2025年上半年，在香飘飘即饮业务增长带动的背景下，新天力对香飘飘营业收入同比增加660.81万元，其中塑料食品容器的销售收入同比增加1063.08万元， 同比增长9.55%。 来源：公告 2025年上半年，香飘飘实现营收10.35亿元，同比下滑12.21%；实现净亏损0.97亿元，同比下滑228.78%。若香飘飘业绩颓势延续，新天力业绩或将受到影 响，GPLP犀牛财经将持续关注。 近日，新天力科技股份有限公司（以下简称"新天力"）北交所IPO顺利过会，其经营业绩可持续性，以及与香飘飘商业合作的合理性等问题被再度问询，引 发市场广泛关注。 新天力成立于2005年，主要从事塑料制及纸制食品容器的研发、生产和销售，其中塑料食品容器主要为各类乳品、冰品、饮品、餐食类食品容器，客户涵盖 香飘飘、蜜雪冰城、伊利等头部食品企业。该公司此次IPO拟募资3.98亿元，计划用于高质量塑料食品容器扩产项目、研发中心升级建设项目、补充流动资 金。 招股书显示，2022年至2025年上半年，新天力营收分别为9.44亿元、10.22亿元、11.01亿元、5.36亿元，归母净利润分别为0.36亿元、0.58亿元、0.68亿元、 0.43 ...

Group 1 - The core viewpoint of the article is that Xintianli Technology Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, scheduled for September 30 [1] - Xintianli specializes in the research, production, and sales of food containers [1] - The company’s IPO was accepted on December 30, 2024, and entered the inquiry phase on January 21, 2025 [1] Group 2 - Xintianli aims to raise approximately 398 million yuan through this IPO [1] - The funds raised will be used for expanding the production capacity of high-quality plastic food containers, upgrading the research and development center, and supplementing working capital [1]

9月24日，新天力科技股份有限公司（以下简称"新天力"）提交招股书上会稿。北交所上市委员会定于2025年9月30日 上午9时召开2025年第25次审议会议，审议新天力首发事项。 新天力拟在北交所上市，募集资金3.98亿元，用于年产36000吨高质量塑料食品容器扩产、研发中心升级及补充流动资 金。保荐机构为国泰海通证券。 新天力专业从事塑料制及纸制食品容器的研发、生产和销售。财务数据显示，2024年新天力实现营业收入11.01亿元， 同比增长7.7%；归母净利润6840万元，同比增长18.3%。公司预计2025年前三季度营收8.4亿元～8.6亿元，归母净利润 7100万元～7300万元，同比增长约三成。高速增长的业绩背后，政策、原料、客户集中等多重风险亦同步放大。 公司主要原材料为PP、PET、PS、PE等塑料粒子，2024年采购额5.92亿元，占总成本75%以上。报告期内（2022年至 2024年），上述原材料价格总体呈下滑态势，带动公司塑料食品容器和纸制食品容器单价同步下调。若原材料价格在 短期内大幅上升，公司可能无法将原材料成本端压力及时转嫁至客户，将会对公司的经营业绩产生不利影响。 | 项目 | 202 ...

Core Viewpoint - The food container industry is experiencing rapid growth driven by increasing consumer demand for processed and packaged foods, as well as the rise of e-commerce and delivery services. New Tianli Technology Co., Ltd. is a leading player in the domestic thermoformed food container sector, focusing on providing comprehensive solutions for food packaging [1][2]. Industry Overview - The plastic food container industry in China has a low entry barrier with numerous participants, resulting in a competitive landscape characterized by many small enterprises. Only a few leading companies have established highly automated production lines and robust quality management systems [2]. - The industry is facing potential sustainability risks due to government policies aimed at reducing plastic pollution, which may impact the future viability of companies heavily reliant on traditional plastic products [3][4]. Company Profile - New Tianli plans to publicly issue 23.42 million shares on the Beijing Stock Exchange, raising approximately 397.64 million yuan to expand its production capacity for high-quality plastic food containers to 36,000 tons annually [1]. - The company has positioned itself as a trusted partner in the global food industry, focusing on the research, production, and sales of plastic food containers [1]. Financial Performance - The company reported cumulative revenue of 2.70 billion yuan from its plastic food container business, accounting for approximately 93.15% of its total revenue. However, there are concerns regarding the sustainability of this revenue stream due to potential regulatory changes [3][6]. - The financial data presented in the prospectus raises questions about its authenticity, with indications of irregularities in revenue recognition and profitability metrics [6][20]. Regulatory Environment - The implementation of plastic restriction policies poses a significant risk to the company's operations, particularly if the scope of these regulations expands to include its primary products. The company has not made significant advancements in developing biodegradable alternatives, which could limit its competitiveness in a changing market [4][5]. Market Trends - The demand for biodegradable plastics is increasing as environmental awareness grows among consumers and regulatory bodies. New Tianli's lack of involvement in this segment may hinder its ability to compete effectively in both domestic and international markets [5][6]. Operational Insights - The company's revenue from plastic food containers has shown a declining trend in recent years, raising concerns about its future competitiveness. The reliance on a limited product range and a small number of major clients further exacerbates this risk [7][9]. - The company has reported a high per capita annual output value, which appears inconsistent with industry standards, suggesting potential issues with its operational efficiency [14][15]. Conclusion - New Tianli's focus on traditional plastic food containers amidst a shifting regulatory landscape and growing consumer preference for sustainable products presents both challenges and opportunities. The company's ability to adapt to these changes will be crucial for its long-term success in the food container industry [1][4][5].