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].

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： ...