文｜兰杰 编辑｜乔芊 据国盛证券相关报告，2024年中国集换式（以收集、交换为主）卡牌市场规模为263亿元，位列全球第 一，是泛娱乐品包中增长最快的品类，预计到2029年市场规模有望达到446亿元。 伴随着卡牌市场的增长，以及自身产能的拉升，Hitcard去年已经实现了约4亿元的收入，同比增长超 600%，今年预计还会有同比100%的增长，且已经实现盈利。 36氪获悉，卡牌公司Hitcard正在推进上市进程，或可能成为"卡牌第一股"。 Hitcard创立于2021年，专注于打造成年人收藏卡。从2021年12月起，先后获得上海联创投资创始人冯 涛、泡泡玛特、红杉中国种子基金、千岛潮玩族以及阅文集团等机构与产业方的投资。Hitcard创始人赵 云鹏告诉36氪，今年上半年，HitCard还完成了一笔融资。 赵云鹏是名95后连续创业者，曾经做过校园O2O"宅米"项目，本人也是潮玩、卡牌的爱好者。公司如今 核心团队成员有五人，其中三个都曾和赵云鹏一起创业过。 目前推测，上市层面会引发关注的核心问题有三：卡牌的主要客群是谁？如何解决卡牌公司对于单一IP 依赖的问题？如何保证盲盒售卖形式的合规？而Hitcard差异化的成长 ...

Core Insights - Hitcard is advancing its IPO process and may become the first publicly listed card company in China, focusing on adult collectible cards [3][4] - The company has seen significant growth, with revenue reaching approximately 400 million yuan in the previous year, a year-on-year increase of over 600%, and is expected to achieve another 100% growth this year [3][6] - The collectible card market in China is projected to grow from 26.3 billion yuan in 2024 to 44.6 billion yuan by 2029, making it the fastest-growing category in the broader entertainment sector [3][6] Market Position and Strategy - Hitcard differentiates itself by signing a diverse range of IPs, increasing its signed IP count to over 60 this year, which is comparable to larger competitors [6][8] - The company emphasizes limited releases and high-frequency product launches to maintain product scarcity, with an average of 10 new products introduced monthly [7][8] - Hitcard's production process includes advanced printing techniques, such as a 14-color printing machine, enhancing the visual appeal of its cards [8] User Demographics and Sales Channels - The primary target demographic for Hitcard is young women aged 18 to 28, which overlaps with the customer base of popular brands like Pop Mart [8][9] - Live streaming on platforms like Douyin has become a key sales channel, contributing over 60% of Hitcard's sales, while offline channels have also expanded, accounting for 40% of sales [12][13] Competitive Landscape and IP Strategy - The competitive environment is intensifying, with companies vying for new IPs, and Hitcard has recently secured a significant licensing agreement with Disney, positioning itself as a major player in the card industry [16] - The company aims to enhance its IP interpretation and content extension capabilities to prolong the lifecycle of its IPs and achieve differentiation [15][16] Future Outlook - Hitcard is exploring international markets, with aspirations to increase overseas revenue from single digits to over 10%, focusing on mature markets like North America and Japan [16]

