10元一张的卡牌撑起8000万利润，Suplay正在准备抢先敲钟

Core Viewpoint - Suplay, a card company, has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, positioning itself as a company focused on IP collectibles and consumer products, with a significant emphasis on high-end collectible cards and related services [1][3]. Financial Performance - Suplay has demonstrated rapid growth over the past three years, with revenue exceeding 280 million RMB in the first nine months of 2025 and an adjusted net profit of approximately 86.42 million RMB [3][12]. - The company reported a net profit of 64.82 million RMB in 2024, which is more than three times the previous year's profit, indicating strong momentum [12][14]. Market Positioning - Suplay's flagship brand, Kaka Wo, focuses on high-end collectible cards, particularly targeting adult consumers with a strong emotional connection to classic Western IPs [8][11]. - The company claims that over 99% of its consumers are aged 18 and above, and its products are designed to be more accessible than their American counterparts [11][12]. Competitive Landscape - The card industry has not seen a pure card company successfully complete an IPO, with most listed companies being upstream suppliers or IP giants [5][39]. - Suplay aims to differentiate itself from competitors by focusing on high-end collectible cards, while other companies like Card Game have faced challenges in their IPO attempts [5][12]. Revenue Composition - As of 2025, approximately 70% of Suplay's total revenue comes from collectible cards and related services, making it the core revenue driver for the company [12][14]. - The company's gross margin for collectibles has increased from about 58% to approximately 70%, reflecting its focus on high-margin products [14]. Industry Challenges - The card industry faces significant challenges, including reliance on IP licensing, which is becoming increasingly competitive and costly [39][41]. - Suplay's revenue from proprietary IP has dropped significantly, while revenue from licensed IP has increased, indicating a shift in its business model [43][45]. Consumer Sentiment and Market Dynamics - There are concerns regarding the secondary market for Kaka Wo cards, with reports of significant price drops and consumer dissatisfaction with product quality [15][20][25]. - The company acknowledges the challenges of controlling its distribution channels and the potential impact of secondary market pricing on its brand perception [19][39]. Regulatory Environment - The card industry is under scrutiny due to its business model, which often involves blind box sales targeted at younger consumers, leading to regulatory pressures [50][51]. - Suplay has reported that over 99% of its customers are adults, attempting to mitigate concerns about regulatory changes affecting its business model [51].