北交所消费服务产业跟踪第一期：马拉松赛事繁荣助推泛健康产业迸发，关注康比特等运动营养公司

Investment Rating - The report does not provide a specific investment rating for the industry or companies mentioned [2]. Core Insights - The prosperity of marathon events is driving the growth of the sports nutrition industry, with record participation numbers in events like the Beijing and Shanghai marathons [1][13]. - The global sports nutrition market reached USD 18.56 billion in 2022 and is projected to grow to USD 25.19 billion by 2027, with a strong focus on North America and Europe [1][16]. - The Chinese sports nutrition market, which started later, has shown rapid growth, with a market size of CNY 4.8 billion in 2022 and expected to reach CNY 7.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 26.2% from 2018 to 2022 [1][16][20]. - The leading companies in the domestic sports nutrition sector are Xiwang Food, Kangbiter, and Tongchen Beijian, with market shares of 29%, 18%, and 17% respectively, indicating a high market concentration [1][28]. Summary by Sections Marathon Events and Sports Nutrition - The Beijing Marathon attracted 182,949 participants from 43 countries in just three days, while the Shanghai Marathon had 257,854 participants, both setting historical records [1][15]. - The number of certified marathon events in China increased from 51 in 2014 to 357 in 2019, with 308 events held in 2023, returning to pre-pandemic levels [1][13]. Market Performance - The North Exchange's consumer service sector saw a median price change of +5.21% from November 18 to November 22, 2024, with 25 out of 35 companies experiencing stock price increases [2][42]. - The median price-to-earnings (P/E) ratio for the consumer sector rose from 39.4X to 43.7X during the same period [2][44]. Industry Valuation - The median P/E ratio for the broader consumer industry increased by 16% to 47.6X, with notable stock performance from companies like Taihu Snow and Baixinglong [3][54]. - The P/E ratio for the food and beverage sector rose from 33.5X to 35.6X, while the professional services sector saw an increase from 25X to 26.2X [3][56][62]. Company Performance - Kangbiter reported revenue of CNY 7.74 billion in the first three quarters of 2024, a year-on-year increase of 30%, with a net profit of CNY 65.56 million [1][37]. - The company has shown strong growth potential, with a three-year CAGR of 33% in revenue and 74% in net profit from 2020 to 2023 [1][37][38].