IP文创行业专题报告：“谷子经济”正盛，千亿市场崛起

Industry Investment Rating - The industry is rated as Positive (Maintained) [2] Core Views - The Chinese ACG (Anime, Comics, and Games) industry has experienced rapid growth, with the market size increasing from RMB 18.9 billion in 2016 to RMB 221.9 billion in 2023, representing a compound annual growth rate (CAGR) of 42% [1] - The derivative products market, particularly "Goods" (merchandise), has grown even faster, with a CAGR of 53% from RMB 5.3 billion in 2016 to RMB 102.3 billion in 2023 [1] - The industry is expected to continue growing, with the market size projected to reach RMB 590 billion by 2029, at a CAGR of 18% [1] - The "Goods" economy is revitalizing traditional shopping malls, with notable examples like Shanghai Bailian ZX Creative Field, which saw an 84% increase in sales and a 40% rise in foot traffic in the first three quarters of 2023 [1] - The industry is highly fragmented, with significant opportunities for companies that can differentiate their products and leverage strong IP (Intellectual Property) resources [1] Key Points by Section 1. Rise of ACG and Popularity of Goods - The Chinese ACG user base has surpassed 500 million, with Gen Z being the primary demographic, accounting for 95% of the user base [14] - The "Goods" market, including items like badges, figurines, and acrylic products, has seen a steady rise in popularity, with search interest on Baidu increasing consistently since 2011 [15][16] - The market is segmented into various categories based on IP origin, price, and product type, with badges ("baji") being particularly popular [19][20] 2. Goods Economy Injecting New Vitality into Consumption - The Goods economy is transforming traditional shopping malls, with examples like Shanghai Bailian ZX Creative Field and Chengdu Tianfu International Animation City attracting significant foot traffic and sales [24][25] - The "baji" (badges) category is emerging as a high-potential product, with some limited-edition items selling for as much as RMB 72,000 on secondary markets [27][28] - The toy and collectibles sector, led by companies like Pop Mart and KAYOU, has shown strong profitability, driven by popular IPs such as LABUBU and My Little Pony [30][32] 3. Low Industry Concentration and Opportunities for Differentiation - The ACG industry is divided into three segments: content production, content distribution, and derivative products, with the latter being highly fragmented and competitive [36] - Upstream content production is dominated by a few key players like miHoYo, Tencent, and NetEase, while midstream distribution includes platforms like Bilibili and ACFUN [38][40] - Downstream retailers, particularly Goods stores, are rapidly expanding, with some chains like HeyZakka planning to open over 100 stores by the end of 2024 [42][46] 4. Key Company: Guangbo Co., Ltd. - Guangbo Co., Ltd. is emerging as a key player in the Goods economy, with a strong portfolio of popular IPs including Hello Kitty, My Melody, and Detective Conan [50] - The company is accelerating its IP reserves in gaming and anime, positioning itself as a rising star in the industry [50]