Core Viewpoint - Jiangtian Technology has restarted its IPO process on the Beijing Stock Exchange, indicating a renewed effort to list after previous challenges related to financial updates and compliance issues [1][5]. Company Overview - Jiangtian Technology, established in 1995, specializes in the research, production, and sales of label printing products, including film and paper-based self-adhesive labels, widely used in various consumer sectors such as beverages, personal care, and food [3][4]. - The company has notable clients in the beauty sector, including Unilever, Procter & Gamble, and others in the daily chemical field like Blue Moon and Naixis [3]. Financial Performance - In 2024, Jiangtian Technology reported a total revenue of 538 million CNY, a 6% increase year-on-year, with a net profit of 101 million CNY, reflecting a 5.55% growth [5][6]. - The company's gross margin decreased from 30.95% to 29.97% in 2024, indicating a slight decline in profitability [6][8]. - The revenue growth was primarily driven by the film-based self-adhesive labels, which generated 428 million CNY, accounting for 79.58% of total revenue [8]. Client Base - The top five clients in 2024 included Yangshengtang/Nongfu Spring, Xintianli, Blue Moon, Haitian Flavor Industry, and Unilever, with Yangshengtang/Nongfu Spring contributing 35.33% of total sales [7]. Industry Context - The packaging materials industry is facing intense price competition due to low entry barriers and a fragmented competitive landscape, leading to declining profit margins across the sector [9]. - Jiangtian Technology's IPO restart reflects a structural opportunity in the packaging materials industry, driven by consumption upgrades and green packaging trends, suggesting a potential for valuation reconstruction for companies with smart transformation capabilities and ESG practices [9].

Core Viewpoint - Jiangtian Technology's IPO review status has been changed to "suspended" due to financial report updates, despite the company completing its 2024 annual report disclosure within a month. The suspension status is expected to continue in the short term [2]. Company Overview - Jiangtian Technology, established in 1992, specializes in film-based and paper-based self-adhesive labels and other printing products, with key clients including Nongfu Spring, Haitian Flavor Industry, and Blue Moon [5]. Financial Performance - Revenue from 2022 to 2024 was reported as follows: 338 million yuan, 508 million yuan, and 538 million yuan, with year-on-year growth rates of 10.68%, 32.17%, and 6.00% respectively. Net profit for the same period was 74 million yuan, 96 million yuan, and 80 million yuan, with growth rates of 21.50%, 29.56%, and 5.55% respectively [5]. - In Q1 2025, the company achieved revenue of 134 million yuan, a slight increase of 2.12% year-on-year, while net profit was 26 million yuan, reflecting a decline of 9.66%, marking the second consecutive quarter of negative growth [5]. Client Dependency and Risks - The company faces operational risks related to high client dependency, which may lead to loss of pricing power and increased substitution risks. These concerns have been highlighted by external observers [5]. - The 2024 annual report correction revealed that the top five clients accounted for significant sales proportions, with the largest client, Nongfu Spring, at 35.33%. After the correction, Unilever became the fifth-largest client with a sales proportion of 3.05%, surpassing the previous client by 1.34 percentage points [6]. Internal Control Issues - Jiangtian Technology has encountered internal control issues during the annual report disclosure process, raising questions about its IPO prospects amid declining performance [6].