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 highlights the rapid growth and market potential of the IP food sector in China, focusing on Guangdong Jintian Animation Co., Ltd. (Jintian Animation) as it prepares for an IPO in Hong Kong, aiming to capitalize on the booming IP economy [1][2]. Company Overview - Jintian Animation, founded in 2004 by Cai Jianchun, specializes in IP-themed snacks and has over 1,000 employees. The company is based in Dongguan, Guangdong, which is home to numerous listed companies [3][5]. - The company offers a variety of products, including candies, biscuits, puffed snacks, chocolates, and seaweed snacks, and holds licenses for 26 popular IPs such as Ultraman and Peppa Pig [3][5]. Financial Performance - Jintian Animation's revenue has shown a growth trend, with figures of approximately 596 million RMB in 2022, 664 million RMB in 2023, and projected revenues of 877 million RMB in 2024 [11][13]. - The gross profit margin has 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 [11][13]. Revenue Breakdown - The revenue from candy products increased from 23.8% in 2022 to 40.1% in the first half of 2025, while biscuits contributed over 20% of total revenue [6][7]. - The top five licensed IPs accounted for a significant portion of the company's revenue, with contributions of 90% in 2022 and decreasing slightly to 85.7% in 2025 [8]. Market Dynamics - The IP food market in China is projected to grow significantly, with an expected compound annual growth rate (CAGR) of 20.9% for IP-themed snacks from 2025 to 2029, reaching a market size of 305 billion RMB by 2029 [14][17]. - The competitive landscape is fragmented, with the top five companies holding only 16.7% of the market share, indicating opportunities for growth and innovation [17]. Strategic Positioning - Jintian Animation is positioned as the largest IP-themed snack company and the fourth largest in the overall IP food sector in China, with market shares of 7.6% and 2.5%, respectively [17]. - The company has been expanding its direct sales to retailers, which increased from 3.5% of total revenue in 2022 to 43.2% in the first half of 2025, indicating a strategic shift in sales channels [10].