又一家卡牌公司，冲刺港股IPO。 这次不是被小学生买爆的卡游，是被大人买爆的Suplay 。靠着卖高端收藏级卡牌，一年卖了3个亿。 Suplay背后还站着游戏巨头米哈游。 Suplay成立于 2019 年，创始人黄万钧目前 32 岁，2013年毕业于中央财经大学。 进入潮玩行业之前，他先在华兴资本工作，后来又参与创立文化众筹社区摩点网。 2018 年前后，盲盒经济迅速爆发，盲盒火了，但交易体系是碎的，这是 Suplay 出现的直接原因。 抽到不喜欢款式的用户，只能去闲鱼、微信群转卖，效率低、信任成本高。黄万钧判断，这是一个明显的基础设施缺口。2019 年，他创立Suplay，从微 信抽盒机小程序切入，推出"即抽即卖"功能：抽到不想要的款式，可以当场在平台挂单出售。这一设计迅速解决了痛点，帮助平台在早期就积累了百万级 的核心用户。 在流量站稳后，Suplay 开始把生意做到产业链上游。 01 卡牌站稳后，Suplay 产品形态被延展到潮流玩具、手办、迷你手办、毛绒玩具等。 最终形成一条清晰的结构：一头是偏收藏的产品，强调稀缺和价值；一头是偏消费的产品，强调好看、好玩、好买。 这套产品体系，明确是为成年人准备的。 ...

Core Viewpoint - Suplay, a trendy IP collectibles and consumer goods company, has submitted its prospectus for an IPO on the Hong Kong main board, aiming to raise funds as it capitalizes on the growing demand for high-quality collectible cards among adult consumers [1][2]. Group 1: Company Overview - Suplay was established in September 2019 and has quickly become a leader in the collectible non-battle card market in China, with its flagship brand Kakawow achieving significant market share [5][14]. - The company has partnered with renowned IPs such as the Palace Museum, Sanrio, Genshin Impact, and Harry Potter, enhancing its product offerings [1][2]. Group 2: Financial Performance - In the first nine months of 2025, Suplay reported revenue of 2.83 billion RMB, reflecting a 92.5% increase from 1.46 billion RMB in 2023 [10][11]. - The company's net profit surged from 2.9 million RMB in 2023 to 49.1 million RMB in 2024, marking a staggering growth of 1,593.1% [10][11]. - The revenue breakdown shows that consumer products accounted for 67.1% of total revenue in 2023, while collectible products made up 32.9% [11]. Group 3: Product Pricing and Market Strategy - Kakawow's card pricing ranges from 59.9 RMB to 89.9 RMB per pack, with limited edition series like the 2025 KAKAWOWCOSMOS Marvel series priced at 69.9 RMB per pack [6][10]. - The company targets adult consumers, particularly women, by offering high-quality, culturally resonant collectibles, distinguishing itself from lower-priced entry-level cards [10]. Group 4: IP Dependency and Risks - Suplay's revenue is heavily reliant on licensed IPs, with only 4.1% of revenue coming from its own IPs, raising concerns about sustainability and potential risks associated with IP dependency [2][20]. - The company has established partnerships with 22 IP licensors, but the concentration of revenue from a few key IPs poses a risk to its financial stability [20][21]. Group 5: Competitive Landscape - Suplay's revenue is significantly lower than its competitor, Card Game, which reported revenues soaring from 4.131 billion RMB to 10.057 billion RMB from 2022 to 2024 [22]. - Despite its growth, Suplay's financial metrics, including gross margin, still lag behind those of established competitors in the collectible card market [22].

