Group 1 - Investment Rating: Outperform the market, maintained [2] - Core Viewpoint: The report highlights the growth potential of the collectible card game industry, with the company positioned as a leader in the market [3][4] Group 2 - Company Overview: The company is a leading player in China's collectible card game sector, focusing on a diverse product portfolio that includes toys, figurines, and stationery [7][9] - Industry Overview: The IP toy market is thriving, with collectible card categories experiencing the fastest growth [21][22] - Financial Performance: The company's revenue growth is driven by top IP products, with significant increases in sales figures [8][10] Group 3 - Business Model: The company employs an integrated business model that leverages product experience, interactive operations, and production capabilities [13][55] - Product Portfolio: The core product is collectible cards, complemented by figurines, other toys, and stationery, showcasing a diverse product range [54][80] - IP Matrix: The company has established a diverse IP matrix, enhancing its overall IP operation capabilities [83]

Group 1: Gold Market - Gold prices have adjusted significantly, with spot gold dropping over $200 to below $3300 per ounce, leading to a 4.55% decline in Shanghai gold futures [1] - A-share gold stocks have seen substantial declines, with companies like Mingpai Jewelry and Chifeng Gold hitting the daily limit down, while others like Laishen Tongling and Sichuan Gold fell over 9% [1] - Domestic gold jewelry prices have also decreased, with the price of 24K gold jewelry dropping from 1082 RMB per gram to 1055 RMB, a reduction of 27 RMB per gram [1] Group 2: Financial Sector in Shenzhen - As of the end of Q1 2025, Shenzhen's total deposits reached 13.97 trillion RMB, with both deposits and loans increasing by over 300 billion RMB in the first quarter [1] - Household deposits and non-financial enterprise deposits have shown significant year-on-year growth, while household loans increased by 430.55 billion RMB, outpacing the overall loan growth rate by 1.2 percentage points [1] Group 3: Payment Industry - The payment industry is undergoing significant consolidation, with five payment licenses being revoked this year, including Shandong Feiyin Payment Technology Co., marking the fifth cancellation [1] - The total number of revoked third-party payment licenses has reached 101, reducing the number of licensed payment institutions to 170 [1] Group 4: AI and Content Creation - The rise of AI tools like DeepSeek has created a competitive landscape for content creators, where quality is more important than quantity for monetization [2] - The market is witnessing a shift where many individuals attempting to profit from AI-generated content may find themselves at a disadvantage, with the real beneficiaries being those who provide educational content rather than original creators [2] Group 5: Robotics Industry - The recent humanoid robot half marathon showcased advancements in robotics, with the Tian Gong team winning the event, indicating a shift towards industrialization of humanoid robots [3] - The Tian Gong 2.0 robot is set for small-scale production and application, with a collaborative network involving several key A-share listed companies in technology development and component supply [3] Group 6: Card Game Industry - The card game company, leveraging popular IPs like Ultraman and Nezha, is making a second attempt to go public in Hong Kong, with significant revenue growth reported [4] - The company achieved revenues of 41.31 billion RMB, 26.62 billion RMB, and 100.57 billion RMB from 2022 to 2024, with adjusted net profits showing a similar upward trend [4] - The card game market is experiencing a boom driven by blind box economics, but concerns about youth addiction to spending remain prevalent [4]

