Core Viewpoint - Hongxing Coldchain (Hunan) Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, despite a challenging market for cold chain logistics companies and mixed performance in its financials [1][10]. Company Overview - Established in 2006, Hongxing Coldchain is a leading integrated service platform for frozen food trading and cold storage services, with a land area of over 210 acres and a storage capacity of 160,000 tons [1]. - The company is recognized as the first national AAA-level cold chain logistics enterprise in Hunan Province and ranks among the top in market share within the province [1]. Financial Performance - Revenue for the years 2022, 2023, and 2024 was reported at RMB 236.736 million, RMB 201.760 million, and RMB 233.576 million, respectively, with a compound annual growth rate (CAGR) of -0.67% [2][3]. - Net profit for the same years was RMB 79.112 million, RMB 75.312 million, and RMB 82.880 million, showing a CAGR of 2.35% [2][3]. - The main revenue sources include cold storage services (68.5% of revenue in 2024), leasing services, and handling services [3][6]. Market Dynamics - The cold chain logistics industry is experiencing rapid growth due to increasing consumer demand for fresh food and the expansion of e-commerce in fresh produce and pharmaceuticals [7]. - In 2024, China's cold chain logistics demand is projected to reach 365 million tons, with total revenue of RMB 536.1 billion, reflecting year-on-year growth of 4.3% and 3.7%, respectively [7]. Competitive Position - Hongxing Coldchain ranks second in the central region of China for frozen food trading services with a market share of 8.9% and first in Hunan Province with a market share of 52.7% [8]. - The company is also the largest provider of cold storage services in both the central region and Hunan Province, with market shares of 2.6% and 13.6%, respectively [8]. Challenges - The company faces declining prices and utilization rates in its core cold storage business, with average monthly storage fees decreasing significantly in recent years [4][6]. - The gross profit margin for cold storage services has dropped from 60.5% in 2022 to 54.4% in 2024, while overall gross profit margin has shown slight fluctuations [6]. - Increased competition from traditional logistics and new retail companies entering the cold chain market poses a significant threat to Hongxing Coldchain's market position [10].

据了解，今年一季度，全市659个重点项目完成投资594.48亿元，占年度计划比例超过24%。其中， 2025年计划新开工项目达251个，一季度已有140个新建项目实现开工，其中计划应开工项目79个，实际 开工78个，开工率为98.73%，有62个项目提前开工。 线上，连续霸榜假期热门出行目的地；线下，消费市场热气腾腾……长沙持续释放内需潜力，激发经济 活力。 4月28日，长沙举行全市一季度重点工作讲评活动。今年一季度，长沙经济运行总体呈现"开局平 稳、质效向好、预期增强"的良好态势，基本实现"开门红""开门稳"。 项目是发展的载体，今天的项目就是明天的产出。2025年，长沙共铺排市重点建设项目659个，预估年 度投资2475亿元，项目个数、年度计划投资分别比2024年增长3.29%、4.56%。在2025年湖南省重点建 设项目名单中，长沙共计88个（子项目计106个）入列，项目个数、总投资、年度计划投资分别占全省 的30%、40%、22%，列入省十大产业和省十大基础的重大项目也最多，充分体现了省会担当。 紫金长沙新能源新材料实验基地项目完成年度投资50%，玉湖冷链（长沙）交易中心全链服务中心正式 启用，雅礼中 ...

