12月25日，苏州江天包装科技股份有限公司（以下简称"江天科技"）在北交所上市，成为苏州今年上市的第18家企业。 招股书显示，江天科技主要从事标签印刷产品的研发、生产与销售，产品包括薄膜类和纸张类的不干胶标签，主要应用于饮料酒水、日化用品等消费领 域。在日化领域，其客户包括联合利华、宝洁、养生堂、蓝月亮等。 上市首日，江天科技收盘价59.51元，涨幅180.58%，成交额7.34亿元，总市值39.32亿元。不过，今日其股价大幅回落。截至收盘，江天科技股价51.99 元，跌幅12.64%。 年入5亿元 养生堂贡献四成收入 江天科技的营收结构高度聚焦，核心围绕薄膜类与纸张类不干胶标签两大主力品类展开，二者合计贡献超九成主营业务收入。 其中，薄膜类不干胶标签以聚丙烯、聚乙烯等为基材，经加工涂布背胶后制成。比如，东方树叶瓶身的浮雕触感标签、蓝月亮洗衣液包装的耐水抗油标签 等，均应用了该材料。 数据显示，2024年，江天科技的薄膜类不干胶标签业务实现营收4.28亿元，占全年总营收的79.81%；纸张类不干胶标签营收7937.5万元，占比14.79%。 招股书显示，江天科技的前五大客户高度集中，养生堂/农夫山泉连续4年稳 ...

国内贵金属集体调整。 A股市场今天（12月25日）上午涨跌互现，上证指数表现相对较好，创业板指、科创50指数走弱，国防军工板块领涨。 值得注意的是，国内贵金属期货在连续多日暴涨后，今天上午涨势受阻，有贵金属期货品种罕见跌停，贵金属价格的剧烈波动也 传导至股票和基金市场，多只相关股票和基金大跌。 A股市场今天上午涨跌互现，上证指数表现相对较好，创业板指、科创50指数走弱。截至中午收盘，上证指数上涨0.29%，深证成 指下跌0.11%，创业板指下跌0.37%，科创50指数下跌0.57%。 行业板块和赛道方面，若按照申万一级行业划分，国防军工板块领涨，板块盘中涨幅超过2%，广联航空"20cm"涨停，博云新材、 盛路通信、天奥电子、航发科技、派克新材、中天火箭等多股触及涨停。 非银金融板块走强，拉卡拉涨超6%，华金资本涨约5%，九鼎投资涨近3%。另外，非银金融板块中包括中国太保、中国平安、中 国人保在内的多只保险股再度走强。 通信、综合、商贸零售等板块盘中走弱。 此外，今天A股市场有一只新股上市，为江天科技，截至中午收盘，该股大涨超230%。 A股市场涨跌互现 招股资料显示，江天科技主要从事标签印刷产品的研发、生产与 ...

Core Viewpoint - The consumer goods capital market in 2025 is not only bustling with brand owners but also increasingly featuring service providers, referred to as "shovel sellers," who support major consumer brands. Jiangtian Technology, a label printing company, has successfully listed on the Beijing Stock Exchange, reflecting this trend [1]. Company Overview - Jiangtian Technology, established in 1992, transitioned from a small local factory to a significant player in the label printing industry under the leadership of the second generation, who brought international supply chain management experience [2]. - The company has been recognized as one of the top 50 brands in China's label printing industry for four consecutive years from 2022 to 2025, ranking among the top five in both daily chemical and food and beverage label categories [2]. Financial Performance - Jiangtian Technology's revenue grew from 384 million yuan in 2022 to 538 million yuan in 2024, with a net profit increase from 74.45 million yuan to 102 million yuan, reflecting compound annual growth rates of 20.95% and 25.46% respectively [4]. - For the first three quarters of 2025, the company reported a revenue increase of 10.85% year-on-year to 468 million yuan and a net profit increase of 11.45% to 89.11 million yuan [4]. Market Position and Client Dependency - The company heavily relies on its main business segments, with film labels contributing over 79% of revenue in 2024, indicating a high concentration in its revenue sources [6]. - Jiangtian Technology's sales to its largest client, Nongfu Spring, accounted for 42.02% of total revenue in the first half of 2025, highlighting a significant dependency on a few major clients [8][9]. Growth Projections - The company anticipates full-year revenue for 2025 to reach between 604 million and 624 million yuan, representing a year-on-year growth of 12.24% to 15.95% [5]. - The expected net profit, excluding one-time gains, is projected to be between 103 million and 112 million yuan, indicating a growth of 6.58% to 15.89% [5]. Industry Trends - The rise of "shovel sellers" in the consumer goods sector is attributed to the recovery of the consumption industry, particularly in the beverage sector, leading to increased demand for packaging and related services [11][13]. - The trend of companies like Jiangtian Technology going public reflects a broader movement in the industry, where suppliers are capitalizing on the growth of downstream brands [11][12]. Challenges Ahead - Despite strong performance, Jiangtian Technology faces risks related to raw material price fluctuations and a heavy reliance on major clients, which could impact profitability if market conditions change [10][14]. - The company has invested significantly in R&D, with a total of 76.68 million yuan over the past three years, indicating a commitment to innovation and competitiveness in the market [10].

