IP衍生品行业研究之谷子经济：IP供给与精神消费共振，谷子经济崛起

Industry Investment Rating - The report maintains a "Recommend" rating for the media and commerce industry, highlighting the rise of "Gu Zi" (IP-derived goods) economy driven by IP supply and spiritual consumption [1] Core Viewpoints - The "Gu Zi" economy is characterized by low unit prices, high-frequency consumption, and a young consumer base, providing emotional value and social attributes [2] - The secondary derivative market exceeded 100 billion yuan in 2023, with "Gu Zi" as a representative of soft peripherals growing rapidly, accounting for 40% of the market [2][17] - Multiple factors drive the prosperity of the "Gu Zi" economy, including the rapid growth of the pan-secondary user base, the rise of emotional consumption, the emergence of domestic IPs, and the expansion of offline retail channels [2][23][26][31][38][52] Market Overview - The secondary derivative market grew from 5.3 billion yuan in 2016 to 102.4 billion yuan in 2023, with a compound annual growth rate of 52.66% [17] - The "Gu Zi" market is dominated by badges (40%), followed by card categories (30%-40%), with other categories accounting for about 20% [18] Industry Chain - The "Gu Zi" industry chain includes IP licensors, manufacturers, operators, agents, and distributors, with IP selection being crucial for sales [59] - Downstream channels are booming, with over 1,000 stores opened by 42 well-known secondary retail brands, and traditional commercial spaces being revitalized by the secondary ecosystem [52][92][97] Key Companies - Listed companies such as Shanghai Film, Perfect World, and Guangbo Co Ltd are actively involved in the "Gu Zi" economy, leveraging their IP portfolios and manufacturing capabilities [113][116] - Companies like Morning Light and Bubble Mart are expanding their presence in the "Gu Zi" market through retail channels and IP collaborations [104][105]