Group 1 - The core viewpoint of the article highlights the significant stock price increase of Kidsland International (02122), which rose over 18% in intraday trading and has accumulated a rise of over 260% within the month [1] - As of the report, the stock is trading at 0.275 HKD with a trading volume of 3.2622 million HKD [1] - On September 10, Kidsland announced a strategic entry into the trading card game (TCG) market, partnering with the globally recognized IP Pokémon for operational services [1] Group 2 - The first official Pokémon trading card venue in Beijing is set to open on September 10, 2025, at the Huiju Shopping Center [1] - Kidsland plans to seek collaborations with more international and domestic popular IPs and card manufacturers beyond Pokémon [1] - The board of Kidsland believes that TCG serves as a super entry point connecting toys, games, and social interactions, aiming to leverage its channel advantages to bring more excellent TCG products and experiences to Chinese consumers [1]

Core Viewpoint - The card market has cooled significantly compared to 2024, with a decline in both transaction volume and consumer interest, largely due to the lack of leading IPs to drive the market [1] Group 1: Market Dynamics - The interest in card games has waned as consumer attention shifts towards other trends, such as the vinyl and plush toy craze led by Pop Mart [1] - The competitive narrative in the domestic card game market is diversifying, moving away from the dominance of a single leading player [1] - Despite the cooling market, various capital sources are accelerating their entry into the card game sector [1] Group 2: Company Developments - Flash Soul, a new entrant in the card game market, completed a significant financing round of several hundred million RMB, marking the largest disclosed financing in the card sector in the past year [2] - Founded in 2023, Flash Soul has a strong founding team, including the chairman of Yaoji Technology and a former market director from Card Game [2][3] - Flash Soul's rapid rise has led it to be referred to as a "dark horse" in the card industry [5] Group 3: Product Strategy - Flash Soul's collaboration with NetEase on the game "Identity V" quickly gained market traction, with its second product selling out within a month of launch [6][7] - Unlike competitors focusing on younger audiences, Flash Soul targets game IPs, establishing a clear competitive strategy [10] - The company is investing heavily in trading card games (TCG), which emphasize community interaction among players, as opposed to collectible card games (CCG) that rely on rarity [12] Group 4: Strategic Partnerships - Flash Soul has partnered with major gaming franchises, including a TCG series based on "Genshin Impact" and a collaboration with Riot Games for a TCG set in the League of Legends universe [11] - The company is committed to significant annual investments in marketing and support for core stores [11] Group 5: Industry Context - The TCG market is more mainstream in mature overseas markets, offering better customer retention and predictable demand [13] - However, the TCG sector in China faces challenges, including high operational costs and a lack of professional talent [14] - The Yaoji system, which includes Flash Soul and Yaoji Toys, has a broad influence across the card industry, leveraging extensive resources and established operational frameworks [15][16] Group 6: Corporate Structure - The Yaoji system has deep and extensive industry layouts, impacting various segments of the card market [15] - Although Yaoji Toys and Flash Soul are no longer directly linked to Yaoji Technology, they share a common control structure and historical ties [17][18] - Concerns have been raised about the potential risks of operational overlap and governance transparency between the entities within the Yaoji system [19]

Core Viewpoint - The stock price of Kai Zhi Le International surged over 160% following the announcement of its strategic entry into the trading card game (TCG) market, partnering with the globally recognized IP Pokémon for operational services [1][2][4]. Group 1: Company Strategy and Market Entry - Kai Zhi Le International announced its strategic layout in the TCG market, starting with a partnership with Pokémon, which aligns with its mission of creating high-quality playful living [4][5]. - The company aims to build a complete business chain covering offline sales, experiential activities, and event operations in the TCG sector [4][5]. - The first Pokémon official card dojo opened in Beijing, providing an immersive experience for Pokémon trainers, combining retail, card battles, and social interactions [4][5]. Group 2: Market Potential and Growth - The global TCG market is projected to exceed $12 billion (approximately 85.5 billion RMB) by 2024, with China's market growing at over 40% for three consecutive years [4][6]. - The trading card segment is expected to maintain a nearly double-digit annual growth rate over the next decade, driven by strong social attributes, collectible value, and the trend towards esports [1][8]. - The Chinese TCG market has seen significant growth, with its scale increasing from 2.8 billion RMB in 2019 to 13.3 billion RMB in 2023, reflecting a compound annual growth rate of 31.5% [7][8]. Group 3: Financial Performance and Future Outlook - Kai Zhi Le International reported a revenue of approximately 422.5 million RMB for the six months ending June 30, 2025, a decrease of 14.4% year-on-year, primarily due to reduced retail store income [6]. - The company experienced a narrowing of losses to 67.3 million RMB, a 16.04% improvement compared to the previous year [6]. - The wholesale channel, particularly through partnerships with major retailers, has become a significant growth driver, with sales increasing by 134.6% year-on-year [7].

