公司本次募资将主要用于：未来三年建造一座新加工厂及新冷冻仓储仓库，配备加工设备及智能系统； 升级现有业务中使用的设备、信息技术基础设施及软件；寻求战略收购及合作伙伴关系，包括与生鲜农 产品供货商等上游供货商及预制食品生产商等下游合作伙伴结成联盟；用作营运资金及其他一般公司用 途。 12月24日，红星冷链(湖南)股份有限公司披露聆讯后的上市申请材料，建银国际、农银国际为其联席保 荐人。 上市申请材料显示，红星冷链是一家冷冻食品仓储服务及冷冻食品门店租赁服务提供商，总部位于湖南 省长沙市，主要提供冷冻食品仓储服务。 根据灼识咨询的资料，中国中部地区冷冻食品冷链服务市场预计在2025年至2029年期间将以8.5%的年 复合增长率扩张。红星冷链称，冷链物流服务行业的发展受多项因素影响，其中大部分因素超出公司的 控制范围。冷链物流服务行业的变化或增长减速，可能会对公司的增长及盈利能力产生重大不利影响。 公司的客户主要包括冷冻食品批发商及零售商。2022年、2023年、2024年及2025年上半年，来自前五大 客户的收入分别为0.21亿元、0.18亿元、0.19亿元及0.09亿元，分别占公司总收入的9.0%、8.7%、8 ...

据港交所12月24日披露，红星冷链(湖南)股份有限公司(简称：红星冷链)通过港交所主板上市聆讯，建银国际、农银国际为联席保荐人。 红星冷链于长沙的自营食品冻库为冷冻食品批发商及零售商提供两处基地，总设计库容超过一百万立方米(即可用库容逾230,000吨)，往绩记录期间利用率超 过88.0%，截至2025年6月30日已为逾700位客户提供服务。 就公司的冷冻食品门店租赁服务而言，红星冷链主要将占地超过36,000平方米的场地作为门店出租给冷冻食品批发商及零售商，其于往绩记录期间的租用率 超过94.0%，成为湖南省冷冻食品行业的核心枢纽。 根据灼识咨询报告，中国冷冻食品冷链服务市场包括冷冻食品物流服务市场、冷冻食品加工服务市场及冷冻食品门店租赁服务市场，按2024年收入计，分别 占整体冷冻食品冷链服务市场的34.1%、65.3%及0.6%。同时，湖南省冷冻食品物流、加工及门店租赁服务市场分别占湖南省冷冻食品冷链服务市场的 37.1%、62.5%及0.4%。 冷冻食品物流服务市场由冷冻食品仓储服务市场及冷冻食品运输服务市场组成，按2024年收入计，分别占冷冻食品物流服务市场的20.8%及79.2%。根据同 一资料来 ...

Core Viewpoint - Hongxing Cold Chain (Hunan) Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, having distributed 84.39% of its net profit as dividends to shareholders over the past three years, raising concerns about its growth potential and regional limitations [2][3][13] Financial Performance - The company reported revenues of 236.736 million yuan, 201.76 million yuan, and 233.576 million yuan for the years 2022 to 2024, with net profits of 79.112 million yuan, 75.312 million yuan, and 82.88 million yuan respectively, indicating revenue volatility [3] - Total net profit over the past three years was 237.304 million yuan, with cash dividends amounting to 200 million yuan, which is 84.39% of the net profit [3][4] - In 2024, the company plans to distribute 140 million yuan in cash dividends, which equals its entire profit for that year, plus an additional 57 million yuan from previous profits [3][6] Market Position - Hongxing Cold Chain holds an 8.9% market share in the central region of China for frozen food trading services, ranking second, and a 52.7% market share in Hunan province, ranking first [7][8] - In the cold storage service market, the company ranks first in both the central region and Hunan province, with market shares of 2.6% and 13.6% respectively [7][8] Growth Concerns - The company has experienced a compound annual growth rate (CAGR) of -0.67% in revenue, which is significantly lower than the industry growth rates [8][13] - The overall market for food cold chain trading services in China is expected to grow from 4.7 trillion yuan in 2020 to 5.2 trillion yuan in 2024, with a CAGR of 2.7% [10] - The cold storage service market is projected to grow from 21.7 billion yuan in 2020 to 25.6 billion yuan in 2024, with a CAGR of 4.2% [10] IPO Purpose - The primary purpose of the upcoming IPO is to raise funds for expansion, research and development, acquisitions, and to address liquidity issues following the substantial dividend payouts [5][6]