Sou Hu Cai Jing·2026-01-02 17:32Group 1 - The report focuses on the development of the IP fun food industry under the trend of emotional consumption, analyzing industry scale, core competitiveness, competitive landscape, and investment opportunities [1] - The IP fun food market in China is expected to grow from 18.1 billion yuan in 2020 to 35.4 billion yuan in 2024, with a CAGR of 18.2%, while the IP fun food segment is projected to grow from 5.6 billion yuan to 11.5 billion yuan, achieving a CAGR of 19.6% [1][9] - The growth is driven by the younger generation, particularly those born in the 90s and 00s, who are becoming the main force in emotional consumption, with nearly 90% of youth having experience in emotional spending [1][21] Group 2 - The core competitiveness of the industry lies in supply chain management and IP operation, with the ability to control raw material costs and efficient production and distribution being fundamental barriers [2][12] - The competitive landscape is fragmented, with many small and medium-sized enterprises participating, and the leading company, Jintian Animation, holding only 7.6% market share in 2024 [2][12] - The rise of domestic brands is notable, with Jintian Animation entering the top five in the industry by 2024, indicating a shift in market dominance from foreign to local brands [2][12] Group 3 - Jintian Animation focuses on the 0-12 age group and has 26 popular IP licenses, with revenue expected to grow from 596 million yuan in 2022 to 877 million yuan in 2024, and net profit increasing from 37 million yuan to 131 million yuan [3] - The company has a gross margin of 33.7%, with over 70% of its revenue coming from the Ultraman and My Little Pony IPs, and is rapidly expanding its direct sales channels [3]