米哈游投出一个IPO，年入近3亿的潮玩公司要上市了

Core Viewpoint - Suplay, a trendy IP collectibles and consumer goods company, is preparing for an IPO in Hong Kong, aiming to leverage its unique positioning in the adult collectible card market, despite facing risks related to its reliance on licensed IPs [1][8]. Group 1: Company Overview - Suplay was established in September 2019 and focuses on trendy toys and collectible cards, with notable collaborations with renowned IPs such as the Palace Museum, Sanrio, Genshin Impact, and Harry Potter [1]. - The company has a significant partnership with miHoYo, which invested in Suplay's A+ round financing and holds an 11.86% stake, making it the largest external shareholder [1][9]. Group 2: Financial Performance - Suplay's revenue grew from 146 million RMB in 2023 to 281 million RMB in 2024, representing a 92.5% year-on-year increase. For the nine months ending September 30, 2025, the revenue reached 283 million RMB [5][11]. - The company's net profit surged from 2.9 million RMB in 2023 to 49.1 million RMB in 2024, marking a staggering growth of 1,593.1%. The net profit margin for 2024 was 17.5% [5][11]. Group 3: Product and Market Position - Suplay's flagship brand, Kakawow, launched in 2021, has become the top player in China's collectible non-battle card market, with a pricing strategy that targets adult consumers, particularly women [4][7]. - The pricing for Kakawow cards ranges from 59.9 RMB to 89.9 RMB per pack, significantly higher than entry-level cards, reflecting the company's focus on high-quality, culturally resonant collectibles [4][5]. Group 4: Revenue Sources and Risks - Suplay's revenue is primarily derived from licensed IPs, with self-owned IPs contributing only 4.1% of total revenue as of September 30, 2025. The company has established licensing agreements with 22 IP licensors [10][11]. - The top five licensed IPs accounted for approximately 77.7% of total revenue for the nine months ending September 30, 2025, indicating a concentration risk in revenue sources [11].