After more than a year, the collectible card company Card Game has updated its prospectus again.
In 2024, Card Game achieved revenue of 10.057 billion yuan, a year-on-year increase of 2.8 times; the corresponding adjusted net profit was 4.466 billion yuan, a year-on-year increase of 3.8 times.
The gross profit margin of collectible cards is as high as 70%, bringing Card Game a net profit margin of over 40%.
In terms of profitability, Card Game has surpassed the hot Hong Kong stock POP MART. With 3 billion yuan less in revenue than POP MART, it generated 1 billion yuan more in profit.
In the previous prospectus, My Little Pony, which had not yet entered the main IP ranks, has begun to show its power.
According to industry insiders, My Little Pony has brought more female players to Card Game, expanding the audience age range from elementary school students to young office workers.
From Ultraman to My Little Pony, and then to the popular Nezha at the beginning of the year, Card Game has repeatedly hit the trend of popular IPs, but has not escaped its dependence on external IPs.
At the beginning of 2023, Card Game was involved in an infringement dispute over &#34;Classic Ultraman&#34; and ultimately lost the case.
The adjustment of the IP matrix caused fluctuations in performance that year, with revenue declining by 45.24% year-on-year to 2.262 billion yuan.
Currently, among the 70 IPs of Card Game, 10 have revenue exceeding 100 million yuan, but the contribution of the top five IPs to revenue still reaches 86.1%.
Among the main IPs, the authorization for Egg Party will expire in 2025, while Ultraman and My Little Pony will expire in 2029.
Like POP MART, Card Game is also committed to optimizing its product structure and reducing dependence on major products.
Currently, over 80% of Card Game's revenue comes from collectible cards, remaining stable compared to the same period last year.
Revenue from peripheral products such as badges, standees, and card collection albums reached 1.023 billion yuan, an increase of 6.2 percentage points to 10.2%.
Due to Card Game's main sales scene being around campuses, coupled with the appeal brought by popular IPs, Card Game stationery is quite popular among primary and secondary school students.
A person in the stationery industry responsible for IP project business told Xinfeng: &#34;A blind box eraser co-branded with Card Game's Egg Party sold more than all the erasers of a leading stationery company for a period of time.&#34;
In 2024, revenue from stationery products reached 513 million yuan, doubling compared to the same period last year.
However, compared to low-cost printed cards, the gross profit margins of peripheral and stationery products are relatively low, at 57.1% and 39.4%, respectively.
In the process of diversifying products and IPs, whether Card Game can maintain stable revenue and profit margins in the long term is worth paying attention to

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- Card game company Kayo updated its prospectus, reporting 2024 revenues of 10.057 billion yuan, a 2.8-fold increase, and an adjusted net profit of 4.466 billion yuan, up 3.8 times.  
- Despite a strong gross margin of 70% from trading card games, Kayo remains reliant on external IPs, with its top five IPs contributing 86.1% of revenue.  
- The company aims to diversify its product offerings and reduce dependency on major products, as it faces challenges in maintaining stable revenue and profit margins.

The ability of Card Game to make money is surpassing POP MART