Summary of Key Points from Conference Call Industry Overview - The collectible card game market is led by Magic: The Gathering and Pokémon, each generating over $1 billion annually, with China's market starting later, marked by the success of Ultraman cards [1][2] - The success of the card industry is significantly influenced by the entry of major players like Wizards of the Coast, local anime companies, and Blizzard, indicating its establishment as a mainstream entertainment form [1][4] - Cultural differences shape card game preferences: the US focuses on sports star cards, Japan emphasizes anime IP, while China promotes through well-known IPs like Ultraman [1][5] Market Characteristics - The Japanese collectible card market, characterized by blind box models and anime IP, reached over 10 billion RMB in 2023, accounting for about 27% of Japan's toy market [1][7] - China's card market has low per capita spending compared to Japan and the US, with significant growth potential as the secondary trading market is still in its early stages and heavily regulated [1][8] Financial and Investment Aspects - The card culture has evolved into a mature industry chain with financial and investment attributes, particularly in the US, where it can be mapped to stablecoins, Bitcoin, and NFTs [1][6] - The secondary trading market can significantly amplify industry scale, with estimates suggesting it could expand the US market size by seven to nine times [1][10][12] Development Pathways - The development of the card game industry can be segmented into phases, with the US launching Magic: The Gathering in 1993, Japan introducing Pokémon in 1996, and China starting with Three Kingdoms Kill in 2009, followed by Ultraman's success in 2018 [2][3] - The entry of heavyweight players is crucial for an industry's success, as seen with Pokémon attracting numerous followers and competitors after its initial success [4] Cultural and Globalization Insights - The globalization of culture in the UK, US, and Japan has been successful due to their unique cultural identities, which have been validated by global consumer preferences [13] - China is beginning to develop its unique value proposition in global culture, with potential breakthroughs in IP and derivative products, but still faces challenges in copyright protection [14][15] Recent Market Dynamics - Recent market adjustments include developments in stablecoins and new IPs, with a focus on structural changes and advancements in AI technology, particularly with the upcoming release of GPT-5 by OpenAI [16]

Investment Rating - The report maintains a rating of "Outperform the Market" for the collectible card industry [6] Core Insights - The collectible card industry is expected to maintain strong growth, driven by diverse IPs, evolving consumer habits, and the inherent social, collectible, and investment attributes of cards [5][12] - The market for collectible cards in China is projected to grow at a compound annual growth rate (CAGR) of 56.6% from 2019 to 2024, with a market share of 25.8% in the overall entertainment toy industry by 2024 [12][16] - The industry is characterized by a high concentration of major players, with the top five companies holding 82.4% of the market share [4][32] Summary by Sections 1. Collectible Card Market Potential - The collectible card segment is a significant part of the rapidly growing entertainment toy industry, which is expected to reach a market size of RMB 1,018 billion by 2024, with a CAGR of 15.8% from 2024 to 2029 [12][13] - The collectible card market is anticipated to grow at a CAGR of 56.6% from 2019 to 2024, making it the fastest-growing sub-sector within the entertainment toy industry [16][17] 2. Types and Characteristics of Cards - The card industry is divided into collectible and non-collectible cards, with collectible cards offering themes, collection, exchange, and competitive play [3][26] - Collectible cards can be further categorized into competitive and non-competitive types, catering to both strategic gameplay and collection interests [3][26] 3. Competitive Landscape - The collectible card industry is highly concentrated, with the leading company, 卡游 (KAYOU), holding a market share of 71.1% in 2024 [4][32] - Major players include 卡游, 宝可梦公司, and others, with the top five companies dominating the market [4][32] 4. Consumer Engagement and Market Dynamics - The low entry barrier and multiple attributes of collectible cards, including social interaction, competition, and investment potential, contribute to their growing popularity [4][39] - The rise of live streaming and secondary markets is enhancing consumer engagement and driving sales in the collectible card sector [4][54] 5. Future Growth Drivers - Factors such as increasing disposable income, expanding consumer demographics, and heightened interest from IP holders in developing entertainment products are expected to drive the market forward [20][21][24] - The overseas market presents significant opportunities for growth, particularly in Southeast Asia, where the collectible card market is projected to reach RMB 2.8 billion by 2024 [24]

