Core Viewpoint - The article emphasizes the emergence of the "Guzi Economy" as a significant cultural and economic phenomenon in China, driven by policy support and market vitality, with companies like KAYOU leading the way in the cultural creative industry [3][24][29]. Group 1: Market Overview - By 2024, the market size of the "Guzi Economy" in China is projected to reach 168.9 billion yuan, a 40.63% increase from 2023, and is expected to exceed 300 billion yuan by 2029, showcasing resilience in a challenging consumption environment [9]. - The "Guzi Economy" is seen as a vibrant intersection of traditional culture and modern consumption, marking a shift from "traffic monetization" to "value cultivation" in the cultural industry [9][24]. Group 2: KAYOU's Business Model - KAYOU has successfully transformed into a leading domestic anime card brand by integrating national trend elements into its original IP cards, exemplifying the potential of the "Guzi Economy" as a representative case of industrial upgrading [4][12]. - The company reported a revenue of 10.057 billion yuan in 2024, a 278% year-on-year increase, attributed to its deep integration with national trend IPs and a dual-driven approach of "culture + intelligent manufacturing" [14][15]. Group 3: Cultural Integration and Product Innovation - KAYOU focuses on deeply exploring traditional Chinese culture and developing national trend culture, launching successful products like the "KAYOU Three Kingdoms" card series and collaborations with renowned artists [16][18]. - The company has established a comprehensive product matrix that includes collectible cards, creative stationery, and various derivative products, enhancing consumer experience and expanding market potential [20][21]. Group 4: Global Expansion Strategy - KAYOU is expanding its global footprint by establishing subsidiaries in Japan, the United States, and Hong Kong, aiming to connect with global consumers through high-quality products and cultural exports [21][22]. - The company has secured global licenses for popular international IPs, positioning itself to leverage local preferences while promoting Chinese traditional culture on the international stage [21][22]. Group 5: Policy Support and Future Outlook - The central government's policies, such as the "Consumption Promotion Special Action," provide a supportive framework for the development of cultural derivative products, encouraging the integration of traditional culture into product design [25][26]. - KAYOU's business model exemplifies the effective synergy between product experience, interactive operations, and advanced manufacturing capabilities, contributing to a robust cultural creative ecosystem [26][28].

2025年是卡游深化战略布局、实现全域突破的关键一年。在行业向千亿级市场迈进、消费呈现高端化与 差异化趋势的背景下，卡游持续领跑集换式卡牌领域，突破"单一卡牌"局限，拓展毛绒玩具、潮玩、文 具等新品类，构建"卡牌+周边+场景"多元生态，不仅拓宽营收边界，也通过多品类协同提升用户粘 性；全球化布局实现里程碑式进展，泰国旗舰店的开业为辐射东南亚、拓展全球市场奠定基础。与此同 时，卡游精准把握国潮IP崛起风口，契合年轻群体情感陪伴与圈层认同需求，在卡牌收藏、社交、竞技 等核心属性之外，进一步强化产品的文化价值与收藏潜力，在行业竞争中持续巩固龙头壁垒。 从制造到智造的蜕变 卡游的发展是传统制造向智能制造转型的典范。面对市场竞争与科技变革，卡游重金引进德国曼罗兰印 刷生产线等国际顶尖设备，以微米级精度保障卡牌印刷与模切质量，搭配专属纸张双面印刷，让产品质 感与品质备受认可。 技术创新上，卡游重视工艺创新，研发光栅立体烫金触感增效印刷、高精微雕烫金印刷等数十种高端印 刷技术，赋予卡牌独特视觉效果与艺术价值，使其成为精美的艺术品。 国创IP孵化成绩斐然。叶罗丽以东方奇幻风格诠释友谊、勇气等主题，配套卡牌及文具、玩具等周边产 ...

