Core Insights - The 15th China International Animation Expo will be held from August 8 to 11, 2025, in Dongguan, focusing on the theme "Tide Dream Starts" and integrating professional exhibitions with industrial towns [1][3] Exhibition Overview - The total exhibition area will be 26,400 square meters, featuring five major exhibition halls including a global film and animation creation hall and an IP licensing exchange [3][5] - Over 600 enterprises from more than 40 countries and regions will participate, showcasing more than 2,000 IPs, the highest number in the event's history [3][4] Industry Impact - Dongguan is recognized as the largest production base for trendy toys in China, producing approximately 85% of the country's trendy toys and 25% of global animation derivatives [4][5] - The expo aims to enhance the integration of the animation and trendy toy industries, promoting deep collaboration between exhibition and production [4][5] Strategic Initiatives - The event will introduce a "three centers and one platform" model, including a brand operation center, IP rapid transformation center, and a new product launch center, facilitating a seamless connection between upstream IP and downstream channels [5][6] - Dongguan will release the "Dongguan Trendy Toy Industry Development Plan (2025-2030)" during the expo, aiming to attract domestic and international enterprises and transform Dongguan into a global source of animation and trendy toy IP [5][6] Cultural and Economic Integration - The expo will serve as a significant engine for cultural tourism consumption, featuring immersive and experiential activities to stimulate visitor engagement [5][6] - Various activities will be organized, including a national style Hanfu parade, script games, esports events, and product launches, with free admission for attendees [6]

Market Overview - The潮玩 industry in China is in a rapid growth phase, with low per capita spending on潮玩, indicating high growth potential[4] - Emerging markets like Southeast Asia and Latin America show significant growth potential due to demographic advantages and rapid e-commerce penetration[4] - Mature markets in North America and Europe are experiencing a shift in consumer demand from traditional content IP to emerging image IP due to market saturation and changing media consumption habits[4] IP Lifecycle and Characteristics - Content IP generally has a longer lifecycle compared to image IP, with a higher ceiling for derivative value due to a complete worldview[4] - Image IP tends to experience rapid bursts of popularity but relies heavily on ongoing management for sustained value[4] Company Analysis - Pop Mart's growth is not limited by existing IP like Labubu; its core advantage lies in its ability to cultivate new IP efficiently, emphasizing an industrialized approach to the IP ecosystem[4] - Big Media's IP business, backed by Alibaba, has strong operational capabilities and can attract quality IP rights holders and downstream customers[4] - Blucol's strategy focuses on strong IP and low-price products, with significant growth potential in lower-tier markets[4] - Card Game's core advantage is its channel strength, with a focus on managing inventory and capitalizing on market trends[4] Investment Recommendations - The潮玩 industry in China is recommended for investment due to its rapid growth and low PEG ratios compared to global peers, with a focus on companies like Pop Mart (9992.HK), Big Media (1060.HK), Blucol (0325.HK), and Card Game (not yet listed)[4] Risk Factors - Potential risks include underperformance in copyright renewals, intensified industry competition, and production capacity issues[4]

Investment Rating - The report indicates a positive outlook for the "Guzi Economy" sector, suggesting it will maintain high prosperity [3][5]. Core Insights - The "Guzi Economy" is expected to continue its high growth trajectory, with a projected market size of 1,689 billion yuan in 2024 and an anticipated increase to 3,089 billion yuan by 2029, reflecting a compound annual growth rate of approximately 13% [5]. - The report highlights that the consumer sector, excluding beauty and personal care, saw an overall increase in stock prices, with notable gains in home appliances, social services, food and beverage, textiles and apparel, and retail [5]. - The report notes a decline in retail sales growth in June, attributed to preemptive consumption ahead of major sales events, indicating a potential impact on future consumer spending [5]. Summary by Sections Market Weekly Review - The consumer sector experienced a rise in stock prices, with home appliances up by 1.86%, social services by 1.05%, and food and beverage by 0.68% [5]. - Key stocks that led the gains included Huangshi Group (+15.53%), Yitian Intelligent (+24.99%), and Lianfa Co. (+29.61%) [5]. Industry News and Key Company Announcements - The report mentions that the "Guzi Economy" is entering a high growth phase, with companies like Pop Mart forecasting a revenue increase of no less than 200% year-on-year for the first half of 2025 [5][17]. - The report also discusses the impact of government policies aimed at boosting consumption and domestic demand, which are expected to support the consumer sector in the second half of the year [5].

