无论从交易量还是关注度来看，卡牌市场较2024年降温明显。 "大众消费兴趣被泡泡玛特带动的搪胶与毛绒潮流吸引，相反，卡牌行业缺乏具有带动效应的头部IP， 整体市场热度有所回落。"卡有江湖创始人杨躺躺对信风表示。 年初哪吒的"泼天流量"逐渐消退后，国产卡牌的竞争叙事开始走向多元。 "一超多强"格局虽难以撼动，但各路资本已在加速进场。 8月，闪魂宣布完成数亿元人民币的首轮融资，由高瓴创投领投，高榕创投与凯辉基金跟投，光源资本 担任独家财务顾问。 这成为近一年来，卡牌赛道金额的最大一笔公开披露融资。 闪魂成立于2023年，创立时间虽不足两年，但团队背景显赫，由上市公司姚记科技董事长姚朔斌、卡游 前市场总监盛川联合创立。 在此之前，姚记科技更多以扑克牌生产商而闻名。 随着闪魂融资的落定与其背后"姚记系"资源不断协同，一个系统性的潮玩生态布局正在徐徐展开。 卡圈"黑马" 由于头部企业卡游也曾凭借该IP的卡牌产品获得成功，闪魂一度被业界称为"小卡游"。 然而双方在发展路径与战略定位上很快显现出显著差异。 与卡游侧重奥特曼、小马宝莉等低龄化IP不同，闪魂聚焦游戏类IP，形成清晰的错位竞争策略。 据投资方透露，《第五人格》《 ...

Core Insights - ShiningSoul, a cultural technology brand under Shanghai Zhenyouqu, has successfully completed a multi-hundred million RMB Series A financing round led by Hillhouse Capital, with participation from Gao Rong Capital and Kaihui Fund, and Guoyuan Capital as the exclusive financial advisor [1] - The card game industry in China is experiencing a significant boom, particularly among the younger generation, with the market for pan-entertainment toys expected to reach 101.8 billion RMB in 2024, maintaining a compound annual growth rate (CAGR) of 15.8% from 2024 to 2029 [1] - ShiningSoul's focus on game IPs positions it well within the collectible trading card game (TCG) sector, which is projected to grow at a CAGR of 56.6% from 2019 to 2024 [1] Company Overview - ShiningSoul was co-founded by Yao Shuo Bin, chairman of Yaoji Technology, and industry veteran Sheng Chuan, who serves as CEO. The company was registered in March 2023 and unveiled its brand in November of the same year [1][2] - The company has quickly gained traction with its card series based on popular IPs such as "Identity V" and has sold out its initial stock within 26 days [4] Market Dynamics - The success of ShiningSoul's card products is attributed to the strong emotional connection players have with game IPs, which enhances their willingness to purchase physical cards [4][5] - The TCG market is particularly appealing to younger consumers, including elementary school students, who have increased purchasing power [5] Strategic Plans - Following the recent financing, ShiningSoul plans to accelerate its strategic initiatives, focusing on establishing deeper and longer-term partnerships with top global IPs and expanding its presence in key markets such as North America, Europe, and Southeast Asia [5][6] Competitive Landscape - The card game sector is witnessing a shift towards emphasizing competitive attributes, with ShiningSoul launching products like "Runeterra: League of Legends Card Game" to tap into the competitive gaming market [7] - Other companies in the sector, such as KAYOU, are also experiencing significant growth, with KAYOU reporting a revenue increase of 277.8% year-on-year in 2024 [6][9] Consumer Engagement - The integration of collection, competition, and social interaction within TCGs is driving consumer engagement and attracting capital investment, highlighting the potential for sustained growth in the sector [6][9]