Investment Rating - The report indicates a high growth potential for the Chinese collectible card market, with a compound annual growth rate (CAGR) of 67.87% from 2017 to 2024, and a projected CAGR of 11.1% from 2024 to 2029 [8][10]. Core Insights - The Chinese collectible card market is experiencing rapid expansion driven by "IP economy," "emotional consumption," and "social interaction," transitioning from a highly concentrated competitive landscape to a more diversified one [7]. - The market size has grown from RMB 700 million in 2017 to RMB 26.3 billion in 2024, with expectations to reach RMB 44.6 billion by 2029 [8][10]. - Despite the rapid growth, per capita spending in China remains significantly lower than in mature markets like Japan and the USA, indicating substantial room for growth [11]. Market Dynamics - The competitive landscape is currently dominated by a few key players, with 卡游 holding a market share of 71.1% as of 2024, while the top five companies account for 82.4% of the market [15][20]. - The core driver of the collectible card industry is the richness and exclusivity of IP resources, which are essential for building competitive strength [16]. - Channel layout and community operation are critical for maintaining market position, with 卡游 leveraging a robust multi-channel sales network [17]. Consumer Trends - The user demographic is becoming younger, with the Z generation and female users increasingly participating in the market, shifting towards interest and emotional consumption [24]. - Innovative models like live-streaming card unboxing have transformed card consumption into community interaction activities, significantly boosting user engagement [27][28]. Product Categories - The industry has diversified into four main product categories: IP cards, sports cards, film cards, and star cards, with IP cards being the largest segment [37][38]. - Each category has distinct characteristics and target audiences, with IP cards leading the market due to their strong cultural appeal [40]. Future Outlook - The report suggests that the future of the collectible card market will depend on the ability to innovate and deepen engagement with core drivers, such as IP development and community building [37][46]. - The integration of online and offline channels is crucial for providing a diverse consumer experience, with significant growth potential in the online sales segment [34].

Core Insights - The A-share market experienced a decline across all major indices, with the Shanghai Composite Index falling by 0.51% to 3,878.00 points, and the Shenzhen Component Index down by 0.78% to 12,955.25 points. The total trading volume in the A-share market reached 1.67 trillion RMB, with net inflows from southbound funds amounting to 2.279 billion HKD [2][8] - The transportation, non-ferrous metals, and coal industries showed the highest gains, while the media and computer sectors faced the largest declines. Notably, the cultivated diamond and hyperbaric oxygen chamber concept indices saw significant increases, whereas the Kuaishou concept and MLOps concept indices experienced notable declines [2][8] Industry Overview - The report highlights the successful maiden flight of China's reusable carrier rocket, Zhuque-3, marking a significant milestone in the commercial space sector. The Chinese commercial space industry is projected to reach a scale of 7-10 trillion RMB by 2030, with capabilities for in-orbit maintenance and construction of spacecraft becoming a reality [3][9] - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting to discuss the "14th Five-Year Plan" for central enterprises, emphasizing the importance of strategic planning and industry layout for major state-owned enterprises [3][9] Investment Highlights - The trading card game (TCG) market is evolving into a comprehensive cultural consumption product, driven by IP ecosystems. The core logic revolves around "collecting-exchanging-value accumulation," with emotional connections between IP and consumers being crucial for long-term engagement [10][11] - The TCG industry has established a complete industrial chain covering IP authorization, content creation, product manufacturing, channel distribution, and community operation. The upstream sector relies heavily on IP as the fundamental driver of user engagement and retention [11][12] - The design aspect is critical for product differentiation and targeting specific consumer segments, enhancing brand value and maximizing user lifecycle value [12][13] - The distribution channels are characterized by a dual approach of "offline foundation and online expansion," with offline channels focusing on high accessibility and experience, while online channels provide flexibility and broad coverage [13][14] Industry Development - The integration of TCG with diverse business models is highlighted, with examples such as Pokémon's multi-ecosystem approach that combines online digital empowerment with offline experiences and global competitions [14] - Companies like Huali Technology are exploring new avenues by merging gaming equipment with TCG, aiming to enhance consumer experiences through innovative integrations [14] Investment Recommendations - The report suggests focusing on companies with rich upstream IP resources and original IP development capabilities, leading companies in TCG design and manufacturing, and those with significant advantages in sales channels [15]

