以下文章来源于盐财经 ，作者任早羽 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 来源丨盐财经（ID： nfc-yancaijing ） 作者丨 任早羽 编辑丨宝珠 图源丨Midjourney "金刚狼！金签！恭喜老板！"深夜，某圈内知名拆卡主播正在直播间拆2025卡卡沃COSMOS漫威系 列收藏卡牌。 这个系列，卡卡沃官方称限量发售4000箱，每箱单价4990元，一箱10盒，每盒10包，每包5包。算 下来，每张卡牌的单价是9.98元。除了漫威系列之外，卡卡沃还有迪士尼、哈利波特、柯南等全球著 名IP的系列卡牌。与卡游不同，卡卡沃主攻收藏级卡牌。 而这位直播间买家连"抬"（买）了6箱共计3000张卡牌，拆到了这张官方抽中概率为1:1667的"10编 金折"。这里的10编，意味着官方在全球只发行了10张卡面设计类似的卡牌。稀有，让主播在镜头前 来回"欣赏"了几遍这张金光闪闪的卡。 不过玩卡卡沃卡牌的，可不止是直播间的中国"老板"们。 在全球二手交易平台 Ebay 上，多的是同为卡卡沃痴狂的外国人，平台上售价超过1万元的卡牌不在 少数。而如果是稀有程度最高的one of one（全球仅发售一张）卡 ...

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].

Core Insights - The collaboration between KAYOU and Fanatics Collectibles marks a significant step in the Chinese card market, addressing long-standing issues and paving the way for future growth [3][4][12] - The launch of the "NBA Match Attax 2025 series" fills a gap in the market for officially licensed NBA trading cards in China, providing fans with easier access to authentic products [4][12] - This partnership allows KAYOU to diversify its product offerings by entering the sports IP sector, moving beyond its traditional focus on entertainment IPs [3][14] Market Demand and Product Offering - The "NBA Match Attax 2025 series" is now available in China, with two pricing tiers: the "Power Pack" at 10 yuan and the "Super Pack" at 20 yuan, catering to different consumer segments [4][12] - The collaboration addresses the previous challenges faced by NBA fans in China, such as the lack of official channels and the high costs associated with overseas purchases [3][4] Strategic Importance for KAYOU - KAYOU's entry into the sports IP market represents a strategic shift, enhancing its product line and providing valuable experience for future expansions into other sports [3][14][15] - The company has established a comprehensive supply chain that includes R&D, production, and sales, enabling it to effectively launch and distribute the new product [14][15] Fanatics Collectibles' Market Strategy - For Fanatics Collectibles, this partnership is a crucial move to strengthen its presence in the Chinese market, which is recognized as one of the largest basketball communities globally [7][12] - The company plans to enhance the collaboration's visibility through events like "NBA House" and the "Asian Star Card and Sports Collectibles Exhibition," which will feature interactive experiences for fans [7][12] Cultural and Economic Trends - The rise of trading cards is linked to their emotional, collectible, and interactive values, appealing particularly to adult collectors aged 25-40 who view these items as status symbols [11][12] - The potential of the Chinese market is significant, with an estimated 165 million dedicated NBA fans, indicating a vast opportunity for growth in the sports collectibles sector [12][15] Industry Evolution - The collaboration signifies a broader trend in the trading card industry, where nostalgia and cultural experiences are becoming key drivers of consumer interest [8][9] - KAYOU's move into sports IP is seen as a necessary evolution in response to increasing competition and the need for new growth avenues in the card market [15][16]