Core Viewpoint - ShiningSoul, a cultural technology brand under Shanghai Zhenyouqu, has successfully completed a financing round of several hundred million RMB, led by Hillhouse Capital, indicating strong investor confidence in the collectible card game (CCG) market and its growth potential in China [1][5]. Company Overview - ShiningSoul was co-founded by Yao Shuo Bin, chairman of Yaoji Technology, and industry veteran Sheng Chuan, with the brand officially launched in November 2023 after its registration in March [3][4]. - The company focuses on game IPs, leveraging popular franchises to create collectible card products, which have shown promising market reception [3][4]. Market Potential - The collectible card industry in China is experiencing significant growth, with a projected market size of 101.8 billion RMB in 2024 and an expected annual compound growth rate of 15.8% from 2024 to 2029 [3]. - The segment of trading card games (TCG) is particularly noteworthy, with a remarkable annual compound growth rate of 56.6% from 2019 to 2024 [3]. Product Success - ShiningSoul's collaboration with major IPs such as "Identity V" and "Genshin Impact" has resulted in several successful card series, with the "Identity V" series selling out within 26 days of launch [4][5]. - The emotional connection between players and game IPs enhances the willingness to purchase physical cards, as these products serve as tangible extensions of the gaming experience [5]. Competitive Landscape - The competitive landscape includes other major players like KAYOU, which has reported a staggering revenue growth of 277.8% year-on-year for 2024, highlighting the lucrative nature of the card game market [6]. - The rise of collectible cards among younger demographics, particularly elementary school students, indicates a strong and growing consumer base for TCGs [5][6]. Strategic Plans - Following the recent financing, ShiningSoul plans to deepen strategic partnerships with top global IPs and expand its presence in key markets such as North America, Europe, and Southeast Asia [5][6]. - The company aims to balance short-term explosive growth with long-term sustainability in the collectible card business, which is characterized by its blend of collection, competition, and social interaction [7].

Core Insights - ShiningSoul has successfully completed a financing round of several hundred million RMB, led by Hillhouse Capital, indicating strong investor confidence in the card game market [1] - The card game industry in China is experiencing a significant growth phase, particularly in collectible trading card games (TCG), which are projected to grow at a compound annual growth rate (CAGR) of 56.6% from 2019 to 2024 [1][5] - The strategic focus of ShiningSoul on leveraging popular game IPs is seen as a key factor for its market entry and potential success [2][4] Company Overview - ShiningSoul was co-founded by experienced figures in the card industry, including Yao Shuo Bin, chairman of Yaoji Technology, and CEO Sheng Chuan, who has extensive experience in the card sector [3] - The company was registered in March 2023 and launched its brand in November 2023, indicating a rapid development timeline [1] Market Dynamics - The collectible card game market is expected to reach a market size of 101.8 billion RMB by 2024, with a sustained growth rate of 15.8% from 2024 to 2029 [1] - The success of ShiningSoul's card series, particularly those based on popular games like "Identity V," demonstrates strong consumer demand, with initial sales leading to sellouts within 26 days [4] IP Strategy - ShiningSoul has partnered with major game IPs such as "Identity V," "Genshin Impact," and "Girls' Frontline," which are crucial for attracting players and driving sales [4][5] - The emotional connection between players and game IPs enhances the willingness to purchase physical card products, as players seek tangible representations of their favorite games [4] Competitive Landscape - The card game market is becoming increasingly competitive, with established players like Kayo and new entrants like ShiningSoul vying for market share [6][7] - Kayo's recent financial performance, including a 277.8% revenue growth and a 378.16% increase in adjusted net profit, highlights the lucrative nature of the card game sector [6] Future Outlook - ShiningSoul plans to accelerate its strategic initiatives post-funding, focusing on establishing deeper partnerships with top global IPs and expanding its market presence in North America, Europe, and Southeast Asia [5] - The integration of collectible, competitive, and social elements in TCGs presents significant growth potential, attracting both players and investors [7]

Core Viewpoint - ShiningSoul, a cultural technology brand under Shanghai Zhenyouqu, has successfully completed a financing round of several hundred million RMB, led by Hillhouse Capital, indicating strong investor confidence in the collectible card game (CCG) market driven by popular game IPs [1][6]. Company Overview - ShiningSoul was co-founded by Yao Shuo Bin, chairman of Yaoji Technology, and veteran card industry player Sheng Chuan, with the brand being registered in March 2023 and first revealed in November 2023 [1][3]. - The company focuses on game IPs, aiming to capitalize on the growing popularity of collectible card games among younger audiences [1][2]. Market Potential - The broader market for pan-entertainment toys is projected to reach 101.8 billion RMB in 2024, with a compound annual growth rate (CAGR) of 15.8% from 2024 to 2029. The collectible card segment is expected to grow at a remarkable CAGR of 56.6% from 2019 to 2024 [1]. - The demand for collectible cards is particularly strong among elementary school students, who have increased purchasing power [5]. Product Strategy - ShiningSoul has launched card series based on high-profile IPs such as the British Library and popular games like "Identity V" and "Girls' Frontline: Cloud Plan," showcasing a strategic approach to product development [2][4]. - The initial success of the "Identity V" card series, which sold out within 26 days, highlights the effective alignment of product offerings with consumer interests [4]. Competitive Landscape - The card game market is characterized by significant competition, with companies like KAYOU also experiencing rapid growth, evidenced by a 277.8% year-on-year revenue increase in 2024 [7]. - The emphasis on competitive play in card games is becoming more pronounced, as companies shift focus from mere collection to gameplay, enhancing player engagement and community interaction [7][8]. Future Plans - Following the recent financing, ShiningSoul plans to accelerate its strategic initiatives, including deeper collaborations with top global IPs and expanding its presence in key markets such as North America, Europe, and Southeast Asia [6].

