Core Insights - The article highlights the transformation of snacks from mere consumables to carriers of emotions, creativity, and social functions, with Guangdong Jintian Animation Co., Ltd. (Jintian Animation) emerging as a leader in this trend [1] Company Overview - Jintian Animation is a pioneer and leader in China's IP fun food industry, focusing on providing enjoyable and healthy IP fun food products [2] - The company operates five production bases nationwide and holds 26 authorized IPs with over 600 active SKUs across five product categories: candies, biscuits, puffed snacks, chocolates, and seaweed snacks [2][3] - By 2024, Jintian Animation is projected to be the largest IP fun food company in China by revenue, with a market share of 7.6% [2][7] Financial Performance - Revenue has grown from 596 million RMB in 2022 to 877 million RMB in 2024, reflecting a strong compound annual growth rate [3] - Gross profit increased from 159 million RMB to 296 million RMB, with gross margin rising from 26.6% to 33.7% during the same period [3] - Net profit surged from 36.7 million RMB to 130.1 million RMB, indicating significant profitability growth [3] Dependency on Key IPs - The company heavily relies on the "Ultraman" IP, which accounted for over 60% of total revenue from 2022 to 2024, raising concerns about revenue concentration risk [4][5] - Despite the strong performance of "My Little Pony," which has become the second-largest revenue contributor, the overall dependency on a few key IPs remains a critical issue [5][6] Market Position and Challenges - Jintian Animation holds a leading position in a rapidly growing market, with the Chinese IP fun food market expected to grow at a compound annual growth rate of 20.9% from 2025 to 2029 [7][10] - However, the company's 7.6% market share does not provide a solid competitive moat, as the market is still in its early stages and likely to attract more competitors [10] - The company faces fundamental challenges in its business model, including uneven value distribution, reliance on external IPs, and a growth strategy dependent on acquiring more IP licenses rather than enhancing its own brand value [11][12] Future Outlook - The future success of Jintian Animation hinges on its ability to transition from being an "IP-dependent" entity to a "value chain leader," potentially through the development of proprietary IPs and deeper supply chain integration [11][12]

Core Viewpoint - The article highlights the transformation of snacks from mere consumables to carriers of emotions, creativity, and social functions, with Guangdong Jintian Animation Co., Ltd. (Jintian Animation) emerging as a leader in the IP playful food sector in China [1]. Company Overview - Jintian Animation is recognized as a pioneer and leader in China's IP playful food industry, focusing on fun and healthy IP-based snacks. The company operates five production bases nationwide and holds 26 authorized IPs with over 600 active SKUs across five product categories [2][3]. - The company has achieved significant revenue growth, with sales increasing from 596 million RMB in 2022 to 877 million RMB in 2024, reflecting a robust compound annual growth rate. Gross profit also rose from 159 million RMB to 296 million RMB during the same period, with gross margin improving from 26.6% to 33.7% [2][3]. Financial Performance - Jintian Animation's revenue and profit figures indicate strong performance, with net profit soaring from 36.7 million RMB in 2022 to 130.1 million RMB in 2024, showcasing a multi-fold increase [2][3]. - The company’s reliance on the Ultraman IP is significant, with revenue contributions from this IP exceeding 60% of total income in recent years, highlighting a potential risk in dependency [4][10]. Market Position - The Chinese IP playful food market is projected to grow at a compound annual growth rate of 20.9% from 2025 to 2029, reaching a market size of 30.5 billion RMB by 2029. Jintian Animation currently holds a 7.6% market share, positioning it as the market leader [7][10]. - Despite its leading position, the market landscape is competitive, and the company’s current market share does not provide a strong competitive moat, as increased competition is expected with market expansion [10]. Business Model Challenges - Jintian Animation's business model faces challenges, including uneven value distribution due to high IP licensing costs, reliance on external IPs for core competencies, and a growth strategy heavily dependent on acquiring new IP licenses rather than enhancing its own brand value [11][12]. - The company must consider transitioning from being an "IP-dependent" entity to a "value chain leader" by developing proprietary IPs and optimizing supply chain integration to establish a sustainable competitive advantage [11][12].

