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 ...

Core Viewpoint - The collectible card market in China is entering a monetization phase, with companies like Hitcard and established players like 卡游 (Kaworld) pushing for IPOs and significant growth in revenue and market presence [1][3]. Company Overview - Hitcard, founded in 2021, focuses on adult collectible cards and has received multiple rounds of funding from notable investors including 泡泡玛特 (Pop Mart), 红杉中国 (Sequoia China), and 阅文集团 (Yuewen Group) [1]. - After a significant investment from Yuewen Group, Hitcard has access to over 1,000 IPs and offline channel resources, enhancing its market position [1]. - In 2024, Hitcard's collaboration on the 《庆余年》 card series generated a GMV of 20 million RMB [2]. Financial Performance - Hitcard achieved approximately 400 million RMB in revenue last year, marking a year-on-year growth of over 600%, with expectations for another 100% growth this year [2]. - The company has already reached profitability, indicating a strong business model and market demand [2]. Market Comparison - Despite Hitcard's growth, it still lags behind the market leader, 卡游, which holds a 71.1% market share and reported revenues of 10.057 billion RMB in 2024 [3]. - The top five companies in the collectible card market account for 82.4% of the total market share, highlighting the competitive landscape [3]. Market Potential - Current spending on collectible cards in China is significantly lower than in developed countries, with per capita spending at 18.7 RMB compared to 119.3 RMB in Japan and 64.0 RMB in the U.S., suggesting substantial growth potential [3]. - The Chinese collectible card market is projected to reach 44.6 billion RMB by 2029, with a compound annual growth rate of 11.1% from 2024 to 2029, indicating a sustained high demand [3].