高瓴入局！一张小卡片撬动数亿元融资 “闪魂”能否用游戏IP重构卡牌赛道？

Core Viewpoint - ShiningSoul, a cultural technology brand under Shanghai Zhenyouqu, has successfully completed a financing round of several hundred million RMB, led by Hillhouse Capital, indicating strong investor confidence in the collectible card game (CCG) market driven by popular game IPs [1][6]. Company Overview - ShiningSoul was co-founded by Yao Shuo Bin, chairman of Yaoji Technology, and veteran card industry player Sheng Chuan, with the brand being registered in March 2023 and first revealed in November 2023 [1][3]. - The company focuses on game IPs, aiming to capitalize on the growing popularity of collectible card games among younger audiences [1][2]. Market Potential - The broader market for pan-entertainment toys is projected to reach 101.8 billion RMB in 2024, with a compound annual growth rate (CAGR) of 15.8% from 2024 to 2029. The collectible card segment is expected to grow at a remarkable CAGR of 56.6% from 2019 to 2024 [1]. - The demand for collectible cards is particularly strong among elementary school students, who have increased purchasing power [5]. Product Strategy - ShiningSoul has launched card series based on high-profile IPs such as the British Library and popular games like "Identity V" and "Girls' Frontline: Cloud Plan," showcasing a strategic approach to product development [2][4]. - The initial success of the "Identity V" card series, which sold out within 26 days, highlights the effective alignment of product offerings with consumer interests [4]. Competitive Landscape - The card game market is characterized by significant competition, with companies like KAYOU also experiencing rapid growth, evidenced by a 277.8% year-on-year revenue increase in 2024 [7]. - The emphasis on competitive play in card games is becoming more pronounced, as companies shift focus from mere collection to gameplay, enhancing player engagement and community interaction [7][8]. Future Plans - Following the recent financing, ShiningSoul plans to accelerate its strategic initiatives, including deeper collaborations with top global IPs and expanding its presence in key markets such as North America, Europe, and Southeast Asia [6].