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].