Core Viewpoint - Suplay, through its brand Kakawow, has successfully tapped into the high-end collectible card market in China, showing significant growth and potential for further expansion [4][8][57]. Group 1: Company Overview - Suplay has submitted its prospectus to the Hong Kong Stock Exchange, indicating its intention to go public [8]. - The company reported revenue growth from 146 million RMB in 2023 to 281 million RMB in 2024, with 283 million RMB achieved in the first nine months of 2025 [10][39]. - Kakawow's collectible cards have become a significant revenue driver, accounting for 70% of Suplay's total revenue in 2025 [39][52]. Group 2: Market Position and Performance - Kakawow is the only Chinese brand in the top five of the global non-battle collectible card market, holding a 3.2% market share in China, surpassing the combined market share of its closest competitors [40]. - The company has sold over 458 million collectible cards in the first nine months of 2025, with an average revenue of 43 RMB per card [39]. - The gross margin for Kakawow's products increased from 57.9% in 2023 to 69.5% in 2025 [39]. Group 3: Product Strategy and IP Utilization - Kakawow focuses on high-quality designs and limited edition releases, leveraging popular global IPs such as Disney, Marvel, and Harry Potter to attract adult collectors [21][24]. - The company has secured early access to significant IPs, including the Disney 100th Anniversary, which has contributed to its market success [54]. - Suplay's strategy includes diversifying its product lines by creating multiple series under a single IP to maintain consumer interest and manage production costs [40][56]. Group 4: Consumer Behavior and Market Trends - The collectible card market has seen a shift in consumer behavior, with many players preferring to buy cards from the secondary market rather than purchasing new packs due to declining prices [46][50]. - There is a growing concern among collectors regarding the rapid depreciation of card values in the secondary market, which may affect future purchasing decisions [43][50]. - The company is exploring opportunities to develop proprietary IPs to reduce reliance on licensed IPs, aiming to create unique products that resonate with local culture [56].

Core Viewpoint - The article discusses the booming market for collectible cards in China, particularly focusing on the company Suplay and its brand KAKAWOW, which targets adult collectors with high-quality, limited-edition cards featuring popular IPs like Disney and Marvel [4][9][19]. Company Overview - Suplay has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, indicating strong growth in the collectible card market [5][9]. - The company's revenue increased from 146 million RMB in 2023 to 281 million RMB in 2024, with 2025 showing even higher figures [9][34]. - KAKAWOW has sold over 458 million collectible cards in the first nine months of 2025, contributing to 70% of Suplay's revenue [34]. Market Dynamics - KAKAWOW's collectible cards are priced between 76 RMB and 6,990 RMB per box, appealing to a demographic with higher disposable income compared to traditional card games [17][19]. - The rarity and quality of the cards, along with their association with popular IPs, drive their market value, with some cards selling for over 20,000 RMB [21][23]. Competitive Landscape - Suplay is positioned as a leading brand in the non-battle collectible card market in China, holding a 3.2% market share, surpassing competitors [34][43]. - The company has secured early access to major IPs, such as Disney's 100th anniversary, giving it a competitive edge [32][43]. Financial Performance - Suplay's gross profit margin increased from 57.9% in 2023 to 69.5% in 2025, indicating improved profitability [34]. - The company has established partnerships with global grading institutions, enhancing the value of its cards in the secondary market [25][34]. Consumer Behavior - The adult collector demographic is increasingly engaging with KAKAWOW cards, driven by quality design and the emotional value associated with the IPs [11][18]. - However, there are concerns about the rapid depreciation of card values in the secondary market, affecting consumer sentiment [36][42]. Future Outlook - Suplay aims to diversify its IP portfolio, exploring opportunities in domestic IPs to reduce reliance on foreign licenses [45]. - The company is also looking to innovate within the collectible card space, potentially creating its own IPs to enhance market presence [45][46].