Summary of Conference Call on the Toy Card Industry Industry Overview - The toy card industry has been significantly impacted by the entry of Japanese brands into the Chinese market, which has altered the sales model and led to the closure of many low-quality stores [1][3][4]. Key Points Company Performance - 卡游 (Kawoo) has successfully adapted to market changes by enhancing its product line and expanding distribution channels, resulting in a dramatic sales increase in 2024 [1][4]. - 凯钰 (Kaiyu) has a competitive edge in IP procurement, allowing for rapid selection of popular international IPs and quick product updates, leading to high revenue [1][6]. Market Dynamics - The influx of Japanese brands like 宝可梦 (Pokémon) has educated consumers in China about card games, but many small, poorly managed stores failed to meet consumer needs, leading to a market shakeout [2][3]. - The overall market evolution has improved consumer awareness and acceptance of card games, benefiting companies like 卡游 [4]. Distribution Strategies - 卡游 focuses on high-quality first-level distributors, while 布鲁可 (Blucor) employs a traditional toy industry model that includes multiple levels of distributors [7][8]. - The differing strategies affect how each company gathers market feedback and manages pricing [9]. Product Lifecycle Management - Both 卡游 and 布鲁可 rely on established IPs for product development, facing challenges in creating original IPs due to the high investment required [11][12]. - Continuous product updates and innovative collaborations are essential for extending the lifecycle of their offerings [13][14]. Supply Chain Considerations - 卡游 benefits from owning its production facilities, allowing for better control over production timelines and market responsiveness [16]. - 布鲁可's reluctance to invest in a complete supply chain is attributed to high costs and the nature of its product offerings [17]. Competitive Landscape - The domestic derivative product market is growing slowly, with companies like 卡游, 布鲁可, and 泡泡玛特 (Pop Mart) competing closely, often mirroring Japanese market leaders [10][24]. - 泡泡玛特 has differentiated itself through original content and collaborations with well-known brands, while 卡游 and 布鲁可 leverage rich storytelling from their IPs [10][11]. Future Outlook - 卡游 plans to expand into international markets, particularly in Japan and Thailand, while facing challenges in the competitive Japanese market [18][19]. - 布鲁可 is accelerating its product launch pace to maximize revenue from newly acquired IPs [27]. Additional Insights - The choice of IP and product form must align with the company's strengths and market demands, considering factors like target demographics and cultural relevance [22][23]. - The ability to manage production costs and maintain quality is critical, especially in the printing and manufacturing processes [25][26].

Core Viewpoint - 52TOYS aims to become the "Chinese version of Bandai" and is preparing for an IPO in Hong Kong, focusing on a diverse range of IP toys and self-developed products [1][9]. Company Background - Founded in May 2015 by Chen Wei and Huang Jin, 52TOYS started as a collectibles company, initially focusing on derivative products from international brands [3]. - The company has developed over 100 self-owned and licensed IPs, including popular franchises like Crayon Shin-chan and Tom and Jerry, and has expanded its product lines to include various toy categories [4]. Market Position and Growth - 52TOYS has successfully penetrated both domestic and international markets, with plans to open over 100 brand stores in China and expand into Southeast Asia, Japan, Korea, and North America by the end of 2024 [4]. - The company has seen significant revenue growth, with income increasing from 463 million yuan in 2022 to 630 million yuan in 2024, representing a compound annual growth rate (CAGR) of 16.7% [13]. Investment and Valuation - 52TOYS has raised multiple rounds of funding, with its valuation exceeding 4.2 billion yuan as of the latest funding round [5][8]. - Notable investors include Qiming Venture Partners and China International Capital Corporation, who recognize the potential of the IP derivative market in China [7][6]. Competitive Landscape - The company is often compared to Pop Mart, which has achieved significant market success, but 52TOYS differentiates itself by focusing on collectible toys rather than trendy toys [12]. - As of 2024, 52TOYS ranks second among multi-category IP toy companies in China, while Pop Mart's revenue reached over 13 billion yuan with a net profit of 3.4 billion yuan [13]. Future Outlook - 52TOYS is committed to enhancing its overseas presence, with overseas revenue growing from 35.4 million yuan in 2022 to 147 million yuan in 2024, achieving a CAGR of over 100% [14]. - The company aims to create a culture of collecting toys and make collectible toys a beloved lifestyle choice for more people [14].

