In recent years, China's consumption level accelerated climb, the interconnected industry continues to deepen, the rapid rise of the pharmaceutical e-commerce industry, and under the influence of the epidemic, the market pattern of pharmaceutical retailing quietly changed, pharmaceutical e-commerce as a new entrance to the pharmaceutical retailing has been running out of acceleration, according to Ai media data estimates, by 2022 China's pharmaceutical e-commerce transaction scale will reach 174 billion yuan, the industry has a huge prospect.

With the outbreak of pharmaceutical e-commerce industry, as an important industry chain, the pharmaceutical cold chain logistics industry has also gained rapid development, the rich financial network has also paid long-term attention to the development of the domestic pharmaceutical cold chain logistics industry. According to the research information of the pharmaceutical logistics branch of CUF, by the end of 2019, the area of China's pharmaceutical logistics warehousing was 20,668,700 square meters, an increase of 17.13% compared with 2018, and the area of ambient temperature storage and cold storage accounted for 23.90% and 3.90%, respectively.

Among the 34,477 vehicles owned by China's pharmaceutical logistics in 2019, there were 8,146 refrigerated vehicles, accounting for 23.62%, an increase of 61.96% over 2018. In addition, the number of refrigerated vehicles owned by China's pharmaceutical cold chain enterprises reached 8,146 in 2019, accounting for 21.4% of the total number of owned vehicles in the pharmaceutical industry in 2019. Compared with 2018, the year-on-year growth is as high as 61.0%, and the domestic pharmaceutical cold chain logistics vehicle market size is growing rapidly.

From an overall point of view, the current domestic pharmaceutical cold chain logistics infrastructure is gradually improving. And the scale of pharmaceutical cold chain logistics market is also increasing year by year. The information of China Federation of Pharmaceutical Logistics (CFLP) shows that China's pharmaceutical cold chain sales totaled about 339.503 billion yuan in 2019, a year-on-year growth of 20.09% compared with 2018, and the CFLP Pharmaceutical Logistics Branch predicts that by the end of 2020, the sales scale will reach 400 billion yuan.

Under the background of such a huge market scale, the domestic also gave birth to the pharmaceutical cold chain logistics of many related industries, including the industry's leading A-share listed companies. In the direct pharmaceutical logistics business, there are enterprises such as Sinopharm, Shunfeng Holdings, and Yingtai Group, etc. In the cold chain equipment industry, including Haier Biologicals, Binglun Environment, Snowman, Bingshan Cold and Heat, etc. The company is also a leader in the cold chain logistics industry, and is a leading supplier of cold chain equipment.

Analysis of listed companies in the pharmaceutical logistics business

State Drug Consistent (000028):

State Drug Consistent's main business is pharmaceutical distribution and pharmaceutical retailing, and it is the only platform for pharmaceutical retailing integration in the country for the State Drug Group. The business covers the whole industry chain of "drug distribution + medicine logistics + medicine retail + industrial investment".

At present, the company has built up a "four-in-one" ladder-type logistics and distribution network consisting of regional logistics centers, provincial logistics centers, urban distribution centers and distribution stations, and has expanded new modes of modern logistics operation such as multi-warehouse operation, third-party logistics and cold chain management, so that it can provide customers and suppliers with professional, efficient and fast pharmaceutical distribution and value-added logistics services. We provide our customers and suppliers with professional, efficient, fast and value-added pharmaceutical distribution and logistics services.

In the field of pharmaceutical distribution, the Company has formed a strong commercial network in the southern region of China with the industrial advantages of integration and scale. Up to now, the company has 47 subsidiaries in Guangzhou, Shenzhen, Foshan, Dongguan, and other two Guangzhou heavy Zhanjiang, Meizhou, Huizhou, Zhaoqing, Jiangmen, Shaoguan, Zhongshan, Nanning, Liuzhou to the region, which is ranked among the top three in the 31 prefecture-level cities above the competition in the market for hospital direct sales, to achieve the depth of penetration in the southern region of China.

Public information shows that as of June 30, 2020, the company's second and third-level medical institutions 975; primary care customers 6319; retail terminal customers 4881. Moreover, the company has established 27 regional chain companies in 21 provinces, autonomous regions and municipalities directly under the central government, covering 75 cities at all levels, with more than 5,000 retail pharmacies, and has been ranked first in China's pharmaceutical retail industry for six consecutive years.

