卡牌巨头“围猎”港股！超级玩咖冲刺IPO，米哈游加持的潮玩生意能破局吗

Group 1 - Suplay submitted its listing application to the Hong Kong Stock Exchange on January 1, 2026, with CICC and JPMorgan as joint sponsors [1] - The company, founded in 2019, has its flagship brand "Kakawoo" targeting high-end collectible cards for adults, with retail prices ranging from 59.9 to 89.9 yuan per pack [1] - Suplay ranked first in China's collectible non-combat card market based on the total gross merchandise value (GMV) for 2024, according to Frost & Sullivan [1] Group 2 - Revenue for Suplay is projected to grow from 146 million yuan in 2023 to 281 million yuan in 2024, representing a year-on-year increase of 92.5% [1] - By the first three quarters of 2025, the company's revenue reached 283 million yuan, surpassing the total for 2024 [1] - Adjusted net profits for the same periods were 15.97 million yuan, 64.81 million yuan, and 86.42 million yuan respectively [1] Group 3 - Suplay acknowledged a risk of dependency on several licensed IPs, with revenue from proprietary IP products dropping from 40.6% in 2023 to 4.1% in the first three quarters of 2025 [2] - The contribution of the top five licensed IPs to revenue increased from 47.8% to 77.7% during the same period [2] - The largest revenue-generating IP's licensing agreement has expired, and the company is currently negotiating potential collaborations [2] Group 4 - The Chinese pan-entertainment card market is projected to exceed 30 billion yuan in 2025 and is expected to reach 50 billion yuan by 2027 [2]