“IP搬运工”金添动漫闯关港股！困于授权、夹缝求生，上市能否破局？

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (Jintian Animation) is facing significant challenges as it relies heavily on external IP licensing for revenue, with its core IP, Ultraman, experiencing a decline in income, while also contending with rising copyright fees and increased pressure from large retail clients [2][4][5]. Group 1: Revenue Dependence and IP Challenges - Jintian Animation has been in the IP fun food industry for over 20 years, with its products heavily featuring popular IP elements, such as Ultraman [3]. - The company’s revenue is highly dependent on external IP licensing, with revenue figures for 2022 to 2025 showing a consistent increase in IP product income, reaching 4.42 billion yuan in the first half of 2025, accounting for 99.5% of total revenue [3][4]. - The company’s reliance on a few key IPs is evident, with Ultraman contributing significantly to revenue, but its income has declined from 3.73 billion yuan in 2022 to 1.95 billion yuan in the first half of 2025 [4]. Group 2: Financial and Operational Risks - Jintian Animation faces risks related to the termination of IP licenses and rising copyright fees, which could lead to significant financial impacts if relationships with IP owners deteriorate [5]. - The company’s financial structure is under pressure due to increased reliance on major clients, with the top five clients' sales proportion rising from 4.1% in 2022 to 40.7% in the first half of 2025, leading to a significant increase in trade receivables [7][9]. - The company’s liquidity position is concerning, with net current liabilities increasing and a current ratio of 1.2 as of June 30, 2025, indicating potential short-term solvency issues [9]. Group 3: Market Position and Future Strategies - Jintian Animation is recognized as the largest IP fun food company in China, holding a market share of 7.6% in the IP fun food sector as of 2024 [3]. - Industry experts suggest that the company should consider vertical integration to enhance profit margins and develop proprietary IP lines to reduce dependency on external licenses [5][6]. - The company’s strong association with IP fun food may hinder its ability to pivot towards non-IP health snacks due to high market education costs [6].