把卡牌卖给成年人，年入近3亿元的潮玩公司要上市了。 1月1日，潮流IP收藏品与消费品公司——北京超级玩咖科技有限公司（Suplay）递交招股书，拟在香港主板上市，中 金公司（601995）与摩根大通担任其联席保荐人。 相较卡游，Suplay（超级玩咖）入局较晚。公司于2019年9月成立，从线上小程序起家，聚焦潮玩与收藏卡，旗下拥有 嘿粉儿、卡卡沃（Kakawow）等行业头部潮玩IP，曾签约合作故宫文化、三丽鸥、原神、哈利波特等各领域知名IP。 值得一提的是，Suplay和头部游戏公司米哈游深度绑定。 2021年11月，米哈游领投Suplay的A+轮融资，上市前持股比例高达11.86%，是其最大外部投资方。与此同时，米哈游 授权Suplay其多个知名游戏IP。 不过，与卡游一样，Suplay也同样面临高度依赖授权IP的风险，自有IP营收占比仅为4.1%，这也为其赴港上市前景增 添了不确定性。 而此前发售的"2024 KAKAWOW华夏系列 世纪宫藏收藏卡"，根据卡种不同，单卡价格差异较大。在二手平台上，基 础卡在5-30元/张，非遗工艺卡在300-1500元/张，最稀缺的1/1稀有卡则高达5000元以上。 前9 ...

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].