百事、玛氏、亿滋后的“行业老四”启动港股上市，26个IP打造起一个零食帝国

Core Viewpoint - The article discusses the business model of JinTian Animation, which combines popular cartoon characters with snacks, creating a unique market niche in the IP snack industry. The company has experienced significant growth but faces challenges due to over-reliance on single IPs and increasing competition from both domestic and international brands. Company Overview - JinTian Animation began exploring the "anime food" business in 2004, leveraging popular IPs like "Blue Cat" to attract consumers [2] - The company has developed over 150 SKUs of Ultraman-themed snacks, which have contributed significantly to its revenue, accounting for 50-60% of total income from 2022 to 2024 [4][5] - As of 2025, the company holds 26 licensed IPs, including popular characters from both domestic and international sources, indicating a broad appeal to young consumers [7] Financial Performance - JinTian Animation's revenue has shown consistent growth, with figures of 596 million, 664 million, and 877 million RMB from 2022 to 2024, reflecting a year-on-year growth rate of 32.08% in 2024 [9] - The company's net profit increased from 36.71 million RMB in 2022 to 130.09 million RMB in 2024, with growth rates of 105% and 72% in the last two years [9] - However, in the first half of 2025, revenue growth slowed to 9.82%, with net profit increasing by only 13.45% [10] Market Position - JinTian Animation claims to be the leader in the IP snack market, holding a 7.6% market share in the niche segment, while ranking fourth in the broader IP food market with a 2.5% share [8] - The company has a competitive edge due to its agility and ability to quickly launch new products, unlike larger firms that may take longer to develop new collaborations [15] Challenges and Risks - The company faces risks associated with over-dependence on single IPs, as seen with a 17% decline in Ultraman snack revenue in the first half of 2025 [5] - The IP snack market is competitive, with major players like PepsiCo and Mars also leveraging popular IPs, which could impact JinTian Animation's market share [13] Strategic Insights - The company's strategy of integrating IP into its core business model has proven effective, allowing it to command higher profit margins compared to traditional snack companies [11] - JinTian Animation's founder, Cai Jianchun, maintains 100% control over the company, reflecting a strong personal vision for its growth and direction [12] Industry Trends - The snack market is evolving, with increasing consumer demand for fun and engaging products, particularly among younger demographics [13][16] - The rise of "childhood economy" suggests a potential for sustained demand for IP-based snacks, although demographic trends may pose future challenges [16]