A small card holds enormous commercial potential. In China, minors are an important consumer group in the card blind box market. However, some merchants did not strictly comply with relevant regulations and sold card blind box products to minors, which caused resentment from parents. At the same time, the second-hand card blind box market and some live streaming channels are also "deeply submerged", with problems such as package switching and piracy, making it difficult for consumers to guard against. For these issues, the legal consequences of relevant regulations are not yet clear, and the standardized development of the card market still has a long way to go. In addition, compared with mature markets such as Europe, America, and Japan, China's card industry is still in its early stages of development. Domestic card companies mainly act as agents for foreign IP, and their own China-Chic IP is relatively weak. Therefore, domestic card companies urgently need to strengthen the research and promotion of their own IP in order to stand undefeated in the fierce market competition. A single card in the second-hand market can cost tens of thousands of yuan. Recently, the news that a single card is sold for 160000 yuan on a second-hand trading platform has attracted much attention. However, not long after, a Shanghai debunking platform investigation found that the "160000 yuan per card" had value but no market. It cannot be ruled out that some sellers are profiting from traffic or a new consumption trap, but single cards worth tens of thousands of yuan do exist. The first financial reporter learned that the recently highly anticipated cards produced by Card Game Co., Ltd. (hereinafter referred to as "Card Game") generally have stable prices in the first-hand market, divided into 2 yuan packs, 5 yuan packs, and 10 yuan packs. Consumers can purchase through offline stores, online QPP, e-commerce platforms, social media live streaming rooms, and other channels. Although the prices in the first-hand market are stable, the current prices of second-hand cards can be described as two extremes. The currently popular second-hand card trading platforms include Xianyu, Qiandao, Katao, Jichang Society, etc. The price of a single card is mostly a few yuan, tens of yuan, or hundreds of yuan, with occasional cards priced over ten thousand yuan. Of course, there are also cards priced at 0.5 yuan or even lower. The reporter saw on a second-hand trading platform that some "outdated" ordinary "Little Ma Baoli" cards were sold by weight for 9.9 yuan per weight, containing about 268 cards. Card industry analyst Yang Lie told reporters that the "Hui Yue Yi Tan Zi Yue SGR-007" card of "Xiao Ma Bao Li" may sell for 50000 yuan per card in the market due to its rarity and high rating difficulty, and there is indeed some trading volume. Of course, there are also some sellers on the platform who hang cards worth 9.99 million yuan, but most of these are to display the "anti auction price" of the cards, not the real market price. The reason why different cards have different prices in the second-hand market is because the probability and rarity of different types of cards are different, which is also the joy of card blind boxes. It is precisely because one does not know if they can draw rare cards that the process of drawing cards becomes exciting. The brand card blind boxes currently available on the market generally indicate the types and probabilities of different types of cards on the packaging. Some brands' cards also provide card appearance rate queries through online mini programs. In China, minors are the largest consumer group in the card market. Some businesses have not strictly followed the regulation that "when selling blind box products to minors aged 8 and above, they should confirm the consent of relevant guardians in accordance with the law", which has also caused controversy in the card market. 17-year-old high school student Xiao Wu attends a foreign language school this year. She used to be very obsessed with card blind boxes and spent 4000-5000 yuan on drawing cards for two consecutive months. She told the First Financial reporter that at first, she only watched the "Fifth Personality" game in the live broadcast room, but later found that the cards of the "Fifth Personality" IP were quite popular, and she could also enter the card drawing live broadcast room to watch the card dismantling. So, she fell into the trap of blind card boxes. However, Xiao Wu only purchases card blind boxes in the first-hand market. She just enjoys the excitement of drawing cards, not collecting them. My favorite IP is' Little Ma Baoli 'because the cards look good and have characters that I like. When I'm lucky enough to draw cards, I get very excited, and when I'm unlucky, I get excited too. But fortunately, I've basically quit now. "Part of the reason why Xiao Wu quit is because he was opposed by his parents. Although we have always been supportive of our daughter's hobbies, I think she has become addicted to smoking 'small paper cards'. Nowadays, there are too many ways for merchants to make money from minors, and many card prices are inflated. So I later controlled her pocket money, and she gradually quit, "said Xiao Wu's mother. In addition to the issue of preventing teenage addiction, the controversy surrounding blind card boxes is also due to the possibility of unscrupulous distributors appearing in some channels. Some merchants may repackage high-end cards, while others may send counterfeit cards to consumers. Previously, according to CCTV reports, some staff in live streaming rooms would remove high-value cards from consumers for repackaging. A criminal gang suspected of being in Changsha and Xiangtan can only focus their live cameras on the host. The host uses visual blind spots to show only a portion of the cards to the victims. If high-value cards are issued, the recipients will be their "child care". 