国庆中秋双节假期临近尾声，2025广州动漫游戏盛典（AGF×CICF）也已圆满收官，从10月2日至5日， 汇聚全球千余个顶尖品牌、7000余款IP周边产品，举办超百场特色活动，共吸引超45万人次到场。 今年5月，广东重磅发布推动文化产业高质量发展六大"政策包"，涵盖影视、演艺市场、动漫影视、网 络游戏、电子竞技、网络视听等6大领域，共87条具体举措，真金白银地提供支持，为我省相关产业高 质量发展解锁全新增长密码。据南都娱乐观察，一方面，"政策包"得到了多位行业大咖的点赞与高度肯 定，另一方面，在政策扶持、区域联动和产业协同等多方助力下，以游戏和动漫为主要载体的二次元经 济更有望成为粤港澳大湾区的发展新引擎。 多个动漫游戏展在国庆假期举行 《关于推动广东动漫影视产业高质量发展的若干政策措施》明确，支持办好中国国际漫画节（广州）、 萤火虫漫展、深圳漫画节、深圳动漫节等各类动漫活动，并资助粤港澳大湾区动画电影周等影视活动。 漫展、游戏展不仅是相关企业、协会展示最新产品、服务的重要舞台，也能成为Z世代感受动漫游戏文 化的沉浸式平台，更可有效刺激假日经济、文旅资源活力，并释放消费潜能。据南都N视频记者观察， 近年来，游 ...

携程平台数据显示，北京是今年国庆中秋最热门的国内旅游目的地。文化艺术演出与"首发经济"共同点燃北京消费热情。 财联社记者从北京市文旅局获悉，10月1日至8日，北京已开票的营业性演出达364台2102场，从传统戏曲到现代先锋剧，从古典音乐到流 行演唱会，各类演出轮番上演。 10月1日，"盛世华章"北京交响乐团音乐会在北京艺术中心奏响《红旗颂》《祖国颂》《我爱你中国》等曲目。"祖国，我为你歌唱——国 家大剧院2025国庆音乐会""难忘的旋律：和平荣光·歌唱祖国名家名曲音乐会""维也纳圆舞曲之夜——2025国庆节交响音乐会"分别登陆国 家大剧院音乐厅、小剧场和北京音乐厅。 国庆中秋假期已火热开场， 财联社记者在北京、上海、成都、杭州、南京、青岛等城市的热门景区和商圈看到，各地旅游消费"燃"起来了。 其中，文化演出与多个"首发首展"活动成为北京国庆中秋的主要亮点；上海二次元经济与热门景区齐发力；成都G8513线高速通车，推动 九寨沟景区火爆；杭州西湖断桥变"人桥"；南京影视与赛事共驱文旅市场升温；青岛景区花式揽客。 国内整体旅游市场来看，携程研究院高级研究员沈佳旎认为，在超长假期因素推动下， 今年国庆中秋双节旅游热度 ...

国庆中秋假期首日，进入游客出游高峰。财联社记者走访看到，作为上海市的交通枢纽，虹桥火车站内人头攒动，位于南京东路步行街的"二次元"商 场——百联ZX创趣场也早早开启了人流密集模式。 上海市文旅局提供的数据显示，昨日上海市共接待游客358.47万人次，同比增长18.5%。 "二次元经济"火热 有着"二次元之城"称号的上海，在今年国庆中秋假期期间，吸引了众多"谷子"（二次元周边）买家。 10月1日上午，财联社记者在上海百联ZX创趣场看到，已经有不少"谷子"玩家涌入商店挑选"谷子"。一位来自江苏的游客告诉财联社记 者，国庆特地来近几日新开的Chiikawa旗舰店一探究竟。另一"二次元圣地"静安大悦城更是挤满了人。 10月1日上午的百联ZX创趣场 图片来源：财联社记者/摄 根据上海文旅局提供的信息，国庆假期期间，上海将举办多个活动，其中，"超动感·北外滩次元音乐嘉年华"活动内容涉及二次元杂货铺、 次元能量补给站等；第11届ICG动漫游戏博览会每日限票4500张。 值得关注的是，博物馆也"二次元"起来了。9月30日起，上海博物馆与巨星传奇（06683.HK）主办的"了不起的老祖宗——周同学的时空奇 遇记"主题艺术秀开幕 ...

今年以来，梁溪区深入贯彻落实国家及省、市关于促进消费扩容提质的决策部署，聚焦首发经济、大宗 消费、新型消费等重点领域，持续优化消费供给、丰富消费场景、激发消费活力，消费市场呈现稳中有 进、质效提升的良好态势。1—8月，全区实现社会消费品零售总额632.07亿元，同比增长4.9%，社零总 额持续保持全市首位。 优质供给满足消费新需求 聚焦当前消费群体个性化、体验式、品质化消费需求，梁溪区大力发展新兴消费业态、提升消费供给品 质。 持续深耕首发经济。今年以来全区落地省级以上首店25家，包括聚浪PARK、白松露餐厅等一批高能级 全国首店，"首发梁溪"品牌力破围出圈。 创新打造多元消费业态。聚焦二次元经济，布局明珠广场、地铁三阳站、锡上MONO多点联动的热点 区域，引入A3全国首店、泡泡玛特等20余家谷子品牌；聚焦宠物经济，在商业综合体、街区景区布 局"宠物友好"电梯、宠物休息和社交玩乐区域等配套硬件设施，运河汇商圈推出全国首家户外一站 式"宠物友好街区"；聚焦体验式消费落地VISIONWALK幻旅之门无锡首店、元象大空间体验馆等一批 有特色、有亮点的互动类项目。 品质消费供给升级。路易威登、爱马仕、迪奥、古驰等品牌 ...