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (Jintian Animation) has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, showcasing impressive financial performance with a projected net profit increase of 72.9% in 2024, alongside a continuous rise in gross margin [1][10]. Financial Performance - Jintian Animation's revenue for 2022, 2023, and 2024 is reported at 596 million, 664 million, and 877 million yuan respectively, with gross profits of 159 million, 217 million, and 296 million yuan, leading to gross margins of 26.6%, 32.6%, and 33.7% [2]. - The net profits for the same years are 36.71 million, 75.22 million, and 130 million yuan [2]. IP Portfolio and Revenue Sources - The company has established a strong IP portfolio with 26 authorized IPs, including popular characters like Ultraman and My Little Pony, contributing significantly to revenue [1][3]. - Ultraman is the most profitable IP, generating revenues of 373 million, 418 million, and 479 million yuan from 2022 to 2024, accounting for 62.6%, 63.0%, and 54.5% of total revenue respectively [2]. Product Categories and Sales Channels - Candy and biscuits are the main product categories, contributing 66.2% of total revenue in the first half of 2025, with candy sales reaching 178 million yuan [3]. - The company is shifting its sales strategy, with direct sales to retailers increasing from 3.5% to 43.2% from 2022 to the first half of 2025, while sales to distributors decreased from 95.2% to 55.1% [5]. Market Potential and Growth - The IP food market in China is projected to grow from 354 billion yuan in 2024 to 849 billion yuan by 2029, with a compound annual growth rate (CAGR) of 18.5% [7][8]. - The IP fun food segment is expected to grow from 56 billion yuan in 2020 to 115 billion yuan in 2024, with a CAGR of 19.6% [7]. Competitive Position - Jintian Animation holds a 7.6% market share in the IP fun food sector, making it the largest player in this niche, and a 2.5% share in the broader IP food market, ranking fourth [8]. - The company is also noted for having the most IP licenses in the IP fun food industry in China as of mid-2025 [9]. Strategic Outlook - Future growth will depend on the company's ability to transition from being an "IP carrier" to a "self-brand builder" and "industry leader," potentially through developing proprietary IPs and enhancing supply chain efficiency [9]. - The IPO process is seen as a significant indicator of the development trajectory of the IP fun food industry in China [11].

Core Viewpoint - JinTian Animation, a pioneer in China's IP fun food industry, is set to go public in Hong Kong after delisting from the New Third Board, showcasing strong growth and a diverse product portfolio [1][2]. Group 1: Company Overview - JinTian Animation has established five production bases across China and holds 26 authorized IPs with over 600 active SKUs, including categories like candy, biscuits, puffed snacks, chocolate, and seaweed snacks [1]. - The company is recognized as the largest IP fun food enterprise in China by revenue, with a market share of 7.6%, and the fourth largest in the IP food sector, holding a 2.5% market share as of 2024 [1]. Group 2: Financial Performance - The company's revenue has shown significant growth, with figures of CNY 596 million in 2022, CNY 664 million in 2023, and projected CNY 877 million in 2024. In the first half of 2025, revenue reached CNY 444 million [2]. - JinTian Animation's gross margin and net margin have been on the rise, with a gross margin of 34.7% and a net margin of 15.8% reported in the first half of 2025 [2]. Group 3: IP Contribution - The Ultraman IP has been a major revenue driver, contributing approximately CNY 1.46 billion from 2022 to the first half of 2025, accounting for over 56% of total revenue during this period [2]. - The company has seen a shift in revenue contribution from various IPs, with the share from Ultraman decreasing while that from My Little Pony and Crayon Shin-chan has increased, indicating a strategic diversification of IP product offerings [2][3]. Group 4: Market Trends - The Chinese IP fun food market is experiencing robust growth, with the market size projected to increase from CNY 5.6 billion in 2020 to CNY 11.5 billion in 2024, reflecting a compound annual growth rate (CAGR) of 19.6% [3]. - The market is expected to continue expanding at a CAGR of 20.9% from 2025 to 2029, potentially exceeding CNY 30.5 billion by 2029 [3].

