收藏级卡牌龙头Suplay拟赴港IPO 大部分收入来自授权IP

Core Viewpoint - Suplay Inc. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to diversify its IP portfolio and expand collaborations with leading IP licensors [1] Group 1: Company Overview - Suplay is a leading company in the collectible non-combat card market in China, with its flagship brand "Kaka Wo" holding a top position [2] - The company primarily targets adult consumers aged 18 and above, with over 99% of its customer base being adults, including high-net-worth collectors and Gen Z fans [2] - Suplay's products are positioned in the high-end collectible segment, focusing on cards priced over 10 yuan, utilizing a limited release strategy to enhance artistic value and collectibility [2] Group 2: Financial Performance - Suplay's revenue for the reporting periods was 146 million yuan, 281 million yuan, and 283 million yuan, with profits of 2.949 million yuan, 49.115 million yuan, and 37.074 million yuan respectively [4] - The company's inventory has shown a consistent amount, but the inventory write-downs have increased significantly, reaching 8.8 million yuan, 23.3 million yuan, and 36.3 million yuan by the end of the reporting periods [4] Group 3: IP and Revenue Sources - A significant portion of Suplay's revenue comes from licensed IPs, with the top five licensed IPs contributing 47.8%, 61.5%, and 77.7% of total revenue during the reporting periods [5] - The revenue contribution from Suplay's own IPs has drastically decreased from 40.6% in 2023 to 4.1% in the first three quarters of 2025 [3] Group 4: Market Risks and Challenges - Suplay's reliance on non-exclusive IP agreements poses risks, as it allows licensors to grant rights to multiple companies, potentially leading to market saturation and reduced profit margins [5] - The company faces challenges in controlling its distribution channels, with a high dependency on distributors for revenue, which accounted for 74.1%, 81.8%, and 74.3% of total income during the reporting periods [6] - Suplay does not own any production facilities, relying entirely on third-party manufacturers, which raises concerns about quality control and compliance with production standards [7]