米哈游投资的卡牌公司要上市了

Core Viewpoint - Suplay, a company established in 2019, is entering the IPO race in the collectible card and trendy toy market, leveraging partnerships with well-known gaming companies and a strong management team with investment backgrounds [5][10][11]. Group 1: Company Overview - Suplay operates under various brands, including "Kakawow" for cards and "HeyDolls" for trendy toys, and has received significant investment from MiHoYo [7][16]. - The company has shifted from being a trendy toy platform to a brand-focused entity, acquiring brands and developing its own [12][16]. - Suplay's product offerings are divided into collectibles, including cards and related accessories, and consumer products like trendy toys and IP derivatives [17][18]. Group 2: Market Position and Strategy - The collectible card market is experiencing rapid growth, with global market size projected to increase from $12 billion in 2024 to $25.7 billion by 2029, reflecting a compound annual growth rate (CAGR) of 16.5% [31]. - Suplay targets a more mature audience, with 99% of its consumers aged 18 and above, and has a notable female consumer base of 52.7% [28][29]. - The company differentiates itself by focusing on high-end collectible cards priced above RMB 10, emphasizing scarcity and artistic value, which contributes to a gross margin of 69.5% for its collectibles [32][33]. Group 3: Financial Performance - Suplay's revenue is projected to grow from RMB 146 million in 2023 to RMB 280 million in 2024, representing a 92.5% year-on-year increase, with net profits expected to rise significantly [24][25]. - The revenue contribution from self-owned IP products is expected to decline from approximately 40.6% in 2023 to 4.1% in 2025, while collectible products are anticipated to increase their share from 32.9% to 70% in the same period [24][34]. - Adjusted net profits are forecasted to grow from RMB 16 million in 2023 to RMB 64.8 million in 2024, marking a 305% increase [25].