Investment Rating - The report maintains a "Buy" rating, highlighting the potential of lightweight IP carriers to tap into a billion-dollar market through a comprehensive industry layout [2]. Core Insights - The collectible card game (CCG) industry is experiencing explosive growth in China, with the market size projected to reach 26.3 billion RMB in 2024, up from 2.8 billion RMB in 2019, reflecting a compound annual growth rate (CAGR) of 56.6% [5][17]. - The report identifies the U.S. and Japan as mature markets, while China's market is characterized by a younger consumer base, high-frequency low-cost purchases, and social media-driven engagement [5][47]. - The collectible card industry is segmented into trading card games (TCG) and collectible cards, with TCGs like Pokémon and sports cards leading the market [10][35]. Summary by Sections 1. Collectible Cards: Lightweight IP Carriers Providing Multi-Dimensional Value - Collectible cards offer various values, including aesthetic, social, and investment aspects, making them appealing to consumers [14]. - The market is expected to grow significantly, with China's collectible card market projected to reach 44.6 billion RMB by 2029 [17]. 2. Market Size: Explosive Growth in China's Collectible Card Market - The Chinese collectible card market is forecasted to grow to 26.3 billion RMB in 2024, with a significant increase in consumer spending potential [15][17]. - The average spending per consumer in China is only 18.7 RMB, compared to 119.3 RMB in Japan and 64.0 RMB in the U.S., indicating room for growth [17]. 3. Country Segmentation: Mature Markets in the U.S. and Japan, Developing Market in China - The U.S. market is characterized by a well-established ecosystem for sports cards, driven by a strong sports culture and a history of card trading [18][29]. - Japan's market focuses on TCGs, with a compound annual growth rate of 22% from 2019 to 2024, driven by a robust community and competitive events [29][35]. - China's market is rapidly evolving, with a focus on younger consumers and a growing interest in IP-driven products, supported by a burgeoning entertainment toy market [47].

Industry Overview - The card industry is a significant part of the broader entertainment product sector, integrating entertainment, collection, competition, and social interaction [3] - The market for collectible card games in China has surged from 700 million to 12.2 billion yuan from 2017 to 2022, increasing its share of the broader entertainment toy market from 2.3% to 17.7% [3] Market Trends - The introduction of global quality IPs like Pokémon and My Little Pony has energized the domestic card industry, while local companies are also developing original IPs to meet cultural demands [5] - Digital transformation is driving innovation in the card industry, with new formats like online tournaments and virtual card games enhancing consumer experiences [6] - The rise of e-commerce platforms has expanded sales opportunities for card products, while offline stores enhance consumer engagement through events [7] Secondary Market and Investment - The domestic secondary card market is becoming more regulated and mature, with platforms like Kato and Jihuan providing robust support for card circulation and value discovery [8] - As consumer awareness of the investment value of cards grows, the prices of rare cards are increasing, stimulating market demand [8] Policy Support - Government support for the cultural industry is creating a favorable environment for the card industry, with measures to protect intellectual property and regulate market order [9] Reports Overview - The first report analyzes the historical evolution and market drivers of the Chinese card industry, highlighting the growth driven by a large user base and the development of an IP matrix [10] - The second report provides a macro perspective on the card industry, detailing its origins, market comparisons across regions, and a comprehensive breakdown of the industry chain [12]