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 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].