Shunfeng Holdings (002352):

Shunfeng Holdings is a well-known enterprise in the domestic express delivery industry, in the highly developed e-commerce today, Shunfeng's daily express delivery service can be said to be a household name, and Shunfeng in recent years in the cold chain logistics of the pharmaceuticals is also in the layout of the full.

At present, the company relies on its own logistics network, science and technology chassis and advanced experience in resource intensive management, and continues to improve the deeper and wider pharmaceutical service network to provide customers with professional, safe, full-control one-stop pharmaceutical logistics supply chain solutions and services, covering the pharmaceutical industry, production, e-commerce, distribution, retail and other areas.

As of June 30, 2020, the company's pharmaceutical network covers 237 prefecture-level cities and 2,046 districts and counties, with 6 pharmaceutical warehouses with a total area of 30,000 square meters, and 46 pharmaceutical transportation trunk routes through the country's core cities. During the reporting period, the company's cold transportation and pharmaceutical business as a whole realized 3.241 billion yuan of non-taxable operating income, a year-on-year increase of 37.78%.

In the first half of 2020, SF Medicine also gradually shifted from a single drug transportation to diversification, guiding the chain of medical resources to continue to open up, comprehensively deepening and upgrading the cooperation with drug manufacturers, distribution companies, vaccine manufacturers, CDC at all levels, hospitals, pharmacy chains, and other types of enterprises in the pharmaceutical industry chain. During the epidemic, Shunfeng and the main leading domestic Internet hospitals, as well as more than 1,000 graded hospitals cooperation, to provide patients with room temperature drugs and cold chain drug delivery to home, and integrated pharmaceutical services.

Previously, Shunfeng Holdings has said that the company recognizes the future development of the pharmaceutical cold chain industry, the layout of the pharmaceutical cold chain in advance, has set up a special team, and in the year, more than 80 new inputs in line with the pharmaceutical GSP certified refrigerated trucks, planning to enable the 7 pharmaceutical warehouses in Suzhou, Changsha, Changchun, Nanchang, etc., to meet the pharmaceutical industry, the pharmaceutical business customers of the warehousing, distribution needs.

International Group (000411):

International Group, as one of the leading regional enterprises in Zhejiang's pharmaceutical distribution industry, is mainly engaged in the wholesale and retail business of pharmaceuticals and medical devices, i.e., purchasing products from the upstream pharmaceutical production or supply enterprises, and then wholesaling them to downstream healthcare institutions, pharmacies, distributors, etc. or selling them directly to consumers through retail terminals. The company is mainly engaged in the wholesale and retail business of pharmaceuticals and medical devices.

The company's logistics companies, including Zhejiang Intech Logistics Co., Ltd, Jinhua Intech Pharmaceutical Logistics Co., Ltd and Wenzhou Intech Pharmaceutical Logistics Co., Ltd, mainly provide logistics services to the subsidiaries of the Intech Group (Zhejiang Intech Pharmaceutical Co., Ltd. and regional subsidiaries of other counties and cities in the province). In addition to internal services, we also provide pharmaceutical logistics services to customers outside the Intertek Group, which also involves third-party pharmaceutical cold chain logistics business.

At present, the pharmaceutical cold chain logistics business is an important strategic support for Intertek Group, Intertek Group modern logistics has more than 750 employees engaged in professional pharmaceutical logistics, warehousing area of more than 200,000 square meters, more than 20,000 cubic meters of cold storage, more than 300 vehicles, of which 50 refrigerated trucks, with an annual throughput of more than 20 million pieces of medicine.

Subsidiary company Zhejiang Inte Logistics Co., Ltd. with its own distribution in Zhejiang Province, 45 routes; cold chain distribution: the province's municipal hospitals, pharmaceutical companies and pharmaceutical chains full reefer coverage, all customers in Hangzhou city full reefer coverage, small and medium-sized customers to choose the full coverage of verified reefer containers.

