一张卡卖2万，这个90后的公司堪比印钞机

Core Viewpoint - Suplay, through its brand Kakawow, has successfully tapped into the high-end collectible card market in China, showing significant growth and potential for further expansion [4][8][57]. Group 1: Company Overview - Suplay has submitted its prospectus to the Hong Kong Stock Exchange, indicating its intention to go public [8]. - The company reported revenue growth from 146 million RMB in 2023 to 281 million RMB in 2024, with 283 million RMB achieved in the first nine months of 2025 [10][39]. - Kakawow's collectible cards have become a significant revenue driver, accounting for 70% of Suplay's total revenue in 2025 [39][52]. Group 2: Market Position and Performance - Kakawow is the only Chinese brand in the top five of the global non-battle collectible card market, holding a 3.2% market share in China, surpassing the combined market share of its closest competitors [40]. - The company has sold over 458 million collectible cards in the first nine months of 2025, with an average revenue of 43 RMB per card [39]. - The gross margin for Kakawow's products increased from 57.9% in 2023 to 69.5% in 2025 [39]. Group 3: Product Strategy and IP Utilization - Kakawow focuses on high-quality designs and limited edition releases, leveraging popular global IPs such as Disney, Marvel, and Harry Potter to attract adult collectors [21][24]. - The company has secured early access to significant IPs, including the Disney 100th Anniversary, which has contributed to its market success [54]. - Suplay's strategy includes diversifying its product lines by creating multiple series under a single IP to maintain consumer interest and manage production costs [40][56]. Group 4: Consumer Behavior and Market Trends - The collectible card market has seen a shift in consumer behavior, with many players preferring to buy cards from the secondary market rather than purchasing new packs due to declining prices [46][50]. - There is a growing concern among collectors regarding the rapid depreciation of card values in the secondary market, which may affect future purchasing decisions [43][50]. - The company is exploring opportunities to develop proprietary IPs to reduce reliance on licensed IPs, aiming to create unique products that resonate with local culture [56].