Core Insights - The Chinese IP "LABUBU" has gained significant popularity overseas, driving stock prices of related listed companies to new highs and attracting market attention towards IP economy concept stocks [1] - The global IP licensing market has reached a size of $356.5 billion in 2023, with a compound annual growth rate (CAGR) of 5.0%, while China's IP market is projected to exceed 168.9 billion yuan in 2024, marking a year-on-year growth of 40% [1] - The growth of the IP market is supported by favorable policies, a growing middle-income group, and the emotional engagement of Generation Z with IP, facilitating the transition of IP from cultural symbols to consumer assets [1] Industry Overview - The global IP licensing market is expanding rapidly, becoming a significant driver of economic development and injecting new vitality into the global consumer market [1] - Emerging technologies like blockchain are providing solutions to long-standing issues in the IP licensing field, such as rights confirmation and transparency in revenue sharing [1] Company Strategy - Tianji Holdings is implementing a "smart consumption + smart manufacturing" dual-driven strategy, focusing on AI, digitalization, and blockchain technology to enhance the IP value ecosystem and expand into industrial sectors [2] - The company is positioning itself as an "IP investment bank" by digitizing IP assets, ensuring clear ownership through unique digital identifiers, and enhancing user engagement through AI-driven interactive experiences [3] Smart Consumption Initiatives - In the smart consumption sector, Tianji Holdings is developing a global digital asset IP chain that provides verification, traceability, and value empowerment for cultural products, trendy toys, and digital art [3] - The introduction of smart contracts ensures transparent transactions and timely revenue sharing for creators, while cross-chain transaction technology enhances the global liquidity of IP assets [3] Community Engagement - The company is building high-interaction fan communities through loyalty programs and co-creation activities, enhancing user engagement and brand value [4] - Collaborations with partners like Xizu Chain Technology aim to launch co-branded merchandise and digital experiences, ensuring compliance and ongoing revenue sharing for copyright holders [4] Smart Manufacturing Developments - Tianji Holdings is extending its consumer IP business into industrial applications, aiding Chinese enterprises in connecting with global smart industries and promoting the intelligent transformation of traditional manufacturing [5] - A strategic partnership with iFlytek and the Saudi Ministry of Industry and Mineral Resources marks a significant milestone in this strategy, focusing on automation and AI applications in manufacturing [6] Future Outlook - The dual-driven strategy of smart consumption and smart manufacturing is expected to create a differentiated competitive advantage for Tianji Holdings, allowing it to capture structural growth opportunities in both IP digitization and global manufacturing transformation [8] - The company boasts a world-class team with expertise in blockchain, AI, and compliance, positioning it well for future growth [8]

Core Insights - The Chinese IP "LABUBU" has gained significant popularity overseas, driving stock prices of related listed companies to new highs and attracting market attention towards IP economy concept stocks [1] - The global IP licensing market has reached a size of $356.5 billion in 2023, with a compound annual growth rate (CAGR) of 5.0%, while China's IP market is projected to exceed 168.9 billion yuan in 2024, marking a year-on-year growth of 40% [1] - The growth of the IP market is supported by favorable policies, a growing middle-income group, and the emotional engagement of Generation Z with IP, facilitating the transition of IP from cultural symbols to consumer assets [1] Industry Overview - The global IP licensing market is expanding rapidly, becoming a significant driver of economic development and injecting new vitality into the global consumer market [1] - Emerging technologies like blockchain are providing solutions to long-standing issues in the IP licensing field, such as rights confirmation and transparency in revenue sharing [1] Company Strategy - Tianji Holdings is implementing a "smart consumption + smart manufacturing" dual-driven strategy, focusing on AI, digitalization, and blockchain technology to enhance the IP value ecosystem and expand into industrial sectors [2] - The company is positioning itself as an "IP investment bank" by digitizing IP assets, ensuring clear ownership through unique digital identifiers, and enhancing user engagement through AI-driven interactive narratives [3] Smart Consumption Initiatives - In the smart consumption sector, Tianji Holdings is developing a global digital asset IP chain that provides verification, traceability, and value empowerment for cultural creations, trendy toys, and digital art [3] - The introduction of smart contracts ensures transparent transactions and timely revenue sharing for creators, while cross-chain transaction technology enhances the global liquidity of IP assets [3] Community Engagement - The company is building high-interaction fan communities through loyalty programs and co-creation activities, enhancing user engagement and brand value [4] - Collaborations with partners, such as the sports IP project with Xizu Chain Technology, aim to launch co-branded merchandise and digital experiences, supporting global compliant resale of digital collectibles [4] Smart Manufacturing Developments - Tianji Holdings is extending its consumer IP business into industrial applications, aiding Chinese enterprises in connecting with global smart industries and promoting the intelligent transformation of traditional manufacturing [5] - A strategic partnership with iFlytek and the Saudi Ministry of Industry and Mineral Resources marks a significant milestone in the company's smart manufacturing strategy, focusing on automation and AI applications [6] Future Outlook - The dual-driven strategy of smart consumption and smart manufacturing is expected to create a differentiated competitive advantage for Tianji Holdings, allowing it to capture structural growth opportunities in both IP digitization and global manufacturing transformation [8] - The company boasts a world-class team with expertise in blockchain, AI, and compliance, positioning it well for future growth in the evolving market landscape [8]

