卡游赚钱能力正在超过泡泡玛特

Core Viewpoint - The collectible card company, Kayo, has updated its prospectus after more than a year, showcasing significant revenue growth and profitability despite challenges related to IP dependency and market fluctuations [1] Financial Performance - In 2024, Kayo achieved revenue of 10.057 billion yuan, a year-on-year increase of 280% [2] - The adjusted net profit reached 4.466 billion yuan, reflecting a year-on-year growth of 380% [2] - Kayo's gross margin for collectible cards is as high as 70%, contributing to a net profit margin exceeding 40% [2] - Kayo's profitability has surpassed that of the popular Hong Kong stock, Pop Mart, generating 1 billion yuan more in profit with 3 billion yuan less in revenue [2] IP Dependency and Market Dynamics - Kayo has successfully leveraged popular IPs like My Little Pony, which has expanded its audience from elementary school students to young professionals [2] - Despite the success, Kayo remains dependent on external IPs, facing challenges such as a copyright dispute over "Classic Ultraman" that resulted in a loss [2] - In 2023, Kayo's revenue declined by 45.24% to 2.262 billion yuan due to adjustments in its IP matrix [2] - Currently, 10 out of 70 IPs have generated over 100 million yuan in revenue, with the top five IPs contributing 86.1% of total revenue [2] Product Diversification - Kayo is working to optimize its product structure and reduce reliance on major products, with over 80% of its revenue coming from collectible cards, stable compared to the previous year [2] - Revenue from peripheral products, including badges and card collections, reached 1.023 billion yuan, increasing by 6.2 percentage points to 10.2% of total revenue [3] - The revenue from stationery products, which are popular among middle and primary school students, doubled to 513 million yuan in 2024 [4] Profitability of Peripheral Products - The gross margins for peripheral and stationery products are relatively lower at 57.1% and 39.4%, respectively, compared to the high margins of collectible cards [5]