Company Overview and Industry Position - The company, 卡游有限公司, is a leading player in China's pan-entertainment product industry, primarily focusing on IP-based toys, especially collectible card games and stationery. According to ZhiShi Consulting, the company ranks first in various segments of the pan-entertainment product market, with market shares of 13.3%, 21.5%, 71.1%, and 24.3% in the overall pan-entertainment products, pan-entertainment toys, collectible card games, and stationery sectors respectively [1][31]. Core Competencies and Business Model - The company has established an integrated business model based on three core competencies: diversified product experience, engaging interactive operations, and robust production capabilities. The product matrix includes collectible card games, figurines, other toys, and stationery, with toy revenue accounting for 94.9% in 2024, of which collectible card game revenue is 8,200 million RMB, representing 81.5% of total revenue [2][32]. - Engaging interactive operations are enhanced through innovative gameplay designs and TCG events, with over 5,100 events held in more than 100 cities, effectively expanding brand influence [2][53]. - The company maintains strong production capabilities with three operational production bases, one base under construction, and advanced technologies, achieving stable gross margins between 65.8% and 68.8% from 2022 to 2024 [2][32]. Financial Performance and Business Data - The company's revenue for 2022, 2023, and 2024 is reported as 4,131.1 million RMB, 2,662.1 million RMB, and 10,056.9 million RMB respectively, indicating a significant year-on-year growth of 278% in 2024. Adjusted net profits for the same years are 1,619.7 million RMB, 933.8 million RMB, and 4,466.1 million RMB [3][50]. - As of the end of 2024, the company has developed a diverse IP matrix consisting of 70 IPs, including 69 licensed IPs and one proprietary IP, "卡游三国," collaborating with 43 IP partners. The sales network covers all 31 provinces in China, with 92.5% of revenue coming from distribution channels and 7.5% from direct channels [3][54]. Development Strategy and Future Plans - The company aims to expand its product and IP offerings, enhance production and supply chain capabilities, optimize distribution networks, and invest in team and technology development. Plans include launching more cultural IP products and increasing automation in production to shorten product launch cycles to 20-30 days [4][44]. - The company is also focusing on strengthening online channels and exploring overseas markets, leveraging existing IP licenses to expand into regions like Europe and Asia [4][44]. Brand and Product Layout - 卡游 has established a strong brand presence in the pan-entertainment product sector, recognized for its diverse product offerings centered around popular IPs. The collectible card game segment includes themes from well-known franchises, and stationery products have seen significant growth, with sales of 117.4 million units in 2024, a year-on-year increase of 108% [5][46].

Core Viewpoint - The company, 卡游, is preparing for an IPO despite reporting a net loss of 1.242 billion yuan in 2024, driven by rapid revenue growth and a strong market position in the collectible card industry [1][2]. Company Overview - 卡游's core business is collectible card games, with total revenue of approximately 10.057 billion yuan in 2024, where card business contributed 8.2 billion yuan, accounting for over 80% of total revenue [5]. - The company holds leading positions in various segments, including a 13.3% market share in the general entertainment products industry, 21.5% in the general entertainment toys sector, and a dominant 71.1% in the collectible card market [5]. Reasons for IPO - The company aims to expand its capital strength to support rapid growth, with a revenue increase of 277.8% year-on-year in 2024, necessitating significant funding despite the current losses [6]. - The IPO is intended to seize market opportunities and enhance competitiveness against international rivals, as China has become the largest card market globally, valued at 26.3 billion yuan [6]. - The company seeks to solidify its leading position in the industry and unlock valuation potential, given the low per capita spending on cards in China compared to Japan and the U.S. [6]. Competitive Advantages - 卡游 boasts a rich IP matrix with 70 IPs, including one proprietary IP, which enhances its product offerings and market appeal [8]. - The company has a robust sales network, covering all 31 provinces in China through 217 distributors, 32 flagship stores, and various online platforms [8]. - 卡游 capitalizes on the "Guzi Economy" trend, aligning collectible cards with national cultural IPs to meet the consumption preferences of Generation Z [8]. Industry Outlook - The collectible card industry in China has experienced a compound annual growth rate of 57% from 2019 to 2024, with a market size of 26.3 billion yuan in 2024, surpassing the U.S. and Japan [9]. - There is significant growth potential in the market, as per capita spending on collectible cards in China is only 18.7 yuan, compared to 119.3 yuan in Japan and 64.0 yuan in the U.S., indicating a possible 3-6 times increase in market size [9]. Impact of Losses on IPO - Market sentiment remains optimistic regarding the company's IPO despite the reported losses, as the losses are attributed to high initial investments during the expansion phase rather than poor business performance [10][11]. - The company maintains a high gross margin of around 70%, indicating strong core business profitability [11]. - The backing of prestigious underwriters such as Morgan Stanley, CICC, and JPMorgan reflects confidence in the company's future prospects [11].

Group 1 - Investment Rating: Outperform the market, maintained [2] - Core Viewpoint: The report highlights the growth potential of the collectible card game industry, with the company positioned as a leader in the market [3][4] Group 2 - Company Overview: The company is a leading player in China's collectible card game sector, focusing on a diverse product portfolio that includes toys, figurines, and stationery [7][9] - Industry Overview: The IP toy market is thriving, with collectible card categories experiencing the fastest growth [21][22] - Financial Performance: The company's revenue growth is driven by top IP products, with significant increases in sales figures [8][10] Group 3 - Business Model: The company employs an integrated business model that leverages product experience, interactive operations, and production capabilities [13][55] - Product Portfolio: The core product is collectible cards, complemented by figurines, other toys, and stationery, showcasing a diverse product range [54][80] - IP Matrix: The company has established a diverse IP matrix, enhancing its overall IP operation capabilities [83]

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 ...