Cards are cultural products centered around popular IP characters, sold using a blind box model. A single card typically costs less than 2 yuan, with rare cards appearing with a probability as low as 0.05%. Cards feature IP characters such as Ultraman and Ye Luoli, offering both aesthetic and competitive value. Some rare cards can fetch thousands of yuan on the secondary market, primarily targeting primary and secondary school students.
This industry originated in the late 19th century with tobacco promotional cards in the United States. In my country, the market began to take off with the 2009 test of the game *Three Kingdoms Kill*, and the Ultraman series of cards propelled rapid growth in 2018. In 2022, cards accounted for 17.6% of the IP toy market share, and by 2024, the market size had increased to 26.3 billion yuan, with Yuewen Group's card GMV exceeding 200 million yuan. The industry adopts a parallel strategy of developing competitive events and original IPs, with independent IPs such as *Card Games of Three Kingdoms* and *Heroes of the Water Margin* gradually emerging. In 2023, the State Administration for Market Regulation issued the *Guidelines for the Standardization of Blind Box Business Practices (Trial)*, regulating consumption by minors.
