Core Insights - Hitcard is advancing its IPO process and may become the first publicly listed card company in China, focusing on adult collectible cards [3][4] - The company has seen significant growth, with revenue reaching approximately 400 million yuan in the previous year, a year-on-year increase of over 600%, and is expected to achieve another 100% growth this year [3][6] - The collectible card market in China is projected to grow from 26.3 billion yuan in 2024 to 44.6 billion yuan by 2029, making it the fastest-growing category in the broader entertainment sector [3][6] Market Position and Strategy - Hitcard differentiates itself by signing a diverse range of IPs, increasing its signed IP count to over 60 this year, which is comparable to larger competitors [6][8] - The company emphasizes limited releases and high-frequency product launches to maintain product scarcity, with an average of 10 new products introduced monthly [7][8] - Hitcard's production process includes advanced printing techniques, such as a 14-color printing machine, enhancing the visual appeal of its cards [8] User Demographics and Sales Channels - The primary target demographic for Hitcard is young women aged 18 to 28, which overlaps with the customer base of popular brands like Pop Mart [8][9] - Live streaming on platforms like Douyin has become a key sales channel, contributing over 60% of Hitcard's sales, while offline channels have also expanded, accounting for 40% of sales [12][13] Competitive Landscape and IP Strategy - The competitive environment is intensifying, with companies vying for new IPs, and Hitcard has recently secured a significant licensing agreement with Disney, positioning itself as a major player in the card industry [16] - The company aims to enhance its IP interpretation and content extension capabilities to prolong the lifecycle of its IPs and achieve differentiation [15][16] Future Outlook - Hitcard is exploring international markets, with aspirations to increase overseas revenue from single digits to over 10%, focusing on mature markets like North America and Japan [16]