Core Insights - The conference held in Zhengzhou on April 24, 2025, focused on the integration of agriculture, food processing, and cold chain logistics in Henan province, aiming to enhance collaboration and drive digital transformation across these sectors [1][2][4] Group 1: Industry Overview - Henan province is a leading player in agriculture and food manufacturing, with a robust cold chain logistics sector that includes major companies like Shuanghui and Sanquan, boasting a cold storage capacity exceeding 13 million tons [2][3] - The cold chain logistics industry in Henan has seen significant growth, with over 30,000 refrigerated vehicles and a total cold storage capacity surpassing 10 million tons [2][3] Group 2: Strategic Initiatives - A consensus was reached among industry representatives to establish a collaborative mechanism that integrates agriculture, food processing, and cold chain logistics, focusing on enhancing the overall cold chain service coverage, which currently stands at only 35% [2][3] - The "Three-in-One" cold chain logistics system is deemed essential for the continuous upgrade of Henan's agricultural and food sectors, emphasizing the need for improved supply chain efficiency and reduced losses [3][4] Group 3: Future Goals - The "Action Plan for Cultivating and Expanding the Cold Chain Food Industry Chain (2023-2025)" aims to position Henan as a key national hub for cold chain food production, equipment manufacturing, and processing, targeting a total industry output value of 400 billion yuan by 2025 [6] - The development of high-value sectors such as pre-prepared dishes and biopharmaceuticals is highlighted as a priority, necessitating enhanced cold chain services to support these emerging markets [3][4] Group 4: Market Dynamics - The pre-prepared food industry in China reached a sales scale of 560 billion yuan last year, indicating a significant market opportunity for Henan's food products to gain higher value and expand into domestic and international markets [3] - Companies like Huading Cold Chain are expanding their service networks, having established 23 provincial distribution centers and planning extensive logistics routes to enhance service delivery to restaurants and retail outlets [7]

Company Overview - Hongxing Cold Chain is a leading integrated service platform for frozen food trading and cold storage services, headquartered in Changsha, Hunan Province [2] - Since its establishment in 2006, the company has developed a comprehensive business model that combines a professional frozen food trading platform with advanced cold storage facilities [2] - The company ranks second in the Central China region for frozen food trading services, with an estimated transaction value of approximately RMB 40 billion in 2024, and is the largest cold storage service provider in Central China and Hunan Province by revenue [2][3] Business Model and Operations - The company's business centers around an integrated service platform that connects producers, wholesalers, and retailers through efficient trading and logistics services [2] - The self-operated trading platform in Changsha covers over 36,000 square meters, with a rental rate exceeding 94% during the reporting period, serving as a core wholesale hub in Hunan's frozen food industry [2] - The total designed storage capacity of the company's self-operated cold storage facilities in Changsha exceeds 1 million cubic meters, with a utilization rate of over 88% [2] Industry Growth - The Chinese cold chain industry is experiencing rapid growth, driven by increasing consumer demand for high-quality frozen foods and awareness of the importance of cold chain services in maintaining food quality [3] - The total transaction value of the frozen food trading service industry in China is projected to reach RMB 1.7 trillion in 2024, with a compound annual growth rate (CAGR) of 3.8% from 2020 to 2024, and expected to reach RMB 2.5 trillion by 2029, with a CAGR of 7.1% from 2024 to 2029 [3] - The cold storage service market in China is also expanding, with a market size of RMB 25.6 billion in 2024 and a projected CAGR of 6.5% from 2024 to 2029 [3] Market Position - In the frozen food trading service industry, the top four players in Central China hold a combined market share of 31%, with the company holding an 8.9% market share, ranking second in the region and first in Hunan Province with a 52.7% market share [3] - The cold storage service market is fragmented, with the top five players in Central China holding a combined market share of 9.7%, while the company ranks first in both Central China and Hunan Province, with market shares of 2.6% and 13.6%, respectively [3] Financial Performance - The company's revenue for 2022, 2023, and 2024 was approximately RMB 237 million, RMB 202 million, and RMB 234 million, respectively, with corresponding gross profit margins of 50.1%, 57.7%, and 52.8% [4][6] - The net profit for the same years was RMB 79.1 million, RMB 75.3 million, and RMB 82.9 million, with net profit margins of 33.4%, 37.3%, and 35.5% [4][6]

