2025年8月曼谷，潮湿闷热的午后。在当地地标性商场ICONSIAM门前，年轻人们正排着长队，等待一场不同寻常的"盛典"。这并非歌手见面会或电子产 品发布，而是一家来自中国的潮玩品牌旗舰店开业。伴随着音乐和欢呼，泡泡玛特全球最大的旗舰店揭幕，760平方米的沉浸式空间涌入了如潮的人群。 这一幕，正是当下中国潮玩品牌出海热潮的缩影。 几乎在同时，香港资本市场上也在上演另一场狂欢。2025年8月20日，泡泡玛特公布了堪称"史上最强"的半年报：上半年营收138.8亿元人民币，同比增长 204.4%；经调整净利润47.1亿元，同比增长362.8%。财报发布后，泡泡玛特股价几天内快速拉升并创下历史新高。截至8月26日港股收盘，股价报收每股 326港元，市值突破4300亿港元。 更令人瞩目的是，泡泡玛特业绩发布仅一天后，另一份重磅公告接踵而至——名创优品披露旗下潮玩品牌TOP TOY获得了由主权基金淡马锡领投的新一 轮投资，投后估值约100亿港元。淡马锡此时入场被认为既能在IPO定价时抬升TOP TOY估值，又能顺带将其在东南亚的渠道资源、政府关系乃至ESG （环境、社会和公司治理）体系打包赋能给TOP TOY。这次投资既 ...

Group 1 - The core message highlights that the company, 卡游动漫, has been awarded the "2025 Human Resource Management Excellence Award," reflecting its long-term commitment to human resource management [1][3] - The award signifies industry recognition of 卡游's talent strategy, emphasizing the importance of effective human resource management in driving team cohesion and creativity [3][6] - The company has established a mature system for talent recruitment, development, and retention, aligning with its development needs and respecting employee growth [3][6] Group 2 - The company's recruitment efforts are evident through its recent job postings, showcasing its vibrant development and urgent need for new talent [5][6] - The recognition from the award serves as a strong signal to the market that 卡游 values and nurtures talent, enhancing its employer brand attractiveness [6] - The award not only summarizes past efforts but also acts as motivation for future growth, indicating a commitment to mutual development between the company and its employees [6]

Group 1 - The core viewpoint of the article highlights the resurgence of the card-selling company, KAYOU, which is set to reapply for an IPO after a previous attempt in January 2024 failed [2] - KAYOU reported a revenue exceeding 10 billion yuan in the previous year, with a staggering year-on-year growth rate of 277.78%, and an adjusted profit of 4.466 billion yuan, achieving a gross margin of 67.3%, surpassing that of popular blind box company, Pop Mart [4][33] - The founder of KAYOU, Li Qibin, is noted for his unexpected background as a 53-year-old former civil servant, which contrasts with the youthful image typically associated with the toy industry [6][8] Group 2 - Li Qibin's journey began with significant personal challenges, including a family debt of 3 million yuan, which led him to leave his stable government job to pursue entrepreneurship in the card industry [10][12] - KAYOU initially started as a card printing company but faced challenges due to a lack of unique products, prompting Li Qibin to pivot towards creating his own intellectual property (IP) [16][18] - The company successfully revived old IPs like Ultraman and My Little Pony, leveraging nostalgia and innovative marketing strategies to capture market interest [26][28] Group 3 - KAYOU's aggressive pricing strategy, including significant discounts for distributors, has allowed it to expand its market presence, resulting in 217 distributors across 31 provinces in China by the end of 2024 [31] - The company achieved a revenue of 10.057 billion yuan in 2024, marking a 278% increase and establishing itself as a leader in the card industry, earning Li Qibin the title of "Card King" [33] - Despite its success, KAYOU faces challenges with expiring IP licenses and increasing regulatory scrutiny, prompting Li Qibin to explore new business avenues and partnerships to ensure long-term sustainability [35][39]

Core Viewpoint - The article discusses the remarkable growth and business strategy of KAYOU, a card-selling company that has achieved significant revenue and market presence, positioning itself as a leader in the collectible card industry, particularly among young consumers [3][5][25]. Group 1: Company Overview - KAYOU submitted its prospectus for a second time to the Hong Kong Stock Exchange after an initial unsuccessful attempt in January 2024, indicating its ambition to go public [3]. - The company reported over 10 billion in revenue last year, with a year-on-year growth rate of 277.78%, and an adjusted profit of 4.466 billion, achieving a gross margin of 67.3%, surpassing competitors like Pop Mart [5][25]. Group 2: Founder Background - The founder, Li Qibin, transitioned from a stable government job to entrepreneurship after facing significant family debt, demonstrating a bold shift in career and mindset [9][10]. - Li Qibin's initial venture into the card business began with a keen observation of market trends, leading to the establishment of KAYOU after previous business setbacks [10][19]. Group 3: Business Strategy - KAYOU's success is attributed to leveraging popular existing IPs rather than creating new ones, reviving interest in older franchises like Ultraman and My Little Pony, which has broadened its consumer base [19][21]. - The company adopted a strategy of offering significant discounts to distributors, enhancing its market presence and sales volume across various retail channels [24]. Group 4: Future Aspirations - Despite current success, KAYOU faces challenges with expiring IP licenses and increasing regulatory scrutiny, prompting the need for diversification and cultural branding [25][28]. - The company is exploring collaborations with cultural institutions and expanding into new product lines, such as toys and stationery, to establish a more comprehensive market presence [29][34].

