域冷链龙头的高毛利密码与成长路径

Core Viewpoint - The cold chain logistics industry in China is experiencing significant growth driven by policy support and increasing market demand, with Red Star Cold Chain (1641.HK) poised to capitalize on these opportunities through its upcoming IPO, marking a key milestone in its development and offering investors a unique insight into the transformation of regional logistics leaders [1][3][18]. Industry Growth Opportunities - The cold chain logistics sector is in a golden development period, supported by national policies such as the "14th Five-Year Plan" which aims to enhance cold chain infrastructure and build a national network [3]. - The market for frozen food storage services in China is projected to reach RMB 25.6 billion by 2024, with a compound annual growth rate (CAGR) of 6.5% from 2025 to 2029, indicating strong growth potential [3]. - The market for store leasing services is expected to grow at a CAGR of 6.0%, reaching RMB 2.9 billion by 2029, further underscoring the industry's growth certainty [3]. Competitive Landscape - The cold chain industry exhibits significant regional and fragmented characteristics, with the top five players in the frozen food storage market holding only 10.4% market share, providing ample consolidation opportunities for regional leaders [5]. - Red Star Cold Chain has established a dominant position in Hunan province, with a market share of 13.6% in frozen food storage services and 54.7% in store leasing, creating strong competitive barriers [7]. Operational Strengths - Red Star Cold Chain operates a modern storage base in Changsha with over 1 million cubic meters of designed storage capacity, translating to more than 230,000 tons of usable capacity, which enhances its supply chain management capabilities [6][8]. - The company maintains a stable utilization rate of over 88.0% for its storage capacity, serving over 700 clients across Hunan and eight other provinces, benefiting from its strategic location near major highways [7][8]. Business Model and Financial Performance - The company's unique "transaction + storage" model integrates specialized low-temperature storage with an active trading platform, creating a service loop that enhances customer stickiness and operational efficiency [9][12]. - Red Star Cold Chain has consistently achieved high gross margins, with a gross margin above 50% from 2022 to 2025, reflecting the resilience of its business model [14][16]. - Revenue from frozen food storage services increased from 58% in 2022 to 68.8% in the first half of 2025, while store leasing services rose from 16.7% to 20.1%, indicating a diversified revenue structure [12]. Future Outlook - The company plans to use IPO proceeds to upgrade existing equipment, seek acquisition targets with at least ten years of operational history, and expand storage facilities to meet diverse customer needs [17][18]. - With a strong customer retention rate and a focus on technological upgrades, Red Star Cold Chain is well-positioned to overcome current capacity constraints and drive future growth [18].