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 ...

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 Viewpoint - The article discusses the rapid growth and potential risks of Jin Tian Animation, a major player in the IP-based food industry in China, particularly highlighting its heavy reliance on the Ultraman IP for revenue generation [2][3][8]. Group 1: Financial Performance - Jin Tian Animation's revenue increased from 590 million RMB in 2022 to 880 million RMB in 2024, with a net profit rising from 36.71 million RMB in 2022 to 130 million RMB in 2024 [2][8]. - In the first half of 2025, the company recorded a revenue of 440 million RMB and a net profit of 70.04 million RMB, achieving a net profit margin of 15.8% [2][8]. Group 2: IP Dependency - Over 50% of Jin Tian Animation's revenue is derived from the Ultraman IP, which has contributed significantly to its financial success [3][8]. - The company has a high dependency on a few key IPs, with 75% of its revenue in 2024 coming from Ultraman, My Little Pony, and Crayon Shin-chan [6][12]. - The Ultraman IP alone accounted for 54.5% of the revenue in 2024, highlighting the risk associated with such concentration [8][12]. Group 3: Customer Concentration - The revenue contribution from the top five customers surged to 40.7% in the first half of 2025, up from 4.1% in 2022, indicating increased reliance on a limited number of clients [15][17]. - The shift towards direct sales to retailers has led to a decrease in the number of distributors, with distributor contributions dropping from 95.2% in 2022 to 55.1% in 2025 [15][17]. Group 4: Key Shareholder Exit - The exit of key shareholder Sun Jian, who was instrumental in securing the Ultraman IP, raises concerns about the stability of revenue from this crucial asset [23][26]. - The company's control is highly concentrated in the hands of founder Cai Jianchun, who holds 92.27% of the voting rights, which may lead to governance and decision-making concerns [18][23].

Core Viewpoint - The article discusses the rapid growth and potential risks of Jin Tian Animation, a major player in the IP food industry in China, particularly highlighting its heavy reliance on a single IP, Ultraman, which poses significant business risks [2][3][28]. Group 1: Company Performance - Jin Tian Animation's revenue grew from 590 million RMB in 2022 to 880 million RMB in 2024, with a net profit increase from 36.71 million RMB in 2022 to 130 million RMB in 2024 [2]. - The company recorded a net profit of 70.04 million RMB in the first half of 2025, achieving a net profit margin of 15.8% [2]. - The revenue composition shows that candy is the largest income source, increasing from 23.8% in 2022 to 40.1% in the first half of 2025 [4]. Group 2: IP Dependency - Over 50% of Jin Tian Animation's revenue is derived from the Ultraman IP, which has contributed significantly to its income stability [8][11]. - In 2024, Ultraman alone accounted for 54.5% of the company's revenue, indicating a deep dependency on this single IP [8]. - The company has 14 major IP licenses, but 75% of its revenue in 2024 came from Ultraman, My Little Pony, and Crayon Shin-chan [6]. Group 3: Customer Concentration - The revenue contribution from the top five customers surged to 40.7% in the first half of 2025, up from 4.1% in 2022, indicating increased reliance on a few key clients [15]. - Direct sales to retailers increased from 3.5% in 2022 to 43.2% in the first half of 2025, while revenue from distributors decreased significantly [15][18]. Group 4: Key Shareholder Exit - The exit of key shareholder Sun Jian, who was crucial for the Ultraman IP relationship, raises concerns about the stability of income from this IP [27]. - The company is now controlled entirely by founder Cai Jianchun, who holds 92.27% of the shares, leading to potential governance and decision-making concerns [19][27]. Group 5: Overall Risks - Jin Tian Animation faces a growth paradox, where its revenue growth is tied to a concentrated customer base and reliance on a few IPs, increasing operational fragility [28]. - The company's business model, heavily reliant on external IP rights and a limited number of clients, poses significant risks to its long-term sustainability [3][28].

