年利润近亿元，卡牌与潮玩公司Suplay申请上市

Core Insights - Suplay's revenue for the first nine months of 2023, 2024, and 2025 was RMB 145.7 million, RMB 280.5 million, and RMB 283.3 million respectively, with corresponding net profits of RMB 2.949 million, RMB 49.115 million, and RMB 37.074 million [1][2][4] Financial Performance - The gross profit for Suplay in 2023, 2024, and 2025 was RMB 60.725 million, RMB 128.442 million, and RMB 154.342 million respectively, indicating a strong growth trajectory [2] - Adjusted net profit for the first nine months of 2025 was RMB 86.423 million, suggesting a potential annual net profit nearing RMB 100 million [3][4] Business Model and Product Lines - Suplay's primary products include collectible cards, figurines, and related accessories, with a significant focus on the adult collector market through its "Kakawow" brand [6][18] - The collectible card segment accounted for 70% of Suplay's revenue in the first nine months of 2025, with a gross margin of 70% [15][46] IP and Partnerships - Suplay has established partnerships with major IPs such as Warner Bros and miHoYo, enhancing its product offerings and market reach [32][40] - The company has a diverse IP portfolio, including collaborations with popular franchises like "Harry Potter" and "Genshin Impact," which significantly contribute to its revenue [29][43] Customer and Distribution Channels - Suplay's revenue is heavily reliant on its top five customers, which accounted for 30.2% of total revenue in the first nine months of 2025 [50] - The company has a robust distribution network with over 479 distributors, while direct sales through its WeChat mini-program contribute a smaller portion of revenue [47]