北交所行业主题报告：北交所消费服务行业掘金：稀缺性为基的专精特新“小消费”，爆品×出海×并购三轮驱动

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The North Exchange's consumption service sector has a high proportion of specialized and innovative companies, with 74% classified as such, and a total of 46 companies across 11 secondary industries [2][11] - The average market capitalization of the 46 companies increased from 1.592 billion to 2.366 billion, marking a growth of 48.61% from the end of 2024 to September 10, 2025 [2][19] - The food and beverage sector has the highest number of companies and market capitalization, with a total market value of 20.999 billion [3][24] - The transportation sector saw the highest market capitalization growth of 93%, increasing from 4.3 billion to 8.2 billion [3][25] Summary by Sections Section 1: Overview of the North Exchange Consumption Service Sector - The North Exchange consumption service sector includes 46 companies, categorized into 11 secondary industries such as professional services, food and beverage, and transportation [11][23] - The food and beverage sector has the highest representation, accounting for 19.57% of the total number of companies and 19.29% of the total market capitalization [24] Section 2: Investment Logic and Case Studies - The report highlights the growth potential of specific companies like Yicheng Konjac, which focuses on konjac products and has shown significant revenue growth of 29% year-on-year [3][26] - Jiahe Technology, a packaging company, achieved a revenue increase of 124% year-on-year and is noted for its successful acquisition strategy [3][10] Section 3: Growth Potential in the Consumption Service Sector - The report identifies a rich pool of companies with strong growth potential, emphasizing the importance of selecting larger-scale companies among those in the queue for listing [2][31] - In 2024, 34.78% of companies reported an increase in net profit, while 58.70% reported revenue growth [30][31] - For the first half of 2025, 36.96% of companies saw an increase in net profit, and 63.04% reported revenue growth [36][37]