Group 1 - Pop Mart (HK 09992) expects a revenue increase of at least 200% and a profit increase of at least 350% in the first half of the year compared to the same period last year, with revenue reaching at least 13.7 billion yuan [1] - The "Guzi Economy" concept stocks have gained attention, with 38 companies in the A-share market, of which 22 have released ESG reports for 2024, resulting in a disclosure rate of 58% [2][4] - Only 2 companies within the "Guzi Economy" concept stocks have an ESG rating of A, indicating a low percentage of 5.26% for A-rated companies in this sector [2][4] Group 2 - The "Guzi Economy" concept stocks primarily focus on social dimensions rather than environmental issues, leading to a lack of attention to sustainability governance [2][5] - The top 10 companies by market value in the "Guzi Economy" have only 2 that disclosed their direct and indirect greenhouse gas emissions, with none reporting on scope three emissions [2][4] - The industry faces challenges with IP infringement, highlighting the need for a robust copyright protection system [6][7] Group 3 - Cultural export has become a distinctive topic, with companies integrating ESG into their global strategies to enhance compliance and brand reputation [8] - Companies like Youzu Network have successfully expanded their cultural reach globally, partnering with over 1,000 partners and reaching nearly 1 billion users [8] - Recommendations include establishing sustainable development standards for the "Guzi Economy" to better guide companies in their sustainable practices [9]

Group 1 - The central government is launching a two-month special action called "Clear and Bright · 2025 Summer Minor Network Environment Rectification" to enhance online protection for minors and create a better online environment [1] - The action aims to implement the "Regulations on the Protection of Minors in Cyberspace" by addressing issues that harm minors' physical and mental health, including violent, pornographic, and self-harm content [1] - The initiative will focus on new trends, particularly the "Guzi" phenomenon, which involves online bullying and sexual harassment targeting minors under the guise of popular games and content [1] Group 2 - The "Guzi economy" has gained popularity, leading to concerns about minors becoming addicted to card games that feature excessively violent and bloody content [2] - The "Turtle Soup" card game, a low-threshold guessing game, has surged in popularity among young children, with many merchants promoting it as "heavily horror," "suspense," and "thrilling" [2] - There is a lack of age restrictions for purchasing these card games or participating in related activities, prompting calls from parents and netizens for age-based regulations to mitigate the impact on minors [2]

Core Insights - The article discusses the emerging "pain culture" and its significant market potential, particularly among the millennial generation, with the "guzi economy" market size surpassing 100 billion yuan in 2023 [6][7]. - Bilibili World (BW), a major ACGN event, showcases the growing consumer power of the anime and gaming community, with record attendance and participation from various brands [16][18]. Group 1: Event Insights - BW 2023 saw the highest participation ever, with 900,000 ticket reservations and 400,000 attendees, covering an area of 240,000 square meters, making it four times larger than Japan's AnimeJapan [17][18]. - The event attracted a diverse audience, including international attendees, and featured over 700 exhibitors, with 18 brands from non-ACGN sectors [34][35]. Group 2: Brand Engagement - Brands like Upgraded Snacks creatively integrated into the event, achieving high visibility and engagement, demonstrating the effectiveness of content-driven marketing [29][30]. - The automotive industry also participated actively, with major brands showcasing "pain cars" and collaborating with popular IPs, indicating a shift in marketing strategies to engage younger consumers [36][38]. Group 3: Market Trends - The article highlights the increasing consumer spending power within the "pain culture," with reports indicating that by 2024, the pan-anime demographic in China will exceed 500 million people, with average spending over 1,000 yuan per person [71]. - Companies like Chow Tai Fook have successfully tapped into this market, with their collaboration with popular IPs leading to significant sales growth, showcasing the potential for brands to connect with younger audiences [63][67].

Core Insights - The 2025 BiliBili World Digital Entertainment Anime Culture Expo (BW2025) took place from July 11 to July 13 at the National Exhibition and Convention Center in Shanghai, attracting 400,000 attendees, a 60% increase from the previous year [1][3] - The event featured 167 global exhibitors and showcased a variety of popular games and anime culture, drawing significant international participation from 20 countries and regions, with 13% of ticket buyers being passport holders [1][3] Group 1: Event Overview - BW2025 is the largest ACGN comprehensive exhibition in Asia, covering all 8 exhibition halls of the venue [1] - The event saw a notable increase in attendance, with 150,000 more visitors compared to 2024 [1] Group 2: International Participation - The expo attracted international fans, including attendees from countries such as Japan, South Korea, Russia, Brazil, Saudi Arabia, and Egypt [3] - Attendees expressed excitement about the event, highlighting the rarity of such large-scale anime activities in Europe [5] Group 3: Game Exhibitions - The gaming area occupied three halls, featuring popular titles like miHoYo's "Honkai: Star Rail" and Tencent's "Delta Action" [5][7] - The PlayStation experience area was particularly popular, with notable appearances from renowned game designers [7] Group 4: Cross-Industry Engagement - Non-ACGN exhibitors, such as the Macau Tourism Board and various food brands, participated in the event, engaging with the anime community through cross-industry collaborations [8] - Chow Tai Fook Jewelry Group highlighted the emerging opportunities in traditional industries due to the rise of the ACGN economy, showcasing their IP collaboration products [8][11] Group 5: Sales Performance - Chow Tai Fook's collaboration with the Palace Museum is projected to generate retail sales of approximately HKD 4 billion for the fiscal year 2025 [11] - The collaboration with the game "Black Myth: Wukong" has already surpassed RMB 150 million in retail sales within six months of launch [11]

