年入3亿，90后卖卡片，干出一家上市公司

Core Viewpoint - Suplay, a high-end collectible card company, is preparing for an IPO in Hong Kong, having generated 300 million yuan in sales over the past year, primarily targeting adult consumers rather than children [1][2]. Company Overview - Founded in 2019 by Huang Wanjun, Suplay has quickly established itself in the collectible card market, leveraging its background in finance and crowdfunding [2][3]. - The company initially focused on addressing inefficiencies in the blind box economy by introducing a platform that allows users to sell unwanted cards immediately after purchase [3][4]. Business Model and Strategy - Suplay has expanded its business model beyond a trading platform to encompass the entire value chain from IP licensing to production and sales, significantly increasing its revenue sources [5][6]. - The company emphasizes the importance of collectible products, with over 99% of its consumers being over 18 years old, contrasting with the traditional low-cost, entertainment-focused card market in China [10][11]. Product Offering - The flagship product is the collectible non-battle card "Kakawo," which has been extended to include various collectible toys and merchandise [8][9]. - The product strategy is designed for adults, focusing on scarcity and value, with a pricing strategy that sets the issuance price of cards above 10 yuan [7][10]. Market Potential - The global collectible non-battle card market is projected to grow from approximately $12 billion in 2024 to $25.7 billion by 2029, with China's market expected to grow from 6.2 billion yuan to 16.5 billion yuan during the same period, reflecting a compound annual growth rate of 21.4% [15]. - Suplay has established a strong market position, ranking first in China's collectible non-battle card market and among the top five globally, despite facing competition from established brands [18]. Financial Performance - Suplay has completed five rounds of financing, with a post-money valuation of $100 million as of July 2025 [13]. - The company's revenue for 2024 is projected at 281 million yuan, with a net profit of 49.11 million yuan, and collectible income expected to account for 41.8% of total revenue [16]. Sales Channels - The primary sales channel is through a WeChat mini-program, with over 1.3 million registered members and a repurchase rate exceeding 75% [17]. - Offline sales rely heavily on a dealer network, which has consistently contributed 74%-82% of revenue [17][18]. Competitive Landscape - Suplay faces significant competition from established players like KaYou, which dominates the collectible card market in China, holding a 71.1% market share [18]. - The reliance on IP for revenue generation poses a risk, as the top five IPs account for a growing percentage of total income, indicating a high concentration of revenue sources [18].