一张卡卖2万，这个90后的公司堪比印钞机

Core Viewpoint - The article discusses the booming market for collectible cards in China, particularly focusing on the company Suplay and its brand KAKAWOW, which targets adult collectors with high-quality, limited-edition cards featuring popular IPs like Disney and Marvel [4][9][19]. Company Overview - Suplay has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, indicating strong growth in the collectible card market [5][9]. - The company's revenue increased from 146 million RMB in 2023 to 281 million RMB in 2024, with 2025 showing even higher figures [9][34]. - KAKAWOW has sold over 458 million collectible cards in the first nine months of 2025, contributing to 70% of Suplay's revenue [34]. Market Dynamics - KAKAWOW's collectible cards are priced between 76 RMB and 6,990 RMB per box, appealing to a demographic with higher disposable income compared to traditional card games [17][19]. - The rarity and quality of the cards, along with their association with popular IPs, drive their market value, with some cards selling for over 20,000 RMB [21][23]. Competitive Landscape - Suplay is positioned as a leading brand in the non-battle collectible card market in China, holding a 3.2% market share, surpassing competitors [34][43]. - The company has secured early access to major IPs, such as Disney's 100th anniversary, giving it a competitive edge [32][43]. Financial Performance - Suplay's gross profit margin increased from 57.9% in 2023 to 69.5% in 2025, indicating improved profitability [34]. - The company has established partnerships with global grading institutions, enhancing the value of its cards in the secondary market [25][34]. Consumer Behavior - The adult collector demographic is increasingly engaging with KAKAWOW cards, driven by quality design and the emotional value associated with the IPs [11][18]. - However, there are concerns about the rapid depreciation of card values in the secondary market, affecting consumer sentiment [36][42]. Future Outlook - Suplay aims to diversify its IP portfolio, exploring opportunities in domestic IPs to reduce reliance on foreign licenses [45]. - The company is also looking to innovate within the collectible card space, potentially creating its own IPs to enhance market presence [45][46].