IP零食商金添动漫叩关港交所：奥特曼撑起半边天，IP依赖成隐忧

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (Jintian Animation) is seeking to list on the Hong Kong Stock Exchange, leveraging the booming IP economy by integrating anime IP with snack products [1][3]. Group 1: Business Model and Growth - Jintian Animation has experienced significant growth, with revenue increasing from 596 million RMB in 2022 to 877 million RMB in 2024, representing a compound annual growth rate (CAGR) of 21.5% [6]. - The company is recognized as the largest IP snack food enterprise in China and the fourth largest IP food enterprise, holding market shares of 7.6% and 2.5% respectively [3]. - The product range includes five major categories: candies, biscuits, and puffed snacks, among others [3]. Group 2: Revenue Sources and IP Dependency - As of June 2025, Jintian Animation has 26 external licensed IPs, with Ultraman contributing over 50% of revenue from 2022 to 2024 [6][9]. - In the first half of 2025, 99.5% of the company's revenue came from external IP-related snack foods, with the top five licensed IPs accounting for 85.7% of this revenue [9][10]. Group 3: Financial Performance - The net profit surged from 36.7 million RMB in 2022 to 130 million RMB in 2024, marking an increase of over 2.5 times [6]. - The gross profit margin improved from 26.6% in 2022 to 34.7% in the first half of 2025, driven by the expansion of direct sales channels [8]. Group 4: Risks and Challenges - The heavy reliance on external IP licensing poses risks, including rising copyright costs and uncertainties regarding contract renewals [9][10]. - The company has acknowledged the need to develop its own IP to mitigate these risks, although this is a challenging endeavor [11]. Group 5: Corporate Governance and Compliance Issues - Jintian Animation's ownership is highly concentrated, with the founder holding 100% voting rights, which may raise concerns about governance transparency [12][16]. - Compliance issues have been identified, including insufficient social insurance contributions and unregistered property leases, which could lead to regulatory penalties [17].