Core Insights - Guangdong Jintian Animation Co., Ltd. (referred to as "Jintian Animation") plans to list on the Hong Kong Stock Exchange, having disclosed its prospectus on October 20 [1] Company Overview - Jintian Animation was established in April 2011 and claims to be a pioneer and leader in the "IP Fun Food" industry [1] - The company operates five production bases in Dongguan, Taishan, and Shantou, with one additional base under construction in Hengyang, Hunan [1] - Jintian Animation holds 26 licensed IPs, including popular brands such as Ultraman, My Little Pony, Crayon Shin-chan, and Pleasant Goat and Big Big Wolf, along with over 600 active SKUs across five product categories: candies, biscuits, puffed snacks, chocolates, and seaweed snacks [1] Financial Performance - Revenue for the fiscal years 2022 to 2024 and the first half of 2024 and 2025 is projected as follows: - 2022: 595.6 million CNY - 2023: 664.3 million CNY (11.5% year-on-year growth) - 2024: 877.4 million CNY (32.1% year-on-year growth) - First half of 2024: 404.2 million CNY - First half of 2025: 443.9 million CNY (9.8% year-on-year growth) [1] - The revenue growth is attributed to product portfolio expansion, enhanced IP operational capabilities, and the expansion of direct sales channels [1] Market Dynamics - The market size for the industry has grown from 5.6 billion CNY in 2020 to an estimated 11.5 billion CNY in 2024, reflecting a compound annual growth rate (CAGR) of 19.6% from 2020 to 2024 [1]

在消费升级与体验经济浪潮的席卷下，零食已不再仅仅是满足口腹之欲的简单商品，而是逐渐演变为承载情 感、创意与社交功能的新型载体。近日，向港交所主板递交上市申请的广东金添动漫股份有限公司（以下简 称：金添动漫），正是这一趋势中的佼佼者。 盈利持续爆发背后的"隐忧" 招股书显示，金添动漫是中国IP趣玩食品行业的开创者及领导者，专注于提供充满乐趣且美味健康的IP趣玩 食品。截至2025年6月30日，公司在全国建有5大生产基地、拥有26个授权IP及超过600个活跃SKU，包括糖 果、饼干、膨化、巧克力、海苔零食五大产品类别。秉持以零食为载体、以 IP为驱动的经营理念，金添动漫 不断挖掘IP与零食最佳的匹配形态，打造充满乐趣且高度定制化的IP趣玩食品矩阵。 根据弗若斯特沙利文报告，于2024年，按收入计，金添动漫分别是中国最大的IP趣玩食品企业和中国第四大 IP食品企业，市场份额分别为7.6%及2.5%。按相同资料来源，截至2025年6月30日，公司亦是中国拥有最多 IP授权的IP趣玩食品企业。 从宏观业绩来看，金添动漫无疑呈现出一条昂扬向上的增长曲线。营收从2022年的5.96亿元稳步攀升至2024 年的8.77亿元， ...

在消费升级与体验经济浪潮的席卷下，零食已不再仅仅是满足口腹之欲的简单商品，而是逐渐演变为承载情 感、创意与社交功能的新型载体。近日，向港交所主板递交上市申请的广东金添动漫股份有限公司（以下简 称：金添动漫），正是这一趋势中的佼佼者。 盈利持续爆发背后的"隐忧" 招股书显示，金添动漫是中国IP趣玩食品行业的开创者及领导者，专注于提供充满乐趣且美味健康的IP趣玩 食品。截至2025年6月30日，公司在全国建有5大生产基地、拥有26个授权IP及超过600个活跃SKU，包括糖 果、饼干、膨化、巧克力、海苔零食五大产品类别。秉持以零食为载体、以 IP为驱动的经营理念，金添动漫 不断挖掘IP与零食最佳的匹配形态，打造充满乐趣且高度定制化的IP趣玩食品矩阵。 根据弗若斯特沙利文报告，于2024年，按收入计，金添动漫分别是中国最大的IP趣玩食品企业和中国第四大 IP食品企业，市场份额分别为7.6%及2.5%。按相同资料来源，截至2025年6月30日，公司亦是中国拥有最多 IP授权的IP趣玩食品企业。 从宏观业绩来看，金添动漫无疑呈现出一条昂扬向上的增长曲线。营收从2022年的5.96亿元稳步攀升至2024 年的8.77亿元， ...

