另外，用户数据显示，2025年闲鱼平台超过四分之三的卡牌消费者为女性。男性消费者年度人均卡牌支 出为女性的3.8倍。年龄分布上，18至29岁用户占比52%，各年龄段均有卡牌消费者分布。 凤凰网科技讯12月10日，闲鱼发布《2025闲鱼卡牌年度报告》。过去两年闲鱼卡牌交易规模持续攀升， 今年前三季度交易额同比增长21%，保持稳健增长的步伐。其中，集换式卡牌交易额同比提升84%，球 星卡交易额同比提升104%。 闲鱼二次元与泛娱乐行业总经理雪海表示，数据反映出消费者更倾向于为优质IP内容付费，并关注卡牌 的收藏价值与二级市场流通潜力。 报告指出，当前国内卡牌市场呈现消费高端化与供给差异化趋势。宝可梦卡牌在集换式卡牌品类中交易 量居首，其简体中文版普及、官方赛事与线下场馆发展被视为主要推动因素。在IP收藏卡领域，小马宝 莉、叶罗丽、奥特曼等动漫IP保持领先，而《第五人格》《原神》等国产游戏IP卡牌交易量同比提升 63%。 国潮IP卡牌交易量同比大幅上升332%。其中，哪吒卡牌年度交易额超过1亿元，水浒、三国等经典名著 题材卡牌热度显著提升。影视综艺类卡牌订单量同比提升130%，《永夜星河》《白月梵星》等国产剧 集相 ...

2025年闲鱼平台超过四分之三的卡牌消费者为女性。尽管女性用户占绝对多数，男性的消费力却更为强 劲，年度人均卡牌支出是女性的3.8倍。 报告显示，宝可梦重夺卡牌IP交易量冠军；热门动漫IP小马宝莉、叶罗丽、奥特曼依然处于交易统治地 位；第五人格、恋与深空等国产游戏进入闲鱼卡牌交易量榜单，游戏IP卡交易规模提升63%。 12月10日，《2025闲鱼卡牌年度报告》发布，显示今年前三季度卡牌交易规模同比增长21%，行业保持 稳健增长态势。集换式卡牌和球星卡等高价格带卡牌交易额涨超84%，卡牌消费走向高端化。国潮IP卡 及影视综三次元卡牌表现突出，哪吒卡牌一年卖出一个亿，影视综卡牌订单量同比提升130%，《永夜 星河》《白月梵星》《难哄》进入2025年度闲鱼平台影视综卡牌交易榜前三。 ...

Core Insights - The global licensing industry is entering a new stage of diversified development, with IP value continuously being released and cross-industry integration becoming a trend [1] - Hasbro aims to reach over 750 million fans by 2027, leveraging its licensing business to drive growth and innovation [1] Industry Trends - The Chinese licensing market is showing strong growth, with increasing demand for personalized and emotional products from younger demographics [1] - IP licensing is expanding beyond traditional toy and stationery sectors into areas such as dining, fashion, cultural tourism, and digital entertainment, creating a broader industrial ecosystem [1] Company Strategy - Hasbro is adjusting its strategic layout to continue promoting its "Play to Win" strategy, focusing on five pillars: future play ecosystem, sustainable brand management, partner empowerment, lifelong fan engagement, and a diverse brand matrix [1] - Continuous innovation in content and marketing is central to Hasbro's growth in licensing, with a reported global retail sales of $16 billion last year [2] Partnerships and Collaborations - Hasbro is actively empowering partners to aid in their localization and internationalization efforts, achieving rapid growth in both local and overseas markets [2] - Collaborations with partners like Miniso and Card Game have led to successful product launches and expansions into new markets, such as Southeast Asia [2] Entertainment and Experience - Hasbro is working with partners like Maichi Culture to localize international IP theme parks, providing immersive experiences for fans and families [3] - The company boasts over 1,900 brand IPs, aiming to continuously launch a richer array of licensed products, services, and experiences [3]

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].

Core Viewpoint - The article discusses the expansion strategy of Kayou, a card game company, as it attempts to replicate the success of Pop Mart by entering Southeast Asian markets, particularly Thailand, with localized products like My Little Pony cards [2][4]. Group 1: Market Entry Strategy - Kayou plans to establish a presence in Southeast Asia by utilizing various retail models, including regional agency partnerships, single-store franchises, collaborations with chain supermarkets, and e-commerce platforms [5][7]. - The company emphasizes the importance of local distributors to facilitate market entry and brand promotion, similar to Pop Mart's successful collaborations with local partners [7][8]. Group 2: Product Localization - Kayou's My Little Pony cards in Thailand feature Thai language packaging, indicating a tailored approach to meet local consumer preferences while maintaining product familiarity [2]. - The company has launched several popular IPs overseas, including Harry Potter and DC Comics, which have strong global recognition and appeal to younger audiences [11][13]. Group 3: Challenges and Opportunities - Kayou faces challenges in finding a breakout product akin to Pop Mart's Labubu, as its current IPs lack the same level of cultural impact and global reach [14][16]. - The company must navigate cultural barriers in Southeast Asia, where card culture is less established, and ensure that its marketing strategies resonate with local consumers [16][23]. Group 4: Competitive Landscape - Kayou's strategy includes learning from successful American card companies like Panini and Topps, which have effectively built market ecosystems and user habits over decades [20][21]. - The article highlights the need for Kayou to enhance its IP portfolio and user engagement strategies to compete effectively in the global market [23][24]. Group 5: IPO and Future Prospects - Kayou has submitted its IPO application, which could bolster its credibility and support its international expansion efforts, although there are concerns regarding compliance and IP management [24][26]. - The potential for cultural exchange through its products may also serve as a positive narrative for its IPO, enhancing its market positioning [24][26].

