【中泰传媒|IP】金添动漫招股书梳理：IP趣玩食品乘风起，金添动漫冲刺港交所

Company Overview - JinTian Animation is a leader in China's IP fun food industry, focusing on providing enjoyable and healthy IP fun food products. As of June 30, 2025, the company has established five production bases nationwide, holds 26 licensed IPs, and offers over 600 active SKUs across five product categories: candies, biscuits, puffed snacks, chocolates, and seaweed snacks. According to a Frost & Sullivan report, JinTian Animation is the largest IP fun food company in China by revenue in 2024, with a market share of 7.6% [2][6][25]. Industry Overview - The market size of China's IP food industry has grown from 18.1 billion RMB in 2020 to 35.4 billion RMB in 2024, with a CAGR of 18.2%. It is expected to reach 84.9 billion RMB by 2029, with a CAGR of 18.5% from 2025 to 2029. The IP fun food segment specifically has increased from 5.6 billion RMB in 2020 to 11.5 billion RMB in 2024, with a CAGR of 19.6%, projected to grow to 30.5 billion RMB by 2029 [3][18][25]. Business Model - JinTian Animation operates primarily through licensed IPs, innovating with an IP gift model. The company is the largest holder of licensed IPs in the IP fun food sector in China, with 26 licensed IPs. The licensing agreements typically last one to three years and can be renewed or extended by mutual consent [4][29][33]. Financial Performance - The company has shown stable revenue growth, achieving revenues of 596 million RMB in 2022, 664 million RMB in 2023, 877 million RMB in 2024, and 444 million RMB in the first half of 2025, with year-on-year growth rates of 12%, 32%, and 10% respectively. Adjusted net profits were 37 million RMB in 2022, 76 million RMB in 2023, 131 million RMB in 2024, and 70 million RMB in the first half of 2025, with growth rates of 72% and 13% [13][14][39]. Product Structure - The company focuses on IP fun food, offering a variety of products under two main brands: "TianLe Cartoon King" and "TALA'S". The product range includes candies, biscuits, puffed snacks, chocolates, and seaweed snacks, all designed to enhance consumer engagement and extend product life cycles through unique packaging that integrates IP elements [39][40]. Distribution Channels - JinTian Animation's distribution structure includes a strong dealer network and rapidly growing direct sales channels. As of mid-2025, the company has over 2,675 dealers covering 31 provinces, municipalities, and autonomous regions in China. The direct sales channel has seen significant growth, with a year-on-year increase of 182% in 2024 [5][44].