记者从湖南省长沙市雨花区获悉，1月13日，红星冷链（湖南）股份有限公司在香港联合交易所正式挂 牌上市，成为今年长沙首家上市企业。此次上市，不仅标志着红星冷链迈入全新发展阶段，也为"湘字 号"冷链企业走向国际打开了资本通道。 从村办企业到港股上市公司，红星冷链的蜕变是雨花区推动产业与资本深度融合、助力实体经济高质量 发展的生动缩影。近年来，雨花区坚持"抓上市就是抓高质量发展、谋上市就是谋未来"的理念，多措并 举推动企业对接资本市场。该区建立"育内引外"梯队培育机制，累计推荐18家企业进入2025年度湖南省 上市后备库，形成梯次培育格局；实施"领导联点+每月调度"帮扶机制，区主要领导直接联系重点拟上 市企业，2024年以来累计推动解决企业诉求超30项；灵活把握资本市场机遇，积极引导企业根据板块定 位调整上市路径，助力红星冷链转战港交所，实现高效上市。下一步，雨花区还将继续强化企业上市全 周期服务，支持更多优质企业借力资本市场，实现跨越发展。 记者了解到，此次红星冷链上市募集的资金将主要用于全链条温控与追溯技术研发、绿色冷链网络建设 及国际化业务拓展。红星冷链董事长罗跃表示："我们建成的每一座冻库、打通的每一条链路 ...

时至年末，港股IPO持续活跃，投资者打新热情也依旧居高不下。数据显示，今年以来，港股打新胜率和表观收益 率均有明显提升，新股首日平均涨幅达38%，破发率仅有28%，创下近5年最佳水平。 在此情形下，近日已开启招股的又一只新股——红星冷链(01641)，自然进入了投资者的视野。 根据招股安排，红星冷链于2025年12月31日至2026年1月8日招股，拟全球发售2326.3万股H股，其中香港发售占 10%，国际发售占90%。发售价定为每股12.26港元，每手500股，入场费约6191.83港元，公司预计将于2026年1月13 日在联交所正式挂牌交易。 红星冷链本次发行已有基石投资者"保驾护航"，福慧达(香港)有限公司将按发售价每股发售股份12.26港元认购总金 额为人民币2000万元发售股份，这一安排既被视为产业投资者对公司长期价值的认可，也向市场传达了积极信号。 招股书显示，本次发售股份占全球发售完成后已发行股份总数的约23.7%，以招股价12.26港元与公司2024年净利润 计算，公司总市值约为12.03亿港元，市盈率约为13.04倍，较低的发行估值，一定程度上为上市后的股价上涨留出了 空间。 不过，估值上的 ...

根据全球公开发售文件，红星冷链(01641)此次计划全球发售2326.3万股H股，其中，香港发售占10%， 国际发售占90%。每股发售价12.26港元，H股每手买卖单位为500股。在此次发行中，红星冷链成功获 得福慧达(香港)有限公司作为基石投资者，按最终发售价承诺认购总值约2000万元人民币的发售股份。 2025年12月31日，中部地区冷冻食品仓储龙头红星冷链(湖南)股份有限公司(以下简称：红星冷链)正式 启动招股，至2026年1月8日结束，并计划于2026年1月13日正式以"1641"为股票代码在港交所挂牌上 市。 区域市场龙头地位稳固首创"仓储服务+交易平台"双轮驱动模式 红星冷链总部位于湖南省长沙市，主营业务为冷冻食品交易平台与冷冻仓储服务。根据灼识咨询报告， 按2024年收入计，在冷冻食品仓储服务领域，公司是中国中部地区和湖南省最大的服务商，市场份额分 别达到2.6%和13.6%。在冷冻食品门店租赁服务领域，公司是中国中部地区第二大、湖南省第一大服务 商，市场份额分别为8.8%和54.7%。 作为中部地区冷冻食品仓储龙头，红星冷链通过其独创的"仓储服务"与"交易平台"双轮驱动模式，将食 品冻库与冷冻 ...

