“卡牌一哥”卡游再度冲击IPO，当代年轻人有自己的“澳门平替”

Core Viewpoint - The trading card brand Kayo is attempting to go public again after a failed IPO in 2024, facing challenges related to data security and regulatory compliance, while also contending with negative public perceptions regarding its impact on minors [1][11]. Group 1: Company Overview - Kayo's revenue has shown significant growth, with figures of 41.31 billion in 2022, 26.62 billion in 2023, and a projected 100.57 billion in 2024, despite a dip in 2023 due to decreased popularity of its main IP, Ultraman [3][8]. - The company has a high gross margin, with rates of 68.8%, 65.8%, and 67.3% from 2022 to 2024, indicating a profitable business model [8]. - Kayo's IP library has expanded to 70 IPs, with major contributors including Ultraman, My Little Pony, and others, which are crucial for its revenue generation [3][12]. Group 2: Market Dynamics - The trading card market in China has grown from 2.8 billion in 2019 to 13.3 billion in 2023, with a compound annual growth rate of 31.49% [3]. - The primary consumer demographic for trading cards is under 35 years old, with a significant portion being minors, which raises concerns about the company's long-term sustainability [12]. - Competitors like Hitcard and Jicard are gaining traction, with Hitcard securing various IP partnerships and Jicard adopting a dual strategy of introducing and creating original IPs [15][13]. Group 3: Industry Trends - The rise of live-streaming card unpacking has accelerated the popularity of trading cards among younger consumers, creating a new consumption scenario [5]. - The trading card segment is increasingly seen as part of the broader "peripheral economy," which has high profit margins compared to other merchandise categories [8]. - Kayo is diversifying its product offerings beyond trading cards into areas like figurines and stationery, although trading cards remain its primary revenue source, accounting for 81.5% of its income in 2024 [16][15].