卡牌公司Suplay冲刺港交所：营收仅为卡游2.8%，盲盒模式存道德风险

Core Viewpoint - Suplay, a card company, has submitted its prospectus to the Hong Kong Stock Exchange, showcasing significant revenue and profit growth over the past three years, but faces critical challenges due to a sharp decline in self-owned IP revenue and increasing reliance on external licensed IPs [1][2][3]. Financial Performance - Suplay's revenue has shown remarkable growth, with 2023 revenue at 146 million yuan, a 92.5% increase to 281 million yuan in 2024, and 283 million yuan in the first nine months of 2025, surpassing the entire 2024 revenue [2]. - The company's gross margin has improved from 41.7% in 2023 to 54.5% in the first nine months of 2025, an increase of 12.8 percentage points [2]. - Net profit surged from 2.949 million yuan in 2023 to 49.115 million yuan in 2024, a staggering increase of 1593.1%, with a net profit of 37.074 million yuan in the first nine months of 2025, up 4.3% year-on-year [3]. IP Dependency - The contribution of self-owned IP revenue has drastically decreased from 40.6% in 2023 to just 4.1% in the first nine months of 2025, indicating a heavy reliance on external licensed IPs, which increased from 47.8% to 77.7% [3]. - This shift raises concerns about the sustainability of Suplay's business model, as it relies on potentially volatile licensing agreements rather than strong original content [3]. Market Position - Suplay's revenue is only 2.8% of the industry leader, Card Game, which reported 10.06 billion yuan in revenue in 2024, highlighting a significant gap in market share [4][8]. - The two companies target different customer segments, with Suplay focusing on high-end collectible cards for cultural enthusiasts and high-net-worth collectors, while Card Game targets a broader audience with lower-priced, entertainment-focused cards [6][8]. Business Model and Ethical Concerns - Suplay's business model, which includes a "blind box" sales mechanism, has raised ethical concerns regarding consumer behavior and potential overconsumption [10][11]. - The company has a highly concentrated ownership structure, with the founder holding 72.86% of shares, which may pose risks related to governance and decision-making [10]. - Regulatory scrutiny is increasing, particularly regarding the sale of blind boxes, which could impact Suplay's operational model and growth prospects [11].