Core Insights - The emergence of a truck carrying 6,000 rare star cards valued at 20 million yuan from Shanghai marks a significant moment for the domestic star card market, highlighting the potential value of these collectibles [1] - The history of domestic star cards in China spans over 30 years, evolving from promotional items to collectible cultural products, with a pivotal moment occurring in 1998 when commercial operations began [2][4] - The market for collectible cards in China is projected to reach 27.66 billion yuan by 2025, indicating a growing interest and investment in this sector [5][20] Industry Evolution - Domestic star cards began in the mid-1990s as promotional items for football clubs, but the 1998 launch of the "98甲A联赛球星卡" marked the transition to a collectible market [2][4] - The rise of the internet facilitated the growth of online trading platforms, allowing collectors to form national communities, although the domestic market struggled due to weak sports IP influence [4][6] - The COVID-19 pandemic in 2020 significantly boosted the domestic star card market, with a consumption growth rate of 205%, surpassing the global average [6] Market Dynamics - The most collectible domestic star cards are those associated with Olympic and world champions, reflecting a strong national sentiment [6][8] - High-value transactions have been recorded, with individual cards selling for over 25,000 yuan, indicating a willingness among consumers to invest in domestic star cards [9] - The domestic star card market faces challenges, including a lack of strong sports culture, high competition from international brands, and the need for better IP development [12][15][19] Future Opportunities - The domestic star card market can learn from successful IP strategies in other sectors, such as leveraging local sports events and historical figures to create more relatable products [22][24] - Innovative approaches, such as integrating AR technology and creating immersive experiences, could enhance consumer engagement and transform star cards into dynamic cultural products [24][26] - The market's growth potential is supported by a significant number of companies entering the space, with approximately 2,830 card-related enterprises expected by 2025 [20]

Core Viewpoint - Chinese cultural and creative enterprises, particularly 卡游动漫 (KAYOU), are emerging as leaders in the global collectible card industry through innovative IP collaboration and content creation, establishing a global sales network across various regions [1][3]. Group 1: IP Strategy - 卡游 has developed a diverse IP matrix consisting of 70 IPs from domestic, Japanese, and European and American regions, enhancing consumer engagement [3]. - The company's IP strategy features a "dual-drive" approach, focusing on both local IP innovation and international IP collaboration [4]. - 卡游 has successfully obtained global licenses for popular domestic IPs, such as 《斗罗大陆》 and 《秦时明月》, and is actively promoting these products in overseas markets [5][9]. Group 2: Product Innovation - 卡游 leverages China's manufacturing advantages to create an intelligent production system, utilizing advanced techniques to transform traditional cultural elements into interactive card products [11]. - The company continuously expands its product range beyond collectible cards to include toys, stationery, and other merchandise, ensuring a rich product experience for consumers [12]. Group 3: Market Adaptation - 卡游 tailors its products to different markets by considering local IP popularity and cultural resonance, effectively bridging cultural gaps [13]. - The design of 卡游's cards emphasizes telling Chinese stories, with products like 《卡游三国》 showcasing historical figures and strategies, fostering cultural exploration among international audiences [14]. Group 4: Cultural Exchange - 卡游's initiatives, such as the collaboration with the National Sports Administration for the 《中国古代体育文化收藏卡》, exemplify the integration of culture and sports, enhancing cultural exchange [5][11]. - The company's approach to cultural export demonstrates that traditional culture can thrive through modern design and innovation, moving beyond mere exhibition to active engagement [15][16].