Investment Rating - The report maintains a "stronger than the market" rating for the trading card game (TCG) industry, indicating a positive outlook for growth and investment opportunities [3]. Core Insights - The trading card game market is evolving into a comprehensive industry chain that encompasses IP licensing, content creation, product manufacturing, channel distribution, and community operation, with IP as the core engine driving user engagement and long-term retention [3][4]. - The industry is characterized by a dual-channel strategy of "offline foundation and online expansion," which enhances consumer experience and broadens market reach [4][50]. - The integration of trading cards with various business models, such as digital platforms and gaming devices, is driving innovation and expanding the market [8][66]. Summary by Sections 1. Trading Card Game Overview - Trading card games (TCGs) combine themes, collection, exchange, and competitive play, often based on popular IPs from films, anime, or original designs, providing rich cultural experiences [2][12]. - TCGs can be categorized into competitive and collectible types, each with distinct value propositions and target audiences [13][14]. 2. Industry Chain - The TCG industry has established a complete industry chain driven by content, with upstream IP providers, midstream design and production companies, and downstream sales channels [35]. - Upstream, IP is the fundamental driver of user recognition and purchase conversion, with emotional resonance being a key factor in consumer decisions [38][39]. - Midstream, design differentiates products and targets specific consumer segments, enhancing brand value and user engagement [44]. - Downstream, the dual-channel strategy combines offline experiences with online sales, creating a comprehensive consumer engagement ecosystem [50][51]. 3. Market Development - The TCG market in China is projected to grow significantly, reaching a market size of 263 billion RMB by 2024, with a compound annual growth rate (CAGR) of 56.6% from 2019 to 2024 [20][21]. - The competitive landscape is concentrated, with the top five companies holding 82.4% of the market share, highlighting the dominance of key players like 卡游 (Kawoo) [26][27]. 4. Investment Recommendations - The report suggests focusing on companies with rich IP resources, strong design and manufacturing capabilities, and significant sales channel advantages [8].

Group 1 - The core viewpoint is that the collectible card game (CCG) sector within China's pan-entertainment industry is experiencing rapid growth, with a compound annual growth rate (CAGR) exceeding 50% over the past five years, positioning it as a significant category alongside other products like "Baji" [1][2] - The CCG market in China is still in its early development stage, indicating substantial potential for future growth, especially when compared to more mature markets like Japan and the United States [2][4] - The CCG's low price point and high purchase frequency make it particularly appealing to younger consumers, enhancing its market attractiveness [4] Group 2 - The company has established a competitive edge through multiple advantages, including ownership of popular IPs such as Ultraman and My Little Pony, and a diverse product matrix that includes collectible cards, figurines, and stationery [3] - The company has a well-developed sales network and high coverage of offline distribution channels, facilitating product accessibility to consumers [3] - Continuous innovation in gameplay design and community engagement strategies are being implemented to enhance product flow and player activity [3] Group 3 - The company aims to maintain its advantages while exploring new growth drivers, focusing on collaborations with entertainment content producers to secure diverse IP licenses and expand product categories [4] - In addition to collectible TCGs, the company is targeting the competitive TCG segment to meet consumer entertainment and social needs, enhancing gameplay fun and competitiveness [4] - The company plans to leverage its domestic experience and established international brand presence to gradually expand its brand overseas, creating a secondary growth curve [4]

