大摩、小摩、中金齐上阵，手游氪金“装新酒”，卡游IPO：一年卖出22亿张卡，未上市业绩已变脸

Group 1 - The report highlights that the card game company, 卡游, experienced explosive growth, selling over 22 billion cards in 2022, with revenue reaching 41 billion RMB and an adjusted net profit of 14 billion RMB [3][10][50] - The company has a significant market presence, ranking second in China's pan-entertainment product/toy industry, surpassing major competitors like Disney and Pop Mart [4] - The Ultraman IP accounts for 65% of the card sales during the reporting period, indicating the importance of licensed intellectual property in driving revenue [6] Group 2 - The report notes that 卡游's revenue from dealer channels accounted for 96.8%, with a network of 326 dealers across 31 provinces by the end of 2021 [7] - The company has adopted a business model similar to mobile games, utilizing a rapid iteration of products and a blind box sales strategy, which has proven to be highly profitable [53][57] - The introduction of new products, such as the 三国 card series, aims to diversify revenue streams and reduce reliance on existing IPs [43] Group 3 - Following regulatory changes in June 2023, the company's business logic has shifted, leading to a significant decline in performance, with a 47% drop in total revenue in the first three quarters of the previous year [20][26] - The report indicates that the company is preparing for an IPO in Hong Kong, with a high-profile underwriting team, despite the risks associated with its current business model [41] - The company faces challenges in sustaining its previous growth rates, as the user lifecycle for its products is relatively short, primarily targeting elementary school students [58]