Core Insights - The article highlights the strong performance of the Hong Kong stock market in early 2026, particularly focusing on the cold chain logistics company, Hongxing Cold Chain, which has established itself as a leader in the industry with a unique business model and strong financial metrics [1]. Group 1: Business Model - Hongxing Cold Chain employs an innovative "transaction + warehousing" model that integrates specialized low-temperature storage with an active trading platform, creating an ecological closed loop that enhances efficiency and reduces costs for customers [2]. - This model allows the company to generate revenue from both renting out stores for frozen food transactions and providing storage services, resulting in dual income streams [2]. Group 2: Financial Performance - The company has maintained a gross margin above 50% and a net profit margin between 33% and 38% from 2022 to the first half of 2025, significantly outperforming the logistics industry average [2]. - The gross margin for store rental services has increased from 57.1% in 2022 to 65.3% in the first half of 2025, reflecting strong profitability [2]. - Hongxing Cold Chain has distributed a total of 200 million yuan in cash dividends from 2022 to 2024, demonstrating its robust operational stability and commitment to shareholder returns [2]. Group 3: Service Matrix - The company has developed a comprehensive cold chain service ecosystem that integrates unloading services, trunk logistics, and other value-added services, achieving a breakthrough from "point" to "chain" [3]. - Over 70% of customers have utilized both warehousing and rental services, with collaborative customer revenue consistently maintaining around 80% [3]. - The store rental rate exceeds 94%, and the renewal rate remains above 90%, indicating high customer retention and loyalty [3]. Group 4: Technological Infrastructure - Hongxing Cold Chain's competitive edge is supported by its automated technology-driven infrastructure, including a new cold storage facility set to enhance efficiency through automated conveyor systems and high-rise storage racks [4]. - The company employs advanced temperature control systems to maintain storage conditions at or below -18°C, ensuring product safety and quality [4]. - The integration of IoT technology allows for real-time monitoring of the cold storage environment, with backup power systems ensuring uninterrupted operations [4]. Group 5: Market Position - Hongxing Cold Chain serves over 700 clients and operates in eight provinces across China, solidifying its position as the largest cold chain storage service provider in Central China and Hunan [5]. - The company is well-positioned for future growth due to its regional advantages, strong profitability, unique ecological closed loop, and clear growth strategy, making it a rare long-term investment opportunity in the Hong Kong stock market [5].
港股冷链赛道迎来硬核玩家 红星冷链(01641)三大核心优势构筑“护城河”