Summary of the Card Game Industry Conference Call Industry Overview - The domestic card game market has experienced a compound annual growth rate (CAGR) of over 50% in the past five years, with card game companies dominating the market, holding a market share of 71.1% and sales reaching 8.2 billion, estimating the total market size at approximately 11.53 billion, with sales potentially reaching 20-23 billion [1][2][12] - The global fantasy trading card game (TCG) market is expected to reach 11.73 billion USD by 2033, with China accounting for nearly half of this market share [1][4] - Domestic collectible card games (CCG) primarily focus on licensed IP production, lacking original content and competitive gameplay, which significantly differs from the three major international TCGs (Pokémon, Magic: The Gathering, Yu-Gi-Oh) [1][6] Key Players and Market Dynamics - Card Game Company (卡游) is the leading domestic TCG developer, possessing 70 licensed IPs, including its own IP (e.g., 卡游三国) and popular international IPs (e.g., My Little Pony) [1][8] - The primary market (wholesalers) and secondary market (player trading) influence each other, where a thriving primary market can stimulate the secondary market and vice versa. However, excessive product issuance may harm the secondary market, leading to a decline in the primary market [1][10][11] - Card Game Company has shown steady growth from 2021 to 2023, with a projected explosive growth in 2024 through My Little Pony, contributing 8.2 billion to total sales of 10 billion [1][12] Market Trends and Future Outlook - The domestic card market has gone through several development stages, with significant growth noted since 2019, particularly with the introduction of popular series like Ultraman and Pokémon [2][12] - The rise of secondary players such as 集卡社, 黑卡, and 闪魂 indicates a competitive landscape, although they still face barriers in channels and production capabilities [3][12] - The successful IPO of Card Game Company is expected to provide growth opportunities for other companies in the industry, reducing barriers to their own listings [2][12] Regulatory and IP Considerations - The domestic IP market is on the rise, with expectations of increased regulation to protect intellectual property rights and ensure quality after-sales service [15] - The process for card companies includes obtaining copyrights, design, production, and marketing, with major distribution channels including self-operated stores, online platforms, and live-streaming sales [17][16] Risks and Challenges - Card Game Company faces risks such as negative public perception regarding high-priced card speculation and potential backlash against perceived exploitation of underage consumers [22][23] - The company also contends with the expiration of IP licenses and the pressure from emerging competitors [22][23] Consumer Behavior and Market Segmentation - Different types of card users exhibit varied spending behaviors, with sports cards attracting high-net-worth individuals, while anime and TCG cards appeal to younger demographics [28][30] - The economic environment significantly impacts consumer purchasing power, which can lead to market downturns during economic declines [30] Conclusion - The card game industry in China is poised for continued growth, driven by strong IP influences and a competitive landscape. However, companies must navigate regulatory challenges and consumer perceptions to sustain this momentum [1][2][15][22]

Group 1: Core Insights - The report highlights that the IP licensing is a crucial aspect of the pan-entertainment product industry in China, with large IPs having a broad audience base and consumer recognition [1][3] - The collectible card game market in China is in a rapid growth phase, with Kayo as the leading company, leveraging the Ultraman IP series to establish a solid business foundation [1][2] Group 2: Company Overview - Kayo is recognized as the leader in China's pan-entertainment product sector, with collectible card games as its core product. The company's development can be divided into three phases: initial layout from 2011-2018, IP matrix construction from 2019-2022, and diversification of products since 2022 [2] - By the end of 2024, Kayo's IP matrix is expected to include 70 IPs, with a concentrated shareholding structure where the founding couple holds 83.5% of shares [2] Group 3: Market Dynamics - The collectible card game market in China is projected to grow significantly, with a comparison of market sizes in 2024 showing China at RMB 14.7 billion, while the US and Japan are at RMB 21.9 billion and RMB 26.3 billion respectively [3] - The per capita spending on collectible card games in China is relatively low at RMB 18.7, indicating substantial growth potential compared to more mature markets like the US and Japan [3] Group 4: Competitive Landscape - Kayo focuses on collectible cards, while competitors like Pop Mart excel in blind boxes and plush toys, and LEGO specializes in building blocks, indicating differentiated competition in the toy industry [4] - Kayo's main IPs are primarily sourced externally, contrasting with Pop Mart's strong self-developed IP system [4] Group 5: Financial Performance - Kayo's revenue for 2024 is projected to reach RMB 10.057 billion, representing a year-on-year increase of 278%, primarily driven by significant growth in collectible card game revenue [5] - The adjusted net profit for 2024 is expected to be RMB 4.466 billion, nearly quadrupling from 2023, with ample cash reserves supporting further expansion of IP and product matrices [5]