Subsidiary company Zhejiang Inte Logistics Co. Ltd. is now using the Jinhua logistics center covers an area of 100 acres, put into use at the end of 2016. Currently the business has covered Jinli-Qu Wentai and northeast Gan, northwestern Fujian and southern Anhui and other regional logistics transfer, distribution business, focusing on the development of third-party business, the realization of full product storage, logistics coverage outlets are expected to reach 20,000.

Subsidiary Ningbo Intech Logistics Co., Ltd. currently has a warehouse area of more than 28,000 square meters, and a cold storage of 1,000 cubic meters in the shade warehouse. The warehouse is equipped with advanced automatic sorting, electronic label picking, material handling and other advanced modern logistics facilities and equipment. The company mainly covers the north-central part of Zhejiang such as Jiaxing, Huzhou, Ningbo, Zhoushan and other areas and neighboring provinces and cities such as Shanghai, Jiangsu and so on.

The Wenzhou logistics center of the subsidiary company Wenzhou Intech Pharmaceutical Logistics Co., Ltd. covers an area of 25 acres, with a storage area of 30,000 square meters and a fully shaded design, which was put into use at the end of 2016. Depot construction of large-scale professional pharmaceutical cold storage 3,000 cubic meters, according to the storage requirements of the cold chain drugs, divided into buffer zone, to be checked and issued area, packaging materials area, pallet storage area, shelf storage area and multi-temperature layer set up, mainly to undertake the transfer, distribution and third-party logistics business of Wenzhou, Lishui, Taizhou (part of), Fujian Province, etc., the logistics coverage is expected to reach up to 10,000 outlets.

Pharmaceuticals (300937):

Pharmaceuticals is a comprehensive service provider focusing on the "out-of-hospital market" of pharmaceutical distribution. Through the innovative Internet and big data technology, efficient warehousing and logistics system, perfect category management and all-round, multi-level service system, the company gradually reduces the intermediate circulation links in the out-of-hospital market, and provides convenient, efficient and low-cost pharmaceutical distribution services for the vast number of community medicine terminals and primary health care institutions.

The company has a semi-automated warehouse with a storage area of 26,000, equipped with WMS system and ERP system to realize information management, and the average number of daily shipment entries reached 50,000 in FY2018, which can effectively support the throughput of more than 2 billion sales.

In addition, the company has a self-built logistics system, equipped with 81 professional distribution vehicles, opened 11 direct distribution trunk lines in various large cities and states in Sichuan Province, distribution of more than 100 main and branch lines, covering most of the regions in Sichuan. Now the company's direct distribution logistics can realize the next day delivery in Chengdu city and two-day delivery in major cities in Sichuan. At the same time, the drug easy to purchase a third-party drug logistics distribution business qualification, is one of the few companies in Sichuan Province with the qualification.

At present, the drug easy to purchase has established a perfect system of pharmaceutical varieties, the company obtained more than 1200 pharmaceutical companies more than 7100 varieties of pharmaceuticals of national or regional agent, distribution qualification, become more than 700 pharmaceutical companies more than 4000 varieties of designated secondary distributors, in addition to nearly 700 pharmaceutical business enterprises to establish a business relationship.

Golden Med (603882):

The main business of the Golden Med is to provide more than 23,000 medical institutions with more than 2,700 tests in six categories, including physical and chemical mass spectrometry, genomic tests, pathological diagnosis, biochemical and luminescent tests, immunological tests, and other comprehensive tests. The company provides outsourcing and scientific research services.

In terms of medical logistics, Gemdale's subsidiary, Guangzhou Gemdale Logistics Company Limited (hereinafter referred to as: Gemdale Logistics), is an enterprise specializing in medical cold chain logistics. Since its inception, it has been focusing on the implementation and optimization of medical-related cold chain, providing safe, professional and efficient cold chain logistics services for customers in the fields of life sciences, medical testing, health testing and biopharmaceuticals.

In terms of logistics business, Gemdale Logistics is involved in life sciences logistics, biosample logistics, clinical trial logistics, biomedical/diagnostic reagents, biosample storage, and biomedical material logistics. Taking life science logistics as an example, Gemstar Logistics can provide normal temperature (25-30) logistics, refrigerated (2-8) logistics, frozen (-15 -25) logistics, dry ice (-20 -80) logistics to meet the identification samples, genetic testing samples, cell samples, animal specimens and other sample logistics services.

