金添动漫赴港IPO，聚焦IP趣玩食品，依赖前五大授权IP

Core Viewpoint - The article discusses the rise of Guangdong Jintian Animation Co., Ltd. (Jintian Animation) in the IP food sector, highlighting its plans for an IPO in Hong Kong and its potential to capitalize on the booming IP economy, similar to Pop Mart's success in the market [1][5]. Company Overview - Jintian Animation, founded in 2004, focuses on IP-themed snacks and has over 1,000 employees, headquartered in Dongguan, Guangdong [5][6]. - The company has established five production bases and holds 26 licensed IPs, including popular characters like Ultraman and Peppa Pig, with over 600 active SKUs [5][6]. - Jintian Animation is controlled 100% by its founder, Cai Jianchun, who has over 20 years of experience in the food supply chain [6]. Financial Performance - The company's revenue has shown a growth trend, with figures of approximately 596 million RMB in 2022, 664 million RMB in 2023, and projected 877 million RMB in 2024 [17][18]. - Gross profit margins have improved from 26.6% in 2022 to 34.7% in the first half of 2025, driven by increased production efficiency and a shift towards higher-margin retail sales [19]. - The net profit for the same periods was approximately 37 million RMB in 2022, 75 million RMB in 2023, and 130 million RMB in 2024 [17][18]. Market Dynamics - The IP food market in China is expected to grow significantly, with a projected market size of 354 billion RMB in 2024 and an anticipated CAGR of 18.5% from 2025 to 2029 [19][22]. - Jintian Animation is positioned as the largest IP-themed snack company in China, holding a market share of 7.6% in the IP fun food sector and 2.5% in the overall IP food market [22]. - The competitive landscape is fragmented, with the top five companies holding only 16.7% of the market share, indicating opportunities for growth and innovation [22]. Product and Sales Strategy - Jintian Animation's revenue is primarily derived from IP-themed snacks, with candy sales increasing from 23.8% of total revenue in 2022 to 40.1% in the first half of 2025 [8][10]. - The company has diversified its sales channels, reducing reliance on distributors from 95.2% in 2022 to 55.1% in 2025, while increasing direct sales to retailers [15]. - The product offerings are designed to appeal to both the taste and emotional value of consumers, combining food and play elements [19][22].