Core Viewpoint - Suplay Inc. is positioned as a leading player in the collectible non-battle card market in China, with significant growth potential and a strong management team with investment backgrounds [4][5][9]. Company Overview - Founded in 2019, Suplay focuses on integrating globally recognized IPs into its product lines while promoting Chinese culture through selected products [5]. - Suplay's flagship brand "Kaka Wo" holds a pioneering and leadership position in the Chinese collectible card market, being the first to receive comprehensive certification from major global grading institutions [7]. Market Position - As of 2024, Suplay ranks first in the Chinese collectible non-battle card market by GMV, surpassing the combined total of the second and third-ranked competitors, and is the only Chinese brand among the top five globally [9]. - The collectible non-battle card segment is identified as one of the fastest-growing yet least penetrated areas within the broader entertainment merchandise market, with a projected global market size of $12 billion in 2024, expected to grow to $25.7 billion by 2029, reflecting a CAGR of 16.5% [10]. Product Strategy - Suplay's card products are positioned in the high-end segment, focusing on collectible cards priced over 10 yuan, employing a limited release strategy that enhances both artistic quality and collectible value [8]. - The company has expanded its offerings to include consumer products, such as the mini figurine series launched in April 2022, and has collaborated with cultural institutions to develop themed collectible cards [10]. Financial Performance - Suplay's revenue for 2023 and 2024 is reported at 146 million yuan and 281 million yuan, respectively, marking a year-on-year growth of 92.5%. For the first three quarters of 2025, revenue increased by 39.4% to 283 million yuan [11]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 are 41.7%, 45.8%, and 54.5%, respectively, with adjusted net profit margins of 11.0%, 23.1%, and 30.5% during the same periods [12]. Investment and Future Plans - Prior to the IPO, MiHoYo holds an 11.86% stake in Suplay, making it the largest external investor, with its vice president serving as a non-executive director [13]. - The funds raised from the IPO are intended for diversifying the IP portfolio, expanding collaborations with leading IP licensors, enhancing product innovation, and supporting global market expansion [13].
Suplay冲刺港交所：小饭桌李晶加入任CFO，拥有头部收藏级卡牌品牌「卡卡沃」
IPO早知道·2026-01-01 13:35