HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Jintan has taken the lead in niche market with "IP+ snacks" model, achieving strong short-term growth.However, it has been constrained by external IP reliance, rising customer concentration, cash flow pressure.</li>
<li>With seasonal adjustments in 25H2, the revenue growth rate could be 10%YoY in 2025 full year. With the diversification of IP/channels expansion, revenue growth could be 15%YoY/12%YoY in 2026/2027.</li>
<li>Jintan's characteristic is high growth but high external IP dependency risk, so a reasonable valuation should be lower than Pop Mart but higher than other traditional snack enterprises.</li>
</ul>


Jintan has taken the lead in niche market with "IP+ snacks" model, achieving strong short-term growth.However, it has been constrained by external IP reliance, rising customer concentration, cash flow pressure.
With seasonal adjustments in 25H2, the revenue growth rate could be 10%YoY in 2025 full year. With the diversification of IP/channels expansion, revenue growth could be 15%YoY/12%YoY in 2026/2027.
Jintan's characteristic is high growth but high external IP dependency risk, so a reasonable valuation should be lower than Pop Mart but higher than other traditional snack enterprises.


Pre-IPO Jintan - About the Business Model, the Risks and the Peer Comparison

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Jintan (JINTAN HK)

Pre-IPO Jintan - About the Business Model, the Risks and the Peer Comparison

Jintan's "IP+ snack" model leads niche market but face risk.Revenue expected to be up 10% in 2025, with potential for 15%/12% in 2026/27.Valuation...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Jintan - About the Business Model, the Risks and the Peer Comparison

​Jintan's "IP+ snack" model leads niche market but face risk.Revenue expected to be up 10% in 2025, with potential for 15%/12% in 2026/27.Valuation...

Xinyao (Criss) Wang

Jintan's "IP+ snack" model leads niche market but face risk.Revenue expected to be up 10% in 2025, with potential for 15%/12% in 2026/27.Valuation...