Core Viewpoint - Hitcard is advancing its listing process and may become the "first stock" in the card industry, focusing on adult collectible cards and achieving significant revenue growth [4][5]. Group 1: Company Overview - Hitcard was founded in 2021 and has received investments from various institutions, including Shanghai Lianchuang Investment and Sequoia China [4]. - The company has achieved approximately 400 million yuan in revenue last year, with a year-on-year growth exceeding 600%, and expects another 100% growth this year [5][6]. Group 2: Market Potential - The collectible card market in China is projected to reach 26.3 billion yuan in 2024, making it the largest globally, with an expected growth to 44.6 billion yuan by 2029 [5]. - Hitcard's unique growth strategy allows it to address key market concerns, such as customer demographics and dependency on single IPs [5][6]. Group 3: Product Strategy - Hitcard has signed over 60 IPs this year, doubling its IP portfolio compared to 2024, which is comparable to larger competitors [7][8]. - The company maintains a rapid product turnover, introducing about 10 new products monthly, with a focus on limited editions to enhance scarcity [8][9]. Group 4: Production and Innovation - Hitcard has invested in advanced printing technology, utilizing a 14-color printing machine, which enhances the color richness of its cards compared to competitors [9]. - The company has adopted innovative production techniques, such as "electroplated crystal" processes, to improve product aesthetics and consumer engagement [9]. Group 5: Consumer Engagement and Sales Channels - Live streaming has become a significant sales channel for Hitcard, contributing over 60% of its sales, with offline channels also expanding to 40% of sales [13][14]. - The brand is targeting a broader audience by introducing products appealing to young male consumers, thus diversifying its user base [15][16]. Group 6: Competitive Landscape and Future Outlook - Hitcard faces increasing competition for IP rights, but emphasizes its capabilities in IP interpretation and content extension to differentiate itself [16]. - The company has secured a partnership with Disney, aiming to expand its presence in overseas markets, particularly in North America and Japan [16][17].