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the performance and strategies of **晨光股份 (Morning Glory Co., Ltd.)**, a leading player in the traditional stationery and IP product market, particularly focusing on the **潮玩 (trendy toys)** segment and its distribution channels [1][2][4]. Key Points and Arguments Importance of Traditional Channels - Traditional channels, such as school-side stores and grocery stores, are crucial for brands like **卡游 (Kawoo)** and **布鲁可 (Blukoo)** to reach younger consumers and facilitate immediate purchases, especially as the main consumer demographic for trendy toys is aged 25-35, accounting for over 70% of the market [1][2]. - The rapid expansion of trendy toy brands heavily relies on traditional distribution channels, with over 80% of sales for brands like Blukoo and Kawoo coming from these channels [2][3]. Distribution Network and Market Coverage - **晨光股份** has established a comprehensive distribution network, with nearly 70,000 retail terminals using its branding by the end of 2024, covering approximately 50% of the nation's primary schools despite a decline in the total number of schools from 257,000 in 2010 to 143,500 in 2023 [1][4][6]. - The company has a strong presence in 1,200 cities through partnerships and has over 700 large retail stores and thousands of authorized shops on various e-commerce platforms [4]. Inventory Management and Operational Efficiency - The company has improved its inventory turnover days significantly from 78.8 days in 2015 to 28.6 days in 2024, enhancing its inventory management capabilities through digital tools and strategic initiatives [1][7]. Product Optimization Strategy - **晨光股份** has implemented a strategy to optimize its product structure by phasing out low-margin SKUs and developing higher-end products. The price of writing tools has increased from 0.177 RMB in 2011 to 1.28 RMB in 2024, with a gross margin rising to 42.9% [2][8]. - The price of student stationery has also increased from 0.34 RMB in 2011 to 0.67 RMB in 2024, maintaining a gross margin of around 34% [8]. Market Perception and Future Outlook - Despite skepticism regarding the value of traditional stationery sales channels, **晨光股份** is positioned to benefit from its strong channel management capabilities and market presence, especially as the market evolves [10]. - Future profit predictions estimate **晨光股份** will achieve a net profit of 1.61 billion RMB in 2025 and 1.82 billion RMB in 2026, with corresponding price-to-earnings ratios of 17.6 and 15.6, indicating a favorable valuation for a company maintaining double-digit growth [11]. Additional Important Insights - The company’s focus on enhancing single-store quality and utilizing digital tools has led to improved operational efficiency and sales performance [7]. - The ongoing transformation in consumer preferences towards trendy toys and IP products highlights the need for companies to adapt their strategies while leveraging traditional channels effectively [2][10].

Core Viewpoint - The trading card brand Kayo is attempting to go public again after a failed IPO in 2024, facing challenges related to data security and regulatory compliance, while also contending with negative public perceptions regarding its impact on minors [1][11]. Group 1: Company Overview - Kayo's revenue has shown significant growth, with figures of 41.31 billion in 2022, 26.62 billion in 2023, and a projected 100.57 billion in 2024, despite a dip in 2023 due to decreased popularity of its main IP, Ultraman [3][8]. - The company has a high gross margin, with rates of 68.8%, 65.8%, and 67.3% from 2022 to 2024, indicating a profitable business model [8]. - Kayo's IP library has expanded to 70 IPs, with major contributors including Ultraman, My Little Pony, and others, which are crucial for its revenue generation [3][12]. Group 2: Market Dynamics - The trading card market in China has grown from 2.8 billion in 2019 to 13.3 billion in 2023, with a compound annual growth rate of 31.49% [3]. - The primary consumer demographic for trading cards is under 35 years old, with a significant portion being minors, which raises concerns about the company's long-term sustainability [12]. - Competitors like Hitcard and Jicard are gaining traction, with Hitcard securing various IP partnerships and Jicard adopting a dual strategy of introducing and creating original IPs [15][13]. Group 3: Industry Trends - The rise of live-streaming card unpacking has accelerated the popularity of trading cards among younger consumers, creating a new consumption scenario [5]. - The trading card segment is increasingly seen as part of the broader "peripheral economy," which has high profit margins compared to other merchandise categories [8]. - Kayo is diversifying its product offerings beyond trading cards into areas like figurines and stationery, although trading cards remain its primary revenue source, accounting for 81.5% of its income in 2024 [16][15].