Core Viewpoint - The article highlights the rapid growth and market potential of the IP food sector in China, focusing on Guangdong Jintian Animation Co., Ltd. (Jintian Animation) as it prepares for an IPO in Hong Kong, aiming to capitalize on the booming IP economy [1][2]. Company Overview - Jintian Animation, founded in 2004 by Cai Jianchun, specializes in IP-themed snacks and has over 1,000 employees. The company is based in Dongguan, Guangdong, which is home to numerous listed companies [3][5]. - The company offers a variety of products, including candies, biscuits, puffed snacks, chocolates, and seaweed snacks, and holds licenses for 26 popular IPs such as Ultraman and Peppa Pig [3][5]. Financial Performance - Jintian Animation's revenue has shown a growth trend, with figures of approximately 596 million RMB in 2022, 664 million RMB in 2023, and projected revenues of 877 million RMB in 2024 [11][13]. - The gross profit margin has improved from 26.6% in 2022 to 34.7% in the first half of 2025, driven by increased production efficiency and a shift towards higher-margin retail sales [11][13]. Revenue Breakdown - The revenue from candy products increased from 23.8% in 2022 to 40.1% in the first half of 2025, while biscuits contributed over 20% of total revenue [6][7]. - The top five licensed IPs accounted for a significant portion of the company's revenue, with contributions of 90% in 2022 and decreasing slightly to 85.7% in 2025 [8]. Market Dynamics - The IP food market in China is projected to grow significantly, with an expected compound annual growth rate (CAGR) of 20.9% for IP-themed snacks from 2025 to 2029, reaching a market size of 305 billion RMB by 2029 [14][17]. - The competitive landscape is fragmented, with the top five companies holding only 16.7% of the market share, indicating opportunities for growth and innovation [17]. Strategic Positioning - Jintian Animation is positioned as the largest IP-themed snack company and the fourth largest in the overall IP food sector in China, with market shares of 7.6% and 2.5%, respectively [17]. - The company has been expanding its direct sales to retailers, which increased from 3.5% of total revenue in 2022 to 43.2% in the first half of 2025, indicating a strategic shift in sales channels [10].

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (Jintian Animation) has submitted its listing application to Hong Kong, leveraging its 26 authorized IPs to drive revenue through IP-themed snacks, although it faces risks related to the non-exclusive nature of its IP licenses and the need for regular renewals [1][10]. Group 1: Business Model and Revenue - Jintian Animation's revenue primarily comes from the sale of IP-themed snacks, with a business model that integrates snacks as a medium and IP as a driving force [1]. - In 2022, Jintian Animation's revenue exceeded 800 million RMB, positioning it as the largest IP-themed snack company in China by revenue, with a market share of 7.6% [3]. - The company operates five production bases nationwide and has over 600 active SKUs across five product categories: candies, biscuits, puffed snacks, chocolates, and seaweed snacks [4]. Group 2: Financial Performance - Jintian Animation's revenue for the years 2022, 2023, and projected for 2024 is approximately 5.96 billion RMB, 6.64 billion RMB, and 8.77 billion RMB respectively, with net profits of 370 million RMB, 750 million RMB, and 1.3 billion RMB for the same years [6]. - The gross profit margins for its product categories in 2024 are projected to be 29.3% for candies, 38.7% for biscuits, 48.9% for puffed snacks, 34.3% for chocolates, and 18% for seaweed snacks [5]. Group 3: Market Strategy and Distribution - The company employs a multi-channel marketing strategy, integrating a network of over 2,600 distributors and direct sales to retailers, covering more than 1,700 counties with over 60% county-level coverage [7]. - Jintian Animation is also exploring e-commerce channels through third-party platforms like Douyin, Pinduoduo, Tmall, Taobao, JD.com, Xiaohongshu, and Kuaishou to sell products directly to consumers [8]. Group 4: IP Licensing and Risks - Jintian Animation's business heavily relies on IP licenses, which are typically non-exclusive and require periodic renewals, creating vulnerabilities in its operational model [10][13]. - The company has several IP licenses with varying durations, with some licenses like Ultraman and Nezha having only 12 months left before renewal [11][12]. - The competitive landscape is intense, with the top five companies in the IP-themed snack market holding only 16.7% of the market share, necessitating continuous product development and innovation [10]. Group 5: Future Development Plans - Jintian Animation plans to diversify and enrich its IP matrix, focusing on both established and trending IPs to drive growth [2][14]. - The company aims to develop its own IP through independent design and procurement, with part of the funds raised from the Hong Kong listing allocated for this purpose [16].

