卡牌行业系列报告（二）：何以卡游？先行者的未来时刻

Investment Rating - The report maintains a "Positive" investment rating for the card game industry [4] Core Viewpoints - The evolution of population demographics is enhancing the willingness of the new generation of users to pay for IP, making card games an important form of IP derivative products [4] - The card game market in China is expected to grow significantly, with projections estimating a market size of 44.6 billion yuan by 2029 [6][12] - Key companies to watch include Card Game, Yaoji Technology, Zhejiang Shuju, Aofei Entertainment, Shanghai Film, and Huali Technology [4] Summary by Sections 1. The Three Stages of Card Game Development - Ultraman Era: Card Game established industry standards and gained a first-mover advantage by launching Ultraman trading card series in 2018, achieving significant commercialization [6][12] - My Little Pony Era: Card Game leveraged its comprehensive product, channel, and marketing capabilities to reduce reliance on top IPs, successfully expanding its user base to include women and adults through live-streaming card unpacking [6][25] - Nezha and Other IPs Era: Card Game demonstrated its supply chain capabilities by quickly responding to the market with Nezha-related products, achieving rapid sales growth post the movie's release [6][32] 2. Card Games as a Promising Direction in China's Toy Market - The card game industry is seen as a rapidly growing segment within the broader toy market, with cultural exploration accelerating in China [6][12] - The financialization of the U.S. card market and the cultural foundation of Japan's card market provide insights for China's market development [6][12] 3. Future Focus Areas for Card Game - Focus Area One: Identifying the next blockbuster product based on the IP matrix is crucial for sustaining consumer engagement [6][32] - Focus Area Two: Exploring new consumer demands in stationery and trendy toys, with early successes in the stationery business [6][32] - Focus Area Three: Expanding into overseas markets, with existing collaborations with international toy and game giants [6][32] 4. Analysis of Card Game's IPO Prospectus - Card Game is positioned as a pioneer in the trading card business, with a well-experienced management team and a robust financial analysis indicating high product elasticity [6][41] 5. Related Companies in the Card Game Industry - Companies such as Yaoji Technology, Zhejiang Shuju, Aofei Entertainment, Shanghai Film, and Huali Technology are identified as key players in the card game sector [6][41]