Investment Rating - The investment rating for the media industry is "Positive" (maintained) [1] Core Insights - The report highlights the ongoing development of the MCP protocol and the "Network Publishing Technology Innovation Leading Plan," which are expected to boost the AI sector and related industries, particularly in IP and experiential consumption [5] - The collectible card game (CCG) market in China is projected to grow significantly, with a market size increasing from 2.8 billion RMB in 2019 to 26.3 billion RMB in 2024, reflecting a CAGR of 56.6% [6][14] - The report emphasizes the importance of AI applications in various sectors, including gaming, education, and entertainment, suggesting continued investment in AI-related companies [5][6] Summary by Sections Section 1: Media Industry Overview - The media sector is experiencing a positive outlook, driven by advancements in AI and supportive government policies [1][5] - The report notes that the CCG market is expected to reach 44.6 billion RMB by 2029, with a CAGR of 11.1% from 2024 to 2029 [14] Section 2: Key Companies and Recommendations - Key companies recommended for investment include Tencent Holdings, Kuaishou-W, and others in the AI and gaming sectors [5] - The report identifies specific companies in various sub-sectors, such as AI gaming (Xindong Company, NetEase-S) and AI education (Guomai Culture, Century Tianhong) [5] Section 3: Market Performance and Trends - The report indicates that the CCG market is benefiting from emotional consumption and the rise of domestic IPs, with significant growth expected in the coming years [6][14] - The performance of major games like "Peacekeeper Elite" is highlighted, maintaining top positions in iOS rankings [31][35] Section 4: Industry Data and Insights - The report provides data on the performance of various media and entertainment products, including box office results and streaming viewership [45][46][49] - It notes that the collectible card game market is characterized by a high concentration of leading companies, with Card Game Company holding a 71.1% market share [14][22]

Investment Rating - Investment rating for the media industry is optimistic (maintained) [1] Core Insights - The MCP agreement and the "Network Publishing Technology Innovation Leading Plan" are driving industry development, with a focus on AI applications and IP development [5] - The collectible card game market in China is expected to grow significantly, with a projected market size increase from 2.8 billion RMB in 2019 to 26.3 billion RMB in 2024, reflecting a CAGR of 56.6% [6][14] - The report emphasizes the importance of high-quality IP and the rise of domestic IP in driving growth in the collectible card and related industries [21][22] Summary by Sections Section 1: Collectible Card Games - The collectible card game market is projected to grow from 2.8 billion RMB in 2019 to 26.3 billion RMB in 2024, with a CAGR of 56.6% [6][14] - The leading company in this sector, 卡游, achieved revenues of 22.9 billion RMB in 2021, 41.3 billion RMB in 2022, and is expected to reach 100.6 billion RMB in 2024 [22] - The report highlights the increasing participation of female consumers and the rise of domestic IP as key growth drivers [21][22] Section 2: Industry Data Overview - The game "和平精英" ranked first in both the iOS free and best-selling charts in mainland China as of April 19, 2025 [31][35] - The film "向阳·花" achieved a weekly box office of 0.39 billion RMB, totaling 1.83 billion RMB [45] - The web drama "无忧渡" performed well with a broadcasting index of 82.5 [46] Section 3: Company Performance - 卡游's revenue from collectible card games is expected to continue growing, supported by a strong IP matrix and effective supply chain management [22][23] - The company has launched numerous toy series and collectible card series, indicating robust product innovation [22][23] - The report recommends continued investment in companies like 腾讯控股 and 快手-W, which are positioned to benefit from the growth in AI and gaming sectors [5]

