Core Viewpoint - Suplay, known for its flagship brand "Kakawoo," is seeking to list on the Hong Kong Stock Exchange, leveraging its position as a leader in China's collectible non-combat card market, with a market share exceeding that of its closest competitors combined [1] Group 1: Company Overview - Suplay was established in 2019 and initially functioned as a second-hand trading platform for trendy toys, evolving into a new consumer segment amidst the rise of the "Gouzi economy" [1] - Kakawoo has become the only Chinese brand among the top five global competitors in the collectible card market, with a projected GMV for 2024 placing it at the forefront of the industry in China [1] Group 2: Financial Performance - The company has attracted over 1.3 million registered members, with over 99% of consumers being adults [2] - Suplay's revenue for the first nine months of 2025 reached 283 million yuan, with an adjusted net profit margin of 30.5% during the same period, indicating significant improvement in profitability [2] Group 3: Risks and Challenges - Suplay's revenue heavily relies on external licensed IPs, with the share of income from these sources rising from 47.8% in 2023 to 77.7% in the first three quarters of 2025, while revenue from its own IPs plummeted from 40.6% to 4.1% [3] - The company faces challenges due to the non-exclusive nature of many IP agreements, with a major revenue-generating IP agreement already expired, creating uncertainty around future renewals [3] - Suplay's reliance on distributor channels rather than a direct-to-consumer model limits its control over pricing and market dynamics, while increasing operational pressures as inventory write-downs have reached 36.3 million yuan [3] Group 4: Strategic Partnerships - Major shareholder miHoYo plays a crucial role in Suplay's operations, having invested $8 million in 2021 and holding approximately 11.86% of the company [4] - The partnership allows Suplay to access top-tier IPs from miHoYo, enhancing its product offerings and market potential, as evidenced by the successful collaboration on the "Ruan·Mei Creation" mini figurine, which achieved a GMV of over 50 million yuan in 2024 [4] Group 5: Future Plans - Suplay aims to upgrade its business model by establishing design centers in Tokyo and Los Angeles, transitioning from collectible cards to trading card games (TCG) with longer lifecycles [4] - The company plans to explore new products that integrate online game data with physical merchandise, leveraging miHoYo's resources to create sustainable cultural assets in the evolving trend economy [4]
Suplay携“卡卡沃”闯港交所 背靠米哈游 对外部授权IP依赖性高
Guan Cha Zhe Wang·2026-01-07 09:49