财通证券预测，未来3年中国卡牌市场规模将突破300亿元。记者在线上交易平台发现，许多卖家除了售 卖"裸卡"（没有任何包装的卡牌）外，还会售卖有评级的卡牌。林先生向记者介绍："在卡牌收藏 圈，'品相决定一切'。比如同样一张卡评分十分的可以卖到280元，评分8分就只能卖70元左右 了。"2025年，仅CCG一家就累计完成1145831张卡牌评级，超额突破百万目标，足见评级市场的火爆。 果然财经｜卡牌市场规模将破300亿元，评级卡受追捧 大众报业·齐鲁壹点17:47 果然财经｜卡牌市场规模将破300亿元，评级卡受追捧 热门评论我要评论 微信扫码 移动端评论 暂无评论 鲁ICP备15022957号-13 鲁公网安备 37010202002220号 鲁新网备案号201000101 电信增值业务许可证： 鲁B2-20120085 齐鲁晚报·齐鲁壹点 版权所有(C) All Rights Reserved 联系电话：0531-82625462邮箱： 1790179766@qq.com ...

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]

Core Viewpoint - The Pokémon trading card game has significantly outperformed traditional investments like the S&P 500 and popular tech stocks, indicating a growing trend among individual investors towards collectible assets [1][4]. Group 1: Investment Performance - Since 2004, Pokémon cards have achieved a cumulative monthly return rate of approximately 3821%, while the S&P 500 has only increased by 483% during the same period [4]. - Meta Platforms, one of the "big seven tech giants," has seen a growth of about 1844% since its IPO in 2012, which is substantially lower than the returns from Pokémon cards [4]. Group 2: Investor Sentiment and Behavior - Many collectors view Pokémon cards as investment assets, similar to retirement accounts, despite financial advisors warning against such speculative investments [7][11]. - The COVID-19 pandemic has led to a surge in interest in Pokémon cards, with amateur investors using government stimulus funds to purchase them [7]. Group 3: Market Dynamics and Risks - The value of Pokémon cards can vary widely based on factors such as rarity, artwork quality, and third-party grading, with high-quality graded cards fetching millions [10]. - Critics highlight the instability and subjectivity of Pokémon card pricing, raising concerns about potential market bubbles similar to the baseball card market crash in the late 1980s [14]. Group 4: Market Expansion and Opportunities - In China, Yaoji Technology has become the distributor for Pokémon cards, providing market operations and event services, indicating a growing market presence [15].