Sou Hu Cai Jing·2026-01-02 08:24Core Viewpoint - Suplay Inc. is preparing for an IPO on the Hong Kong Stock Exchange, focusing on the collectible card market and cultural products, with a strong position in China and a unique global presence as a Chinese brand in the collectible card industry [2][8]. Business Overview - Suplay, established in 2019, integrates globally recognized intellectual properties (IPs) into its product lines and aims to promote Chinese culture through selected products [2]. - The flagship brand "卡卡沃" (Kakawo) holds a pioneering and leading position in China's collectible card market, ranking first in the collectible non-battle card segment by GMV in 2024, surpassing the combined total of the second and third-ranked competitors [2][8]. - Suplay targets adult consumers with strong purchasing power and a keen interest in cultural and entertainment content, with over 99% of its consumers aged 18 and above [2]. Product Positioning - Suplay's card products are positioned as high-end collectibles, with individual card prices exceeding RMB 10, employing a limited release strategy that emphasizes both artistic quality and collectible value [5]. - The value of collectible cards is anchored by international third-party grading institutions, with higher submission rates indicating greater collectible attributes compared to lower-priced cards [5]. Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the first nine months of 2025, Suplay reported revenues of RMB 145.725 million, RMB 280.504 million, and RMB 202.768 million respectively, with corresponding net profits of RMB 2.949 million, RMB 49.115 million, and RMB 35.544 million [12][13]. - The revenue breakdown shows collectible products generating RMB 47.946 million (32.9%) in 2023 and projected to grow to RMB 117.121 million (41.8%) in 2024, while consumer products are expected to decrease from RMB 97.779 million (67.1%) in 2023 to RMB 163.383 million (58.2%) in 2024 [6]. Shareholder Structure - Prior to the IPO, the major shareholder is Mr. Huang Wanjun, holding 72.86% of the shares, with other shareholders including Ms. Li Jing (3.11%) and MiHoYo (11.86%) [7][9]. Management Team - The board of directors consists of six members, including two executive directors: Mr. Huang Wanjun (Chairman and CEO) and Ms. Li Jing (CFO) [10]. - The management team includes operational and supply chain partners, indicating a diverse leadership structure [11]. Market Position - Suplay is recognized as one of China's most prominent collectible card brands and is the first to receive comprehensive certification from four major global grading institutions [8]. - The company has a high submission rate for grading, ranking first among Chinese collectible card brands and third globally in the non-sport collectible card category [8].