Core Insights - The global潮玩 (trendy toys) market is experiencing significant growth, driven by the Z generation's shift towards personalized consumption and the rise of social media as a marketing tool [2][5][20] - Chinese brands are leveraging their robust supply chain, original design capabilities, and cultural adaptability to become key players in the global潮玩 market [3][4][5] Market Overview - The潮玩 market is evolving from a niche segment to a mainstream cultural consumption phenomenon, with a projected market size of $41.8 billion by 2024, up from $8.7 billion in 2015 [20][21] - The blind box segment is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031, with online sales increasing from 7% in 2015 to 32.2% in 2022 in China [2][20] Consumer Insights - The unique appeal of潮玩 lies in its emotional, social, and collectible value, allowing consumers to express individuality and build social connections [1][14][15] - The healing economy is driving adult emotional consumption, with the global healing economy market expected to grow from $5.61 billion in 2022 to $8.47 billion by 2027 [18][19] Competitive Landscape - Leading brands like泡泡玛特 (Pop Mart) have successfully entered international markets, focusing on brand and cultural integration through social media and local partnerships [4][5] - The card game segment, particularly through collaborations with popular IPs, has shown strong profitability, with a gross margin of 71.3% in 2024 [4] Strategic Recommendations - Brands should focus on localized and refined operations, understanding regional consumer preferences and leveraging social media for marketing [5] - The integration of online and offline channels is crucial for enhancing brand loyalty and expanding market reach, especially in categories like plush toys where offline sales are significant [5]

Core Insights - The Chinese pan-entertainment industry is rapidly expanding, with collectible card games (CCGs) experiencing a compound annual growth rate (CAGR) of over 50% in the past five years, establishing themselves as a significant category within the market [1][2] - Card games dominate the collectible card market in China, facing competition from brands like Jiekas, Shanhun, and Hitcard, while the competitive card game segment remains in its early stages [2][3] - The potential for growth in per capita spending on collectible cards in China is substantial compared to more mature markets like Japan and the United States [2] Industry Overview - The collectible card game sector is characterized by high growth and significant potential within the broader pan-entertainment category [2] - The market is still in its early development phase, with a focus on collectible trading card games (TCGs) primarily driven by foreign brands like Pokémon and Yu-Gi-Oh [2] - As the industry matures, there will be closer ties between card games and intellectual property (IP) producers, with TCGs likely to expand through mobile gaming [2] Company Profile: KAYOU - KAYOU, established in 2011, began its card business in 2018 and has a concentrated ownership structure, with founders holding 83.5% of shares prior to listing [3] - The company is projected to grow its revenue from 4.131 billion yuan to 10.057 billion yuan from 2022 to 2024, representing a CAGR of 56.03%, while adjusted net profit is expected to rise from 1.620 billion yuan to 4.466 billion yuan, with a CAGR of 66.05% [3] Competitive Advantages - KAYOU benefits from multiple strengths, including a diverse portfolio of popular IPs such as Ultraman and My Little Pony, and a strong offline distribution network [4] - The company focuses on innovative gameplay design and community engagement to enhance product flow and player activity [4] - KAYOU is expanding its production capacity to respond flexibly to market changes [4] Growth Drivers - The pan-entertainment industry is thriving, and collectible card games are still in the early stages of development, presenting significant growth opportunities [5] - KAYOU aims to maintain its advantage by collaborating closely with content producers to secure diverse IP licenses and expand product categories [5] - The company is also targeting the competitive TCG segment to meet consumer entertainment and social needs, fostering an active player community [5] - KAYOU plans to leverage its domestic experience and international brand recognition to gradually expand its brand presence overseas [5] Investment Recommendation - Attention is recommended for KAYOU, as the company continues to expand its IP matrix and diversify its product offerings, with scale effects and self-built production lines expected to enhance profitability [6]

