传媒互联网行业：卡游，集换式卡牌龙头，持续拓宽增长边界

Group 1 - Investment Rating: Outperform the market, maintained [2] - Core Viewpoint: The report highlights the growth potential of the collectible card game industry, with the company positioned as a leader in the market [3][4] Group 2 - Company Overview: The company is a leading player in China's collectible card game sector, focusing on a diverse product portfolio that includes toys, figurines, and stationery [7][9] - Industry Overview: The IP toy market is thriving, with collectible card categories experiencing the fastest growth [21][22] - Financial Performance: The company's revenue growth is driven by top IP products, with significant increases in sales figures [8][10] Group 3 - Business Model: The company employs an integrated business model that leverages product experience, interactive operations, and production capabilities [13][55] - Product Portfolio: The core product is collectible cards, complemented by figurines, other toys, and stationery, showcasing a diverse product range [54][80] - IP Matrix: The company has established a diverse IP matrix, enhancing its overall IP operation capabilities [83]