2026年1月1日，潮流IP收藏品与消费品公司Suplay（超级玩咖）向港交所主板递交了上市申请，联席保 荐人为中金公司与摩根大通。这家成立于2019年的公司，其旗舰品牌"卡卡沃"定位为面向成年人的高端 收藏级卡牌，单包零售价介于59.9元至89.9元。根据弗若斯特沙利文的数据，以2024年商品交易总额 （GMV）计，Suplay在中国收藏级非对战卡牌市场排名第一。 灼识咨询报告数据显示，中国泛娱乐卡牌市场规模在2025年已突破300亿元，预计2027年将冲击500亿 元。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 根据招股书，2023年至2024年，Suplay的营收从1.46亿元增长至2.81亿元，同比增长92.5%。2025年前三 季度，其营收已达2.83亿元，超过了2024年全年水平。同期，其经调整净利润分别为1597.4万元、 6481.5万元和8642.3万元。公司超过99%的消费者年龄在18岁或以上。游戏公司米哈游是Suplay最大的 外部股东，持股11.86%，双方在IP授权方面有深度合作。 在招股书中，Suplay坦言其业务存在对若干授权IP的集中 ...

把卡牌卖给成年人，年入近3亿元的潮玩公司要上市了。 21世纪经济报道记者刘婧汐 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。 前9个月营收2.8亿 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。 Suplay旗下最具代表性的核心品牌卡卡沃(Kakawow)于2021年推出，主要聚焦收藏性、非对战属性卡牌。据招股书显 示，按照2024年GMV统计，卡卡沃已经在中国的收 ...

Market Overview - The Hang Seng Index increased by 2.01%, the Hang Seng Tech Index rose by 4.31%, and the Hang Seng China Enterprises Index gained 2.85% during the week from December 29, 2025, to January 2, 2026[4]. - Net selling through the Hong Kong Stock Connect amounted to 3.4 billion CNY, while southbound funds recorded a net purchase of 1,301.5 billion CNY in 2025, equivalent to 174.92% of the total net purchases for 2024[4]. AI Sector Developments - Meta acquired AI startup Manus for over 2 billion USD, which will continue to operate independently[4]. - Baidu's subsidiary Kunlun Chip submitted a confidential listing application to the Hong Kong Stock Exchange on January 2, 2026[6]. - MiniMax launched the MiniMax M2.1 model and went through the listing hearing with the Hong Kong Stock Exchange[4]. Investment Recommendations - For Tencent Holdings, a PE ratio of 18X is projected for 2026, with expectations of accelerated growth in domestic gaming and healthy overseas growth[4]. - Kuaishou is expected to have a PE ratio of 11X for 2026, with stable growth and potential investment opportunities following any short-term volatility[4]. - Alibaba is projected to have a FY27 PE of 16X, with new AI models and hardware developments to watch[4]. Consumer Sector Insights - Suplay submitted its prospectus for listing on the Hong Kong Stock Exchange, aiming to capitalize on its leading position in the collectible card market[6]. - Pop Mart's valuation is at 14X PE for 2026, with potential sales boosts from the holiday season and strong IP performance expected[4]. Risks - Geopolitical risks may impact overseas revenues and competitiveness, potentially affecting stock prices[22]. - Regulatory risks in the internet sector could influence industry and individual stock performance[22].

Core Viewpoint - Suplay Inc. is positioned as a leading player in the collectible non-battle card market in China, with significant growth potential and a strong management team with investment backgrounds [4][5][9]. Company Overview - Founded in 2019, Suplay focuses on integrating globally recognized IPs into its product lines while promoting Chinese culture through selected products [5]. - Suplay's flagship brand "Kaka Wo" holds a pioneering and leadership position in the Chinese collectible card market, being the first to receive comprehensive certification from major global grading institutions [7]. Market Position - As of 2024, Suplay ranks first in the Chinese collectible non-battle card market by GMV, surpassing the combined total of the second and third-ranked competitors, and is the only Chinese brand among the top five globally [9]. - The collectible non-battle card segment is identified as one of the fastest-growing yet least penetrated areas within the broader entertainment merchandise market, with a projected global market size of $12 billion in 2024, expected to grow to $25.7 billion by 2029, reflecting a CAGR of 16.5% [10]. Product Strategy - Suplay's card products are positioned in the high-end segment, focusing on collectible cards priced over 10 yuan, employing a limited release strategy that enhances both artistic quality and collectible value [8]. - The company has expanded its offerings to include consumer products, such as the mini figurine series launched in April 2022, and has collaborated with cultural institutions to develop themed collectible cards [10]. Financial Performance - Suplay's revenue for 2023 and 2024 is reported at 146 million yuan and 281 million yuan, respectively, marking a year-on-year growth of 92.5%. For the first three quarters of 2025, revenue increased by 39.4% to 283 million yuan [11]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 are 41.7%, 45.8%, and 54.5%, respectively, with adjusted net profit margins of 11.0%, 23.1%, and 30.5% during the same periods [12]. Investment and Future Plans - Prior to the IPO, MiHoYo holds an 11.86% stake in Suplay, making it the largest external investor, with its vice president serving as a non-executive director [13]. - The funds raised from the IPO are intended for diversifying the IP portfolio, expanding collaborations with leading IP licensors, enhancing product innovation, and supporting global market expansion [13].