Investment Rating - The report maintains an "Outperform" rating for the media industry [5] Core Insights - The media sector has shown a positive performance with a 1.73% increase, outperforming both the CSI 300 (0.59%) and the ChiNext Index (-0.64%) during the week [12][14] - Key highlights include the resubmission of the IPO application by Card Game Company, significant performance improvements in AMD graphics cards, and the success of the AI pet translation software "Traini" [2][4][17] - The report emphasizes a sustained optimism towards AI applications and IP-driven products, particularly in the context of the upcoming May Day film releases and the overall recovery of the film and gaming sectors [4][21] Summary by Sections Industry Performance - The media industry rose by 1.73% from April 12 to April 18, outperforming the broader market indices [12][14] - Notable gainers included companies like Electric Sound Co. and Ciweng Media, while Beijing Culture and Rebate Technology faced declines [12][13] Key Developments - Card Game Company has reported a projected revenue of over 10 billion yuan for 2024, with a net profit exceeding 4.4 billion yuan, marking a year-on-year growth of 278% and 378.2% respectively [2][16] - AMD's graphics card performance has improved by 3.8 times, enhancing the capabilities of the Stable Diffusion model [2][17] - The AI pet translation software "Traini" has achieved an 81.5% accuracy rate in translating between human and pet languages, showcasing the potential of AI in cross-species communication [2][17] Box Office and Content Performance - The box office for the week of April 13 to April 20 reached 183 million yuan, with the top three films being "Sunshine Flower," "Nezha: The Devil's Child," and "My World Movie" [3][18] - Upcoming May Day releases include eight films, with significant anticipation for titles like "The King of Dumplings" and "The Gold Hunter" [21][22] Investment Recommendations - The report suggests focusing on companies with strong performance metrics, particularly in AI applications and IP-driven products, recommending stocks like Pop Mart and others in the gaming and publishing sectors [4][40] - It highlights the importance of monitoring the gaming sector's recovery, with recommendations for companies like Kaiying Network and Giant Network [4][40]

IP 场：卡牌深度梳理 20250420 摘要 Q&A 卡牌市场的现状和趋势是什么？ 当前卡牌市场呈现出高度活跃的状态，尤其是随着卡游港股上市重启，行业关 注度持续上升。卡牌作为一种 IP 衍生品，其属性包括玩具、盲盒、收藏品等多 种形式。近年来，直播拆卡赛道火爆，主要由于其盲盒属性带来的不确定性刺 激消费。此外，卡牌的二级市场也非常活跃，包括闲鱼、千岛、集换社和卡淘 等平台，这些平台为玩家提供了便捷的交易渠道。国内高价卡如小马宝莉和奥 • 卡牌市场产业链涵盖 IP 授权、设计、生产、销售及二级市场。上游 IP 授 权是关键，如卡游获独行侠授权。生产商通过限量和错版增加稀缺性。销 售渠道包括传统零售和直播拆卡。闲鱼、卡淘等平台提供二级市场交易， 方便玩家变现。 • 国内外卡牌市场在高价位和规模上存在差异。国外球星卡可达数百万美元， 国内高价卡如奥特曼金沙欧布等相对较低。文化背景和消费习惯也不同， 中国玩家偏爱数字编号，国外更关注球星或经典 IP。 • 国内卡牌市场竞争激烈，各厂商通过不同策略占据市场。潮流品牌通过社 群和创新玩法吸引用户，传统品牌依靠经典 IP 维持销量，新兴品牌通过直 播拆包崛起。多元化竞争 ...