Core Viewpoint - Suplay, a collectible card company, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first publicly listed card company in Hong Kong, capitalizing on the growing interest in collectible toys and cards driven by the success of brands like Pop Mart [5][6]. Group 1: Company Overview - Suplay was founded in 2019 and specializes in collectible cards, with its flagship brand "Kakawo" ranking first in China's collectible non-combat card market by 2024 GMV, surpassing the combined market share of its second and third competitors [5][13]. - The company has two main business segments: collectible items centered around IP with limited editions and consumer products including trendy toys and derivatives [13]. Group 2: Leadership and Strategy - The founder and CEO, Huang Wanjun, has a background as both an investor and entrepreneur, having previously co-founded a crowdfunding platform and worked in investment banking, which has contributed to his strategic vision for Suplay [10][11]. - Suplay's initial success stemmed from addressing a market gap for a vertical trading platform for collectible toys, evolving into a brand-focused strategy that targets adult consumers, particularly women, seeking high-quality collectibles [12]. Group 3: Financial Performance - Suplay's revenue is projected to grow significantly, with a forecasted increase from 146 million yuan in 2023 to 281 million yuan in 2024, representing a 92.5% year-on-year growth [13]. - The company's gross margin has reached 54.5%, with an adjusted net profit margin of 30.5%, indicating strong financial health and profitability in a market that is increasingly favoring companies with solid financial metrics [20][21]. Group 4: Investment Landscape - The collectible toy market, particularly Suplay's niche, is gaining attention from investors as a promising sector amidst a broader cooling in consumer investment, with many viewing it as a rare opportunity for growth [20]. - Suplay has successfully raised over 100 million USD in funding since its inception, with significant contributions from notable investors like Mihayou, which has also provided strategic support through exclusive IP licensing [16][18].

Core Viewpoint - Suplay Inc., a high-end collectible card company, has submitted its IPO application amid a cooling market for Hong Kong consumer stocks, with Morgan Stanley and CICC as joint sponsors [1] Group 1: Company Overview - Suplay specializes in IP collectibles and consumer products, focusing on collectible cards priced over 10 yuan, with a limited issuance strategy that combines artistic quality and collectible value [1] - The flagship brand of Suplay is "Kaka Wo," and it ranks first in China's collectible non-combat card market by GMV for 2024, surpassing the combined total of the second and third-ranked companies [1] - Suplay is the only Chinese brand among the top five global collectible non-combat card brands [1] Group 2: Leadership and Growth - The founder and CEO of Suplay, Huang Wanjun, is 32 years old and has a background as an analyst and operations director [1] - Since its establishment in 2019, Suplay has completed five rounds of financing, with its post-money valuation increasing from 5 million USD in 2020 to 100 million USD in 2025, representing a 20-fold increase over five years [1][2] Group 3: Financial Performance - Suplay's revenue for 2023, 2024, and the first three quarters of 2025 is projected to be 146 million yuan, 281 million yuan, and 283 million yuan, respectively, with net profits of 2.949 million yuan, 49.915 million yuan, and 37.074 million yuan [3] - The revenue share from Suplay's proprietary IP products has been declining, with contributions of 40.6%, 14.4%, and 4.1% of total revenue for the respective years [3] Group 4: Strategic Plans - The funds raised from the IPO will be used to expand collaborations with leading IP licensors, continue developing proprietary IP, innovate and diversify product offerings, enhance sales networks, strengthen brand operations, and seek strategic investments and acquisitions [3]

Core Viewpoint - Suplay, a high-end collectible card company, is preparing for an IPO in Hong Kong, having generated 300 million yuan in sales over the past year, primarily targeting adult consumers rather than children [1][2]. Company Overview - Founded in 2019 by Huang Wanjun, Suplay has quickly established itself in the collectible card market, leveraging its background in finance and crowdfunding [2][3]. - The company initially focused on addressing inefficiencies in the blind box economy by introducing a platform that allows users to sell unwanted cards immediately after purchase [3][4]. Business Model and Strategy - Suplay has expanded its business model beyond a trading platform to encompass the entire value chain from IP licensing to production and sales, significantly increasing its revenue sources [5][6]. - The company emphasizes the importance of collectible products, with over 99% of its consumers being over 18 years old, contrasting with the traditional low-cost, entertainment-focused card market in China [10][11]. Product Offering - The flagship product is the collectible non-battle card "Kakawo," which has been extended to include various collectible toys and merchandise [8][9]. - The product strategy is designed for adults, focusing on scarcity and value, with a pricing strategy that sets the issuance price of cards above 10 yuan [7][10]. Market Potential - The global collectible non-battle card market is projected to grow from approximately $12 billion in 2024 to $25.7 billion by 2029, with China's market expected to grow from 6.2 billion yuan to 16.5 billion yuan during the same period, reflecting a compound annual growth rate of 21.4% [15]. - Suplay has established a strong market position, ranking first in China's collectible non-battle card market and among the top five globally, despite facing competition from established brands [18]. Financial Performance - Suplay has completed five rounds of financing, with a post-money valuation of $100 million as of July 2025 [13]. - The company's revenue for 2024 is projected at 281 million yuan, with a net profit of 49.11 million yuan, and collectible income expected to account for 41.8% of total revenue [16]. Sales Channels - The primary sales channel is through a WeChat mini-program, with over 1.3 million registered members and a repurchase rate exceeding 75% [17]. - Offline sales rely heavily on a dealer network, which has consistently contributed 74%-82% of revenue [17][18]. Competitive Landscape - Suplay faces significant competition from established players like KaYou, which dominates the collectible card market in China, holding a 71.1% market share [18]. - The reliance on IP for revenue generation poses a risk, as the top five IPs account for a growing percentage of total income, indicating a high concentration of revenue sources [18].

