A-share subscription | Hot-formed food container "Little Giant" New Tianli (920218.BJ) opens for subscription to bind top tea and restaurant customers

On May 20th, Xintianli (920218.BJ) opened subscriptions, with an issue price of 12.19 yuan/share, a subscription limit of 1.0538 million shares, a P/E ratio of 14.78 times, and listed on the Beijing Stock Exchange, with Guotai Haitong as its sponsoring institution. The prospectus shows that Xintianli is a nationally recognized specialized and innovative "small giant" enterprise, a leading enterprise in the domestic hot-formed food container industry, specializing in serving the food industry, meals, street drinks, etc., providing comprehensive solutions for food containers to well-known food industry enterprises such as Xiangpiaopiao Food, Mixuebingcheng, Inner Mongolia Yili Industrial Group, Mengniu Group, Xibei, NONGFU SPRING, and chain catering brands in multiple scenarios and all aspects. Xintianli has a hundred-thousand-level sterile purification workshop to reduce contamination by bacteria and airborne particles during the production process of food containers. On the other hand, the company's various flagship products use the "multi-layer co-extrusion" technology to superimpose a layer of single-material food direct contact layer in the food container, avoiding direct contact between food and chemical substances such as color masters, additives, etc. in the non-food direct contact layer, greatly reducing the amount of chemical substance migration from the packaging container significantly below national standards, greatly reducing food consumers' intake of chemical substances. In addition, the company is a pioneer in the industry in applying high barrier materials to food packaging containers, utilizing its excellent performance to efficiently block oxygen, moisture, and food contact without adding food preservatives, effectively increasing the shelf life of goods, and enhancing the safety of food preservation. High barrier materials are currently maturely applied to customers' related products. According to Market Research Future statistics, the global food container market size is expected to reach $157.1 billion in 2023 and is projected to increase from $163.7 billion in 2024 to $227.3 billion in 2032, with a compound annual growth rate of 4.19%. Food delivery is the most important application scenario and field for food containers. According to data from Frost & Sullivan, China's takeout industry size has increased from 596.8 billion yuan in 2019 to 1.1905 trillion yuan in 2022, with a penetration rate increasing from 12.80% to 27.10%. By 2027, China's takeout industry size is expected to reach 2.3316 trillion yuan, with a penetration rate of 30.40%. The continuous expansion of the downstream food delivery market has laid a good foundation for the company's continued development. In the street drink industry, according to the Asian Trend Report 2021-2023 jointly released by Euromonitor International and Nestle, the Chinese street drink industry is steadily growing. The total retail scale of street drinks increased from 106.1 billion yuan in 2017 to 188.6 billion yuan in 2022, with a compound growth rate of 12.19%. It is predicted that the street drink industry will maintain its growth trend, with the market size expected to reach 383.5 billion yuan by 2027. In terms of financials, in the 2023, 2024, and 2025 fiscal years, the company achieved operating income of approximately 1.022 billion yuan, 1.101 billion yuan, and 1.057 billion yuan respectively; during the same periods, net profits were approximately 57.774 million yuan, 68.408 million yuan, and 76.164 million yuan respectively.