Core Viewpoint - The collaboration between KAYOU and the Spring Festival Gala marks a significant milestone for the card industry, elevating card games from a niche hobby to a mainstream cultural phenomenon in China [1][4][18] Group 1: Partnership and Product Launch - KAYOU has officially become the partner of the 2026 Spring Festival Gala, introducing card games to a national audience for the first time [1] - The "Qiji Chicheng Collection Card," inspired by the cultural significance of the horse in Chinese tradition, will be launched, featuring designs that reflect thousands of years of cultural heritage [1][4] Group 2: Market Trends and Consumer Engagement - Card consumption is resonating with consumers and traditional culture, indicating a significant market transition [3] - The audience for card products is expanding beyond youth, with a notable increase in interest from adults, driven by high-quality and culturally rich card designs [9][12] Group 3: Cultural and Economic Impact - The Spring Festival Gala, with a record viewership share of 78.88% in 2025, serves as a powerful platform for cultural dissemination and consumer engagement [4] - The card market is projected to reach 26.3 billion yuan in 2024, with a compound annual growth rate of 56.6%, highlighting its status as a major segment in the entertainment toy industry [12] Group 4: Brand Strategy and Cultural Integration - KAYOU's strategy includes leveraging both international IPs and traditional Chinese culture to create diverse product offerings that appeal to a broad audience [14][17] - The collaboration with the Spring Festival Gala is expected to enhance the cultural, commercial, and social value of card products, promoting greater public recognition and acceptance [10][18]

Core Viewpoint - The collaboration between KAYOU and the Spring Festival Gala marks a significant milestone for the card industry, elevating card games from a niche hobby to a mainstream cultural phenomenon in China [1][3][5]. Group 1: Market Trends and Consumer Engagement - Card consumption is resonating with consumers and traditional culture, completing a significant market transition [3]. - The Spring Festival Gala, with a viewership share of 78.88% in 2025, serves as a powerful platform for cultural dissemination and consumer engagement across generations [5]. - The card industry is experiencing a shift from a youth-centric market to a broader demographic, with increasing interest from adults due to the cultural and collectible value of card products [5][14]. Group 2: Product Innovation and Cultural Integration - KAYOU's "Qiji Chicheng Collection Card," featuring elements of Chinese culture centered around the horse, represents a blend of tradition and modernity, appealing to a wide audience [1][15]. - The collaboration with the Dunhuang Cultural Group to launch the "Dunhuang Twelve Horses Card" showcases the integration of historical and cultural themes into collectible products, enhancing their aesthetic and collectible value [10][13]. - The card industry is characterized by its fluidity and interactivity, allowing for cross-generational engagement and cultural exchange [14]. Group 3: Economic Impact and Industry Growth - The collectible card market in China reached a scale of 26.3 billion yuan in 2024, with a compound annual growth rate of 56.6%, indicating robust growth in the sector [17]. - KAYOU's success is attributed to its comprehensive industry system, from product design to global distribution, validating the market value of Chinese cultural IP [20]. - The collaboration with the Spring Festival Gala is expected to enhance the recognition and acceptance of card products among the general public, accelerating market penetration [15][21].

Core Insights - The trading card market is experiencing significant growth, with a compound annual growth rate of 25%, and is projected to exceed 30 billion yuan in the next three years [2] - The market is characterized by a stark contrast in pricing, with rare cards fetching high prices while ordinary cards are valued very low [2][5] - The industry is attracting capital interest, leading to a competitive race for listings among leading companies [6] Market Overview - The trading card market has evolved from childhood entertainment to a collectible asset for adults, with a diverse age demographic participating [2] - The market is divided into two main categories: Trading Card Games (TCG) that support gameplay and Collectible Card Games (CCG) that focus on rarity and collection [3] - The market is expected to reach 35.1 billion yuan by 2027 according to Citic Securities [2] Pricing Dynamics - Recent trends show a 5% decline in the price of simplified Chinese Pokémon cards, while Japanese versions have seen a slight increase of 0.33% [5] - A specific Pokémon card, "梦幻ex," has reached a price of 55,000 yuan, while common cards can be as low as 0.2 yuan, indicating a depreciation rate of over 91.67% for ordinary cards [5] - The disparity in card values highlights a market where high-value cards are sought after, while low-value cards struggle to find buyers [5] Online Trading and Community Engagement - Many transactions are conducted through online platforms, with dedicated apps providing market information and facilitating sales [4] - The demand for graded cards is increasing, as ratings significantly impact their marketability and price [5] - Live streaming has become a popular method for card sales, enhancing the emotional experience of unboxing and trading [5] Competitive Landscape - Card Game Company (卡游) holds a dominant market share of 71% in the TCG sector, with a projected revenue of 10.057 billion yuan in 2024, marking a 278% year-on-year growth [6] - Suplay (超级玩咖) has emerged as a strong competitor in the collectible card segment, with a revenue of 283 million yuan and a gross margin of 54.5% [6] - New entrants and investments from major companies like Pop Mart and miHoYo indicate a growing interest in the trading card market [7]

Core Viewpoint - The company ShiningSoul aims not only for "product globalization" but also for "cultural globalization," using collectible card games (TCG) as a medium to tell compelling Chinese stories to the world [4][12]. Company Overview - ShiningSoul, a new cultural brand under Shanghai Zhenyouqu Cultural Technology Co., has completed a multi-hundred million RMB Series A financing round led by Hillhouse Ventures, with participation from other notable investors [4]. - Founded by Yao Shuo Bin and Sheng Chuan, the company has rapidly developed a series of successful IP card games within just over a year [6]. Market Potential - The Chinese card game market has significant growth potential, with per capita consumption expected to increase by over ten times, supported by a user base of over 500 million in the broader subculture demographic [8]. - The collectible card game segment is highlighted as a key focus due to its higher design barriers and user engagement [4]. Strategic Advantages - ShiningSoul has established a unique content moat by acquiring top-tier IPs and mastering user engagement, enabling the company to create compelling narratives around its products [8]. - The company has built a comprehensive industry chain that enhances its product creativity and quality, leading to strong scale effects [8]. Product Success - The company has successfully launched several hit IP card games, including "Identity V," "Genshin Impact: Seven Saints Summon," and "Return to Future: 1999," which have become cultural phenomena [6]. - The recent release of "Runeterra: League of Legends Battle Card" has quickly positioned itself as a competitive TCG product within just over a week of launch [10]. Future Plans - Following the recent financing, ShiningSoul plans to accelerate its strategic goals by deepening partnerships with top global IPs and expanding its international presence in key markets such as North America, Europe, and Southeast Asia [12]. - The company aims to leverage its products and IP creativity to establish itself as a world-class cultural brand originating from China [12]. Investor Insights - Investors express confidence in ShiningSoul's potential, highlighting the company's strong product capabilities, execution, and long-term vision in the TCG sector [12][13]. - The rapid growth of the cultural consumption industry in China, with an annual growth rate exceeding 50%, positions ShiningSoul favorably for future success [13].