【看新股】金添动漫港股IPO：IP趣玩食品龙头 奥特曼业务收入占比超四成

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (Jintian Animation) has submitted an application for a mainboard IPO on the Hong Kong Stock Exchange, aiming to raise funds to enhance product development capabilities and expand its IP portfolio [1][8]. Group 1: Company Overview - Jintian Animation specializes in IP-themed snack foods, with licensed IPs including Ultraman, My Little Pony, Crayon Shin-chan, and Sanrio [1][2]. - As of June 30, 2025, Jintian Animation operates five production bases nationwide and holds 26 licensed IPs with over 600 active SKUs across five product categories: candy, biscuits, puffed snacks, chocolate, and seaweed snacks [2]. Group 2: Financial Performance - Jintian Animation's revenue has shown consistent growth, with figures of CNY 596 million, CNY 664 million, and CNY 877 million for the years 2022 to 2024, respectively. Net profits for the same period were CNY 36.7 million, CNY 75.2 million, and CNY 130 million [2]. - In the first half of 2025, the company achieved revenue of CNY 444 million, representing a year-on-year growth of 9.82%, and a net profit of CNY 70 million, up 13.45% [2]. Group 3: Dependency on IP Licensing - The company heavily relies on external IP licensing, with sales from IP-themed snack foods accounting for 99.5% of total revenue in the first half of 2025 [2]. - The Ultraman IP is the largest contributor, consistently accounting for over 40% of the company's revenue [2][3]. Group 4: Customer Concentration and Accounts Receivable - Jintian Animation's customer base includes distributors, direct retail merchants, and end consumers, with a significant portion of sales dependent on major direct retailers [4]. - The revenue share from major direct retailers increased to 43.2% in the first half of 2025, while the revenue from the top five customers rose from 4.1% in 2022 to 40.7% in the first half of 2025 [4][6]. - The accounts receivable from the top five customers accounted for 68.73% of total accounts receivable in the first half of 2025, with the turnover days for trade receivables increasing from 3.5 days in 2022 to 10 days in the first half of 2025 [6]. Group 5: IPO Purpose and Future Plans - The funds raised from the IPO will be primarily used to enhance product development capabilities, increase brand awareness, expand the sales network, upgrade supply chain and IT infrastructure, and seek strategic investments and acquisitions [8].