Core Viewpoint - The article discusses the tax rates applicable to various service sectors, including modern services and living services, highlighting the differences in VAT rates and exemptions for specific services [3][10]. Tax Rates for Living Services - The basic VAT rate for living services is 6% [3]. - Specific service categories and their VAT rates include: - Catering and accommodation: 6% [3] - Education and medical services: exempt from VAT [3] - Cultural and sports services: 6% [3] - Tourism services: 6%, with an option for differential taxation [3] - Entertainment services: 6% [3] - Daily resident services: 6%, with exemptions for marriage introduction and funeral services [3]. Tax Rates for Modern Services - The basic VAT rate for modern services is also 6% [3]. - The article provides a detailed breakdown of various service categories under modern services, although specific categories are not listed in the provided text [3]. Tax Policies for Affordable Housing - The article outlines tax policies related to the planning and construction of affordable housing, aimed at improving housing supply and addressing urban housing issues [10]. - Tax exemptions include: - Exemption from urban land use tax and stamp duty for affordable housing projects [11]. - Exemption from land value-added tax for certain transfers of old houses as affordable housing sources [11]. - Exemption from various administrative fees and government funds related to affordable housing projects [12]. Implementation Date - The tax policies regarding affordable housing will be effective from October 1, 2023 [13].

Core Viewpoint - Hongxing Cold Chain officially launched its IPO on December 31, 2025, with plans to list on the Hong Kong Stock Exchange under the stock code "1641" on January 13, 2026 [1][5]. Group 1: IPO Details - The IPO subscription period runs from December 31, 2025, to January 8, 2026 [5]. - A total of 23,263,000 H-shares will be offered globally, with 2,326,500 shares available for public sale in Hong Kong and 20,936,500 shares for international sale [3]. - The offering price is set at HKD 12.26 per H-share, plus various fees including a 1% brokerage commission and other transaction fees [3]. Group 2: Financial Performance - For the year ending December 31, 2022, the revenue from frozen food storage services was RMB 137.368 million, accounting for 58.0% of total revenue [6]. - In the first half of 2023, revenue from frozen food storage services increased to RMB 132.813 million, representing 65.8% of total revenue [6]. - The company projects revenue from frozen food storage services to reach RMB 160.018 million in 2024, which would account for 68.5% of total revenue [6]. Group 3: Use of Proceeds - The net proceeds from the IPO will be used to construct a new processing plant and cold storage warehouse over the next four years, equipped with processing equipment and systems for frozen food processing services [6]. - Funds will also be allocated to upgrade existing business equipment, IT infrastructure, and software, including investments in artificial intelligence technology to enhance operations and customer service [6]. - The company plans to seek strategic acquisitions and partnerships to strengthen its position within the cold chain ecosystem [6].

Group 1 - The company held its 19th meeting of the 6th Board of Directors on December 28, 2025, via communication voting, with all 7 directors participating [2][3] - The board approved the proposal for expected daily related party transactions for 2026, with a total estimated transaction amount of 22 million RMB [3][31] - The board also approved the convening of the company's first extraordinary general meeting of shareholders for 2026, scheduled for January 14, 2026 [5][9] Group 2 - The expected daily related party transactions involve providing warehousing, loading and unloading services, and supply chain management or commercial factoring services to Zhuhai Shiyou Chemical Co., Ltd. [31] - The related party, Zhuhai Shiyou, holds a 41.08% stake in the company, which qualifies as a related party under the Shenzhen Stock Exchange's regulations [35][36] - The independent directors concluded that the proposed transactions are necessary for the company's normal operations, with fair pricing and no harm to the interests of shareholders, especially minority shareholders [37]

Group 1 - The core point of the article is that Hengji Daxin (SZ 002492) held its 19th meeting of the 6th board of directors on December 28, 2025, via telecommunication to review the proposal regarding the expected daily related transactions for 2026 [1] - For the first half of 2025, Hengji Daxin's revenue composition was as follows: warehousing accounted for 45.82%, loading and unloading for 34.87%, other businesses for 15.79%, and management services for 3.52% [1] - As of the report, Hengji Daxin's market capitalization is 3.3 billion yuan [2]

Group 1 - The company Hengji Daxin announced a provision for asset impairment totaling 63.7046 million yuan for the period from January to November 2025, which will reduce the total profit by the same amount [1] - The net profit attributable to shareholders of the listed company will decrease by 46.2845 million yuan for the same period due to the asset impairment provision [1] - The total equity attributable to shareholders will also be reduced by 46.2845 million yuan for the period from January to November 2025 [1] Group 2 - For the first half of 2025, the revenue composition of Hengji Daxin is as follows: warehousing accounts for 45.82%, loading and unloading accounts for 34.87%, other businesses account for 15.79%, and management services account for 3.52% [1] - The current market capitalization of Hengji Daxin is 3.1 billion yuan [2]

