除夕这天，来自四川大凉山的史加尔且，早早和家人守在电视机前，收看中央广播电视总台春节联欢晚 会。"舞台上那些卡牌就是我们生产的！我很多朋友都知道。"这位彝族青年的语气中带着几分骄傲。 史加尔且上班的工厂，位于钱江之源——浙江省衢州市开化县，是浙江卡游动漫有限公司（以下简称卡 游）的卡牌生产基地。今年登上总台春晚的"骐骥驰骋典藏卡"，以及去年火遍全球的哪吒卡牌，都出自 这里。 "我的小众爱好也是'出息'了！"上海静安大悦城是国内"二次元浓度"最高的地方之一，正在卡游专柜挑 选卡牌的李宇轩说，没想到卡牌能登上春晚，"这是国家年度文化盛典和我们年轻人情绪消费的双向奔 赴"。 在总台春 晚后台，主持人宋宇豪（右一）领取集卡任务。受访者供图 方寸卡牌成为春节邀约 2月5日，中央广播电视总台宣布，卡游成为总台2026年春节联欢晚会独家卡牌合作伙伴。 马年的美好寓意，如何与一张小小的卡牌产生"化学反应"？据中央广播电视总台总经理室工作人员介 绍，此次春晚与卡游携手创作出的"骐骥驰骋典藏卡"，不仅是对青春潮流文化的拥抱，更是一份面向年 轻一代的春节邀约——让方寸卡牌成为传递祝福、连接亲情、传承文化的温情纽带。 情绪消费重塑消 ...

除夕这天，来自四川大凉山的史加尔且，早早和家人守在电视机前，收看中央广播电视总台春节联欢晚 会。"舞台上那些卡牌就是我们生产的！我很多朋友都知道。"这位彝族青年的语气中带着几分骄傲。 史加尔且上班的工厂，位于钱江之源——浙江省衢州市开化县，是浙江卡游动漫有限公司（以下简称卡 游）的卡牌生产基地。今年登上总台春晚的"骐骥驰骋典藏卡"，以及去年火遍全球的哪吒卡牌，都出自 这里。 "我的小众爱好也是'出息'了！"上海静安大悦城是国内"二次元浓度"最高的地方之一，正在卡游专柜挑 选卡牌的李宇轩说，没想到卡牌能登上春晚，"这是国家年度文化盛典和我们年轻人情绪消费的双向奔 赴"。 方寸卡牌成为春节邀约 2月5日，中央广播电视总台宣布，卡游成为总台2026年春节联欢晚会独家卡牌合作伙伴。 马年的美好寓意，如何与一张小小的卡牌产生"化学反应"？据中央广播电视总台总经理室工作人员介 绍，此次春晚与卡游携手创作出的"骐骥驰骋典藏卡"，不仅是对青春潮流文化的拥抱，更是一份面向年 轻一代的春节邀约——让方寸卡牌成为传递祝福、连接亲情、传承文化的温情纽带。 "我们期待，这方寸之间的艺术，能让生肖文化更可亲可感，让春晚的记忆更可触可藏； ...