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 article discusses the international expansion strategy of Kayou, a card game company, highlighting its efforts to replicate the success of brands like Pop Mart in Southeast Asia through various retail models and partnerships [4][10][23]. Group 1: Expansion Strategy - Kayou is attempting to enter the Southeast Asian market by utilizing local distributors and establishing retail channels, similar to the approach taken by Pop Mart [4][5]. - The company has identified four main retail models for overseas expansion: regional agency partnerships, single-store franchises, collaborations with chain supermarkets, and e-commerce platforms [6][8]. - Kayou's first overseas store opened in Hong Kong's K11 shopping art museum, with plans for further expansion in Macau and Malaysia [9][10]. Group 2: IP and Content Strategy - Kayou has launched overseas versions of popular IPs such as My Little Pony, Harry Potter, and DC Comics, aiming to leverage globally recognized brands for market penetration [10][12]. - The company lacks a standout IP like Pop Mart's Labubu, which has significantly driven sales and brand recognition, posing a challenge for Kayou's growth [12][18]. - Kayou's self-developed IPs are heavily influenced by Chinese culture, which may limit their appeal in international markets due to cultural barriers [14][15]. Group 3: Competitive Landscape - The article draws parallels between Kayou and American trading card companies like Panini and Topps, which have successfully expanded into Asian markets by leveraging established sports IPs [19][20]. - American companies have developed diverse marketing strategies, including social media engagement and community-building events, which Kayou could adopt to enhance its market presence [21][22]. - Kayou's reliance on culturally specific IPs may hinder its ability to achieve the same level of market penetration as its American counterparts, necessitating a long-term strategy to build brand recognition and user engagement [22][24]. Group 4: IPO and Future Prospects - Kayou submitted its IPO application in April 2025, but progress appears stalled, potentially due to compliance issues or challenges related to its IP portfolio [23][24]. - The company's international expansion could enhance its IP potential and provide a positive narrative for its IPO, which is crucial for establishing trust in overseas markets [23][24].

比如8月27日，卡游的供应商之一"京华激光"发布2025半年报，显示其 文创业务的上半年营收同比增长61.98%，主要原因是国产电影《哪吒之魔童闹海》 上映后，相关的卡牌产品迅速风靡社会群体，并在短期内迅速放量。 京华激光的总部位于浙江绍兴，主要产品为激光全息防伪膜、激光全息防伪纸，此前主要业务是为烟草品牌提供包装产品，目前也为卡游的哪吒、小马宝 莉、叶罗丽、奥特曼、名侦探柯南等IP的卡牌提供深加工服务。 京华激光的激光防伪贴膜等产品 姚记科技8月26日披露旗下球星卡公司"卡淘 "（ 上海璐道粗体育文化发展有限公司 ） 2025上半年概况，其营收约1.05亿元，同比增长33%；净利润约1200 万元，同比增长39%。2024下半年卡淘陷入亏损，今年上半年恢复盈利。 上周，文创潮发布了日本五大企业在TCG方面的2025上半年经营情况（万代、多美、Bushiroad、Konami、宝可梦）。 这些厂商，卡牌业绩普遍超过去年同期，比如万代海贼王OPCG发售了10款卡包卡组、多美与彩虹社虚拟主播IP合作的卡牌持续热销、Bushiroad TCG事业 销售额同比增长34.42%，等等。 在中国，最近也有不少正向数据披露 ...

Core Insights - The article highlights the record attendance of 410,300 visitors at ChinaJoy, with a significant portion being young players aged 18-29, making up 64% of the audience [1] - It emphasizes the emerging trends in consumer behavior among young people, particularly in the gaming and digital entertainment sectors, focusing on personalized experiences and emotional value [1][20] Group 1: Emerging Consumer Trends - The "one square meter desktop economy" reflects a trend where young consumers seek to personalize their workspace, transforming it into a healing corner [2] - Brands like AKKO are capitalizing on this trend by offering customizable gaming peripherals that resonate with young people's interests and emotions [2][5] - The demand for personalized products extends to various consumer segments, including female gamers who are increasingly seeking tailored gaming accessories [26][27] Group 2: Brand Collaborations and IP Licensing - Many brands are leveraging game collaborations to attract young consumers, with notable partnerships observed at ChinaJoy, such as Merck's collaboration with "Bai Yao Pu" and "Duo Duo Lemon Tea" with "Identity V" [11][15] - The article discusses the importance of aligning brand image with the chosen IP to ensure resonance with the target audience, as seen in the case of Duo Duo Lemon Tea [15][17] - Creative engagement strategies, such as interactive experiences and unique product designs, are essential for brands to deepen their connection with young consumers [17] Group 3: Niche Market Focus - Companies are increasingly focusing on specific consumer segments rather than trying to appeal to everyone, as demonstrated by brands like Hitcard, which targets adult collectors rather than the younger demographic typically associated with card games [20][22] - The success of brands like Piececool, which offers metal 3D puzzle models, showcases the potential of catering to diverse interests and aesthetics within the consumer base [22] - The article notes that the growing female gamer demographic is prompting brands to create products that cater specifically to their needs, as seen with LAMZU and its mouse designed for smaller hands [26][27] Group 4: Emotional Connection and Brand Identity - The overarching theme of ChinaJoy is the emotional connection brands seek to establish with young consumers, aligning with the event's theme of "Gathering What You Love" [35] - Brands are not just selling products but are also creating identities and experiences that resonate with consumers' passions and interests [35] - The focus on emotional value and personal expression is becoming a key driver in the purchasing decisions of young consumers [35]

