Core Viewpoint - The company Guangdong Jintian Animation Co., Ltd. (Jintian Animation) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on the growing market for IP-based consumer products, despite facing challenges in sales growth and reliance on key IPs like Ultraman [1][10]. Financial Performance - Jintian Animation's revenue is projected to grow from 5.96 billion RMB in 2022 to 8.77 billion RMB in 2024, with a compound annual growth rate (CAGR) of approximately 20.9% [1]. - Adjusted net profit is expected to rise from 36.86 million RMB in 2022 to 131 million RMB in 2024, reflecting a CAGR of 52.6% [1]. Sales and Inventory Challenges - The company has experienced a slowdown in growth, with revenue and adjusted net profit for the first half of 2025 increasing by only 9.8% and 13.4%, respectively [2]. - Sales of key product categories, including puffed snacks, chocolate, and seaweed snacks, have declined significantly, with year-on-year decreases of 25.0%, 31.8%, and 30.0% respectively in the first half of 2025 [3]. - Inventory levels have been rising, with total inventory reaching 76.18 million RMB in the first half of 2025, which is 93.6% of the total inventory for 2024 [5]. Customer Concentration and Sales Model Shift - The company has shifted its sales strategy from relying on distributors to direct sales to retail chains, with direct sales revenue increasing from 3.5% in 2022 to 43.2% in the first half of 2025 [6]. - This shift has led to increased customer concentration, with the top five customers accounting for 39.5% of total revenue by mid-2025, compared to only 4.1% in 2022 [7]. IP Dependency and Market Trends - Jintian Animation holds 26 licensed IPs, with Ultraman being the primary revenue driver, contributing 62.6% of total revenue in 2022, but its share has declined to 43.9% in the first half of 2025 [10]. - The company faces risks related to the expiration of IP licenses, with approximately 57.1% of its agreements set to expire within two years [11]. Management and Ownership Changes - Key management figures, including the actual controller of the Ultraman IP, have divested their stakes in the company, raising concerns about the future of the company's IP agreements and overall stability [14].

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].

引入了景林投资、UBS和富国基金三大基石投资者，累计认购5000万美元。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，Bloks Group Limited（布鲁可集团有限公司，以下简称"布鲁可"）计划于 2025年1月10日正式以"0325"为股票代码在港交所主板挂牌上市。 布鲁可计划在本次IPO中发行24,120,300股股份。其中，香港公开发售2,412,300股股份，国际发 售21,708,000股份。按每股55.65港元至60.35港元的招股区间计算，布鲁可的IPO市值预计介于 134.38亿港元至145.73亿港元。 值得注意的是， 根据交易平台数据，尚处招股过程中的 布鲁可 现已获得了超4 700 倍认购，远超2 024 年年末上市的毛戈平 （超800倍）。 在本次IPO 发行 中 ， 布鲁可引入了景林投资、UBS和富国基金三大基石投资者，累计认购5000万 美元——其中，景林投资和UBS分别认购2000万美元，富国基金及其全资附属公司累计认购1000 万美元。 当然，产品的背后则是IP矩阵——截至目前，布鲁可已成功推出2个自有IP ...