凯知乐国际(2122.HK)飙升111%，报0.247港元，股价创2022年5月以来新高，截至目前成交逾2200万港元。消息面上，公司9月10日公告宣布，凯知乐 (Kidsland)将战略性布局集换式卡牌(TCG)市场，首阶段与全球顶级IP宝可梦达成运营服务合作。2025年9月10日，北京首家宝可梦官方卡牌道馆在北京荟 聚购物中心正式开业。除宝可梦外，Kidsland还计划在未来与更多的国际、国内热门IP和卡牌厂商寻求合作。凯知乐董事会认为TCG是连接玩具、游戏和 社交的超级入口，Kidsland希望将依托渠道优势，把更多国内外优秀的TCG产品和体验带给中国消费者。 ...

Group 1 - The core viewpoint of the article highlights that Kaizhile International (02122) has significantly increased its stock price by 107.69% following the announcement of a strategic partnership with the globally recognized IP Pokémon in the trading card game (TCG) market [1] - The company plans to deepen its collaboration with Pokémon in various areas such as venue operations and channel distribution, aiming to expand the scope of their partnership [1] - The global TCG market is projected to exceed $12 billion in 2024, with the Chinese market experiencing a growth rate of over 40% for three consecutive years [1] Group 2 - The article emphasizes that card games are becoming increasingly popular among Generation Z consumers due to their strong social attributes, collectible value, and the trend towards esports [1] - Kaizhile aims to leverage this opportunity by collaborating with leading brands to enter the TCG market, focusing on building a comprehensive business chain that includes offline sales, experiential activities, and event operations [1]

消息面上，凯知乐国际宣布，凯知乐将战略性布局集换式卡牌(TCG)市场，首阶段与全球顶级IP宝可梦 达成运营服务合作。9月10日，北京首家宝可梦官方卡牌道馆于北京荟聚购物中心正式开业。 凯知乐集团(02122)早盘涨超80%，截至发稿，涨57.26%，报0.184港元，成交额376.58万港元。 董事会认为，宝可梦作为全球最具影响力的IP之一，其运营理念与Kidsland"创造高品质玩乐生活"的使 命高度契合。凯知乐深耕中国玩具市场二十余载，依托行业积淀与全渠道资源网路，全力支持宝可梦官 方卡牌道馆在中国大陆地区的拓展。未来，凯知乐将在道馆运营、渠道分销等多个方面持续与宝可梦深 化合作内容，扩大合作范围。 ...

消息面上，凯知乐国际宣布，凯知乐将战略性布局集换式卡牌(TCG)市场，首阶段与全球顶级IP宝可梦 达成运营服务合作。9月10日，北京首家宝可梦官方卡牌道馆于北京荟聚购物中心正式开业。 董事会认为，宝可梦作为全球最具影响力的IP之一，其运营理念与Kidsland"创造高品质玩乐生活"的使 命高度契合。凯知乐深耕中国玩具市场二十余载，依托行业积淀与全渠道资源网路，全力支持宝可梦官 方卡牌道馆在中国大陆地区的拓展。未来，凯知乐将在道馆运营、渠道分销等多个方面持续与宝可梦深 化合作内容，扩大合作范围。 智通财经APP获悉，凯知乐集团(02122)早盘涨超80%，截至发稿，涨57.26%，报0.184港元，成交额 376.58万港元。 ...

據 行 業 資 料 顯 示，2024年全球TCG市場規模已突破120億 美 元，中 國 市 場 增 速 連 續三年超40%。卡 牌 遊 戲 憑 藉 強 社 交 屬 性、收 藏 價 值 及 電 競 化 趨 勢，成 為Z世 代 消 費 新 寵。Kidsland敏 銳 捕 捉 到 這 一 機 遇，希 望 通 過 和 頭 部 品 牌 的 合 作 進 入TCG 市 場，努 力 構 建 覆 蓋 線 下 銷 售、活 動 體 驗 以 及 賽 事 運 營 的 完 整 業 務 鏈 條。 （於開曼群島註冊成立的有限公司） （股份代 號：2122） 自願性公告 凱知樂進軍TCG賽 道，與 全 球 頂 級IP寶可夢 達成運營服務合作 凱 知 樂 國 際 控 股 有 限 公 司（連 同 其 附 屬 公 司，統 稱「凱知樂」或「Kidsland」）董 事 會（「董事會」）宣 佈，凱 知 樂 將 戰 略 性 佈 局 集 換 式 卡 牌（「TCG」）市 場，首 階 段 與 全 球頂級IP寶 可 夢 達 成 運 營 服 務 合 作。2025年9月10日，北 京 首 家 寶 可 夢 官 方 卡 牌 道 館 於 北 京 薈 聚 購 物 中 心 正 ...

