Investment Rating - The investment rating for the media industry is "Positive" (maintained) [1] Core Insights - The report highlights the ongoing development of the MCP protocol and the "Network Publishing Technology Innovation Leading Plan," which are expected to boost the AI sector and related industries, particularly in IP and experiential consumption [5] - The collectible card game (CCG) market in China is projected to grow significantly, with a market size increasing from 2.8 billion RMB in 2019 to 26.3 billion RMB in 2024, reflecting a CAGR of 56.6% [6][14] - The report emphasizes the importance of AI applications in various sectors, including gaming, education, and entertainment, suggesting continued investment in AI-related companies [5][6] Summary by Sections Section 1: Media Industry Overview - The media sector is experiencing a positive outlook, driven by advancements in AI and supportive government policies [1][5] - The report notes that the CCG market is expected to reach 44.6 billion RMB by 2029, with a CAGR of 11.1% from 2024 to 2029 [14] Section 2: Key Companies and Recommendations - Key companies recommended for investment include Tencent Holdings, Kuaishou-W, and others in the AI and gaming sectors [5] - The report identifies specific companies in various sub-sectors, such as AI gaming (Xindong Company, NetEase-S) and AI education (Guomai Culture, Century Tianhong) [5] Section 3: Market Performance and Trends - The report indicates that the CCG market is benefiting from emotional consumption and the rise of domestic IPs, with significant growth expected in the coming years [6][14] - The performance of major games like "Peacekeeper Elite" is highlighted, maintaining top positions in iOS rankings [31][35] Section 4: Industry Data and Insights - The report provides data on the performance of various media and entertainment products, including box office results and streaming viewership [45][46][49] - It notes that the collectible card game market is characterized by a high concentration of leading companies, with Card Game Company holding a 71.1% market share [14][22]

传媒 投资评级：看好（维持） 行业走势图 2025 年 04 月 21 日 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2024-04 2024-08 2024-12 传媒 沪深300 相关研究报告 《多模态 AI 突破不止，政策暖风持续 助力 IP、体验消费—行业周报》 -2025.4.13 《AI 日日新，供需两旺或助力文娱消 费春意渐浓—行业周报》-2025.4.6 《AutoGLM 沉思实现"边想边干"， 继续布局 AI Agent—行业点评报告》 -2025.4.1 MCP 及政策助力 AI 发展，继续关注高景气 IP 赛道 ——行业点评报告 | 方光照（分析师） | 田鹏（分析师） | 肖江洁（联系人） | | --- | --- | --- | | fangguangzhao@kysec.cn | tianpeng@kysec.cn | xiaojiangjie@kysec.cn | | 证书编号：S0790520030004 | 证书编号：S0790523090001 | 证书编号：S0790124070035 | MCP 协议及《网络出版科技创新引领计划》助力行业发展， ...

Core Viewpoint - The "Guzi Economy" is gaining momentum, and the value derived from IP (Intellectual Property) is being widely recognized in the market [1] Market Overview - Among various categories of Guzi, trading cards are experiencing rapid growth due to their high playability, collectible value, and social attributes. In 2023, China's collectible card market reached 15.89 billion yuan, a year-on-year increase of 40.5%. CITIC Securities predicts that this sector may exceed 35 billion yuan by 2027, with a compound annual growth rate (CAGR) of over 20% [2] Company Performance - The performance of leading company KAYOU reflects the heat in the card market. From 2022 to 2024, KAYOU achieved revenues of 4.13 billion yuan, 2.66 billion yuan, and 10.06 billion yuan, with adjusted net profits of 1.62 billion yuan, 930 million yuan, and 4.47 billion yuan respectively [3] Strategic Development - KAYOU is exploring more development possibilities in the rapidly growing market by continuously innovating expression methods, deeply co-creating with copyright holders, and enhancing IP's commercial value through precise market insights and strong operational capabilities [4] IP Activation - The demand for cards surged during the release of the animated film "Nezha: The Devil's Child," leading to a "card shortage" phenomenon. KAYOU's initial release of 4.5 million card packs sold out within a week, prompting quick restocking and the launch of new products [5] Production and Sales Network - KAYOU operates three production bases and one logistics center in Zhejiang and Guangdong, supporting a nationwide sales network. The company has a comprehensive dealer system with 217 dealers covering the market, allowing for rapid product development and distribution [6] Competitive Advantage - KAYOU's competitive edge lies in its understanding and respect for classic IPs, alongside its product design, innovation speed, and channel positioning. The company actively participates in IP operation and co-creation, moving beyond being a passive recipient of traffic [7] Collaboration and Expansion - KAYOU has established a deep collaboration with Hasbro for the "My Little Pony" series, significantly enhancing the commercial value of the IP. The card products have gained immense popularity on social media, expanding the audience from children to young women [9][10] Financial Growth - KAYOU's revenue is projected to exceed 10 billion yuan in 2024, reaching 10.057 billion yuan, a year-on-year increase of 280%. The adjusted net profit is expected to grow by 380% to 4.466 billion yuan, with an adjusted net profit margin of 44.4% [13] IP Portfolio - KAYOU has developed a diverse IP portfolio, including 70 well-known IPs such as Ultraman, My Little Pony, and Naruto, which enhances brand recognition and attracts a broader fan base [14][15] Market Position - KAYOU ranks first in the collectible card sector within the pan-entertainment toy industry in China, holding a market share of 71.1% [16] Cash Flow and Innovation - In 2024, KAYOU's operating cash flow net inflow reached 5.113 billion yuan, a significant increase of 458%. The company is focusing on product innovation, particularly in contemporary expressions of traditional culture [17] Product Diversification - KAYOU's product structure is evolving from single trading cards to a broader pan-entertainment ecosystem, with rapid growth in creative and stationery products [18][19] Future Outlook - KAYOU's high standards in craftsmanship and product development are expected to further enhance its competitiveness and contribute to the growth of the pan-entertainment product industry [23]