Group 1 - The rise of card games has transformed them into trendy consumer products, merging elements of collection, social interaction, investment, and competition, thus creating a new category in consumer goods [1][2] - The card industry has seen rapid growth in China, with the collectible card market projected to reach 26.3 billion yuan by 2024, reflecting a compound annual growth rate of 56.6% from 2019 to 2024 [4][5] - Despite the rapid market growth, per capita spending on cards in China is only 15.7% of that in Japan and 29.2% of that in the United States, indicating significant room for growth [5][6] Group 2 - The consumer base for card games is driven by emotional connections to specific IPs, seeking emotional relief and low-barrier social interactions, leading to a lightweight consumption model [8][10] - Card games create diverse consumption scenarios through various gameplay styles, with competitive play providing intellectual satisfaction and collectible aspects appealing to aesthetic desires [10] - The integration of popular IPs significantly boosts consumer engagement, with 71.3% of consumers purchasing products due to beloved IP elements, demonstrating the effectiveness of content-driven marketing [10][15] Group 3 - The card industry is characterized by a collaborative supply chain involving IP owners, design and production entities, and sales channels, which enhances efficiency and reduces risks [11][13] - Recent trends show vertical integration within the card industry, with companies managing the entire supply chain from IP licensing to production and sales, optimizing profitability [13][15] - Approximately 70% of leading domestic IPs have ventured into card games, with a significant portion of sales coming from local IPs, indicating a strong market presence and potential for further growth [15][17]

Summary of Conference Call Company and Industry Involved - The conference call primarily discusses a company involved in the gaming and card trading industry, focusing on its business model and market dynamics. Key Points and Arguments 1. **Long Lifecycle of Games**: The company has a long lifecycle for its games, with potential revenue peaks extending beyond 10 to 20 years, combining advantages of both heavy and light games [1] 2. **Internet Marketing Business**: The company has been involved in internet marketing since 1889, assisting major platforms like ByteDance [2] 3. **Profit Sources**: The company’s three main business segments generate annual profits in the range of 500 to 600 million [3] 4. **Growth in Secondary Trading Platform**: The secondary trading platform, 卡陶, reported a Gross Merchandise Volume (GMV) of 3 billion last year, up from 1 billion the previous year, indicating a rapid growth rate of approximately 40% expected this year [4][6] 5. **Commission Model**: The business model involves a 5% commission on transactions within the secondary trading platform, contributing to a few million in annual profits [4][6] 6. **IP Partnerships**: The company has secured partnerships with major football clubs for card issuance in China, including Manchester United and Barcelona [4][7] 7. **Emerging IPs**: The company is expanding into entertainment IPs, with plans to develop cards for popular franchises like Pokémon and Disney [10][11] 8. **Market Dynamics**: The card trading market is maturing, with the company focusing on both sports and entertainment IPs to attract a broader audience [8][16] 9. **Overseas Market Potential**: The company is exploring overseas markets, particularly in the secondary trading space, where eBay holds a 50% market share, representing a potential market size of approximately 150 billion USD [13][14] 10. **Future Plans**: There are no immediate plans for independent listings of subsidiary companies, as the focus remains on business development and IP acquisition [15] 11. **Profit Expectations**: The company anticipates a profit of around 50 million this year, driven by collaborations and a shift towards higher-margin businesses [18] 12. **Challenges in Gaming Revenue**: The gaming segment has faced challenges, with current revenue not meeting expectations, but there is hope for stabilization and growth in the coming months [20] Other Important but Overlooked Content - The company is actively engaging with investors and addressing their concerns regarding market trends and business strategies [3][17] - The call highlighted the importance of adapting to consumer preferences, particularly among younger demographics who are becoming the main consumer force [3] - The company is also considering expanding its card offerings to include more diverse IPs to capture different market segments [10][16]

