IP零食商金添动漫叩关港交所：奥特曼撑起半边天，IP依赖成隐忧

Core Viewpoint - The article discusses the IPO plans of Guangdong Jintian Animation Co., Ltd., a well-known producer of fun food products that integrates anime IP with snacks, aiming to list on the Hong Kong Stock Exchange amidst the booming IP economy [2]. Group 1: Business Model and Growth - Jintian Animation has experienced significant growth by combining anime characters with snack products, leading to a high-performance trajectory in recent years [6][9]. - The company is recognized as the largest IP fun food enterprise in China and the fourth largest IP food enterprise, with market shares of 7.6% and 2.5% respectively in 2024 [6]. - Revenue is projected to grow from RMB 596 million in 2022 to RMB 877 million in 2024, with a compound annual growth rate (CAGR) of 21.5%, while net profit is expected to increase from RMB 36.7 million to RMB 130 million during the same period [9]. Group 2: Revenue Sources and IP Dependency - Jintian Animation's revenue heavily relies on external IP licensing, with 99.5% of its income derived from licensed IP-related fun food products as of the first half of 2025 [14]. - The company has a diverse IP portfolio, including 26 external licensed IPs, with Ultraman contributing over 50% of revenue from 2022 to 2024 [9][14]. - The rising costs of IP licensing fees pose a significant risk, with payments increasing from RMB 21.1 million in 2022 to RMB 36.8 million in 2024 [14]. Group 3: Sales Channels and Profitability - The rise of direct sales channels has significantly boosted Jintian Animation's revenue, with direct sales accounting for 43.2% of total revenue in the first half of 2025, up from 3.5% in 2022 [11]. - The company's gross margin improved from 26.6% in 2022 to 34.7% in the first half of 2025 due to the transformation in sales channels [11]. Group 4: Governance and Compliance Issues - The company faces governance risks due to a highly concentrated ownership structure, with the founder holding 100% voting rights, which may raise concerns about transparency and minority shareholder rights [18][22]. - Compliance issues have been identified, including failure to fully pay social insurance and housing funds, as well as unregistered leases, which could lead to regulatory penalties [22].