卡牌行业：二十年代际跃迁，不变的文化符号

Industry Rating - The industry rating is "Outperform the Market" [2] Core Insights - The card industry is not a new sector in China, with card products existing for a long time. Compared to mature markets like the US and Japan, card categories are the largest growth driver in the toy market. The collectible card game market in the US and Japan is well-developed and maintains stable growth with a broad user base [4][16]. - The Chinese card market is experiencing rapid growth, with the collectible card market expected to reach 31 billion yuan by 2027. Key drivers include a large user base of over 500 million in the "pan-2D" demographic, with 42% of consumers purchasing for self-pleasure. Additionally, the growth in disposable income supports the upgrade of spiritual consumption [5][26]. - Successful card products have core elements that attract users, such as a diverse IP matrix that meets various aesthetic needs and multi-channel outreach that enhances social attributes. The Pokémon TCG's success is attributed to its classic IP and a complete ecosystem that includes store traffic, events, live streaming, and trading [6]. Summary by Sections 1. Definition and Growth Drivers of the Card Industry - The card industry is defined as a derivative product of IP, divided into TCG (Trading Card Game) and CCG (Collectible Card Game). TCG focuses on competitive play, while CCG emphasizes collection [9][10]. - The card market in China is not new, with historical roots dating back to 1998. The market has evolved through supply innovations to activate potential demand [20][22]. 2. Successful Card Product Analysis - The core elements of successful card products include a strong IP matrix, diverse aesthetic appeal, and effective multi-channel marketing strategies. The Pokémon TCG exemplifies a successful model with its classic IP and comprehensive ecosystem [6][23]. 3. Market Structure and Key Players - The card industry is characterized by a leading player, Card Game, which holds a 71% market share in 2022, with a high gross margin of over 60%. Other notable companies include Collectible Card Society and Yaoji Technology, each focusing on different aspects of the card market [6][40]. - The card industry is supported by a mature supply chain, with a clear division of roles among IP licensors, card manufacturers, and sales channels. The industry is expected to continue growing, with the collectible card market projected to reach 31 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 20.6% from 2022 to 2027 [26][27].