金添动漫递表港交所：业绩增长放缓，授权IP依赖风险凸显

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. is seeking an IPO on the Hong Kong Stock Exchange, leveraging its popular IPs like Ultraman and My Little Pony, but faces challenges due to reliance on external IP licenses and a slowdown in growth in the first half of the year [1][4]. Company Overview - Founded in 2011, Jintian Animation is one of the first companies in China to integrate anime IP with food products, primarily producing and selling IP-themed snacks under brands like "Tianle Cartoon King" and "TALA'S" [3]. - The company previously listed on the New Third Board in 2016 but delisted in 2021 to improve operational efficiency and decision-making [3]. Financial Performance - Revenue projections for 2022-2024 are 596 million, 664 million, and 877 million yuan, with net profits of 36.7 million, 75.2 million, and 130 million yuan respectively. The growth rates for 2023 and 2024 are 11.41% and 32.08% for revenue, and 104.92% and 72.82% for net profit [4]. - In the first half of 2025, revenue was 444 million yuan, a 9.82% increase year-on-year, while net profit was 70.04 million yuan, up 13.45% [4]. IP Dependency - Jintian Animation relies entirely on external IP licenses, with 99.5% of its revenue coming from these sources. The company has 26 IPs, including popular ones from Japan and the U.S. [6][8]. - The company has spent over 100 million yuan on IP licensing fees from 2022 to 2025, with a significant portion of its IP agreements requiring regular renewal [7]. Marketing and Sales Strategy - The company employs a multi-channel marketing strategy, with a focus on offline sales through over 2,600 distributors, covering more than 1,700 counties in China [9]. - The share of revenue from direct sales to retailers has increased significantly, from 3.5% in 2022 to 43.2% in the first half of 2025, while the share from distributors has decreased [9]. E-commerce Development - Jintian Animation's e-commerce channel is still in the exploratory phase, with online sales accounting for only 0.2% of revenue in 2024, increasing to 1.1% in the first half of 2025 [10]. - The company aims to establish a sales and marketing team in Southeast Asia to better understand local market demands and consumer preferences [11].