一张卡片炒到数万元，卡游二次冲击IPO，港股拆不拆这张“卡”？｜国潮风云

Core Viewpoint - The rapid growth of the trading card game (TCG) market in China is exemplified by the success of the company 卡游, which has seen significant revenue increases and is preparing for an IPO amidst a booming demand for collectible cards driven by popular IPs like 哪吒 and 奥特曼 [1][4][31]. Group 1: Company Performance - 卡游's revenue surged from 22.98 billion RMB in 2021 to 100.57 billion RMB in 2024, marking a 277.8% increase year-on-year [5][9]. - The adjusted net profit for 卡游 increased from 7.95 billion RMB in 2021 to 44.66 billion RMB in 2024, reflecting a 378.16% growth [5][9]. - In 2024, 卡游's revenue from trading cards accounted for over 80% of its total revenue, solidifying its position as a leading player in the TCG market [7][9]. Group 2: Market Dynamics - The TCG market in China has rapidly expanded, with 卡游 capturing 71.1% market share in the trading card sector as of 2024 [9][14]. - The company has diversified its IP portfolio, increasing from 30 to 70 IPs between 2022 and 2024, with ten IPs contributing over 1 billion RMB each [14][42]. - The demand for collectible cards has been fueled by the popularity of various IPs, with 卡游's revenue from major IPs reaching 86.53 billion RMB in 2024 [14][42]. Group 3: Sales Channels and Strategies - 卡游's sales channels include 217 distributors and 351 卡游 centers, with a focus on both distribution and direct sales [16][18]. - The company has successfully leveraged online platforms and live-streaming to enhance customer engagement and drive sales, with a 390.68% increase in search interest for "拆卡" (card unpacking) on major e-commerce platforms [18][20]. - The average selling price of a card pack is 1.7 RMB, with a gross margin of 71.3%, indicating a highly profitable business model [12][14]. Group 4: Future Outlook and Challenges - 卡游 is preparing for a second attempt at an IPO in 2025, with a deadline for completion set for the end of 2026 [31]. - The company faces challenges related to regulatory scrutiny and the need for compliance with laws protecting minors in the context of card sales [49][50]. - The sustainability of 卡游's explosive growth remains a question, as the company must navigate market dynamics and potential shifts in consumer preferences [33][41].