Investment Rating - The report maintains a strong buy rating for the card industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The card industry is characterized by high growth and significant potential within the broader entertainment sector, with collectible card games (CCGs) experiencing a compound annual growth rate (CAGR) exceeding 50% over the past five years [5]. - The leading company in the collectible card market, Card Game Co., has shown impressive revenue growth, with projected revenues increasing from 4.131 billion yuan in 2022 to 10.057 billion yuan in 2024, reflecting a CAGR of 56.03% [5][6]. - The report highlights the competitive landscape, noting that while Card Game Co. dominates the market, there is increasing competition from brands like Collect Card Society and Flash Soul [5][6]. Industry Analysis - The collectible card market in China is still in its early stages compared to more mature markets like Japan and the United States, suggesting substantial room for growth in per capita spending [39]. - The overall market for collectible cards in China is projected to grow from 2.8 billion yuan in 2019 to 26.3 billion yuan by 2024, with a CAGR of 56.6% [20]. - The report emphasizes the importance of intellectual property (IP) partnerships, as Card Game Co. has secured licenses for popular franchises such as Ultraman and My Little Pony, enhancing its product offerings [43]. Company Overview - Card Game Co. has established itself as a leader in the collectible card market, with a strong focus on expanding its IP and product matrix, currently holding 69 licensed IPs and one proprietary IP [43]. - The company has a concentrated ownership structure, with the founders holding 83.5% of the shares, which allows for strategic decision-making aligned with long-term growth objectives [45]. - Financially, Card Game Co. has demonstrated robust performance, with revenues increasing significantly and adjusted net profits projected to rise from 1.62 billion yuan in 2022 to 4.466 billion yuan in 2024, reflecting a CAGR of 66.05% [51]. Competitive Advantages - The report identifies several competitive advantages for Card Game Co., including a diverse IP portfolio, strong distribution channels, and innovative gameplay design that enhances consumer engagement [6][7]. - The company is well-positioned to capitalize on the growing demand for collectible cards, particularly among younger consumers who favor low-priced, high-frequency purchases [7]. - Card Game Co. is also exploring international markets, aiming to leverage its established brand and product offerings to create a second growth curve [7]. Growth Outlook - The report suggests that the collectible card industry is poised for continued expansion, driven by collaborations with content creators and a focus on enhancing the entertainment and social aspects of competitive trading card games (TCGs) [7]. - The potential for growth in the collectible card segment is further supported by the increasing popularity of mobile gaming, which may help broaden the audience for card games [5][6].

Core Insights - The潮玩 industry is witnessing a collective move towards IPOs, driven by internal and external pressures, marking a significant shift in the industry landscape [4][10][12] - The潮玩 market is expected to grow significantly, with a projected total value of 110.1 billion yuan by 2026, reflecting an annual growth rate of over 20% [2] Group 1: Reasons for the IPO Rush - The潮玩 industry is facing a transformation due to changes in market dynamics, regulatory environments, and the need for companies to adapt to a more rational consumer base [4][5] - The era of relying solely on a few popular IPs and blind box strategies is over, as market saturation has led to diminished consumer excitement [5][6] - Companies are now competing on three fronts: IP reserves, channel penetration, and user engagement, which are essential for sustainable growth [6][7] Group 2: Capital Market Dynamics - The investment landscape for潮玩 has evolved, with 2018 marking a peak in VC/PE investment, and the current period being a critical exit window for investors [7][9] - The success of companies like泡泡玛特 has increased investor understanding and acceptance of潮玩, leading to favorable conditions for IPOs [8][9] Group 3: Different Business Models - TOP TOY represents a "channel-driven" model, leveraging a vast distribution network but lacking unique IP development, with over 52.8% of its revenue coming from external IPs [14][15] - 卡游 and Hitcard exemplify an "ecosystem-driven" approach, focusing on collectible card games that foster a strong user community, but face risks related to dependency on a young audience [15][16] - 泡泡玛特 follows an "IP-driven" model, achieving 99.1% of its revenue from proprietary products, but must continuously innovate to maintain consumer interest in its IPs [16][18] Group 4: Industry Challenges and Future Directions - Domestic潮玩 companies lag behind international giants like三丽鸥 and迪士尼 in building a comprehensive IP ecosystem, often relying on short-term strategies [20][21] - Key shortcomings include a lack of long-term IP management, shallow user connections, and ineffective international expansion strategies [22][23][24] - To succeed,潮玩 companies must transition from product suppliers to emotional service providers, focusing on IP co-creation, cross-media storytelling, and compliance-driven innovation [25][26]