Core Viewpoint - Jin Tian Animation has experienced three consecutive years of revenue growth, but it shows a significant reliance on a single IP, "Ultraman," raising concerns about its ability to achieve its "Hong Kong stock dream" [2][5]. IP Dependency - The company has a high concentration of IP, with the largest IP, "Ultraman," accounting for a substantial portion of its revenue, indicating a core business risk due to reliance on external IP authorization and customer concentration [3][8]. - From 2022 to the first half of 2025, the top five authorized IP products contributed to 90%, 88.7%, 85.9%, and 85.7% of total revenue, with "Ultraman" alone contributing 62.6%, 63%, 54.5%, and 43.9% respectively [8][9]. Financial Performance - Jin Tian Animation's revenue has shown consistent growth, with figures of 596 million, 664 million, and 877 million yuan from 2022 to 2024, and 444 million yuan in the first half of 2025. Net profit increased from 36.71 million to 130 million yuan during the same period [7][12]. - The company's gross margin improved from 26.6% to 33.7%, and cash generated from operating activities rose from 81.3 million to 189 million yuan [12]. Liquidity and Debt - The company has faced liquidity issues, with net current liabilities existing from 2022 to 2024, indicating short-term repayment pressure. As of August 2025, current assets were 477 million yuan, while current liabilities were approximately 479 million yuan [13]. - Total loans and borrowings increased from 118 million to 180 million yuan from 2022 to 2024, reaching about 191 million yuan in the first half of 2025, indicating a rising leverage [13]. Ownership Structure - The controlling shareholder, Cai Jianchun, holds 100% of the company's shares, directly owning approximately 87.8% and indirectly controlling an additional 12.2% through partnerships [15][16]. - The company has established a vertically integrated model of "authorization-design-production-sales," leveraging various international IPs, including "Ultraman" and Disney [15]. Market Position and Competition - Jin Tian Animation ranks first in the Chinese IP fun food market with a market share of 7.6%, while the top five companies collectively hold only 16.7%, indicating a low concentration and high competition in the industry [16]. - Competitors include large snack food groups entering the IP collaboration space, IP derivative manufacturers, and regional small manufacturers using OEM or private label strategies [16].