东北证券：谷子经济受益精神消费崛起 供需两端发力打开远期成长空间

Core Viewpoint - The Chinese millet economy market is experiencing rapid growth due to multiple factors on both the demand and supply sides, with the market size projected to increase from 537 million yuan in 2017 to 1,689 million yuan by 2024, reflecting a CAGR of 17.79% [1] Demand Side - The user base, changing consumption concepts, social attributes, high consumer stickiness, and the development of lower-tier markets are expected to foster long-term growth in the millet economy [2] - The user base for the pan-anime market in China is substantial, with 503 million users expected by 2024, showing a strong willingness to purchase millet products [3] - Nearly 70% of millet product consumers are under 30 years old, indicating a shift in consumption concepts among young people, which could drive the millet economy [3] - The millet economy has social attributes, with only 26.4% of consumers choosing to enjoy millet products alone, suggesting social sharing can expand the audience [3] - The average single purchase amount for consumers in Q1 2025 is projected to be 102 yuan, with an increase in monthly purchase frequency to 2.9 times, indicating strong consumer stickiness [3] - Over 80% of millet consumers are in high-tier cities, while low-tier cities are expected to see a GDP CAGR of 6.1% from 2023 to 2028, the highest in the country [3] Supply Side - The production and sales of IP (Intellectual Property) have shown significant improvement, while there is still room for optimization in IP licensing and operations [4] - High-quality domestic IPs like "Love and Deep Space" and "Identity V" have topped the millet IP sales charts, with domestic transactions surpassing those of Japanese IPs, which may stimulate consumer purchasing [4] - The retail sales of Chinese licensing fees and licensed products are on the rise, indicating a gradually improving IP licensing system that supports the millet economy [4] - There is a disconnect between the development pace of millet derivatives and content release schedules, leading to stockouts or unsold products, suggesting a need to adopt successful models from Japan [4] - The construction of online, offline, and second-hand trading platforms is improving, enhancing consumer access to millet products [4] - Japanese companies like Bandai Namco are continuing to invest in China, adding vitality to the millet economy [4]