收藏卡玩家Suplay闯关港交所：「保价控量」的生意该如何做大？

Core Viewpoint - Suplay, a trendy IP consumer goods company, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to expand its presence in the collectible card market, particularly through its brand "Kakawow" [2][3]. Company Overview - Suplay has established three main brands: "Kakawow" for collectible cards, "Heyfen'er" for trendy toys, and "Letao Valley" for derivatives [2]. - Kakawow is positioned as the core brand, focusing on classic collectible card operations rather than mass distribution [3]. Market Position and Performance - Suplay is the only Chinese brand to enter the global top five in the non-battle collectible card market by GMV [3]. - In 2024, Suplay's revenue is projected to grow by 92.5% to 280 million yuan, which is still less than one-thirtieth of its competitor, Card Game [5]. - Revenue growth slowed to 40% in the first three quarters of 2025, with total revenue reaching 280 million yuan [6]. Product and Brand Strategy - The secondary market's trading heat and transaction prices are key indicators of brand recognition in the collectible card sector [6]. - Kakawow's first successful series, the PHANTOM Disney 100th Anniversary collection, demonstrated significant demand, with cards purchased at lower domestic prices selling at multiples on platforms like eBay [7]. - Kakawow has established strategic partnerships with global rating agencies, enhancing its brand's credibility and market activity [7]. Financial Metrics - Suplay's collectible products have a gross margin exceeding 60%, significantly higher than consumer-grade products [7]. - By the first three quarters of 2025, the gross margin for Suplay's collectible products reached 54.5%, with an adjusted net profit margin of 30.5% [8]. Marketing and Distribution - Suplay effectively controls marketing costs through collaborations with KOLs/KOCs, using product exchanges instead of cash payments, resulting in marketing expenses accounting for only about 1% of revenue [10]. - The company has established partnerships with 22 IP licensors, although most are non-exclusive [17]. Future Growth Plans - Suplay plans to expand its revenue sources by focusing on internationally recognized IPs and enhancing its global presence [19]. - The company aims to extend its product line and explore new consumer segments, including TCG cards and consumer-grade cards [23]. - Suplay is also working on localizing product designs to cater to different market preferences and regulatory environments [20]. Challenges and Considerations - The company faces challenges in scaling up and competing with established brands in the collectible card market [24]. - Suplay's self-owned IP business has been declining, with revenue dropping from nearly 60 million yuan in 2023 to 11.72 million yuan in the first three quarters of 2025 [23].