Core Viewpoint - The article highlights the rapid growth and market potential of the IP food sector in China, focusing on Guangdong Jintian Animation Co., Ltd. (Jintian Animation) as it prepares for an IPO in Hong Kong, aiming to capitalize on the booming IP economy [1][2]. Company Overview - Jintian Animation, founded in 2004 by Cai Jianchun, specializes in IP-themed snacks and has over 1,000 employees. The company is based in Dongguan, Guangdong, which is home to numerous listed companies [3][5]. - The company offers a variety of products, including candies, biscuits, puffed snacks, chocolates, and seaweed snacks, and holds licenses for 26 popular IPs such as Ultraman and Peppa Pig [3][5]. Financial Performance - Jintian Animation's revenue has shown a growth trend, with figures of approximately 596 million RMB in 2022, 664 million RMB in 2023, and projected revenues of 877 million RMB in 2024 [11][13]. - The gross profit margin has improved from 26.6% in 2022 to 34.7% in the first half of 2025, driven by increased production efficiency and a shift towards higher-margin retail sales [11][13]. Revenue Breakdown - The revenue from candy products increased from 23.8% in 2022 to 40.1% in the first half of 2025, while biscuits contributed over 20% of total revenue [6][7]. - The top five licensed IPs accounted for a significant portion of the company's revenue, with contributions of 90% in 2022 and decreasing slightly to 85.7% in 2025 [8]. Market Dynamics - The IP food market in China is projected to grow significantly, with an expected compound annual growth rate (CAGR) of 20.9% for IP-themed snacks from 2025 to 2029, reaching a market size of 305 billion RMB by 2029 [14][17]. - The competitive landscape is fragmented, with the top five companies holding only 16.7% of the market share, indicating opportunities for growth and innovation [17]. Strategic Positioning - Jintian Animation is positioned as the largest IP-themed snack company and the fourth largest in the overall IP food sector in China, with market shares of 7.6% and 2.5%, respectively [17]. - The company has been expanding its direct sales to retailers, which increased from 3.5% of total revenue in 2022 to 43.2% in the first half of 2025, indicating a strategic shift in sales channels [10].

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (Jintian Animation) is seeking to list on the Hong Kong Stock Exchange, leveraging the booming IP economy by integrating anime IP with snack products [1][3]. Group 1: Business Model and Growth - Jintian Animation has experienced significant growth, with revenue increasing from 596 million RMB in 2022 to 877 million RMB in 2024, representing a compound annual growth rate (CAGR) of 21.5% [6]. - The company is recognized as the largest IP snack food enterprise in China and the fourth largest IP food enterprise, holding market shares of 7.6% and 2.5% respectively [3]. - The product range includes five major categories: candies, biscuits, and puffed snacks, among others [3]. Group 2: Revenue Sources and IP Dependency - As of June 2025, Jintian Animation has 26 external licensed IPs, with Ultraman contributing over 50% of revenue from 2022 to 2024 [6][9]. - In the first half of 2025, 99.5% of the company's revenue came from external IP-related snack foods, with the top five licensed IPs accounting for 85.7% of this revenue [9][10]. Group 3: Financial Performance - The net profit surged from 36.7 million RMB in 2022 to 130 million RMB in 2024, marking an increase of over 2.5 times [6]. - The gross profit margin improved from 26.6% in 2022 to 34.7% in the first half of 2025, driven by the expansion of direct sales channels [8]. Group 4: Risks and Challenges - The heavy reliance on external IP licensing poses risks, including rising copyright costs and uncertainties regarding contract renewals [9][10]. - The company has acknowledged the need to develop its own IP to mitigate these risks, although this is a challenging endeavor [11]. Group 5: Corporate Governance and Compliance Issues - Jintian Animation's ownership is highly concentrated, with the founder holding 100% voting rights, which may raise concerns about governance transparency [12][16]. - Compliance issues have been identified, including insufficient social insurance contributions and unregistered property leases, which could lead to regulatory penalties [17].

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].

