集换式卡牌行业：高速发展，卡游再次递交港交所招股书

Investment Rating - The industry investment rating is "Positive" [2][67] Core Insights - The collectible card game industry in China has experienced rapid growth, with the market size projected to increase from 2.8 billion RMB in 2019 to 26.3 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 56.6%, significantly outpacing the overall growth rate of the broader entertainment toy market at 15.8% [4][13] - The leading company, Kayo, holds over 70% market share in the collectible card game sector, indicating a highly concentrated industry with limited competition [4][20] - Kayo's revenue for 2024 is expected to reach 10.06 billion RMB, representing a year-on-year growth of 277.8%, with adjusted net profit increasing by 378.3% to 4.47 billion RMB, achieving a net profit margin of 44.4% [5][28] Summary by Sections 1. Industry Overview - The collectible card game market in China is rapidly expanding, with a market size projected to reach 26.3 billion RMB by 2024, driven by strong consumer demand [4][13] - The industry is characterized by a high concentration of market share, with Kayo being the dominant player [20][23] 2. Kayo's Performance - Kayo's revenue growth in 2024 is expected to be explosive, with a significant increase in both revenue and net profit compared to previous years [5][28] - The company primarily sells collectible cards through a dealer model, with over 90% of sales coming from this channel [33][40] - Kayo has diversified its product offerings beyond collectible cards to include toys and stationery, enhancing its market presence [5][30] 3. IP and Product Development - Kayo's product strategy is heavily reliant on licensed intellectual properties (IPs), with a focus on popular franchises such as Ultraman and My Little Pony [47][51] - The company has expanded its IP portfolio to 70 by 2024, indicating a proactive approach to product development and market engagement [47][48] - Kayo has introduced trading card game (TCG) mechanics to enhance consumer interaction and engagement, which is expected to drive further growth [53] 4. Competitive Landscape - Other listed companies in the collectible card space, such as Pop Mart and Aofei Entertainment, have lower revenue contributions from card-related products, indicating Kayo's strong market position [6][56] - Kayo's competitive advantage is reinforced by its extensive distribution network and brand recognition across China [5][43] 5. Investment Outlook - The report suggests that the IP industry holds long-term investment value due to its ability to create emotional connections with consumers, leading to stable demand and higher profit margins [57] - Kayo's strong market share and extensive sales network position it well to continue leading the collectible card game industry in China [57]