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卡游招股书
Sou Hu Cai Jing· 2025-05-26 12:53
Company Overview and Industry Position - The company, 卡游有限公司, is a leading player in China's pan-entertainment product industry, primarily focusing on IP-based toys, especially collectible card games and stationery. According to ZhiShi Consulting, the company ranks first in various segments of the pan-entertainment product market, with market shares of 13.3%, 21.5%, 71.1%, and 24.3% in the overall pan-entertainment products, pan-entertainment toys, collectible card games, and stationery sectors respectively [1][31]. Core Competencies and Business Model - The company has established an integrated business model based on three core competencies: diversified product experience, engaging interactive operations, and robust production capabilities. The product matrix includes collectible card games, figurines, other toys, and stationery, with toy revenue accounting for 94.9% in 2024, of which collectible card game revenue is 8,200 million RMB, representing 81.5% of total revenue [2][32]. - Engaging interactive operations are enhanced through innovative gameplay designs and TCG events, with over 5,100 events held in more than 100 cities, effectively expanding brand influence [2][53]. - The company maintains strong production capabilities with three operational production bases, one base under construction, and advanced technologies, achieving stable gross margins between 65.8% and 68.8% from 2022 to 2024 [2][32]. Financial Performance and Business Data - The company's revenue for 2022, 2023, and 2024 is reported as 4,131.1 million RMB, 2,662.1 million RMB, and 10,056.9 million RMB respectively, indicating a significant year-on-year growth of 278% in 2024. Adjusted net profits for the same years are 1,619.7 million RMB, 933.8 million RMB, and 4,466.1 million RMB [3][50]. - As of the end of 2024, the company has developed a diverse IP matrix consisting of 70 IPs, including 69 licensed IPs and one proprietary IP, "卡游三国," collaborating with 43 IP partners. The sales network covers all 31 provinces in China, with 92.5% of revenue coming from distribution channels and 7.5% from direct channels [3][54]. Development Strategy and Future Plans - The company aims to expand its product and IP offerings, enhance production and supply chain capabilities, optimize distribution networks, and invest in team and technology development. Plans include launching more cultural IP products and increasing automation in production to shorten product launch cycles to 20-30 days [4][44]. - The company is also focusing on strengthening online channels and exploring overseas markets, leveraging existing IP licenses to expand into regions like Europe and Asia [4][44]. Brand and Product Layout - 卡游 has established a strong brand presence in the pan-entertainment product sector, recognized for its diverse product offerings centered around popular IPs. The collectible card game segment includes themes from well-known franchises, and stationery products have seen significant growth, with sales of 117.4 million units in 2024, a year-on-year increase of 108% [5][46].