HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Whether in terms of revenue scale or profitability, Suplay is lower than Kayou. This difference is responsible for the disparity in cost-sharing capabilities and scale effects between the two companies.</li>
<li>Suplay cannot “spread out” the costs of outsourcing and IP. Both will reduce the overall profit, which is difficult to reverse. The trap of relying on external IP is intensifying.</li>
<li>Since Pop Mart has rich proprietary IPs, it possesses strong incubation and operation capabilities.Valuation of Suplay should be lower than Pop Mart, who has higher certainties in business model/growth outlook</li>
</ul>


Whether in terms of revenue scale or profitability, Suplay is lower than Kayou. This difference is responsible for the disparity in cost-sharing capabilities and scale effects between the two companies.
Suplay cannot “spread out” the costs of outsourcing and IP. Both will reduce the overall profit, which is difficult to reverse. The trap of relying on external IP is intensifying.
Since Pop Mart has rich proprietary IPs, it possesses strong incubation and operation capabilities.Valuation of Suplay should be lower than Pop Mart, who has higher certainties in business model/growth outlook


Pre-IPO Suplay - The Business Model, Peer Comparison and the Outlook

Sunny & Sandy (Hunan) Group / Equity Capital Markets

<ul>
<li>S&amp;S strives to demonstrate that IP toys is a scalable business driven by efficiency.This "MIXUE-style" expansion strategy enables it to rapidly penetrate the vast lower-tier markets and drive explosive growth.</li>
<li>The "To C for traffic diversion + To B for stable profits" model not only builds brand recognition through terminal products but also smooths cash flow by leveraging enterprise orders.</li>
<li>Pop Mart enjoys higher valuation premium thanks to its high-barrier IP ecosystem.S&amp;S‘s model is a more "industrialized" path that tests execution ability.Valuation of S&amp;S should be lower than Pop Mart.</li>
</ul>


S&amp;S strives to demonstrate that IP toys is a scalable business driven by efficiency.This "MIXUE-style" expansion strategy enables it to rapidly penetrate the vast lower-tier markets and drive explosive growth.
The "To C for traffic diversion + To B for stable profits" model not only builds brand recognition through terminal products but also smooths cash flow by leveraging enterprise orders.
Pop Mart enjoys higher valuation premium thanks to its high-barrier IP ecosystem.S&amp;S‘s model is a more "industrialized" path that tests execution ability.Valuation of S&amp;S should be lower than Pop Mart.


Pre-IPO Sunny & Sandy (Hunan) Group - Deep Dive the Business Model, Concerns, Thoughts on Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, its has been an unsually busy start of the year and it looks set to get even busier.</li>
<li>On the placements front, there were only a few deals across the region, as earnings linked blackouts are set to start rolling in.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, its has been an unsually busy start of the year and it looks set to get even busier.
On the placements front, there were only a few deals across the region, as earnings linked blackouts are set to start rolling in.


Aequitas: ECM Weekly (19 January 2026)- Montage, Eastroc, Longcheer, Busy Ming, Sunway, Amagi, Wuxi

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Suplay (SUPLAY HK)

Pre-IPO Suplay - The Business Model, Peer Comparison and the Outlook

Suplicy's lower revenue and profitability compared to Kayou lead to limited cost-sharing capabilities and scale effects, while Pop Mart's strong...

Xinyao (Criss) Wang

Pre-IPO Sunny & Sandy (Hunan) Group - Deep Dive the Business Model, Concerns, Thoughts on Valuation

Sunny & Sandy shows IP toys as scalable business with efficient "MIXUE-style" expansion strategy for rapid growth, while Pop Mart's high-barrier IP...

Xinyao (Criss) Wang

Aequitas: ECM Weekly (19 January 2026)- Montage, Eastroc, Longcheer, Busy Ming, Sunway, Amagi, Wuxi

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Suplay - The Business Model, Peer Comparison and the Outlook

​Suplicy's lower revenue and profitability compared to Kayou lead to limited cost-sharing capabilities and scale effects, while Pop Mart's strong...

Xinyao (Criss) Wang

Pre-IPO Sunny & Sandy (Hunan) Group - Deep Dive the Business Model, Concerns, Thoughts on Valuation

Sunny & Sandy shows IP toys as scalable business with efficient "MIXUE-style" expansion strategy for rapid growth, while Pop Mart's high-barrier IP...

Xinyao (Criss) Wang

Aequitas: ECM Weekly (19 January 2026)- Montage, Eastroc, Longcheer, Busy Ming, Sunway, Amagi, Wuxi

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Suplicy's lower revenue and profitability compared to Kayou lead to limited cost-sharing capabilities and scale effects, while Pop Mart's strong...