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (Jintian Animation) has submitted its prospectus to the Hong Kong Stock Exchange, aiming to capitalize on the growing "IP + snack" market, despite facing potential risks and a slowdown in growth [1][13]. Company Overview - Jintian Animation, established in 2004 and incorporated in 2011, focuses on the IP fun food sector, providing enjoyable and healthy snack products [1]. - The company is recognized as the largest IP fun food enterprise in China by revenue, holding a market share of 7.6% in the IP fun food sector and 2.5% in the broader IP food market as of 2024 [1]. Market Position and Growth - As of June 30, 2025, Jintian Animation has 26 authorized IPs and over 600 active SKUs, covering five major product categories: candy, biscuits, puffed snacks, chocolate, and seaweed snacks [1]. - The company has experienced significant revenue growth, with direct sales to retailers increasing from 21.11 million RMB in 2022 to 290 million RMB in 2024, reflecting a compound annual growth rate of 271% [5]. - Overall revenue rose from 596 million RMB in 2022 to 877 million RMB in 2024, with net profit increasing from 36.71 million RMB to 130.09 million RMB during the same period [5][6]. Sales Channels - Jintian Animation has established a comprehensive sales network that includes distributors, direct retail, and e-commerce platforms, although it remains heavily reliant on offline channels [4]. - As of June 30, 2025, the company covered over 1,700 counties in China, achieving a county-level coverage rate exceeding 60%, while e-commerce contributed only about 0.2% of total revenue in 2024 [4]. Product Dependency and Risks - The company heavily relies on external licensed IPs for revenue, with 99.5% of its income sourced from these IPs in the first half of 2025 [7]. - Key IPs such as Ultraman, My Little Pony, and Crayon Shin-chan account for nearly 80% of total revenue, raising concerns about sustainability and dependence on licensing agreements [7][9]. - The average duration of existing licensing agreements is generally short, often 24 months or less, which poses a risk to revenue stability if renewals are not secured [9][10]. Product Performance - The growth in recent years has been primarily driven by candy and biscuits, which together contributed 66.2% of revenue in the first half of 2025 [11]. - Conversely, sales and revenue from puffed snacks and chocolate have declined, attributed to early inventory preparations for the 2025 Spring Festival [11][12]. - Seaweed snacks have also shown a continuous decline in performance since 2023, as the company reallocates resources to focus on higher-margin product categories [12]. Future Outlook - The company faces challenges such as slowing growth, over-reliance on a few external IPs, and a relatively narrow product structure [13]. - Future key developments will depend on the company's ability to transition from being an "IP handler" to a "self-owned brand builder" or "industry chain leader," potentially through the incubation of proprietary IPs and enhanced supply chain efficiency [13].

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (Jintian Animation) has submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on its position as a leading player in the IP-themed snack food industry in China [2][3]. Company Overview - Jintian Animation is recognized as the largest IP-themed snack food company in China by revenue, with a market share of 7.6% in 2024, and the fourth largest IP food company with a market share of 2.5% [2]. - The company has established five production bases across China and holds 26 authorized IPs, including popular characters like Ultraman and Peppa Pig, with over 600 active SKUs [2][3]. Financial Performance - Revenue is projected to grow from RMB 595.6 million in 2022 to RMB 877.4 million in 2024, with gross profit increasing from RMB 158.6 million to RMB 295.5 million, resulting in a gross margin improvement from 26.6% to 33.7% [3][5]. - For the first half of 2025, the company reported revenue of RMB 443.9 million and a gross profit of RMB 154.1 million, with a gross margin of 34.7% [3][5]. Dependency on IP Licensing - Jintian Animation's revenue heavily relies on IP licensing, with sales from IP-themed products accounting for 96.6% to 99.5% of total revenue from 2022 to the first half of 2025 [3][4]. - The top five licensed IPs contributed 90% to 85.7% of revenue during the same period, with Ultraman being the most significant, contributing 63% of revenue in 2023 and 43.9% in the first half of 2025 [4][5]. Inventory Management - The company's inventory has been increasing, reaching RMB 76.2 million by June 30, 2025, with inventory turnover days ranging from 45.1 to 48.9 days [7]. - Jintian Animation faces inventory risks due to changing consumer trends and competition, which could lead to either excess inventory or stock shortages [8]. Market Competition - The IP-themed snack food market in China is competitive and fragmented, with the top five companies holding only 16.7% of the market share in 2024 [8]. - The company must continuously innovate and launch products that meet market demand, as the IP-themed snack food category is considered a non-essential consumer good [8]. Production and Supply Chain - While Jintian Animation operates five production bases, it also relies on third-party manufacturers for certain products, which poses risks if these suppliers face disruptions [10]. - The company has recorded net current liabilities of RMB 82.4 million in 2022, RMB 101.8 million in 2023, and RMB 1.9 million in 2025, indicating potential liquidity risks [10]. Fundraising Purpose - The funds raised from the IPO will be used to enhance product development capabilities, increase brand awareness, expand the sales network, enrich the IP portfolio, and seek strategic investment and acquisition opportunities [10].