Core Viewpoint - The article discusses the rise of Guangdong Jintian Animation Co., Ltd. (Jintian Animation) in the IP food sector, highlighting its plans for an IPO in Hong Kong and its potential to capitalize on the booming IP economy, similar to Pop Mart's success in the market [1][5]. Company Overview - Jintian Animation, founded in 2004, focuses on IP-themed snacks and has over 1,000 employees, headquartered in Dongguan, Guangdong [5][6]. - The company has established five production bases and holds 26 licensed IPs, including popular characters like Ultraman and Peppa Pig, with over 600 active SKUs [5][6]. - Jintian Animation is controlled 100% by its founder, Cai Jianchun, who has over 20 years of experience in the food supply chain [6]. Financial Performance - The company's revenue has shown a growth trend, with figures of approximately 596 million RMB in 2022, 664 million RMB in 2023, and projected 877 million RMB in 2024 [17][18]. - Gross profit margins have improved from 26.6% in 2022 to 34.7% in the first half of 2025, driven by increased production efficiency and a shift towards higher-margin retail sales [19]. - The net profit for the same periods was approximately 37 million RMB in 2022, 75 million RMB in 2023, and 130 million RMB in 2024 [17][18]. Market Dynamics - The IP food market in China is expected to grow significantly, with a projected market size of 354 billion RMB in 2024 and an anticipated CAGR of 18.5% from 2025 to 2029 [19][22]. - Jintian Animation is positioned as the largest IP-themed snack company in China, holding a market share of 7.6% in the IP fun food sector and 2.5% in the overall IP food market [22]. - The competitive landscape is fragmented, with the top five companies holding only 16.7% of the market share, indicating opportunities for growth and innovation [22]. Product and Sales Strategy - Jintian Animation's revenue is primarily derived from IP-themed snacks, with candy sales increasing from 23.8% of total revenue in 2022 to 40.1% in the first half of 2025 [8][10]. - The company has diversified its sales channels, reducing reliance on distributors from 95.2% in 2022 to 55.1% in 2025, while increasing direct sales to retailers [15]. - The product offerings are designed to appeal to both the taste and emotional value of consumers, combining food and play elements [19][22].

Core Insights - The article highlights the success of Pop Mart as a leading cultural entertainment brand in China, emphasizing its ability to tap into the emotional needs of millennials and Gen Z consumers through innovative IP development and marketing strategies [1][2]. Group 1: Business Overview - Pop Mart was established in 2010 and has expanded its operations to over 80 countries, with more than 450 offline stores and over 2,300 robot stores by the end of 2023 [1]. - The company successfully opened its first overseas park in 2024 and achieved full coverage of provincial-level stores in China [1]. - The LABUBU series saw a global launch in April 2025, with products selling out rapidly in markets like the US and UK [1]. Group 2: Targeting Millennials - Pop Mart effectively targets millennials by focusing on emotional value rather than just product functionality, transforming from a toy brand to a cultural IP operator [2]. - The brand creates narratives around its IPs, allowing products to embody characters with rich backstories, enhancing emotional connections with consumers [2][3]. Group 3: IP Development - The MOLLY IP has evolved from a simple character to a "star IP" with a complex personality, featuring seasonal storylines that engage fans [3]. - Other IPs like PUCKY and SKULL PANDA also have distinct characteristics that appeal to different consumer segments [3]. Group 4: Product Strategy - Pop Mart offers a diverse range of products, from basic blind boxes to high-end limited sculptures, catering to various consumer needs [6]. - The company has a highly responsive supply chain, allowing for rapid product design and production, minimizing inventory issues [6][7]. Group 5: Pricing Strategy - Pop Mart employs a pricing strategy based on "mass appeal + scarcity," with regular blind boxes priced around 59 yuan, appealing to younger consumers [8]. - The LABUBU series saw a price increase of nearly 30% in the US market, yet demand remained strong due to perceived scarcity [9]. Group 6: Marketing and User Engagement - The brand leverages social media platforms like Xiaohongshu, Douyin, and Weibo to enhance brand visibility and engage with consumers through relatable content [11][12]. - User-generated content (UGC) plays a crucial role in building brand loyalty and community, as consumers share their experiences and interactions with the products [14]. Group 7: Experiential Marketing - Pop Mart has established themed stores and pop-up shops in major cities, creating immersive experiences that deepen emotional connections with consumers [17]. - The company integrates online and offline channels, allowing users to preview products online and experience them in-store, enhancing overall engagement [21].