Core Viewpoint - The article discusses the booming market for collectible cards, particularly focusing on the company Suplay and its brand KAKAWOW, which targets adult collectors with high-quality, limited-edition cards featuring popular IPs like Disney and Marvel [6][19]. Group 1: Company Overview - Suplay has submitted its prospectus to the Hong Kong Stock Exchange, indicating its intention to go public and highlighting the growth of the collectible card business in China [8]. - From 2023 to 2024, Suplay's revenue increased from 146 million RMB to 281 million RMB, with the first nine months of 2025 already surpassing the entire revenue of 2024, reaching 283 million RMB [8][31]. - The company has established itself as a leader in the non-battle collectible card market in China, holding a 3.2% market share and surpassing the combined GMV of its second and third competitors [32]. Group 2: Product and Market Dynamics - KAKAWOW's collectible cards are priced between 76 RMB and 6,990 RMB per box, with popular series selling well at around 599 RMB to 699 RMB [16][18]. - The rarity and quality of the cards, along with their association with globally recognized IPs, contribute to their high market value, with some cards selling for over 20,000 RMB on platforms like eBay [5][22]. - The company has successfully tapped into the adult collector market, similar to the trend seen with brands like Pop Mart, by offering high-end designs and limited releases [6][9]. Group 3: Financial Performance - In 2023, KAKAWOW sold 1.56 million cards at an average price of 31 RMB, contributing to Suplay's revenue of 146 million RMB, with collectible items accounting for 32.9% of total revenue [29]. - By the first nine months of 2025, KAKAWOW sold over 4.58 million cards at an average price of 43 RMB, generating 70% of Suplay's revenue during that period [31][32]. - The gross profit margin for KAKAWOW increased from 57.9% in 2023 to 69.5% in the first nine months of 2025, indicating strong profitability [32]. Group 4: Challenges and Market Sentiment - There is growing concern among collectors regarding the rapid depreciation of card values in the secondary market, with some cards selling for significantly less than their original prices [36][38]. - The reliance on popular IPs poses a risk, as the company must continuously secure exclusive licenses to maintain its competitive edge [45][46]. - The potential for market saturation exists, as players express fatigue over the increasing number of card series released, which may dilute the perceived value of the cards [34][36].

Group 1 - The core viewpoint of the article is that the card market in China is expected to exceed 30 billion yuan in the next three years, with a significant demand for graded cards [1] - According to Citic Securities, the card market is projected to reach over 30 billion yuan by 2025, indicating strong growth potential [1] - The popularity of graded cards is highlighted, with examples showing that a card rated 10 can sell for 280 yuan, while a card rated 8 may only fetch around 70 yuan, emphasizing the importance of card condition in the collector's market [1] Group 2 - In 2025, CCG alone is expected to complete the grading of over 1,145,831 cards, surpassing its million-card target, which reflects the booming grading market [1]

Core Viewpoint - Suplay, a card company, has filed for an IPO in Hong Kong, attracting attention due to its high-priced card offerings and backing from notable investors like MiHoYo and Sequoia. The company targets adult collectors rather than children, positioning itself as a luxury brand in the card market [1][3]. Financial Performance - Founded in 2021, Suplay transitioned to card production in 2023, achieving significant sales with 1.56 million cards sold and revenues of 146.3 million RMB in 2023. Projections indicate revenues of 281 million RMB in 2024 and 283 million RMB in the first three quarters of 2025, with adjusted net profits increasing from 15.97 million RMB in 2023 to 86.42 million RMB in 2025 [3][4][5]. Market Positioning - Suplay's average card price increased from 31 RMB to 43 RMB, with sales volume more than doubling. Its gross margin of 69.5% is competitive with industry leader Card Game, which has a margin of 71.3% [6][10]. - The company primarily targets adult collectors, contrasting with traditional children's card games, and has adopted strategies from established brands like Panini and Topps [7][9]. Product Strategy - Suplay has secured a significant IP license for Disney's 100th anniversary, marking a first for a Chinese brand. This license is crucial as it enhances the perceived value of their cards, which are designed to be collectible and aesthetically appealing [18][20]. - The company employs various production techniques to enhance card quality, including metallic coatings and intricate designs, making their products competitive in the luxury segment [22][25]. Challenges and Risks - Despite its growth, Suplay's revenue is only about 3% of Card Game's 10.057 billion RMB in 2024, indicating a small market share. The company relies heavily on IP licensing, which constitutes 95% of its revenue, making it vulnerable to changes in IP agreements [34][35]. - The company faces a dilemma between maintaining card scarcity to preserve value and the need for continuous product releases to drive growth. This balance is critical for sustaining player interest and market value [39][42].

