不是谁都是泡泡玛特：靠奥特曼大赚的隐形冠军，揭IP生意脆弱真相

Core Viewpoint - The article discusses the rapid growth and potential risks of Jin Tian Animation, a major player in the IP food industry in China, particularly highlighting its heavy reliance on a single IP, Ultraman, which poses significant business risks [2][3][28]. Group 1: Company Performance - Jin Tian Animation's revenue grew from 590 million RMB in 2022 to 880 million RMB in 2024, with a net profit increase from 36.71 million RMB in 2022 to 130 million RMB in 2024 [2]. - The company recorded a net profit of 70.04 million RMB in the first half of 2025, achieving a net profit margin of 15.8% [2]. - The revenue composition shows that candy is the largest income source, increasing from 23.8% in 2022 to 40.1% in the first half of 2025 [4]. Group 2: IP Dependency - Over 50% of Jin Tian Animation's revenue is derived from the Ultraman IP, which has contributed significantly to its income stability [8][11]. - In 2024, Ultraman alone accounted for 54.5% of the company's revenue, indicating a deep dependency on this single IP [8]. - The company has 14 major IP licenses, but 75% of its revenue in 2024 came from Ultraman, My Little Pony, and Crayon Shin-chan [6]. Group 3: Customer Concentration - The revenue contribution from the top five customers surged to 40.7% in the first half of 2025, up from 4.1% in 2022, indicating increased reliance on a few key clients [15]. - Direct sales to retailers increased from 3.5% in 2022 to 43.2% in the first half of 2025, while revenue from distributors decreased significantly [15][18]. Group 4: Key Shareholder Exit - The exit of key shareholder Sun Jian, who was crucial for the Ultraman IP relationship, raises concerns about the stability of income from this IP [27]. - The company is now controlled entirely by founder Cai Jianchun, who holds 92.27% of the shares, leading to potential governance and decision-making concerns [19][27]. Group 5: Overall Risks - Jin Tian Animation faces a growth paradox, where its revenue growth is tied to a concentrated customer base and reliance on a few IPs, increasing operational fragility [28]. - The company's business model, heavily reliant on external IP rights and a limited number of clients, poses significant risks to its long-term sustainability [3][28].