Core Insights - The article discusses the emergence of a new cultural consumption ecosystem centered around "谷子" (goods), highlighting its significance in youth culture and social interactions [1] - The collectible card game (CCG) market, particularly in China, is identified as a key component of this ecosystem, with a complete industry chain from IP licensing to secondary market transactions [1] Market Potential - The collectible card game market has grown from a niche hobby to a trillion-yuan market, with global CCG market size reaching $11.13 billion in 2020 and projected to grow to $31.26 billion by 2027, reflecting a compound annual growth rate (CAGR) of 15.9% [2] - China is expected to become the largest CCG market, with projected market sizes of 26.3 billion yuan in 2024, surpassing the U.S. and Japan [2] Industry Evolution - The Chinese CCG market transitioned from a marginal to mainstream consumer segment, with significant milestones including the launch of "三国杀" in 2009 and the introduction of various international IPs in 2020 [3] - The market size increased dramatically from 700 million yuan in 2017 to 12.2 billion yuan in 2022, with a CAGR of 78.4%, and is expected to reach 31 billion yuan by 2027 [3] Consumer Behavior - Young consumers are drawn to CCGs for their emotional, social, and cultural values, with cards serving as tangible representations of IP love, social currency, and cultural identity [3] Comparative Analysis - China's per capita spending on CCGs is significantly lower than that of mature markets like Japan and the U.S., indicating substantial growth potential if spending levels increase [4] Competitive Landscape - The CCG industry is characterized by intense competition among leading companies like 卡游, 闪魂, and 集卡社, as well as entries from entertainment giants like 爱奇艺 and 阅文集团 [5] - 卡游, as the market leader, is projected to achieve revenues of 10.057 billion yuan in 2024, with its card business contributing 8.2 billion yuan and holding a 71.1% market share [5] Innovation and Global Expansion - 卡游's innovative strategies include collaborations with popular IPs and the introduction of culturally relevant products, such as cards featuring traditional Chinese elements [6] - The company is also expanding internationally, with plans to enter U.S. retail markets and promote its products through platforms like Tiktok [6][7]

Core Insights - The article discusses the emergence of a new cultural consumption ecosystem centered around "谷子" (goods), highlighting its significance in youth culture and economic vitality [1] - The card game market, particularly trading card games (TCGs), plays a crucial role in this ecosystem, serving as a medium for emotional consumption and social interaction among Generation Z [1][3] Market Potential - The trading card market has evolved from a niche hobby to a multi-billion dollar industry, with the global market size reaching $11.13 billion in 2020 and projected to grow to $31.26 billion by 2027, reflecting a compound annual growth rate (CAGR) of 15.9% [2] - China has emerged as one of the largest trading card markets, with a market size of 26.3 billion yuan in 2024, surpassing the U.S. and Japan [2] Industry Evolution - The Chinese trading card market has transformed significantly since 2009, with key milestones including the launch of "三国杀" and the introduction of popular international IPs like Pokémon and Disney cards [3] - The market size increased from 700 million yuan in 2017 to 12.2 billion yuan in 2022, achieving a CAGR of 78.4%, with expectations to reach 31 billion yuan by 2027 [3] Consumer Behavior - Young consumers are drawn to trading cards for their emotional, social, and cultural values, with cards serving as tangible representations of their favorite IPs and facilitating unique social interactions [3] - The average spending on trading cards in China is significantly lower than in mature markets like Japan and the U.S., indicating substantial growth potential if spending levels increase [4] Competitive Landscape - The trading card industry is characterized by intense competition among leading companies such as 卡游, 闪回, and 集卡社, as well as entries from entertainment giants like 爱奇艺 and 阅文集团 [5] - Major players are actively pursuing IPOs to gain a competitive edge, with 卡游 being a notable example [5] Company Performance - 卡游, as a market leader, reported a revenue surge to 10.057 billion yuan in 2024, with its card business contributing 8.2 billion yuan and holding a 71.1% market share [6] - The company has successfully integrated traditional cultural elements into its products, appealing to younger consumers and expanding its market reach internationally [6][7]