Core Viewpoint - The company ShiningSoul aims not only for "product globalization" but also for "cultural globalization," using collectible card games (TCG) as a medium to tell compelling Chinese stories to the world [4][12]. Company Overview - ShiningSoul, a new cultural brand under Shanghai Zhenyouqu Cultural Technology Co., has completed a multi-hundred million RMB Series A financing round led by Hillhouse Ventures, with participation from other notable investors [4]. - Founded by Yao Shuo Bin and Sheng Chuan, the company has rapidly developed a series of successful IP card games within just over a year [6]. Market Potential - The Chinese card game market has significant growth potential, with per capita consumption expected to increase by over ten times, supported by a user base of over 500 million in the broader subculture demographic [8]. - The collectible card game segment is highlighted as a key focus due to its higher design barriers and user engagement [4]. Strategic Advantages - ShiningSoul has established a unique content moat by acquiring top-tier IPs and mastering user engagement, enabling the company to create compelling narratives around its products [8]. - The company has built a comprehensive industry chain that enhances its product creativity and quality, leading to strong scale effects [8]. Product Success - The company has successfully launched several hit IP card games, including "Identity V," "Genshin Impact: Seven Saints Summon," and "Return to Future: 1999," which have become cultural phenomena [6]. - The recent release of "Runeterra: League of Legends Battle Card" has quickly positioned itself as a competitive TCG product within just over a week of launch [10]. Future Plans - Following the recent financing, ShiningSoul plans to accelerate its strategic goals by deepening partnerships with top global IPs and expanding its international presence in key markets such as North America, Europe, and Southeast Asia [12]. - The company aims to leverage its products and IP creativity to establish itself as a world-class cultural brand originating from China [12]. Investor Insights - Investors express confidence in ShiningSoul's potential, highlighting the company's strong product capabilities, execution, and long-term vision in the TCG sector [12][13]. - The rapid growth of the cultural consumption industry in China, with an annual growth rate exceeding 50%, positions ShiningSoul favorably for future success [13].

Group 1 - The core viewpoint of the news is that ShiningSoul, a new cultural brand, has successfully completed its first round of financing, raising several hundred million RMB, and is poised for exponential growth through strategic IP development and market expansion [1][3][4] - ShiningSoul was founded by industry veterans and has quickly established a strong market presence by launching popular IP card games, including titles like "Identity V" and "Genshin Impact: Seven Saints Summon," which have become significant hits [1][3] - The company aims to build a global network and deepen strategic partnerships with top-tier IPs, focusing on not just product export but also cultural export, with the goal of becoming a world-class cultural brand originating from China [4] Group 2 - ShiningSoul's success is attributed to its unique content moat and the ability to translate IP value into engaging products, supported by a comprehensive industry chain layout that enhances product creativity and quality [3] - The launch of "Runeterra: League of Legends Battle Card" in collaboration with Riot Games exemplifies ShiningSoul's capabilities in TCG productization and market operations, quickly becoming a competitive product within the TCG space [3] - Following the recent financing, ShiningSoul plans to accelerate its strategic blueprint, focusing on establishing direct or deep cooperation channels in key markets such as North America, Europe, and Southeast Asia [4]

Core Insights - The Chinese animation and gaming industry is experiencing significant growth, with the market expected to exceed 270 billion yuan in 2024, making China the largest market globally for the "二次元" (2D) culture [2] - Major events like ChinaJoy and BiliBili World are becoming increasingly competitive, with cities vying for the rights to host these exhibitions, reflecting the rising commercial value of the industry [2] - The "痛" (pain) culture, characterized by the decoration of personal items with anime and gaming merchandise, is driving consumer interest and economic value, as evidenced by the rapid ticket sales for events like BW 2025 [4] Industry Trends - The rise of "痛" culture is linked to the continuous upgrade of domestic gaming companies, which are now focusing on creating a full IP value chain around popular games [4][5] - Companies like叠纸游戏 and米哈游 are successfully launching high-quality merchandise and achieving significant sales, indicating a strong market for IP-related products [4][5] - The trend of cross-industry collaborations is growing, with more consumer brands seeking partnerships with gaming and entertainment companies to tap into the lucrative market of IP merchandise [5] Event Dynamics - Major gaming companies are leveraging events like ChinaJoy to showcase their products, with companies like世纪华通 and网易游戏 presenting a diverse range of games and attracting large crowds [6][7] - The immersive experience provided at these events is crucial for gathering player feedback and enhancing marketing strategies, as players increasingly value firsthand experiences over traditional marketing [8] - The focus on high-quality, boutique games is reshaping the industry, with player reviews and word-of-mouth becoming critical for the success of new game launches [8]

