Core Viewpoint - Suplay, a collectible card company backed by miHoYo, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on its strong market position and growth potential in the collectible and consumer product sectors [1][13]. Company Overview - Suplay was established in 2019 and operates globally, focusing on IP collectibles and consumer products, with brands including Kakawoo, Heyfen, and Letao Valley [1]. - The company primarily engages in the sale of blind box toys through its mini-program on WeChat and direct sales via Tmall, as well as through retail and specialty card stores [2]. Business Model and Market Position - Suplay's CEO, Huang Wanjun, and CFO, Li Jing, have significant experience in operations and investment analysis, contributing to the company's strategic direction [5]. - As of September 30, 2025, Suplay's flagship brand Kakawoo ranks first in China's collectible non-combat card market, holding a market share greater than the combined total of its second and third competitors [5]. Consumer Demographics and Engagement - The company targets young consumers, with over 99% of its customers aged 18 and above, and maintains a high repurchase rate exceeding 75% for its collectible cards [8]. - Suplay's products are noted for their craftsmanship and collectible value, with approximately 80% of its cards receiving the highest PSA rating, compared to an industry average of 44.6% [8]. Financial Performance - Suplay's revenue has shown significant growth, with 2023 revenue at 146 million RMB, projected to increase by 92.5% to 281 million RMB in 2024, and 2025 revenue for the first nine months already surpassing the previous year's total [9]. - The company's gross profit margin has improved from 41.7% in 2023 to 54.5% in the first nine months of 2025, indicating a successful strategic shift towards higher-margin collectible card sales [10]. Revenue Composition - The revenue from collectibles has increased from 32.9% in 2023 to 70.0% in the first nine months of 2025, highlighting the growing importance of this segment to Suplay's overall business [10][11]. - Suplay also engages in the production of various IP-based consumer products, which complement its high-end collectibles [10]. Strategic Partnerships - MiHoYo is a significant strategic investor in Suplay, holding approximately 11.86% of the company after leading an $8 million investment in 2021 [13]. - The partnership has led to the development of various products based on MiHoYo's IPs, including popular franchises like Genshin Impact and Honkai Impact [15][17].

Core Viewpoint - Suplay, a global IP collectibles and consumer products company, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to list on the main board. The company is known for its flagship brand "Kaka Wo," which holds a pioneering and leading position in China's collectible card market [1]. Group 1: Company Overview - Suplay integrates globally recognized IP into its product lines and aims to introduce Chinese culture to the world through carefully selected products [1]. - The company focuses on high-end collectible cards, with individual card prices exceeding RMB 10, employing a limited issuance strategy [1]. Group 2: Market Position - According to Frost & Sullivan, Suplay ranks first in China's collectible non-combat 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-combat card brands [1]. Group 3: Financial Performance - The company's revenue for the years 2023, 2024, and the first three quarters of 2025 is reported as RMB 146 million, RMB 281 million, and RMB 283 million, respectively. The net profit attributable to equity shareholders for the same periods is RMB 2.949 million, RMB 49.115 million, and RMB 37.074 million [1]. Group 4: IP Resource Breakdown - Suplay's IP resources are categorized into owned IP and licensed IP. As of September 30, 2025, the company owns three main IPs: Rabbit KIKI, OHO Uncle, and Water Wave Egg. The contribution of owned IP products to total revenue is approximately 40.6%, 14.4%, and 4.1% for the years 2023, 2024, and the first nine months of 2025, respectively [2]. - In terms of licensed IP, Suplay has established licensing arrangements with 22 IP licensors, including exclusive partnerships with Hajime Sorayama and the Chinese National Ice and Snow Sports Team, as well as non-exclusive partnerships with leading global IP holders. The top five licensed IPs contributed approximately 47.8%, 61.5%, and 77.7% to the company's total revenue for the years 2023, 2024, and the first nine months of 2025, respectively [2].