Core Viewpoint - The article discusses the booming market for collectible cards, 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 [6][19]. Group 1: Company Overview - Suplay has submitted its prospectus to the Hong Kong Stock Exchange, indicating its intention to go public and highlighting the growth of the collectible card business in China [8]. - From 2023 to 2024, Suplay's revenue increased from 146 million RMB to 281 million RMB, with the first nine months of 2025 already surpassing the entire revenue of 2024, reaching 283 million RMB [8][31]. - The company has established itself as a leader in the non-battle collectible card market in China, holding a 3.2% market share and surpassing the combined GMV of its second and third competitors [32]. Group 2: Product and Market Dynamics - KAKAWOW's collectible cards are priced between 76 RMB and 6,990 RMB per box, with popular series selling well at around 599 RMB to 699 RMB [16][18]. - The rarity and quality of the cards, along with their association with globally recognized IPs, contribute to their high market value, with some cards selling for over 20,000 RMB on platforms like eBay [5][22]. - The company has successfully tapped into the adult collector market, similar to the trend seen with brands like Pop Mart, by offering high-end designs and limited releases [6][9]. Group 3: Financial Performance - In 2023, KAKAWOW sold 1.56 million cards at an average price of 31 RMB, contributing to Suplay's revenue of 146 million RMB, with collectible items accounting for 32.9% of total revenue [29]. - By the first nine months of 2025, KAKAWOW sold over 4.58 million cards at an average price of 43 RMB, generating 70% of Suplay's revenue during that period [31][32]. - The gross profit margin for KAKAWOW increased from 57.9% in 2023 to 69.5% in the first nine months of 2025, indicating strong profitability [32]. Group 4: Challenges and Market Sentiment - There is growing concern among collectors regarding the rapid depreciation of card values in the secondary market, with some cards selling for significantly less than their original prices [36][38]. - The reliance on popular IPs poses a risk, as the company must continuously secure exclusive licenses to maintain its competitive edge [45][46]. - The potential for market saturation exists, as players express fatigue over the increasing number of card series released, which may dilute the perceived value of the cards [34][36].

Core Viewpoint - Suplay, a trendy IP collectibles and consumer goods company, has submitted its prospectus for an IPO on the Hong Kong main board, aiming to raise funds for further growth in the collectible card market, which has shown significant revenue potential and consumer interest [1][2]. Group 1: Company Overview - Suplay was established in September 2019 and has quickly positioned itself in the collectible card market, focusing on high-end products aimed at adult consumers, particularly women [1][9]. - The company has developed notable brands such as Kakawow, which has become a leader in the collectible non-battle card market in China [5][11]. - Suplay's revenue for the first nine months of 2025 reached 2.83 billion RMB, reflecting a strong growth trajectory [9]. Group 2: Financial Performance - Revenue increased from 1.46 billion RMB in 2023 to 2.81 billion RMB in 2024, marking a year-on-year growth of 92.5% [9]. - The net profit surged from 2.9 million RMB in 2023 to 49.1 million RMB in 2024, representing a staggering growth of 1,593.1% [9]. - The company's revenue is primarily derived from consumer products, which accounted for 67.1% and 58.2% of total revenue in 2023 and 2024, respectively [10]. Group 3: Market Position and IP Strategy - Suplay's Kakawow cards are priced significantly higher than entry-level products, with retail prices ranging from 59.9 RMB to 89.9 RMB per pack, targeting adult collectors [6][9]. - The company has a deep partnership with MiHoYo, which holds an 11.86% stake and has provided access to several popular game IPs [2][14]. - Despite its growth, Suplay faces risks due to its heavy reliance on licensed IPs, with only 4.1% of revenue coming from its own IPs [12][17]. Group 4: Competitive Landscape - Suplay's revenue scale is significantly smaller compared to its competitor, Card Game, which reported revenues soaring from 4.131 billion RMB in 2022 to 10.057 billion RMB in 2024 [19]. - The competitive landscape remains uncertain as other companies like Card Game and Hitcard are also pursuing IPOs, making the outcome of the "first card stock" unclear [18][19].