Industry Overview - The card industry is a significant part of the broader entertainment product sector, integrating entertainment, collection, competition, and social interaction [3] - The market for collectible card games in China has surged from 700 million to 12.2 billion yuan from 2017 to 2022, increasing its share of the broader entertainment toy market from 2.3% to 17.7% [3] Market Trends - The introduction of global quality IPs like Pokémon and My Little Pony has energized the domestic card industry, while local companies are also developing original IPs to meet cultural demands [5] - Digital transformation is driving innovation in the card industry, with new formats like online tournaments and virtual card games enhancing consumer experiences [6] - The rise of e-commerce platforms has expanded sales opportunities for card products, while offline stores enhance consumer engagement through events [7] Secondary Market and Investment - The domestic secondary card market is becoming more regulated and mature, with platforms like Kato and Jihuan providing robust support for card circulation and value discovery [8] - As consumer awareness of the investment value of cards grows, the prices of rare cards are increasing, stimulating market demand [8] Policy Support - Government support for the cultural industry is creating a favorable environment for the card industry, with measures to protect intellectual property and regulate market order [9] Reports Overview - The first report analyzes the historical evolution and market drivers of the Chinese card industry, highlighting the growth driven by a large user base and the development of an IP matrix [10] - The second report provides a macro perspective on the card industry, detailing its origins, market comparisons across regions, and a comprehensive breakdown of the industry chain [12]

Summary of Key Points from Conference Call Records Company Overview - **Company**: 卡游公司 (KAYOU) - **Industry**: Card Game and Toy Industry Core Insights and Arguments - **Revenue Growth**: KAYOU's revenue is projected to exceed 10 billion RMB in 2024, with net income around 20 billion RMB, driven by the integration of classic anime IPs like Marvel, One Piece, and Ultraman, and expansion into badges and stationery products [1][2] - **Channel Transformation**: The company is shifting from reliance on distributors to a model that includes direct sales and franchise stores, enhancing brand penetration and reaching both youth and adult consumers [1][8] - **IP Strategy**: KAYOU has secured licenses for 70 major IPs, which is a key competitive advantage, and aims to deepen engagement with IP fan communities through unified product displays [1][13][25] - **Production Capacity**: The company possesses its own production capacity, which is rare in the IP derivative industry, allowing for quick market responses and cost reductions [1][11] - **Financial Performance**: As of 2024, KAYOU's gross margin is approximately 67.3%, with a profit margin around 20% [6][31] Industry Dynamics - **Market Growth**: The card game industry, particularly trading card games (TCG) and collectible card games (CCG), is experiencing rapid growth, with KAYOU being a significant player in the market [2][19] - **Competitive Landscape**: KAYOU holds a 70% market share in the domestic TCG sector, facing competition from companies like Jason Animation, Gika, and Pokémon [19] - **Global Benchmarks**: The Pokémon Company is highlighted as a benchmark in the global card industry, with significant revenue and profit figures, indicating the potential for KAYOU to achieve similar success [4][39] Additional Important Insights - **Future Growth Areas**: KAYOU plans to expand its product categories, particularly in stationery, and enhance its TCG business, leveraging its strong IP acquisition capabilities and supply chain advantages [33] - **Production Expansion Plans**: The company is investing heavily in expanding its production capacity, with plans to increase stationery production by over 20 times by the end of 2025 [14][26] - **IP Licensing Trends**: KAYOU has increased its IP portfolio significantly in 2024, with key licenses extending until 2029, which positions it well against competitors [25] - **Consumer Engagement**: The company is focusing on enhancing customer loyalty through brand stores that cater to both youth and adult demographics, improving overall customer satisfaction [8][9] This summary encapsulates the essential insights from the conference call records, highlighting KAYOU's strategic direction, financial performance, and the broader industry context.