金添动漫拟赴港IPO，收入依赖个别授权IP

Core Insights - The company, Guangdong Jintian Animation Co., Ltd. (referred to as "Jintian Animation"), submitted its prospectus to the Hong Kong Stock Exchange on October 20, focusing on providing IP-themed fun food products. The revenue from the top five licensed IP-related fun food products for the years 2022, 2023, 2024, and the first half of 2025 is projected to be approximately 536 million, 589 million, 754 million, and 380 million yuan, respectively, accounting for 90.0%, 88.7%, 85.9%, and 85.7% of total revenue [1][3]. Company Overview - As of June 30, 2025, the company has established five major production bases across the country, holds 26 licensed IPs, and has over 600 active SKUs, including five main product categories: candies, biscuits, puffed snacks, chocolates, and seaweed snacks [2]. - The company is projected to be the largest IP-themed fun food enterprise in China and the fourth largest IP food enterprise by revenue in 2024, with market shares of 7.6% and 2.5%, respectively [2]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately 596 million, 664 million, 877 million, and 444 million yuan, respectively. The net profit for the same periods is approximately 36.7 million, 75.2 million, 130 million, and 70 million yuan [2]. - Revenue from the largest licensed IP-related fun food products for the years 2022, 2023, 2024, and the first half of 2025 is projected to be approximately 373 million, 418 million, 479 million, and 195 million yuan, accounting for 62.6%, 63.0%, 54.5%, and 43.9% of total revenue, respectively [3]. Supply Chain and Procurement - The company's suppliers mainly include raw material suppliers and OEM suppliers. The procurement amounts to the top five suppliers for the years 2022, 2023, 2024, and the first half of 2025 are approximately 111 million, 99 million, 104 million, and 57 million yuan, accounting for 29.1%, 26.6%, 20.6%, and 24.4% of total procurement, respectively [3]. Market Competition - The domestic IP-themed fun food market is highly competitive and fragmented, with the top five companies accounting for 16.7% of the market share by revenue in 2024 [5]. - The company relies almost entirely on the sales of IP-themed fun food products, and the market's development is subject to uncertainties influenced by changes in the socio-economic environment and market preferences [5]. Strategic Development - To stand out in the competitive IP-themed fun food market, the company must continuously develop and launch popular products that meet market demands, which depends on its execution in product development, quality control, production capacity, and sales efficiency [6]. - The company plans to use the funds raised from the IPO primarily to enhance product development capabilities, increase brand awareness, expand sales networks, upgrade supply chains, and seek strategic investment and acquisition opportunities [4].