In terms of warehousing, Gemdale Logistics has been focusing on the third-party warehousing and distribution integrated management business in the medical industry since its inception, plowing through the warehousing and distribution logistics industry chain, relying on national norms, taking chain data as the core, driven by refined management, combined with many years of experience in warehousing and distribution management and services, is committed to providing enterprises with high-efficiency, low-cost warehousing and distribution hosting overall solutions.

At present, JINYUDA LOGISTICS has 33 group wholly-owned subsidiaries in major cities and economic regions in China, with a network covering 31 provinces and cities in China, and 2,334 outlets deep in counties and townships. The company's existing logistics specialists are more than 2,500, providing specimen/goods transportation services for more than 21,000 medical institutions and pharmaceutical companies nationwide every day, and assuming an annual collection (specimen) volume of nearly 44 million copies.

East China Pharmaceutical (000963):

East China Pharmaceutical was founded in 1993, is a pharmaceutical research and development, manufacturing and sales of pharmaceuticals, pharmaceuticals, modern logistics, health care industry, medical beauty products manufacturing and sales of large-scale integrated pharmaceutical listed companies. The company has four business segments: Chinese and Western medicines, medical devices, herbal medicines and ginseng and antler, and health industry, covering pharmaceutical wholesale, pharmaceutical retail, third-party pharmaceutical logistics featuring cold chain, pharmaceutical e-commerce, value-added services for hospitals, and specialty health industry.

Recently, East China Pharmaceutical Supply Chain Management (Hangzhou) Co., Ltd, a wholly-owned subsidiary of East China Pharmaceutical, received the first express delivery business license for pharmaceutical cold chain enterprises in Zhejiang Province issued by the Postal Administration of Zhejiang Province.

In this regard, the company said that obtaining the first express business license for pharmaceutical cold chain enterprises in Zhejiang Province is a high recognition of the market and regulatory authorities on the company's cold chain logistics and distribution level and service capability.

Analysis of listed companies in pharmaceutical storage equipment technology

Haier Bio (688139):

Haier Bio landed on the Science and Technology Innovation Board (STB) on October 25th, 2019, and became the first Qingdao company to land on the STB. The company not only owns the industry-leading cryogenic cold chain core technology, but also can provide -196 to 8 full temperature range, full scene, full category of biomedical cryogenic products, and has obvious advantages in product technology design, production process, quality control, etc., leading the international.

In China, Haier Biotechnology occupies more than 50% of the market share in the ultra-low-temperature market, providing convenience for the majority of hospitals, blood stations, CDC, research institutes, and many national strategic projects such as the Chinese Bone Marrow Bank, the National Gene Bank, and the China Human Genetic Resource Bank, etc., all of which are Haier Biotechnology's products. Overseas, under the guidance of Haier Group's strategy of "Going Out, Going In, Going Up", Haier Biologics has entered more than 100 countries and regions around the world.

At present, Haier Biologicals*** has 288 patents, 34 U.S. Energy Star certifications, and has led or participated in drafting 9 national and industry standards, and 1 World Health Organization international standard. In the field of vaccination, Haier Biological innovation "Hai Le Miao" intelligent vaccine network, people, machines, seedling interconnection, to ensure that "people are not good, seedling is not good", to achieve the accurate take seedling zero error, the problem of vaccine second freeze, trace the whole process of vaccination, to crack the vaccination of the "last mile". "The first thing you need to do is to get your hands on a new car, and you'll be able to get it to work.

In the face of the different needs of the various aspects of the prevention and control of the new coronavirus, Haier Biotechnology innovative fusion of Internet of Things (IoT) technology and biotechnology, to explore a set of public **** health full-scene ecology, including the safe sampling cabin, the Internet of Things (IoT) transfer box, mobile testing cabin, cloud eye intelligent laboratory and other biosafety products and scenarios program.

Square Technology (603339):

Square Technology has six wholly-owned subsidiaries and one research institute, the company's cold chain food processing equipment manufacturing as the basis, around the freezing and cold storage, storage and transportation equipment, industrial heat exchangers, energy-saving panels, and other high-end intelligent equipment technology fields, the formation of industrial scale effect, and obtain a significant industrial competitive advantage. The company has formed an industrial scale effect and gained a significant competitive advantage in the industry.

