万代、多美、Bushiroad、Konami、宝可梦，各大厂商积极发展热门IP联动，希望扩展用户圈层 六月份，日本玩具协会发布2024年度玩具市场规模数据，显示卡牌游戏与集换式卡牌市场规模达3024.63亿日元（约人民币150亿元），同比增长9%，占 整个玩具市场的比例提升至27.5%。 2024年，虽然一直引领卡牌市场的《宝可梦》销售额同比有所下降，但新发售的《龙珠超》卡牌，再加上《决斗大师》《游戏王OCG》《海贼王》卡牌 的增长，市场规模继续扩大。 2025上半年，行业格局又有了一点变化。 比如Cardbox发布的日本2025年6月TCG（未含中古品）综合销量榜显示，Bushiroad 2月新推出的Love Live!系列官方卡牌游戏上榜，cover的hololiveOCG热 度持续发酵，多美决斗大师IP联名款热销，万代海贼王OPCG和携战之境（UNION ARENA）稳定发挥。 | | 2025年6月日本地区TCG游戏综合销量榜 | | | --- | --- | --- | | | (排行来自Cardbox) | | | 排名 | 卡牌系列 | 营 | | 1 | 宝可梦PTCG | 宝可梦 | | ...

Summary of Conference Call Records Company Overview - **Company**: 卡游 (KAYOU) - **Industry**: Card Game and Collectible Toys Key Points and Arguments Performance Metrics - In April 2025, the performance in East China declined by 40% year-on-year and 30% month-on-month to 110 million yuan, primarily due to the drop in popularity of major IPs like Nezha, leading to product sales fluctuations. National sales were approximately 500 million yuan (excluding GMV) [1][3][7]. - In May 2025, sales data showed increased volatility, with a year-on-year decline of about 80% compared to October last year and a month-on-month decline of about 60%. The share of Nezha IP in Q2 dropped from 53% in Q1 to 32%, while My Little Pony fell from 23% to 12%, indicating a significant shrinkage in major IP operations [1][4][5]. - The company plans to launch 600 new products in 2025 while maintaining a rapid turnover cycle to alleviate inventory pressure on distributors [1][12]. IP Management and Lifecycle - The company aims to extend the lifecycle of IPs by controlling product supply and demand balance. For instance, My Little Pony's lifecycle was extended from 8 months to 1.5-2 years through effective sales control [1][11]. - The Nezha IP is currently in a rapid decline, with expectations for overall revenue this year projected between 2 billion to 2.1 billion yuan [1][8]. Market Trends and Sales Channels - The collectible toy and blind box economy is performing well, with KAYOU being a representative company in this sector. However, the decline in major IPs like Nezha has led to performance fluctuations [2]. - Online sales accounted for nearly 30% in 2024, up from 15% in 2023, with a significant portion coming from Douyin's card-breaking system, which reached nearly 60% [4][18]. - The company plans to establish 1,000 experience stores in 2025 and explore exclusive agency models for stationery products [4]. Inventory and Distribution Challenges - The current card game market is in a cold season, limiting distributor profitability. KAYOU has reduced inventory turnover indicators to two weeks to alleviate pressure [1][12]. - The company has implemented strict requirements for distributors, including monthly order ratios for new products, to manage cash flow and inventory effectively [12]. Competitive Landscape - KAYOU's main competitors include Pikachu Society and Flash Soul, with the former having a richer IP reserve but weaker offline sales systems. Flash Soul ranks second in the domestic offline sales system [40]. - The company maintains a strong market position due to its robust offline sales system and brand influence, allowing it to effectively capture market demand during IP peaks [28]. Future Outlook - KAYOU's gross margin is currently at 70% and net margin at 40%, expected to remain stable as long as raw material prices do not rise [41]. - The company is exploring new growth avenues, including partnerships with non-traditional retail sectors like tea shops [30]. Consumer Behavior Insights - The demand for card products is influenced by the popularity of IPs, with male consumers showing a tendency to return to card purchases when popular IPs are released [21][35]. - The company adjusts its strategies based on consumer preferences, particularly focusing on popular IPs to attract adult players [36]. IP Exclusivity and Licensing - KAYOU has exclusive licensing for certain IPs like Conan, while others like Ultraman and My Little Pony are not fully exclusive, leading to a competitive landscape in other product categories [46]. Conclusion - KAYOU is navigating a challenging market environment with fluctuating IP popularity and inventory management issues. The company is focusing on extending IP lifecycles, enhancing online sales channels, and exploring new retail partnerships to sustain growth and profitability in the collectible toy industry.