Workflow
卡游,把卡牌做成了“印钞机”
Ge Long Hui·2025-05-28 02:44

Core Insights - The company, 卡游, is set to achieve revenue exceeding 10 billion RMB in 2024, with 81.5% of this revenue coming from collectible card sales and a gross margin of 71.3% [2][3][9]. Revenue Breakdown - In 2024, 卡游's revenue from collectible cards is projected to be 8.2 billion RMB, while the total revenue from toys is expected to be 9.5 billion RMB [8][9]. - The revenue distribution shows that 92.5% comes from distribution channels, with only 7.5% from direct sales [6][7]. Sales Channels - The majority of sales occur in convenience stores, stationery shops, and small retailers located near schools, making the products easily accessible to minors [6][8]. - The sales strategy leverages impulse buying by placing cards in visible and accessible locations [6][8]. Product Strategy - 卡游 employs a rarity classification system for its cards, which creates a continuous repurchase mechanism and maintains consumer interest [3][10]. - The company’s marketing strategy effectively targets minors by utilizing psychological triggers such as the dopamine effect associated with uncertainty and instant feedback [2][10]. Financial Performance - The company reported a significant increase in operating cash flow, reaching 5.11 billion RMB in 2024, indicating strong financial health and capacity for expansion [23][24]. - The cash and cash equivalents at the end of 2024 are close to 4.88 billion RMB, showcasing robust liquidity [24]. Market Dynamics - The secondary market for cards has seen high prices, with some rare cards selling for tens of thousands of RMB, indicating a growing speculative interest [11][15]. - The presence of a rating system for cards enhances their perceived value, influencing consumer behavior and pricing expectations [14][15]. Ethical Considerations - The company has implemented age restrictions for card purchases, allowing sales only to individuals aged 8 and above, but enforcement of these rules is often lax [2][21]. - Concerns have been raised regarding the impact of card trading on minors, particularly in terms of their cognitive development and financial decision-making [21][25].