Core Viewpoint - The article discusses the rapid growth and business model of a company named "卡游" (KAYOU), which specializes in collectible card games, highlighting its impressive financial performance and the cultural phenomenon surrounding card collecting among children and adults alike [2][31]. Group 1: Company Overview - 卡游 is preparing for an IPO, with projected revenues of 100.57 billion RMB and a net profit of 44.66 billion RMB for 2024, indicating significant profitability compared to competitors like Miniso and Pop Mart [6][31]. - The company's revenue has grown nearly fourfold from 22.98 billion RMB in 2021 to 100.57 billion RMB in 2024, while net profit has increased almost sixfold from 7.95 billion RMB to 44.66 billion RMB during the same period [31][32]. - The card business constitutes over 90% of 卡游's total revenue, with a gross margin of 67.3% for the overall business and 71.3% specifically for card sales, which is significantly higher than many cultural and creative enterprises [32][33]. Group 2: Market Dynamics - The collectible card market is driven by popular IPs, with 卡游 heavily relying on franchises like "奥特曼" (Ultraman) and "小马宝莉" (My Little Pony) for revenue generation [34][36]. - The company has expanded its IP portfolio to 70, including collaborations with various franchises to appeal to a broader audience [34][36]. - The card collecting phenomenon has evolved into a social currency among children, where owning rare cards can elevate social status within peer groups [22][24]. Group 3: Consumer Behavior - The excitement of "blind box" purchases, where consumers buy packs without knowing the contents, creates a gambling-like thrill that drives repeated purchases [10][41]. - Parents have expressed concerns about their children spending excessive amounts on cards, with some children reportedly spending thousands of RMB [25][50]. - The card collecting experience is not just about ownership but also about the thrill of opening packs, which keeps consumers engaged [25][31]. Group 4: Challenges and Risks - 卡游 faces risks associated with its heavy reliance on popular IPs, with many licensing agreements set to expire in the next three years, potentially impacting revenue if not renewed [42][44]. - The company also grapples with issues related to counterfeit cards and the challenges of regulating sales to minors, as many children can easily purchase cards without age verification [49][50]. - The competitive landscape is evolving, with potential growth in the arena of competitive card games, but cultural acceptance among parents remains a barrier [52][54].

Group 1 - The core viewpoint of the articles highlights the rapid growth and challenges faced by the card game company, 卡游, which is attempting a second listing on the Hong Kong Stock Exchange with projected revenue exceeding 10 billion yuan in 2024 [1] - 卡游's revenue structure is heavily reliant on licensed products, and the company has been experiencing continuous losses during the reporting period, raising concerns about its sustainability [1] - The company’s main products include collectible trading cards, figurines, and stationery, with collectible cards being the most recognized, particularly those featuring popular IPs like Ultraman [1] Group 2 - Reports indicate that students have spent exorbitant amounts on cards, with one student reportedly spending nearly 100,000 yuan in six months, and some parents spending up to 2 million yuan without completing their collections [2] - The trading card market has seen speculative behavior, with rare cards being sold on the black market for as much as 210,000 yuan, indicating a troubling trend of irrational consumption among minors [2] - The card drawing mechanism has been criticized for resembling gambling, potentially fostering a gambling mentality among minors [2]

