90后卖卡牌年入近3亿赴港IPO，Suplay32岁董事长黄万钧邀来39岁CEO李晶

Core Viewpoint - Suplay, a collectible card company, has submitted its listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors. The company focuses on high-end collectible cards, distinguishing itself from popular trading cards among youth by offering products like cultural heritage cards and licensed IP cards [3][6]. Group 1: Company Overview - Suplay was established in 2019 and specializes in collectible cards, with its flagship brand being "卡卡沃" [3]. - The company targets the high-end market, with individual card prices exceeding RMB 10 [3]. - Suplay holds three proprietary IPs: Rabbit KIKI, OHO Uncle, and Water Wave Egg [3]. Group 2: Market Position - According to Frost & Sullivan, Suplay 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 [6]. - Suplay is the only Chinese brand among the top five global collectible non-battle card brands [6]. Group 3: Shareholding Structure - Huang Wanjun holds 72.86% of Suplay through HLB Group Limited, while miHoYo owns 11.86% [6]. - Wu Di, Vice President of miHoYo, serves as a non-executive director of Suplay [6]. Group 4: Management Team - Huang Wanjun, 32, is the founder, chairman, CEO, and executive director of Suplay [8]. - Li Jing, 39, serves as the executive director, CFO, and HR director, appointed as a director in December 2025 [8]. Group 5: Financial Performance - In 2023, 2024, and the first three quarters of 2025, Suplay reported revenues of approximately RMB 146 million, RMB 281 million, and RMB 283 million, respectively [9]. - The company recorded profits attributable to equity shareholders of approximately RMB 2.95 million, RMB 49.12 million, and RMB 37.07 million for the same periods [9]. - Gross profit margins were 41.7%, 45.8%, and 54.5% for the respective years [9]. Group 6: Revenue Sources - Suplay heavily relies on third-party licensed IPs for product development, with sales from licensed IP products accounting for 54.2%, 85.1%, and 95.0% of total revenue during the reporting periods [9]. - IP licensing agreements typically last one to three years and are not automatically renewable [9].