中邮证券：泛娱乐行业景气度高 集换式卡牌潜在市场空间大

Group 1 - The core viewpoint is that the collectible card game (CCG) sector within China's pan-entertainment industry is experiencing rapid growth, with a compound annual growth rate (CAGR) exceeding 50% over the past five years, positioning it as a significant category alongside other products like "Baji" [1][2] - The CCG market in China is still in its early development stage, indicating substantial potential for future growth, especially when compared to more mature markets like Japan and the United States [2][4] - The CCG's low price point and high purchase frequency make it particularly appealing to younger consumers, enhancing its market attractiveness [4] Group 2 - The company has established a competitive edge through multiple advantages, including ownership of popular IPs such as Ultraman and My Little Pony, and a diverse product matrix that includes collectible cards, figurines, and stationery [3] - The company has a well-developed sales network and high coverage of offline distribution channels, facilitating product accessibility to consumers [3] - Continuous innovation in gameplay design and community engagement strategies are being implemented to enhance product flow and player activity [3] Group 3 - The company aims to maintain its advantages while exploring new growth drivers, focusing on collaborations with entertainment content producers to secure diverse IP licenses and expand product categories [4] - In addition to collectible TCGs, the company is targeting the competitive TCG segment to meet consumer entertainment and social needs, enhancing gameplay fun and competitiveness [4] - The company plans to leverage its domestic experience and established international brand presence to gradually expand its brand overseas, creating a secondary growth curve [4]