转自：扬子晚报 新年伊始，南通史上"含金量"最高的人才房票新政，作为"开年礼包"重磅启封。它犹如一盏明灯，照亮 江海弄潮儿安居的梦想。 短短一个月，房票申领持续火热，核发量已突破五百张。以下四个安家故事，正是政策红利落地的缩 影：他们中有远道而来的寻梦人，有扎根本土的守业者，有择木而栖的知更鸟，有洄游故里的还乡客。 路虽不同，却都写下了同一句时代注脚——此心安处，是江海。 "从一只行李箱，到一片属于自己的屋檐" 来自山东寿光的郭明法，2025年6月从东华大学研究生毕业，通过校招加入公司，成为一名研发工程 师。入职前，人力资源经理对人才补贴政策的详尽介绍，就让他感受到了南通这座城市递来的真切温 度。这份最初的暖意，最终促使他与女友——另一位毕业后同样选择南通的研究生，决定在此相伴开启 人生新程。 和许多打拼者一样，租房是他们的起点。南通独有的江风海韵与宜业宜居的城市气质令人向往，但每月 如期而至的租金，总让他们的心像暂栖的鸟，无处落爪。那份安家的念头，在与家人反复商量后日益坚 定：他们想留下，想在南通扎下根来。 2025年11月，郭明法开始看房。一个心仪的楼盘，很快攫住了他的目光，但总价带来的压力，让他迟迟 难 ...

Investment Rating - The investment rating for the company is to actively participate in the new stock issuance [31] Core Viewpoints - The company is a long-term player in the cold chain equipment sector, specializing in intelligent control and monitoring products, with a strong market position both domestically and globally [5][6] - The company has shown steady revenue and profit growth, with a projected revenue of 499.8 million yuan and a net profit of 58.91 million yuan for 2024, reflecting a CAGR of +12.18% and +9.94% respectively over the past three years [7] - The company is expanding its overseas business, with the proportion of overseas revenue increasing from 48.27% in 2023 to an expected 57.14% in the first half of 2025 [7] Summary by Sections 1. Company Overview - The company, established in 1996, focuses on cold chain equipment, including intelligent controllers and monitoring devices for pharmaceuticals and food [5] - It is recognized as a national high-tech enterprise and has participated in the formulation of 38 industry standards [5][6] 2. Issuance Plan - The new stock issuance will adopt a direct pricing method with an issue price of 12.1 yuan per share, raising approximately 175 million yuan [15][18] - The initial issuance scale is 14.46 million shares, accounting for 25% of the total shares post-issuance, with a low circulation ratio of 22.5% [15][17] 3. Industry Situation - The global cold chain temperature and humidity control market is projected to grow from 556 million USD in 2023 to 836 million USD by 2030, with a CAGR of 6.01% [20] - The cold chain monitoring market is expected to grow from 5.96 billion USD in 2023 to 12.59 billion USD by 2030, with a CAGR of 11.28% [20] 4. Competitive Advantages - The company has strong R&D capabilities, with over 205 patents and a dedicated team focused on innovation [23][24] - It has a diverse product portfolio tailored to various applications in the cold chain industry, enhancing its market competitiveness [23][24] 5. Comparable Companies - The company has a lower market capitalization of 700 million yuan compared to its peers, with a PE ratio of 11.59, significantly lower than the median of 48.64 for comparable companies [32]

Core Viewpoint - Qingdao Hairong Commercial Cold Chain Co., Ltd. announced a change in the use of part of the raised funds for its project due to lower-than-expected market demand and adjustments in project planning [1][2][3][4]. Fund Utilization and Project Details - The "Intelligent Cold Chain Equipment and Commercial Vending Machine Industrialization Project" has a total planned investment of 652.42 million yuan, with 493.74 million yuan intended to be funded by raised capital [1]. - As of June 30, 2025, the project has utilized approximately 264.36 million yuan of the raised funds, leaving a balance of about 269.54 million yuan [2]. - The project has faced delays, with an expected completion date now set for December 31, 2025, due to slower-than-anticipated market penetration in the unmanned retail sector and a decline in the growth rate of the fast-moving consumer goods industry [2][3]. Adjustments in Project Planning - The actual investment in land and equipment has fallen short of the original plan, with land investment at 185.93 million yuan, which is 129.90 million yuan less than planned, and equipment costs at 78.42 million yuan, which is 190.08 million yuan less than planned [3]. - The company has determined that existing production capacity is sufficient to support future domestic business needs, leading to no plans for further large-scale investments in the original project [3]. Reallocation of Funds - The company plans to reallocate over 90 million yuan of the remaining raised funds to a new project in Indonesia, which involves establishing a subsidiary and building a commercial display cabinet manufacturing plant [4]. - This reallocation is necessary due to increased construction area, adjustments in production line layout, and the need for additional production equipment to enhance the production capacity of intelligent vending machines and commercial vending machines [4].