Core Viewpoint - Suplay has submitted a listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors, positioning itself as a leading player in the global IP collectibles and consumer products market [1] Group 1: Company Overview - Suplay integrates globally recognized IP into its products and aims to introduce Chinese culture through carefully selected offerings [1] - The flagship brand "Kaka Wo" holds a pioneering and leadership position in China's collectible card market, being the first domestic brand to receive comprehensive certification from top global rating agencies such as PSA, CGC, BGS, and SGC [1] Group 2: Product Lines - The company operates two independent product lines: collectibles, which are high-end and limited edition based on IP, and consumer products, which include trendy toys, IP derivatives, and retail cards [1] Group 3: Market Position - Suplay ranks first in China's collectible non-battle card market, holding a market share of 3.2%, which exceeds the combined market share of the second and third-ranked competitors [1] - In the global non-battle collectible card market, Suplay is the only Chinese brand to be among the top five [1] Group 4: IP Collaborations - The company has its own IPs (such as Rabbit KIKI, OHO Uncle, and Water Wave Egg) and has secured partnerships with 22 IP licensors, including exclusive agreements with Kong Shan Ji and the Chinese National Snow Sports Team, as of September 30, 2025 [1]

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 Inc. is preparing for an IPO on the Hong Kong Stock Exchange, focusing on the collectible card market and cultural products, with a strong position in China and a unique global presence as a Chinese brand in the collectible card industry [2][8]. Business Overview - Suplay, established in 2019, integrates globally recognized intellectual properties (IPs) into its product lines and aims to promote Chinese culture through selected products [2]. - The flagship brand "卡卡沃" (Kakawo) holds a pioneering and leading position in China's collectible card market, ranking first in the collectible non-battle card segment by GMV in 2024, surpassing the combined total of the second and third-ranked competitors [2][8]. - Suplay targets adult consumers with strong purchasing power and a keen interest in cultural and entertainment content, with over 99% of its consumers aged 18 and above [2]. Product Positioning - Suplay's card products are positioned as high-end collectibles, with individual card prices exceeding RMB 10, employing a limited release strategy that emphasizes both artistic quality and collectible value [5]. - The value of collectible cards is anchored by international third-party grading institutions, with higher submission rates indicating greater collectible attributes compared to lower-priced cards [5]. Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the first nine months of 2025, Suplay reported revenues of RMB 145.725 million, RMB 280.504 million, and RMB 202.768 million respectively, with corresponding net profits of RMB 2.949 million, RMB 49.115 million, and RMB 35.544 million [12][13]. - The revenue breakdown shows collectible products generating RMB 47.946 million (32.9%) in 2023 and projected to grow to RMB 117.121 million (41.8%) in 2024, while consumer products are expected to decrease from RMB 97.779 million (67.1%) in 2023 to RMB 163.383 million (58.2%) in 2024 [6]. Shareholder Structure - Prior to the IPO, the major shareholder is Mr. Huang Wanjun, holding 72.86% of the shares, with other shareholders including Ms. Li Jing (3.11%) and MiHoYo (11.86%) [7][9]. Management Team - The board of directors consists of six members, including two executive directors: Mr. Huang Wanjun (Chairman and CEO) and Ms. Li Jing (CFO) [10]. - The management team includes operational and supply chain partners, indicating a diverse leadership structure [11]. Market Position - Suplay is recognized as one of China's most prominent collectible card brands and is the first to receive comprehensive certification from four major global grading institutions [8]. - The company has a high submission rate for grading, ranking first among Chinese collectible card brands and third globally in the non-sport collectible card category [8].

Core Viewpoint - Suplay Inc. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors, indicating its intention to expand its presence in the market for IP collectibles and consumer products [1] Company Overview - Suplay Inc. is a globally positioned company specializing in IP collectibles and consumer-grade products, integrating globally recognized IP into its product range while promoting Chinese culture through selected products [1] Market Position - The flagship brand "Kakawoo" holds a pioneering and leading position in the Chinese collectible card market, ranking first in the Chinese collectible non-combat card market based on 2024 GMV, surpassing the combined total of the second and third-ranked competitors [1] - According to Frost & Sullivan, Suplay Inc. is the only Chinese brand among the top five global collectible non-combat card brands [1]

Core Viewpoint - Suplay Inc. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors, indicating its intention to expand its presence in the global market for IP collectibles and consumer products [1] Group 1: Company Overview - Suplay Inc. is a globally positioned company specializing in IP collectibles and consumer products, integrating well-known global IP into its product lines while promoting Chinese culture through selected products [1] - The flagship brand "Kakawo" holds a pioneering and leading position in the Chinese collectible card market [1] Group 2: Market Position - According to Frost & Sullivan, Suplay Inc. ranks first in the Chinese collectible non-battle card market by GMV for 2024, surpassing the combined total of the second and third-ranked competitors [1] - Suplay Inc. is the only Chinese brand among the top five global collectible non-battle card brands [1]