玩过“奥特蛋”吗？金添动漫冲击港股IPO：IP授权方撤资，渠道转型反噬现金流

Core Viewpoint - The article discusses the rise of the IP economy in the snack industry, focusing on Jin Tian Animation's potential as the first "IP food play" stock in Hong Kong, while highlighting the challenges and risks associated with reliance on licensed IPs [3][4]. Group 1: Market Potential - The IP snack market in China is projected to grow from 11.5 billion RMB in 2024 to 30.5 billion RMB by 2029, with a compound annual growth rate (CAGR) of approximately 20.9%, significantly outpacing the overall retail market growth of 4.1% [6]. - Jin Tian Animation's gross margin reached 34.7% in the first half of 2025, an increase of over 8 percentage points compared to 2022, while competitors like Three Squirrels and Liangpinpuzi maintained margins around 25% [5]. Group 2: Company Performance - Jin Tian Animation reported revenues of 877 million RMB and a net profit of 122 million RMB in 2024, holding a market share of 7.6% in the IP snack sector, making it the leading company in this niche [13]. - The company has a diverse portfolio with 26 licensed IPs and over 600 active SKUs, covering five major categories of snacks, and has a distribution network that spans over 1,700 counties in China [15]. Group 3: Dependency on IPs - The company's flagship product, "Ultraman Egg," has sold 70 million units since its launch, contributing 12.7 billion RMB in revenue over the past three and a half years, but the IP license is set to expire in less than 12 months [17][19]. - Approximately 63% of the company's revenue in 2022-2023 came from the Ultraman IP, which dropped to 43.9% in the first half of 2025, indicating a heavy reliance on a single IP [19]. Group 4: Licensing Risks - The company faces significant risks as it does not own the IPs it relies on, making it vulnerable to potential increases in licensing fees and the possibility of losing key IPs upon contract expiration [10][28]. - Following the exit of a key shareholder who was also the IP agent for Ultraman, the company lost its close ties to the IP source, raising concerns about future licensing negotiations and costs [25][27]. Group 5: Financial Health - From 2022 to 2024, the company experienced rapid revenue growth from 596 million RMB to 877 million RMB, with a CAGR of 21.3%, and net profit growth of 98% [41]. - However, the company's cash flow has shown signs of deterioration, with a 34.7% decline in net cash flow from operating activities in the first half of 2025 compared to previous years [49][51].