给百亿巨头“贴标”，净赚超1亿，70后苏州夫妇要敲钟了

Core Viewpoint - Jiangtian Technology, a leading label printing company, has successfully entered the Beijing Stock Exchange, showcasing its growth and potential in the packaging industry, driven by its deep connections with major consumer brands and innovative printing technologies [1][5][19]. Financial Performance - Jiangtian Technology's revenue has shown consistent growth, with figures of 3.84 billion yuan in 2022, 5.08 billion yuan in 2023, and projected 5.38 billion yuan in 2024, while net profits have increased from 74.45 million yuan in 2022 to over 100 million yuan in 2024 [3][4]. - The company's gross margin has remained stable above 28%, reaching 30.95% in 2023 [3][4]. Business Structure - The company primarily focuses on two product categories: film-based and paper-based adhesive labels, which together contribute over 90% of its revenue [9][10]. - In 2024, film-based labels generated 4.28 billion yuan, accounting for 79.81% of total revenue, while paper-based labels contributed 793.75 million yuan, making up 14.79% [10]. Client Relationships - Jiangtian Technology has established strong ties with major clients, including Nongfu Spring, Unilever, and Procter & Gamble, with Nongfu Spring alone contributing 42.02% of revenue in the first half of 2025 [13][14]. - The company has a high concentration of accounts receivable, with over 98% of receivables aging within one year, indicating a strong cash flow position [13]. Market Position and Strategy - Jiangtian Technology has positioned itself as a comprehensive label service provider, expanding its client base beyond traditional beverage and daily chemical sectors to include emerging brands like Heytea [19][17]. - The company has invested in advanced printing technologies, enhancing its competitive edge and ability to meet the evolving demands of high-end clients [19][20]. Industry Trends - The food packaging sector is experiencing a capital influx, with companies like Jiangtian Technology benefiting from the rising demand for functional and aesthetically pleasing packaging solutions [19][22]. - The trend of "selling shovels" in the packaging industry highlights the growing recognition of upstream suppliers' value, as they play a crucial role in supporting consumer brands [19][22].