九成收入依赖第三方IP！Suplay的卡牌生意能火多久？贸易应收款项持续攀升

Core Viewpoint - Suplay, a company specializing in IP collectibles and consumer products, has submitted its listing application, aiming to capitalize on its leading position in the collectible non-combat card market in China and its unique status as the only Chinese brand among the top five global brands in this category [1][2]. Group 1: Company Overview - Suplay was founded in 2019 and is led by its 32-year-old founder Huang Wanjun, who serves as the chairman, executive director, and CEO [1]. - The company completed an A+ round of financing in 2021, receiving an investment of $8 million from miHoYo [1]. - Suplay's flagship brand is "Kakawo," and its products are positioned in the high-end collectible segment, with individual card prices exceeding RMB 10 [1]. Group 2: Financial Performance - For the fiscal years ending December 31, 2023, and 2024, Suplay reported revenues of approximately RMB 145.725 million and RMB 280.504 million, respectively [2]. - The company achieved profits attributable to equity shareholders of RMB 2.949 million in 2023 and RMB 49.115 million in 2024 [2]. - The gross profit for 2023 was RMB 60.725 million, with a projected increase to RMB 128.442 million in 2024 [2]. Group 3: Revenue Composition - Revenue from licensed IP products accounted for 54.2%, 85.1%, and 95% of total revenue in the respective reporting periods [3]. - The company's own IP revenue was significantly lower, representing 40.6%, 14.4%, and 4.1% of total revenue during the same periods [3]. - As of September 30, 2025, Suplay's proprietary IP includes Rabbit KIKI, OHO Uncle, and Water Wave Egg [3]. Group 4: IP Licensing and Competition - Suplay's IP licensing agreements typically last one to three years and are non-renewable, which poses a risk if major IPs are not renewed or lose popularity [4]. - The non-exclusive nature of many IP licensing arrangements increases competition, as multiple companies can offer similar products, leading to market saturation and reduced product differentiation [5]. Group 5: Trade Receivables - Suplay's trade receivables have been increasing, reported at RMB 13.9 million, RMB 28.9 million, and RMB 34.1 million for the respective reporting periods [6]. - The turnover days for trade receivables were 20 days, 27 days, and 30 days, indicating a potential risk in maintaining reasonable turnover levels [6].