长城网·冀云客户端特约评论员 江德斌 "金票痛包"。 由于黄金价格处于高位，一件金饰动辄数千元、数万元，一定程度上抑制了传统黄金消费，而"痛金"的 克数较小，与之前流行的"金豆"类似，消费门槛较低，容易被年轻人所接受。对于商家而言，"痛金"亦 属于新品类，能够弥补传统黄金消费的缺口，还能将黄金消费拓展到年轻消费群体，有助于培育未来客 户，加之"痛金"利润可观，所以也愿意与IP合作，推出各式"痛金"，以迎合这股消费潮流。据媒体报 道，过去一年IP黄金类商品成交金额同比增长294%。 需要看到的是，"痛金"制作工艺复杂，加上需要支付IP授权费用，其成本和零售价格远超传统金饰，形 成了高溢价现象。还有一些厂商采取"饥饿营销"模式，打着"限量""绝版"的旗号，把"痛金"定价抬高到 普通金饰的数倍之多。在二手平台上，部分"痛金"价格也频频上涨，甚至翻倍挂出，转手炒卖获利空间 极大，颇具诱惑力。 但是，"痛金"的高溢价建立在IP属性之上，而IP种类繁多、竞争激烈。事实上，并非所有的IP都能长盛 不衰，许多IP犹如流星一般，在流行期受到消费者热捧，周边产品被爆炒，价格堪称"天价"。但往往过 一段时间后，随着热潮消退，周边产 ...

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].