Group 1 - The core point of the article is that Hengji Daxin (SZ 002492) held its 18th meeting of the sixth board of directors on October 28, 2025, where it reviewed the proposal for establishing a senior management personnel resignation management system [1] - For the first half of 2025, Hengji Daxin's revenue composition was as follows: warehousing accounted for 45.82%, loading and unloading accounted for 34.87%, other businesses accounted for 15.79%, and management services accounted for 3.52% [1] - As of the time of reporting, Hengji Daxin's market capitalization was 3.2 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation and a new "slow bull" pattern emerging [1]

Core Viewpoint - Shentong Express has shown significant stock performance with an 82.23% increase year-to-date, despite a recent decline of 3.52% over the last five trading days [1] Company Overview - Shentong Express Co., Ltd. is located in Qingpu District, Shanghai, and was established on November 1, 2001. The company was listed on September 8, 2010. Its main business includes domestic express delivery, general freight, cargo transportation agency, warehousing services, and unloading services [1] - The revenue composition of the company is as follows: paid delivery 57.95%, transit income 36.62%, information services 4.34%, and other income 1.10% [1] Financial Performance - For the period from January to March 2025, Shentong Express achieved operating revenue of 11.999 billion yuan, representing a year-on-year growth of 18.43%. The net profit attributable to the parent company was 236 million yuan, with a year-on-year increase of 24.04% [2] - Since its A-share listing, Shentong Express has distributed a total of 1.614 billion yuan in dividends, with 131 million yuan distributed over the past three years [3] Shareholder Information - As of March 31, 2025, the number of shareholders for Shentong Express was 38,200, a decrease of 19.32% from the previous period. The average circulating shares per person increased by 23.94% to 39,050 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 62.934 million shares, an increase of 2.6301 million shares compared to the previous period [3] Market Activity - On August 27, Shentong Express's stock price rose by 2.00%, reaching 18.34 yuan per share, with a trading volume of 359 million yuan and a turnover rate of 1.36%. The total market capitalization is 28.075 billion yuan [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 25, where it recorded a net purchase of 14.1143 million yuan [1]

Core Viewpoint - The company reported a decline in revenue and profit for the six months ending June 30, 2025, primarily due to reduced cargo throughput and unfavorable market conditions [1] Financial Performance - Revenue for the period was 80.368 million RMB, representing a year-on-year decrease of 8.2% [1] - Profit attributable to owners was 20.49 million RMB, down 34.6% year-on-year [1] - Basic earnings per share were 2.56 cents [1] Revenue Breakdown - Revenue from loading and unloading services and related port services was approximately 75.1 million RMB, a decrease of about 5.6% year-on-year [1] - The decline in revenue was mainly due to a reduction in cargo handling revenue, which fell due to a decrease of approximately 1.2 million tons in cargo throughput compared to the same period in 2024 [1] - Revenue from port-related services decreased by approximately 2.7 million RMB or 33.8%, primarily due to a decline in logistics agency business caused by unfavorable market conditions [1]

Core Viewpoint - Hongxing Coldchain (Hunan) Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, despite a challenging market for cold chain logistics companies and mixed performance in its financials [1][10]. Company Overview - Established in 2006, Hongxing Coldchain is a leading integrated service platform for frozen food trading and cold storage services, with a land area of over 210 acres and a storage capacity of 160,000 tons [1]. - The company is recognized as the first national AAA-level cold chain logistics enterprise in Hunan Province and ranks among the top in market share within the province [1]. Financial Performance - Revenue for the years 2022, 2023, and 2024 was reported at RMB 236.736 million, RMB 201.760 million, and RMB 233.576 million, respectively, with a compound annual growth rate (CAGR) of -0.67% [2][3]. - Net profit for the same years was RMB 79.112 million, RMB 75.312 million, and RMB 82.880 million, showing a CAGR of 2.35% [2][3]. - The main revenue sources include cold storage services (68.5% of revenue in 2024), leasing services, and handling services [3][6]. Market Dynamics - The cold chain logistics industry is experiencing rapid growth due to increasing consumer demand for fresh food and the expansion of e-commerce in fresh produce and pharmaceuticals [7]. - In 2024, China's cold chain logistics demand is projected to reach 365 million tons, with total revenue of RMB 536.1 billion, reflecting year-on-year growth of 4.3% and 3.7%, respectively [7]. Competitive Position - Hongxing Coldchain ranks second in the central region of China for frozen food trading services with a market share of 8.9% and first in Hunan Province with a market share of 52.7% [8]. - The company is also the largest provider of cold storage services in both the central region and Hunan Province, with market shares of 2.6% and 13.6%, respectively [8]. Challenges - The company faces declining prices and utilization rates in its core cold storage business, with average monthly storage fees decreasing significantly in recent years [4][6]. - The gross profit margin for cold storage services has dropped from 60.5% in 2022 to 54.4% in 2024, while overall gross profit margin has shown slight fluctuations [6]. - Increased competition from traditional logistics and new retail companies entering the cold chain market poses a significant threat to Hongxing Coldchain's market position [10].