中东"遍地是黄金"，但黄金"埋得很深"。 第一次去到中东的外国人，或多或少会对这里经常满座的咖啡馆感到奇怪。深夜十一点，走进沙特利雅得的商场，中庭咖啡区依然人声鼎沸，头巾裹发、长 袍及地的当地人三五一桌聚在这里，什么也不做，只为了聊天。 "只要咖啡馆开门，晚上基本满座。"常驻迪拜的Chainbridge CTO李伟发现，中东人对于聊天的热情远远超乎外来者的想象，他们经常和家族以及朋友在晚 上聚在一起聊天。也有当地从业者感慨，这里的线下实体店，如果不带点社交属性都不好做生意。 炎热的气候塑造了这里独特的作息。夏季白天温度可达四五十度，当地人一般在日落才外出活动，晚上九点至十二点是商场、咖啡馆最热闹的时段。由于宗 教文化影响，线下娱乐选择有限，聚会聊天成了最主流的社交方式。 大约十年前，一些中国企业敏锐地捕捉到中东北非（MENA）地区这种旺盛的社交需求，并将其迁移至线上，打造出语音房、游戏社交等产品，构筑起社交 娱乐帝国。雅乐(YALA.US)和赤子城（09911.HK）是做得较大的两家。 "遍地是黄金"是中东市场广为人知的标签，但赤子城科技高级副总裁宋朋亮认为，这里的"黄金埋得很深"，对于习惯高举高打、追求速成 ...

Investment Rating - The report maintains a strong buy rating for the card industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The card industry is characterized by high growth and significant potential within the broader entertainment sector, with collectible card games (CCGs) experiencing a compound annual growth rate (CAGR) exceeding 50% over the past five years [5]. - The leading company in the collectible card market, Card Game Co., has shown impressive revenue growth, with projected revenues increasing from 4.131 billion yuan in 2022 to 10.057 billion yuan in 2024, reflecting a CAGR of 56.03% [5][6]. - The report highlights the competitive landscape, noting that while Card Game Co. dominates the market, there is increasing competition from brands like Collect Card Society and Flash Soul [5][6]. Industry Analysis - The collectible card market in China is still in its early stages compared to more mature markets like Japan and the United States, suggesting substantial room for growth in per capita spending [39]. - The overall market for collectible cards in China is projected to grow from 2.8 billion yuan in 2019 to 26.3 billion yuan by 2024, with a CAGR of 56.6% [20]. - The report emphasizes the importance of intellectual property (IP) partnerships, as Card Game Co. has secured licenses for popular franchises such as Ultraman and My Little Pony, enhancing its product offerings [43]. Company Overview - Card Game Co. has established itself as a leader in the collectible card market, with a strong focus on expanding its IP and product matrix, currently holding 69 licensed IPs and one proprietary IP [43]. - The company has a concentrated ownership structure, with the founders holding 83.5% of the shares, which allows for strategic decision-making aligned with long-term growth objectives [45]. - Financially, Card Game Co. has demonstrated robust performance, with revenues increasing significantly and adjusted net profits projected to rise from 1.62 billion yuan in 2022 to 4.466 billion yuan in 2024, reflecting a CAGR of 66.05% [51]. Competitive Advantages - The report identifies several competitive advantages for Card Game Co., including a diverse IP portfolio, strong distribution channels, and innovative gameplay design that enhances consumer engagement [6][7]. - The company is well-positioned to capitalize on the growing demand for collectible cards, particularly among younger consumers who favor low-priced, high-frequency purchases [7]. - Card Game Co. is also exploring international markets, aiming to leverage its established brand and product offerings to create a second growth curve [7]. Growth Outlook - The report suggests that the collectible card industry is poised for continued expansion, driven by collaborations with content creators and a focus on enhancing the entertainment and social aspects of competitive trading card games (TCGs) [7]. - The potential for growth in the collectible card segment is further supported by the increasing popularity of mobile gaming, which may help broaden the audience for card games [5][6].

