Company Overview - KAYOU Limited is a leading company in the pan-entertainment product sector, focusing on IP-based physical products such as toys and stationery [2] - The company has a diverse product range, with collectible card games being its core offering, and is expanding into other categories like figurines and stationery [2] Financial Performance - KAYOU's revenue is projected to grow significantly, with figures of 4.131 billion, 2.662 billion, and 10.057 billion RMB for the years 2022 to 2024, respectively, crossing the 10 billion RMB mark [2] - Operating profits for the same period are expected to be 1.803 billion, 0.831 billion, and 3.707 billion RMB, while net profits show a fluctuation with losses in 2022 and 2024 [2][3] - Adjusted net profits under non-IFRS measures are forecasted to be 1.620 billion, 0.934 billion, and 4.466 billion RMB for 2022 to 2024 [3] Market Position - KAYOU holds a leading market share in the pan-entertainment product industry, with 13.3% overall and 21.5% in the pan-entertainment toy sector, and dominates the collectible card game market with a 71.1% share [2] - The company is also the top player in the pan-entertainment stationery market with a 24.3% share [2] Industry Growth - The pan-entertainment product market in China is expected to grow from 91.9 billion RMB in 2019 to 174.1 billion RMB by 2024, with a compound annual growth rate (CAGR) of 13.6% [4] - The collectible card game segment is projected to grow at a remarkable CAGR of 56.6% from 2019 to 2024, representing 25.8% of the overall pan-entertainment toy market by 2024 [4] IP Dependency - KAYOU has a diverse IP matrix consisting of 70 IPs, but only one is proprietary, raising concerns about reliance on licensed IPs [5][6] - A significant portion of revenue comes from non-exclusive IP arrangements, with 96.0%, 82.3%, and 88.0% of total revenue derived from such products from 2022 to 2024 [6] - The company faces potential risks as 38 IP licensing agreements are set to expire by 2025, necessitating negotiations for renewals [6] Business Structure - The stationery segment has shown impressive growth, increasing from 20.9 million RMB to over 500 million RMB from 2022 to 2024, but remains a small part of overall revenue [7] - KAYOU's performance is heavily reliant on the collectible card game segment, indicating a risk associated with dependence on a single product line [7]

导 语 ：若重要IP授权到期，将会对公司业绩造成不小的冲击。 市场机遇方面，中国泛娱乐产品行业发展迅速，2019 - 2024 年市场规模复合年增长率达 13.6%，预 计 2024 - 2029 年将以 14.0% 的速度继续增长，卡游有望凭借行业地位和产品优势分得更大市场份 额。 卡游作为中国领先的泛娱乐产品公司，主营业务围绕基于 IP 开发的实体产品展开，玩具尤其是集 换式卡牌是核心产品 ，并逐步拓展至人偶、徽章、文具等多元品类。其商业模式依托于多元化的产 品体验、引人入胜的趣味互动运营和稳健的生产能力这三大核心竞争力。 通过构建多元产品组合，满足不同消费者需求；举办 TCG 活动等方式增强消费者互动；在生产上 紧跟前沿工艺，保障产品质量与供应效率。 凭借这些优势，卡游在市场中占据显著地位，按 2024 年商品交易总额计，在泛娱乐产品行业、泛 娱乐玩具行业、泛娱乐玩具行业集换式卡牌领域以及泛娱乐文具行业均排名第一。 从财务数据来看，卡游业绩波动明显。2022 年至 2024 年，公司收入分别为人民币 41.31 亿元、 26.62 亿元和 100.57 亿元，呈现先降后升态势；净利润方面，2022 年净 ...