目前，兼具规范性、创新性、实操性的《指引》，不仅明确"文化内容安全红线""未成年人保护底 线"等要求，还针对漫展业态快速迭代、形式多样的特点，对内容边界、监管尺度等进行了前瞻性探 索。同步配套的负面清单、承诺书等指导性附件，已在中国国际动漫节等场景中应用验证。 从对基层执法人员的操作指导，到管理部门的协同依据，这份《指引》将"管什么、怎么管"的困 惑，系统转化为"看得懂、用得上"的实践路径。杭州市文化广电旅游局相关负责人表示，这份《指引》 旨在具备"安全阀"与"助推器"的双重功能，不仅要助力漫展主办方、参展商防范和化解行政违法风险， 更要努力为漫展这一深受年轻人喜爱的文化产业高质量发展，提供有力的制度保障和清晰的指引方向， 让创意与秩序在健康的生态中共同成长。 一年接待观众超147万人次，带动消费近14.76亿元——面对一路"狂飙"的二次元客流，杭州该如何 在保障文化安全和激发产业活力之间寻找最佳平衡点？日前，杭州市文化广电旅游局发布全国首个《大 型漫展文化内容安全监管指引（试行）》（以下简称《指引》），它以22条细则构建全流程体系，为二 次元经济装上"安全导航"。 随着"Z世代"成为文化消费主力，二次元文化 ...

Core Insights - The overall sentiment in the anime and IP market is mixed, with some IPs like "Demon Slayer" driving significant revenue growth, while others like "Ultraman" and "Attack on Titan" are experiencing declines in income [1][25][36]. Group 1: Market Performance - The second quarter of 2025 saw a decline in revenue for several major IPs, with "Demon Slayer" contributing to a 50% increase in sales for Sony's animation and gaming sectors [1][36]. - Guangzhou's Anime Star City reported a 32% drop in revenue for Q2, despite maintaining a high occupancy rate of 99.8% [2]. - Wangfujing Joy Shopping Center, after strategic repositioning, saw a 48% increase in sales for the first half of 2025, although it still reported a loss of approximately 114 million yuan [4][6]. Group 2: IP-Specific Developments - Bandai's "Gundam" IP achieved a record sales figure of 103.2 billion yen in the first half of 2025, driven by the release of a new TV series and related merchandise [10][13]. - "Ultraman" faced a 1.47% decline in sales, with domestic sales plummeting by 66.96%, although overseas sales grew by 45.29% [25][27]. - Toho Animation reported a 6.79% increase in sales, primarily due to the strong performance of "One Piece" and "Dragon Ball" in overseas markets [36][42]. Group 3: Strategic Initiatives - Wangfujing Joy Shopping Center is transforming into a "New National Trend Shopping Center" to cater to the diverse needs of the Z generation [6]. - Sony is enhancing its IP development capabilities through strategic partnerships, including a significant investment in Kadokawa and collaboration with Bandai Namco [60][62]. - Sanrio's multi-character marketing strategy has proven successful, with a 47.4% increase in sales, particularly in the Chinese market, where sales surged by 91% [75][86].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved total revenue of 10.809 billion yuan and net profit attributable to shareholders of 557 million yuan in H1 2025, representing a year-on-year decline of 2% and 12% respectively. In Q2 2025, total revenue was 5.564 billion yuan, with net profit down 6% [2][4] - The company has repurchased 2.86 million shares, amounting to 150 million yuan, which reduced its registered capital [2][4] - The traditional core business (excluding M&G Technology) faced revenue pressure, with a year-on-year decline of 11% in Q2 2025. However, overseas markets showed a 16% increase in revenue [10] - The company is focusing on IP-enabled products and expanding its overseas presence, aiming for a gradual recovery in its traditional business [10] Financial Performance - In H1 2025, the company reported a total revenue of 10.809 billion yuan, with a net profit of 557 million yuan and a non-recurring net profit of 462 million yuan, reflecting declines of 2%, 12%, and 19% year-on-year respectively [2][4] - The gross profit margin for Q2 2025 was 18.3%, a decrease of 0.3 percentage points year-on-year, primarily due to an increase in the proportion of lower-margin direct sales [10] - The company expects net profits for 2025-2027 to reach 1.45 billion, 1.61 billion, and 1.77 billion yuan respectively, corresponding to PE ratios of 19, 17, and 16 times [10]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the consumer market and operational pressures [1][2]. Revenue Summary - For the first half of 2025, the company generated revenue of 19.11 billion yuan, a year-on-year decrease of 30.7%, with a net profit attributable to shareholders of 60 million yuan, down 94.5% year-on-year [1]. - In Q2 2025, revenue was 10.33 billion yuan, a slight decrease of 0.2% year-on-year, with a net profit of 10 million yuan, down 98.9% year-on-year [2]. - The jewelry and fashion segment faced significant pressure, with H1 revenue of 14.54 billion yuan, down 36% year-on-year, primarily due to a weak consumer environment and fluctuating gold prices [3]. - Other segments such as dining, health products, and cosmetics also reported declines in revenue, reflecting the overall challenging consumer sentiment [3]. Profitability Summary - The gross profit margin for H1 2025 was 15.1%, an increase of 1.8 percentage points, with improvements across all segments [4]. - The company managed to reduce its sales, management, and financial expense ratios to 6.5%, 5.8%, and 4.3%, respectively, indicating a focus on cost control [4]. - Despite the operational pressures, the company reported a cash flow from operations of 2.28 billion yuan, up 71% year-on-year, and maintained a healthy debt-to-asset ratio of 68.2% [4]. Market Outlook - The company remains optimistic about the recovery of offline consumption, supported by government policies and a gradual increase in foot traffic [5]. - The company is actively embracing new consumption trends through cultural initiatives and collaborations, such as events in the Yuyuan shopping district [5]. - Plans for international expansion are underway, with new store openings in Macau and Southeast Asia anticipated [5]. Investment Perspective - The company is focusing on cultural branding and high-potential products, with expected net profits of 700 million yuan and 1.47 billion yuan for 2025 and 2026, respectively [6]. - The current stock price reflects a PE ratio of 34x for 2025 and 16x for 2026, suggesting potential for value re-evaluation as operational improvements take effect [6].

