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新消费洞察:Labubu热度暂褪,下一个“泡泡玛特”是谁?
点拾投资· 2025-08-20 10:59
Core Viewpoint - The article highlights the rapid growth and market dominance of KAYOU, a leading player in the collectible card game industry in China, emphasizing its impressive financial performance and strategic positioning in the entertainment toy market [5][20]. Group 1: Company Overview - KAYOU, founded in 2011, experienced significant growth after acquiring the Ultraman IP in 2018, leading to a diverse portfolio of popular IPs and products [13]. - The company reported a revenue of over 10 billion RMB in 2024, with a net profit exceeding 4.4 billion RMB, showcasing a year-on-year growth rate of 278% and 378% respectively [7][16]. - KAYOU holds a market share of 21.5% in the broader entertainment toy market and 71.1% in the collectible card segment, making it the market leader [8][18]. Group 2: Financial Performance - KAYOU's revenue surged from 2.3 billion RMB in 2021 to 10.06 billion RMB in 2024, with a compound annual growth rate (CAGR) of 64% [16]. - The net profit increased from 795 million RMB to 4.466 billion RMB during the same period, with a net profit margin rising from 35% to 44% [16]. - The gross profit margin for KAYOU reached 67.3% in 2024, indicating strong profitability compared to industry peers [16][35]. Group 3: Market Position and Competitive Landscape - The collectible card game market in China is still in its early stages, with low per capita spending compared to Japan and the US, suggesting significant growth potential [33]. - KAYOU's unique position in the market is characterized by its focus on collectible cards, while competitors like LEGO and Pop Mart focus on different product categories [19]. - The company has established a robust distribution network with 217 distributors and 351 KAYOU centers across China, contributing to its revenue growth [27][29]. Group 4: Strategic Advantages - KAYOU's competitive edge lies in its effective "IP-Product-Channel" model, allowing for comprehensive value creation from content development to commercialization [22]. - The company has a diverse IP portfolio, including 70 IPs, which reduces reliance on any single IP and enhances revenue stability [23][24]. - KAYOU's product range is expanding, with collectible cards accounting for over 80% of revenue, while other toys and stationery are gaining traction [13][25]. Group 5: Growth Drivers - The growth of KAYOU is driven by the increasing popularity of collectible card games, with a projected market size of 446 billion RMB by 2029 [33]. - The company is focusing on international expansion, leveraging its IPs to enter overseas markets, particularly in Southeast Asia [34]. - KAYOU's profitability is expected to surpass that of competitors like Pop Mart, indicating strong financial health and growth potential [35][36].
卡游招股书
Sou Hu Cai Jing· 2025-05-26 12:53
Company Overview and Industry Position - The company, 卡游有限公司, is a leading player in China's pan-entertainment product industry, primarily focusing on IP-based toys, especially collectible card games and stationery. According to ZhiShi Consulting, the company ranks first in various segments of the pan-entertainment product market, with market shares of 13.3%, 21.5%, 71.1%, and 24.3% in the overall pan-entertainment products, pan-entertainment toys, collectible card games, and stationery sectors respectively [1][31]. Core Competencies and Business Model - The company has established an integrated business model based on three core competencies: diversified product experience, engaging interactive operations, and robust production capabilities. The product matrix includes collectible card games, figurines, other toys, and stationery, with toy revenue accounting for 94.9% in 2024, of which collectible card game revenue is 8,200 million RMB, representing 81.5% of total revenue [2][32]. - Engaging interactive operations are enhanced through innovative gameplay designs and TCG events, with over 5,100 events held in more than 100 cities, effectively expanding brand influence [2][53]. - The company maintains strong production capabilities with three operational production bases, one base under construction, and advanced technologies, achieving stable gross margins between 65.8% and 68.8% from 2022 to 2024 [2][32]. Financial Performance and Business Data - The company's revenue for 2022, 2023, and 2024 is reported as 4,131.1 million RMB, 2,662.1 million RMB, and 10,056.9 million RMB respectively, indicating a significant year-on-year growth of 278% in 2024. Adjusted net profits for the same years are 1,619.7 million RMB, 933.8 million RMB, and 4,466.1 million RMB [3][50]. - As of the end of 2024, the company has developed a diverse IP matrix consisting of 70 IPs, including 69 licensed IPs and one proprietary IP, "卡游三国," collaborating with 43 IP partners. The sales network covers all 31 provinces in China, with 92.5% of revenue coming from distribution channels and 7.5% from direct channels [3][54]. Development Strategy and Future Plans - The company aims to expand its product and IP offerings, enhance production and supply chain capabilities, optimize distribution networks, and invest in team and technology development. Plans include launching more cultural IP products and increasing automation in production to shorten product launch cycles to 20-30 days [4][44]. - The company is also focusing on strengthening online channels and exploring overseas markets, leveraging existing IP licenses to expand into regions like Europe and Asia [4][44]. Brand and Product Layout - 卡游 has established a strong brand presence in the pan-entertainment product sector, recognized for its diverse product offerings centered around popular IPs. The collectible card game segment includes themes from well-known franchises, and stationery products have seen significant growth, with sales of 117.4 million units in 2024, a year-on-year increase of 108% [5][46].
