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].

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 本文转载自财经天下WEEKLY 值班编辑 | 宝珠 视觉 | 顾芗 今年《哪吒2》的爆火，带飞了联名的国产卡牌，也让卡游这家"卖卡牌"的公司出了圈。 从当初的奥特曼到去年的小马宝莉，再到今年的哪吒系列卡牌，卡游正从昔日的中小学生"心头好"，向 更广阔的消费圈层突破。日前，作为集换式卡牌行业唯一的龙头，它正式向港股发起了冲刺。 依靠售价2元一包的小小卡牌，卡游成了"IP印钞机"。在2024年，公司突破百亿元营收大关，经调整净利 润达到44.66亿元，综合毛利率高达67.3%，甚至超过了泡泡玛特，堪称国内赚钱能力最强的一家玩具公 司。 创办卡游的浙江衢州大佬李奇斌，今年已经53岁。在卡游提交招股书前，他2024年从公司领走了18亿元 的天价薪酬。一旦卡游成功上市，李奇斌的身家，也将迎来暴涨。 市场上最会赚钱的玩具公司 "刚看完《哪吒2》电影时，我抽卡上头了。"一位年轻白领小吕说。尽管自己是成年人，但对这个IP的喜 爱，仍然让她忍不住下单。整个2月，她在 ...

Core Viewpoint - The "Guzi Economy" is gaining momentum, and the value derived from IP (Intellectual Property) is being widely recognized in the market [1] Market Overview - Among various categories of Guzi, trading cards are experiencing rapid growth due to their high playability, collectible value, and social attributes. In 2023, China's collectible card market reached 15.89 billion yuan, a year-on-year increase of 40.5%. CITIC Securities predicts that this sector may exceed 35 billion yuan by 2027, with a compound annual growth rate (CAGR) of over 20% [2] Company Performance - The performance of leading company KAYOU reflects the heat in the card market. From 2022 to 2024, KAYOU achieved revenues of 4.13 billion yuan, 2.66 billion yuan, and 10.06 billion yuan, with adjusted net profits of 1.62 billion yuan, 930 million yuan, and 4.47 billion yuan respectively [3] Strategic Development - KAYOU is exploring more development possibilities in the rapidly growing market by continuously innovating expression methods, deeply co-creating with copyright holders, and enhancing IP's commercial value through precise market insights and strong operational capabilities [4] IP Activation - The demand for cards surged during the release of the animated film "Nezha: The Devil's Child," leading to a "card shortage" phenomenon. KAYOU's initial release of 4.5 million card packs sold out within a week, prompting quick restocking and the launch of new products [5] Production and Sales Network - KAYOU operates three production bases and one logistics center in Zhejiang and Guangdong, supporting a nationwide sales network. The company has a comprehensive dealer system with 217 dealers covering the market, allowing for rapid product development and distribution [6] Competitive Advantage - KAYOU's competitive edge lies in its understanding and respect for classic IPs, alongside its product design, innovation speed, and channel positioning. The company actively participates in IP operation and co-creation, moving beyond being a passive recipient of traffic [7] Collaboration and Expansion - KAYOU has established a deep collaboration with Hasbro for the "My Little Pony" series, significantly enhancing the commercial value of the IP. The card products have gained immense popularity on social media, expanding the audience from children to young women [9][10] Financial Growth - KAYOU's revenue is projected to exceed 10 billion yuan in 2024, reaching 10.057 billion yuan, a year-on-year increase of 280%. The adjusted net profit is expected to grow by 380% to 4.466 billion yuan, with an adjusted net profit margin of 44.4% [13] IP Portfolio - KAYOU has developed a diverse IP portfolio, including 70 well-known IPs such as Ultraman, My Little Pony, and Naruto, which enhances brand recognition and attracts a broader fan base [14][15] Market Position - KAYOU ranks first in the collectible card sector within the pan-entertainment toy industry in China, holding a market share of 71.1% [16] Cash Flow and Innovation - In 2024, KAYOU's operating cash flow net inflow reached 5.113 billion yuan, a significant increase of 458%. The company is focusing on product innovation, particularly in contemporary expressions of traditional culture [17] Product Diversification - KAYOU's product structure is evolving from single trading cards to a broader pan-entertainment ecosystem, with rapid growth in creative and stationery products [18][19] Future Outlook - KAYOU's high standards in craftsmanship and product development are expected to further enhance its competitiveness and contribute to the growth of the pan-entertainment product industry [23]

首批产品与电影同步上线后即迅速售罄，第二批仅线上销售量就已突破万件。 本文为IPO早知道原创 作者｜苏打 微信公众号｜ipozaozhidao 自2月13日突破100亿元票房后，最新统计数据显示，截至3月2日，全球动画电影票房榜冠军《哪吒 之魔童闹海》（简称《哪吒2》）总票房突破144亿元。更有AI预测，其最终全球票房或将超过178 亿元。 中国动漫的全球化进程已初见成效。作为一种精神符号和文化载体，而今《哪吒2》所承托的意义已 远超一部电影，其背后是中国动漫乃至全产业链的系统性突破——除票房数据外，《哪吒2》犹如一 颗种子炸弹，破土而出的同时，也借由其电影周边衍生品向产业链投入爆发式生长的动力。 据《央视财经》统计，目前《哪吒2》的联名品牌数量已超过20个，覆盖食品饮料、美妆、汽车、潮 玩、数码等多个品类。 据动漫IP衍生品代表企业卡游透露， 其首批产品与电影同步上线后即迅速售罄，第二批预售量已突 破万件， " 为应对市场需求，我们正协同供应链'火力全开'，优化生产流程并加速补货节奏"。 作为奥特曼和小马宝莉卡生产商，卡游早在2024年《哪吒2》上映前便与其达成授权协议，从开发 环节入手深度参与哪吒卡牌的设 ...