Core Insights - The focus of the "Double 11" shopping festival has unexpectedly shifted to collectible cards, particularly the TOPPS X THE MONSTERS/LABUBU series, which sold out quickly despite high purchase limits and pre-sale conditions [1][2] - The collectible card market in China is experiencing significant growth, with major players like Pokémon and various entertainment giants entering the space, leading to a competitive landscape [1][6] - Bubble Mart, a leading player in the trendy toy industry, reported a projected revenue growth of 245%-250% year-on-year for Q3 2025, indicating strong performance in the collectible market [1][4] Market Dynamics - The overlap between trendy toy users and card users is significant, with many card players also engaging with Bubble Mart products, although marketing strategies differ [2][5] - The traditional IP-licensed cards are facing challenges as the market becomes saturated, leading to increased competition primarily based on price and volume [2][5] - The LABUBU card's appeal lies in its unique scarcity and artistic value, featuring limited edition items that enhance its collectible nature [3][5] Competitive Landscape - The global collectible trading card market is projected to grow from $7.267 billion in 2025 to $15.433 billion by 2032, with a compound annual growth rate of 11.36% [3][4] - China has emerged as one of the largest trading card markets, with significant growth potential as consumer spending is still relatively low compared to markets like Japan and the U.S. [4][6] - Major companies in the first tier of the market include Pokémon, Konami, and Topps, with a clear competitive hierarchy forming [4][6] Industry Trends - The Chinese card market is witnessing an influx of new players, with over 2,000 card-related companies currently operating, primarily concentrated in Guangdong, Liaoning, and Hainan [6][7] - The market is evolving towards a more mature and diversified structure, with a broader age demographic engaging with various IPs [7][8] - The future of the card market may hinge on the development of trading card games (TCG) that offer gameplay and competitive events, moving away from purely collectible cards [8]

这个"双11"，潮玩圈的焦点意外落在了"纸片"上。 10月20日晚8点，由TOPPS打造的TOPPS X THE MONSTERS/LABUBU系列收藏卡上线，成为不少消费 者铆足劲争夺的目标。《每日经济新闻》记者查询发现，该卡牌有着60天预售期且一人限购五套的"高 门槛"。即便如此，卡牌开售不久便宣告售罄，原价469元的套装，在二手平台有的已溢价至600元，溢 价约30%。 图片来源：闲鱼平台截图 LABUBU卡牌的火爆，只是国内卡牌市场升温的一个缩影。如今，"纸片经济"战场已硝烟弥漫：宝可梦 携简体中文版卡牌加速布局中国市场，卡游等头部厂商激战渠道与赛事；爱奇艺、阅文等文娱巨头跨界 入场，影视IP（知识产权）卡牌GMV（商品交易总额）破亿元⋯⋯ 在此背景下，10月21日，潮玩行业龙头公司泡泡玛特发布的公告显示，2025年第三季度整体收益（未经 审核）同比增长245%~250%，其中，中国收益同比增长185%~190%，海外收益同比增长365%~370%。 热潮背后，记者了解到，潮玩与卡牌用户的高度重合成为关键。卡牌市场分析师、卡有江湖主编杨躺躺 向《每日经济新闻》记者指出："（外界）普遍认为卡牌用户都是学 ...

