北交所消费服务产业跟踪第三十八期（20251109）：下游需求拉动食品容器行业增长，北交所拟上市公司新天力有望持续扩大影响力

Investment Rating - The report indicates a positive outlook for the food container industry, driven by downstream demand growth, particularly in the takeaway and street beverage sectors [1][2]. Core Insights - The food container industry is experiencing steady expansion, with diverse downstream demands enriching the product matrix. The global food container market is projected to grow from USD 163.7 billion in 2024 to USD 227.3 billion by 2032, with a CAGR of 4.19% [2][5]. - The plastic food container segment is growing rapidly, accounting for approximately one-third of the total market. The global plastic food container market is expected to increase from CNY 253.05 billion in 2023 to CNY 355.49 billion by 2030, with a CAGR of 4.98% [2][5]. - The domestic food industry in China is robust, with a market size of approximately CNY 10.04 trillion in 2023. The takeaway sector has seen significant growth, with the market size increasing from CNY 596.8 billion in 2019 to CNY 1.19 trillion in 2022, and a penetration rate rising from 12.8% to 27.1% [2][5][8]. - The street beverage market in China is also on the rise, with total retail sales growing from CNY 106.1 billion in 2017 to CNY 188.6 billion in 2022, reflecting a CAGR of 12.19% [2][5][8]. Summary by Sections 1. Growth Drivers in the Food Container Industry - The food container industry is benefiting from the growth of the takeaway and street beverage sectors, with increasing consumer demand for convenience and diverse food options [5][8]. - The market is supported by the rise of e-commerce and delivery services, creating new growth opportunities for food containers [5][8]. 2. Company Profile: Xintianli - Xintianli is a leading enterprise in the domestic thermoformed food container industry, providing comprehensive solutions for well-known food companies and restaurant brands [2][17]. - The company reported a revenue of CNY 536 million in H1 2025, a year-on-year increase of 1.14%, and a net profit of CNY 42.57 million, up 17.71% year-on-year [2][21]. 3. Market Performance Overview - The median stock price change for the North Exchange consumer service sector was -3.16% during the week of November 3 to November 7, 2025, with most companies experiencing declines [2][23]. - The median price-to-earnings (P/E) ratio for the consumer service sector decreased from 53.6X to 49.7X, indicating a general decline in market valuation [2][26]. 4. Industry Valuation Metrics - The median TTM P/E ratio for the broader consumer sector is reported at 54.0X, down from 56.3X, reflecting a slight contraction in valuation [2][34]. - The food and beverage sector's median TTM P/E ratio decreased from 58.0X to 56.5X, indicating a similar trend in valuation adjustments [2][35].