Core Viewpoint - Jintian Animation has submitted a listing application to the Hong Kong Stock Exchange, with CMB International and China Galaxy International as joint sponsors [1] Company Overview - Jintian Animation is a pioneer and leader in China's IP fun food industry, focusing on providing delicious and healthy IP fun food [1] - As of June 30, 2025, the company will have five production bases, 26 authorized IPs, and over 600 active SKUs [1] Business Model - The company's business model utilizes snacks as a medium and IP as a driving force, offering diverse product forms such as packaging featuring IP images and reusable food containers [1] Market Position - According to a Frost & Sullivan report, Jintian Animation is projected to be the largest IP fun food enterprise in China by revenue in 2024, with a market share of 7.6% [1] IP Operation Strategy - The company possesses extensive IP operation experience, employing an integrated strategy for IP management through online KOL promotion and offline IP-themed exhibitions [1] Distribution Network - Jintian Animation collaborates with IP licensors from Japan, Europe, and the United States, establishing a nationwide distribution network with over 2,600 distributors and direct sales partnerships with retailers such as Mingming Hen Mang, Wancheng, and Miniso [1]

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (Jintian Animation) has submitted an application for listing on the Hong Kong Stock Exchange, with China Merchants Securities International and China Galaxy International as joint sponsors [1] Company Overview - Jintian Animation is a pioneer and leader in China's IP fun food industry, focusing on providing enjoyable and healthy IP fun food products. As of June 30, 2025, the company has established five major production bases nationwide, holds 26 authorized IPs, and offers over 600 active SKUs across five product categories: candies, biscuits, puffed snacks, chocolates, and seaweed snacks [3][4] - The company operates under a business philosophy that combines snacks as carriers and IP as the driving force, continuously exploring the best matching forms of IP and snacks to create a fun and highly customized IP fun food matrix [3] Market Position - According to a Frost & Sullivan report, Jintian Animation is projected to be the largest IP fun food company in China by revenue in 2024, with a market share of 7.6%, and the fourth largest IP food company with a market share of 2.5% [3] - As of June 30, 2025, Jintian Animation is also the company with the most IP authorizations in the Chinese IP fun food sector [3] Product and Marketing Strategy - The products often feature popular IP elements, such as custom packaging with Ultraman designs and collectible items related to various IPs. The company employs an integrated IP operation strategy that includes online KOL promotion, offline IP-themed exhibitions, and scenario-based terminal displays [3] - Jintian Animation collaborates with IP licensors from Japan, Europe, America, and China, creating a differentiated and industry-leading IP library. The company utilizes a multi-channel marketing model, integrating a dealer network, direct sales to retailers, and e-commerce platforms [4] Distribution Network - As of June 30, 2025, Jintian Animation has built a multi-tiered distribution network through over 2,600 dealers, covering more than 1,700 counties in China, achieving a county-level coverage rate of over 60% [4] - The company has established direct sales networks through partnerships with well-known retailers, including various supermarkets and specialty stores, covering a wide range of consumer scenarios [4] Financial Performance - The company reported revenues of approximately RMB 596 million, RMB 664 million, RMB 877 million, and RMB 444 million for the fiscal years ending December 31 for 2022, 2023, 2024, and for the six months ending June 30, 2025, respectively. The corresponding net profits were approximately RMB 36.7 million, RMB 75.2 million, RMB 130.1 million, and RMB 70.0 million [5]