Core Insights - The collectible card market in China is entering a monetization phase, with companies like Hitcard and the industry leader, Kayo, pursuing IPOs [1][4] - Hitcard, founded in 2021, focuses on adult collectible cards and has secured significant investments from various entities, including a 10% stake from Reading Group [1][3] - The company has seen substantial revenue growth, achieving approximately 400 million RMB in revenue last year, with a projected 100% growth this year [3][4] Company Overview - Hitcard specializes in adult collectible cards and has developed partnerships with popular IPs, including anime and film franchises [3] - The company has launched successful products, such as the "Celebration Year" card series, which generated a GMV of 20 million RMB [3] - Hitcard's flagship store on Taobao features a card from the drama "Hush, the King is Hibernating," which has sold over 7,000 units, outperforming many well-known anime IPs [3] Market Analysis - The collectible card market in China is dominated by a few major players, with Kayo holding a 71.1% market share and generating 10.057 billion RMB in revenue [4] - The market is still in need of regulatory improvements, which may delay IPOs for companies like Kayo and Hitcard [4] - Compared to developed countries, China's per capita spending on collectible cards is significantly lower, indicating substantial growth potential in the coming years [4] - The collectible card market in China is projected to reach 44.6 billion RMB by 2029, with a compound annual growth rate of 11.1% from 2024 to 2029 [4]

Core Insights - The collectible card market is entering a "monetization era" with companies like Hitcard and the industry leader, Kayo, pursuing IPOs [1][4] - Hitcard, founded in 2021, focuses on adult collectible cards and has secured significant funding from various investors, including major players like Reading Group and CyberAgent [1][3] - The company has achieved approximately 400 million RMB in revenue last year, with a projected 100% year-on-year growth this year, and has already reached profitability [3][4] Company Overview - Hitcard is a brand under Shanghai Qixing Network Technology Co., Ltd., specializing in collectible cards for adults [1] - The company has developed partnerships with popular IPs, including anime and film franchises, enhancing its product offerings [3] - Hitcard's collaboration with Reading Group allows access to over 1,000 IPs and offline channel resources [1] Market Dynamics - The collectible card market in China is still developing, with significant growth potential compared to developed countries [4] - In 2024, the top five companies in the collectible card industry will hold 82.4% of the market share, with Kayo leading at 71.1% [4] - The market is expected to grow at a compound annual growth rate of 11.1%, reaching 44.6 billion RMB by 2029 [4]

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].