百亿食玩赛道：拥挤的快车，只剩下站票

Core Insights - The article discusses the emergence of a significant market for "food toys," driven by the integration of IP (intellectual property) into food products, appealing to children and young consumers [2][3] - The market for IP food toys is projected to grow from 11.5 billion yuan in 2024 to 30.5 billion yuan by 2029, with a compound annual growth rate of 20.9% [3] Company Highlights - JinTian Animation has submitted an IPO application, projecting a revenue of 877 million yuan in 2024, a nearly 50% increase from 2022, and a net profit of 70.04 million yuan in the first half of 2025 [2] - JinTian's flagship product, "Ultraman Egg," has sold 70 million units, indicating strong market demand, particularly in lower-tier markets [2] - The company has established partnerships with major IPs like Ultraman and My Little Pony, leveraging over a decade of experience in the production and sales chain [2] Market Trends - The food toy market is characterized by a trend towards "IP + food," with various companies, including Pop Mart and Bandai Namco, entering the space [3][4] - The growth of the food toy sector is attributed to the booming IP economy and the expansion of new sales channels, which are crucial for rapid sales growth [4][5] - The rise of discount and instant retail channels has been pivotal for companies like Ferrero, which reported over 8% revenue growth by targeting these channels [8][9] Channel Dynamics - The success of food toy companies heavily relies on channel strategies, with a shift towards direct sales and partnerships with large retail chains [9][10] - The rapid expansion of discount retail stores has significantly benefited the food toy market, with a notable increase in the number of stores in recent years [10] - Companies that adapt to channel dynamics and consumer behavior are more likely to succeed in the competitive landscape of food toys [10][11] Competitive Landscape - The food toy market is becoming crowded, with many traditional food manufacturers and IP companies entering the space, leading to increased competition [3][12] - The article highlights that while food toys and collectible toys share similarities, they differ fundamentally in consumer engagement and product lifecycle [11][12] - Major food brands with established supply chains and marketing capabilities are likely to dominate the food toy market, as smaller players struggle to build brand recognition [12][13]