卡牌行业龙头卡游冲刺港股，亏损12亿为何还敢IPO？要不要打？

Core Viewpoint - The company, 卡游, is preparing for an IPO despite reporting a net loss of 1.242 billion yuan in 2024, driven by rapid revenue growth and a strong market position in the collectible card industry [1][2]. Company Overview - 卡游's core business is collectible card games, with total revenue of approximately 10.057 billion yuan in 2024, where card business contributed 8.2 billion yuan, accounting for over 80% of total revenue [5]. - The company holds leading positions in various segments, including a 13.3% market share in the general entertainment products industry, 21.5% in the general entertainment toys sector, and a dominant 71.1% in the collectible card market [5]. Reasons for IPO - The company aims to expand its capital strength to support rapid growth, with a revenue increase of 277.8% year-on-year in 2024, necessitating significant funding despite the current losses [6]. - The IPO is intended to seize market opportunities and enhance competitiveness against international rivals, as China has become the largest card market globally, valued at 26.3 billion yuan [6]. - The company seeks to solidify its leading position in the industry and unlock valuation potential, given the low per capita spending on cards in China compared to Japan and the U.S. [6]. Competitive Advantages - 卡游 boasts a rich IP matrix with 70 IPs, including one proprietary IP, which enhances its product offerings and market appeal [8]. - The company has a robust sales network, covering all 31 provinces in China through 217 distributors, 32 flagship stores, and various online platforms [8]. - 卡游 capitalizes on the "Guzi Economy" trend, aligning collectible cards with national cultural IPs to meet the consumption preferences of Generation Z [8]. Industry Outlook - The collectible card industry in China has experienced a compound annual growth rate of 57% from 2019 to 2024, with a market size of 26.3 billion yuan in 2024, surpassing the U.S. and Japan [9]. - There is significant growth potential in the market, as per capita spending on collectible cards in China is only 18.7 yuan, compared to 119.3 yuan in Japan and 64.0 yuan in the U.S., indicating a possible 3-6 times increase in market size [9]. Impact of Losses on IPO - Market sentiment remains optimistic regarding the company's IPO despite the reported losses, as the losses are attributed to high initial investments during the expansion phase rather than poor business performance [10][11]. - The company maintains a high gross margin of around 70%, indicating strong core business profitability [11]. - The backing of prestigious underwriters such as Morgan Stanley, CICC, and JPMorgan reflects confidence in the company's future prospects [11].