卡卡沃母公司Suplay赴港IPO，2025年自有IP营收占比仅4.1%

Core Viewpoint - Suplay, a global IP collectibles and consumer products company, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to list on the main board. The company is known for its flagship brand "Kaka Wo," which holds a pioneering and leading position in China's collectible card market [1]. Group 1: Company Overview - Suplay integrates globally recognized IP into its product lines and aims to introduce Chinese culture to the world through carefully selected products [1]. - The company focuses on high-end collectible cards, with individual card prices exceeding RMB 10, employing a limited issuance strategy [1]. Group 2: Market Position - According to Frost & Sullivan, Suplay ranks first in China's collectible non-combat 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-combat card brands [1]. Group 3: Financial Performance - The company's revenue for the years 2023, 2024, and the first three quarters of 2025 is reported as RMB 146 million, RMB 281 million, and RMB 283 million, respectively. The net profit attributable to equity shareholders for the same periods is RMB 2.949 million, RMB 49.115 million, and RMB 37.074 million [1]. Group 4: IP Resource Breakdown - Suplay's IP resources are categorized into owned IP and licensed IP. As of September 30, 2025, the company owns three main IPs: Rabbit KIKI, OHO Uncle, and Water Wave Egg. The contribution of owned IP products to total revenue is approximately 40.6%, 14.4%, and 4.1% for the years 2023, 2024, and the first nine months of 2025, respectively [2]. - In terms of licensed IP, Suplay has established licensing arrangements with 22 IP licensors, including exclusive partnerships with Hajime Sorayama and the Chinese National Ice and Snow Sports Team, as well as non-exclusive partnerships with leading global IP holders. The top five licensed IPs contributed approximately 47.8%, 61.5%, and 77.7% to the company's total revenue for the years 2023, 2024, and the first nine months of 2025, respectively [2].