On May 20th, New Tianli (920218.BJ) initiated its public subscription. The issue price is set at 12.19 yuan per share, with a subscription cap of 1.0538 million shares. The price-to-earnings (P/E) ratio is 14.78 times. The listing is on the Beijing Stock Exchange, with Guotai Haitong Securities acting as the sponsor.
According to the prospectus, New Tianli is a national-level specialized and sophisticated "Little Giant" enterprise and a leading company in China's thermoformed food container industry. It provides professional services to sectors including food manufacturing, dining, and street beverages, offering comprehensive, multi-scenario packaging solutions to well-known clients such as Xiangpiaopiao, Mixue Ice City, Yili, Mengniu Group, Xibei, and Nongfu Spring.
The company operates Class 100,000 sterile cleanrooms, which minimize bacterial and airborne particulate contamination during container production. Furthermore, several of its key products utilize "multi-layer co-extrusion" technology to incorporate a single-material food-contact layer, preventing direct contact between food and colorants or additives from non-contact layers. This significantly reduces chemical migration in the packaging, keeping it well below national standards and minimizing consumer exposure to chemicals.
Additionally, New Tianli pioneered the application of high-barrier materials in food packaging within the industry. These materials effectively block oxygen and moisture from contacting the food, extending product shelf life without the need for preservatives and enhancing food safety. This technology is now maturely applied in relevant client products.
Market Research Future statistics indicate the global food container market was valued at $157.1 billion in 2023. It is projected to grow from $163.7 billion in 2024 to $227.3 billion by 2032, representing a compound annual growth rate (CAGR) of 4.19%. Food delivery is the most significant application segment for food containers. Frost & Sullivan data shows China's food delivery market expanded from 596.8 billion yuan in 2019 to 1.1905 trillion yuan in 2022, with penetration rising from 12.80% to 27.10% concurrently. The market is forecast to reach 2.3316 trillion yuan by 2027, with a penetration rate of 30.40%. The continuous expansion of this downstream market provides a solid foundation for the company's sustained growth.
Regarding the street beverage sector, according to the "2021–2023 Asia Trends Report" jointly released by Euromonitor International and Nestlé, China's street beverage industry has shown steady growth. Total retail sales increased from 106.1 billion yuan in 2017 to 188.6 billion yuan in 2022, achieving a CAGR of 12.19%. The industry is expected to maintain this growth trajectory, with the market scale projected to reach 383.5 billion yuan by 2027.
Financially, for the years 2023, 2024, and 2025, the company reported operating revenues of approximately 1.022 billion yuan, 1.101 billion yuan, and 1.057 billion yuan, respectively. During the same periods, it recorded net profits of about 57.774 million yuan, 68.4008 million yuan, and 76.1647 million yuan.
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