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]
新股消息 | Suplay Inc.递表港交所 专注于IP收藏品及消费级产品