Core Viewpoint - The article discusses the rise of Guangdong Jintian Animation Co., Ltd. (Jintian Animation) in the IP food sector, highlighting its plans for an IPO in Hong Kong and its potential to capitalize on the booming IP economy, similar to Pop Mart's success in the market [1][5]. Company Overview - Jintian Animation, founded in 2004, focuses on IP-themed snacks and has over 1,000 employees, headquartered in Dongguan, Guangdong [5][6]. - The company has established five production bases and holds 26 licensed IPs, including popular characters like Ultraman and Peppa Pig, with over 600 active SKUs [5][6]. - Jintian Animation is controlled 100% by its founder, Cai Jianchun, who has over 20 years of experience in the food supply chain [6]. Financial Performance - The company's revenue has shown a growth trend, with figures of approximately 596 million RMB in 2022, 664 million RMB in 2023, and projected 877 million RMB in 2024 [17][18]. - Gross profit margins have improved from 26.6% in 2022 to 34.7% in the first half of 2025, driven by increased production efficiency and a shift towards higher-margin retail sales [19]. - The net profit for the same periods was approximately 37 million RMB in 2022, 75 million RMB in 2023, and 130 million RMB in 2024 [17][18]. Market Dynamics - The IP food market in China is expected to grow significantly, with a projected market size of 354 billion RMB in 2024 and an anticipated CAGR of 18.5% from 2025 to 2029 [19][22]. - Jintian Animation is positioned as the largest IP-themed snack company in China, holding a market share of 7.6% in the IP fun food sector and 2.5% in the overall IP food market [22]. - The competitive landscape is fragmented, with the top five companies holding only 16.7% of the market share, indicating opportunities for growth and innovation [22]. Product and Sales Strategy - Jintian Animation's revenue is primarily derived from IP-themed snacks, with candy sales increasing from 23.8% of total revenue in 2022 to 40.1% in the first half of 2025 [8][10]. - The company has diversified its sales channels, reducing reliance on distributors from 95.2% in 2022 to 55.1% in 2025, while increasing direct sales to retailers [15]. - The product offerings are designed to appeal to both the taste and emotional value of consumers, combining food and play elements [19][22].

