Core Viewpoint - The rapid growth of the collectible card market, particularly with brands like Pokémon, raises concerns about potential speculative bubbles similar to the historical tulip mania, where inflated prices eventually led to market collapse [2][26]. Group 1: Market Dynamics - The collectible card market is experiencing intensified competition, with companies like Kai Zhi Le International strategically entering the market through partnerships with top IPs like Pokémon [2][3]. - The Pokémon brand, established in the last century, has a significant cross-generational influence, attracting both younger and older consumers [4][6]. - The market is shifting from a land-grabbing phase to a competitive landscape where established IPs dominate, making it challenging for other brands like Digimon to gain traction [6][8]. Group 2: Investment and Speculation - High-value Pokémon cards are being auctioned for prices that can exceed hundreds of thousands of dollars, with some cards being compared to the value of real estate [10][21]. - The secondary market for cards is heavily influenced by rarity and condition, with professional grading institutions playing a crucial role in determining value [11][12]. - There is a growing trend of collectible cards transitioning into investment assets, with some cards showing annual returns that surpass traditional financial assets [14][21]. Group 3: Consumer Behavior - The consumer base for collectible cards is primarily composed of teenagers and young adults, with younger players focusing on gameplay and older players interested in trading and investment [14][19]. - The addictive nature of card collecting and trading can lead to irrational consumer behavior, raising concerns about the long-term sustainability of the market [21][23]. - The rise of social media and the Z generation's consumption habits are driving the rapid growth of the card market, creating a closed loop of "discover-purchase-share" [19][21]. Group 4: Regulatory and Market Risks - The market faces risks from irrational consumer spending, IP expiration, and counterfeit products, which could undermine the growth of the collectible card industry [21][24]. - Regulatory measures are needed to protect consumer rights and ensure market stability, as the current landscape lacks sufficient oversight [23][24]. - The potential for a speculative bubble similar to the tulip crisis remains a concern, with the market needing to return to rational pricing to avoid a collapse [26][27].

Core Viewpoint - The rapid growth of the collectible card market is drawing parallels to historical speculative bubbles, such as the tulip mania of 1637, raising concerns about the sustainability of high prices and the potential for a market correction [3][32]. Group 1: Market Dynamics - The collectible card market is experiencing intensified competition, particularly with the entry of major IPs like Pokémon, which has led to significant stock price increases for companies involved in this space, such as Kaizhi Le International [5][10]. - The market is seeing a shift from a land-grabbing phase to a competitive landscape where established IPs dominate, making it challenging for other brands like Digimon to gain traction [7][10]. - The demand for collectible cards is driven by a mix of youth engagement and the purchasing power of middle-aged consumers, indicating a broadening consumer base [5][9]. Group 2: Investment and Speculation - High-value cards, particularly rare Pokémon cards, are fetching prices that can rival real estate, with some cards auctioned for tens of thousands of dollars [14][18]. - The secondary market for cards is influenced by various factors, including rarity, condition, and market trends, with some cards experiencing significant price appreciation [13][18]. - The trend of collectible cards transitioning into investment assets is emerging, with some cards showing annual returns that exceed traditional financial assets [18][30]. Group 3: Consumer Behavior and Risks - There are concerns about irrational consumer behavior, particularly the addictive nature of card collecting and the potential for significant financial losses [26][27]. - The lack of regulatory oversight and the prevalence of counterfeit products pose risks to consumers and the overall market integrity [29][32]. - The market is currently characterized by a primary focus on entertainment and collection, with investment aspects still in a nascent stage [18][30]. Group 4: Future Outlook - The future growth of the collectible card market will depend on consumer demand, innovation in card design, and the establishment of a more structured market environment [9][30]. - The potential for digital integration, such as NFTs, could enhance the value and security of collectible cards, addressing some of the current market vulnerabilities [16][32]. - The industry must adapt to changing consumer preferences and the lifecycle of IPs to maintain relevance and competitiveness in a rapidly evolving market [30][32].

Core Viewpoint - The BW2025 exhibition highlights the trend of IP diversification, with a significant presence of domestic cultural IPs, indicating a growing market for IP-derived products as consumer disposable income increases [1][2]. Group 1: Exhibition Insights - The BW2025 exhibition, organized by Bilibili, serves as a platform for content creators and derivative product vendors, showcasing a variety of brands including Qizhi Haowan, Deli, and Aofei Entertainment [2]. - Companies are increasingly building IP matrices to leverage popular IPs for natural traffic while avoiding intense competition in saturated markets [2]. - Popular IPs such as Conan, Fuliang, and others have multiple toy companies vying for their licensing, indicating a competitive landscape [2]. Group 2: Product Development Trends - There is a rapid expansion of product types among toy companies based on IP, with leaders like Kayi and Jikasa diversifying into plush toys, stationery, and more [3]. - The integration of IP into various product lines is expected to create effective synergy and enhance the overall value of the IP [3]. - The importance of operational and channel capabilities of leading toy companies is emphasized as they navigate the increasingly interconnected product landscape [3]. Group 3: Consumer Engagement - Emotional value and interactive gaming experiences are becoming prominent, with card companies setting up live battle areas to meet social needs [3]. - Events such as Coser interactions and product exchanges at the exhibition enhance the engagement and popularity of IP products [3].