出品：新浪财经上市公司研究院 作者：木予 泡泡玛特、布鲁可股价一飞冲天，TOP TOY、卡游估值破百亿，又一家IP消费品公司进入IPO倒计时。 公开信息显示，IP趣玩食品公司广东金添动漫股份有限公司（简称：金添动漫）已于近日向港交所递交招股说明书，计划申请主板上市，由招商证券国际和 中国银河国际担任联席保荐人。 这并非金添动漫首次尝试冲击资本市场。2016年8月，公司曾在新三板挂牌，营收虽然从2015年的2658.81万元涨至2019年的3.88亿元，净利润却始终徘徊在 千万元级别，净利率长期维持在个位数水平。2020年上半年，金添动漫营收、净利双降，净利率创下新低至0.7%。同年12月，公司宣布摘牌。 时隔近五年再战港交所，金添动漫的业绩明显向好。招股书显示，2022-2024年，公司分别实现收入5.96亿元、6.64亿元、8.77亿元，年复合增长率约 20.9%；经调整净利润录得3686.40万元、7573.30万元、1.31亿元，年复合增长率达52.6%。 不过，手握26个热门IP和超600个SKU，金添动漫尚不能高枕无忧。一方面，公司增速显著放缓，多个品类销量下滑。2025年上半年，其营收和经调整净利 ...

11月20日，2025武汉（汉口北）商品交易会（以下简称汉交会）将在汉口北国际贸易城开幕。 连续举办16年，这场展会年年吸引万商聚汉：有人已连续参展八次，在这里创办大型超市；有人将昆明花店迁至武汉，焕发新生；还 有人从宋代窨花技艺中汲取灵感，融入咖啡创作…… 以前是来"卖货"，现在是新品"T台" "这是我们第五次来汉交会了。你看这展台里的开关、照明、卫浴新品，都是今年流行的款式。"11月18日上午，汉交会开幕前夕，飞 雕电器湖北市场相关负责人董建龙正在抓紧布置展台。 作为1987年成立的老牌企业，飞雕电器旗下产品从早期的开关，一路拓展到照明、水暖、卫浴全品类。抱着"把品牌做得更响"的目 标，企业多次报名参加汉交会。"在我看来，这里是最好的形象展示窗口。"董建龙表示，企业一直想打开知名度，而汉交会的辐射力正好 能帮他们"打开一道口"。 市民在汉交会鲜花展区观赏、购买鲜花。 每次参会，企业都收获满满。"上一届就有好几家做卫浴、灯饰的商户，觉得我们产品全、品牌靠谱，回去就特意新建了飞雕品牌展示 区。" 他表示，能通过展会锁定的意向客户，品牌网点越铺越多，"销量提升了近30%"。 连续参与五届汉交会的武汉景田伊尚商贸 ...

Core Insights - Sweden's inflation rate remained stable at 0.9% in October 2025, unchanged from September, while the core inflation rate also held steady at 3.1% [1] Group 1: Inflation Data - The inflation rate in Sweden for October 2025 is reported at 0.9%, consistent with the previous month [1] - The core inflation rate is recorded at 3.1%, also unchanged from September [1] Group 2: Price Changes - Significant price increases were noted in food, particularly in candy and ice cream, which experienced the largest price hikes [1] - Transportation service prices rose, including ticket prices for international flights and railway travel [1] - Electricity prices saw an increase, while loan interest rates for owner-occupied homes and rental apartments decreased [1]

Core Insights - The article highlights the implementation of a special inspection by the State Administration for Market Regulation to ensure food safety during the "Double 11" online shopping festival [1] Group 1: Inspection Overview - A total of 3,347 batches of food products were inspected across 11 major online platforms, including Douyin, Kuaishou, and Taobao (including Tmall) [1] - The inspection covered 2,288 online live streaming rooms and focused on 23 categories of food, including convenience foods, alcoholic beverages, and pastries [1] Group 2: Findings and Issues - No non-compliant samples were found in categories such as grain processing products and biscuits [1] - However, issues were identified with sweet potato vermicelli, which was found to be adulterated, and some weight-loss claims in candies, herbal teas, and solid beverages that contained laxative components such as sennoside A and B [1] Group 3: Consumer Guidance - The market regulation department advises consumers to choose platforms and merchants with complete qualifications when purchasing food online [1] - Consumers are encouraged to carefully check food production licenses and ingredient lists, and to be wary of exaggerated claims such as "extreme low prices" and "miraculous effects" [1]

