来源 |凤凰 网财经《 IPO观察哨 》 当《哪吒 2》的票房热潮席卷全国，与之联名的卡牌竟在二手市场被炒出天价——一张导演签名的哪吒卡牌 被炒到 9.5万， 堪称 "电子黄金" 。 卡牌的 幕后制作者正是 浙江卡游动漫有限公司（下称 "卡游"） ，这家靠 2元一包的卡牌年入百亿的公司，正以惊人的速度改写中国玩具行业的规 则， 却因 狂奔在 资本市场埋下暗雷。 2024年 ， 卡游营收破百亿大关，达到 100.57亿元，同比暴涨278%。它的赚钱能力甚至超越了"让年轻人疯魔"的泡泡玛特。4月14日，卡游公司 二次冲刺港交所。除令人眼红的暴利生意，萦绕在它身上的是长期困于 "收割小学生""未成年沉溺其中""小学生集卡成瘾"等负面舆论。 01 卡游到底有多暴利？ 在创投圈，卡游被称 "小孩收割机"，其推出的核心IP"奥特曼系列卡牌"牢牢锁定了小学生群体。 2024年，卡游营收达到100.57亿元，净利润高达44.66亿元，毛利率67.3%。要知道在全球大杀四方的泡泡玛特 当年的 营收 是 130.4亿元，净 利润 为 31.25亿元，这样的财务数据已经令外界惊叹。 而聚焦卡游的核心业务集换式卡牌的毛利率更是高达 ...

Group 1 - The investment rating for the industry is not explicitly stated in the provided content [2] - The core viewpoint of the report highlights that the company, 卡游, is a leading enterprise in the domestic collectible card game market, achieving significant revenue growth and expanding its product lines into stationery and other toy categories [4][6][18] - The report indicates that the collectible card game segment has the fastest growth rate in the entertainment toy industry, with a compound annual growth rate (CAGR) of 56.6% from 2019 to 2024, and the market size is projected to reach 263 billion RMB in 2024, accounting for 25.8% of the overall entertainment toy market [4][33][37] Group 2 - The company has a diversified IP matrix with 70 IPs, including popular franchises like Ultraman and My Little Pony, which contribute significantly to its revenue [44][46] - The company has established a strong operational capability in IP management, covering the entire process from market research to product design and marketing [49] - The company has a robust sales channel strategy, primarily relying on distributors, with a gradual shift towards direct sales and online platforms [64][66] Group 3 - The financial performance of the company shows a rapid revenue increase, with a reported revenue of 100.6 billion RMB in 2024, a year-on-year growth of 277.8% [4][18] - The revenue breakdown indicates that collectible card games accounted for 81.5% of total revenue in 2024, although this represents a slight decline from previous years [18][57] - The company plans to use IPO proceeds to expand production facilities, enhance IP resources, and strengthen digital operations [23][25]

Group 1 - The article highlights the impact of increased tariffs on products like Tiger Balm, which is primarily produced in China and distributed in the U.S. This could lead to a significant price increase for consumers [1] - The U.S. government has raised tariffs on Chinese goods to 145%, which is expected to result in an additional tariff cost of $3 million to $5 million for Tiger Balm this year [1] - The article notes a trend of American consumers rapidly purchasing Chinese-made goods before they become more expensive, indicating a reaction to the tariff situation [1] Group 2 - The article discusses the broader implications of tariffs on consumer goods in the U.S., with prices for items like furniture increasing by 27% due to tariffs [3] - It mentions that the new tariffs could lead to a significant economic impact, with an estimated annual revenue increase of $737.4 billion from tariffs, but a GDP loss of $1.2 trillion due to reduced consumer spending [3] - The trade structure between the U.S. and China shows that the U.S. primarily imports consumer goods, while China imports intermediate goods, indicating a potential imbalance in trade dependencies [3] Group 3 - The article reports a significant reduction in China's purchases of U.S. pork, with a decrease of 12,000 tons in one week, marking the lowest weekly delivery volume of the year [5] - It also notes a decline in soybean purchases from the U.S., with only 1,800 tons bought in the same week, reflecting a trend of reduced imports from China [5] - The article emphasizes China's stance against U.S. tariffs, advocating for multilateral trade systems and expressing a commitment to high-level openness and win-win cooperation [5][8] Group 4 - The article concludes with a statement on China's ability to counter U.S. provocations and its strategy to mitigate the negative impacts of U.S. tariffs through domestic demand expansion and market diversification [8] - It asserts that the trade war initiated by the U.S. has no winners and warns that continued protectionism will hinder global economic development [8] - The global community is watching closely to see how this tariff conflict will unfold and what the eventual outcomes will be [8]

标普500指数惊险五连涨，英伟达跌超2%、和纳指止步四连阳，恩智浦盘后一度重挫超8%，蔚来 涨超7%。 中国外交部：中美双方并没有就关税问题进行磋商或谈判。 美财政部Q2借款预期大幅上调超三倍至5140亿美元，剔除债务上限影响后，借款需求不增反降。 美国共和党要地达拉斯联储制造业调查崩了，受访者聚焦关税。 美国"涨价"开始了，亚马逊近千商品平均涨价29%，Shein前100商品平均涨价51%。 西班牙、葡萄牙周一大范围停电，民众抢购物资以备不时之需，目前部分地区电力供应已恢复。 普京宣布5月8日起停火72小时，庆祝卫国战争胜利80周年；乌外长：想要和平应立即停火。 中国黄金协会：一季度国内黄金ETF持仓同比多增328%，黄金首饰消费同比下降26.85%。 阿里发布并开源Qwen3，无缝集成思考模式、支持119种语言、便于Agent调用。 泡泡玛特再刷屏，App连续两天霸榜，海外大排长龙，股价暴涨10%。 ...

