Suplay冲刺港股IPO：年营收2.8亿，“收藏卡牌第一股”就要来了？

Core Viewpoint - Suplay, a company specializing in IP collectibles and consumer products, has submitted its IPO prospectus to the Hong Kong Stock Exchange, with J.P. Morgan and CICC as joint sponsors [1]. Company Overview - Founded in 2019, Suplay focuses on high-end collectible non-battle cards and has expanded into trendy toys and IP derivatives, primarily targeting adult consumers [1]. - The flagship brand "Kakawoo" holds a pioneering and leading position in China's collectible card market, ranking first in the non-battle card segment with a GMV projection for 2024, surpassing the combined total of its second and third competitors [4]. Market Position - Suplay is the only Chinese brand among the top five global collectible non-battle card brands [4]. - The company emphasizes the high-end collectible card market, with products priced above 10 RMB per card, distinguishing itself from lower-priced cards that focus on entertainment consumption [4]. Financial Performance - Revenue is projected to grow from 146 million RMB in 2023 to 281 million RMB in 2024, representing a year-on-year increase of 92.5% [4]. - Net profit margins are expected to rise from 2.0% in 2023 to 17.5% in 2024, with a reported revenue of 283 million RMB and a profit of 37.07 million RMB for the first nine months of 2025, reflecting a 39.4% year-on-year growth [4]. Profitability Metrics - Gross margins for 2023, 2024, and the first three quarters of 2025 are reported at 41.7%, 45.8%, and 54.5%, respectively [5]. - Adjusted net profit margins for the same periods are 11.0%, 23.1%, and 30.5% [5]. Revenue Breakdown - In 2024, collectible revenue accounted for 117 million RMB, or 41.8% of total revenue, which increased to 70.0% by the first nine months of 2025 [5][6]. - Consumer product revenue share decreased from 58.3% to 30.0% during the same period [5]. IP Collaboration - Suplay has established partnerships with 22 IP licensors, including exclusive agreements with prominent entities such as the Chinese National Ice and Snow Sports Team [7]. - The top five licensed IPs contributed 77.7% of revenue in the first nine months of 2025, with the largest single IP accounting for approximately 32.3% [7]. Market Growth - The global non-battle collectible card market is projected to reach $12 billion in 2024, with a CAGR of 19.5% from 2019 to 2024, and expected to grow to $25.7 billion by 2029 [8]. - The Chinese non-battle collectible card market is anticipated to reach 6.2 billion RMB in 2024, with a CAGR of 24.5% from 2019 to 2024, potentially exceeding 16.5 billion RMB by 2029 [8]. Leadership Background - The founder and CEO, Huang Wanjun, has a background as an analyst at Huaxing Capital and as a partner at InnoVenture Capital [11]. - The CFO and company secretary, Li Jing, was the founder and CEO of Xiaofanzhuo [11]. - Prior to the IPO, MiHoYo held an 11.86% stake in Suplay, making it the largest external investor [11].