卡游:集换式卡牌行业龙头,打造“产研运销”一体
Xinda Securities· 2025-05-12 10:23
Investment Rating - The report rates the investment in the collectible card industry as positive, highlighting the leading position of the company in this sector [2]. Core Insights - The report emphasizes that the company is a pioneer in China's collectible card business, holding significant market shares in both the broader entertainment product and toy industries, with shares of 13.3%, 21.5%, and 71.1% respectively [8][39]. - The company has a strong competitive advantage due to its integrated "production-research-sales" model, robust IP operation capabilities, and nationwide sales network, which allows for quick responses to market demands [8][46]. - The collectible card industry in China is still in its early development stages, with substantial potential for per capita spending growth compared to markets in Europe, America, and Japan [50][53]. - The company has a diverse IP matrix, including 70 IPs, and has seen significant revenue contributions from its top five IP products, which accounted for 98.4%, 89.9%, and 86.1% of total revenue in 2022, 2023, and 2024 respectively [39][45]. Summary by Sections 1. Company Overview - The company is recognized as a leader in the collectible card industry in China, with a focus on expanding its product categories to include stationery and toys [8][39]. - The company has received investments from major firms like Sequoia China and Tencent, which have facilitated its product diversification [8][39]. 2. Core Business - The company has a deep production supply chain and sales channel layout, launching numerous toy series and expanding into stationery products [17][27]. - The revenue from collectible cards has shown volatility, while non-card products have steadily increased, indicating a healthier revenue structure [63][67]. 3. Brand Power and IP Licensing - The company benefits from a strong brand and IP licensing cycle, with a significant portion of its revenue derived from non-exclusive IP arrangements [39][44]. - The company’s IP matrix includes popular franchises, contributing to high gross margins and revenue stability [39][45]. 4. Industry Overview - The collectible card market in China is projected to grow significantly, with a compound annual growth rate of 56.6% from 2019 to 2024, reaching a market size of RMB 263 billion [50][52]. - Comparatively, per capita spending on collectible cards in China is significantly lower than in Japan and the USA, indicating room for growth [53][54]. 5. Financial Performance - The company has experienced rapid revenue growth, with a notable increase from RMB 26.62 billion in 2023 to RMB 100.57 billion in 2024, driven by successful product launches [63][64]. - The revenue structure is becoming more balanced, with a decreasing reliance on collectible card sales as the company diversifies its product offerings [63][67].
想不到啊!卡游年入百亿“二战”港交所,小卡片背后财富密码到底是什么!
