2026年1月1日，Suplay正式向港交所递交招股说明书。摩根大通和中金公司担任联席保荐人。 Suplay成立于2019年，是一家IP收藏品及消费级产品公司。公司以高端收藏级非对战卡牌为核心业务，同时布局潮流玩具及IP衍生品，主要面向成年消费人 群。 其旗舰品牌"卡卡沃"在中国收藏级卡牌市场拥有开拓者和领导地位。根据弗若斯特沙利文的资料，以2024年GMV计算，Suplay在中国收藏级非对战卡牌市场 排名第一，超过第二、三名总和。Suplay也是全球前五大收藏级非对战卡牌品牌中唯一的中国品牌。 Suplay重点深耕高端收藏级卡牌市场，产品集中于单卡发行价高于10元的价格带，并通过限量发行强化其收藏与艺术属性。这与以娱乐消费为导向、较少强 调评级与保值性的低价卡牌形成清晰区隔。 根据弗若斯特沙利文的资料，卡卡沃是中国首个获得PSA、CGC、BGS及SGC全球四大权威评级机构全面认证的卡牌品牌。2024年，Suplay的非体育类卡牌 消费者送评总量位居全球第三，在2025年前十个月合计总送评量约占全球8%。 财务表现方面，Suplay收入由2023年的人民币1.46亿元增长至2024年的人民币2.81亿元，同比 ...

Core Insights - HERE Qimeng Island's WAKUKU was awarded "2025 Most Commercially Valuable Trendy Toy IP" at the "Crossing Cycles, IP as Core" event, highlighting the industry's recognition of its IP commercialization capabilities [1][2] - The company focuses on the incubation and value enhancement of trendy toy IPs, utilizing an original IP matrix and integrating online and offline channels to maximize commercial value [1] Financial Performance - WAKUKU contributed over 89 million yuan in revenue during the first quarter of the 2026 fiscal year, accounting for over 70% of total revenue, demonstrating strong market validation of its hit-making ability [1] Strategic Initiatives - HERE Qimeng Island is committed to deepening its "IP commercialization platform" strategy, aiming to strengthen the influence of leading IPs while incubating new IPs with cultural significance and market potential [2] - The company is actively engaging in cross-industry collaborations with sectors such as sports, fashion, and cultural tourism to extend the commercial scenarios and longevity of its IPs [1] Industry Recognition - The "Half-Month Award," initiated by Lei Bao, aims to recognize companies, IPs, and cases with outstanding commercialization achievements in the IP sector, showcasing industry pioneers and exploring pathways for China's IP industry [2]

「不以二级市场为依托，也依然有人买单，这才是IP价值的体现。换句话说，如果没有足够规模的粉丝 基本盘，就不会有今天的LABUBU。」潮玩IP社区Lockerr联合创始人方宁给出这样的判断。 方宁对未来前景无比笃定，「还会有更多IP跑出来」。这是一份来自行业内部的经验复盘。我们希望拨 开数字和现象的迷雾，回到一些更底层、更具实践性的思考和方法。 以下是自述分享整理。 二级市场不生产价值，「把IP价值挂钩二级市场」是一场巨大谬误 当下，资本市场将LABUBU 的价值锚定在二级市场价格波动上，并由此放大了对爆款IP可持续性及估 值偏高的担忧。但这种"简单粗暴"的方式并不符合市场运行逻辑。 作为潮玩行业老兵，方宁走过了完整的市场兴起周期：金融出身、回国创业，经历了市场百花齐放、见 证了头部崛起，也熬过生存战的创业低谷。五年间，帮助数千个原创潮玩IP商业化。也因此他对市场有 着直接的体感和理解。 在潮玩IP领域，"产品即IP"是核心逻辑：强调原创性（IP 由品牌自主掌握），早期以玩具商品形态为最 直接的商业化方式。基于此，他总结出一个公式——IP商业化= IP ×品类×放大器。 2018-2023年是一个初期阶段，原创 ...

Core Viewpoint - The company has successfully launched Pokémon IP-related toys in Taiwan, receiving positive feedback from local fans due to the high popularity and broad influence of the Pokémon IP [1] Group 1: Product Launch and Market Response - The company announced that its Pokémon IP-related toys have been successfully distributed and marketed in Taiwan [1] - The products have garnered active attention and recognition from local fans, indicating a strong market response [1] Group 2: Future Plans and Strategy - The company plans to continue collaborating with outstanding IPs both domestically and internationally [1] - Future product development will focus on unique IP attributes, target audience needs, and market trends to create competitive and recognizable products [1] - The goal is to continuously release the commercial value of IPs and provide consumers with distinctive choices [1]

Core Viewpoint - The company has successfully launched Pokémon IP-related toys in Taiwan, receiving positive feedback from local fans due to the high popularity and influence of the Pokémon brand [1] Group 1: Product Launch and Market Response - The company announced that its Pokémon IP-related toys have been successfully distributed and marketed in Taiwan [1] - The products have garnered active attention and recognition from local fans, indicating a strong market response [1] Group 2: Future Plans and Strategy - The company plans to continue collaborating with outstanding IPs both domestically and internationally [1] - Future product development will focus on unique IP attributes, target audience needs, and market trends to create competitive and recognizable products [1] - The goal is to continuously release the commercial value of IPs and provide consumers with distinctive choices [1]