Core Viewpoint - The A-share market has seen a significant increase in companies forecasting mid-term losses, with 139 companies predicting losses and 152 companies expecting a decline in net profits, indicating a growing trend of financial distress among listed firms [1][2]. Group 1: Company Performance - Among the 152 companies forecasting a decline in net profits, 10 companies expect a drop exceeding 1000%, with 9 of them shifting from profit to loss [2][4]. - China National Chemical Corporation (中化国际) anticipates a mid-term loss between 807 million to 949 million yuan, a staggering decline of 6649.8% to 7805.58% compared to the previous year [4][5]. - AOC Technology (冠捷科技), a leading global display manufacturer, projects a mid-term loss of 450 million to 490 million yuan, attributing the decline to intensified competition and rising costs [5]. Group 2: Notable Companies with Declining Profits - Hangzhou Steel (杭钢股份) forecasts a mid-term net loss of approximately 111 million yuan, representing a 204.63% decline year-on-year, despite a significant stock price increase earlier in the year [6][7]. - Yuanlong Yatu (元隆雅图) expects a mid-term net loss of 5 million to 10 million yuan, a decline of 119.39% to 138.78%, transitioning from profit to loss [8]. - Zhongke Jin Cai (中科金财) anticipates a mid-term net loss of 75 million to 105 million yuan, with a year-on-year decline of 51.43% to 112% [8]. Group 3: Market Reactions - Following the announcement of poor performance forecasts, Yuanlong Yatu experienced a significant drop in stock price, hitting the daily limit down [9].

Group 1: Macro Overview - The report highlights the potential for increased tariffs by the US, with effective tariff rates possibly returning to around 20%, raising global trade friction risks [2][8] - The anticipated GDP growth for China in Q2 is projected at 5.4%, with a focus on the upcoming economic data releases [2][8] - The report notes that the real estate and anti-involution topics are expected to be discussed in the upcoming high-level meetings in July, aligning with high-quality development frameworks [2][8] Group 2: Anta Sports (2020.HK) - Anta Sports is positioned as a leading multi-brand sports company with a global layout, focusing on professional sports and lifestyle markets, expecting a revenue of 70.826 billion RMB in 2024, a 13.58% increase year-on-year [23][24] - The company’s main brand is diversifying, optimizing channel quality through a "thousand stores, thousand faces" strategy, enhancing its market coverage with various store types [24][25] - The outdoor segment is expected to contribute significantly, with FILA projected to achieve revenue of 26.626 billion RMB in 2024, a 6.1% increase, while the professional sports segment is anticipated to grow by 53.7% to 10.68 billion RMB [25][26]

Core Insights - The "Guzi Economy" has emerged as a new growth point in the consumption sector, particularly among the youth, with a focus on developing quality anime products and creating hubs for the two-dimensional culture [1][12] - The Beijing government has introduced an action plan to regulate and promote the "Guzi Economy," encouraging the creation of quality content and supporting domestic brands in expanding their markets [1][12] Youth Engagement in the "Guzi Economy" - Young people are actively participating in the "Guzi" culture, with events and markets attracting fans who buy, sell, and trade merchandise related to their favorite anime and games [2][4] - The popularity of "Guzi" has led to a vibrant community where fans connect over shared interests, with many using these interactions as a means of socializing and expressing their identities [6][13] Commercial Impact on Retail Spaces - Traditional shopping malls in Beijing are adapting to the "Guzi Economy" by renovating and introducing "Guzi" stores and markets, resulting in increased foot traffic and sales [8][11] - For instance, the Wangfujing Joy Shopping Center has seen its revenue double compared to the same period before renovations, with the "Guzi" section alone generating nearly 100 million yuan [11][12] Market Growth and Future Projections - The "Guzi Economy" market size in China is projected to reach 168.9 billion yuan in 2024, reflecting a 41% year-on-year growth, with expectations to surpass 200 billion yuan by 2025 [13][15] - The emergence of dedicated two-dimensional commercial spaces, such as the "Bailian ZX Chuangqu" in Shanghai, indicates a growing trend in the market, with significant increases in sales and customer engagement [13][15] Challenges and Recommendations for Retailers - Experts warn that while the "Guzi" stores are popular, retailers may face profitability challenges due to market saturation and the need for differentiation [15][16] - It is suggested that businesses focus on unique content and themes to meet diverse consumer demands and maintain engagement in a rapidly changing market [15][16]