Group 1 - A competition is emerging among embodied intelligence companies for sponsorship of the 2026 Spring Festival Gala, with Zhiyuan Robotics offering 60 million yuan and Yushu Technology raising their bid to 100 million yuan [1] - Meituan has hired Pan Xin, former head of ByteDance's visual model AI platform, to lead multi-modal AI innovation, including the development of applications like LongCat App [1] - Xiaomi clarified that its recruitment for AI education roles is related to enhancing services for specific products, not launching educational programs [1] Group 2 - Pop Mart announced the appointment of Wu Yue, LVMH's Greater China Group President, as a non-executive director, effective December 10, 2025 [3] - Quark AI glasses are experiencing high demand, with resale prices reaching 4,000 to 5,000 yuan, and a delivery period extended to 45 days [5] - The second-hand price of Doubao phone has surged to 36,000 yuan, driven by a lack of availability in official channels [5] Group 3 - JD.com is set to acquire a 50% stake in a 27-story office building in Hong Kong for approximately 3.473 billion HKD, indicating continued investment in the region [10] - OpenAI appointed former Slack CEO Denise Dresser as Chief Revenue Officer to oversee global revenue strategy [12] - Meta is shifting its strategy towards monetizable AI models, with a new model named "Avocado" expected to launch in Spring 2026 [12] Group 4 - Refly.AI has completed a multi-million dollar seed round financing led by Sequoia Capital and Hillhouse Capital [14] - Snapmaker announced the completion of a multi-hundred million yuan Series B financing, aimed at technology development and talent acquisition [14] - The company Zhongke Silicon Technology has secured strategic financing led by Huakong Fund, with participation from various investors [14] Group 5 - The card trading market in China has seen a 21% year-on-year growth in transaction volume, with the Nezha card selling over 100 million yuan in a year [14] - The retail market for passenger vehicles in China saw a decline of 32% year-on-year for the first week of December, with cumulative retail sales for the year showing a 5% increase [14]

Group 1 - A competition is ongoing among embodied intelligence companies for sponsorship of the 2026 Spring Festival Gala, with Zhiyuan Robotics offering 60 million yuan and Yushu Technology raising their bid to 100 million yuan, although Zhiyuan claims the reports are untrue [4] - Meituan has hired Pan Xin, former head of ByteDance's visual model AI platform, to lead multi-modal AI innovation, including the development of applications like LongCat App [4] - Xiaomi clarified that its recruitment for AI education roles is misinterpreted and is primarily aimed at enhancing services for specific products like the Redmi Pad 2 and Xiaomi Mitu children's watch [5] Group 2 - Pop Mart announced the appointment of Wu Yue, LVMH's Greater China President, as a non-executive director, effective December 10, 2025 [7] - Quark AI glasses S1 are experiencing high demand, with resale prices reaching 4,000 to 5,000 yuan, and the product is sold out on major e-commerce platforms [9][10] - JD.com is set to acquire a 50% stake in a Hong Kong office building for approximately 3.473 billion HKD, indicating continued investment in the region [15] Group 3 - Bill Gates warned of an AI valuation bubble, stating that many companies with high valuations will face declines, but emphasized the transformative potential of AI in sectors like health and education [18][19] - Refly.AI completed a multi-million dollar seed round financing led by Sequoia Capital and Hillhouse Capital, launching its V1.0 version for public testing [19] - Snapmaker announced a multi-hundred million B round financing led by Hillhouse Capital and Meituan, aimed at advancing consumer-grade 3D printing technology [19]

Core Insights - The trading volume of card transactions on the Xianyu platform has shown a steady increase, with a year-on-year growth of 21% in the first three quarters of this year, particularly notable in collectible card transactions which grew by 84% and star cards which surged by 104% [1] Group 1: Market Trends - The domestic card market is experiencing a trend towards high-end consumption and differentiated supply [1] - Pokémon cards lead the collectible card category in trading volume, driven by the popularity of the simplified Chinese version, official events, and the development of offline venues [1] - In the IP collectible card sector, popular anime IPs such as My Little Pony, Yeluo Li, and Ultraman remain dominant, while domestic game IP cards like Identity V and Genshin Impact saw a year-on-year trading volume increase of 63% [1] Group 2: Emerging Opportunities - The trading volume of domestic trendy IP cards has increased significantly by 332%, with Nezha cards achieving an annual trading volume exceeding 100 million yuan [1] - Classic literary-themed cards such as Water Margin and Romance of the Three Kingdoms have seen a notable rise in popularity [1] - Orders for film and variety show-related cards increased by 130%, with cards related to domestic dramas like Eternal Night Galaxy and White Moon Fan Star entering the trading leaderboard [1] Group 3: Rating Cards and Consumer Demographics - The scale of rating card transactions continues to expand, with a year-on-year increase of 46% in order volume and over 80% growth in transaction value [1] - The trading volume of cards from domestic rating agencies has surpassed that of foreign institutions, although there is a significant difference in average order prices [1] - Data indicates that over three-quarters of card consumers on the Xianyu platform are female, with male consumers spending 3.8 times more annually on cards than female consumers [2] - Users aged 18 to 29 account for 52% of the consumer base, with card consumers present across all age groups [2] - The data reflects a consumer trend towards paying for quality IP content and an interest in the collectible value and secondary market potential of cards [2]

