作者｜雷报 段轻 近日，阅文集团公布了截至2024年12月31日止年度全年业绩公告，雷报据此对阅文的具体业务数据进行了详细解读。（详见：阅文的2024：谷子GMV破5 亿，IP运营收入大增10亿，离"东方迪士尼"还有多远？| 雷报） 值得注意的是，在昨日，阅文集团最新发布的年度报告2024中，还披露了晋江文学的业绩，以及阅文集团去年投资的相关情况。 晋江文学24年收入14.40亿元，盈利4.78亿元 阅文集团2024年报内披露了晋江（阅文持股50%）去年的收入情况：2024年，晋江实现14.40亿元营收，盈利4.78亿元。 根据过往公开财务信息，2020-2024年，晋江文学的收入分别为10.36亿元、12.5亿元、13.15亿元、14.16亿元、14.40亿元，利润分别为3.3亿元、4.18亿 元、4.52亿元、4.56亿元、4.78亿元，收入及利润一直处于稳步上升状态，这种变化与视频平台、影视公司等对内容的需求密切相关。 | | 晉江 | | | --- | --- | --- | | | 二零二四年 | 二零二三年 | | | 十二月三十一日 | 十二月三十一日 | | | 人民幣千元 | 人民幣千元 ...

Summary of the Card Game Industry Conference Call Industry Overview - The domestic card game market has experienced a compound annual growth rate (CAGR) of over 50% in the past five years, with card game companies dominating the market, holding a market share of 71.1% and sales reaching 8.2 billion, estimating the total market size at approximately 11.53 billion, with sales potentially reaching 20-23 billion [1][2][12] - The global fantasy trading card game (TCG) market is expected to reach 11.73 billion USD by 2033, with China accounting for nearly half of this market share [1][4] - Domestic collectible card games (CCG) primarily focus on licensed IP production, lacking original content and competitive gameplay, which significantly differs from the three major international TCGs (Pokémon, Magic: The Gathering, Yu-Gi-Oh) [1][6] Key Players and Market Dynamics - Card Game Company (卡游) is the leading domestic TCG developer, possessing 70 licensed IPs, including its own IP (e.g., 卡游三国) and popular international IPs (e.g., My Little Pony) [1][8] - The primary market (wholesalers) and secondary market (player trading) influence each other, where a thriving primary market can stimulate the secondary market and vice versa. However, excessive product issuance may harm the secondary market, leading to a decline in the primary market [1][10][11] - Card Game Company has shown steady growth from 2021 to 2023, with a projected explosive growth in 2024 through My Little Pony, contributing 8.2 billion to total sales of 10 billion [1][12] Market Trends and Future Outlook - The domestic card market has gone through several development stages, with significant growth noted since 2019, particularly with the introduction of popular series like Ultraman and Pokémon [2][12] - The rise of secondary players such as 集卡社, 黑卡, and 闪魂 indicates a competitive landscape, although they still face barriers in channels and production capabilities [3][12] - The successful IPO of Card Game Company is expected to provide growth opportunities for other companies in the industry, reducing barriers to their own listings [2][12] Regulatory and IP Considerations - The domestic IP market is on the rise, with expectations of increased regulation to protect intellectual property rights and ensure quality after-sales service [15] - The process for card companies includes obtaining copyrights, design, production, and marketing, with major distribution channels including self-operated stores, online platforms, and live-streaming sales [17][16] Risks and Challenges - Card Game Company faces risks such as negative public perception regarding high-priced card speculation and potential backlash against perceived exploitation of underage consumers [22][23] - The company also contends with the expiration of IP licenses and the pressure from emerging competitors [22][23] Consumer Behavior and Market Segmentation - Different types of card users exhibit varied spending behaviors, with sports cards attracting high-net-worth individuals, while anime and TCG cards appeal to younger demographics [28][30] - The economic environment significantly impacts consumer purchasing power, which can lead to market downturns during economic declines [30] Conclusion - The card game industry in China is poised for continued growth, driven by strong IP influences and a competitive landscape. However, companies must navigate regulatory challenges and consumer perceptions to sustain this momentum [1][2][15][22]

Core Viewpoint - The article discusses the rapid rise of domestic card games in China, particularly focusing on the success of the "Nezha 2" card series, which has sparked a cultural consumption phenomenon and highlighted the potential for the domestic card market to grow and evolve [1][22]. Group 1: Market Performance and Trends - The "Nezha 2" card series has become a phenomenon, with prices reaching as high as 200,000 yuan, creating a "one card hard to find" situation [1] - The secondary market for card trading has seen significant activity, with some cards listed at exorbitant prices, indicating a speculative bubble [3][11] - The domestic card market is still in its early stages, with a lack of public understanding and acceptance, which poses challenges for its growth [12][20] Group 2: Comparison with Global Markets - The global card market, particularly in the U.S. and Japan, has established a robust ecosystem for trading and investment, with high-value transactions becoming commonplace [7][15] - In Japan, the card market reached 277.4 billion yen (approximately 13.9 billion yuan) in 2023, showing an 18.1% year-on-year growth, highlighting the potential for similar growth in China [14] - The U.S. market has seen cards transition from collectibles to investment tools, with platforms like eBay facilitating a more mature trading environment [15][22] Group 3: Cultural and Historical Context - The article emphasizes the historical roots of card games in China, tracing back to ancient times, which suggests a deep cultural connection that could be leveraged for market growth [16][17] - The rise of domestic card games is seen as a way to promote Chinese culture globally, with successful IPs like "Nezha" and "Black Myth: Wukong" paving the way for international recognition [22] Group 4: Challenges and Opportunities - Domestic brands face challenges in international expansion due to cultural differences and lower brand recognition compared to established foreign brands [20] - The article notes that while the domestic card market is still developing, there is a significant opportunity for growth if companies can shift from a manufacturing mindset to an original IP development approach [21] - Companies like 卡游 are already making strides in creating original IPs and expanding their offerings, indicating a positive trend for the future of the domestic card market [21][22]