多家公司“排队” 卡牌潮玩赛道迎来上市潮

Core Insights - The card and trendy toy sector is experiencing a new wave of IPO applications, with companies like Sannisen Di and Suplay recently submitting their applications to list on the Hong Kong Stock Exchange [1][2]. Group 1: Company Developments - Sannisen Di, an IP toy company from Hunan, has gained recognition for launching IP-authorized figurines following the release of the animated film "Nezha: Birth of the Demon Child" in early 2025. The company reported revenues of 107 million yuan in 2023 and 245 million yuan in 2024, with a significant increase to 386 million yuan in the first three quarters of 2025, driven by popular IP products [2]. - Suplay, which focuses on collectible cards, has also seen rapid revenue growth, reporting 146 million yuan in 2023 and 281 million yuan in 2024, with 283 million yuan in the first three quarters of 2025. The company ranks first in the collectible non-battle card market in China based on GMV for 2024 [3]. Group 2: Market Trends - The card and trendy toy sector is expanding, with multiple companies, including KAYOU and 52TOYS, also in the process of going public. KAYOU's revenue is projected to reach 10 billion yuan in 2024, significantly up from 934 million yuan in 2023, while 52TOYS has seen its revenue grow from 463 million yuan in 2022 to 630 million yuan in 2024 [4]. - The market for card and trendy toys is expected to grow significantly, with the global entertainment merchandise market projected to reach $82.2 billion by 2024, maintaining a compound annual growth rate (CAGR) of approximately 17.1% over the next five years. The Chinese market for non-card trendy toys is expected to grow from 53.3 billion yuan in 2024 to 151.9 billion yuan by 2029, with a CAGR of 23.3% [7]. Group 3: Cultural and Product Innovations - The trend of incorporating Chinese cultural elements into products is gaining traction, with companies like 52TOYS collaborating with cultural institutions to create innovative products. For instance, 52TOYS has developed a series of creative products in partnership with the National Museum, showcasing traditional artifacts in a modern context [8].