卡牌潮玩行业专家交流

Summary of Key Points from the Conference Call Industry Overview - The card game industry, particularly the collectible card segment, has experienced significant fluctuations since 2019, with a notable reliance on the Ultraman card series, which peaked at 85% market share in 2021 but has since declined sharply due to strategic missteps in 2023 [1][2][4]. Company Performance and Strategy - In 2023, the company faced a substantial decline in performance due to the mismanagement of the Ultraman card series, which was exacerbated by the decision to reissue rare cards, leading to a loss of consumer confidence and increased secondary market sell-offs [2][4]. - The company attempted to diversify its product offerings by introducing other IPs such as Naruto and Douluo Dalu, but these efforts did not yield the expected results [5][11]. - By the end of 2023, the company shifted its strategy to support distributors in establishing live streaming bases to promote the My Little Pony IP, which quickly gained market acceptance and contributed approximately 60% of revenue in Q1 and Q2 of 2024 [1][3][5]. Sales and Market Dynamics - Sales data for the summer of 2024 showed a decline, prompting the company to implement incentive policies during distributor meetings to maintain sales momentum [3][5]. - In 2025, a concentrated purchasing strategy by distributors for the My Little Pony product led to supply-demand imbalances and inflation, resulting in a 15% overall sales decline in Q4 [1][6]. - The company’s revenue composition for 2024 indicated that My Little Pony accounted for 8% of annual revenue, while Ultraman-related products contributed 10% [1][9]. Future Outlook and IP Potential - The company is optimistic about potential IPs for 2025, including Detective Conan, Crayon Shin-chan, and Sanrio series, which are expected to appeal to a diverse consumer base across age groups [2][15]. - The domestic card market is anticipated to transition towards Trading Card Games (TCG) in the next two to three years, with the company planning to leverage offline channels for dedicated card operations [11][12]. Competitive Landscape - The leading competitor in the industry is Jikasha, with a market size of approximately 500 million yuan, focusing primarily on online sales without significant offline expansion [30][31]. - Other notable competitors include Shanyanxia, which has a market share of around 300 million yuan, and various smaller companies that primarily operate online [30][34]. Challenges and Risks - The company faces challenges related to inventory management, with an average turnover period of 20 days for distributors, and a need to balance new product launches with existing inventory levels [6][8]. - The competitive landscape is intensifying, with the need for effective IP management and consumer engagement strategies to mitigate risks associated with market fluctuations and changing consumer preferences [22][30]. Conclusion - The card game industry is at a critical juncture, with the company adapting its strategies to navigate challenges and capitalize on emerging opportunities. The focus on diverse IPs and the potential shift towards TCGs could provide avenues for growth in the coming years [11][12][18].