Sou Hu Cai Jing· 2025-05-05 01:39
Core Viewpoint - The company "卡游" is attempting to go public in Hong Kong, leveraging its strong performance and IP resources, while facing regulatory scrutiny and competition in the trading card game market [3][5][8]. Group 1: Company Performance - In 2024, 卡游 reported a revenue of 100.57 billion RMB, a 278% increase year-on-year, and an adjusted net profit of 44.66 billion RMB, up 378% from 2023 [8][18]. - The company has a cash flow of 51.13 billion RMB as of February 28, 2025, with current liabilities of 41.22 billion RMB, primarily due to investments from Sequoia Capital and Tencent [10]. - The trading card segment contributed significantly to revenue, with 39.3 billion RMB in 2022, accounting for 95.1% of total revenue [17]. Group 2: Market Position and Strategy - 卡游 holds 70 IPs, including popular franchises like 奥特曼 and 火影忍者, which have driven its growth in the trading card market [16][19]. - The trading card game market is experiencing rapid growth, with a compound annual growth rate of 56.6% from 2019 to 2024, and 卡游's trading cards accounted for 25.8% of the overall market in 2024 [14]. - The company has diversified its product offerings, introducing toys and stationery, with stationery revenue growing from 20.9 million RMB in 2022 to 512.5 million RMB in 2024 [30]. Group 3: Regulatory and Competitive Challenges - 卡游's IPO process has faced delays due to regulatory inquiries regarding user data protection and corporate structure [5][12]. - The company is under scrutiny for potentially targeting underage consumers, which has raised concerns about its marketing practices [23][25]. - To mitigate risks associated with reliance on external IPs, 卡游 launched its own original IP, 卡游三国, which has shown promising growth [33]. Group 4: Future Outlook - The company aims to complete its IPO by the end of 2025 to avoid a potential buyback obligation to investors, which could strain its finances [12][13]. - 卡游 is focusing on international expansion and cultural integration, collaborating with the National Sports Administration to promote Chinese cultural cards abroad [39][41]. - The evolving public perception of card games as a legitimate form of entertainment may provide a favorable environment for 卡游's growth and market acceptance [35][36].
乡镇水利员成“卡牌教父”,李奇斌带卡游冲IPO,营收百亿藏隐忧
Sou Hu Cai Jing· 2025-05-02 02:16
Core Viewpoint - The rapid growth of the "Guziko Economy" in the two-dimensional cultural peripheral economy is highlighted, with the Chinese pan-entertainment product industry expected to reach a market size of 1,741 billion yuan in 2024, growing at a compound annual growth rate (CAGR) of 13.6% from 2019 to 2024, and projected to reach 3,358 billion yuan by 2029 [2] Company Overview - Card Game Co., Ltd. (KAYOU) is a leading player in the collectible card game sector, initiating its IPO process again after an unsuccessful attempt in January 2024, with a new prospectus submitted to the Hong Kong Stock Exchange on April 14, 2025 [2][4] - The company has received investments from Sequoia Capital and Tencent, with revenue surpassing 10 billion yuan in 2024 [4][10] Financial Performance - KAYOU's revenue for the years 2022, 2023, and 2024 was approximately 41.31 billion yuan, 26.62 billion yuan, and 100.57 billion yuan respectively, with a significant year-on-year growth of 277.8% in 2024 after a decline of 35.6% in 2023 [11][12] - The company reported net profits of -296 million yuan in 2022, 449.5 million yuan in 2023, and -1.2415 billion yuan in 2024, with adjusted net profits of 1.62 billion yuan, 934 million yuan, and 4.466 billion yuan respectively [12] Market Position - KAYOU holds the top market share in the pan-entertainment product and toy sectors, with respective shares of 13.3% and 21.5%, and dominates the collectible card game market with a share of 71.1% [10] - The company has expanded its product offerings beyond collectible cards to include badges, stickers, dolls, and stationery, although the majority of revenue still comes from collectible cards [10][13] IP Dependency - KAYOU's business model heavily relies on IP licensing, with 70 IPs as of 2024, of which 69 are licensed and 1 is proprietary [11] - The company faces potential risks as over half of its IP licenses are set to expire in the coming years, with 38 licenses expiring by 2025 and 39 by 2026 [15][17] Social Responsibility and Regulatory Challenges - KAYOU has faced scrutiny regarding its sales practices to minors, particularly concerning blind box products, which have led to significant financial expenditures by children [19][21] - The company has been reported to have violated regulations regarding the sale of blind boxes to minors, raising concerns about its commitment to consumer protection [21]
卡游招股说明书解读:国内集换式卡牌龙头企业
EBSCN· 2025-04-29 12:30
