How a few-cent paper card became the 'king of cash' in China's consumer market
千亿赛道，超七成毛利：卡牌凭什么成为新消费的吸金之王？
Chinese collectible card game (TCG) company Kayou (卡游) reported 2024 revenue of RMB 10.06 billion and net profit of RMB 4.47 billion, with gross margins exceeding 70%, according to a 36Kr analysis. The piece examines how blind-box mechanics, IP licensing, and speculative secondary markets have transformed low-cost printed cards into a RMB 26.3 billion industry. It also flags risks including over-reliance on external IPs like Ultraman and a user base concentrated in teenagers.
The view from inside
The 36Kr piece frames Kayou's success as a precision play on deep human desires—scarcity, belonging, and speculative gain—and probes whether it can evolve from arbitrage into a lasting industry.
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