Core Viewpoint - The State Administration for Market Regulation has conducted a special inspection of food sold online during the "Double Eleven" shopping season, completing a total of 3,347 batches of tests [1] Group 1: Inspection Overview - The special inspection covered 11 major online platforms, including Douyin, Kuaishou, and Taobao (including Tmall), and involved 2,288 live streaming rooms [1] - The inspection focused on 23 categories of food products, including convenience foods, alcoholic beverages, and pastries, which are heavily promoted during this shopping season [1] Group 2: Findings - No non-compliant samples were found in categories such as grain processing products and biscuits [1] - Issues were identified with sweet potato vermicelli, which was found to be adulterated, and some weight-loss claimed candies, herbal teas, and solid beverages contained laxative components such as sennoside A and B [1] Group 3: Regulatory Actions - The State Administration for Market Regulation has urged local market regulatory departments to conduct investigations and take action against the non-compliant food products to control food safety risks and enforce food safety responsibilities [1] Group 4: Consumer Guidance - Consumers are advised to choose platforms and merchants with complete qualifications when purchasing food online and to carefully check food production licenses and ingredient lists, avoiding exaggerated claims such as "extreme low prices" and "miraculous effects" [1]

Core Insights - The market regulatory authority has conducted a special inspection of online food sales in conjunction with the "Double Eleven" shopping season, completing a total of 3,347 inspections to ensure consumer safety [1] Group 1: Inspection Details - The special inspection covered 11 major online platforms, including Douyin, Kuaishou, and Taobao (including Tmall), and involved 2,288 live-streaming rooms [1] - The inspection focused on 23 categories of food products, including convenience foods, alcoholic beverages, and pastries [1] Group 2: Findings - No non-compliant samples were found in categories such as grain processing products and biscuits [1] - Issues were identified with sweet potato vermicelli, which was found to be adulterated, and some weight-loss claims in candies, herbal teas, and solid beverages contained laxative components such as sennoside A and sennoside B [1] Group 3: Regulatory Actions - The market regulatory authority has urged local departments to investigate and address the non-compliant food products found during inspections, emphasizing the importance of controlling food safety risks and enforcing accountability [1] Group 4: Consumer Guidance - Consumers are advised to choose platforms and merchants with complete qualifications when purchasing food online and to carefully check production licenses and ingredient lists, avoiding exaggerated claims such as "extreme low prices" and "miraculous effects" [1]

Company Overview - JinTian Animation is a 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 production bases nationwide, holds 26 licensed IPs, and offers over 600 active SKUs across five product categories: candies, biscuits, puffed snacks, chocolates, and seaweed snacks. According to a Frost & Sullivan report, JinTian Animation is the largest IP fun food company in China by revenue in 2024, with a market share of 7.6% [2][6][25]. Industry Overview - The market size of China's IP food industry has grown from 18.1 billion RMB in 2020 to 35.4 billion RMB in 2024, with a CAGR of 18.2%. It is expected to reach 84.9 billion RMB by 2029, with a CAGR of 18.5% from 2025 to 2029. The IP fun food segment specifically has increased from 5.6 billion RMB in 2020 to 11.5 billion RMB in 2024, with a CAGR of 19.6%, projected to grow to 30.5 billion RMB by 2029 [3][18][25]. Business Model - JinTian Animation operates primarily through licensed IPs, innovating with an IP gift model. The company is the largest holder of licensed IPs in the IP fun food sector in China, with 26 licensed IPs. The licensing agreements typically last one to three years and can be renewed or extended by mutual consent [4][29][33]. Financial Performance - The company has shown stable revenue growth, achieving revenues of 596 million RMB in 2022, 664 million RMB in 2023, 877 million RMB in 2024, and 444 million RMB in the first half of 2025, with year-on-year growth rates of 12%, 32%, and 10% respectively. Adjusted net profits were 37 million RMB in 2022, 76 million RMB in 2023, 131 million RMB in 2024, and 70 million RMB in the first half of 2025, with growth rates of 72% and 13% [13][14][39]. Product Structure - The company focuses on IP fun food, offering a variety of products under two main brands: "TianLe Cartoon King" and "TALA'S". The product range includes candies, biscuits, puffed snacks, chocolates, and seaweed snacks, all designed to enhance consumer engagement and extend product life cycles through unique packaging that integrates IP elements [39][40]. Distribution Channels - JinTian Animation's distribution structure includes a strong dealer network and rapidly growing direct sales channels. As of mid-2025, the company has over 2,675 dealers covering 31 provinces, municipalities, and autonomous regions in China. The direct sales channel has seen significant growth, with a year-on-year increase of 182% in 2024 [5][44].