■谢若琳 IP的商业活力离不开运营创新，全链路、场景化的策略是实现价值延展的关键。《疯狂动物城2》构建 了"内容预热—观影体验—衍生消费"的完整商业生态，通过与70余个品牌的跨界合作，覆盖从快消品到 珠宝、从潮玩到汽车的多类消费场景，成功将IP渗透至观众日常生活。 其本土化运营尤为精准：与上海美术电影制片厂合作推出衍生短片，贴近本土审美；在短视频平台发起 UGC(用户生成内容)互动，激发二次传播；线下打造"Zootiwalk"城市漫步等活动，联动主题园区实现文 旅融合。这种"内容本土化+传播场景化+消费全链路"的模式，让IP从银幕走向生活，实现文化认同与商 业价值的双向提升。 相比之下，《阿凡达3》仍延续"票房+传统衍生品"的单一路径。长达198分钟的片长抬高了观影时间成 本，影响院线排片效率，部分影厅票价高达215元，进一步抑制消费意愿。重票房、轻运营的模式，在 如今的多元消费生态中已显乏力，难以充分释放IP潜力。 作为今年最受关注的两部好莱坞大片，《疯狂动物城2》和《阿凡达：火与烬》(即《阿凡达3》)于近期 先后在中国内地上映，市场反馈却分化明显：一边是《疯狂动物城2》不断刷新票房纪录，另一边则是 《阿凡 ...

" AI 时代已经真实到来， "东方明珠董事会秘书 嵇绯绯在节目中表示，东方明珠正以数字底座建 设、 AI 赋能和数据营销作为抓手，构建数据驱动的智能生态体系，为现有的业务注入具有实际驱动 能力的新质生产力。"子公司百视通的 AIGC 技术，使我们在视频、音频和图片等方面的内容创作效 率和质量实现显著提升"，嵇绯绯表示， AI 技术不仅对公司文娱内容生产业务进行了显著的赋能， 在线下文旅业务方面，也通过提升互动体验，进一步改善了游客的观感。 随着我国居民对精神文化生活需求的提升，文娱行业展现出巨大的潜能和广阔前景。而在当前，文娱 行业也正在经历从内容形态、生产方式到产业格局的深刻变革，智能化、数字化、 IP 商业化之下的 跨媒介、跨平台、跨行业叙事将成为产业竞争的热点。 上海 证券交易所与第一财经联合策划推出的《价值与投资》栏目， 2025 年第八期节目以"蜕变破 局，文娱行业新叙事"为主题，邀请文娱行业上市公司高管、券商研究部代表，共同探讨在 AI 赋能 的新起点之下，文娱行业如何迎来蜕变和破局。 AI赋能激活文娱产业新质生产力 在文娱传媒产业， AI 技术的应用正从浅层辅助转向深度融合，从企业经营赋能到优 ...

在AI赋能的新起点之下，文娱行业如何迎来蜕变和破局。 随着我国居民对精神文化生活需求的提升，文娱行业展现出巨大的潜能和广阔前景。而在当前，文娱行 业也正在经历从内容形态、生产方式到产业格局的深刻变革，智能化、数字化、IP商业化之下的跨媒 介、跨平台、跨行业叙事将成为产业竞争的热点。 上海证券交易所与第一财经联合策划推出的《价值与投资》栏目，2025年第八期节目以"蜕变破局，文 娱行业新叙事"为主题，邀请文娱行业上市公司高管、券商研究部代表，共同探讨在AI赋能的新起点之 下，文娱行业如何迎来蜕变和破局。 AI赋能激活文娱产业新质生产力 在文娱传媒产业，AI技术的应用正从浅层辅助转向深度融合，从企业经营赋能到优质内容的创新突 破，持续迭代的大模型正成为行业发展越来越不可或缺的增长动力来源。 "AI时代已经真实到来，"东方明珠董事会秘书嵇绯绯在节目中表示，东方明珠正以数字底座建设、AI赋 能和数据营销作为抓手，构建数据驱动的智能生态体系，为现有的业务注入具有实际驱动能力的新质生 产力。"子公司百视通的AIGC技术，使我们在视频、音频和图片等方面的内容创作效率和质量实现显著 提升"，嵇绯绯表示，AI技术不仅对公司文娱 ...

Core Viewpoint - The article emphasizes the importance of rational, value, and long-term investment in the context of China's capital market reforms, particularly focusing on the entertainment industry and its potential for growth and transformation [1]. Group 1: Industry Insights - The entertainment industry in China is experiencing significant changes in content forms, production methods, and industry structure, driven by trends such as intelligence, digitalization, and IP commercialization [1]. - There is a growing demand among Chinese residents for cultural and spiritual experiences, indicating a vast potential and broad prospects for the entertainment sector [1]. Group 2: Event and Discussion - A discussion featuring key industry figures, including the secretaries of Oriental Pearl and Shanghai Film, as well as the chief analyst from CICC, will explore how the entertainment industry can promote "Chinese stories" globally and leverage new technologies and operational models for growth [1]. - The event will be recorded and made available on the Yicai website and app on December 12, 2025, at 15:00 [1].

Core Viewpoint - The collaboration between Shanghai Stock Exchange and Yicai aims to enhance the investment landscape in China's capital market by promoting rational, value, and long-term investment principles, particularly focusing on state-owned enterprises and companies listed on the Sci-Tech Innovation Board [1] Group 1: Industry Insights - The entertainment industry in China is experiencing significant potential and broad prospects due to the increasing demand for cultural and spiritual life among residents [1] - The industry is undergoing profound changes in content forms, production methods, and industrial structure, with a focus on intelligent, digital, and IP commercialization leading to cross-media, cross-platform, and cross-industry narratives becoming competitive hotspots [1] Group 2: Event Details - A discussion featuring executives from Oriental Pearl and Shanghai Film, along with a chief analyst from CICC, will explore how the entertainment industry can promote "Chinese stories" globally and leverage new technologies and operational models for growth [1] - The recorded event will be available on Yicai's official website and app on December 12, 2025, at 15:00 [1]