把卡牌卖给成年人，年入近3亿元的潮玩公司要上市了。 21世纪经济报道记者刘婧汐 1月1日，潮流IP收藏品与消费品公司——北京超级玩咖科技有限公司(Suplay)递交招股书，拟在香港主板上市，中金公 司（601995）与摩根大通担任其联席保荐人。 相较卡游，Suplay(超级玩咖)入局较晚。公司于2019年9月成立，从线上小程序起家，聚焦潮玩与收藏卡，旗下拥有嘿 粉儿、卡卡沃(Kakawow)等行业头部潮玩IP，曾签约合作故宫文化、三丽鸥、原神、哈利波特等各领域知名IP。 值得一提的是，Suplay和头部游戏公司米哈游深度绑定。 2021年11月，米哈游领投Suplay的A+轮融资，上市前持股比例高达11.86%，是其最大外部投资方。与此同时，米哈游 授权Suplay其多个知名游戏IP。 前9个月营收2.8亿 不过，与卡游一样，Suplay也同样面临高度依赖授权IP的风险，自有IP营收占比仅为4.1%，这也为其赴港上市前景增 添了不确定性。 Suplay旗下最具代表性的核心品牌卡卡沃(Kakawow)于2021年推出，主要聚焦收藏性、非对战属性卡牌。据招股书显 示，按照2024年GMV统计，卡卡沃已经在中国的收 ...

区别于在青少年中风靡的"奥特曼卡"这类具备社交属性的集换式卡牌，公司产品包括故宫文化非遗工艺 珍藏卡、"哈利·波特"收藏卡，主要拥有三个自有IP，包括Rabbit KIKI、OHO大叔及水波蛋。 根据弗若斯特沙利文的资料，以2024年GMV计，公司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，同时是全球前五大收藏级非对战卡牌品牌中唯一的中国品牌。 黄万钧通过HLB Group Limited持股72.86%，米哈遊持股11.86%，米哈游副总裁吴頔担任Suplay非执行 董事。 | | | | 加入 覆煲任 | | | | --- | --- | --- | --- | --- | --- | | 姓名 | 年龄 | 職位/ 職街 | 本集團的日期 | 為董事的日期 | 職費 | | 敦行董事 | | | | | | | 黃萬鈞先生 | [32]歲 | 董事會主席、執行董事 2019年 | | 2019年 | 本集團的整體驗略規劃。 | | | | 兼首席執行官 | 9月6日 | 10月3日 | 業務及運營管理 | | 李晶女士 [39]歲 | | 執行童事、首席財務 | 2025年 | 2025 ...

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].