Kayou Prepares for IPO: Betting on Film Card Merchandising and IP Matrix Expansion

Kayou resubmitted its IPO prospectus to the HKEX in April 2025. The company is developing film card products like 'Ne Zha 2' and expanding its IP matrix to 70 to reduce reliance on core IPs like Ultraman and My Little Pony, while attracting a broader adult user base. AI-generated

Why it matters：Analyzes Kayou's strategy in film card merchandising and its impact on the art toy industry.

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