Group 1 - The core viewpoint of the article highlights the rising popularity of "squishy toys" among young adults aged 20-35, particularly in Hangzhou, where sales have surged significantly in recent years [2][3] - The number of adult customers purchasing "squishy toys" has increased markedly compared to previous years, indicating a shift in the target demographic from children to young professionals [3] - Online platforms have seen substantial sales, with various stores reporting monthly sales exceeding 10,000 units for "squishy toys," particularly among women aged 18-35, who make up over 60% of buyers [3][4] Group 2 - The success of "squishy toys" is attributed to product innovation, social media promotion, and the growing trend of emotional consumption, where consumers seek products that fulfill emotional needs [2][4] - Retailers are continuously optimizing the materials and designs of these toys, with new styles resembling real desserts gaining popularity, leading to significant sales increases [4] - Social media influencers play a crucial role in promoting "squishy toys," driving more customers to purchase them due to their appealing aesthetics and fun nature [4]

今天A股看起来没有什么生气，除了上证50和几个红利指数，宽基都收跌，且80%的个股下跌，而银行再次成为避险板块，工行又刷新了历史新 高，造成这个局面的，短期来看，可能有几个原因。 1、地产刺激落空 。上周五我们在会议解读里提到的，上面对房地产的定调是已经稳住了，所以大规模刺激落空， 小作文被证伪，从上周五的高 点开始算的话，地产板块高位下跌7个点； 2、节前避险 。周四就放假了，这回五一涉及三个交易日，大家肯定还是担心在此期间海外出什么幺蛾子，毕竟本周是美股一季报发布数量最多 的一周，而A股也进入了财报高发期，周五还有美国的非农数据要公布，宏观和微观上都有不确定性，预计这周融资余额还要继续往下掉，这其 实和春节放假前的情况差不多——那几天，也是融资余额不断掉，但四大行反而创历史新高。 3、限制卖出的解禁效应 。上周宽基ETF净卖出了100亿，如果剔掉几个科创综指新发基金的建仓资金，实际净卖出的金额会更多一点，而港股南 向资金也是罕见的近期首次周度净卖出，买入的主力——国家队，则从上周开始应该进入了中场休息，好多天没买，所以势必使得市场有一定的 抛压需要释放。 4、产业小作文可能会被整顿 。 就是有个比较知名的 ...

Market Overview - The market experienced adjustments with Hong Kong stocks slightly down by 0.04% and trading volume decreasing to 169 billion [1] - The impact of high tariffs is evident, with a significant reduction in agricultural imports from the US to China and an increase in Brazilian soybean shipments to China [1] - US retail is facing inventory crises due to high tariffs, leading to cautious purchasing behavior among merchants [1] Company Performance - Pop Mart (09992) has seen strong demand in the US market, with long queues for new product releases and a gross margin expected to exceed 75% [2] - The company is shifting some production to Vietnam, aiming for 10% of production by 2024 to mitigate tariff risks [2] - Jin Feng Technology (02208) reported a net profit exceeding expectations, with a revenue of 9.472 billion yuan, a year-on-year increase of 35.72% [5] Industry Trends - The Chinese cultural export is gaining traction, as evidenced by the popularity of Pop Mart's products abroad, reflecting a positive shift in global perceptions of Chinese brands [3] - The banking sector is seeing increased investment, with major state-owned banks performing well amid low interest rates [4] - The energy sector is opening up to private enterprises, allowing them to invest in various energy projects, which is seen as a win-win situation [4] Regulatory Developments - The Chinese government is tightening regulations on the sale of key infrastructure, particularly ports, to protect national interests [7] - The US Department of Transportation has relaxed safety requirements for autonomous vehicle development, which may benefit companies like Nastec (01316) [6] Medical and Pharmaceutical Sector - Four Seasons Pharmaceutical (00460) has received approval for its "Youthful Needle," marking a significant breakthrough in its aesthetic medicine segment [11] - The company's aesthetic medicine sales increased by 65.4% year-on-year, driven by new product recognition and global expansion efforts [12]

前十大流通股东累计持有： 18271.25万股，累计占流通股比： 30.92%，较上期变化： -1748.76万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 深圳星河数据科技有限公司 | 5047.00 | 8.54 | 不变 | | 吴永海 | 2989.90 | 5.06 | 105.31 | | 张馨 | 2875.39 | 4.86 | 不变 | | 芜湖渝宾投资中心(有限合伙) | 1500.00 | 2.54 | 不变 | | 陶悦明 | 1130.18 | 1.91 | 不变 | | 周茹萍 | 1014.40 | 1.72 | 不变 | | 郑凯松 | 1000.01 | 1.69 | -1563.17 | | 蔡珏 | 963.95 | 1.63 | 不变 | | 邵嘉辉 | 925.25 | 1.57 | 新进 | | 黄锐富 | 825.17 | 1.40 | -218.90 | | | 较上个报告期退出前十大股东有 | | | | 缪顺荣 | 997.25 | 1.69 | 退出 | 三、 ...

群兴玩具（002575）公告，2025年第一季度营业收入7282.04万元，同比增长182.83%。净亏损1504.96 万元，去年同期净亏损302.28万元。 ...

港股收盘，恒生指数跌0.04%，恒生科技指数涨0.12%。耀才证券金融大涨超80%，泡泡玛特涨超10%， 君实生物涨超8%；比亚迪（002594）电子跌超8%，中国飞鹤跌超5%。 ...