Core Viewpoint - The company is actively monitoring consumer trends and is focused on brand upgrades and business model innovation to meet diverse consumer demands. Group 1: Stock Performance - As of October 21, 2025, the stock price of Xu Jia Hui (002561) closed at 8.8 yuan, an increase of 1.62% with a turnover rate of 2.12% and a trading volume of 87,800 lots, resulting in a transaction amount of 76.7967 million yuan [1]. Group 2: Investor Relations - The company is considering integrating IP economy strategies in its new projects and existing properties to attract younger consumer groups, similar to successful models like Meiluo City and TPY [2]. - On October 21, the net inflow of main funds was 8.3183 million yuan, indicating a positive engagement from major investors [3]. Group 3: Fund Flow Analysis - On October 21, the main funds saw a net inflow of 8.3183 million yuan, while speculative funds experienced a net outflow of 5.7761 million yuan, and retail investors had a net outflow of 2.5423 million yuan [3].

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. is pursuing an IPO on the Hong Kong Stock Exchange, leveraging its popular IPs like Ultraman and My Little Pony, but faces challenges due to reliance on external IP licenses and a slowdown in growth in the first half of the year [1][3][4]. Group 1: Business Overview - Jintian Animation's main business involves producing and selling IP-themed food products, with brands like "TALA'S" and "Tianle Cartoon King" covering a range of snacks [3]. - The company previously listed on the New Third Board in 2016 but delisted in 2021 to improve operational efficiency [3]. - The company has shown strong growth in recent years, with projected revenues of 596 million, 664 million, and 877 million yuan from 2022 to 2024, and net profits of 36.7 million, 75.2 million, and 130 million yuan for the same period [4]. Group 2: Financial Performance - In the first half of the year, Jintian Animation reported revenues of 444 million yuan, a year-on-year increase of 9.82%, and net profits of 70.04 million yuan, up 13.45% [4]. - The revenue growth for candy and biscuits was strong at 37.75% and 25.63%, while other categories like puffed snacks and chocolate saw declines of 16.9%, 19.8%, and 30.81% [4]. Group 3: IP Dependency - Jintian Animation relies entirely on external IP licenses, with 99.5% of its revenue coming from these sources, raising concerns about the sustainability of its business model [8]. - The company has spent over 100 million yuan on IP licensing fees from 2022 to 2024, with a significant portion of these agreements requiring regular renewal [7]. - The company acknowledges that maintaining existing licensing agreements is crucial and depends on relationships with IP owners [7]. Group 4: Marketing and Sales Strategy - Jintian Animation employs a multi-channel marketing strategy, with a focus on retail and direct sales, reducing reliance on distributors [9]. - The proportion of revenue from direct sales has increased significantly, from 3.5% in 2022 to 43.2% in the first half of 2023 [9]. - The company is exploring e-commerce channels, which have seen growth from 0.2% to 1.1% of total revenue [9]. Group 5: Future Plans - The company plans to expand its IP portfolio through self-designed IPs and aims to enhance product development and brand recognition with the funds raised from the IPO [8]. - Jintian Animation is also considering entering Southeast Asian markets, although it has yet to establish a presence there [11].

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. is seeking an IPO on the Hong Kong Stock Exchange, leveraging its popular IPs like Ultraman and My Little Pony, but faces challenges due to reliance on external IP licenses and a slowdown in growth in the first half of the year [1][4]. Company Overview - Founded in 2011, Jintian Animation is one of the first companies in China to integrate anime IP with food products, primarily producing and selling IP-themed snacks under brands like "Tianle Cartoon King" and "TALA'S" [3]. - The company previously listed on the New Third Board in 2016 but delisted in 2021 to improve operational efficiency and decision-making [3]. Financial Performance - Revenue projections for 2022-2024 are 596 million, 664 million, and 877 million yuan, with net profits of 36.7 million, 75.2 million, and 130 million yuan respectively. The growth rates for 2023 and 2024 are 11.41% and 32.08% for revenue, and 104.92% and 72.82% for net profit [4]. - In the first half of 2025, revenue was 444 million yuan, a 9.82% increase year-on-year, while net profit was 70.04 million yuan, up 13.45% [4]. IP Dependency - Jintian Animation relies entirely on external IP licenses, with 99.5% of its revenue coming from these sources. The company has 26 IPs, including popular ones from Japan and the U.S. [6][8]. - The company has spent over 100 million yuan on IP licensing fees from 2022 to 2025, with a significant portion of its IP agreements requiring regular renewal [7]. Marketing and Sales Strategy - The company employs a multi-channel marketing strategy, with a focus on offline sales through over 2,600 distributors, covering more than 1,700 counties in China [9]. - The share of revenue from direct sales to retailers has increased significantly, from 3.5% in 2022 to 43.2% in the first half of 2025, while the share from distributors has decreased [9]. E-commerce Development - Jintian Animation's e-commerce channel is still in the exploratory phase, with online sales accounting for only 0.2% of revenue in 2024, increasing to 1.1% in the first half of 2025 [10]. - The company aims to establish a sales and marketing team in Southeast Asia to better understand local market demands and consumer preferences [11].