Macro Economy - In 2025, China-Central Asia trade cooperation has made significant progress, with total imports and exports exceeding 100 billion USD for the first time, maintaining positive growth for five consecutive years [4] - The total deposits of Chinese households reached 166 trillion CNY by the end of 2025, doubling over the past decade, marking a historic high [4] Real Estate Dynamics - In 2025, Shenzhen's second-hand residential transactions reached 56,000 units, a year-on-year increase of 3.2%, with December seeing the highest monthly transaction volume since the second half of the year [6] - The real estate market is showing signs of confidence improvement, supported by favorable policies such as a reduction in down payment ratios to 15% and low mortgage rates [6] Stock Market Review - The Hong Kong stock equity financing market experienced explosive growth in 2025, with total financing reaching 612.2 billion HKD, a year-on-year increase of 250.91% [7] - As of January 17, 2025, 365 listed companies had released annual performance forecasts, with 138 companies expected to report significant growth [7] Industry Observation - The price of storage chips has surged from 2025 into 2026, driven by explosive demand from AI servers, with some memory prices doubling [13] - The global international tourism market is expected to reach a record high in 2025, with total international visitors exceeding 1.5 billion, an increase of 80 million from the previous year [14] Company News - IKEA's Guangzhou store experienced overwhelming demand during its clearance sale, with significant discounts leading to long queues and rapid sellouts [16] - AMD has committed to keeping the prices of its Radeon graphics cards within an affordable range for average consumers, amid rising DRAM memory costs [16]

Core Viewpoint - Suplay Inc. has submitted its listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan acting as joint sponsors [1] Company Overview - Suplay Inc. is a globally positioned company specializing in IP collectibles and consumer products, integrating well-known IPs into its product lines while promoting Chinese culture [3] - The flagship brand "Kakawo" holds a pioneering and leading position in China's collectible card market, focusing on high-end cards priced over RMB 10 [3] - The product portfolio consists of two main lines: collectibles and consumer products, catering to high-net-worth collectors, Gen Z consumers, and fans of popular entertainment [3] Market Position - According to Frost & Sullivan, Suplay Inc. 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, and is the only Chinese brand among the top five global collectible non-battle card brands [4] IP Resources - The company has a balanced mix of proprietary and licensed IPs, ensuring creative differentiation and a foundation for scalable commercialization [5] - As of September 30, 2025, the company owns three proprietary IPs, contributing approximately 40.6%, 14.4%, and 4.1% to total revenue in 2023, 2024, and the first nine months of 2025, respectively [5] - The top five licensed IPs contributed approximately 47.8%, 61.5%, and 77.7% to total revenue in the same periods [5] Financial Performance - The company reported revenues of approximately RMB 146 million, RMB 281 million, and RMB 283 million for 2023, 2024, and the first nine months of 2025, respectively [6] - The net profit attributable to equity shareholders was approximately RMB 2.95 million, RMB 49.12 million, and RMB 37.07 million for the same periods [6] - Gross profit margins were 41.7%, 45.8%, and 54.5% for 2023, 2024, and the first nine months of 2025, respectively [8] Industry Overview - The global pan-entertainment merchandise market is projected to grow from USD 44.8 billion in 2019 to USD 82.2 billion in 2024, with a CAGR of 12.9% [10] - The non-battle collectible card market is expected to reach USD 12 billion in 2024, with a CAGR of 19.5% from 2019 to 2024, and is projected to grow to USD 25.7 billion by 2029 [14] - The Chinese non-battle collectible card market is anticipated to reach RMB 6.2 billion in 2024, with a CAGR of 24.5% from 2019 to 2024 [14] Competitive Landscape - The global non-battle collectible card market is highly concentrated, with the top five players holding 71.5% of the market share in 2024, and Suplay Inc. being the only Chinese brand in the top five [16] - In the Chinese market, the top five companies hold a combined market share of 6.8%, with Suplay Inc. leading at 3.2% [17]

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].