卡游赴港IPO：IP+产品双轮驱动 泛娱乐龙头重新定义行业

Core Viewpoint - The company, 卡游, is advancing its IPO process in Hong Kong, capitalizing on favorable market conditions and its strong market position in the entertainment and toy sectors [1][2]. Group 1: Market Environment and IPO Context - The external environment has shifted favorably for 卡游, with younger consumers driving demand for emotional and social consumption [1]. - The company aims to leverage the current market dynamics to accelerate its expansion and showcase its unique business model of "content-driven consumption" [1]. - The Hong Kong market is increasingly welcoming to new economy enterprises, particularly those with high growth potential [1]. Group 2: Financial Performance - In 2024, 卡游 achieved total revenue of 10.057 billion yuan, a staggering increase of 278% year-on-year [2]. - Adjusted net profit reached 4.466 billion yuan, marking a 378% surge compared to 2023, reflecting the success of its diversified strategy [2]. Group 3: IP Diversification Strategy - 卡游 employs a dual-track model of "licensed IP monetization" and "original IP ecosystem extension," which provides both short-term certainty and long-term growth potential [3]. - As of December 31, 2024, 卡游 has a portfolio of 70 IPs, with 69 being licensed, contributing over 85% of total revenue from the top five licensed IP products [3][4]. - The company has established long-term relationships with key IP partners, ensuring revenue stability from core IPs [4]. Group 4: Product Diversification - 集换式卡牌 (trading card games) constitute over 90% of 卡游's total sales, with revenue from this segment growing from 3.93 billion yuan to 8.2 billion yuan, reflecting a compound annual growth rate of 27.8% [8]. - The company has successfully expanded into peripheral products and cross-category offerings, tapping into the growing market for related merchandise [8][9]. - 卡游's flexible supply chain and operational capabilities enable rapid product development across multiple categories, enhancing its competitive edge [10]. Group 5: User Engagement and Market Strategy - The company has demonstrated exceptional sensitivity in user operations, effectively targeting demographic shifts through data-driven marketing strategies [12]. - By integrating IP diversification as a content engine and product diversification as a growth lever, 卡游 has established a robust business model that combines card sales with derivative product expansion [12].