红星冷链登陆港交所 首日高开近六成后回落平收

Core Viewpoint - Hongxing Cold Chain (Hunan) Co., Ltd. officially listed on the Hong Kong Stock Exchange on January 13, 2023, marking a significant milestone for the company [1]. Group 1: IPO Details - On its first trading day, Hongxing Cold Chain opened at HKD 19.58 per share, a 59.71% increase, but closed at HKD 12.3, reflecting a modest gain of 0.33% [2]. - The company issued approximately 23.26 million shares globally, with 10% allocated for public offering in Hong Kong, raising a maximum of approximately HKD 285 million, and a net fundraising amount of about HKD 252 million after expenses [2]. Group 2: Business Overview - Hongxing Cold Chain is a provider of frozen food storage services and rental services for frozen food stores, headquartered in Changsha, Hunan Province [4]. - The company operates two frozen food storage bases in Changsha and integrates a professional trading platform with storage facilities, forming a "front store and back warehouse" business model [4]. - According to a report by Zhaosheng Consulting, Hongxing Cold Chain is the largest provider of frozen food storage services in Central China and Hunan Province, with market shares of 2.6% and 13.6%, respectively [4]. Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be approximately RMB 237 million, RMB 202 million, and RMB 234 million, respectively, with corresponding gross profits of about RMB 119 million, RMB 117 million, and RMB 123 million [5]. - The net profit for the same years is estimated at RMB 79 million, RMB 75 million, and RMB 83 million, with net profit margins of 33.4%, 37.3%, and 35.5% [5]. - For the first half of 2025, the company achieved revenue of approximately RMB 118 million, a 5.1% increase from the same period in 2024, while net profit was about RMB 40 million, a decrease of 3.9% year-on-year [7]. Group 4: Revenue Composition - The revenue composition for the first half of 2025 shows that frozen food storage services accounted for approximately 68.8% of total revenue, while store rental services and handling services contributed 20.1% and 9.5%, respectively [7]. - The core revenue source has remained stable, with frozen food storage services consistently contributing over 60% of total revenue since 2023 [7]. Group 5: Shareholding Structure - Prior to the IPO, Hongxing Shiye held 58.25% of the company, controlled by the collective ownership enterprise Hongxing Center [9]. - Post-IPO, Hongxing Shiye's shareholding decreased to 44.46%, remaining the largest single shareholder, while public shareholders collectively hold 25% of the shares [13].