14-year-old junior high school student Xiao Wang once encountered a similar merchant. In May of this year, she opened a rare Biqi card of "Little Maybelle" in a live streaming room, with a market price of about 200 yuan at that time. But when I received the goods, I found that the details were different from the genuine card, such as the anti-counterfeit label being concave downwards and the gold border color of the pattern being different from the genuine one, "she told reporters. Subsequently, she had the appraiser from the Qiandao platform conduct an appraisal and found that the card was indeed pirated. When she applied for a return from the merchant, she found that the anchor's account had already been banned. How to solve the problem of card chaos? Relevant departments have noticed that minors may become addicted to blind box products. However, in practical operation, not all merchants strictly comply with the regulations, and the "Guidelines for the Norms of Blind Box Business Conduct (Trial)" (referred to as the "Guidelines") issued by the State Administration for Market Regulation in June 2023 currently only stipulate "how to" and do not indicate legal consequences. The above "Guidelines" clearly stipulate that blind box operators shall not sell blind boxes to minors under the age of 8. To sell blind box products to minors aged 8 and above, it is necessary to confirm in accordance with the law that the consent of the relevant guardian has been obtained. Yang Lie believes that it is difficult to follow the "Guidelines". Currently, the main purchasing channels that minors over 8 years old can access are offline stores, and in the actual purchasing process, store operators do not deliberately distinguish whether various products are blind boxes. Therefore, there is a great need for blind box regulations or even blind box related laws to replace blind box guidelines. The reporter noticed that in offline channels, although some stores may place a "Minors are not allowed to purchase" sign next to their card products, in reality, merchants usually turn a blind eye. However, in online channels, although most card removal live broadcast rooms also have clear slogans warning "Minors are prohibited from placing orders", minors will hardly encounter obstacles when placing orders to purchase card blind boxes in these live broadcast rooms. As long as the option "I am of age and agree to dismantle on my behalf" is checked on the payment page, minors can also place an order. That is to say, as long as the minor knows the parent's mobile payment password, it means that the parent authorizes the minor's card purchase right by default. So, in addition to regulators, preventing minors from becoming addicted to blind card boxes is also a shared responsibility of businesses and parents. In addition, the "Guidelines" also involve requiring blind box operators to clarify the scope of information disclosure and prominently disclose key information such as the product value, extraction rules, and extraction probability of items inside the blind box, in order to ensure that consumers are aware of the true situation before making a purchase. For solving problems such as "switching packages" in card live streaming rooms, Yang Lie Lie told First Financial reporters that the main responsibility lies with the platform side. After discovering the problem, consumers can provide evidence and complaints to the live broadcast room, or even report to the police. Live streaming rooms should crack down on behaviors that violate consumer rights, such as deducting deposits and suspending broadcasts. For the issue of pirated cards, it is first necessary for regulatory authorities or industry associations to establish a card authorization traceability platform, where copyright holders and authorized enterprises actively file records, allowing players and enterprises to understand which cards are authorized and which cards are pirated. Secondly, the copyright owner should actively cooperate with the card company to protect their rights. As the authorized party, the card company can only declare itself as a genuine authorized party, and the copyright owner needs to go through legal procedures to protect their rights. Finally, sales platforms need to promptly handle complaints from infringing companies, strictly review authorization situations, and punish live streaming rooms that sell pirated cards. Meng Bo, a lawyer from Beijing Jingshi Law Firm, told First Financial reporters that blind box operators should follow the principles of openness, transparency, fairness, and good faith in their business activities, comply with laws and regulations, business ethics, and public order and good customs, fulfill their main and social responsibilities, advocate rational consumption, and safeguard the legitimate rights and interests of consumers. In addition, online trading platforms and second-hand trading platforms should fulfill their corporate responsibilities, establish and improve relevant systems, and cooperate with government departments to strengthen supervision of blind box business activities in accordance with the law. From this perspective, to make the card blind box industry more standardized, it requires the joint efforts of legislative departments, parents, platforms, and merchants. The top companies earn hundreds of millions of yuan annually, and the domestic market is still immature in China's card industry. The largest company in terms of volume is Card Game, which was established in 2019. The company submitted a prospectus in January this year seeking to be listed on the Hong Kong stock market, but the current listing application has expired. According to the prospectus submitted by Card Game on January 26th, in the first nine months of 2023, Card Game's revenue was about 1.952 billion yuan, a year-on-year decrease of about 47%; The net profit situation turned losses into profits, with a profit of approximately 260 million yuan in the first three quarters. The collectible cards are the main sales product of card games, accounting for 85.8% of sales in the first three quarters of 2023. In 2021, 2022, and the first nine months of 2023, the overall gross profit margin of card games was 58.1%, 68.8%, and 67.3%, respectively. According to non international financial reporting standards, the adjusted net profit of Card Game for the first three quarters of 2021, 2022, and 2023 was 795 million yuan, 1.619 billion yuan, and 578 million yuan, respectively. In the card industry, consumers essentially purchase IP, and IP management is one of the main business operations of card games. As of September 30, 2023, Card Game has constructed a diversified IP matrix consisting of 44 IPs. Although China's collectible cards are in a stage of rapid development, their maturity is relatively low compared to countries such as Europe, America, and Japan. At present, a large number of international IP cards are flowing into China, while domestic companies have basically no card exports, which is related to the IP authorization use area of the cards and also to the primary development stage of the industry. And foreign card blind boxes are very mature, with well-known IPs including sports cards such as star cards, as well as TCG battle cards such as Pok é mon, Wanzhi, and Game King. According to the market research report of China's integrated card industry (2023-2029), the early development of integrated card as a niche game in the domestic market was slow. In recent years, with the growth of China's anime users, and the development of intellectual property and IP derivatives, the integrated card industry has developed rapidly. However, overall, China's collectible card industry is still in its early stages, with pirated card products appearing in the market. Currently, the high market rate of collectible card products in China is still dominated by foreign IPs. Lying down and looking at Yang