Core Viewpoint - Suplay, a collectible card company, has submitted its listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors. The company focuses on high-end collectible cards, distinguishing itself from popular trading cards among youth by offering products like cultural heritage cards and licensed IP cards [3][6]. Group 1: Company Overview - Suplay was established in 2019 and specializes in collectible cards, with its flagship brand being "卡卡沃" [3]. - The company targets the high-end market, with individual card prices exceeding RMB 10 [3]. - Suplay holds three proprietary IPs: Rabbit KIKI, OHO Uncle, and Water Wave Egg [3]. Group 2: Market Position - According to Frost & Sullivan, Suplay ranks first in China's collectible non-battle card market by GMV in 2024, surpassing the combined total of the second and third-ranked companies [6]. - Suplay is the only Chinese brand among the top five global collectible non-battle card brands [6]. Group 3: Shareholding Structure - Huang Wanjun holds 72.86% of Suplay through HLB Group Limited, while miHoYo owns 11.86% [6]. - Wu Di, Vice President of miHoYo, serves as a non-executive director of Suplay [6]. Group 4: Management Team - Huang Wanjun, 32, is the founder, chairman, CEO, and executive director of Suplay [8]. - Li Jing, 39, serves as the executive director, CFO, and HR director, appointed as a director in December 2025 [8]. Group 5: Financial Performance - In 2023, 2024, and the first three quarters of 2025, Suplay reported revenues of approximately RMB 146 million, RMB 281 million, and RMB 283 million, respectively [9]. - The company recorded profits attributable to equity shareholders of approximately RMB 2.95 million, RMB 49.12 million, and RMB 37.07 million for the same periods [9]. - Gross profit margins were 41.7%, 45.8%, and 54.5% for the respective years [9]. Group 6: Revenue Sources - Suplay heavily relies on third-party licensed IPs for product development, with sales from licensed IP products accounting for 54.2%, 85.1%, and 95.0% of total revenue during the reporting periods [9]. - IP licensing agreements typically last one to three years and are not automatically renewable [9].

Core Viewpoint - Suplay Inc. is positioned as a leading player in the collectible non-battle card market in China, with significant growth potential and a strong management team with investment backgrounds [4][5][9]. Company Overview - Founded in 2019, Suplay focuses on integrating globally recognized IPs into its product lines while promoting Chinese culture through selected products [5]. - Suplay's flagship brand "Kaka Wo" holds a pioneering and leadership position in the Chinese collectible card market, being the first to receive comprehensive certification from major global grading institutions [7]. Market Position - As of 2024, Suplay ranks first in the Chinese collectible non-battle card market by GMV, surpassing the combined total of the second and third-ranked competitors, and is the only Chinese brand among the top five globally [9]. - The collectible non-battle card segment is identified as one of the fastest-growing yet least penetrated areas within the broader entertainment merchandise market, with a projected global market size of $12 billion in 2024, expected to grow to $25.7 billion by 2029, reflecting a CAGR of 16.5% [10]. Product Strategy - Suplay's card products are positioned in the high-end segment, focusing on collectible cards priced over 10 yuan, employing a limited release strategy that enhances both artistic quality and collectible value [8]. - The company has expanded its offerings to include consumer products, such as the mini figurine series launched in April 2022, and has collaborated with cultural institutions to develop themed collectible cards [10]. Financial Performance - Suplay's revenue for 2023 and 2024 is reported at 146 million yuan and 281 million yuan, respectively, marking a year-on-year growth of 92.5%. For the first three quarters of 2025, revenue increased by 39.4% to 283 million yuan [11]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 are 41.7%, 45.8%, and 54.5%, respectively, with adjusted net profit margins of 11.0%, 23.1%, and 30.5% during the same periods [12]. Investment and Future Plans - Prior to the IPO, MiHoYo holds an 11.86% stake in Suplay, making it the largest external investor, with its vice president serving as a non-executive director [13]. - The funds raised from the IPO are intended for diversifying the IP portfolio, expanding collaborations with leading IP licensors, enhancing product innovation, and supporting global market expansion [13].