米哈游押注的卡牌奢侈品，估值狂飙20倍

Core Viewpoint - Suplay, a card company, is preparing for an IPO, focusing on collectible cards and aiming to test the long-term growth potential of the collectible card business model in China [4][24]. Group 1: Company Overview - Suplay specializes in collectible cards, distinguishing itself from social trading cards popular among youth, with products including cultural heritage cards and popular IP collaborations [4]. - The company ranks first in the Chinese collectible non-combat card market by GMV for 2024, holding a market share greater than the second and third competitors combined [4]. - In the first nine months of 2025, Suplay reported revenues of 283 million yuan, with adjusted net profits nearing 100 million yuan [4]. Group 2: Business Model and Strategy - Suplay began as a secondary market trading platform for collectibles, addressing inefficiencies in the trading of blind box items [5][6]. - The company transitioned from being a platform to a brand by launching its own high-end collectible card brand, Kakawo, focusing on adult collectors [8][9]. - Suplay's revenue is increasingly driven by collectibles, which accounted for over 70% of total revenue in the first nine months of 2025, up from less than half in 2023 [14]. Group 3: Financial Performance - Suplay's revenue grew from 146 million yuan in 2023 to an estimated 281 million yuan in 2024, with a significant increase in net profit from 2.95 million yuan in 2023 to 49.12 million yuan in 2024 [13]. - The company's gross margin improved from 41.7% in 2023 to 54.5% in the first three quarters of 2025, driven by the higher margins associated with collectible cards compared to blind box products [14]. Group 4: Market Position and Competitive Advantage - Suplay has established partnerships with top global IPs, including Disney and MiHoYo, enhancing its product offerings and market appeal [9][12]. - The company targets a demographic of 18-35-year-olds, positioning its products as collectible assets rather than mere toys, which differentiates it from traditional card games [20][21]. - Suplay's unique market strategy includes a strong community and trading functionality within its app, allowing users to track real-time market prices for their cards, fostering a perception of cards as tradable assets [22]. Group 5: Future Outlook and Challenges - The collectible card market in China is projected to exceed 30 billion yuan by 2025, with Suplay aiming to capture a significant share of this growing market [19]. - Suplay faces challenges related to its dependency on a few key IPs for revenue and the need to diversify its distribution channels beyond traditional distributors [15][16]. - The company plans to use IPO funds to expand its IP portfolio globally and explore the development of trading card games (TCGs) to enhance the longevity of its products [24].