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]