Core Viewpoint - The cold chain logistics industry is experiencing significant growth driven by increasing consumer awareness of food safety and supportive government policies, yet Haoxin Holdings (HXHX.US) is facing challenges in the capital market with declining performance since its IPO [1][9]. Industry Overview - The cold chain logistics market is expected to expand significantly, with the market size projected to reach 747 billion yuan by 2028 due to policy support and increasing demand for temperature-controlled transport services [6]. - The road freight market in China has shown strong growth, with the market size increasing from 5.2 trillion yuan in 2017 to 7.4 trillion yuan in 2023, and is expected to reach 11.8 trillion yuan by 2028 [8]. Company Performance - Haoxin Holdings reported a revenue of 26.66 million USD in 2023 and 9.33 million USD in the first half of 2024, reflecting a year-on-year decline of 7.9% and 9.3% respectively [2]. - The net profit for the same periods was 3.97 million USD and 1.22 million USD, showing a decline of 7.4% and 7.5% respectively [2]. - The company’s revenue primarily comes from the East China and South China regions, contributing over 70% of total revenue, with temperature-controlled truck services accounting for approximately 88.2% of sales [3]. Business Strategy - Haoxin Holdings is focusing on a "small but beautiful" strategy, aiming to concentrate on high-margin businesses while reducing lower-margin city delivery services, which has led to a significant drop in delivery frequency [5]. - The company is undergoing a transformation phase, which has resulted in a decline in performance, but it is preparing for future growth through fleet expansion, strategic acquisitions, and system upgrades [8][9]. Market Position - Despite the promising industry outlook, Haoxin Holdings is facing challenges such as a lack of major clients and limited brand influence, with its top three customers accounting for 37% and 25.2% of revenue in the first halves of 2023 and 2024 respectively [8]. - The company’s operational independence and reliance on a concentrated customer base pose risks to its long-term growth potential [8].

Group 1: Modern Agriculture - The first key highlight is modern agriculture, with a total planting area of 600,000 acres for tea, citrus, and kiwi in Pujiang, which was approved as a national modern agricultural industrial park in 2019 [2] - Pujiang has implemented the "two substitutions" project, replacing chemical fertilizers with organic fertilizers and chemical pest control with green prevention methods, making it the only county in the country with all three regional public brand values in the top 40 [2] - Annual sales revenue from agricultural products exceeds 12 billion yuan, with significant contributions from cold chain logistics, which has an annual turnover of 1 million tons [2] Group 2: Industrial Development - The second key highlight is industrial development, with Pujiang being the only small and medium-sized enterprise cooperation zone in Western China approved by the Ministry of Industry and Information Technology [3] - The contribution rate of the industrial sector to the county's economy is 37%, which is 7 percentage points higher than the provincial average, particularly driven by the biomanufacturing industry, which has maintained double-digit growth for several years [3] - Global market share for products like brassinosteroids, hesperidin, and tea polyphenols exceeds 70% [3] Group 3: Ecological Development - The third key highlight is ecological development, with Pujiang being the first national ecological civilization construction demonstration county in Sichuan [3] - The county has proposed the concept of a "rural ecological business district" and aims to transform ecological value into economic benefits, with its experience recognized as an excellent case nationwide [3] - The logistics port in Pujiang is part of the national western land-sea new passage, with trade import and export volume growing at double-digit rates for three consecutive years, and exports accounting for 94% of the total [3]

4月22日，普洛斯中国发布的2024年可持续发展报告显示，2024年普洛斯中国与国家绿色发展基金及国 家能源集团旗下绿色低碳基金合作设立的综合性绿色能源投资平台，预计总投资规模近200亿元，对应 开发规模约4-5GW。与保碧新能源合作的洛能资本，在2024年完成新能源开发基金一期首轮关账，专注 于对工商业分布式光伏、分散式风电等新能源基础设施资产进行投资，预计总投资规模100亿元，对应 开发规模约3GW。2024年，普洛斯中国及其管理基金对中国市场的新增资本金达22.4亿美元，普洛斯 REIT也在当年完成第10次分红，累计分红超10亿元。此外，截至2024年末，普洛斯中国在中国23个城 市运营32座冷链物流中心，总体仓储容积增至480万立方米。(智通财经) ...

Group 1 - The core viewpoint of the articles highlights the significant growth potential of Haoxin Holdings in the cold chain logistics sector, particularly in the context of China's emerging market compared to developed countries [1][2] - As of April 16, Haoxin Holdings' stock price increased by 30.75%, reaching $5.23 per share, with a total market capitalization of $71.91 million [1] - Financial data shows that for the period ending June 30, 2022, Haoxin Holdings reported total revenue of $11.81 million, a year-on-year increase of 13.26%, while net profit attributable to shareholders was $1.39 million, a decrease of 12.63% [1] Group 2 - The company has introduced advanced logistics management systems to enhance pricing verification and vehicle dispatch efficiency, along with a satellite positioning system for real-time monitoring of vehicle locations and safety [2] - Emphasizing personalized and customized logistics services, the company designs comprehensive logistics solutions based on real-time information analysis, improving management efficiency and reducing operational costs [2] - Additional value-added services provided by the company include barcode management, replenishment, packaging, and inventory analysis, which support clients in responding quickly and saving costs [2]

