来源：中国经营报 中经记者 李哲 北京报道 近日，国内收藏级非对战卡牌企业Suplay（超级玩咖）向港交所递交招股书。根据Suplay披露的股权结 构信息，米哈游持有其11.86%股权。同时，米哈游还将旗下《原神》《崩坏：星穹铁道》等经典游戏 产品IP对Suplay进行授权合作。 《中国经营报》记者注意到，Suplay自有IP在营收中的占比呈现连年下滑的态势。截至2025年9月底， 其自有IP贡献的收入在总营收中占比仅为4.1%。 对此，Suplay方面在招股书中表示，非对战式收藏卡的核心价值高度依赖IP资源。其高度依赖使用第三 方授权方的授权IP来开发产品。"这些产品的成功很大程度上取决于我们能否与IP授权方保持良好关系 以及能否获得商业上有利的条款许可。" Suplay方面表示，得益于早期洞察成年消费者（尤其是女性受众）对高质量、具有文化共鸣的收藏品的 需求未被满足，而过去以体育IP和男性受众为主的市场中，长期以来一直未开拓女性受众。基于这一洞 察，其在中国非对战卡领域推出了以非体育IP为主的差异化产品策略。 记者在Suplay小程序中看到，其产品涵盖体育、动漫、流行文化等多个细分品类。包括《权力的游戏》 ...

Core Insights - The article highlights the rapid growth and innovative strategies of Jason Entertainment, a cultural and entertainment company based in Guangzhou, which has successfully integrated various IPs and product categories to capitalize on the booming Chinese cultural industry [2][6]. Company Overview - Jason Entertainment started in 2019 with a four-person team focusing on collectible cards from the IP "Douluo Dalu" and has since expanded to a comprehensive cultural entertainment group covering cards, trendy toys, and AI products, linking over 500 global IPs [2][6]. - The company achieved over 100 million yuan in sales within a week of launching collectible cards for "Nezha: Birth of the Demon Child," demonstrating significant market demand and effective IP utilization [2][6]. Product and Market Strategy - The company has launched collaborations with major IPs like Disney and has expanded its product categories to include food toys, trendy toys, and AI products, creating immersive experiences for consumers [3][4]. - Jason Entertainment's recent product launch event in Shanghai generated significant engagement, with over 3.02 million exposures and nearly 300,000 yuan in GMV on the first day [3]. Technological Integration - AI technology is being integrated into IP operations, with the company's self-owned IP "Capybara" evolving into an AI companion robot, enhancing user interaction and experience [3][4]. - The company is exploring AR technology to transform static collectibles into interactive experiences, showcasing a forward-thinking approach to product development [5][6]. Growth and Future Outlook - Jason Entertainment has experienced a threefold increase in financing and valuation over the past year, with a compound annual growth rate exceeding 200%, indicating strong market performance [6][7]. - The company aims to expand its physical presence with plans to open 70 stores by next year, targeting annual sales exceeding 1 billion yuan [7][8]. - The company aspires to become "China's Bandai," leveraging its strategic positioning in the cultural industry to tap into new revenue streams through IP and merchandise [7][8].