Suplay冲刺上市、杰森娱乐融资，卡圈资本故事不眠

Core Viewpoint - The capitalized process of the card game industry is accelerating, with companies like Suplay leading the charge towards public listings, despite challenges faced by top enterprises in the sector [1][4]. Group 1: Suplay's Market Position - Suplay submitted its IPO application to the Hong Kong Stock Exchange on January 1, 2026, ranking first in China's collectible non-combat card market and being the only Chinese brand among the top five globally [2]. - Suplay initially focused on trendy toys before transitioning to card production, securing significant investments and partnerships with major IPs like miHoYo and G-bits [7][9]. - The company emphasizes a strong collection logic, with single card prices exceeding 10 yuan and packs priced between 59.9 yuan and 89.9 yuan, targeting adult consumers, particularly women [9]. Group 2: Financial Performance and Growth - Suplay's revenue is projected to reach 1.4 billion yuan in 2023, 2.8 billion yuan in 2024, and 2.83 billion yuan in the first nine months of 2025, with a gross margin of 54.5% driven primarily by card sales [11]. - The company has established a brand barrier by focusing on collectible cards, avoiding direct competition with card games, and maintaining a unique market position [11]. Group 3: Challenges and Strategic Focus - Suplay faces challenges in scaling its operations while maintaining the value of its collectibles, as its revenue is significantly lower than that of card games, which are projected to grow by 270% in 2024 [13]. - The company relies heavily on external IP licensing, with the top five IPs contributing 47.8% to 77.7% of its revenue over the years, raising concerns about sustainability if key licenses expire [14]. - Suplay plans to use IPO proceeds to expand its core business and strengthen its collectible card capabilities while reducing reliance on its own IPs [14]. Group 4: Industry Trends and Competitor Landscape - Other companies in the card industry, such as Hitcard and Jason Entertainment, are also pursuing IPOs and have secured significant funding, indicating a competitive landscape [16][18]. - The industry is witnessing a diversification in business models, with some companies focusing on expanding their ecosystems and others enhancing their brand value through high-end product lines [19][20]. - Global experiences suggest that pure card companies face challenges in the public market, emphasizing the need for broader narratives that incorporate IP and entertainment development [22][23].