衍生品经济的多个细分领域蕴含着丰富的商业机遇，收藏卡赛道便是其中之一，已吸引众多参与者加入 竞争。 其中，Hitcard是除行业龙头卡游之外，少数被传出正考虑资本市场选项的公司。 成立第一年便完成首轮融资，先后获泡泡玛特、红杉中国种子基金、阅文集团等具备产业与资本背景的 投资方注资。 2024年，Hitcard实现收入约4亿元，同比增超600%。 与卡游凭借渠道掌控力和强势IP资源的策略打法不同，Hitcard选择了与多元化、海量IP展开合作，持续 扩大在B端、C端的影响力。 对外最核心的叙事，始终是产品质量与工艺水平。 Hitcard创始人赵云鹏告诉信风，公司创立的初衷，是希望为每一个人都打造一张属于ta的"Hitcard"—— 即能直击内心、最受喜爱的那一张卡牌。 印刷工艺的成熟与进步，让卡牌成为承载内容IP的优质载体。从产业角度看，卡牌具有低成本、轻量化 的特点，是一个比潮玩爆发更迅速的市场，也因此催生了不容忽视的泡沫与竞争。 在经历2024年"小马宝莉"IP与抖音渠道的双重红利后，卡牌市场已逐步回归理性，参与者们亦在重审路 线与打法。 作为专注于成人收藏卡赛道的公司，Hitcard曾推出《全职高手》《 ...

Core Insights - The market is closely watching which company will become the "first stock of card games" as Hitcard accelerates its listing process while the leading company, KAYOU, has not made significant progress since filing its prospectus [1] Company Overview - Hitcard, established only four years ago, has differentiated itself by accurately capturing the increasing commercialization demands of IP copyright holders [2] - The company focuses on adult collectible cards and has launched products based on popular IPs such as "Full-Time Master" and "Battle Through the Heavens" [2] - Hitcard has attracted investments from notable firms including Pop Mart, Sequoia China, and Tencent Literature, highlighting its strong industry and capital backing [2] Financial Performance - In 2024, Hitcard achieved approximately 400 million yuan in revenue, representing a year-on-year increase of over 600% [5] - The company anticipates continued revenue growth in 2025, although current production capacity may not fully meet next year's targets [5] Market Trends - The trend of "no cards, no drama" is emerging in the film and television industry, indicating that most new IP card authorizations are quickly absorbed by card companies [6] - Hitcard has established a significant market presence, covering about 70% to 80% of the film and television card market share [7] Competitive Landscape - Compared to KAYOU, which operates around 70 IPs and has a revenue concentration where the top five IPs contribute 86% of total income, Hitcard's model of "multi-IP, limited edition, high-frequency new releases" enhances its market competitiveness [8] - Hitcard's strategy involves frequent product redesigns and a focus on environmentally friendly materials, which increases production costs but also drives innovation [8] Strategic Partnerships - To strengthen its core competitiveness, Hitcard is pursuing equity partnerships with industry players, including Japanese game company Cygames and Goodsmile, to enhance its overseas IP acquisition and operational capabilities [9] - The collaboration with Tencent Literature is particularly valuable, providing access to a resource pool of over 1,000 IPs and shared offline channel networks [2][9] Industry Dynamics - The rapid commercialization of IPs is becoming a key driver for the growth of derivative products, with Tencent Literature aiming to enhance its IP commercialization strategy at the group level [11] - The success of Hitcard and similar companies is contingent on their ability to refine product design, user operations, and channel management while leveraging upstream IPs [21]