Core Insights - ShiningSoul, a cultural technology brand under Shanghai Zhenyouqu, has successfully completed a multi-hundred million RMB Series A financing round led by Hillhouse Capital, with participation from Gao Rong Capital and Kaihui Fund, and Guoyuan Capital as the exclusive financial advisor [1] - The card game industry in China is experiencing a significant boom, particularly among the younger generation, with the market for pan-entertainment toys expected to reach 101.8 billion RMB in 2024, maintaining a compound annual growth rate (CAGR) of 15.8% from 2024 to 2029 [1] - ShiningSoul's focus on game IPs positions it well within the collectible trading card game (TCG) sector, which is projected to grow at a CAGR of 56.6% from 2019 to 2024 [1] Company Overview - ShiningSoul was co-founded by Yao Shuo Bin, chairman of Yaoji Technology, and industry veteran Sheng Chuan, who serves as CEO. The company was registered in March 2023 and unveiled its brand in November of the same year [1][2] - The company has quickly gained traction with its card series based on popular IPs such as "Identity V" and has sold out its initial stock within 26 days [4] Market Dynamics - The success of ShiningSoul's card products is attributed to the strong emotional connection players have with game IPs, which enhances their willingness to purchase physical cards [4][5] - The TCG market is particularly appealing to younger consumers, including elementary school students, who have increased purchasing power [5] Strategic Plans - Following the recent financing, ShiningSoul plans to accelerate its strategic initiatives, focusing on establishing deeper and longer-term partnerships with top global IPs and expanding its presence in key markets such as North America, Europe, and Southeast Asia [5][6] Competitive Landscape - The card game sector is witnessing a shift towards emphasizing competitive attributes, with ShiningSoul launching products like "Runeterra: League of Legends Card Game" to tap into the competitive gaming market [7] - Other companies in the sector, such as KAYOU, are also experiencing significant growth, with KAYOU reporting a revenue increase of 277.8% year-on-year in 2024 [6][9] Consumer Engagement - The integration of collection, competition, and social interaction within TCGs is driving consumer engagement and attracting capital investment, highlighting the potential for sustained growth in the sector [6][9]

Core Viewpoint - ShiningSoul, a cultural technology brand under Shanghai Zhenyouqu, has successfully completed a financing round of several hundred million RMB, led by Hillhouse Capital, indicating strong investor confidence in the collectible card game (CCG) market and its growth potential in China [1][5]. Company Overview - ShiningSoul was co-founded by Yao Shuo Bin, chairman of Yaoji Technology, and industry veteran Sheng Chuan, with the brand officially launched in November 2023 after its registration in March [3][4]. - The company focuses on game IPs, leveraging popular franchises to create collectible card products, which have shown promising market reception [3][4]. Market Potential - The collectible card industry in China is experiencing significant growth, with a projected market size of 101.8 billion RMB in 2024 and an expected annual compound growth rate of 15.8% from 2024 to 2029 [3]. - The segment of trading card games (TCG) is particularly noteworthy, with a remarkable annual compound growth rate of 56.6% from 2019 to 2024 [3]. Product Success - ShiningSoul's collaboration with major IPs such as "Identity V" and "Genshin Impact" has resulted in several successful card series, with the "Identity V" series selling out within 26 days of launch [4][5]. - The emotional connection between players and game IPs enhances the willingness to purchase physical cards, as these products serve as tangible extensions of the gaming experience [5]. Competitive Landscape - The competitive landscape includes other major players like KAYOU, which has reported a staggering revenue growth of 277.8% year-on-year for 2024, highlighting the lucrative nature of the card game market [6]. - The rise of collectible cards among younger demographics, particularly elementary school students, indicates a strong and growing consumer base for TCGs [5][6]. Strategic Plans - Following the recent financing, ShiningSoul plans to deepen strategic partnerships with top global IPs and expand its presence in key markets such as North America, Europe, and Southeast Asia [5][6]. - The company aims to balance short-term explosive growth with long-term sustainability in the collectible card business, which is characterized by its blend of collection, competition, and social interaction [7].