Core Viewpoint - Shanghai Shengsheng Pharmaceutical Cold Chain Technology Co., Ltd. is seeking to list on the Hong Kong Stock Exchange after previously withdrawing its A-share IPO application, citing the need for international expansion and a more accommodating market for profit fluctuations [1][5]. Financial Performance - The company has shown steady revenue growth but significant profit volatility over the past three years, with revenues of approximately 614.2 million RMB in 2023, 654.5 million RMB in 2024, and 538.0 million RMB in the first nine months of 2025. Net profits were 92.0 million RMB, 26.4 million RMB, and 113.0 million RMB respectively [2][4]. - In 2024, revenue increased by 6.56% year-on-year, but profits dropped by 70% due to a rise in share-based payment expenses and increased sales and administrative costs [2][4]. Business Model and Market Position - Shanghai Shengsheng is a provider of integrated temperature-controlled supply chain services in the pharmaceutical and life sciences sector, focusing on clinical trial temperature control services, which account for over 82% of its revenue [6][10]. - The company is the largest domestic provider of clinical trial temperature-controlled supply chain services and ranks among the top ten globally, serving over 7,000 clients and supporting more than 4400 new drug clinical trial applications [10]. Growth Opportunities - The company plans to use IPO proceeds to expand its operations both domestically and internationally, including the establishment of new regional operational centers and clinical drug warehouses [11]. - The innovative drug sector is experiencing high growth, with a record number of new drug approvals and significant market activity, which may benefit Shanghai Shengsheng's business [8]. Challenges - The company faces high customer concentration, with the top five clients accounting for an increasing percentage of sales, which poses a risk if key client relationships change [5]. - Trade receivables have been growing, indicating potential cash flow pressures, with the turnover days extending from 98 to 105 days [5]. - The company is also exploring new applications for its temperature control technology in advanced manufacturing and renewable energy sectors, but these markets present different challenges and may not yield immediate results [12]. Conclusion - While Shanghai Shengsheng is well-positioned in a growing industry with a solid business model, it must navigate significant operational challenges and market competition to achieve sustainable growth and develop new revenue streams [13].

Core Viewpoint - Shanghai Shengsheng Pharmaceutical Cold Chain Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, seeking to expand its business internationally after previously withdrawing its A-share IPO application [1][2][3]. Company Overview - Established in 2009, Shanghai Shengsheng focuses on temperature-controlled supply chain services for clinical trials and is the leading provider in China and one of the top ten globally [4]. - The company reported revenues of approximately 614.19 million RMB, 654.49 million RMB, and 538.71 million RMB for the fiscal years 2023, 2024, and the first three quarters of 2025, respectively [5]. Financial Performance - For the fiscal year 2023, the company achieved a profit of 92.03 million RMB, which is expected to decline by 70% in 2024 [5]. - The sales and marketing expenses increased by 56.8%, administrative expenses rose by 96.1%, and R&D expenses grew by 4.6% in 2024 compared to the previous year [5]. Trade Receivables - The company has highlighted potential adverse impacts on its financial performance due to the recoverability of trade receivables, which amounted to approximately 158 million RMB, 192 million RMB, and 221 million RMB at the end of the reporting periods [6]. - The average collection period for trade receivables was 98 days for 2023 and 2024, increasing to 105 days in 2025 [6]. Shareholding Structure - The chairman, Ju Jibing, controls approximately 42.62% of the voting rights in the company, with his family and associated entities forming the controlling shareholder group [6]. Related Party Transactions - Ju Jibing and his spouse have previously engaged in significant borrowing from the company for equity acquisitions, totaling 74.66 million RMB [7][8]. - Notably, the couple's entity, Ningbo Yanjia, has been involved in both borrowing funds from the company and selling shares for cash [9].

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 [2] - 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 [2][9] - The company has served over 7,000 clients, including leading biopharmaceutical and biotechnology companies, covering a wide range of drug categories [3] 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 [4] - Profit for the same periods was approximately RMB 92.0 million, RMB 26.4 million, and RMB 112.0 million, respectively [5][6] - Gross profit margins for the same periods were 32.9%, 32.9%, and 37.6% [7] Industry Overview - The global pharmaceutical and life sciences temperature-controlled supply chain services market has shown stable growth, with a market size expanding from USD 20.7 billion in 2020 to USD 29.3 billion in 2024, representing a CAGR of 9.1% [9] - The Chinese market for pharmaceutical and life sciences temperature-controlled supply chain services is projected to grow from RMB 18.8 billion in 2020 to RMB 26.5 billion in 2024, with a CAGR of 9.0% [9] - 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% [10] 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 [14] - The top ten market participants hold approximately 60.3% of the total market share, indicating a relatively high level of industry concentration [14]

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Core Insights - The Chinese pharmaceutical cold chain logistics industry is projected to reach a market size of approximately 28 billion yuan in 2024, with a compound annual growth rate (CAGR) of 14.84% over the past five years [1][3]. Industry Overview - The pharmaceutical cold chain logistics sector involves the management of temperature-sensitive and perishable pharmaceutical products throughout their production, processing, storage, transportation, distribution, and sales processes to ensure product quality and minimize losses [1]. - The largest segments within the cold chain logistics market are IVD (In Vitro Diagnostics) and vaccines, accounting for 27% and 13% of the market share, respectively, in 2023 [3]. Competitive Landscape - Leading companies in the Chinese pharmaceutical cold chain logistics industry include Jiuzhoutong, Sinopharm Holdings, and China Resources Pharmaceutical Group [6]. - Jiuzhoutong focuses on technology-driven comprehensive services in the pharmaceutical industry, enhancing its cold chain logistics network and smart equipment [7]. - Sinopharm Holdings leverages IoT technology to create an integrated information system for cold chain logistics management, ensuring seamless data consistency throughout the logistics process [7]. - China Resources Pharmaceutical Group operates over 430 subsidiaries across 28 provinces, utilizing an advanced temperature-controlled warehouse and a proprietary warehouse management system [7]. - JD Logistics is rapidly building a cold chain delivery system, adhering to strict standards to ensure the efficacy of pharmaceutical products [7]. - SF Express has developed a cold chain logistics service since 2014, supported by a robust transportation network and advanced temperature control technology [7].