Investment Rating - The report rates the industry as "Overweight" [4] Core Insights - The report highlights a significant divergence in sector performance, suggesting investors focus on sectors with improving conditions [2] - The furniture sector is experiencing a slight decline in revenue, with a year-on-year decrease of 4.4% in Q2 2025, although soft furniture shows relatively better performance [7][8] - The personal care sector demonstrates resilience with a year-on-year revenue increase of 14% in Q2 2025, indicating strong demand [6] - The toy sector shows short-term revenue differentiation but has substantial long-term growth potential, with a year-on-year revenue decrease of 2% in Q2 2025 [6] - The export chain is facing performance differentiation, with companies having overseas production capabilities showing better revenue growth [6] - The two-wheeler sector is benefiting from trade-in incentives, leading to significant revenue growth [6] - The smart glasses market is experiencing explosive growth, with sales of Ray-Ban Meta smart glasses increasing by over 200% year-on-year in the first half of 2025 [6] - The paper industry is expected to see price increases as raw material prices recover, with integrated pulp and paper companies performing better [6] - The packaging sector is witnessing improved revenue growth, driven by an optimized domestic market structure and rising raw material prices [6] Summary by Sections Furniture Sector - The furniture sector's revenue in Q2 2025 decreased by 4.4% year-on-year, with soft furniture showing better growth [7][8] - Contract liabilities and advance payments in the furniture sector increased by 42.8% year-on-year, indicating potential future revenue growth [9] - The sector's net profit after deducting non-recurring items decreased by 7.8% year-on-year in Q2 2025, with slight fluctuations in profitability [10][13] Personal Care Sector - The personal care sector's revenue increased by 14% year-on-year in Q2 2025, reflecting strong demand and resilience [6] - The focus on product quality is becoming increasingly important to consumers [6] Toy Sector - The toy sector is experiencing short-term revenue differentiation, with a 2% year-on-year revenue decline in Q2 2025, but has significant long-term growth potential [6] Export Chain - The export chain is facing performance differentiation, with companies that have overseas production capabilities achieving better revenue performance [6] Two-Wheeler Sector - The two-wheeler sector is benefiting from trade-in incentives, leading to significant revenue growth in Q2 2025 [6] Smart Glasses - The smart glasses market is experiencing explosive growth, with sales of Ray-Ban Meta smart glasses increasing by over 200% year-on-year in the first half of 2025 [6] Paper Industry - The paper industry is expected to see price increases as raw material prices recover, with integrated pulp and paper companies performing better [6] Packaging Sector - The packaging sector is witnessing improved revenue growth, driven by an optimized domestic market structure and rising raw material prices [6]

Group 1 - The investment rating for the industry is not explicitly stated in the provided content [2] - The core viewpoint of the report highlights that the company, 卡游, is a leading enterprise in the domestic collectible card game market, achieving significant revenue growth and expanding its product lines into stationery and other toy categories [4][6][18] - The report indicates that the collectible card game segment has the fastest growth rate in the entertainment toy industry, with a compound annual growth rate (CAGR) of 56.6% from 2019 to 2024, and the market size is projected to reach 263 billion RMB in 2024, accounting for 25.8% of the overall entertainment toy market [4][33][37] Group 2 - The company has a diversified IP matrix with 70 IPs, including popular franchises like Ultraman and My Little Pony, which contribute significantly to its revenue [44][46] - The company has established a strong operational capability in IP management, covering the entire process from market research to product design and marketing [49] - The company has a robust sales channel strategy, primarily relying on distributors, with a gradual shift towards direct sales and online platforms [64][66] Group 3 - The financial performance of the company shows a rapid revenue increase, with a reported revenue of 100.6 billion RMB in 2024, a year-on-year growth of 277.8% [4][18] - The revenue breakdown indicates that collectible card games accounted for 81.5% of total revenue in 2024, although this represents a slight decline from previous years [18][57] - The company plans to use IPO proceeds to expand production facilities, enhance IP resources, and strengthen digital operations [23][25]