The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Suplay Inc. (Incorporated in the Cayman Islands with limited liability) WARNING The publication of this announcement is required by The Stock Exch ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分內容而產生或依賴該等內 容而引致的任何損失承擔任何責任。 Suplay Inc. （於開曼群島註冊成立的有限公司） 本公告乃應本公司要求而刊發。本公司董事會（「董事會」）對本公告的準確性共同及個別地承擔 責任。 Suplay Inc. 警告 本公告乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員 會（「證監會」）的要求而刊發，僅用作向香港公眾人士提供資料。 閣下閱覽本公 告，即表示 閣下知悉、接納並向Suplay Inc.（「本公司」）、其聯席保薦人、整體 協調人、顧問或包銷團成員表示同意： 1 (a) 於聯交所網站登載本公告，並不引致本公司、其聯席保薦人、整體協調人、 顧問或包銷團成員須於香港或任何其他司法權區進行發售或配售活動的責 任。概無保證本公司會否進行發售或配售； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒 絕有關的公開發售及╱或上市申請； (c) 本公告不應被視為勸誘認購或購買任何證券，亦不擬構成該等勸誘； ...

Core Viewpoint - Suplay Inc. has submitted its listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan acting as joint sponsors [1] Company Overview - Suplay Inc. is a globally positioned company specializing in IP collectibles and consumer products, integrating well-known IPs into its product lines while promoting Chinese culture [3] - The flagship brand "Kakawo" holds a pioneering and leading position in China's collectible card market, focusing on high-end cards priced over RMB 10 [3] - The product portfolio consists of two main lines: collectibles and consumer products, catering to high-net-worth collectors, Gen Z consumers, and fans of popular entertainment [3] Market Position - According to Frost & Sullivan, Suplay Inc. ranks first in China's collectible non-battle card market by GMV in 2024, surpassing the combined total of the second and third-ranked companies, and is the only Chinese brand among the top five global collectible non-battle card brands [4] IP Resources - The company has a balanced mix of proprietary and licensed IPs, ensuring creative differentiation and a foundation for scalable commercialization [5] - As of September 30, 2025, the company owns three proprietary IPs, contributing approximately 40.6%, 14.4%, and 4.1% to total revenue in 2023, 2024, and the first nine months of 2025, respectively [5] - The top five licensed IPs contributed approximately 47.8%, 61.5%, and 77.7% to total revenue in the same periods [5] Financial Performance - The company reported revenues of approximately RMB 146 million, RMB 281 million, and RMB 283 million for 2023, 2024, and the first nine months of 2025, respectively [6] - The net profit attributable to equity shareholders was approximately RMB 2.95 million, RMB 49.12 million, and RMB 37.07 million for the same periods [6] - Gross profit margins were 41.7%, 45.8%, and 54.5% for 2023, 2024, and the first nine months of 2025, respectively [8] Industry Overview - The global pan-entertainment merchandise market is projected to grow from USD 44.8 billion in 2019 to USD 82.2 billion in 2024, with a CAGR of 12.9% [10] - The non-battle collectible card market is expected to reach USD 12 billion in 2024, with a CAGR of 19.5% from 2019 to 2024, and is projected to grow to USD 25.7 billion by 2029 [14] - The Chinese non-battle collectible card market is anticipated to reach RMB 6.2 billion in 2024, with a CAGR of 24.5% from 2019 to 2024 [14] Competitive Landscape - The global non-battle collectible card market is highly concentrated, with the top five players holding 71.5% of the market share in 2024, and Suplay Inc. being the only Chinese brand in the top five [16] - In the Chinese market, the top five companies hold a combined market share of 6.8%, with Suplay Inc. leading at 3.2% [17]

