Core Viewpoint - Guangdong Jintian Animation Co., Ltd. is pursuing 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][3][4]. Group 1: Business Overview - Jintian Animation's main business involves producing and selling IP-themed food products, with brands like "TALA'S" and "Tianle Cartoon King" covering a range of snacks [3]. - The company previously listed on the New Third Board in 2016 but delisted in 2021 to improve operational efficiency [3]. - The company has shown strong growth in recent years, with projected revenues of 596 million, 664 million, and 877 million yuan from 2022 to 2024, and net profits of 36.7 million, 75.2 million, and 130 million yuan for the same period [4]. Group 2: Financial Performance - In the first half of the year, Jintian Animation reported revenues of 444 million yuan, a year-on-year increase of 9.82%, and net profits of 70.04 million yuan, up 13.45% [4]. - The revenue growth for candy and biscuits was strong at 37.75% and 25.63%, while other categories like puffed snacks and chocolate saw declines of 16.9%, 19.8%, and 30.81% [4]. Group 3: IP Dependency - Jintian Animation relies entirely on external IP licenses, with 99.5% of its revenue coming from these sources, raising concerns about the sustainability of its business model [8]. - The company has spent over 100 million yuan on IP licensing fees from 2022 to 2024, with a significant portion of these agreements requiring regular renewal [7]. - The company acknowledges that maintaining existing licensing agreements is crucial and depends on relationships with IP owners [7]. Group 4: Marketing and Sales Strategy - Jintian Animation employs a multi-channel marketing strategy, with a focus on retail and direct sales, reducing reliance on distributors [9]. - The proportion of revenue from direct sales has increased significantly, from 3.5% in 2022 to 43.2% in the first half of 2023 [9]. - The company is exploring e-commerce channels, which have seen growth from 0.2% to 1.1% of total revenue [9]. Group 5: Future Plans - The company plans to expand its IP portfolio through self-designed IPs and aims to enhance product development and brand recognition with the funds raised from the IPO [8]. - Jintian Animation is also considering entering Southeast Asian markets, although it has yet to establish a presence there [11].
手握奥特曼等IP授权 金添动漫递表港交所
Bei Jing Shang Bao·2025-10-21 15:35