上海生生递表港交所 聚焦于临床试验温控供应链服务

Core Viewpoint - Shanghai Shengsheng Pharmaceutical Cold Chain Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and Guojin Securities (Hong Kong) as joint sponsors [1] Company Overview - Shanghai Shengsheng is an integrated temperature-controlled supply chain service provider in the pharmaceutical and life sciences industry, focusing on clinical trial temperature-controlled supply chain services and extending to commercialized medical product temperature-controlled supply chain services [3] - The company is ranked first in the Chinese market for pharmaceutical and life sciences temperature-controlled supply chain services and is the only Chinese company among the top ten global clinical trial temperature-controlled supply chain service providers [3][10] - The company has served over 7,000 clients, including leading biopharmaceutical and biotechnology companies, covering a wide range of drug categories [4] Financial Information - Revenue for the nine months ending September 30 for 2023, 2024, and 2025 was approximately RMB 614.2 million, RMB 654.5 million, and RMB 537.9 million, respectively [5] - Profit for the same periods was approximately RMB 92.0 million, RMB 26.4 million, and RMB 112.0 million, respectively [6][8] - Gross profit margins for the same periods were 32.9%, 32.9%, and 37.6% [8] Industry Overview - The global pharmaceutical and life sciences temperature-controlled supply chain services market has shown stable growth, with a projected increase from USD 20.7 billion in 2020 to USD 29.3 billion in 2024, representing a compound annual growth rate (CAGR) of 9.1% [10] - The Chinese market for pharmaceutical and life sciences temperature-controlled supply chain services is expected to grow from RMB 18.8 billion in 2020 to RMB 26.5 billion in 2024, with a CAGR of 9.0% [10] - The clinical trial temperature-controlled supply chain services market in China is expected to grow from RMB 2.0 billion in 2020 to RMB 3.6 billion in 2024, with a CAGR of 15.8% [11] Market Characteristics - The global clinical trial temperature-controlled supply chain services market has high entry barriers, with market share increasingly concentrated among a few leading companies [15] - The top ten market participants hold approximately 60.3% of the total market share, indicating a relatively high level of industry concentration [15][16]