The company has the American Society of Mechanical Engineers U, U2 and R stamp qualification, China's C2 mobile pressure vessel design, manufacturing qualification, GC2 pressure piping installation, renovation and maintenance qualification. Some of the refrigeration equipment products have passed the EU Pressure Equipment PED certification and EU safety certification CE, and are sold to EU countries. In addition, the company's tank containers comply with ISO, ASME, EN, GB standards, and have passed the Lloyd's Register, Bureau Veritas, Russian Classification Society, China Classification Society and other product certification, with the qualification to provide products to the world.

The company is not only a supplier of quick-freezing equipment, but also provides customers with a series of services such as project consulting, solutions, equipment provision, technical support and so on. The company should have more than 3,000 high-quality customers at home and abroad, rich industry experience makes the company become a professional cold chain solution provider.

At present, the company has a quick-frozen equipment engineering technology R & D center, four laboratory testing platform for a variety of related tests. At the same time, the company participated in the formulation of a number of national standards and industry standards, production, learning and research cooperation mechanism to establish a sound and effective operation, and with the Chinese Academy of Sciences and the Nanjing University of Science and Technology, Shanghai Ocean University, Jiangnan University, the China University of Mining and Technology and many other well-known colleges and universities to establish a stable cooperative relationship.

As a leading cold chain equipment manufacturer with comprehensive advantages in China, Sifang Technology, after nearly 40 years of development, has been widely recognized by the market and customers. The company also publicly stated that the company's construction of cold storage can be applied to the vaccine storage, the company is looking for vaccine cold chain storage related business.

Snowman (002639):

Snowman was founded in March 2000, the company has two industrial parks, Binhai and Liren, more than 10 entity subsidiaries, and the number of existing employees is more than 1,000 people. After more than 10 years of development, the company has become a high-tech enterprise with compressor as the core industry, integrating the research and development, design, manufacture, sales, installation and after-sales service of waste heat recovery and power generation, new energy, industrial and commercial refrigeration and complete refrigeration systems.

In the ice equipment manufacturing industry, Snowman shares of the comprehensive market share of the top, is one of the large-scale enterprises in the ice industry, is the National Cold Standard Committee ice machine working group is located in the unit, is responsible for the development of national and market standards. The company has two internationally recognized compressor brands, SRM and RefComp, with a wide range of product series and leading technology.

In the field of cold chain logistics, Snowman has long been committed to improving the overall level of China's cold chain ecosystem, and can provide product series to match different cold storage needs, with a rich product line ranging from 10 cubic meters to 200,000 tons of cold storage to meet the requirements of the whole cold chain of fruits, vegetables, aquatic products, dairy products, pharmaceuticals, vaccines and other cold products, from the source of the retail warehousing to the last kilometer of distribution.

The company has some characteristic cold chain products to fill the technical gaps in the field of domestic cold chain logistics, such as large-scale ammonia + carbon dioxide refrigerating units, mobile refrigeration equipment, cold storage all-in-one machine, etc.; RefComp refrigeration all-in-one machine can ensure that the cold chain of medicines in the process of transportation uninterruptedly to maintain a low temperature, constant temperature state.

At present, Snowman's RefComp refrigeration machine is not only used in Hebei CDC's "Provincial Vaccine Bank" project, but also used in Jinan, Zhengzhou, Wuxi, Siping, Zhangjiakou and other places in the CDC's medical goods cold storage project. Previously, the snowman shares said publicly, the company developed RefComp all-in-one machine can be used in the field of medical cold chain logistics refrigeration equipment, especially for drug storage, transportation of cold storage, freezing and other temperature requirements of the drugs, can ensure that the cold chain of drugs in the transportation process uninterruptedly to maintain a low temperature, constant temperature state.

Songzhi (002454):

Songzhi is mainly engaged in automotive, rail transportation and cold chain logistics and other fields of thermal management products and the research and development, production and sales, is the domestic automotive thermal management of the products of the leading enterprises. The products are widely used in large and medium-sized buses, passenger cars, special-purpose vehicles, trucks, light buses, railcars and refrigerated trucks and other types of vehicles.

The company has become a leader in vehicle thermal management products with the richest product range, the strongest technology development capability, and the leading market share among the suppliers of thermal management related products of China's own brands.

