www.leadleo.com 中国集换式卡牌市场洞察| 2025/08 中国集换式卡牌行业在过去几年实现了快速增长， 其市场规模从2017年的人民币7亿元增长到2024年已增至人民币263亿元， 复合年增长率（CAGR）高达67.87%。这一高速增长态势预计将持续，预计到2029年将进一步增长至人民币446亿元，2024年 至2029年的复合年增长率为11.1%。 其高速增长主要动力源于供需两端的共振。 宝可梦简体中文版的引入及卡游、姚记等厂商 的本土化推广，唤醒了消费者对集换式卡牌的认知。另一方面，Z世代、泛二次元用户的迅速崛起，为卡牌产品提供了更大的 用户规模。 图表1：中国集换式卡牌市场规模，2017年至2029年（估计） 报告标签：卡牌、集换式卡牌、卡游 2025年8月 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商 ...

来源：人民日报客户端上海频道 作者：马晓 12月2日，人民日报文化传媒有限公司、上海市静安区委宣传部共同组织的文化创意产业高质量发展调 研交流活动在静安区举行。活动以"打造优质文创品牌 推动文化产业高质量发展"为主题，通过实地调 研与互动交流相结合的形式，深入探讨新时代文化创意产业的守正创新与融合发展路径。 活动上午，与会嘉宾实地调研了苏河湾中心、万象天地、慎余里、四行仓库抗战纪念馆、浙江卡游动漫 有限公司上海总部等静安区代表性文商旅地标与文创企业，亲身感受静安区深厚的历史文化底蕴与蓬勃 的文创产业活力。 下午，互动交流会在海派文化地标张园举行。静安区委常委、宣传部部长萧烨璎在致辞中表示，静安在 文化创意领域，聚焦"全球影视创制中心""全球电竞之都""亚洲演艺之都""创意设计产业高地"四大目 标，优化产业生态，强化政策供给，提升服务能级，全力推动文化创意产业高质量发展。本次调研交流 活动对于静安文创产业而言，是一次"集中展示"，更是一场"聚智赋能"，期待各方的真知灼见助力静安 探索文创品牌打造、价值转化、产业升级的新路径。静安也将为创新创业的企业和个人提供专项政策支 持与综合服务保障。 在专家解读环节，围绕" ...

Core Viewpoint - The company, 卡游, is preparing for an IPO despite reporting a net loss of 1.242 billion yuan in 2024, driven by rapid revenue growth and a strong market position in the collectible card industry [1][2]. Company Overview - 卡游's core business is collectible card games, with total revenue of approximately 10.057 billion yuan in 2024, where card business contributed 8.2 billion yuan, accounting for over 80% of total revenue [5]. - The company holds leading positions in various segments, including a 13.3% market share in the general entertainment products industry, 21.5% in the general entertainment toys sector, and a dominant 71.1% in the collectible card market [5]. Reasons for IPO - The company aims to expand its capital strength to support rapid growth, with a revenue increase of 277.8% year-on-year in 2024, necessitating significant funding despite the current losses [6]. - The IPO is intended to seize market opportunities and enhance competitiveness against international rivals, as China has become the largest card market globally, valued at 26.3 billion yuan [6]. - The company seeks to solidify its leading position in the industry and unlock valuation potential, given the low per capita spending on cards in China compared to Japan and the U.S. [6]. Competitive Advantages - 卡游 boasts a rich IP matrix with 70 IPs, including one proprietary IP, which enhances its product offerings and market appeal [8]. - The company has a robust sales network, covering all 31 provinces in China through 217 distributors, 32 flagship stores, and various online platforms [8]. - 卡游 capitalizes on the "Guzi Economy" trend, aligning collectible cards with national cultural IPs to meet the consumption preferences of Generation Z [8]. Industry Outlook - The collectible card industry in China has experienced a compound annual growth rate of 57% from 2019 to 2024, with a market size of 26.3 billion yuan in 2024, surpassing the U.S. and Japan [9]. - There is significant growth potential in the market, as per capita spending on collectible cards in China is only 18.7 yuan, compared to 119.3 yuan in Japan and 64.0 yuan in the U.S., indicating a possible 3-6 times increase in market size [9]. Impact of Losses on IPO - Market sentiment remains optimistic regarding the company's IPO despite the reported losses, as the losses are attributed to high initial investments during the expansion phase rather than poor business performance [10][11]. - The company maintains a high gross margin of around 70%, indicating strong core business profitability [11]. - The backing of prestigious underwriters such as Morgan Stanley, CICC, and JPMorgan reflects confidence in the company's future prospects [11].