中国经济网北京12月25日讯 今日，江天科技(920121)在北交所上市。 北交所：江天科技(920121) 本次发行后，滕琪直接持有公司39,984,321股股份，持股比例为60.52%，系公司控股股东；黄延国 直接持有公司4,667,657股股份，持股比例为7.06%，且为江悦咨询（持有公司2,232,599股股份，持股比 例为3.38%）的执行事务合伙人；此外，滕琪、黄延国分别认购中信建投基金-共赢61号员工参与战略配 售集合资产管理计划300.12万元份额、200.14万元份额，该资管计划的实际支配主体为管理人中信建投 基金管理有限公司，滕琪、黄延国不具有表决权。滕琪和黄延国系夫妻关系，二人合计控制公司 46,884,577股股份的表决权，占发行后总股本的70.96%；滕琪担任公司董事长，黄延国担任公司董事兼 总经理，二人共同负责公司经营管理。因此，滕琪、黄延国为公司实际控制人。 江天科技本次募集资金总额为28,026.12万元，扣除不含税的发行费用后实际募集资金净额为 24,790.50万元，用于江天研发制造综合基地建设项目。 (责任编辑：关婧) 江天科技主要从事标签印刷产品的研发、生产与销售，致力 ...

12月25日，有一只新股上市，为北交所的江天科技（920121.BJ）。该公司主要从事标签印刷产品的研 发、生产与销售，致力于为客户提供承印材料选取、色彩和油墨方案定制、工艺方案设计和优化，以及 高效稳定生产供应的标签一体化综合解决方案。公司主要产品包括薄膜类和纸张类的不干胶标签，广泛 应用于饮料酒水、日化用品、食品保健品、石化用品等日常消费领域。 | 打新早知道 | | | 南财快讯 | | | --- | --- | --- | --- | --- | | 今日上市 | | | | | | 920121.BJ 江天科技 | | | | | | 发行价(元/股) | 机构报价(元/股) | | | | | 21.21 | | | 印刷和记录媒介 复制业 | | | 发行市盈率 行业市盈率 | | 可比公司 | 可比公司动态市盈率 | | | 48.66 14.50 | | 劲嘉股份 新宏泽 | 亏损 | | | | | | 60.72 | | | 天元股份 | | | 39.23 | | | 业绩情况 | | | | | | 6.0 | | | | 35% | | 5.0 | | | | 30% | | 4 ...

市场数据： | 收盘价（元/股）： | - | | --- | --- | | 总股本（亿股）： | 0.53 | | 流通股本（亿股）： | - | | 流通市值（亿元）： | - | 基础数据：2025 年 9 月 30 日 | 每股净资产（元/股）： | 9.69 | | --- | --- | | 每股资本公积（元/股）： | 1.58 | | 每股未分配利润（元/ | 6.61 | | 股）： | | | 资料来源：wind | | 盖斌赫 执业登记编码：0S500706003522 邮箱：gaibinhe@sxzq.com 江天科技（920121.BJ） 专注于标签印刷领域的优质服务商 2025 年 12 月 24 日 公司研究/新股覆盖研究 投资要点： 江天科技是一家专注于标签印刷领域的优质服务商，主要从事标签印刷 产品的研发、生产与销售。公司以薄膜类和纸张类不干胶标签为核心产品， 广泛应用于饮料酒水、日化用品、食品保健品、石化用品等日常消费领域。 凭借稳定优异的产品质量、高效快速的应对能力以及专业的标签印刷综合解 决方案能力，江天科技积累了丰富的标签方案设计和优化经验，并与联合利 华、宝洁、壳 ...