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 Inc. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to diversify its IP portfolio and expand collaborations with leading IP licensors [1] Group 1: Company Overview - Suplay is a leading company in the collectible non-combat card market in China, with its flagship brand "Kaka Wo" holding a top position [2] - The company primarily targets adult consumers aged 18 and above, with over 99% of its customer base being adults, including high-net-worth collectors and Gen Z fans [2] - Suplay's products are positioned in the high-end collectible segment, focusing on cards priced over 10 yuan, utilizing a limited release strategy to enhance artistic value and collectibility [2] Group 2: Financial Performance - Suplay's revenue for the reporting periods was 146 million yuan, 281 million yuan, and 283 million yuan, with profits of 2.949 million yuan, 49.115 million yuan, and 37.074 million yuan respectively [4] - The company's inventory has shown a consistent amount, but the inventory write-downs have increased significantly, reaching 8.8 million yuan, 23.3 million yuan, and 36.3 million yuan by the end of the reporting periods [4] Group 3: IP and Revenue Sources - A significant portion of Suplay's revenue comes from licensed IPs, with the top five licensed IPs contributing 47.8%, 61.5%, and 77.7% of total revenue during the reporting periods [5] - The revenue contribution from Suplay's own IPs has drastically decreased from 40.6% in 2023 to 4.1% in the first three quarters of 2025 [3] Group 4: Market Risks and Challenges - Suplay's reliance on non-exclusive IP agreements poses risks, as it allows licensors to grant rights to multiple companies, potentially leading to market saturation and reduced profit margins [5] - The company faces challenges in controlling its distribution channels, with a high dependency on distributors for revenue, which accounted for 74.1%, 81.8%, and 74.3% of total income during the reporting periods [6] - Suplay does not own any production facilities, relying entirely on third-party manufacturers, which raises concerns about quality control and compliance with production standards [7]

Core Viewpoint - Suplay, a collectible card company, has submitted its listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors. The company focuses on high-end collectible cards, distinguishing itself from popular trading cards among youth by offering products like cultural heritage cards and licensed IP cards [3][6]. Group 1: Company Overview - Suplay was established in 2019 and specializes in collectible cards, with its flagship brand being "卡卡沃" [3]. - The company targets the high-end market, with individual card prices exceeding RMB 10 [3]. - Suplay holds three proprietary IPs: Rabbit KIKI, OHO Uncle, and Water Wave Egg [3]. Group 2: Market Position - According to Frost & Sullivan, Suplay 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 [6]. - Suplay is the only Chinese brand among the top five global collectible non-battle card brands [6]. Group 3: Shareholding Structure - Huang Wanjun holds 72.86% of Suplay through HLB Group Limited, while miHoYo owns 11.86% [6]. - Wu Di, Vice President of miHoYo, serves as a non-executive director of Suplay [6]. Group 4: Management Team - Huang Wanjun, 32, is the founder, chairman, CEO, and executive director of Suplay [8]. - Li Jing, 39, serves as the executive director, CFO, and HR director, appointed as a director in December 2025 [8]. Group 5: Financial Performance - In 2023, 2024, and the first three quarters of 2025, Suplay reported revenues of approximately RMB 146 million, RMB 281 million, and RMB 283 million, respectively [9]. - The company recorded profits attributable to equity shareholders of approximately RMB 2.95 million, RMB 49.12 million, and RMB 37.07 million for the same periods [9]. - Gross profit margins were 41.7%, 45.8%, and 54.5% for the respective years [9]. Group 6: Revenue Sources - Suplay heavily relies on third-party licensed IPs for product development, with sales from licensed IP products accounting for 54.2%, 85.1%, and 95.0% of total revenue during the reporting periods [9]. - IP licensing agreements typically last one to three years and are not automatically renewable [9].

