Core Viewpoint - The article discusses the business model of JinTian Animation, which combines popular cartoon characters with snacks, creating a unique market niche in the IP snack industry. The company has experienced significant growth but faces challenges due to over-reliance on single IPs and increasing competition from both domestic and international brands. Company Overview - JinTian Animation began exploring the "anime food" business in 2004, leveraging popular IPs like "Blue Cat" to attract consumers [2] - The company has developed over 150 SKUs of Ultraman-themed snacks, which have contributed significantly to its revenue, accounting for 50-60% of total income from 2022 to 2024 [4][5] - As of 2025, the company holds 26 licensed IPs, including popular characters from both domestic and international sources, indicating a broad appeal to young consumers [7] Financial Performance - JinTian Animation's revenue has shown consistent growth, with figures of 596 million, 664 million, and 877 million RMB from 2022 to 2024, reflecting a year-on-year growth rate of 32.08% in 2024 [9] - The company's net profit increased from 36.71 million RMB in 2022 to 130.09 million RMB in 2024, with growth rates of 105% and 72% in the last two years [9] - However, in the first half of 2025, revenue growth slowed to 9.82%, with net profit increasing by only 13.45% [10] Market Position - JinTian Animation claims to be the leader in the IP snack market, holding a 7.6% market share in the niche segment, while ranking fourth in the broader IP food market with a 2.5% share [8] - The company has a competitive edge due to its agility and ability to quickly launch new products, unlike larger firms that may take longer to develop new collaborations [15] Challenges and Risks - The company faces risks associated with over-dependence on single IPs, as seen with a 17% decline in Ultraman snack revenue in the first half of 2025 [5] - The IP snack market is competitive, with major players like PepsiCo and Mars also leveraging popular IPs, which could impact JinTian Animation's market share [13] Strategic Insights - The company's strategy of integrating IP into its core business model has proven effective, allowing it to command higher profit margins compared to traditional snack companies [11] - JinTian Animation's founder, Cai Jianchun, maintains 100% control over the company, reflecting a strong personal vision for its growth and direction [12] Industry Trends - The snack market is evolving, with increasing consumer demand for fun and engaging products, particularly among younger demographics [13][16] - The rise of "childhood economy" suggests a potential for sustained demand for IP-based snacks, although demographic trends may pose future challenges [16]

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].