玩过“奥特蛋”吗？金添动漫冲击港股IPO：IP授权方撤资，渠道转型反噬现金流

Core Viewpoint - The article discusses the rise of IP (Intellectual Property) in the snack industry, focusing on JinTian Animation's potential as the first "IP food play" stock in Hong Kong, while highlighting the challenges and risks associated with reliance on licensed IPs [3][52]. Group 1: Market Overview - The IP snack market in China is projected to grow from 11.5 billion yuan in 2024 to 30.5 billion yuan by 2029, with a compound annual growth rate (CAGR) of approximately 20.9%, significantly outpacing the overall retail market growth of 4.1% [6][55]. - JinTian Animation claims to be the largest IP snack company in China, achieving revenues of 877 million yuan and a net profit of 122 million yuan in 2024, capturing a market share of 7.6% [10][60]. Group 2: Product and Profitability - JinTian Animation's gross margin reached 34.7% in the first half of 2025, an increase of over 8 percentage points from 2022, while competitors like Three Squirrels and Liangpinpuzi maintained margins around 25% [5][54]. - The company's flagship product, the "Ultraman Egg," has sold 70 million units since its launch, contributing 1.27 billion yuan in revenue over three and a half years [13][62]. Group 3: Licensing and Dependency Risks - JinTian Animation relies heavily on licensed IPs, with Ultraman accounting for approximately 63% of its revenue in 2022-2023, and 43.9% in the first half of 2025 [16][65]. - The licensing agreement for Ultraman is set to expire in less than 12 months, raising concerns about the company's core revenue source if the contract is not renewed [14][63]. Group 4: Corporate Governance and Changes - The departure of key shareholder Sun Jian, who was also the controlling party of the IP licensing entity, has severed the previously strong ties between JinTian Animation and its core IP sources [19][68]. - Following Sun Jian's exit, the company's IP licensing fees have increased significantly, from 21.14 million yuan in 2022 to 36.79 million yuan in 2024, indicating rising costs amid uncertain renewal terms [23][72]. Group 5: Sales Channels and Financial Performance - JinTian Animation's revenue structure has shifted, with sales through distributors dropping from 95% of total revenue in 2022 to 55.1% in the first half of 2025, while direct sales to retailers have increased significantly [37][41]. - Despite revenue growth, the company's cash flow from operating activities has declined by 34.7% year-on-year, raising concerns about financial sustainability [43][46].