Industry Rating - The industry is rated as outperforming the market for the first time [1] Core Insights - Card Game Co., Ltd. is the largest pan-entertainment product and toy company in China, leading in the collectible card and pan-entertainment stationery sectors. In 2024, the company's revenue reached approximately 10 billion RMB, with a year-on-year growth rate of 278% and a gross margin of 67.3% [2][5][6] - The collectible card market in China is expected to grow significantly, with a compound annual growth rate (CAGR) of 11.1% from 2024 to 2029, reaching 44.6 billion RMB by 2029. The market size for collectible cards in 2024 is projected to be 26.3 billion RMB [2][46] - Card Game Co. has a diverse IP matrix consisting of 70 IPs, including 69 licensed and 1 proprietary IP, which enhances its product offerings and market position [2][5] Market Analysis - The collectible card market is experiencing high growth, with a significant increase in market concentration. The market size is projected to grow from 2.8 billion RMB in 2019 to 26.3 billion RMB in 2024, reflecting a CAGR of 56.6% [46] - The pan-entertainment toy sector is the largest segment within the pan-entertainment product industry, expected to account for 58.5% of the overall market size in 2024 [41][45] Company Advantages - Card Game Co. has a robust product matrix and excels in IP, production, and distribution channels. The company has launched over 320 collectible card series and 42 stationery series based on more than 50 superhero characters [2][5] - The company has a strong focus on product design and development, with a significant emphasis on direct sales channels in recent years [2][5] Financial Analysis - The company's total revenue from 2022 to 2024 shows a strong upward trend, with revenues of 4.13 billion RMB, 2.66 billion RMB, and 10.06 billion RMB, respectively, indicating a substantial recovery and growth [22][27] - The gross profit margin remains high, with gross profits of 2.84 billion RMB, 1.75 billion RMB, and 6.77 billion RMB for the same period, maintaining a gross margin of around 67% [27][34]