Core Insights - The focus of the "Double 11" shopping festival has unexpectedly shifted to collectible cards, particularly the TOPPS X THE MONSTERS/LABUBU series, which sold out quickly despite a high price point and purchase limits [1][5] - The collectible card market in China is experiencing significant growth, with major players like Pokémon and various entertainment giants entering the space, leading to increased competition and market dynamics [4][8] Market Dynamics - The LABUBU card's popularity reflects a broader trend in the collectible card market, which is heating up with various companies competing for market share [4][6] - The collectible card market is projected to reach $7.267 billion by 2025 and $15.433 billion by 2032, with a compound annual growth rate of 11.36% [6] - China is becoming the largest market for collectible cards, with a projected market size of 263 billion yuan in 2024, significantly lower per capita spending compared to Japan and the U.S., indicating potential for growth [6][8] Company Performance - Bubble Mart reported a projected revenue increase of 245%-250% year-on-year for Q3 2025, with domestic revenue up 185%-190% and overseas revenue up 365%-370% [4] - The LABUBU card's appeal is attributed to its limited availability and artistic value, including signed cards and unique designs, which resonate with collectors [5][11] Competitive Landscape - The card market is becoming increasingly competitive, with over 2,000 card-related companies in China, and major players like 卡游 (Kawoo) and others vying for dominance [7][8] - The entry of entertainment companies like iQIYI and阅文 (Yuewen) into the card market is driving innovation and cross-industry collaboration [8][9] Consumer Behavior - The current consumer base for collectible cards in China is primarily younger, with a shift towards a more balanced age demographic as the market matures [11] - The transition from a hobbyist market to an investment-oriented market is hindered by a lack of infrastructure, including rating agencies and standardized quality control [11] Future Outlook - Analysts suggest that the future of the card market in China may lean towards trading card games (TCG) that offer gameplay and competitive events, which could sustain consumer interest longer than traditional collectible cards [7][11] - The market is expected to evolve from a "toy economy" to an "interest asset" economy as adult players become the main consumer group [11]