Core Insights - The article highlights the integration of cultural, tourism, and commercial activities in Shanghai's Xuhui District, showcasing its transformation into a vibrant economic hub driven by events and new business models [3][4][7]. Group 1: Economic Impact of Events - The hosting of major events, such as the concerts by the Times Youth League, attracted over 300,000 attendees, significantly boosting local commerce with a total revenue exceeding 145 million yuan [4]. - The Xuhui District's sports events, including the UFC Fight Night, have contributed to a total consumption increase of 2.686 billion yuan, with direct economic impacts nearing 3 billion yuan [7][8]. Group 2: Development of New Business Models - The district is evolving from traditional retail to a model focused on content operation, as seen in the transformation of shopping centers into experiential venues for IPs like "Butter Bear" [11][12]. - The introduction of the "Meta World Neo" district aims to enhance the appeal of the area by integrating various popular IPs and creating immersive experiences for visitors [9][10]. Group 3: Seasonal Economic Strategies - Xuhui's "Four Seasons Economy" strategy includes seasonal events that stimulate different aspects of the economy, such as spring fashion weeks and summer international consumption seasons [14]. - The district is leveraging its cultural and commercial resources to create a year-round vibrant economic environment, with plans for various events throughout the year [14].

Group 1: Economic Development through Cultural and Sports Events - Xuhui District is actively promoting the integration of culture, tourism, commerce, and sports, transforming traditional commercial areas and exploring new business layouts to drive economic growth [1][2] - The hosting of major events like the concert by the Times Youth League attracted over 300,000 attendees, resulting in a significant increase in foot traffic and revenue for the Xujiahui commercial area, with total revenue exceeding 145 million yuan [2][3] - The 2025 UFC Fight Night in Shanghai also contributed to the local economy, with the event being part of a series of major international and domestic events held in the area [2][3] Group 2: Impact of Major Events on Local Economy - In August 2025, Xuhui District hosted over 200 events, with ticket sales linked to various commercial areas, generating a total consumption of 2.686 billion yuan and a direct economic impact of nearly 3 billion yuan [3] - The introduction of renowned cultural and sports IPs has significantly boosted the local economy, with events like the Shanghai Marathon and FISE World Series contributing to the growth of related industries such as dining, accommodation, and tourism [3] Group 3: Development of the ACG (Anime, Comic, Game) Economy - Xuhui District is a hub for the ACG culture in Shanghai, hosting major companies like Tencent and miHoYo, and establishing a game industry service center to support this sector [4][5] - The newly announced "Meta World Neo World" aims to enhance the ACG experience by integrating various cultural IPs and creating immersive environments for fans [5][6] Group 4: Transformation of Commercial Spaces - The Xujiahui commercial area is evolving from merely renting space to becoming content operators, exemplified by the "Butter Bear" exhibition that transformed a shopping mall into a themed showcase [7][8] - The district is undergoing a transformation from linear to circular commercial layouts, focusing on attracting younger consumers and innovative business models [8][9] Group 5: Seasonal Economic Activities - Xuhui District is implementing a "Four Seasons Economy" strategy, with seasonal events designed to stimulate economic activity throughout the year, including fashion weeks, art festivals, and technology expos [9] - The district aims to leverage its cultural and commercial resources to create a cohesive marketing strategy that enhances consumer experiences and drives economic growth [9]