中金《秒懂研报》 | 从“小纸片”到“大生意”：卡牌经济如何撬动百亿元大市场？

Group 1 - The rise of card games has transformed them into trendy consumer products, merging elements of collection, social interaction, investment, and competition, thus creating a new category in consumer goods [1][2] - The card industry has seen rapid growth in China, with the collectible card market projected to reach 26.3 billion yuan by 2024, reflecting a compound annual growth rate of 56.6% from 2019 to 2024 [4][5] - Despite the rapid market growth, per capita spending on cards in China is only 15.7% of that in Japan and 29.2% of that in the United States, indicating significant room for growth [5][6] Group 2 - The consumer base for card games is driven by emotional connections to specific IPs, seeking emotional relief and low-barrier social interactions, leading to a lightweight consumption model [8][10] - Card games create diverse consumption scenarios through various gameplay styles, with competitive play providing intellectual satisfaction and collectible aspects appealing to aesthetic desires [10] - The integration of popular IPs significantly boosts consumer engagement, with 71.3% of consumers purchasing products due to beloved IP elements, demonstrating the effectiveness of content-driven marketing [10][15] Group 3 - The card industry is characterized by a collaborative supply chain involving IP owners, design and production entities, and sales channels, which enhances efficiency and reduces risks [11][13] - Recent trends show vertical integration within the card industry, with companies managing the entire supply chain from IP licensing to production and sales, optimizing profitability [13][15] - Approximately 70% of leading domestic IPs have ventured into card games, with a significant portion of sales coming from local IPs, indicating a strong market presence and potential for further growth [15][17]