从潮玩平台到卡牌公司 Suplay成立于2019年，创始人兼CEO为黄万钧。公司最初主要通过微信抽盒机小程序售卖潮玩产品。 2021年，Suplay收购了潮玩设计生产制造商"嘿粉儿"，并于同年成立自有品牌"卡卡沃"和"乐淘谷"，同 年11月，米哈游领投了Suplay的A+轮融资，金额为800万美元，同时向其授权了旗下《原神》《崩坏： 星穹铁道》等IP，并在此后成为Suplay最大的外部股东，持股达11.86%。次年，Suplay推出了收藏卡产 品线。 卡牌行业的上市故事还在继续。近日，北京超级玩咖科技有限公司Suplay Inc.（以下简称"Suplay"）向 港交所主板递交上市申请，摩根大通、中金公司为联席保荐人。成立仅六年左右，凭借与《原神》《哈 利·波特》等全球知名IP的合作，Suplay聚焦高端收藏级非对战卡牌，增长迅速，随着旗下品牌卡卡沃迪 士尼100周年系列收藏卡、《哈利·波特》系列收藏卡的爆火，也逐渐被大众熟知。但与众多潮玩IP公司 相似，Suplay也面临着高度依赖授权IP的风险，甚至在IPO前夕，公司的最大IP授权已到期。在竞争逐 渐升温的卡牌行业中，Suplay能否成功实现上市，还是个未知 ...

Core Insights - The resurgence of physical trading cards, particularly those featuring celebrities and anime characters, has gained significant popularity among young people, with non-sports cultural card sales increasing by 103% and traditional collectible cards by 48% this year [1][3]. Group 1: Market Trends - Major retailers like Target and Walmart have reported substantial increases in trading card sales, with Target's sales up by 70% and Walmart's e-commerce platform seeing a 200% surge from February 2024 to June 2025, indicating a potential annual revenue exceeding $1 billion [3]. - The primary demographic driving this trend is adults, particularly millennials who are now financially capable of purchasing cards they could not afford in their youth, such as Pokémon cards, which have shown a cumulative return of 3821% since 2004 [3][5]. Group 2: Consumer Behavior - The appeal of trading cards extends beyond mere nostalgia; they provide a tangible way for individuals to connect socially, as trading cards encourage in-person interactions and community engagement, contrasting with the online nature of modern socializing [5][19]. - However, the entry of adults into the market has introduced a more transactional mindset, with some collectors prioritizing the monetary value of cards over the enjoyment of collecting [5][16]. Group 3: Investment Considerations - Despite the excitement surrounding trading cards, there are inherent risks in treating them as investments. The market can be volatile, with some cards losing value significantly after initial hype [8][9]. - The consumer landscape is shifting, with only 19% of adults purchasing Pokémon cards for others, indicating a decline in the gift market for trading cards compared to traditional toys [12]. - The year-round demand for trading cards is a positive aspect for retailers, as they do not rely on seasonal sales spikes like traditional toys [13]. Group 4: Market Saturation Risks - The rapid proliferation of trading cards across various platforms and stores raises concerns about market saturation, which could lead to decreased sales and a potential collapse in card prices once the novelty wears off [15]. - The focus on investment rather than enjoyment may detract from the original purpose of collecting, which was to appreciate the characters and engage with fellow enthusiasts [16][19].

Group 1 - The rise of card games has transformed them into trendy consumer products, merging elements of collection, social interaction, investment, and competition, thus creating a new category in consumer goods [1][2] - The card industry has seen rapid growth in China, with the collectible card market projected to reach 26.3 billion yuan by 2024, reflecting a compound annual growth rate of 56.6% from 2019 to 2024 [4][5] - Despite the rapid market growth, per capita spending on cards in China is only 15.7% of that in Japan and 29.2% of that in the United States, indicating significant room for growth [5][6] Group 2 - The consumer base for card games is driven by emotional connections to specific IPs, seeking emotional relief and low-barrier social interactions, leading to a lightweight consumption model [8][10] - Card games create diverse consumption scenarios through various gameplay styles, with competitive play providing intellectual satisfaction and collectible aspects appealing to aesthetic desires [10] - The integration of popular IPs significantly boosts consumer engagement, with 71.3% of consumers purchasing products due to beloved IP elements, demonstrating the effectiveness of content-driven marketing [10][15] Group 3 - The card industry is characterized by a collaborative supply chain involving IP owners, design and production entities, and sales channels, which enhances efficiency and reduces risks [11][13] - Recent trends show vertical integration within the card industry, with companies managing the entire supply chain from IP licensing to production and sales, optimizing profitability [13][15] - Approximately 70% of leading domestic IPs have ventured into card games, with a significant portion of sales coming from local IPs, indicating a strong market presence and potential for further growth [15][17]

Core Viewpoint - The article discusses the growth and evolution of the card economy in Japan, highlighting its increasing popularity among consumers, particularly in China, and providing insights into the historical development of the card market [3][8]. Group 1: Market Overview - The Japanese card market reached a scale of 2,774 billion yen in 2023, indicating significant growth and consumer interest [3]. - The card industry has transitioned from physical products to digital formats, with collectible card games gaining traction during the pandemic [4]. Group 2: Historical Development - The collectible card industry began in the 1950s to 1990s with "food toys" as the primary sales format [4]. - From 1993 to 2010, major card games such as "Pokémon," "Yu-Gi-Oh!," and "Duel Masters" were launched, marking a significant shift in the market [4]. - The period from 2010 to 2020 saw the digitalization of card games, further expanding their reach and appeal [4]. Group 3: Recent Trends - Since 2020, the popularity of unboxing videos during the pandemic has led to increased attention on the value of card collecting [4].

Group 1: Financial Performance of Alibaba and Tencent - Alibaba achieved revenue of 2364.54 billion RMB in Q1 2025, a year-on-year increase of 7%, with a net profit of 123.82 billion RMB, up 279% [1][2] - Tencent reported revenue of 1800.22 billion RMB in the same period, a 13% increase year-on-year, with a net profit of 478.21 billion RMB, growing by 14% [1][2] Group 2: Alibaba Pictures and IP Business - Alibaba Pictures reported revenue of 67.02 billion RMB for the fiscal year ending March 31, 2025, a 33% increase, with a net profit of 3.64 billion RMB, up 28% [4][15] - The IP derivative business of Alibaba Pictures saw revenue growth of 73.1%, reaching 14.33 billion RMB, with segment performance increasing by 75% to 3.8 billion RMB [17][18] Group 3: Performance of Alibaba's Entertainment Segment - Alibaba's entertainment segment, including Youku, generated revenue of 55.54 billion RMB in Q1 2025, a 12% increase, driven by strong performance in film and entertainment [6][7] - Youku's advertising revenue growth was attributed to the success of popular series and variety shows [7][8] Group 4: Tencent's Content and IP Strategy - Tencent's revenue from value-added services reached 921.33 billion RMB in Q1 2025, a 17% increase, primarily from gaming and social network services [25][26] - Tencent's video and music platforms reported a total of 1.17 billion and 1.23 billion paid subscribers, respectively, with slight year-on-year growth [27] Group 5: Market Trends and Challenges - The overall animation market saw a 19% decrease in effective playback volume for the top 20 anime series in Q1 2025, indicating a decline in content popularity [34][35] - The IP consumption market is facing challenges, including the need for continuous high-quality content production to sustain consumer interest [39][40]