Core Viewpoint - The article discusses the expansion strategy of Kayou, a card game company, into Southeast Asia, particularly Thailand, and compares its approach to that of Pop Mart, highlighting the challenges and opportunities in replicating success in international markets [5][7][26]. Group 1: Market Entry Strategy - Kayou is attempting to replicate Pop Mart's success by introducing familiar products, such as My Little Pony cards, in Thailand, with packaging adapted to local language [5][7]. - The company has identified four main retail strategies for overseas expansion: becoming regional agents, opening franchise stores, collaborating with local supermarkets, and partnering with e-commerce platforms [11][14]. - Kayou's first overseas store opened in Hong Kong's K11 shopping art museum, with plans for further expansion in Macau and Malaysia, indicating a shift towards high-end retail environments [14][16]. Group 2: IP and Content Strategy - Kayou has secured licenses for globally recognized IPs like Harry Potter and DC Comics, positioning itself as a leader in the domestic IP sector [18][22]. - The company lacks a standout product akin to Pop Mart's Labubu, which has limited its ability to drive sales and brand recognition [22][24]. - Kayou's recent IP offerings are heavily influenced by Chinese culture, which may pose challenges in gaining acceptance in overseas markets due to cultural barriers [24][25]. Group 3: Competitive Landscape - The article draws parallels between Kayou and American trading card companies like Panini and Topps, which have successfully penetrated Asian markets by leveraging established sports IPs [29][31]. - American companies have developed a robust ecosystem around trading cards, utilizing various marketing channels and community engagement strategies that Kayou could learn from [31][32]. - Kayou's reliance on culturally specific IPs may hinder its ability to compete effectively against established American brands that have a broader global appeal [33]. Group 4: IPO and Future Prospects - Kayou has submitted its IPO application, which could enhance its credibility and support its international expansion efforts [34][35]. - The company faces challenges related to compliance and market readiness, which may affect its IPO timeline and overall strategy [34][35]. - Successful international expansion could bolster Kayou's market position and facilitate its IPO, potentially increasing its influence in the global card game market [35].

Core Viewpoint - The article discusses the international expansion strategy of Kayou, a card game company, highlighting its efforts to replicate the success of brands like Pop Mart in Southeast Asia through various retail models and partnerships [4][10][23]. Group 1: Expansion Strategy - Kayou is attempting to enter the Southeast Asian market by utilizing local distributors and establishing retail channels, similar to the approach taken by Pop Mart [4][5]. - The company has identified four main retail models for overseas expansion: regional agency partnerships, single-store franchises, collaborations with chain supermarkets, and e-commerce platforms [6][8]. - Kayou's first overseas store opened in Hong Kong's K11 shopping art museum, with plans for further expansion in Macau and Malaysia [9][10]. Group 2: IP and Content Strategy - Kayou has launched overseas versions of popular IPs such as My Little Pony, Harry Potter, and DC Comics, aiming to leverage globally recognized brands for market penetration [10][12]. - The company lacks a standout IP like Pop Mart's Labubu, which has significantly driven sales and brand recognition, posing a challenge for Kayou's growth [12][18]. - Kayou's self-developed IPs are heavily influenced by Chinese culture, which may limit their appeal in international markets due to cultural barriers [14][15]. Group 3: Competitive Landscape - The article draws parallels between Kayou and American trading card companies like Panini and Topps, which have successfully expanded into Asian markets by leveraging established sports IPs [19][20]. - American companies have developed diverse marketing strategies, including social media engagement and community-building events, which Kayou could adopt to enhance its market presence [21][22]. - Kayou's reliance on culturally specific IPs may hinder its ability to achieve the same level of market penetration as its American counterparts, necessitating a long-term strategy to build brand recognition and user engagement [22][24]. Group 4: IPO and Future Prospects - Kayou submitted its IPO application in April 2025, but progress appears stalled, potentially due to compliance issues or challenges related to its IP portfolio [23][24]. - The company's international expansion could enhance its IP potential and provide a positive narrative for its IPO, which is crucial for establishing trust in overseas markets [23][24].

Group 1 - The article discusses the expansion of Kayou, a card game company, into the Southeast Asian market, particularly Thailand, with the introduction of My Little Pony cards in local language packaging [1][3][4] - Kayou aims to replicate the success of Pop Mart by leveraging local distributors and marketing strategies to enhance brand visibility and sales in foreign markets [5][6][9] - The company has established various retail models for overseas operations, including regional agency partnerships, single-store franchises, collaborations with supermarkets, and e-commerce platforms [8][10][11] Group 2 - Kayou's strategy includes opening high-end stores in locations like Hong Kong and Macau, contrasting with its domestic focus on more affordable shopping environments [10][11] - The company is also exploring non-traditional channels, such as partnerships with cinema chains to promote limited edition cards tied to popular films [12] - Kayou has secured licensing agreements with major global IP holders, positioning itself among the top tier of domestic IP companies [16][18] Group 3 - The article highlights the challenge Kayou faces in finding a breakout product similar to Pop Mart's Labubu, as its current IPs lack the same level of global appeal [18][20] - Kayou's reliance on culturally specific IPs may hinder its ability to penetrate broader international markets, particularly in Southeast Asia where card culture is less established [21][30] - The company is compared to American trading card companies, which have successfully built a market presence through established sports IPs and diverse marketing strategies [23][24][25] Group 4 - Kayou's IPO process has faced delays, potentially due to compliance issues and the need for a stronger IP portfolio [31][32][35] - The company believes that international expansion could enhance its IP potential and support its IPO efforts by promoting Chinese cultural elements [33][35] - The future of Kayou's IPO and its impact on international growth remains uncertain, with developments expected in the coming months [35]

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].