Core Viewpoint - Suplay, a domestic collectible non-battle card company, has submitted its prospectus to the Hong Kong Stock Exchange, revealing a significant reliance on third-party IP for revenue generation, with its own IP contribution declining sharply over the years [3][6][7]. Group 1: Company Overview - Suplay is primarily focused on the collectible card market, targeting adult consumers with a differentiated product strategy centered around non-sports IP [3][5]. - The company has a diverse product range that includes cards based on popular IPs such as "Game of Thrones," "Friends," and "Harry Potter," with prices ranging from 10 to 70 yuan [4]. - As of the first three quarters of 2025, Suplay's collectible business accounted for 70% of total revenue, while consumer products made up the remaining 30% [5]. Group 2: Financial Performance - Suplay's revenue increased from 146 million yuan in 2023 to 281 million yuan in 2024, representing a year-on-year growth of 92.5%. By the first three quarters of 2025, revenue reached 283 million yuan, surpassing the total for 2024 [5]. - The company's inventory impairment has surged, with amounts recorded at 8.8 million yuan, 23.3 million yuan, and 36.3 million yuan for the years 2023, 2024, and the first nine months of 2025, respectively [5]. Group 3: IP Dependency - Suplay's revenue heavily relies on third-party licensed IP, with sales from licensed IP products accounting for 54.2%, 85.1%, and 95.0% of total revenue from 2023 to the first three quarters of 2025 [7]. - The company has established licensing agreements with 22 IP licensors, but most agreements are non-exclusive, allowing licensors to grant rights to multiple companies, including competitors [7]. - The contribution of Suplay's own IP to total revenue has been declining, with figures of 40.6%, 14.4%, and 4.1% from 2023 to the first three quarters of 2025 [6].

Core Viewpoint - Suplay, a company established in 2019, is entering the IPO race in the collectible card and trendy toy market, leveraging partnerships with well-known gaming companies and a strong management team with investment backgrounds [5][10][11]. Group 1: Company Overview - Suplay operates under various brands, including "Kakawow" for cards and "HeyDolls" for trendy toys, and has received significant investment from MiHoYo [7][16]. - The company has shifted from being a trendy toy platform to a brand-focused entity, acquiring brands and developing its own [12][16]. - Suplay's product offerings are divided into collectibles, including cards and related accessories, and consumer products like trendy toys and IP derivatives [17][18]. Group 2: Market Position and Strategy - The collectible card market is experiencing rapid growth, with global market size projected to increase from $12 billion in 2024 to $25.7 billion by 2029, reflecting a compound annual growth rate (CAGR) of 16.5% [31]. - Suplay targets a more mature audience, with 99% of its consumers aged 18 and above, and has a notable female consumer base of 52.7% [28][29]. - The company differentiates itself by focusing on high-end collectible cards priced above RMB 10, emphasizing scarcity and artistic value, which contributes to a gross margin of 69.5% for its collectibles [32][33]. Group 3: Financial Performance - Suplay's revenue is projected to grow from RMB 146 million in 2023 to RMB 280 million in 2024, representing a 92.5% year-on-year increase, with net profits expected to rise significantly [24][25]. - The revenue contribution from self-owned IP products is expected to decline from approximately 40.6% in 2023 to 4.1% in 2025, while collectible products are anticipated to increase their share from 32.9% to 70% in the same period [24][34]. - Adjusted net profits are forecasted to grow from RMB 16 million in 2023 to RMB 64.8 million in 2024, marking a 305% increase [25].