Core Viewpoint - Suplay, a trendy IP collectibles and consumer goods company, is preparing for an IPO in Hong Kong, aiming to leverage its unique positioning in the adult collectible card market, despite facing risks related to its reliance on licensed IPs [1][8]. Group 1: Company Overview - Suplay was established in September 2019 and focuses on trendy toys and collectible cards, with notable collaborations with renowned IPs such as the Palace Museum, Sanrio, Genshin Impact, and Harry Potter [1]. - The company has a significant partnership with miHoYo, which invested in Suplay's A+ round financing and holds an 11.86% stake, making it the largest external shareholder [1][9]. Group 2: Financial Performance - Suplay's revenue grew from 146 million RMB in 2023 to 281 million RMB in 2024, representing a 92.5% year-on-year increase. For the nine months ending September 30, 2025, the revenue reached 283 million RMB [5][11]. - The company's net profit surged from 2.9 million RMB in 2023 to 49.1 million RMB in 2024, marking a staggering growth of 1,593.1%. The net profit margin for 2024 was 17.5% [5][11]. Group 3: Product and Market Position - Suplay's flagship brand, Kakawow, launched in 2021, has become the top player in China's collectible non-battle card market, with a pricing strategy that targets adult consumers, particularly women [4][7]. - The pricing for Kakawow cards ranges from 59.9 RMB to 89.9 RMB per pack, significantly higher than entry-level cards, reflecting the company's focus on high-quality, culturally resonant collectibles [4][5]. Group 4: Revenue Sources and Risks - Suplay's revenue is primarily derived from licensed IPs, with self-owned IPs contributing only 4.1% of total revenue as of September 30, 2025. The company has established licensing agreements with 22 IP licensors [10][11]. - The top five licensed IPs accounted for approximately 77.7% of total revenue for the nine months ending September 30, 2025, indicating a concentration risk in revenue sources [11].

Core Insights - The article emphasizes the rapid growth of the "Guzi economy," a derivative of the ACG (Animation, Comic, and Game) culture, which is becoming a new engine for economic growth in China, particularly in cities like Zhengzhou [1][2]. Industry Overview - The Guzi economy, which refers to merchandise related to IP (Intellectual Property) from the ACG culture, has seen a significant market expansion, with the market size projected to grow from 120.1 billion yuan in 2023 to 168.9 billion yuan in 2024, and potentially reaching 308.9 billion yuan by 2029 [1]. - The market was historically dominated by Japanese IPs, but the rise of domestic IPs like "Genshin Impact" and "Mo Dao Zu Shi" has shifted the market dynamics, increasing the share of domestic products [6][8]. Market Dynamics - The resurgence of the Guzi economy is linked to the social needs of ACG enthusiasts, leading to the establishment of dedicated stores and commercial spaces that cater to this demographic [3][9]. - The introduction of new product categories and collaborations with well-known brands has diversified the Guzi offerings, making them more integrated into everyday life [10]. Consumer Behavior - The primary consumers of Guzi products are fans of content-driven IPs, who view these products as emotional and social symbols, enhancing their identity and community belonging [9]. - The trend indicates a growing willingness among consumers to purchase practical items that also serve as expressions of their fandom, such as headphones and passport holders [10].

Core Insights - The rise of the "Guzi Economy" is reshaping consumption patterns among young people in China's competitive subculture market, with an expected market size of nearly 600 billion yuan in 2024, of which 28% (approximately 168.9 billion yuan) will be attributed to the Guzi Economy, projected to exceed 300 billion yuan by 2029, growing at an annual rate of 40% [1][3][6] Group 1: Market Dynamics - The Guzi Economy is driven by the success of domestic IPs like "Genshin Impact" and "Nezha: Birth of the Demon Child," which integrate traditional Chinese cultural elements, fostering a deep emotional connection between consumers and virtual characters, leading them to pay premium prices for related merchandise [3][5] - The business model behind the Guzi Economy is characterized by low production costs and high markups, with items like anime badges costing only 2 to 5 yuan to produce but selling for tens or even thousands of yuan, as they serve as emotional carriers for fans [5][6] - The unique consumption ecosystem within the subculture encourages fans to purchase merchandise as a form of support for their favorite IPs, creating a psychological link where increased spending is equated with greater support [5][6] Group 2: Cultural and Economic Implications - The Guzi Economy reflects a deeper industrial logic, supported by Japan's successful "content-merchandise-tourism" model, exemplified by "Demon Slayer," which has generated over 1 trillion yen in merchandise sales [6][7] - The rise of domestic IPs has led to a resonance between the Guzi Economy and the cultural industry, with works like "Chang'an 30,000 Li" visually expressing traditional culture and expanding consumption scenarios into emerging formats like VR exhibitions and the metaverse [7][9] Group 3: Entrepreneurial Opportunities - Entrepreneurs have opportunities in this billion-yuan market, especially with policy support that encourages the transformation of traditional shopping centers into "subculture landmarks," offering up to 30% rent subsidies [9][10] - In lower-tier cities, where per capita annual spending on Guzi products is significantly lower than in first-tier cities (800 yuan vs. less than 200 yuan), entrepreneurs can tap into this potential by opening small stores near schools or utilizing online platforms for pre-sales [9][10] Group 4: Future Trends - The essence of the Guzi Economy lies in infusing emotional value into products, with future developments potentially including AR interactive figures, NFT digital merchandise, and virtual exhibitions, all aimed at fulfilling the human need for emotional connection [12]

