Core Viewpoint - Shanghai Shengsheng Pharmaceutical Cold Chain Technology Co., Ltd. has submitted its IPO prospectus to the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of temperature-controlled supply chain services in the pharmaceutical and life sciences industry [2]. Financial Performance - The company reported revenues of RMB 614.2 million and RMB 654.5 million for the years 2023 and 2024, respectively, with net profits of RMB 92.03 million and RMB 26.4 million for the same periods [3]. - For the first three quarters of 2025, the company achieved revenues of RMB 538.7 million, representing a year-on-year growth of 10.97%, and a net profit of RMB 113 million, reflecting a significant increase of 68.6% [2][3]. Market Position - According to a report by Frost & Sullivan, the company is ranked as the number one provider of temperature-controlled supply chain services in China and is the only Chinese company among the top ten global providers of clinical trial temperature-controlled supply chain services [2]. Investment and Valuation - Since its establishment, the company has completed multiple rounds of financing, with investors including Hillhouse Capital, Junlian Capital, and Zhongding Capital. Following the latest financing round, the company's valuation reached RMB 4 billion [3][4]. Shareholding Structure - Prior to the IPO, Zhongding Capital held a total of 13.55% of shares, while Junlian Capital held 12.35%, and Hillhouse Capital held 8.22% [4][5][6]. Previous IPO Attempt - The company previously attempted to list on the A-share market, with its application accepted on June 30, 2023, but the IPO was terminated in June 2024 due to withdrawal by the company and its sponsors. It is now pursuing an IPO in Hong Kong [6].

Core Viewpoint - Shanghai Shengsheng Pharmaceutical Cold Chain Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and Guojin Securities (Hong Kong) as joint sponsors [1] Company Overview - Shanghai Shengsheng is an integrated temperature-controlled supply chain service provider in the pharmaceutical and life sciences industry, focusing on clinical trial temperature-controlled supply chain services and extending to commercialized medical product temperature-controlled supply chain services [3] - The company is ranked first in the Chinese market for pharmaceutical and life sciences temperature-controlled supply chain services and is the only Chinese company among the top ten global clinical trial temperature-controlled supply chain service providers [3][10] - The company has served over 7,000 clients, including leading biopharmaceutical and biotechnology companies, covering a wide range of drug categories [4] Financial Information - Revenue for the nine months ending September 30 for 2023, 2024, and 2025 was approximately RMB 614.2 million, RMB 654.5 million, and RMB 537.9 million, respectively [5] - Profit for the same periods was approximately RMB 92.0 million, RMB 26.4 million, and RMB 112.0 million, respectively [6][8] - Gross profit margins for the same periods were 32.9%, 32.9%, and 37.6% [8] Industry Overview - The global pharmaceutical and life sciences temperature-controlled supply chain services market has shown stable growth, with a projected increase from USD 20.7 billion in 2020 to USD 29.3 billion in 2024, representing a compound annual growth rate (CAGR) of 9.1% [10] - The Chinese market for pharmaceutical and life sciences temperature-controlled supply chain services is expected to grow from RMB 18.8 billion in 2020 to RMB 26.5 billion in 2024, with a CAGR of 9.0% [10] - The clinical trial temperature-controlled supply chain services market in China is expected to grow from RMB 2.0 billion in 2020 to RMB 3.6 billion in 2024, with a CAGR of 15.8% [11] Market Characteristics - The global clinical trial temperature-controlled supply chain services market has high entry barriers, with market share increasingly concentrated among a few leading companies [15] - The top ten market participants hold approximately 60.3% of the total market share, indicating a relatively high level of industry concentration [15][16]