Recently, the company announced that the acquisition of 55% of Keihin Taiyo Heating and Cooling Industry (Dalian) Co. Ltd. and Keihin Thermal Technology Corporation (hereinafter referred to as "KTT") signed the "Share Purchase Agreement", KTT has fulfilled all the conditions of delivery.

Keihin Taiyo Heating & Cooling Industry (Dalian) Co., Ltd. is an enterprise specializing in the research and development, production, sales and service of automotive air conditioning condensers and evaporators. As the base of the Keihin Group in China specializing in automotive air conditioning condensers and evaporators, Keihin supplies automotive air conditioning related parts to joint venture brand automobile enterprises such as GAC Honda, DFHONDA, SAIC Volkswagen, FAW Volkswagen, and Changan Ford, etc. Keihin supplies automotive air conditioning related parts to the automobile industry. It mainly supplies auto air-conditioning related parts to joint venture brands such as GAC Honda, Dongfeng Honda, SAIC Volkswagen, Faw-Volkswagen and Changan Ford.

For the pharmaceutical cold chain logistics-related business, Songzhi shares have also publicly stated that the company's cold chain logistics unit business supporting the cold chain logistics unit has entered the field of pharmaceutical logistics transportation, including medical drugs and vaccines and other products have been transported. At present, the company's cold chain logistics unit products can be widely used in the transportation of fresh food, food, drugs, vaccines and other areas.

Icewheel Environment (000811):

Icewheel Environment, founded in 1956, is a diversified, internationalized and comprehensive equipment industry enterprise. The company's main business covers low-temperature refrigeration, central air conditioning, environmental protection and heating, energy and chemical equipment, precision castings, intelligent services, hydrogen energy development and other industrial clusters.

At present, the company's production bases, research centers and marketing service organizations in more than 40 countries around the world, with safe, environmentally friendly, energy-saving housekeeping solutions and intelligent system integration capabilities, to provide users in more than 120 countries and regions around the world with the full life cycle of the product service guarantee.

The company also owns five national scientific and technological innovation platforms, such as the National Enterprise Technology Center, and 14 provincial scientific and technological innovation platforms, such as the Key Laboratory of Energy-saving and Environment-friendly Refrigeration Equipment in Shandong Province. Recognized as a key high-tech enterprise under the National Torch Plan, the company owns 263 national patented technologies and has presided over and participated in the formulation of 20 national standards and 32 industry standards.

As a company committed to providing customers with professional system solutions in the field of temperature control, the ice wheel environment said publicly that the company's refrigeration equipment in the pharmaceutical industry has been used for a long time, in recent years, there are Haizheng Pharmaceuticals, Green Leaf Pharmaceuticals, Qilu Pharmaceuticals, Jiuzhou Tong and other customers. In extreme cases, some medical supplies (such as the new coronavirus mRNA vaccine) long-term storage needs -70 environment. Currently, one of the company's business units is constructing a -70 ultra-low temperature bio-cold storage facility for one of Fosun Pharma's companies.

Iceberg Cold & Heat (000530):

Iceberg Cold & Heat, formerly known as Dalian Freezer Factory, was founded in 1930, and is the core enterprise of Dalian Iceberg Group Limited, a leading enterprise in China's industrial refrigeration industry. The company has built a complete cold and hot industrial chain with cold and hot technology as the core, and constructed a cold and hot industrial base supported by Dalian, Wuhan and Changzhou.

Relying on Dalian Cold and Heat Technology Innovation Center, relying on intelligent manufacturing demonstration bases, innovating business models, developing new business models, developing along the customer demand, accelerating the pace of transformation and upgrading around the smile curve, Iceberg relies on the complete cold and heat industry chain, taking the initiative to upgrade to the cold and heat value chain with technological innovation, intelligent manufacturing and cold and heat services, and continuously expanding the open and inclusive cold and heat ecosystem, to continue to lead the development of China's cold and heat business. It will continue to lead the development of China's hot and cold business.

As China's largest industrial refrigeration equipment manufacturer, Iceberg Cold Heating has publicly stated that the company and its related affiliates have undertaken medical cold storage projects in recent years, and the relevant solutions can be applied to vaccine storage.