Core Insights - The cold chain logistics sector in China is experiencing steady growth in the third quarter, driven by policy guidance and market demand [1] - The total demand for food cold chain logistics reached 11.73 million tons in Q3, a year-on-year increase of 4.72%, with growth accelerating compared to Q2 [1][3] - The total revenue of food cold chain logistics service companies in Q3 was 144.97 billion yuan, reflecting a year-on-year growth of 3.92% [3] Demand and Revenue - The total demand for food cold chain logistics in the first three quarters of the year was 30.93 million tons, up 4.49% year-on-year, with growth accelerating compared to the first half of the year [1] - The total revenue for the first three quarters was 424.91 billion yuan, showing a year-on-year increase of 3.85%, with growth remaining stable compared to the first half [3] Infrastructure Development - Cold storage capacity in China reached 26.3 million cubic meters by Q3 2025, marking a year-on-year increase of 7.35%, with an addition of 2.54 million cubic meters in Q3 [5] - The construction of cold chain infrastructure is progressing steadily, with an increase in cold storage and refrigerated vehicle sales [3][5] Vehicle Sales - Refrigerated vehicle sales in Q3 totaled 23,251 units, representing a year-on-year growth of 41.40%, with new energy refrigerated vehicle sales reaching 10,024 units, up 125.05% [7] - The growth in new energy refrigerated vehicle sales is supported by policy subsidies and the opening of road rights in various regions, with expectations for continued growth in Q4 [7]

Core Insights - The cold chain logistics sector in China is experiencing steady growth in the third quarter, driven by policy guidance and market demand, leading to an expansion in market size [1] Group 1: Market Demand and Growth - The total demand for food cold chain logistics in Q3 reached 117.3 million tons, a year-on-year increase of 4.72%, with growth accelerating by 0.16 percentage points compared to Q2 [4] - The total demand for food cold chain logistics in the first three quarters of the year was 309.3 million tons, reflecting a year-on-year growth of 4.49%, with an acceleration of 0.14 percentage points compared to the first half of the year [4] - Fresh e-commerce sales grew by approximately 15% year-on-year in Q3, maintaining double-digit growth, with the fastest growth seen in fruits and vegetables [3] Group 2: Revenue and Financial Performance - The total revenue of food cold chain logistics service companies in Q3 was 144.97 billion yuan, a year-on-year increase of 3.92%, with growth accelerating by 0.2 percentage points compared to Q2 [6] - The total revenue for the first three quarters of the year was 424.91 billion yuan, reflecting a year-on-year growth of 3.85%, with growth rates remaining stable compared to the first half of the year [6] Group 3: Infrastructure and Capacity - The total capacity of cold storage facilities reached 26.3 million cubic meters by the end of Q3 2025, a year-on-year increase of 7.35%, with an additional capacity of 2.5359 million cubic meters added in Q3 [8] - Cold storage construction is becoming more rational amid a backdrop of reducing excess capacity, leading to a slowdown in capacity growth [8] Group 4: Vehicle Sales and Trends - The sales of refrigerated trucks in Q3 reached 23,251 units, a year-on-year increase of 41.4%, with sales of new energy refrigerated trucks reaching 10,024 units, reflecting a year-on-year growth of 125.05% [10] - The penetration rate of new energy refrigerated trucks is expected to rise to around 40% in the fourth quarter, driven by ongoing policy support and demand for cold chain city distribution [10]

Core Insights - The cold chain logistics sector in China is experiencing steady growth, driven by policy guidance and market demand, with an expanding market scale [1][2] Group 1: Cold Chain Logistics Demand - In Q3, the total demand for food cold chain logistics reached 11.73 million tons, a year-on-year increase of 4.72%, with growth accelerating by 0.16 percentage points compared to Q2 [1] - For the first three quarters of the year, the total demand was 30.93 million tons, up 4.49% year-on-year, with an acceleration of 0.14 percentage points compared to the first half of the year [1] - Fresh e-commerce sales grew by approximately 15% year-on-year in Q3, with the fastest growth seen in fruits and vegetables [1] Group 2: Revenue Growth - In Q3, total revenue for food cold chain logistics service companies was 144.97 billion yuan, a year-on-year increase of 3.92%, with growth accelerating by 0.2 percentage points compared to Q2 [1] - For the first three quarters, total revenue reached 424.91 billion yuan, up 3.85% year-on-year, with growth remaining stable compared to the first half of the year [1] Group 3: Cold Chain Infrastructure Development - Cold chain infrastructure construction is progressing steadily, with continuous expansion of cold storage capacity and steady growth in refrigerated vehicle sales [2] - By Q3 2025, the total capacity of cold storage is projected to reach 26.3 million cubic meters, a year-on-year increase of 7.35%, with an addition of 2.5359 million cubic meters in Q3 [2] - Refrigerated vehicle sales in Q3 reached 23,251 units, a year-on-year increase of 41.40%, with sales of new energy refrigerated vehicles growing by 125.05% [2]

Core Insights - The demand for food cold chain logistics in China is expected to reach approximately 192 million tons in the first half of the year, reflecting a year-on-year growth of 4.35% [1] - The total logistics value for this sector is projected to be around 4.7 trillion yuan, also showing a year-on-year increase of 4.21% [1] - The global cold chain logistics market is estimated to be about 363.8 billion USD in 2024, with China accounting for over 20% of this market [1] Industry Overview - The development of the cold chain supply chain in China is currently in a favorable trend, with increasing overall competitiveness [1] - The backdrop of global trade and the restructuring of industrial and supply chains presents new opportunities for the cold chain sector in China [1]

Core Viewpoint - The company has successfully navigated a challenging year by implementing a three-year development plan, focusing on market reforms, enhancing core capabilities, and improving risk control systems, which has laid a solid foundation for achieving its strategic goals. Meeting Guidelines - The company has established a secretariat for organizing the shareholder meeting and ensuring the protection of shareholders' rights [2][3]. - Shareholders have the right to speak, inquire, and vote during the meeting, which will utilize both communication and online voting methods [2][3]. Financial Performance - The company reported a revenue of 1.828 billion yuan, a decrease of 5.20% year-on-year, while the net profit attributable to shareholders increased by 30.28% to 197 million yuan [6][7]. - The net profit after deducting non-recurring gains and losses was 141 million yuan, reflecting a slight increase of 0.51% [6]. Business Development - The company's main business showed signs of recovery, with significant growth in the business vehicle market and a notable increase in taxi services [7]. - The pre-prepared food business expanded significantly, targeting the corporate welfare market and developing products around consumer scenarios [7][12]. - The cold chain logistics business improved its operational performance through better resource management and standardization [13][14]. Key Business Initiatives - The logistics company, Jin Hai Jie Ya, achieved AEO certification, enhancing its operational efficiency and service quality in international freight forwarding [8][9]. - The air freight volume increased by over 20% compared to 2023, while sea freight remained stable [8][9]. - The company has expanded its customer base in various sectors, including new energy vehicles and semiconductors, through strategic partnerships and service enhancements [9][10]. Future Plans - The company aims to continue its market-oriented reforms and digital transformation, focusing on strengthening its core competencies while expanding its food supply chain business [18][19]. - Plans include enhancing integrated operations in sea and air transport, optimizing capacity procurement, and expanding direct customer development [19][20]. - The company will also focus on improving its food supply chain capabilities and expanding its market presence through digital initiatives and strategic partnerships [21][22].