作者 / 园长 编辑 / 陈梅希 一个卡牌，一个玩具，同样是靠着超低成本内容载体提供情绪价值的商业模式，都在国内取得了成功。 在出海时，卡游又走上了和泡泡玛特相似的路径。这一回，卡游有可能复制泡泡玛特吗？ 人在东南亚，刚进大商场 女明星Lisa的"自来水"、王室公主晒同款、被任命为旅游形象大使……Labubu在泰国受到的追捧，成为 无数中国品牌在出海东南亚时梦寐以求的名场面。能够组织起这般有影响力的市场活动，意味着品牌背 后有一个颇具实力的当地经销商，能够调动资源帮助品牌"政通人和"。 因此，对于卡游来说，渠道是出海首先要解决的问题。 根据卡游出海小红书账号"KayouGlobal"的信息，卡游在海外的零售模式主要分为四种： 从2024年底开始，泰国很多711便利店的货架上，出现了一款国内用户熟悉的商品：闪着五彩光线、装 在密封袋里的小马宝莉卡牌，几乎和国内卖的一模一样。 为什么说是"几乎"呢？出现在泰国的小马宝莉卡牌，包装上印刷的不是中文而是泰文，其他要素则大差 不差。 这一点小小的不同，体现着卡牌出品方卡游的微妙变化——它正在试图走泡泡玛特的路子，复刻 Labubu从泰国到东南亚再到欧美市场的爆红，通过出 ...

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].