区域市场龙头地位稳固 首创"仓储服务+交易平台"双轮驱动模式 红星冷链总部位于湖南省长沙市，主营业务为冷冻食品交易平台与冷冻仓储服务。根据灼识咨询报告， 按2024年收入计，在冷冻食品仓储服务领域，公司是中国中部地区和湖南省最大的服务商，市场份额分 别达到2.6%和13.6%。在冷冻食品门店租赁服务领域，公司是中国中部地区第二大、湖南省第一大服务 商，市场份额分别为8.8%和54.7%。 作为中部地区冷冻食品仓储龙头，红星冷链通过其独创的"仓储服务"与"交易平台"双轮驱动模式，将食 品冻库与冷冻食品门店租赁相结合，服务于冷冻食品供应链中的批发商及零售商。 智通财经APP获悉，2025年12月31日，中部地区冷冻食品仓储龙头红星冷链(湖南)股份有限公司(以下简 称：红星冷链)正式启动招股，至2026年1月8日结束，并计划于2026年1月13日正式以"1641"为股票代码 在港交所挂牌上市。 根据全球公开发售文件，红星冷链(01641)此次计划全球发售2326.3万股H股，其中，香港发售占10%， 国际发售占90%。每股发售价12.26港元，H股每手买卖单位为500股。在此次发行中，红星冷链成功获 得福慧达(香港 ...

Core Viewpoint - Hongxing Cold Chain (Hunan) Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, having distributed 84.39% of its net profit as dividends to shareholders over the past three years, raising concerns about its growth potential and regional limitations [2][3][13] Financial Performance - The company reported revenues of 236.736 million yuan, 201.76 million yuan, and 233.576 million yuan for the years 2022 to 2024, with net profits of 79.112 million yuan, 75.312 million yuan, and 82.88 million yuan respectively, indicating revenue volatility [3] - Total net profit over the past three years was 237.304 million yuan, with cash dividends amounting to 200 million yuan, which is 84.39% of the net profit [3][4] - In 2024, the company plans to distribute 140 million yuan in cash dividends, which equals its entire profit for that year, plus an additional 57 million yuan from previous profits [3][6] Market Position - Hongxing Cold Chain holds an 8.9% market share in the central region of China for frozen food trading services, ranking second, and a 52.7% market share in Hunan province, ranking first [7][8] - In the cold storage service market, the company ranks first in both the central region and Hunan province, with market shares of 2.6% and 13.6% respectively [7][8] Growth Concerns - The company has experienced a compound annual growth rate (CAGR) of -0.67% in revenue, which is significantly lower than the industry growth rates [8][13] - The overall market for food cold chain trading services in China is expected to grow from 4.7 trillion yuan in 2020 to 5.2 trillion yuan in 2024, with a CAGR of 2.7% [10] - The cold storage service market is projected to grow from 21.7 billion yuan in 2020 to 25.6 billion yuan in 2024, with a CAGR of 4.2% [10] IPO Purpose - The primary purpose of the upcoming IPO is to raise funds for expansion, research and development, acquisitions, and to address liquidity issues following the substantial dividend payouts [5][6]

Core Viewpoint - Hongxing Cold Chain has submitted an application for an IPO on the Hong Kong Stock Exchange after failing to go public in A-shares five years ago, amid a stagnation in its revenue and net profit growth over the past three years [1][4][6]. Company Overview - Established in 2006, Hongxing Cold Chain is a leading integrated service platform for frozen food trading and storage, with a self-operated trading market area of 36,000 square meters and a storage capacity exceeding 1 million cubic meters [3][4]. - The company ranks first in Hunan Province and second in Central China for frozen food trading services, with an expected transaction value of approximately 40 billion yuan in 2024 [4][6]. Financial Performance - From 2022 to 2024, Hongxing Cold Chain's revenue fluctuated around 200 million yuan, while net profit remained between 75 million and 83 million yuan, with a stable gross margin above 50% [7][8]. - The company faces significant pressure from high fixed asset ratios, with fixed assets accounting for 89.8% of total assets by the end of 2024, leading to increased depreciation and amortization costs [8][9]. Market Challenges - The cold chain logistics industry in China is highly fragmented and competitive, with rising vacancy rates in cold storage facilities, which reached 11.9% by 2024, indicating a growing supply-demand imbalance [9][12]. - Hongxing Cold Chain's reliance on the local market and insufficient technological investment have become apparent, as over 90% of its revenue comes from Hunan Province, limiting its expansion potential [10][13]. Competitive Landscape - National cold chain giants like Yuhu Cold Chain are aggressively entering the Changsha market, posing a direct threat to Hongxing Cold Chain's market position [2][14]. - The company is at a disadvantage compared to competitors like JD Cold Chain and SF Express, which have established national networks and higher technological capabilities [12][13]. Future Outlook - The cold chain logistics market is expected to grow due to the rise of fresh e-commerce, agricultural product upgrades, and increased demand for high-standard distribution systems in lower-tier markets [10][12]. - Yuhu Cold Chain's rapid development in Changsha, including a significant investment in a digital cold chain food trading center, highlights the competitive pressures facing Hongxing Cold Chain [14][15][17].