Core Viewpoint - Suplay, a high-end collectible card company, is preparing for an IPO in Hong Kong, having generated 300 million yuan in sales over the past year, primarily targeting adult consumers rather than children [1][2]. Company Overview - Founded in 2019 by Huang Wanjun, Suplay has quickly established itself in the collectible card market, leveraging its background in finance and crowdfunding [2][3]. - The company initially focused on addressing inefficiencies in the blind box economy by introducing a platform that allows users to sell unwanted cards immediately after purchase [3][4]. Business Model and Strategy - Suplay has expanded its business model beyond a trading platform to encompass the entire value chain from IP licensing to production and sales, significantly increasing its revenue sources [5][6]. - The company emphasizes the importance of collectible products, with over 99% of its consumers being over 18 years old, contrasting with the traditional low-cost, entertainment-focused card market in China [10][11]. Product Offering - The flagship product is the collectible non-battle card "Kakawo," which has been extended to include various collectible toys and merchandise [8][9]. - The product strategy is designed for adults, focusing on scarcity and value, with a pricing strategy that sets the issuance price of cards above 10 yuan [7][10]. Market Potential - The global collectible non-battle card market is projected to grow from approximately $12 billion in 2024 to $25.7 billion by 2029, with China's market expected to grow from 6.2 billion yuan to 16.5 billion yuan during the same period, reflecting a compound annual growth rate of 21.4% [15]. - Suplay has established a strong market position, ranking first in China's collectible non-battle card market and among the top five globally, despite facing competition from established brands [18]. Financial Performance - Suplay has completed five rounds of financing, with a post-money valuation of $100 million as of July 2025 [13]. - The company's revenue for 2024 is projected at 281 million yuan, with a net profit of 49.11 million yuan, and collectible income expected to account for 41.8% of total revenue [16]. Sales Channels - The primary sales channel is through a WeChat mini-program, with over 1.3 million registered members and a repurchase rate exceeding 75% [17]. - Offline sales rely heavily on a dealer network, which has consistently contributed 74%-82% of revenue [17][18]. Competitive Landscape - Suplay faces significant competition from established players like KaYou, which dominates the collectible card market in China, holding a 71.1% market share [18]. - The reliance on IP for revenue generation poses a risk, as the top five IPs account for a growing percentage of total income, indicating a high concentration of revenue sources [18].

Core Viewpoint - Suplay Inc. is preparing for an IPO on the Hong Kong Stock Exchange, focusing on the collectible card market and cultural products, with a strong position in China and a unique global presence as a Chinese brand in the collectible card industry [2][8]. Business Overview - Suplay, established in 2019, integrates globally recognized intellectual properties (IPs) into its product lines and aims to promote Chinese culture through selected products [2]. - The flagship brand "卡卡沃" (Kakawo) holds a pioneering and leading position in China's collectible card market, ranking first in the collectible non-battle card segment by GMV in 2024, surpassing the combined total of the second and third-ranked competitors [2][8]. - Suplay targets adult consumers with strong purchasing power and a keen interest in cultural and entertainment content, with over 99% of its consumers aged 18 and above [2]. Product Positioning - Suplay's card products are positioned as high-end collectibles, with individual card prices exceeding RMB 10, employing a limited release strategy that emphasizes both artistic quality and collectible value [5]. - The value of collectible cards is anchored by international third-party grading institutions, with higher submission rates indicating greater collectible attributes compared to lower-priced cards [5]. Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the first nine months of 2025, Suplay reported revenues of RMB 145.725 million, RMB 280.504 million, and RMB 202.768 million respectively, with corresponding net profits of RMB 2.949 million, RMB 49.115 million, and RMB 35.544 million [12][13]. - The revenue breakdown shows collectible products generating RMB 47.946 million (32.9%) in 2023 and projected to grow to RMB 117.121 million (41.8%) in 2024, while consumer products are expected to decrease from RMB 97.779 million (67.1%) in 2023 to RMB 163.383 million (58.2%) in 2024 [6]. Shareholder Structure - Prior to the IPO, the major shareholder is Mr. Huang Wanjun, holding 72.86% of the shares, with other shareholders including Ms. Li Jing (3.11%) and MiHoYo (11.86%) [7][9]. Management Team - The board of directors consists of six members, including two executive directors: Mr. Huang Wanjun (Chairman and CEO) and Ms. Li Jing (CFO) [10]. - The management team includes operational and supply chain partners, indicating a diverse leadership structure [11]. Market Position - Suplay is recognized as one of China's most prominent collectible card brands and is the first to receive comprehensive certification from four major global grading institutions [8]. - The company has a high submission rate for grading, ranking first among Chinese collectible card brands and third globally in the non-sport collectible card category [8].

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. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors, indicating its intention to expand its presence in the market for IP collectibles and consumer products [1] Company Overview - Suplay Inc. is a globally positioned company specializing in IP collectibles and consumer-grade products, integrating globally recognized IP into its product range while promoting Chinese culture through selected products [1] Market Position - The flagship brand "Kakawoo" holds a pioneering and leading position in the Chinese collectible card market, ranking first in the Chinese collectible non-combat card market based on 2024 GMV, surpassing the combined total of the second and third-ranked competitors [1] - According to Frost & Sullivan, Suplay Inc. is the only Chinese brand among the top five global collectible non-combat card brands [1]