Core Insights - The core viewpoint of the report indicates a significant growth in trading volume and value of trading cards on the Xianyu platform, reflecting a trend towards high-end card consumption and a strong interest in IP-based collectibles [1][5]. Trading Volume and Value Growth - In the first three quarters of this year, the trading volume of trading cards on Xianyu increased by 21% year-on-year [1][5]. - The trading value of collectible trading cards rose by 84%, while the trading value of star cards surged by 104%, indicating a high-end consumption trend in the card market [1][5]. Popular IPs and Market Trends - The Pokémon IP regained its position as the top trading volume champion among collectible trading cards [1][5]. - Popular anime IP cards such as My Little Pony, Yeluo Li, and Ultraman continue to dominate trading volumes, with no significant changes in IP popularity observed [1][5]. - Domestic game IP cards like Identity V, Love and Deep Space, and Genshin Impact have entered the trading volume rankings, with game IP card trading volume increasing by 63% [1][5]. Surge in Domestic IP Cards - The trading volume of domestic IP cards surged by 332%, with the Nezha card leading significantly, achieving an annual trading value exceeding 100 million yuan [6][7]. - Classic literary IP cards such as Water Margin and Romance of the Three Kingdoms have also seen substantial increases in trading volume, with Water Margin card trading value rising over 122% [6][7]. Consumer Demographics and Behavior - Over three-quarters of card consumers are female, making up the primary user base, although male consumers exhibit stronger purchasing power, spending 3.8 times more annually than female consumers [4][7]. - 52% of card players are adults aged 18 to 29, with representation across various age groups [4][7]. - The report suggests that consumers are becoming more rational and mature in their purchasing behavior, showing a willingness to pay for quality IP content and focusing on the collectible value and market preservation potential of cards [4][7].

Core Insights - The "2025 Xianyu Card Annual Report" indicates a 21% year-on-year growth in card trading volume for the first three quarters of the year, reflecting a stable growth trend in the industry [1] - Trading volume for high-end cards, such as collectible cards and star cards, surged over 84%, indicating a shift towards premium card consumption [1] - Notable performance from domestic IP cards and three-dimensional cards from film and television, with the Nezha card selling over 100 million yuan and a 130% increase in order volume for film and television cards [1] Industry Trends - The report highlights that Pokémon reclaimed the top position in card IP trading volume, while popular anime IPs like My Little Pony, Yeluo Li, and Ultraman continue to dominate the trading landscape [1] - Domestic game IPs such as Identity V and Love and Deep Space have entered the trading volume rankings on Xianyu, with a 63% increase in trading scale for game IP cards [1] Consumer Demographics - Over 75% of card consumers on the Xianyu platform are female, indicating a significant demographic trend [1] - Despite the majority being female, male consumers exhibit stronger purchasing power, with annual per capita spending on cards being 3.8 times that of female consumers [1]

