Investment Ratings - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, Huazhu Group, Haidilao, and others, while Budweiser APAC is rated "Neutral" [1]. Core Insights - Alibaba is committed to increasing investment in Taobao Flash Sale to achieve market leadership [5]. - Suplay, a card company, has submitted a listing application to the Hong Kong Stock Exchange, leading the non-combat collectible card market in China [5]. - Jiumaojiu reported operational data for Q4 2025, showing mixed performance across its brands [5]. - The Ministry of Commerce announced a subsidy program for appliance trade-ins and purchases of new digital and smart products starting January 1, 2026 [5]. Weekly Performance Summary - Key performers in the F&B sector include Guming (+8.7%) and Chagee (+7.0%), while Super Hi underperformed with a decline of -6.6% [6]. - In the home appliance sector, Zhejiang Meida (+10.3%) and Roborock (+7.5%) showed strong performance [6].

Core Viewpoint - Suplay Inc. is preparing for an IPO on the Hong Kong Stock Exchange, leveraging partnerships with well-known IPs like "Genshin Impact" and "Harry Potter" to establish itself in the collectible card market, but faces significant risks due to reliance on licensed IPs and the expiration of key licensing agreements [1][3][15]. Company Overview - Suplay was founded in 2019 and initially focused on blind box sales through a WeChat mini-program, later expanding into collectible cards and toys [2]. - The company has completed five rounds of financing, with a post-money valuation of approximately $100 million as of July 2025, a 20-fold increase from its initial valuation of $5 million in 2019 [2]. Financial Performance - Suplay's revenue has shown consistent growth, with reported revenues of 146 million RMB, 281 million RMB, and 283 million RMB for the years 2023, 2024, and the first three quarters of 2025, respectively [7][8]. - The net profit for the same periods was 2.95 million RMB, 49.12 million RMB, and 37.07 million RMB, indicating a positive trend in profitability [7][8]. Market Position - Suplay ranks first in the Chinese collectible non-battle card market by GMV for 2024, and is the only Chinese brand among the top five global collectible non-battle card brands [6]. - The company has a high dependency on licensed IPs, with revenue from self-owned IPs dropping from 40.6% in 2023 to just 4.1% in the first three quarters of 2025 [13][14]. Product Segmentation - Suplay's business is divided into collectible products and consumer products, with collectible products now accounting for 70% of revenue in the first three quarters of 2025, up from 32.9% in 2023 [12]. - The company has three self-owned IPs and 22 licensed IPs, with a significant focus on developing products based on these IPs [12]. Licensing and Revenue Risks - The company faces structural risks due to its heavy reliance on licensed IPs, with the largest single licensed IP contributing 28.4% of revenue in 2023 [15]. - The licensing agreement for the largest revenue-generating IP has expired, and ongoing negotiations for renewal introduce uncertainty regarding future revenue [15].

Core Viewpoint - Suplay Inc. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to diversify its IP portfolio and expand collaborations with leading IP licensors [1] Group 1: Company Overview - Suplay is a leading company in the collectible non-combat card market in China, with its flagship brand "Kaka Wo" holding a top position [2] - The company primarily targets adult consumers aged 18 and above, with over 99% of its customer base being adults, including high-net-worth collectors and Gen Z fans [2] - Suplay's products are positioned in the high-end collectible segment, focusing on cards priced over 10 yuan, utilizing a limited release strategy to enhance artistic value and collectibility [2] Group 2: Financial Performance - Suplay's revenue for the reporting periods was 146 million yuan, 281 million yuan, and 283 million yuan, with profits of 2.949 million yuan, 49.115 million yuan, and 37.074 million yuan respectively [4] - The company's inventory has shown a consistent amount, but the inventory write-downs have increased significantly, reaching 8.8 million yuan, 23.3 million yuan, and 36.3 million yuan by the end of the reporting periods [4] Group 3: IP and Revenue Sources - A significant portion of Suplay's revenue comes from licensed IPs, with the top five licensed IPs contributing 47.8%, 61.5%, and 77.7% of total revenue during the reporting periods [5] - The revenue contribution from Suplay's own IPs has drastically decreased from 40.6% in 2023 to 4.1% in the first three quarters of 2025 [3] Group 4: Market Risks and Challenges - Suplay's reliance on non-exclusive IP agreements poses risks, as it allows licensors to grant rights to multiple companies, potentially leading to market saturation and reduced profit margins [5] - The company faces challenges in controlling its distribution channels, with a high dependency on distributors for revenue, which accounted for 74.1%, 81.8%, and 74.3% of total income during the reporting periods [6] - Suplay does not own any production facilities, relying entirely on third-party manufacturers, which raises concerns about quality control and compliance with production standards [7]

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 - Hitcard is advancing its listing process and may become the "first stock" in the card industry, focusing on adult collectible cards and achieving significant revenue growth [4][5]. Group 1: Company Overview - Hitcard was founded in 2021 and has received investments from various institutions, including Shanghai Lianchuang Investment and Sequoia China [4]. - The company has achieved approximately 400 million yuan in revenue last year, with a year-on-year growth exceeding 600%, and expects another 100% growth this year [5][6]. Group 2: Market Potential - The collectible card market in China is projected to reach 26.3 billion yuan in 2024, making it the largest globally, with an expected growth to 44.6 billion yuan by 2029 [5]. - Hitcard's unique growth strategy allows it to address key market concerns, such as customer demographics and dependency on single IPs [5][6]. Group 3: Product Strategy - Hitcard has signed over 60 IPs this year, doubling its IP portfolio compared to 2024, which is comparable to larger competitors [7][8]. - The company maintains a rapid product turnover, introducing about 10 new products monthly, with a focus on limited editions to enhance scarcity [8][9]. Group 4: Production and Innovation - Hitcard has invested in advanced printing technology, utilizing a 14-color printing machine, which enhances the color richness of its cards compared to competitors [9]. - The company has adopted innovative production techniques, such as "electroplated crystal" processes, to improve product aesthetics and consumer engagement [9]. Group 5: Consumer Engagement and Sales Channels - Live streaming has become a significant sales channel for Hitcard, contributing over 60% of its sales, with offline channels also expanding to 40% of sales [13][14]. - The brand is targeting a broader audience by introducing products appealing to young male consumers, thus diversifying its user base [15][16]. Group 6: Competitive Landscape and Future Outlook - Hitcard faces increasing competition for IP rights, but emphasizes its capabilities in IP interpretation and content extension to differentiate itself [16]. - The company has secured a partnership with Disney, aiming to expand its presence in overseas markets, particularly in North America and Japan [16][17].