Core Insights - The report highlights the rapid growth of the "Goods Economy" driven by secondary IP derivatives, transitioning from niche markets to mainstream appeal, with a projected market size exceeding 2000 billion yuan by 2025 [1][2][47]. Industry Definition - "Goods" refers to secondary products related to two-dimensional culture, including badges, paper products, and standees, with the term "eating goods" denoting the purchase of these items [7]. Industry Development - The "Goods Economy" in China showcases a blend of cultural consumption and industrial upgrading, with a significant shift from overseas IP derivatives to domestic production, particularly in the last decade [10][11][12]. Product Types - Badges are the most popular product type, accounting for 64% of the second-hand market sales, followed by standees and other merchandise [13][15]. Market Size - The market size for the "Goods Economy" is expected to reach approximately 1689 billion yuan in 2024, reflecting a year-on-year growth of over 40% [47]. Industry Outlook - The domestic IP derivative market is currently underdeveloped, with only 10% of film revenues coming from merchandise, indicating significant growth potential compared to mature markets like the US and Japan [22][48]. User Demographics - The core audience for the "Goods Economy" is primarily the Z generation, with a user base projected to reach 5 billion, and a notable increase in female consumers from 67% in 2023 to 78% in early 2025 [23][42]. Industry Chain - The industry chain consists of three main segments: upstream IP development, midstream production and design, and downstream sales channels, which include online platforms and physical stores [26][32][36]. Challenges and Opportunities - The industry faces challenges such as homogenization, weak copyright protection, and dependency on IP, but also benefits from rapid market expansion and the rise of domestic IPs [2][45].

Core Insights - Emotional consumption is emerging as a core growth driver for many brands, with a focus on younger consumers [1] - The "China Online Consumption Brand Index" (CBI) and the "Global Brand China Online 500 Strong List" (CBI500) highlight the rise of new brands that resonate with youth [1][3] Brand Performance - The CBI500 list features brands like Diao Zhi Xin Yi, MiHoYo, Light and Night of Love, and Card Game, which are recognized for their strong emotional appeal and connection with young consumers [1][3] - These brands have low average transaction prices, rapid product launches, and are centered around IP content, fostering high customer loyalty and repeat purchases [3] Market Trends - The introduction of the "newness" metric in the CBI500 evaluation emphasizes sales growth speed, particularly among young consumers, and innovation in products [2] - During the 618 shopping festival, over 2,000 IPs are expected to launch more than 200,000 new products on platforms like Taobao, indicating a significant trend in the toy and collectible market [3] Industry Implications - The success of domestic IP brands like MiHoYo and Diao Zhi Xin Yi demonstrates the potential to break the dominance of foreign IPs in the market [4] - The rise of these brands signifies a shift in the Chinese toy industry from manufacturing to creative development, highlighting the commercial potential of local cultural content and derivative products [4]

Core Viewpoint - The rapid rise of the "Guzi economy" is becoming a significant growth driver in the consumer sector, but competing on price alone may not expand the market size effectively [1][4]. Group 1: Market Overview - The "Guzi" economy, derived from the English word "goods," refers to merchandise related to the two-dimensional culture [4]. - The market size of China's Guzi economy is projected to reach 168.9 billion yuan in 2024, representing a 40.63% increase from 2023, with expectations to exceed 300 billion yuan by 2029 [4]. - The current Guzi economy in China is still in its early stages, with a significant portion of the market dominated by Japanese and Korean products [4]. Group 2: Industry Trends - Since 2020, game developers have begun to explore new avenues, with popular mobile games like "Arknights" and "Genshin Impact" driving the development of derivative products [6]. - The official flagship store of "Genshin Impact" generated approximately 150 million yuan in revenue in 2022, indicating the potential for significant earnings from game-related merchandise [6]. - The integration of game IPs with the Guzi economy is seen as a viable path forward, with a focus on product innovation and collaboration with physical retail [8][12]. Group 3: Challenges and Opportunities - The primary challenge for game IPs lies in the willingness of players to spend in-game but not necessarily purchase physical merchandise [14]. - There is potential for game-related products to emphasize their "monetary value" and "practical value," moving beyond simple decorative items to wearable merchandise that appeals to a broader audience [14]. - The industry may adopt strategies similar to Pokémon, utilizing derivative products and unrestricted collaborations to bridge the gap between virtual and real-world markets [12].