靠奥特曼、小马宝莉年入8亿，毛利超3成，零食界泡泡玛特冲刺港股

Core Viewpoint - The article discusses the upcoming IPO of Guangdong Jintian Animation Co., Ltd., which is positioned as a leading player in the children's snack market, integrating popular IPs into its products, similar to the model of Pop Mart [1][10]. Group 1: Company Overview - Guangdong Jintian Animation Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, with joint sponsors being China Merchants Securities International and China Galaxy International [1]. - The company specializes in "IP fun food," which incorporates anime elements into traditional snacks, offering products like juice gummies featuring Ultraman and toys associated with popular IPs [5][6]. Group 2: Financial Performance - The revenue from the top five licensed IPs (Ultraman, My Little Pony, Crayon Shin-chan, Pleasant Goat and Big Big Wolf, and Peppa Pig) is projected to be RMB 5.36 billion, RMB 5.88 billion, and RMB 7.54 billion for the years 2022, 2023, and 2024 respectively, accounting for 90.0%, 88.7%, and 85.9% of total revenue [7]. - The company has shown consistent revenue growth, with figures of RMB 5.96 billion, RMB 6.64 billion, RMB 8.77 billion, and RMB 4.44 billion for the years 2022, 2023, 2024, and the first half of 2025 respectively, alongside increasing gross margins [10][11]. Group 3: Market Position and Strategy - The IP food market in China is expected to grow from RMB 354 billion in 2024 to RMB 849 billion by 2029, with a compound annual growth rate of 18.5% [10]. - Jintian Animation is positioned as the largest IP fun food company in China with a market share of 7.6% and the fourth largest IP food company with a market share of 2.5% [10]. - The company plans to enhance its IP portfolio and develop proprietary IPs to mitigate risks associated with reliance on external IP licenses [7][12]. Group 4: Sales Channels - The company has established strong sales channels, particularly in third- and fourth-tier cities, collaborating with various retail outlets including supermarkets and specialty snack stores [8].