Core Viewpoint - Suplay, a company specializing in IP collectibles and consumer products, has submitted its listing application with CICC and JPMorgan as joint sponsors, aiming to capitalize on its leading position in the collectible card market in China and globally [1][3]. Group 1: Company Overview - Suplay was founded in 2019 and is known for its flagship brand "Kakawo" [1]. - The company completed an A+ round of financing in 2021, receiving an investment of $8 million from miHoYo [3]. - Suplay ranks first in the Chinese collectible non-combat card market by GMV for 2024, surpassing the combined total of its second and third competitors, and is the only Chinese brand among the top five global collectible non-combat card brands [3]. Group 2: Financial Performance - For the fiscal years ending December 31 and the nine months ending September 30, Suplay reported revenues of approximately RMB 145.7 million, RMB 280.5 million, and RMB 202.8 million for 2023, 2024, and 2024 respectively, with profits attributable to equity shareholders of RMB 2.95 million, RMB 49.12 million, and RMB 35.54 million [4][5]. - The company’s revenue is projected to reach RMB 283.3 million by the end of 2025, with a gross profit of RMB 154.34 million [4]. Group 3: Revenue Composition - Suplay's revenue heavily relies on licensed IP products, which accounted for 54.2%, 85.1%, and 95% of total revenue during the reporting periods, while self-owned IP revenue was significantly lower at 40.6%, 14.4%, and 4.1% [4][5]. - The company’s self-owned IP includes Rabbit KIKI, OHO Uncle, and Water Wave Egg [4]. Group 4: Market Challenges - The non-exclusive nature of many IP licensing agreements increases competition, as licensors can grant the same IP rights to multiple companies, leading to market saturation and reduced product differentiation [6]. - Suplay's trade receivables have been rising, with amounts of RMB 13.9 million, RMB 28.9 million, and RMB 34.1 million reported during the respective periods, indicating potential liquidity risks [6].

Core Viewpoint - Suplay, a company specializing in IP collectibles and consumer products, has submitted its listing application, aiming to capitalize on its leading position in the collectible non-combat card market in China and its unique status as the only Chinese brand among the top five global brands in this category [1][2]. Group 1: Company Overview - Suplay was founded in 2019 and is led by its 32-year-old founder Huang Wanjun, who serves as the chairman, executive director, and CEO [1]. - The company completed an A+ round of financing in 2021, receiving an investment of $8 million from miHoYo [1]. - Suplay's flagship brand is "Kakawo," and its products are positioned in the high-end collectible segment, with individual card prices exceeding RMB 10 [1]. Group 2: Financial Performance - For the fiscal years ending December 31, 2023, and 2024, Suplay reported revenues of approximately RMB 145.725 million and RMB 280.504 million, respectively [2]. - The company achieved profits attributable to equity shareholders of RMB 2.949 million in 2023 and RMB 49.115 million in 2024 [2]. - The gross profit for 2023 was RMB 60.725 million, with a projected increase to RMB 128.442 million in 2024 [2]. Group 3: Revenue Composition - Revenue from licensed IP products accounted for 54.2%, 85.1%, and 95% of total revenue in the respective reporting periods [3]. - The company's own IP revenue was significantly lower, representing 40.6%, 14.4%, and 4.1% of total revenue during the same periods [3]. - As of September 30, 2025, Suplay's proprietary IP includes Rabbit KIKI, OHO Uncle, and Water Wave Egg [3]. Group 4: IP Licensing and Competition - Suplay's IP licensing agreements typically last one to three years and are non-renewable, which poses a risk if major IPs are not renewed or lose popularity [4]. - The non-exclusive nature of many IP licensing arrangements increases competition, as multiple companies can offer similar products, leading to market saturation and reduced product differentiation [5]. Group 5: Trade Receivables - Suplay's trade receivables have been increasing, reported at RMB 13.9 million, RMB 28.9 million, and RMB 34.1 million for the respective reporting periods [6]. - The turnover days for trade receivables were 20 days, 27 days, and 30 days, indicating a potential risk in maintaining reasonable turnover levels [6].