Core Insights - The cold chain logistics sector in China is experiencing steady growth, driven by policy guidance and market demand, with an expanding market scale [1][2] Group 1: Cold Chain Logistics Demand - In Q3, the total demand for food cold chain logistics reached 11.73 million tons, a year-on-year increase of 4.72%, with growth accelerating by 0.16 percentage points compared to Q2 [1] - For the first three quarters of the year, the total demand was 30.93 million tons, up 4.49% year-on-year, with an acceleration of 0.14 percentage points compared to the first half of the year [1] - Fresh e-commerce sales grew by approximately 15% year-on-year in Q3, with the fastest growth seen in fruits and vegetables [1] Group 2: Revenue Growth - In Q3, total revenue for food cold chain logistics service companies was 144.97 billion yuan, a year-on-year increase of 3.92%, with growth accelerating by 0.2 percentage points compared to Q2 [1] - For the first three quarters, total revenue reached 424.91 billion yuan, up 3.85% year-on-year, with growth remaining stable compared to the first half of the year [1] Group 3: Cold Chain Infrastructure Development - Cold chain infrastructure construction is progressing steadily, with continuous expansion of cold storage capacity and steady growth in refrigerated vehicle sales [2] - By Q3 2025, the total capacity of cold storage is projected to reach 26.3 million cubic meters, a year-on-year increase of 7.35%, with an addition of 2.5359 million cubic meters in Q3 [2] - Refrigerated vehicle sales in Q3 reached 23,251 units, a year-on-year increase of 41.40%, with sales of new energy refrigerated vehicles growing by 125.05% [2]

Group 1 - The core viewpoint is that China's cold chain logistics sector is experiencing steady growth in demand and market size, supported by effective consumption promotion policies [1] - In the first half of the year, the total demand for food cold chain logistics reached 192 million tons, representing a year-on-year increase of 4.35% [1] - The total revenue of food cold chain logistics service companies in the first half of the year was 279.94 billion yuan, showing a year-on-year growth of 3.84% [1] Group 2 - The resilience of the cold chain logistics sector is attributed to increased government investment in cold chain infrastructure, with funding for cold storage projects amounting to 22.306 billion yuan in the first half of the year, a year-on-year increase of 7.67% [3] - The sales of new energy refrigerated trucks surged, with 10,548 units sold in the first half of the year, marking a significant year-on-year growth of 119.61% [3]