Core Viewpoint - The capitalized process of the card game industry is accelerating, with companies like Suplay leading the charge towards public listings, despite challenges faced by top enterprises in the sector [1][4]. Group 1: Suplay's Market Position - Suplay submitted its IPO application to the Hong Kong Stock Exchange on January 1, 2026, ranking first in China's collectible non-combat card market and being the only Chinese brand among the top five globally [2]. - Suplay initially focused on trendy toys before transitioning to card production, securing significant investments and partnerships with major IPs like miHoYo and G-bits [7][9]. - The company emphasizes a strong collection logic, with single card prices exceeding 10 yuan and packs priced between 59.9 yuan and 89.9 yuan, targeting adult consumers, particularly women [9]. Group 2: Financial Performance and Growth - Suplay's revenue is projected to reach 1.4 billion yuan in 2023, 2.8 billion yuan in 2024, and 2.83 billion yuan in the first nine months of 2025, with a gross margin of 54.5% driven primarily by card sales [11]. - The company has established a brand barrier by focusing on collectible cards, avoiding direct competition with card games, and maintaining a unique market position [11]. Group 3: Challenges and Strategic Focus - Suplay faces challenges in scaling its operations while maintaining the value of its collectibles, as its revenue is significantly lower than that of card games, which are projected to grow by 270% in 2024 [13]. - The company relies heavily on external IP licensing, with the top five IPs contributing 47.8% to 77.7% of its revenue over the years, raising concerns about sustainability if key licenses expire [14]. - Suplay plans to use IPO proceeds to expand its core business and strengthen its collectible card capabilities while reducing reliance on its own IPs [14]. Group 4: Industry Trends and Competitor Landscape - Other companies in the card industry, such as Hitcard and Jason Entertainment, are also pursuing IPOs and have secured significant funding, indicating a competitive landscape [16][18]. - The industry is witnessing a diversification in business models, with some companies focusing on expanding their ecosystems and others enhancing their brand value through high-end product lines [19][20]. - Global experiences suggest that pure card companies face challenges in the public market, emphasizing the need for broader narratives that incorporate IP and entertainment development [22][23].

Core Insights - The "Understanding China" International Conference was successfully held from November 30 to December 2, 2025, in Guangzhou [1] Group 1: Cultural New Economy - The sub-forum on "Cultural New Economy: Cultural Industry Samples of New Productive Forces" focused on how new productive forces are reshaping the cultural industry landscape [3] - Emotional value has become a key driver of consumption among the younger demographic, with card games serving as a significant cultural medium in the "Guzi" economy [3] - Card products like "Three Kingdoms Cards," "My Little Pony Cards," and "Ultraman Cards" fulfill four major functions: collection, social interaction, entertainment, and competition, resonating emotionally with young consumers [3] Group 2: Product Experience and Innovation - The company leverages a complete research, production, supply, and sales chain to convert abstract emotions into tangible product experiences [4] - Collaborating with over 70 well-known IPs globally, the company has created a diverse IP matrix to cater to different user segments [4] - The company emphasizes three strategic directions for maintaining brand vitality: national trend, craftsmanship, and internationalization, with over 30 "Guochao" IPs already in place [4] Group 3: International Expansion - The company launched the "Guochao Going Global Plan," showcasing its core card products and other merchandise at international exhibitions in cities like Jakarta, Kuala Lumpur, Tokyo, and New York [5] - Future plans include further expanding into the U.S. market to promote Chinese culture and craftsmanship through its diverse product offerings [5] Group 4: Industry Trends - The forum highlighted the vibrant life force of China's cultural creative industry, showcasing new cultural business models as key drivers of new productive forces [7] - Trends such as technology empowering culture, content-driven consumption, and ecological catalysis of industry innovation are expected to continue stimulating development potential in the cultural sector [7]

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： ...