卡游出海，“卡”在没有自己的Labubu

Core Viewpoint - The article discusses the expansion strategy of Kayou, a card game company, into Southeast Asia, particularly Thailand, and compares its approach to that of Pop Mart, highlighting the challenges and opportunities in replicating success in international markets [5][7][26]. Group 1: Market Entry Strategy - Kayou is attempting to replicate Pop Mart's success by introducing familiar products, such as My Little Pony cards, in Thailand, with packaging adapted to local language [5][7]. - The company has identified four main retail strategies for overseas expansion: becoming regional agents, opening franchise stores, collaborating with local supermarkets, and partnering with e-commerce platforms [11][14]. - Kayou's first overseas store opened in Hong Kong's K11 shopping art museum, with plans for further expansion in Macau and Malaysia, indicating a shift towards high-end retail environments [14][16]. Group 2: IP and Content Strategy - Kayou has secured licenses for globally recognized IPs like Harry Potter and DC Comics, positioning itself as a leader in the domestic IP sector [18][22]. - The company lacks a standout product akin to Pop Mart's Labubu, which has limited its ability to drive sales and brand recognition [22][24]. - Kayou's recent IP offerings are heavily influenced by Chinese culture, which may pose challenges in gaining acceptance in overseas markets due to cultural barriers [24][25]. Group 3: Competitive Landscape - The article draws parallels between Kayou and American trading card companies like Panini and Topps, which have successfully penetrated Asian markets by leveraging established sports IPs [29][31]. - American companies have developed a robust ecosystem around trading cards, utilizing various marketing channels and community engagement strategies that Kayou could learn from [31][32]. - Kayou's reliance on culturally specific IPs may hinder its ability to compete effectively against established American brands that have a broader global appeal [33]. Group 4: IPO and Future Prospects - Kayou has submitted its IPO application, which could enhance its credibility and support its international expansion efforts [34][35]. - The company faces challenges related to compliance and market readiness, which may affect its IPO timeline and overall strategy [34][35]. - Successful international expansion could bolster Kayou's market position and facilitate its IPO, potentially increasing its influence in the global card game market [35].