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].

智通财经APP获悉，据港交所10月20日披露，广东金添动漫股份有限公司(简称：金添动漫)向港交所主板提交上市申请书，招商证券国际、中国银河国际为 其联席保荐人。 招股书显示，金添动漫是中国IP趣玩食品行业的开创者及领导者，专注于提供充满乐趣且美味健康的IP趣玩食品。截至2025年6月30日，公司在全国建有5大 生产基地、拥有26个授权IP及超过600个活跃SKU，包括糖果、饼干、膨化、巧克力、海苔零食五大产品类别。 金添动漫合作的IP授权方来自日本、欧美、中国等不同国家和地区，形成极具差异化且行业领先的IP库。公司采用多渠道营销模式，整合经销商网络、面向 零售商的直销以及电商平台。截至 2025年6月30日，公司通过超2,600家经销商构建起覆盖全国的多层级经销网络。这一网络触达全国逾1,700个县，县级覆 盖率超60.0%。 金添动漫还通过与行业知名零售商合作建立直销网络，截至2025年10月14日，公司已与鸣鸣很忙及万辰等量贩零食店以及名创优品、美宜佳、绿光派对及永 辉超市等其他零售店合作，涵盖超市、IP主题快闪店、电商旗舰店及自动贩卖机等广泛的消费场景。 业绩方面，2022年度、2023年度、2024年 ...

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]

Core Viewpoint - The company, Hunan Mingming Hen Mang Commercial Chain Co., Ltd., has officially submitted its application for an IPO on the Hong Kong Stock Exchange, marking its entry into the capital market and highlighting its rapid growth in the snack retail sector [1]. Group 1: Company Growth - Established in 2017 in Changsha, the company has focused on lower-tier cities, avoiding fierce competition in first and second-tier cities, and has rapidly expanded its store count to over 14,180 by the end of 2024, with annual revenue nearing 5 billion yuan [2][6]. - The company employs a franchise model, with 97.4% of its stores being franchises, allowing for low investment thresholds and quick returns, appealing to many small-town entrepreneurs [6]. - Targeting the 18-35 age demographic, the company has successfully attracted price-sensitive consumers who seek value for money, contributing to its rise as a significant player in the new consumption landscape [6]. Group 2: Industry Challenges - The snack retail industry has shifted from a blue ocean to a red ocean, with increased competition from brands like Laiyoupin and Haoxianglai, leading to challenges such as high growth versus low barriers to entry, management difficulties, and price sensitivity versus margin compression [7][9][10][12]. - The industry faces issues of product homogeneity and lack of brand loyalty, making it difficult for companies to maintain customer retention once price advantages diminish [9]. Group 3: Future Growth Strategies - The IPO is seen as a pivotal moment for the company, transitioning from rapid expansion to a focus on sustainable growth and profitability, emphasizing the need for a robust operational framework [13]. - Developing proprietary brands is crucial for enhancing profit margins and brand recognition, although it requires significant investment in research, marketing, and quality control [15]. - The company plans to expand its logistics network to improve supply chain efficiency and ensure stable product availability across its extensive store network [16]. - Optimizing store performance by enhancing operational efficiency and customer experience is essential for future growth, shifting focus from quantity to quality [17]. Group 4: Long-term Perspective - The snack business is fundamentally a long-term endeavor that tests product quality, supply chain management, and organizational capabilities [18]. - The company's journey from rapid franchise expansion to building a strong brand and operational capabilities is critical for its success in the capital market and beyond [18].