Core Viewpoint - Suplay Inc. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors, indicating its intention to expand its presence in the market for IP collectibles and consumer products [1] Company Overview - Suplay Inc. is a globally positioned company specializing in IP collectibles and consumer-grade products, integrating globally recognized IP into its product range while promoting Chinese culture through selected products [1] Market Position - The flagship brand "Kakawoo" holds a pioneering and leading position in the Chinese collectible card market, ranking first in the Chinese collectible non-combat card market based on 2024 GMV, surpassing the combined total of the second and third-ranked competitors [1] - According to Frost & Sullivan, Suplay Inc. is the only Chinese brand among the top five global collectible non-combat card brands [1]

Core Viewpoint - Suplay Inc. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors, indicating its intention to expand its presence in the global market for IP collectibles and consumer products [1] Group 1: Company Overview - Suplay Inc. is a globally positioned company specializing in IP collectibles and consumer products, integrating well-known global IP into its product lines while promoting Chinese culture through selected products [1] - The flagship brand "Kakawo" holds a pioneering and leading position in the Chinese collectible card market [1] Group 2: Market Position - According to Frost & Sullivan, Suplay Inc. ranks first in the Chinese collectible non-battle card market by GMV for 2024, surpassing the combined total of the second and third-ranked competitors [1] - Suplay Inc. is the only Chinese brand among the top five global collectible non-battle card brands [1]

Core Viewpoint - Suplay Inc. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors, indicating its intention to expand its presence in the market for IP collectibles and consumer products [1] Group 1: Company Overview - Suplay Inc. is a globally positioned company specializing in IP collectibles and consumer-grade products, integrating globally recognized IP into its product offerings [1] - The company aims to introduce Chinese culture to the world through its carefully selected products [1] Group 2: Market Position - Suplay Inc.'s flagship brand "Kakawoo" holds a pioneering and leading position in the Chinese collectible card market [1] - According to Frost & Sullivan, Suplay Inc. ranks first in the Chinese collectible non-battle card market by GMV for 2024, surpassing the combined total of the second and third-ranked competitors [1] - Suplay Inc. is the only Chinese brand among the top five collectible non-battle card brands globally [1]

Group 1 - Suplay Inc. has submitted a listing application to the Hong Kong Stock Exchange [1] - The joint sponsors for the listing are JPMorgan and CICC [1]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Suplay Inc. （「本公司」） （於開曼群島註冊成立的有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代 表閣下知悉、接納並向本公司、其保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》呈交香港公司註冊處處長 登記前，本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約 或邀請，準投資者務請僅依據呈交香港公司註冊處處長登記的本公司招股章程作出投資決定； 有關文本將於發售期內向公眾刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根 據本文件中的資料作出任何投資決定； ( ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Suplay Inc. (the "Company") (Incorporated in the Cayman Islands with limited liability) WARNING The publication of ...

Suplay Inc. （於開曼群島註冊成立的有限公司） 警告 本公告乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員 會（「證監會」）的要求而刊發，僅用作向香港公眾人士提供資料。 閣下閱覽本公 告，即表示 閣下知悉、接納並向Suplay Inc.（「本公司」）、其聯席保薦人、整體 協調人、顧問或包銷團成員表示同意： 1 (a) 於聯交所網站登載本公告，並不引致本公司、其聯席保薦人、整體協調人、 顧問或包銷團成員須於香港或任何其他司法權區進行發售或配售活動的責 任。概無保證本公司會否進行發售或配售； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒 絕有關的公開發售及╱或上市申請； (c) 本公告不應被視為勸誘認購或購買任何證券，亦不擬構成該等勸誘； (d) 本公司或其任何聯屬人士、其顧問或包銷團成員概無於任何司法權區透過刊 發本公告而發售任何證券或招攬認購或購買任何證券的要約； (e) 本公告（及其所載資料）僅供參考，並不構成或組成於美國（包括其領土及屬 地、美國任何州及哥倫比亞特區）或發售或出售將屬違法的任何其他司法權 區提呈發行或出售或招攬購買、認購或以其他方 ...