米哈游看中的90后，打造卡牌界泡泡玛特，冲刺IPO

Core Viewpoint - Suplay aims to become the "first card stock" on the Hong Kong Stock Exchange, leveraging its unique market positioning and strong IP partnerships to drive significant revenue growth and profitability [3][4]. Financial Performance - Suplay's revenue is projected to grow from 150 million yuan in 2023 to 281 million yuan in 2024, representing a year-on-year increase of 92.5% [3][17]. - Net profit is expected to rise from 16 million yuan in 2023 to 64.8 million yuan in 2024, with an increase of over 300% [3][20]. - The gross margin for Suplay's collectible card business is close to 70% [4][20]. IP Dependency and Revenue Sources - 95% of Suplay's revenue comes from licensed IP products, with the top five IPs contributing 77.7% of total revenue [4][15]. - The company has established partnerships with 22 IP licensors, including exclusive collaborations with prominent brands like Disney and MiHoYo [15][18]. Market Positioning and Strategy - Suplay targets the adult collectible card market, with over 99% of its consumers aged 18 and above, positioning its products as "luxury items" [18][22]. - The company has developed a complete ecosystem for collectible cards, including design, production, and sales channels, enhancing its competitive edge [10][13]. Competitive Landscape - Suplay's main competitor, Hitcard, focuses on a mass-market approach with lower-priced cards aimed at children, while Suplay emphasizes high-end, limited-edition collectibles for adult collectors [22][24]. - Hitcard's revenue exceeded 10 billion yuan in 2024, significantly larger than Suplay's projected revenue of 281 million yuan [24].