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 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 company specializing in IP collectibles and consumer products, has submitted its listing application with CICC and JPMorgan as joint sponsors, aiming to capitalize on its leading position in the collectible card market in China and globally [1][3]. Group 1: Company Overview - Suplay was founded in 2019 and is known for its flagship brand "Kakawo" [1]. - The company completed an A+ round of financing in 2021, receiving an investment of $8 million from miHoYo [3]. - Suplay ranks first in the Chinese collectible non-combat card market by GMV for 2024, surpassing the combined total of its second and third competitors, and is the only Chinese brand among the top five global collectible non-combat card brands [3]. Group 2: Financial Performance - For the fiscal years ending December 31 and the nine months ending September 30, Suplay reported revenues of approximately RMB 145.7 million, RMB 280.5 million, and RMB 202.8 million for 2023, 2024, and 2024 respectively, with profits attributable to equity shareholders of RMB 2.95 million, RMB 49.12 million, and RMB 35.54 million [4][5]. - The company’s revenue is projected to reach RMB 283.3 million by the end of 2025, with a gross profit of RMB 154.34 million [4]. Group 3: Revenue Composition - Suplay's revenue heavily relies on licensed IP products, which accounted for 54.2%, 85.1%, and 95% of total revenue during the reporting periods, while self-owned IP revenue was significantly lower at 40.6%, 14.4%, and 4.1% [4][5]. - The company’s self-owned IP includes Rabbit KIKI, OHO Uncle, and Water Wave Egg [4]. Group 4: Market Challenges - The non-exclusive nature of many IP licensing agreements increases competition, as licensors can grant the same IP rights to multiple companies, leading to market saturation and reduced product differentiation [6]. - Suplay's trade receivables have been rising, with amounts of RMB 13.9 million, RMB 28.9 million, and RMB 34.1 million reported during the respective periods, indicating potential liquidity risks [6].

Core Viewpoint - Suplay, a company specializing in IP collectibles and consumer products, has submitted its IPO prospectus to the Hong Kong Stock Exchange, with J.P. Morgan and CICC as joint sponsors [1]. Company Overview - Founded in 2019, Suplay focuses on high-end collectible non-battle cards and has expanded into trendy toys and IP derivatives, primarily targeting adult consumers [1]. - The flagship brand "Kakawoo" holds a pioneering and leading position in China's collectible card market, ranking first in the non-battle card segment with a GMV projection for 2024, surpassing the combined total of its second and third competitors [4]. Market Position - Suplay is the only Chinese brand among the top five global collectible non-battle card brands [4]. - The company emphasizes the high-end collectible card market, with products priced above 10 RMB per card, distinguishing itself from lower-priced cards that focus on entertainment consumption [4]. Financial Performance - Revenue is projected to grow from 146 million RMB in 2023 to 281 million RMB in 2024, representing a year-on-year increase of 92.5% [4]. - Net profit margins are expected to rise from 2.0% in 2023 to 17.5% in 2024, with a reported revenue of 283 million RMB and a profit of 37.07 million RMB for the first nine months of 2025, reflecting a 39.4% year-on-year growth [4]. Profitability Metrics - Gross margins for 2023, 2024, and the first three quarters of 2025 are reported at 41.7%, 45.8%, and 54.5%, respectively [5]. - Adjusted net profit margins for the same periods are 11.0%, 23.1%, and 30.5% [5]. Revenue Breakdown - In 2024, collectible revenue accounted for 117 million RMB, or 41.8% of total revenue, which increased to 70.0% by the first nine months of 2025 [5][6]. - Consumer product revenue share decreased from 58.3% to 30.0% during the same period [5]. IP Collaboration - Suplay has established partnerships with 22 IP licensors, including exclusive agreements with prominent entities such as the Chinese National Ice and Snow Sports Team [7]. - The top five licensed IPs contributed 77.7% of revenue in the first nine months of 2025, with the largest single IP accounting for approximately 32.3% [7]. Market Growth - The global non-battle collectible card market is projected to reach $12 billion in 2024, with a CAGR of 19.5% from 2019 to 2024, and expected to grow to $25.7 billion by 2029 [8]. - The Chinese non-battle collectible card market is anticipated to reach 6.2 billion RMB in 2024, with a CAGR of 24.5% from 2019 to 2024, potentially exceeding 16.5 billion RMB by 2029 [8]. Leadership Background - The founder and CEO, Huang Wanjun, has a background as an analyst at Huaxing Capital and as a partner at InnoVenture Capital [11]. - The CFO and company secretary, Li Jing, was the founder and CEO of Xiaofanzhuo [11]. - Prior to the IPO, MiHoYo held an 11.86% stake in Suplay, making it the largest external investor [11].