Group 1 - The article discusses the challenges parents face in selecting gifts for children on International Children's Day, emphasizing the importance of understanding children's "love languages" to choose gifts that fulfill their emotional needs [1][8] - Popular toys and merchandise, often linked to animated IPs, have seen significant price increases, with examples like a plastic building set priced at 500 yuan and additional outfits costing 199 yuan [4][3] - The trend of "internet celebrity" toys has raised concerns about safety, particularly with products like "crystal mud" and "squishy" toys, which may contain harmful substances [5][6] Group 2 - Parents are increasingly purchasing educational courses as gifts, but many children express dissatisfaction, preferring traditional toys over lessons [7][9] - Experts advise against conditional gifts that tie love to performance, suggesting that gifts should be unconditional expressions of love [8][9] - The article highlights the importance of engaging with children's wish lists to understand their desires and emotional needs, rather than dismissing them outright [9]

Core Viewpoint - The recent surge in A-share "Guzi" economy concept stocks, particularly Jinghua Laser, is linked to the second listing application of its core supplier, Kayo Animation, on the Hong Kong Stock Exchange, and the ongoing rise in Pop Mart's stock price, which enhances the investment outlook for the sector [2][11]. Group 1: Company Performance - Jinghua Laser's stock price increased significantly, achieving a 54.78% rise over six trading days, marking it as the top performer in its sector [2]. - The company reported a remarkable growth in its cultural and creative business, with revenue reaching 184.62 million yuan in 2023, a year-on-year increase of 240.83% [5][14]. - The main driver for this growth is the popularity of card products associated with well-known IPs like "My Little Pony" and "Ye Luo Li," which have gained traction among students [5][6]. Group 2: Business Strategy and Partnerships - Jinghua Laser has established a strong partnership with Kayo Animation, providing support for various card products, including those based on popular IPs like "Ultraman" and "Detective Conan" [6][10]. - The company plans to expand its production capacity by investing in a new project to produce 20,000 tons of UV photolithography anti-counterfeiting materials, which is expected to alleviate current supply constraints [10]. Group 3: Market Dynamics and Future Outlook - The anticipated release of "Nezha 2" is expected to boost sales of related merchandise, particularly collectible card products, contributing positively to Jinghua Laser's performance in 2025 [10][11]. - Kayo Animation's recent application for a second listing on the Hong Kong Stock Exchange has created short-term bullish sentiment for Jinghua Laser's stock, although the success of this IPO remains uncertain due to previous regulatory challenges [11][13]. Group 4: Risks and Challenges - The volatility of the cultural and creative business is highlighted, with revenue fluctuations observed from 88.68 million yuan in 2022 to 18.46 million yuan in 2024, indicating potential unpredictability in future earnings [14]. - Kayo Animation's compliance issues regarding the sale of card products to minors may pose risks to its IPO process and, consequently, to Jinghua Laser's business outlook [13][14].

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]

以下文章来源于天天IPO ，作者周佳丽 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 开年现象级IPO。 作者 I 周佳丽 报道 I 投资界-天天IPO 投资界-天天IPO获悉，今天（1月10日），中国拼搭角色类玩具品牌——布鲁可正式在 港交所主板挂牌上市，发行价60. 3 5港元，开盘高开超80%，总市值超2 5 0亿港元。 此次IPO，布鲁可热度惊人，在招股过程中获得60 00倍认购，还引入了三位基石投资 者，包括景林资产管理香港有限公司、UBS AM Si ng a po r e、富国基金管理有限公司及 富国资产管理（香港）有限公司，累计认购5000万美元。 公司身后是一名80后连续创业者——朱伟松，其为人熟知的经历是曾联合创办游族网 络，后来在公司上市那年离开，转身走进玩具世界。201 4年，布鲁可在上海成立，主要 开发不同款式的拼搭角色类玩具，凭借着"奥特曼" "变形金刚"等热门IP悄然崛起，成为 中国最大拼搭角色类玩具企业，身后还浮现了君联资本、源码资本、云锋基金、高榕创 投等知名创投基金的身影。 中国版「乐高」IPO了 市值250亿 时间回到20 09年，20多岁的朱伟松来 ...