从潮玩平台到卡牌公司 Suplay成立于2019年，创始人兼CEO为黄万钧。公司最初主要通过微信抽盒机小程序售卖潮玩产品。 2021年，Suplay收购了潮玩设计生产制造商"嘿粉儿"，并于同年成立自有品牌"卡卡沃"和"乐淘谷"，同 年11月，米哈游领投了Suplay的A+轮融资，金额为800万美元，同时向其授权了旗下《原神》《崩坏： 星穹铁道》等IP，并在此后成为Suplay最大的外部股东，持股达11.86%。次年，Suplay推出了收藏卡产 品线。 卡牌行业的上市故事还在继续。近日，北京超级玩咖科技有限公司Suplay Inc.（以下简称"Suplay"）向 港交所主板递交上市申请，摩根大通、中金公司为联席保荐人。成立仅六年左右，凭借与《原神》《哈 利·波特》等全球知名IP的合作，Suplay聚焦高端收藏级非对战卡牌，增长迅速，随着旗下品牌卡卡沃迪 士尼100周年系列收藏卡、《哈利·波特》系列收藏卡的爆火，也逐渐被大众熟知。但与众多潮玩IP公司 相似，Suplay也面临着高度依赖授权IP的风险，甚至在IPO前夕，公司的最大IP授权已到期。在竞争逐 渐升温的卡牌行业中，Suplay能否成功实现上市，还是个未知 ...

Core Insights - The collectible card market in China is entering a monetization phase, with companies like Hitcard and the industry leader, Kayo, pursuing IPOs [1][4] - Hitcard, founded in 2021, focuses on adult collectible cards and has secured significant investments from various entities, including a 10% stake from Reading Group [1][3] - The company has seen substantial revenue growth, achieving approximately 400 million RMB in revenue last year, with a projected 100% growth this year [3][4] Company Overview - Hitcard specializes in adult collectible cards and has developed partnerships with popular IPs, including anime and film franchises [3] - The company has launched successful products, such as the "Celebration Year" card series, which generated a GMV of 20 million RMB [3] - Hitcard's flagship store on Taobao features a card from the drama "Hush, the King is Hibernating," which has sold over 7,000 units, outperforming many well-known anime IPs [3] Market Analysis - The collectible card market in China is dominated by a few major players, with Kayo holding a 71.1% market share and generating 10.057 billion RMB in revenue [4] - The market is still in need of regulatory improvements, which may delay IPOs for companies like Kayo and Hitcard [4] - Compared to developed countries, China's per capita spending on collectible cards is significantly lower, indicating substantial growth potential in the coming years [4] - The collectible card market in China is projected to reach 44.6 billion RMB by 2029, with a compound annual growth rate of 11.1% from 2024 to 2029 [4]

Core Insights - The collectible card market is entering a "monetization era" with companies like Hitcard and the industry leader, Kayo, pursuing IPOs [1][4] - Hitcard, founded in 2021, focuses on adult collectible cards and has secured significant funding from various investors, including major players like Reading Group and CyberAgent [1][3] - The company has achieved approximately 400 million RMB in revenue last year, with a projected 100% year-on-year growth this year, and has already reached profitability [3][4] Company Overview - Hitcard is a brand under Shanghai Qixing Network Technology Co., Ltd., specializing in collectible cards for adults [1] - The company has developed partnerships with popular IPs, including anime and film franchises, enhancing its product offerings [3] - Hitcard's collaboration with Reading Group allows access to over 1,000 IPs and offline channel resources [1] Market Dynamics - The collectible card market in China is still developing, with significant growth potential compared to developed countries [4] - In 2024, the top five companies in the collectible card industry will hold 82.4% of the market share, with Kayo leading at 71.1% [4] - The market is expected to grow at a compound annual growth rate of 11.1%, reaching 44.6 billion RMB by 2029 [4]