Core Viewpoint - The article discusses the expansion strategy of Kayou, a card game company, as it attempts to replicate the success of Pop Mart by entering Southeast Asian markets, particularly Thailand, with localized products like My Little Pony cards [2][4]. Group 1: Market Entry Strategy - Kayou plans to establish a presence in Southeast Asia by utilizing various retail models, including regional agency partnerships, single-store franchises, collaborations with chain supermarkets, and e-commerce platforms [5][7]. - The company emphasizes the importance of local distributors to facilitate market entry and brand promotion, similar to Pop Mart's successful collaborations with local partners [7][8]. Group 2: Product Localization - Kayou's My Little Pony cards in Thailand feature Thai language packaging, indicating a tailored approach to meet local consumer preferences while maintaining product familiarity [2]. - The company has launched several popular IPs overseas, including Harry Potter and DC Comics, which have strong global recognition and appeal to younger audiences [11][13]. Group 3: Challenges and Opportunities - Kayou faces challenges in finding a breakout product akin to Pop Mart's Labubu, as its current IPs lack the same level of cultural impact and global reach [14][16]. - The company must navigate cultural barriers in Southeast Asia, where card culture is less established, and ensure that its marketing strategies resonate with local consumers [16][23]. Group 4: Competitive Landscape - Kayou's strategy includes learning from successful American card companies like Panini and Topps, which have effectively built market ecosystems and user habits over decades [20][21]. - The article highlights the need for Kayou to enhance its IP portfolio and user engagement strategies to compete effectively in the global market [23][24]. Group 5: IPO and Future Prospects - Kayou has submitted its IPO application, which could bolster its credibility and support its international expansion efforts, although there are concerns regarding compliance and IP management [24][26]. - The potential for cultural exchange through its products may also serve as a positive narrative for its IPO, enhancing its market positioning [24][26].

Summary of the Card Game Industry Conference Call Industry Overview - The domestic card game market has experienced a compound annual growth rate (CAGR) of over 50% in the past five years, with card game companies dominating the market, holding a market share of 71.1% and sales reaching 8.2 billion, estimating the total market size at approximately 11.53 billion, with sales potentially reaching 20-23 billion [1][2][12] - The global fantasy trading card game (TCG) market is expected to reach 11.73 billion USD by 2033, with China accounting for nearly half of this market share [1][4] - Domestic collectible card games (CCG) primarily focus on licensed IP production, lacking original content and competitive gameplay, which significantly differs from the three major international TCGs (Pokémon, Magic: The Gathering, Yu-Gi-Oh) [1][6] Key Players and Market Dynamics - Card Game Company (卡游) is the leading domestic TCG developer, possessing 70 licensed IPs, including its own IP (e.g., 卡游三国) and popular international IPs (e.g., My Little Pony) [1][8] - The primary market (wholesalers) and secondary market (player trading) influence each other, where a thriving primary market can stimulate the secondary market and vice versa. However, excessive product issuance may harm the secondary market, leading to a decline in the primary market [1][10][11] - Card Game Company has shown steady growth from 2021 to 2023, with a projected explosive growth in 2024 through My Little Pony, contributing 8.2 billion to total sales of 10 billion [1][12] Market Trends and Future Outlook - The domestic card market has gone through several development stages, with significant growth noted since 2019, particularly with the introduction of popular series like Ultraman and Pokémon [2][12] - The rise of secondary players such as 集卡社, 黑卡, and 闪魂 indicates a competitive landscape, although they still face barriers in channels and production capabilities [3][12] - The successful IPO of Card Game Company is expected to provide growth opportunities for other companies in the industry, reducing barriers to their own listings [2][12] Regulatory and IP Considerations - The domestic IP market is on the rise, with expectations of increased regulation to protect intellectual property rights and ensure quality after-sales service [15] - The process for card companies includes obtaining copyrights, design, production, and marketing, with major distribution channels including self-operated stores, online platforms, and live-streaming sales [17][16] Risks and Challenges - Card Game Company faces risks such as negative public perception regarding high-priced card speculation and potential backlash against perceived exploitation of underage consumers [22][23] - The company also contends with the expiration of IP licenses and the pressure from emerging competitors [22][23] Consumer Behavior and Market Segmentation - Different types of card users exhibit varied spending behaviors, with sports cards attracting high-net-worth individuals, while anime and TCG cards appeal to younger demographics [28][30] - The economic environment significantly impacts consumer purchasing power, which can lead to market downturns during economic declines [30] Conclusion - The card game industry in China is poised for continued growth, driven by strong IP influences and a competitive landscape. However, companies must navigate regulatory challenges and consumer perceptions to sustain this momentum [1][2][15][22]