广东金添动漫招股书解读：净利润暴增72.9%，客户集中度升40.7%

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. is pursuing an IPO in Hong Kong, revealing significant financial and operational data, including a projected 72.9% increase in net profit for 2024 compared to 2023, and a rise in customer concentration to 40.7% in the first half of 2025, indicating both opportunities and challenges for investors to consider [1]. Business Model and Operations - The company is a pioneer and leader in the Chinese IP-driven snack food industry, focusing on providing fun and healthy snack products. As of June 30, 2025, it operates five production bases, holds 26 authorized IPs, and has over 600 active SKUs across five categories, including candies and biscuits [2]. - The company employs a multi-channel marketing strategy, integrating a network of over 2,600 distributors, direct sales to retailers, and e-commerce platforms. The direct sales revenue is projected to grow at a compound annual growth rate (CAGR) of 271% from 2022 to 2024 [3]. Financial Performance - Revenue has shown steady growth, with a projected CAGR of approximately 21.5% from 2022 to 2024. The revenue figures are expected to increase from 11.5 billion in 2022 to 32.1 billion in 2024 [4]. - Net profit is expected to grow significantly, with a projected increase of about 105% in 2023 and 72.9% in 2024, driven by revenue growth, cost control, and economies of scale [5]. - The gross margin has been consistently improving, rising from 26.6% in 2022 to an expected 34.7% in the first half of 2025, attributed to direct sales expansion and increased capacity utilization [6]. - The net profit margin has also shown a steady increase, from 6.2% in 2022 to 15.8% in the first half of 2025, indicating enhanced profitability [7]. Customer and Supplier Dynamics - The company has seen an increase in customer concentration, with revenue from the top five customers rising from 4.1% of total revenue in 2022 to 40.7% in the first half of 2025. The largest customer’s contribution increased from 1.0% to 23.6% during the same period, highlighting potential risks associated with customer dependency [16][18]. - Supplier concentration remains stable, with purchases from the top five suppliers accounting for 29.1% to 20.6% of total purchases from 2022 to 2025, indicating a reliance on a limited number of suppliers which could pose supply chain risks [19]. Competitive Positioning - In 2024, Guangdong Jintian Animation is positioned as the largest IP-driven snack food company in China by revenue, holding a market share of 7.6% in the IP snack food sector and 2.5% in the overall IP food market, with the most IP authorizations, suggesting a competitive advantage [15]. Management and Governance - The board consists of seven members, including four executive directors with over 20 years of experience in the food supply chain, providing professional support for the company's operations and development [21]. - The company has established a compensation and incentive mechanism for its management team, which includes salary, bonuses, and a share-based remuneration plan to attract and retain talent [22].