Core Insights - The collaboration between KAYOU Animation and China Aviation Cultural Creative has led to the launch of a new series of collectible aircraft cards at the China International Fair for Trade in Services, showcasing the integration of culture and technology [1][2]. Group 1: Event Overview - The China International Fair for Trade in Services serves as a barometer for the development of service trade in China and a platform for cultural exchange and industrial cooperation, attracting over 70 countries and regions [1]. - The theme of this year's fair is "Empowering Technology, Leading Creativity," focusing on traditional Chinese culture and new cultural productivity [1]. Group 2: Product Highlights - KAYOU's exhibition features a diverse range of global IP products, including collaborations with international brands and reinterpretations of traditional Chinese culture [2][3]. - The "Chinese Aircraft Collection Card - Winning in Air and Space" series, launched to commemorate military parades, includes various military aircraft models and innovative "imaginary cards" depicting future aircraft concepts [3]. Group 3: Cultural Impact - The dual transformation of "international IP localization and traditional IP trendification" allows each card to serve as a cultural window, attracting both foreign and domestic audiences [3][6]. - The exhibition aims to make Chinese culture more accessible and engaging to a broader audience, moving beyond traditional cultural exports [6]. Group 4: Market Strategy - KAYOU has been actively participating in international toy exhibitions, such as those in Jakarta and Tokyo, to capture local gaming culture trends and customize products for regional preferences [4][5]. - The strategy of launching customized products in emerging markets while showcasing craftsmanship in mature markets is seen as key to expanding KAYOU's global presence [5].

Summary of Conference Call on the Toy Card Industry Industry Overview - The toy card industry has been significantly impacted by the entry of Japanese brands into the Chinese market, which has altered the sales model and led to the closure of many low-quality stores [1][3][4]. Key Points Company Performance - 卡游 (Kawoo) has successfully adapted to market changes by enhancing its product line and expanding distribution channels, resulting in a dramatic sales increase in 2024 [1][4]. - 凯钰 (Kaiyu) has a competitive edge in IP procurement, allowing for rapid selection of popular international IPs and quick product updates, leading to high revenue [1][6]. Market Dynamics - The influx of Japanese brands like 宝可梦 (Pokémon) has educated consumers in China about card games, but many small, poorly managed stores failed to meet consumer needs, leading to a market shakeout [2][3]. - The overall market evolution has improved consumer awareness and acceptance of card games, benefiting companies like 卡游 [4]. Distribution Strategies - 卡游 focuses on high-quality first-level distributors, while 布鲁可 (Blucor) employs a traditional toy industry model that includes multiple levels of distributors [7][8]. - The differing strategies affect how each company gathers market feedback and manages pricing [9]. Product Lifecycle Management - Both 卡游 and 布鲁可 rely on established IPs for product development, facing challenges in creating original IPs due to the high investment required [11][12]. - Continuous product updates and innovative collaborations are essential for extending the lifecycle of their offerings [13][14]. Supply Chain Considerations - 卡游 benefits from owning its production facilities, allowing for better control over production timelines and market responsiveness [16]. - 布鲁可's reluctance to invest in a complete supply chain is attributed to high costs and the nature of its product offerings [17]. Competitive Landscape - The domestic derivative product market is growing slowly, with companies like 卡游, 布鲁可, and 泡泡玛特 (Pop Mart) competing closely, often mirroring Japanese market leaders [10][24]. - 泡泡玛特 has differentiated itself through original content and collaborations with well-known brands, while 卡游 and 布鲁可 leverage rich storytelling from their IPs [10][11]. Future Outlook - 卡游 plans to expand into international markets, particularly in Japan and Thailand, while facing challenges in the competitive Japanese market [18][19]. - 布鲁可 is accelerating its product launch pace to maximize revenue from newly acquired IPs [27]. Additional Insights - The choice of IP and product form must align with the company's strengths and market demands, considering factors like target demographics and cultural relevance [22][23]. - The ability to manage production costs and maintain quality is critical, especially in the printing and manufacturing processes [25][26].