保荐机构（主承销商）：国投证券股份有限公司 发行情况： | 股票代码 | 920121 | 股票简称 | 江天科技 | | --- | --- | --- | --- | | 申购代码 | 920121 | 上市地点 | 北京证券交易所 | | 发行价格(元/股) | 21.21 | 发行市盈率 | 14.50 | | 市盈率参考行业 | 印刷和记录媒介复制业 | 定价方式 | 直接定价 | | 网上发行数量(股) | 1189.23 万 | 总发行数量(股) | 1321.36万 | | 网上发行日期 | 2025-12-16 (周二) | 网上申购缴款日期 | 2025-12-16 (周二) | | 网上申购上限(股) | 59.46万 | 网上顶格申购所需资金(元) | 1261.15 万 | | 网上申购资金东结日 | 2025-12-17 (周三) | 网上申购资金退款日 | 2025-12-18 (周四) | | 网下询价开始日 | | 网下询价截止日 | | 公司简介： 公司主要从事标签印刷产品的研发、生产与销售，致力于为客户提供承印材料选取、色彩和油墨方 案定制、工艺方案设计和优化，以及高效稳 ...

Group 1 - The core business of Jiangtian Technology is to provide label integration for mid-to-high-end consumer brands, with a focus on self-adhesive labels for various sectors [2][3] - The company has a total market capitalization of 1.121 billion yuan and an issuance price of 21.21 yuan, with a price-to-earnings ratio of 14.5 [2] - In the past three years, the company's revenue has shown significant growth, with 2023 revenue at 508 million yuan (+53.00%) and a projected net profit of 538 million yuan for 2024 (+6.00%) [3] Group 2 - The company has a market share of 58.09% from its top five customers in 2024, indicating strong customer reliance [3] - The main revenue sources include 79.58% from film-based self-adhesive labels, 14.75% from paper-based self-adhesive labels, and 5.38% from other printing products [2] - The fundraising will be directed towards the construction of intelligent production lines for packaging printing products and technology research and development [3]

Investment Rating - The investment rating for the company is to actively participate in the new stock issuance [29][31]. Core Viewpoints - The company is a leading consumer goods label printing manufacturer with strong brand influence and industry position, focusing on high-end consumer brand labels and maintaining long-term relationships with numerous well-known clients [3][8][29]. - The company has demonstrated steady revenue and profit growth, with a projected revenue of 538 million yuan and a net profit of approximately 101.81 million yuan for 2024, reflecting a CAGR of 18.36% and 16.94% over the past three years, respectively [9][14]. - The global self-adhesive label printing market is expected to grow at a CAGR of 3.3% from 2023 to 2026, with Asia accounting for 44% of the market share, highlighting the significant role of China in this sector [18][20]. Summary by Sections 1. Industry Leadership and Capacity Expansion - The company, established in 1992, specializes in film and paper self-adhesive labels used in various consumer sectors, including beverages, daily chemicals, and food [7]. - The company has a strong market presence, ranking second in the domestic daily chemical label market and fourth in the beverage label market as of 2022 [8]. 2. Issuance Plan - The new stock issuance will adopt a direct pricing method, with an issuance price of 21.21 yuan per share and an expected fundraising of 280 million yuan [12][14]. - The initial issuance scale is 13.21 million shares, accounting for 20% of the total shares post-issuance, with a low expected circulation ratio of 18% [12][14]. 3. Industry Situation - The self-adhesive label market in China is growing, with production increasing from 7.1 billion square meters in 2019 to 9.7 billion square meters in 2023, and projected to reach 15.5 billion square meters by 2031 [18][20]. - The industry is characterized by a large scale but low concentration, with around 6,000 label printing companies in China [20][21]. 4. Competitive Advantages - The company has established a strong client base, including global brands like Unilever and Procter & Gamble, due to its high-quality products and efficient service [22]. - The company possesses advanced printing technologies and a comprehensive solution capability, allowing it to meet diverse customer needs effectively [22][23]. 5. Comparable Companies - The company has a projected revenue of 538.15 million yuan for 2024, with a gross margin of 29.97%, which is competitive compared to its peers [28]. 6. Subscription Analysis Opinion - The company is positioned as a leading player in the high-end consumer goods label printing market, with a strong brand influence and a focus on capacity expansion to solidify its market position [29].

证券研究报告 轻工制造 | 包装印刷 北交所|新股申购 hyzqdatemark 2025 年 12 月 14 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 江天科技(920121.BJ) ——聚焦于中高端消费品品牌标签，在食饮、日化等细分领域排名前列 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 发行价格 21.21 元/股，发行市盈率 13.76X，申购日为 2025 年 12 月 16 日。江天科 技本次发行价格 21.21 元/股，发行市盈率 13.76X，申购日为 2025 年 12 月 16 日。 本次公开发行股份数量 13,213,637 股，发行后总股本为 66,068,183 股，发行数量 占发行后总股本的 20%，不采用超额配售选择权。经我们测算，公司发行后预计可 流通股本比例为 20%，老股占可流通股本比例为 0%。本次发行战略配售发行数量为 1,321,363 股，占本次发行总股数的 10%，有 3 家机 ...