Group 1 - The investment rating for the industry is not explicitly stated in the provided content [2] - The core viewpoint of the report highlights that the company, 卡游, is a leading enterprise in the domestic collectible card game market, achieving significant revenue growth and expanding its product lines into stationery and other toy categories [4][6][18] - The report indicates that the collectible card game segment has the fastest growth rate in the entertainment toy industry, with a compound annual growth rate (CAGR) of 56.6% from 2019 to 2024, and the market size is projected to reach 263 billion RMB in 2024, accounting for 25.8% of the overall entertainment toy market [4][33][37] Group 2 - The company has a diversified IP matrix with 70 IPs, including popular franchises like Ultraman and My Little Pony, which contribute significantly to its revenue [44][46] - The company has established a strong operational capability in IP management, covering the entire process from market research to product design and marketing [49] - The company has a robust sales channel strategy, primarily relying on distributors, with a gradual shift towards direct sales and online platforms [64][66] Group 3 - The financial performance of the company shows a rapid revenue increase, with a reported revenue of 100.6 billion RMB in 2024, a year-on-year growth of 277.8% [4][18] - The revenue breakdown indicates that collectible card games accounted for 81.5% of total revenue in 2024, although this represents a slight decline from previous years [18][57] - The company plans to use IPO proceeds to expand production facilities, enhance IP resources, and strengthen digital operations [23][25]
传媒互联网行业:卡游,集换式卡牌龙头,持续拓宽增长边界
Group 1 - Investment Rating: Outperform the market, maintained [2] - Core Viewpoint: The report highlights the growth potential of the collectible card game industry, with the company positioned as a leader in the market [3][4] Group 2 - Company Overview: The company is a leading player in China's collectible card game sector, focusing on a diverse product portfolio that includes toys, figurines, and stationery [7][9] - Industry Overview: The IP toy market is thriving, with collectible card categories experiencing the fastest growth [21][22] - Financial Performance: The company's revenue growth is driven by top IP products, with significant increases in sales figures [8][10] Group 3 - Business Model: The company employs an integrated business model that leverages product experience, interactive operations, and production capabilities [13][55] - Product Portfolio: The core product is collectible cards, complemented by figurines, other toys, and stationery, showcasing a diverse product range [54][80] - IP Matrix: The company has established a diverse IP matrix, enhancing its overall IP operation capabilities [83]
“卡牌一哥”卡游再度冲击IPO,当代年轻人有自己的“澳门平替”
Sou Hu Cai Jing· 2025-04-21 14:30
Core Viewpoint - The trading card brand Kayo is attempting to go public again after a failed IPO in 2024, facing challenges related to data security and regulatory compliance, while also contending with negative public perceptions regarding its impact on minors [1][11]. Group 1: Company Overview - Kayo's revenue has shown significant growth, with figures of 41.31 billion in 2022, 26.62 billion in 2023, and a projected 100.57 billion in 2024, despite a dip in 2023 due to decreased popularity of its main IP, Ultraman [3][8]. - The company has a high gross margin, with rates of 68.8%, 65.8%, and 67.3% from 2022 to 2024, indicating a profitable business model [8]. - Kayo's IP library has expanded to 70 IPs, with major contributors including Ultraman, My Little Pony, and others, which are crucial for its revenue generation [3][12]. Group 2: Market Dynamics - The trading card market in China has grown from 2.8 billion in 2019 to 13.3 billion in 2023, with a compound annual growth rate of 31.49% [3]. - The primary consumer demographic for trading cards is under 35 years old, with a significant portion being minors, which raises concerns about the company's long-term sustainability [12]. - Competitors like Hitcard and Jicard are gaining traction, with Hitcard securing various IP partnerships and Jicard adopting a dual strategy of introducing and creating original IPs [15][13]. Group 3: Industry Trends - The rise of live-streaming card unpacking has accelerated the popularity of trading cards among younger consumers, creating a new consumption scenario [5]. - The trading card segment is increasingly seen as part of the broader "peripheral economy," which has high profit margins compared to other merchandise categories [8]. - Kayo is diversifying its product offerings beyond trading cards into areas like figurines and stationery, although trading cards remain its primary revenue source, accounting for 81.5% of its income in 2024 [16][15].
