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 [9][31][34]. Group 1: Company Overview - KAYOU is preparing for an IPO, with projected revenues of 10.057 billion RMB and a net profit of 4.466 billion RMB for 2024, indicating significant growth from 2.298 billion RMB in 2021 [9][32]. - The company's revenue from card sales constitutes over 90% of its total income, with a gross margin of 67.3% overall and 71.3% specifically for card sales [32][34]. - KAYOU's founder, Li Qibin, holds approximately 82% of the company's shares, with a potential wealth exceeding 800 billion RMB if the company achieves a market valuation of 100 billion RMB [11]. Group 2: Market Dynamics - The collectible card market is driven by the "抽卡" (drawing cards) mechanism, where the excitement of obtaining rare cards fuels consumer spending, similar to gambling [11][41]. - The company has successfully leveraged popular IPs, such as "奥特曼" (Ultraman) and "小马宝莉" (My Little Pony), to drive sales, with Ultraman cards accounting for nearly 60% of total card products [34][35]. - KAYOU has expanded its IP portfolio to include 70 different IPs by 2024, aiming to diversify its offerings and reduce reliance on any single IP [34]. Group 3: Consumer Behavior - Collectible cards serve as social currency among children, influencing their social dynamics and emotional satisfaction [24][32]. - The thrill of opening card packs and the uncertainty of obtaining rare cards create a psychological loop that encourages repeated purchases [26][28]. - Parents have expressed concerns over children's spending on cards, with some resorting to purchasing rare cards directly from secondary markets to satisfy their children's desires [26][39]. Group 4: Challenges and Risks - KAYOU faces challenges related to its heavy reliance on popular IPs, with many licensing agreements set to expire in the next three years, posing a risk to revenue stability [44]. - The company's extensive distribution network, while beneficial for rapid expansion, also presents regulatory challenges, particularly concerning counterfeit cards and the sale of products to minors [50][52]. - The potential for market saturation and the need for sustainable growth strategies are critical considerations for KAYOU as it navigates the evolving landscape of the collectible card industry [55].

Core Viewpoint - The company, 卡游, is positioned as a toy manufacturer with significant channel barriers in the primary school market, heavily reliant on non-owned IPs, particularly the "My Little Pony" franchise, which currently dominates its revenue stream, leading to a passive market stance [1][3][19]. Group 1: Market Position and Performance - 卡游 has recently resumed its IPO process, drawing attention to the card game sector, which is compared favorably to other industries like that of 泡泡玛特, noted for its high profitability [2]. - The company achieved a revenue of 100.57 billion yuan in 2024, with a gross margin of 67.3%, surpassing 泡泡玛特's figures for the same year [3]. - 卡游's sales network is extensive, covering nearly all primary schools and surrounding stores in China, allowing rapid market penetration for popular products [3][9]. Group 2: Dependency on IPs - The company heavily relies on a few key IPs, with the top five accounting for 86.1% of total revenue from 2022 to 2024, indicating a risk of revenue volatility if these IPs lose popularity [11]. - The "My Little Pony" franchise has become the main revenue driver, contributing over 70% of total revenue in 2024, while the previously dominant "Ultraman" IP's contribution has dropped to 8% [16]. Group 3: Distribution and Sales Strategy - 卡游 has established a robust distribution network with 217 distributors across 31 provinces, and plans to expand its retail presence from 400,000 to 500,000 outlets by the end of 2024 [9][10]. - The company has adapted to the rise of online sales through live-streaming platforms, significantly increasing the visibility and sales of its products [9]. Group 4: Challenges and Future Prospects - The company faces challenges with regulatory scrutiny regarding underage spending on card products, leading to increased complaints and potential reputational risks [9]. - 卡游 is exploring the development of its own IPs, such as "卡游三国," to diversify its offerings and reduce reliance on external IPs, although current contributions from these new lines remain limited [21][23]. - The company is also considering expanding into other product lines, including toys and stationery, to capture a larger market share [24].

来源 |凤凰 网财经《 IPO观察哨 》 当《哪吒 2》的票房热潮席卷全国，与之联名的卡牌竟在二手市场被炒出天价——一张导演签名的哪吒卡牌 被炒到 9.5万， 堪称 "电子黄金" 。 卡牌的 幕后制作者正是 浙江卡游动漫有限公司（下称 "卡游"） ，这家靠 2元一包的卡牌年入百亿的公司，正以惊人的速度改写中国玩具行业的规 则， 却因 狂奔在 资本市场埋下暗雷。 2024年 ， 卡游营收破百亿大关，达到 100.57亿元，同比暴涨278%。它的赚钱能力甚至超越了"让年轻人疯魔"的泡泡玛特。4月14日，卡游公司 二次冲刺港交所。除令人眼红的暴利生意，萦绕在它身上的是长期困于 "收割小学生""未成年沉溺其中""小学生集卡成瘾"等负面舆论。 01 卡游到底有多暴利？ 在创投圈，卡游被称 "小孩收割机"，其推出的核心IP"奥特曼系列卡牌"牢牢锁定了小学生群体。 2024年，卡游营收达到100.57亿元，净利润高达44.66亿元，毛利率67.3%。要知道在全球大杀四方的泡泡玛特 当年的 营收 是 130.4亿元，净 利润 为 31.25亿元，这样的财务数据已经令外界惊叹。 而聚焦卡游的核心业务集换式卡牌的毛利率更是高达 ...