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研究完关键数据,我们对卡游「祛魅」了
3 6 Ke· 2025-05-13 00:26
Core Viewpoint - The company, 卡游, is positioned as a toy manufacturer with significant channel barriers in the primary school market, heavily reliant on non-owned IPs, particularly the "My Little Pony" franchise, which currently dominates its revenue stream, leading to a passive market stance [1][3][19]. Group 1: Market Position and Performance - 卡游 has recently resumed its IPO process, drawing attention to the card game sector, which is compared favorably to other industries like that of 泡泡玛特, noted for its high profitability [2]. - The company achieved a revenue of 100.57 billion yuan in 2024, with a gross margin of 67.3%, surpassing 泡泡玛特's figures for the same year [3]. - 卡游's sales network is extensive, covering nearly all primary schools and surrounding stores in China, allowing rapid market penetration for popular products [3][9]. Group 2: Dependency on IPs - The company heavily relies on a few key IPs, with the top five accounting for 86.1% of total revenue from 2022 to 2024, indicating a risk of revenue volatility if these IPs lose popularity [11]. - The "My Little Pony" franchise has become the main revenue driver, contributing over 70% of total revenue in 2024, while the previously dominant "Ultraman" IP's contribution has dropped to 8% [16]. Group 3: Distribution and Sales Strategy - 卡游 has established a robust distribution network with 217 distributors across 31 provinces, and plans to expand its retail presence from 400,000 to 500,000 outlets by the end of 2024 [9][10]. - The company has adapted to the rise of online sales through live-streaming platforms, significantly increasing the visibility and sales of its products [9]. Group 4: Challenges and Future Prospects - The company faces challenges with regulatory scrutiny regarding underage spending on card products, leading to increased complaints and potential reputational risks [9]. - 卡游 is exploring the development of its own IPs, such as "卡游三国," to diversify its offerings and reduce reliance on external IPs, although current contributions from these new lines remain limited [21][23]. - The company is also considering expanding into other product lines, including toys and stationery, to capture a larger market share [24].