Core Insights - The trading of collectible cards in the primary market is booming, which is driving rapid growth in the secondary market, although both markets are still in their infancy in China [3][6] - The value of collectible cards, the popularity of intellectual properties (IPs), and the issuance strategies of companies will significantly impact the secondary market [3][6] Group 1: Market Dynamics - The collectible card market in China is experiencing a surge, with companies like 卡游 (Kayo) leading the market with over 70% market share [3] - Kayo's revenue is projected to reach 100.57 billion yuan in 2024, a threefold increase from the previous year, with a net profit of 44.66 billion yuan, marking a 378.16% year-on-year growth [3][11] - The secondary market is heavily influenced by the popularity of specific IPs, with 小马宝莉 (My Little Pony) becoming a key driver of Kayo's revenue growth in 2024 [11][12] Group 2: Consumer Behavior - Young consumers, such as students, are actively participating in the card trading market, often selling cards for profit despite not being fans of the IPs [2][5] - The probability of obtaining rare cards is low, with some cards having a chance as low as 0.062%, making the experience akin to gambling [2][5] - The secondary market is seeing significant transactions, with some cards selling for thousands of yuan, far exceeding their original purchase price [6][11] Group 3: Rating and Valuation - The demand for graded cards is increasing, with domestic grading institutions seeing a surge in orders, particularly for 小马宝莉 cards [8][9] - Graded cards serve both a collectible and aesthetic purpose, differing from international markets where grading is more focused on investment [8][9] - The domestic grading market is evolving, with a goal to establish standardized grading and pricing systems [9][12] Group 4: Future Potential - The collectible card market in China has significant growth potential, with per capita spending on collectible cards currently at only 8.6 yuan compared to 92.3 yuan in Japan and 50.7 yuan in the U.S. [12] - The overall market for entertainment products in China is expected to exceed 330 billion yuan by 2029, indicating a growing interest in collectible cards [12] - However, the secondary market may face challenges from the primary market, especially with companies reviving popular cards, which could disrupt the value of existing cards [12]

Core Insights - The collectible card market in China is experiencing rapid growth, driven by popular IPs like My Little Pony, which has significantly boosted sales and trading activities [2][4][8] - Card You Co., Ltd. (卡游) is the leading company in the collectible card market, holding over 70% market share and reporting a revenue of 100.57 billion yuan in 2024, a threefold increase from the previous year [2][8] - The secondary market for trading cards is also expanding, with platforms like Xianyu and Qidao seeing increased transaction volumes, particularly for My Little Pony cards [4][8] Company Overview - Card You Co., Ltd. has submitted a second IPO application to the Hong Kong Stock Exchange, aiming to become the first publicly listed company focused on collectible trading cards [2] - The company’s revenue growth is attributed to the popularity of its licensed IPs, with My Little Pony replacing Ultraman as the main revenue driver in 2024 [8] - The adjusted net profit for Card You in 2024 is reported at 44.66 billion yuan, marking a year-on-year increase of 378.16% [2][8] Market Dynamics - The collectible card market in China is still in its early stages, with significant potential for growth as the average spending per person is only 8.6 yuan compared to 92.3 yuan in Japan and 50.7 yuan in the U.S. [9] - The demand for graded cards is increasing, with domestic grading institutions seeing a surge in orders, particularly for My Little Pony cards, which has led to over 1 million cards being graded in 2024 [6][7] - The secondary market is influenced by the popularity of IPs, with the lifecycle of card products being relatively short, often declining in demand significantly after the initial hype [8][10] Trading and Valuation - The trading of collectible cards is characterized by a mix of luck and strategy, with players often calculating the probabilities of obtaining rare cards from different price packages [3][4] - Graded cards are becoming a new business segment, with players seeking authentication and valuation for their collections, which is different from the international market where cards are treated as investment assets [5][6] - The secondary market is seeing high transaction values, with some My Little Pony cards selling for thousands of yuan, indicating a robust demand for rare and graded cards [4][8]

文章结尾，也有「Knock Knock 世界」的介绍，感兴趣的各位可以关注。我们也整理了「卡游」这 期内容的文字稿放在下面，各位自行取用。 不知道家长朋友们有没有注意到，「卡牌」在孩子群体中非常流行，甚至成为新一代「社交货币」。 有的家长朋友也很焦虑，觉得「在劫难逃」但又没什么办法。无论你的孩子是否在玩「卡牌」，理解 流行现象背后的逻辑，并提出自己的看法都是让他锻炼思辨能力的好机会。 我们给青少年的播客节目「Knock Knock 世界」，其中一期就解读了「卡牌」话题——用孩子们能 够理解的语言和逻辑，分析了卡牌为什么如此流行、卡游公司做了哪些事情一步步吸引人购买的。 家长可以跟孩子一起收听下面的音频节目。引用一个家长的话说，教育中「堵」和「放任」都不是好 的解决办法，看见和理解、交流和对话、相信和尊重，才是最可靠的。或许听完节目，我们能更理解 孩子的世界，深入地跟孩子聊一聊。 节目开始之前，想先问你一个问题，你有没有在学校门口小卖部、或是文具店里购买过卡牌？或是你 的书包里，现在是不是就正好放了几张，比如奥特曼卡、小马宝莉卡，或是最近几个月比较流行的 《哪吒2》卡牌？ ▲ 卡游天猫旗舰店的热销榜 | 图源： ...