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (Jintian Animation) has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, showcasing impressive financial performance with a projected net profit increase of 72.9% in 2024, alongside a continuous rise in gross margin [1][10]. Financial Performance - Jintian Animation's revenue for 2022, 2023, and 2024 is reported at 596 million, 664 million, and 877 million yuan respectively, with gross profits of 159 million, 217 million, and 296 million yuan, leading to gross margins of 26.6%, 32.6%, and 33.7% [2]. - The net profits for the same years are 36.71 million, 75.22 million, and 130 million yuan [2]. IP Portfolio and Revenue Sources - The company has established a strong IP portfolio with 26 authorized IPs, including popular characters like Ultraman and My Little Pony, contributing significantly to revenue [1][3]. - Ultraman is the most profitable IP, generating revenues of 373 million, 418 million, and 479 million yuan from 2022 to 2024, accounting for 62.6%, 63.0%, and 54.5% of total revenue respectively [2]. Product Categories and Sales Channels - Candy and biscuits are the main product categories, contributing 66.2% of total revenue in the first half of 2025, with candy sales reaching 178 million yuan [3]. - The company is shifting its sales strategy, with direct sales to retailers increasing from 3.5% to 43.2% from 2022 to the first half of 2025, while sales to distributors decreased from 95.2% to 55.1% [5]. Market Potential and Growth - The IP food market in China is projected to grow from 354 billion yuan in 2024 to 849 billion yuan by 2029, with a compound annual growth rate (CAGR) of 18.5% [7][8]. - The IP fun food segment is expected to grow from 56 billion yuan in 2020 to 115 billion yuan in 2024, with a CAGR of 19.6% [7]. Competitive Position - Jintian Animation holds a 7.6% market share in the IP fun food sector, making it the largest player in this niche, and a 2.5% share in the broader IP food market, ranking fourth [8]. - The company is also noted for having the most IP licenses in the IP fun food industry in China as of mid-2025 [9]. Strategic Outlook - Future growth will depend on the company's ability to transition from being an "IP carrier" to a "self-brand builder" and "industry leader," potentially through developing proprietary IPs and enhancing supply chain efficiency [9]. - The IPO process is seen as a significant indicator of the development trajectory of the IP fun food industry in China [11].

Core Viewpoint - Guangdong Jintian Animation Co., Ltd. (Jintian Animation) has submitted its prospectus to the Hong Kong Stock Exchange, aiming to capitalize on the growing "IP + snack" market, despite facing potential risks and a slowdown in growth [1][13]. Company Overview - Jintian Animation, established in 2004 and incorporated in 2011, focuses on the IP fun food sector, providing enjoyable and healthy snack products [1]. - The company is recognized as the largest IP fun food enterprise in China by revenue, holding a market share of 7.6% in the IP fun food sector and 2.5% in the broader IP food market as of 2024 [1]. Market Position and Growth - As of June 30, 2025, Jintian Animation has 26 authorized IPs and over 600 active SKUs, covering five major product categories: candy, biscuits, puffed snacks, chocolate, and seaweed snacks [1]. - The company has experienced significant revenue growth, with direct sales to retailers increasing from 21.11 million RMB in 2022 to 290 million RMB in 2024, reflecting a compound annual growth rate of 271% [5]. - Overall revenue rose from 596 million RMB in 2022 to 877 million RMB in 2024, with net profit increasing from 36.71 million RMB to 130.09 million RMB during the same period [5][6]. Sales Channels - Jintian Animation has established a comprehensive sales network that includes distributors, direct retail, and e-commerce platforms, although it remains heavily reliant on offline channels [4]. - As of June 30, 2025, the company covered over 1,700 counties in China, achieving a county-level coverage rate exceeding 60%, while e-commerce contributed only about 0.2% of total revenue in 2024 [4]. Product Dependency and Risks - The company heavily relies on external licensed IPs for revenue, with 99.5% of its income sourced from these IPs in the first half of 2025 [7]. - Key IPs such as Ultraman, My Little Pony, and Crayon Shin-chan account for nearly 80% of total revenue, raising concerns about sustainability and dependence on licensing agreements [7][9]. - The average duration of existing licensing agreements is generally short, often 24 months or less, which poses a risk to revenue stability if renewals are not secured [9][10]. Product Performance - The growth in recent years has been primarily driven by candy and biscuits, which together contributed 66.2% of revenue in the first half of 2025 [11]. - Conversely, sales and revenue from puffed snacks and chocolate have declined, attributed to early inventory preparations for the 2025 Spring Festival [11][12]. - Seaweed snacks have also shown a continuous decline in performance since 2023, as the company reallocates resources to focus on higher-margin product categories [12]. Future Outlook - The company faces challenges such as slowing growth, over-reliance on a few external IPs, and a relatively narrow product structure [13]. - Future key developments will depend on the company's ability to transition from being an "IP handler" to a "self-owned brand builder" or "industry chain leader," potentially through the incubation of proprietary IPs and enhanced supply chain efficiency [13].