在泡泡瑪特掀起的潮玩資本熱潮尚未退燒之際，市場很快迎來新的焦點，又一家潮玩相關公司正式踏上資本舞台。近日，卡牌公司Suplay已向香港交易所遞交上市申請，由中金公司與摩根大通擔任聯席保薦人。這一動作不僅象徵著潮玩產業資本化進程的延續，也讓「收藏級卡牌」這一細分賽道首次被推向港股主流市場的聚光燈下。

Suplay成立於2019年，核心業務聚焦於收藏級卡牌，旗下最具代表性的旗艦品牌為「卡卡沃」。根據2024年的GMV數據統計，「卡卡沃」已成為中國收藏級非對戰卡牌市場的龍頭品牌，市占率不僅排名第一，甚至超過第二名與第三名的總和。放眼全球市場，「卡卡沃」也已躋身全球前五大收藏級非對戰卡牌品牌之列，並且是其中唯一來自中國的品牌。若此次上市順利完成，Suplay極有可能成為港股市場上的「卡牌第一股」，填補該領域長期以來的空白。

除了「第一股」的象徵意義之外，Suplay本身還有多個值得深入關注的層面。公司創始人兼CEO黃萬鈞是一位典型的連續創業者，在創立Suplay之前，他不僅有投資人背景，還曾創辦潮玩與眾籌平台摩點網。這兩段經歷讓他同時熟悉資本運作與潮玩消費者生態，也為Suplay在品牌打造、社群經營與產品定位上打下扎實基礎。某種程度上，黃萬鈞的創業路徑也為市場提供一個「由投轉創、以投促創」的成功範例，成為近年中國新消費創業敘事中的代表性人物之一。

在股權與產業合作層面，Suplay於2021年引入重量級產業投資方——米哈遊。這筆投資不僅帶來資金支持，更重要的是為Suplay提供強而有力的產業背書。在後續的新業務拓展、IP合作與產品設計方向上，米哈遊都扮演關鍵角色，幫助 Suplay更有效地切入年輕用戶與二次元文化圈層。作為IPO前最大的機構股東之一，米哈遊也在這一過程中實現策略協同與財務回報的雙重收益，堪稱產業投資的成功案例。

從產業屬性來看，Suplay所處的潮玩與收藏卡牌賽道，本身就是一種典型的「高毛利、高淨利」商業模式。收藏級產品兼具文化屬性與情緒價值，價格敏感度相對較低，加上限量發行、IP加持與二級市場流通，能夠持續放大品牌溢價與利潤空間。也正因如此，在當前消費投資整體偏向保守、資本敘事不再以「流量擴張」為主的背景下，潮玩仍然能成為一級與二級市場少數持續受到關注的細分領域之一。

整體而言，Suplay的上市嘗試不僅是單一公司的資本事件，更是中國潮玩與收藏卡牌產業逐步走向成熟的重要信號。在泡泡瑪特之後，市場正在尋找下一個能夠證明「內容＋情緒價值＋高毛利模型」依然成立的案例，而Suplay，正好站在這個時代節點上。

While the capital frenzy sparked by Pop Mart shows no sign of cooling, another company from the trendy collectibles space is stepping onto the public stage. Recently, trading card company Suplay officially submitted its IPO application to the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) and JPMorgan serving as joint sponsors. This move signals not only the continued financialization of the designer toy industry, but also brings the niche category of “collectible trading cards” into the spotlight of the Hong Kong capital market.

Founded in 2019, Suplay focuses on collectible-grade cards, with its flagship brand “Kakawo.” According to GMV data for 2024, Kakawo ranks first in China’s non-competitive collectible card market, with a market share exceeding that of the second- and third-ranked brands combined. On a global scale, Kakawo has also entered the top five collectible non-competitive card brands worldwide, and notably stands as the only Chinese brand among them. If the listing proceeds smoothly, Suplay is poised to become Hong Kong’s “first pure-play card company,” filling a long-standing gap in the market.

Beyond the symbolic appeal of being a “first mover,” Suplay itself offers several points of deeper interest. Its founder and CEO, Huang Wanjun, is a serial entrepreneur with a diverse background. Prior to founding Suplay, he worked as an investor and also established Modian, a crowdfunding platform well known in China’s designer toy and creative industries. These experiences gave him a rare combination of capital market insight and deep familiarity with consumer culture, laying a strong foundation for Suplay’s later success in brand building, community operations, and product positioning. In many ways, Huang’s trajectory represents a modern example of the “from investor to entrepreneur” narrative, contributing a compelling case study to China’s new-consumption ecosystem.

At the shareholder and industry-partnership level, Suplay brought in a major strategic investor in 2021: miHoYo. This investment went far beyond capital injection, providing strong industry endorsement and long-term strategic support. miHoYo played a significant role in Suplay’s expansion into new business areas, particularly in IP collaboration and product development, helping the company better connect with younger audiences and the broader ACG (anime, comics, and games) community. As the largest institutional shareholder prior to the IPO, miHoYo has achieved both strategic synergy and financial returns, making this partnership a textbook example of successful industrial investment.

From an industry perspective, the designer toy and collectible card sector in which Suplay operates is a classic high-margin, high-net-profit business model. Collectible products carry strong cultural and emotional value, making consumers less price-sensitive. Limited releases, IP-driven premiums, and active secondary markets further amplify brand value and profitability. This helps explain why, in an era when consumer investment narratives have become more cautious and less focused on rapid traffic growth, designer toys remain one of the few sub-sectors that continue to attract strong attention from both primary and secondary capital markets.

Overall, Suplay’s IPO attempt is more than just a corporate financing event. It represents a meaningful milestone in the maturation of China’s designer toy and collectible card industry. In the post–Pop Mart era, the market is searching for the next company capable of proving that a business model built on content, emotional value, and high margins can still thrive. Suplay now stands at precisely this pivotal moment.