中国收藏级卡牌龙头，卡卡沃母公司 SUPLAY 冲刺港交所 ——IP 行业专题报告 执业证书编号：S0740515080001 Email：kangyw@zts.com.cn 执业证书编号：S0740523070003 Email：yansy@zts.com.cn | 上市公司数 | 130 | | --- | --- | | 行业总市值(亿元) | 19,545.91 | | 行业流通市值(亿元) | 18,085.62 | 1、《AI+教育深度报告：技术人口双 轮 驱 动 ， AI+ 教 育 商 业 破 局 》 2026-01-24 频剧数量持续突破 》2025-12-31 3、《阿里字节发布新视频模型，AI 漫剧迎来年末小爆发 》2025-12-17 传媒 证券研究报告/行业专题报告 2026 年 01 月 28 日 | 评级： | 增持（维持） | 重点公司基本状况 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

Core Insights - Suplay, the company behind the collectible card brand "Kakawo," has submitted a listing application to the Hong Kong Stock Exchange, having achieved over 400 million RMB in revenue from collectible cards and IP toys between 2023 and 2024 [1][12]. Market Overview - The global market for collectible non-combat cards is projected to grow from 12 billion USD in 2024 to 25.7 billion USD by 2029, with China’s market expected to increase from 6.2 billion RMB in 2024 to 16.5 billion RMB by 2029, reflecting a compound annual growth rate of 21.4% [2][13]. - Suplay ranks first in the Chinese collectible non-combat card market and is the only Chinese brand among the top five globally [2][13]. Company Development - Founded in 2019, Suplay experienced significant milestones in 2021, including an 8 million USD investment from miHoYo and the acquisition of the toy brand "Heyfen" [2][12]. - The company launched its collectible card product line in 2022, focusing on non-sport IPs to attract a broader audience, particularly women [3][14]. Product Lines - Suplay operates two main product lines: collectibles and consumer products, with collectibles centered around IP and limited editions [5][16]. - The pricing for collectible cards ranges from 59.9 RMB to 89.9 RMB per pack, while consumer products are priced between 19.9 RMB and 89 RMB [6][17]. Financial Performance - Suplay's revenue grew from 146 million RMB in 2023 to 281 million RMB in 2024, marking a 92.5% increase, with net profits rising from 2.95 million RMB to 49.11 million RMB in the same period [7][18]. - The share of revenue from collectibles increased significantly, accounting for 32.9% in 2023, 41.8% in 2024, and 70% in the first three quarters of 2025 [7][18]. Profit Margins - The gross margin for collectibles was higher than that of consumer products, with margins of 57.9%, 65.4%, and 69.5% for collectibles compared to 33.7%, 31.8%, and 19.3% for consumer products over the same periods [8][19]. IP Dependency - Suplay heavily relies on third-party licensed IPs, with licensed products contributing 54.2%, 85.1%, and 95% of total revenue from 2023 to the first three quarters of 2025 [9][20]. - The company has agreements with 22 IP licensors, but the non-exclusive nature of most agreements increases competition and market saturation [10][21]. Future Plans - Suplay plans to invest in extending existing IP licenses and acquiring new IPs to support global expansion, including entering markets in Asia, North America, and Europe [10][21].