Investment Rating - The report maintains an "Accumulate" rating for the industry [3] Core Views - The IP food industry is experiencing significant growth, with the market size expected to increase from RMB 181 billion in 2020 to RMB 354 billion in 2024, representing a CAGR of 18.2% [26] - The report highlights that JinTian Animation is the leader in the IP fun food sector, holding a market share of 7.6% in the IP fun food market and 2.5% in the broader IP food market [5][9] - The company has established a robust IP portfolio with 26 authorized IPs and over 600 active SKUs, focusing on innovative product designs that integrate IP characters into food packaging and accompanying gifts [44][50] Summary by Sections Company Overview - JinTian Animation is recognized as the pioneer and leader in China's IP fun food industry, with five production bases and a diverse product range including candies, biscuits, and snacks [5][9] - The company achieved revenues of RMB 8.77 billion and RMB 4.44 billion in 2024 and the first half of 2025, respectively, with year-on-year growth rates of 32% and 10% [5][15] Industry Analysis - The IP fun food market in China is projected to grow from RMB 56 billion in 2020 to RMB 115 billion in 2024, with a CAGR of 19.6% [26] - The competitive landscape is fragmented, with JinTian Animation ranking fourth in the IP food sector, capturing 2.5% of the market share [38] Business Model - The company operates on a dual-cycle model, leveraging authorized IPs to develop fun food products and associated gifts, enhancing consumer engagement [47] - JinTian Animation's product strategy focuses on integrating popular IPs into food items, creating a unique consumer experience that combines eating and playing [50][51]

Core Insights - The company reported third-quarter net sales of $3.18 billion, exceeding analyst expectations of $3.11 billion [1] - Adjusted earnings per share (EPS) were $1.30, also above the forecast of $1.07 [1] - Due to strong demand for candy and snacks, the company raised its performance guidance, now expecting a full-year net sales growth of approximately 3%, up from the previous estimate of at least 2% [1] - The company anticipates a full-year adjusted EPS decline of 36% to 37%, an improvement from the prior forecast of a decline of 36% to 38% [1] - The company announced a quarterly dividend of $1.37 per share [1]

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (Jintian Animation) has submitted an application for a mainboard IPO on the Hong Kong Stock Exchange, aiming to raise funds to enhance product development capabilities and expand its IP portfolio [1][8]. Group 1: Company Overview - Jintian Animation specializes in IP-themed snack foods, with licensed IPs including Ultraman, My Little Pony, Crayon Shin-chan, and Sanrio [1][2]. - As of June 30, 2025, Jintian Animation operates five production bases nationwide and holds 26 licensed IPs with over 600 active SKUs across five product categories: candy, biscuits, puffed snacks, chocolate, and seaweed snacks [2]. Group 2: Financial Performance - Jintian Animation's revenue has shown consistent growth, with figures of CNY 596 million, CNY 664 million, and CNY 877 million for the years 2022 to 2024, respectively. Net profits for the same period were CNY 36.7 million, CNY 75.2 million, and CNY 130 million [2]. - In the first half of 2025, the company achieved revenue of CNY 444 million, representing a year-on-year growth of 9.82%, and a net profit of CNY 70 million, up 13.45% [2]. Group 3: Dependency on IP Licensing - The company heavily relies on external IP licensing, with sales from IP-themed snack foods accounting for 99.5% of total revenue in the first half of 2025 [2]. - The Ultraman IP is the largest contributor, consistently accounting for over 40% of the company's revenue [2][3]. Group 4: Customer Concentration and Accounts Receivable - Jintian Animation's customer base includes distributors, direct retail merchants, and end consumers, with a significant portion of sales dependent on major direct retailers [4]. - The revenue share from major direct retailers increased to 43.2% in the first half of 2025, while the revenue from the top five customers rose from 4.1% in 2022 to 40.7% in the first half of 2025 [4][6]. - The accounts receivable from the top five customers accounted for 68.73% of total accounts receivable in the first half of 2025, with the turnover days for trade receivables increasing from 3.5 days in 2022 to 10 days in the first half of 2025 [6]. Group 5: IPO Purpose and Future Plans - The funds raised from the IPO will be primarily used to enhance product development capabilities, increase brand awareness, expand the sales network, upgrade supply chain and IT infrastructure, and seek strategic investments and acquisitions [8].