Core Insights - The focus of the "Double 11" shopping festival has unexpectedly shifted to collectible cards, particularly the TOPPS X THE MONSTERS/LABUBU series, which sold out quickly despite a high price point and purchase limits [1][5] - The collectible card market in China is experiencing significant growth, with major players like Pokémon and various entertainment giants entering the space, leading to increased competition and market dynamics [4][8] Market Dynamics - The LABUBU card's popularity reflects a broader trend in the collectible card market, which is heating up with various companies competing for market share [4][6] - The collectible card market is projected to reach $7.267 billion by 2025 and $15.433 billion by 2032, with a compound annual growth rate of 11.36% [6] - China is becoming the largest market for collectible cards, with a projected market size of 263 billion yuan in 2024, significantly lower per capita spending compared to Japan and the U.S., indicating potential for growth [6][8] Company Performance - Bubble Mart reported a projected revenue increase of 245%-250% year-on-year for Q3 2025, with domestic revenue up 185%-190% and overseas revenue up 365%-370% [4] - The LABUBU card's appeal is attributed to its limited availability and artistic value, including signed cards and unique designs, which resonate with collectors [5][11] Competitive Landscape - The card market is becoming increasingly competitive, with over 2,000 card-related companies in China, and major players like 卡游 (Kawoo) and others vying for dominance [7][8] - The entry of entertainment companies like iQIYI and阅文 (Yuewen) into the card market is driving innovation and cross-industry collaboration [8][9] Consumer Behavior - The current consumer base for collectible cards in China is primarily younger, with a shift towards a more balanced age demographic as the market matures [11] - The transition from a hobbyist market to an investment-oriented market is hindered by a lack of infrastructure, including rating agencies and standardized quality control [11] Future Outlook - Analysts suggest that the future of the card market in China may lean towards trading card games (TCG) that offer gameplay and competitive events, which could sustain consumer interest longer than traditional collectible cards [7][11] - The market is expected to evolve from a "toy economy" to an "interest asset" economy as adult players become the main consumer group [11]

每经记者｜毕媛媛 宋美璐 每经编辑｜何小桃 魏官红 这个"双11"，潮玩圈的焦点意外落在了"纸片"上。 10月20日晚8点，由TOPPS打造的TOPPS X THE MONSTERS/LABUBU系列收藏卡上线，成为不少消费者铆足劲争夺的目标。《每日经济新闻》记者查询 发现，该卡牌有着60天预售期且一人限购五套的"高门槛"。即便如此，卡牌开售不久便宣告售罄，原价469元的套装，在二手平台有的已溢价至600元，溢 价约30%。 图片来源：闲鱼平台截图 LABUBU卡牌的火爆，只是国内卡牌市场升温的一个缩影。如今，"纸片经济"战场已硝烟弥漫：宝可梦携简体中文版卡牌加速布局中国市场，卡游等头部 厂商激战渠道与赛事；爱奇艺、阅文等文娱巨头跨界入场，影视IP（知识产权）卡牌GMV（商品交易总额）破亿元⋯⋯ 在此背景下，10月21日，潮玩行业龙头公司泡泡玛特发布的公告显示，2025年第三季度整体收益（未经审核）同比增长245%~250%，其中，中国收益同 比增长185%~190%，海外收益同比增长365%~370%。 热潮背后，记者了解到，潮玩与卡牌用户的高度重合成为关键。卡牌市场分析师、卡有江湖主编杨躺躺向《每日经济新 ...

Core Insights - The focus of the "Double 11" shopping festival has unexpectedly shifted to collectible cards, particularly the TOPPS X THE MONSTERS/LABUBU series, which sold out quickly despite a high price point and purchase limits [2][4] - The collectible card market in China is experiencing significant growth, with major players like Pokémon and various entertainment giants entering the space, leading to increased competition and market dynamics [5][7] Group 1: Market Dynamics - The LABUBU card's rapid sell-out and subsequent price increase on secondary markets reflect a growing interest in collectible cards, with some sets selling for 600 yuan, a 30% premium over the original price of 469 yuan [2][4] - The collectible card market is becoming increasingly competitive, with over 2,000 card-related companies in China, and major brands like Pokémon targeting the Chinese market for expansion [6][7] - The global collectible trading card market is projected to grow from $7.267 billion in 2025 to $15.433 billion by 2032, with China being a significant contributor due to its large consumer base [5] Group 2: Consumer Behavior - There is a notable overlap between the user bases of collectible cards and trendy toys, with many card players also being adult consumers of brands like泡泡玛特 [3][6] - The current Chinese card market is primarily driven by hobbyists, with a younger demographic, and lacks strong investment characteristics compared to international markets [8][9] - The sustainability of the card market relies on maintaining scarcity and managing supply effectively to avoid oversaturation and demand depletion [8] Group 3: Future Trends - Analysts suggest that the future of the card market in China may lean towards trading card games (TCG), which offer longer lifecycles and higher repurchase rates compared to traditional collectible cards [9] - The transition from a "toy economy" to an "interest asset" economy is anticipated as adult players become the main consumer group, emphasizing the need for robust gameplay and event systems to maintain engagement [9]