文 | 玩世代 卡牌赛道的资本化进程明显提速。 2026年开年第一天，潮流IP收藏消费公司Suplay向港交所递交上市申请。 根据弗若斯特沙利文的数据，以2024年GMV计，Suplay在中国收藏级非对战卡牌市场排名第一，也是 全球前五大该类品牌中唯一的中国品牌。 Suplay扛起"收藏"大旗，朝向"第一股"抢跑。 不过，在整个卡牌赛道狂奔之下，头部企业的上市路并非坦途。 中国卡牌收入规模第一的卡游，去年两度递交港股上市申请，但其招股书已经在去年10月失效。 "中国卡牌第一股"迟迟悬而未决，并没有放缓行业资本化的节奏，相反，其他公司正加快融资和上市计 划。 不久前，集卡社所属公司杰森娱乐，宣布获得新一轮数亿元战略融资。该轮融资由央视融媒体基金、三 七互娱、粤港澳大湾区文化产业投资基金联合战略投资，老股东明裕创投、横店资本持续加码。 有消息显示，杰森娱乐已经在内部推进上市计划。还有hitcard等企业也在瞄准资本化路径。 从爆发式增长早期阶段中跑出来的中国卡牌企业们，正面临一场商业检视：从情绪消费驱动的增长，走 向能被资本验证的商业模型。 抢跑"第一股" 过去几年，国内卡牌市场爆发，"奥特曼卡""小马宝莉卡"等 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company's revenue has been under pressure due to adjustments in the digital marketing segment, with a significant year-on-year decline of 24.64% in the first half of 2025 [7]. - The gaming business remains resilient, with a slight revenue decline of 6% year-on-year, indicating strong player engagement [7]. - The company is strategically investing in the collectible card market, particularly focusing on sports cards, to diversify its entertainment offerings [7]. - Future revenue projections for 2025-2027 are estimated at 33.86 billion, 36.40 billion, and 38.47 billion respectively, with corresponding net profits of 5.54 billion, 6.35 billion, and 6.97 billion [7]. Financial Data Summary - The company reported total revenue of 14.38 billion in the first half of 2025, with a net profit of 2.56 billion [1][7]. - The digital marketing segment's revenue fell to 5.2 billion, accounting for 36% of total revenue, down from 46% in the previous year [7]. - The gaming segment's revenue increased its share to 33% of total revenue, while the card business accounted for 30% [7]. - The projected earnings per share (EPS) for 2025 is 1.33, with a price-to-earnings (PE) ratio of 21.4 [2][10]. Valuation Metrics - The current stock price is 28.41 yuan, with a market capitalization of 11.9 billion [3]. - The company has a return on equity (ROE) of 14.2% and a debt-to-asset ratio of 28.2% [3][10]. - The estimated price-to-book (PB) ratio for 2025 is 2.9, indicating a favorable valuation compared to historical levels [2][10].