泡泡玛特「徒弟」要IPO了

Core Viewpoint - The article discusses the upcoming IPO of Guangdong Jintian Animation Co., Ltd., which has successfully combined popular IPs with snack foods, creating a lucrative market segment known as "IP fun food" [5][10]. Company Overview - Jintian Animation, founded by Cai Jianchun, has integrated anime elements into traditional snacks, significantly enhancing their appeal and pricing power [7][8]. - The company has over 600 active SKUs and holds licenses for 26 popular IPs, including Ultraman, Peppa Pig, and Disney characters [10][12]. Financial Performance - The company reported revenues of RMB 5.96 billion, RMB 6.64 billion, and RMB 8.77 billion for 2022, 2023, and 2024 respectively, with gross margins increasing from 26.6% to 33.7% during the same period [12]. - The majority of revenue (over 96%) comes from the sales of IP fun foods, with candy and biscuits contributing approximately 66.2% of total revenue [12][14]. Market Position - Jintian Animation is the largest IP fun food company in China, holding a market share of 7.6%, trailing only behind multinational companies like PepsiCo and Mars [14]. - The company's gross and net profit margins are projected to reach 33.7% and 14.8% respectively by 2024, outperforming competitors like Three Squirrels and Bestore [14]. Distribution Channels - The company has diversified its distribution network, increasing direct sales from 3.5% to 33.1% over three years, primarily through partnerships with retail stores and e-commerce platforms [12][14]. Industry Trends - The article highlights a growing trend in the snack industry where companies are increasingly collaborating with IPs to enhance product value, driven by the emotional connection consumers have with these brands [17][18]. - The success of companies like Pop Mart, which has seen its market value soar, indicates a robust demand for IP-related products in the current market [17][18].