金添动漫“闯关”港股：存货攀升，IP非独家授权“埋雷”

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (Jintian Animation) has submitted its listing application to Hong Kong, leveraging its 26 authorized IPs to drive revenue through IP-themed snacks, although it faces risks related to the non-exclusive nature of its IP licenses and the need for regular renewals [1][10]. Group 1: Business Model and Revenue - Jintian Animation's revenue primarily comes from the sale of IP-themed snacks, with a business model that integrates snacks as a medium and IP as a driving force [1]. - In 2022, Jintian Animation's revenue exceeded 800 million RMB, positioning it as the largest IP-themed snack company in China by revenue, with a market share of 7.6% [3]. - The company operates five production bases nationwide and has over 600 active SKUs across five product categories: candies, biscuits, puffed snacks, chocolates, and seaweed snacks [4]. Group 2: Financial Performance - Jintian Animation's revenue for the years 2022, 2023, and projected for 2024 is approximately 5.96 billion RMB, 6.64 billion RMB, and 8.77 billion RMB respectively, with net profits of 370 million RMB, 750 million RMB, and 1.3 billion RMB for the same years [6]. - The gross profit margins for its product categories in 2024 are projected to be 29.3% for candies, 38.7% for biscuits, 48.9% for puffed snacks, 34.3% for chocolates, and 18% for seaweed snacks [5]. Group 3: Market Strategy and Distribution - The company employs a multi-channel marketing strategy, integrating a network of over 2,600 distributors and direct sales to retailers, covering more than 1,700 counties with over 60% county-level coverage [7]. - Jintian Animation is also exploring e-commerce channels through third-party platforms like Douyin, Pinduoduo, Tmall, Taobao, JD.com, Xiaohongshu, and Kuaishou to sell products directly to consumers [8]. Group 4: IP Licensing and Risks - Jintian Animation's business heavily relies on IP licenses, which are typically non-exclusive and require periodic renewals, creating vulnerabilities in its operational model [10][13]. - The company has several IP licenses with varying durations, with some licenses like Ultraman and Nezha having only 12 months left before renewal [11][12]. - The competitive landscape is intense, with the top five companies in the IP-themed snack market holding only 16.7% of the market share, necessitating continuous product development and innovation [10]. Group 5: Future Development Plans - Jintian Animation plans to diversify and enrich its IP matrix, focusing on both established and trending IPs to drive growth [2][14]. - The company aims to develop its own IP through independent design and procurement, with part of the funds raised from the Hong Kong listing allocated for this purpose [16].