Core Viewpoint - Cold chain logistics is a crucial support for chain restaurant brands to achieve cost reduction and efficiency improvement [1] Group 1: Role of Cold Chain Logistics - For chain brands, standardization and stability are essential for expansion, as highlighted by the importance of a stable supply chain for rapid growth and survival [3] - A unified and stable supply chain enables standardization and consistency in food ingredients, ensuring quality products for consumers [3] Group 2: Cost Reduction and Efficiency Improvement - The company has developed a nationwide warehouse network covering 2,790 districts, facilitating delivery to chain restaurant brands regardless of location [4] - Information technology plays a key role in managing 200,000 stores and processing large volumes of orders, integrating AI and big data to enhance efficiency [4] - The company implements a shared delivery model across approximately 12 provinces, significantly reducing delivery costs for standard stores [5] Group 3: Infrastructure Development in Lower-Tier Cities - The company has evolved through two phases, initially using long-distance cold chain vehicles with lower load rates, which increased costs but expanded store reach [6] - The second phase involves setting up 3,000 front warehouses nationwide to store frequently used products, enabling rapid delivery to stores [7] Group 4: Future Network Planning - The company plans a three-tier warehouse network structure, including regional distribution centers (RDCs) and distribution centers (DCs) to enhance delivery efficiency [8][9] - The RDCs will consolidate products from local manufacturers, while DCs will provide efficient delivery within a 50-100 km radius [8][10] Group 5: Supporting Chain Restaurant Expansion - A comprehensive and efficient warehouse and distribution network is fundamental for supporting chain restaurant brands in their expansion plans [11] - The company emphasizes building trust with clients, as a strong partnership is essential for effective supply chain management [12] Group 6: Collaboration with Upstream Suppliers - The company has shifted focus to upstream suppliers, recognizing their urgent need for cold chain logistics and information technology [13][14] - A successful collaboration with a supplier, resulting in a 25% reduction in logistics costs, demonstrates the effectiveness of integrated supply chain solutions [16] Group 7: Customer-Centric Approach - The company adopts a customer demand-driven approach, ensuring that services align with the actual needs of clients rather than merely following their directives [17][18] Group 8: Future Expansion Plans - The company is currently focused on solidifying its domestic operations before considering international expansion, despite interest from clients in overseas markets [19] - Future global supply chain strategies will involve sourcing raw materials from abroad and potentially relocating processing to the source for efficiency [20][21]

广州郊外的"SHEIN村"聚集着无数小规模工厂 桃井裕理："干活的都是40～60岁的人，快干不动了"，探访广州郊外的"SHEIN村"，这里的时间好像停 留在中国改革开放初期。中国正迎来经济结构的转型期，学者李稻葵称"中国不会像日本那样出现产业 空洞化"。一个"大中国市场"在形成…… 桃井裕理： 彻底改变全球电商的供应链革命的起点——记者听到这个说法后探访了广州市番禺区的"SHEIN村"， 这里时间好像停留在中国改革开放初期。 这是被遗弃在大城市中的被称为"城中村"的南村镇。在错综复杂的道路两旁，建筑物的一楼全都敞开着，积满灰 尘的地上排列着老旧缝纫机。在聚集在该地区的无数商家中，很多都承接了来自中国服装电商"SHEIN（希 音）"的业务。 发出致命一击的SHEIN "有订单，进账也很稳定。但是交货期太紧，几乎没有利润"，一名广西的女老板这样抱怨。每个订单100件，如果 是简单的衣服，3～4名熟练裁缝一起踩缝纫机，几个小时就能完成。利润为每件0.2～0.3元。如果有失误，会被罚 款。 SHEIN的特点是超低价格和"小批量、快速交货"。没有库存，如果认为卖得好，就立刻追加生产。由熟练技术人 员和相关企业组成的产业 ...