记者丨刘婧汐 编辑丨高梦阳 童年记忆里的卡牌纷纷奔赴资本市场。 继"行业老大"卡游向港交所递交招股书之后，有消息称，成立仅四年的卡牌公司Hitcard也开始推进上 市进程，集换式卡牌市场将迎来"变现时代"。 Hitcard是由上海骑形网络科技有限公司于2021年创办的潮玩IP卡品牌，专注于成人收藏卡领域。此前， 公司已经获得上海联创投资创始人冯涛、泡泡玛特、红杉中国种子基金、千岛潮玩族、日本头部娱乐集 团CyberAgent以及阅文集团等机构与产业方的多轮融资。 记者搜索到，在Hitcard的淘宝官方旗舰店中，影视剧《嘘，国王在冬眠》联名卡牌以销量7000+位列店 铺销量第一，超越了一众二次元知名IP。 据36氪，Hitcard去年已经实现了约4亿元的收入，同比增长超600%，今年预计还会有同比100%的增 长，且已经实现盈利。 不过，对比目前的"行业老大"卡游，Hitcard在营收和市场份额上与其仍相距甚远。 根据华西证券研究所测算，按商品交易总额计，2024年中国集换卡式牌行业中前五大公司占总市场份额 的 82.4%，卡游以71.1%的市场份额位居第一位。2024年，卡游实现了100.57亿元的营收，经调 ...

Hitcard是由上海骑形网络科技有限公司于2021年创办的潮玩IP卡品牌，专注于成人收藏卡领域。此前，公司已经获得上海联创投资 创始人冯涛、泡泡玛特、红杉中国种子基金、千岛潮玩族、日本头部娱乐集团CyberAgent以及阅文集团等机构与产业方的多轮融 资。 记者丨刘婧汐 编辑丨高梦阳 童年记忆里的卡牌纷纷奔赴资本市场。 继"行业老大"卡游向港交所递交招股书之后，有消息称， 成立仅四年的卡牌公司Hitcard也开始推进上市进程，集换式卡牌市场将 迎来"变现时代"。 是卡游还是Hitcard离成功IPO尚有一段距离。 其中，大股东阅文集团在公司发展中扮演重要角色。2024年10月获阅文集团领投数千万人民币后，阅文集团拥有Hitcard公司10%的 股权，同时Hitcard可深度接入阅文旗下1000+IP库，共享其线下渠道资源（如阅文好物实体店）。2024年，双方合作开发了《庆余 年》《全职高手》《一人之下》和《斗破苍穹》等知名IP卡牌。 与炙手可热的泡泡玛特盲盒产品相似，集换式卡牌兼具随机性、观赏性和收集价值，核心受众群体为Z世代消费者。 在IP运营方面，Hitcard同样通过签约IP丰富旗下IP矩阵。目前Hi ...

9月10日，卡游动漫与中国航空文创合作的战机收藏卡牌等系列新产品首度亮相中国国际服务贸易交易 会。 每届服贸会不仅是中国服务贸易发展的"晴雨表"，也是作为中外文化交流与产业合作的重要平台。据了 解，本届服贸会吸引70余个国家和地区及国际组织设展办会，百余家企业新品首发，围绕"科技赋能 创 意引领"主题，打造中华优秀传统文化、文化新质生产力等四大板块，通过"展+会+演+销"多维度联 动，为全球服务贸易发展注入新活力。 在此次服贸会上，浙江展团则以"浙江服务 服务全球"为主题精彩亮相。其中卡游动漫携多款重磅IP卡 牌以其独特的文化表达方式精彩亮相，以独特文化表达成为展示中国制造实力、传递文化魅力的"微缩 窗口"。 2025年9月10日，浙江省商务厅厅长周向军参观卡游展台 据了解，自今年8月以来，卡游曾以"一月双展"的密集节奏，同步亮相雅加达国际玩具展和东京玩具 展。在印尼市场，卡游精准捕捉当地游戏文化热潮，推出地区热门手游的联名卡牌。而这两款游戏在东 南亚拥有数亿玩家，卡游通过与游戏方深度合作，将卡牌设计与游戏世界观深度融合，甚至针对不同地 区玩家的审美偏好进行定制化设计。据现场反馈，试玩区的队伍始终排成长龙，不 ...

Summary of Conference Call on the Toy Card Industry Industry Overview - The toy card industry has been significantly impacted by the entry of Japanese brands into the Chinese market, which has altered the sales model and led to the closure of many low-quality stores [1][3][4]. Key Points Company Performance - 卡游 (Kawoo) has successfully adapted to market changes by enhancing its product line and expanding distribution channels, resulting in a dramatic sales increase in 2024 [1][4]. - 凯钰 (Kaiyu) has a competitive edge in IP procurement, allowing for rapid selection of popular international IPs and quick product updates, leading to high revenue [1][6]. Market Dynamics - The influx of Japanese brands like 宝可梦 (Pokémon) has educated consumers in China about card games, but many small, poorly managed stores failed to meet consumer needs, leading to a market shakeout [2][3]. - The overall market evolution has improved consumer awareness and acceptance of card games, benefiting companies like 卡游 [4]. Distribution Strategies - 卡游 focuses on high-quality first-level distributors, while 布鲁可 (Blucor) employs a traditional toy industry model that includes multiple levels of distributors [7][8]. - The differing strategies affect how each company gathers market feedback and manages pricing [9]. Product Lifecycle Management - Both 卡游 and 布鲁可 rely on established IPs for product development, facing challenges in creating original IPs due to the high investment required [11][12]. - Continuous product updates and innovative collaborations are essential for extending the lifecycle of their offerings [13][14]. Supply Chain Considerations - 卡游 benefits from owning its production facilities, allowing for better control over production timelines and market responsiveness [16]. - 布鲁可's reluctance to invest in a complete supply chain is attributed to high costs and the nature of its product offerings [17]. Competitive Landscape - The domestic derivative product market is growing slowly, with companies like 卡游, 布鲁可, and 泡泡玛特 (Pop Mart) competing closely, often mirroring Japanese market leaders [10][24]. - 泡泡玛特 has differentiated itself through original content and collaborations with well-known brands, while 卡游 and 布鲁可 leverage rich storytelling from their IPs [10][11]. Future Outlook - 卡游 plans to expand into international markets, particularly in Japan and Thailand, while facing challenges in the competitive Japanese market [18][19]. - 布鲁可 is accelerating its product launch pace to maximize revenue from newly acquired IPs [27]. Additional Insights - The choice of IP and product form must align with the company's strengths and market demands, considering factors like target demographics and cultural relevance [22][23]. - The ability to manage production costs and maintain quality is critical, especially in the printing and manufacturing processes [25][26].