卡游闯关港股:百亿营收的“谷子经济”巨头,IP隐忧待解
Jin Rong Jie· 2025-04-18 07:42
Company Overview - KAYOU Limited is a leading company in the pan-entertainment product sector, focusing on IP-based physical products such as toys and stationery [2] - The company has a diverse product range, with collectible card games being its core offering, and is expanding into other categories like figurines and stationery [2] Financial Performance - KAYOU's revenue is projected to grow significantly, with figures of 4.131 billion, 2.662 billion, and 10.057 billion RMB for the years 2022 to 2024, respectively, crossing the 10 billion RMB mark [2] - Operating profits for the same period are expected to be 1.803 billion, 0.831 billion, and 3.707 billion RMB, while net profits show a fluctuation with losses in 2022 and 2024 [2][3] - Adjusted net profits under non-IFRS measures are forecasted to be 1.620 billion, 0.934 billion, and 4.466 billion RMB for 2022 to 2024 [3] Market Position - KAYOU holds a leading market share in the pan-entertainment product industry, with 13.3% overall and 21.5% in the pan-entertainment toy sector, and dominates the collectible card game market with a 71.1% share [2] - The company is also the top player in the pan-entertainment stationery market with a 24.3% share [2] Industry Growth - The pan-entertainment product market in China is expected to grow from 91.9 billion RMB in 2019 to 174.1 billion RMB by 2024, with a compound annual growth rate (CAGR) of 13.6% [4] - The collectible card game segment is projected to grow at a remarkable CAGR of 56.6% from 2019 to 2024, representing 25.8% of the overall pan-entertainment toy market by 2024 [4] IP Dependency - KAYOU has a diverse IP matrix consisting of 70 IPs, but only one is proprietary, raising concerns about reliance on licensed IPs [5][6] - A significant portion of revenue comes from non-exclusive IP arrangements, with 96.0%, 82.3%, and 88.0% of total revenue derived from such products from 2022 to 2024 [6] - The company faces potential risks as 38 IP licensing agreements are set to expire by 2025, necessitating negotiations for renewals [6] Business Structure - The stationery segment has shown impressive growth, increasing from 20.9 million RMB to over 500 million RMB from 2022 to 2024, but remains a small part of overall revenue [7] - KAYOU's performance is heavily reliant on the collectible card game segment, indicating a risk associated with dependence on a single product line [7]
“奥特曼”IP贡献41亿,卡游二次递表港股IPO
导 语 :若重要IP授权到期,将会对公司业绩造成不小的冲击。 市场机遇方面,中国泛娱乐产品行业发展迅速,2019 - 2024 年市场规模复合年增长率达 13.6%,预 计 2024 - 2029 年将以 14.0% 的速度继续增长,卡游有望凭借行业地位和产品优势分得更大市场份 额。 卡游作为中国领先的泛娱乐产品公司,主营业务围绕基于 IP 开发的实体产品展开,玩具尤其是集 换式卡牌是核心产品 ,并逐步拓展至人偶、徽章、文具等多元品类。其商业模式依托于多元化的产 品体验、引人入胜的趣味互动运营和稳健的生产能力这三大核心竞争力。 通过构建多元产品组合,满足不同消费者需求;举办 TCG 活动等方式增强消费者互动;在生产上 紧跟前沿工艺,保障产品质量与供应效率。 凭借这些优势,卡游在市场中占据显著地位,按 2024 年商品交易总额计,在泛娱乐产品行业、泛 娱乐玩具行业、泛娱乐玩具行业集换式卡牌领域以及泛娱乐文具行业均排名第一。 从财务数据来看,卡游业绩波动明显。2022 年至 2024 年,公司收入分别为人民币 41.31 亿元、 26.62 亿元和 100.57 亿元,呈现先降后升态势;净利润方面,2022 年净 ...