Core Insights - The article highlights the significant rise of China's gaming industry in the global market, particularly in the PC and console gaming sectors, with innovative titles gaining international traction [1] - A report by Amazon Advertising and GWI indicates that the global PC and console gaming player base reached 1.43 billion in Q1 2025, marking a 19% increase from the same period in 2023 [1] - The shift from mobile gaming to PC and console gaming is particularly pronounced in key markets like Japan, where the growth rate of PC and console players is four times that of mobile gaming [1] Group 1: Global Marketing Trends - Chinese game developers are transitioning from a "buying traffic" model in mobile gaming to brand advertising to enhance customer acquisition efficiency and build long-term brand value [2] - The global PC gaming market's growth aligns strategically with this shift, providing a window for Chinese brands to expand internationally [2] Group 2: Twitch as a Marketing Platform - Twitch is identified as a key interactive platform for global gaming users, with nearly half of PC and console gamers on Twitch being daily active users, watching an average of four hours per day [3] - The platform's unique value lies in the two-way interaction between streamers and players, allowing brands to effectively convey their messages through live demonstrations and discussions [4] Group 3: Diverse Advertising Products - Amazon Advertising offers a range of interactive advertising products on Twitch that can be tailored to different marketing stages and target audiences [5] - Features like Twitch Drops enhance user engagement by providing customized activation codes during live streams, fostering direct interaction between players and game developers [6] Group 4: Integrated Marketing Strategies - The integration of Twitch with other Amazon platforms, such as Prime Video and Alexa, allows brands to reach their target audience across multiple channels, enhancing advertising effectiveness [8] - This multi-channel approach enables brands to adjust their marketing strategies flexibly, achieving both precise targeting and broader brand exposure [8] Group 5: Future Outlook - As Chinese game developers accelerate their globalization efforts, Amazon Advertising aims to leverage its unique advantages to help these brands connect with more global players [9]

Core Insights - The 22nd ChinaJoy has opened with unprecedented enthusiasm, showcasing a significant recovery in the interactive entertainment industry compared to last year [1][6][3] - The event features over 11,000 square meters of exhibition space, attracting hundreds of companies and thousands of new products, with expected attendance reaching several hundred thousand [3][6] - The domestic gaming market has achieved a record revenue of 168 billion yuan in the first half of 2025, marking a year-on-year growth of 14.08% [6] Industry Overview - ChinaJoy has evolved from a simple gaming exhibition to a comprehensive "technology + entertainment" event, becoming a barometer for the interactive entertainment industry [3] - The event includes 11 exhibition halls and showcases major digital entertainment sectors such as gaming, animation, internet film and television, music, esports, and new entertainment [3][6] Company Highlights - Major gaming companies like Tencent, NetEase, Giant Network, and Perfect World are showcasing multiple products, with Tencent occupying nearly half of the N4 hall with 17 products [8] - NetEase is presenting 45 games under the theme "Challenge! My Passion Partner," while Century Huatong features 13 games and an immersive "Game for Gamers" theme [8] Product Launches - Notable new games include NetEase's "Destiny: Stars" and Tencent's global premiere of "Runeterra: League of Legends Card Battle" [9][10] - Classic IPs are also highlighted, with Tencent showcasing three products from the "Dungeon and Fighter" series [13] Technological Innovations - Century Huatong's "Game+Lab" is demonstrating AI integration in gaming, showcasing tools like AI character editors and brain language assessment platforms [14] - Three Seven Interactive's self-developed model "Xiao Qi" has significantly improved art material generation efficiency and AI customer service accuracy [18] Industry Discussions - Industry leaders are discussing the need to bridge the gap between high performance and value perception in the gaming market, emphasizing the importance of cultural depth and intellectual property protection [17] - The focus is on transforming technological innovations into industry momentum, with a push for personalized content generation and non-linear gameplay as future battlegrounds [18]