对谈Hitcard：在IP依赖型赛道，如何建起卡牌护城河？

Core Insights - The collectible card market, particularly the adult segment, presents significant business opportunities, with Hitcard being a notable player considering capital market options [1] - Hitcard achieved approximately 400 million yuan in revenue in 2024, reflecting a year-on-year growth of over 600% [1] - The company differentiates itself by collaborating with a diverse range of IPs and focusing on limited production runs, contrasting with traditional card companies that often rely on mass production of popular IPs [1][4] Business Model and Strategy - Hitcard's core philosophy is to create a unique card for every individual, emphasizing product quality and craftsmanship [2] - The company has pioneered the "double-sided card" printing technique, enhancing the tactile experience and durability of cards [3] - Hitcard employs a limited production model, releasing over 10 products monthly, each strictly limited in quantity, which helps maintain a vibrant secondary market [4] Operational Challenges and Management - The complexity of Hitcard's business model necessitates extensive foundational work and execution capabilities [5] - The company initially adopted a strategy of "more people, fewer products" to ensure product quality, and has since expanded its team to maintain clarity in product direction [7] - Hitcard has established a clear set of operational guidelines to avoid producing low-quality or environmentally harmful products [7] Supply Chain and Production - Hitcard has opted to build its own factory to support its diverse product lines and IP collaborations, which allows for greater control over production quality [8] - The company’s production costs are higher than competitors due to small batch sizes and frequent line changes, with single card costs exceeding one yuan [8] Sales Channels and Market Presence - Over 60% of Hitcard's sales come from the Douyin platform, with offline stores accounting for more than 30% [9] - The company is exploring the potential for offline retail but has not yet identified a suitable format for physical stores [9] Competitive Advantages - Hitcard's supply chain capabilities and innovative IP interpretation create significant competitive barriers [17] - The brand has established a strong presence on platforms like Douyin, benefiting from the "Matthew effect" in traffic distribution [18] - Hitcard's collaboration with IP owners focuses on mutual growth, making it a preferred partner for many IP rights holders [20] Future Outlook - Hitcard anticipates that its production capacity will not fully meet its performance targets for the upcoming year, despite achieving 100% self-production and sales [16] - The company believes that its diverse user base and commitment to product quality will enable it to thrive in a competitive landscape where popular IP resources are becoming scarce [24]