Core Insights - The commercial anime and manga exhibition market in non-first-tier cities is facing challenges such as rising costs, increased competition, and a singular profit model, leading to unstable revenue streams [2][29] - Ticket sales are the primary revenue source for most exhibitions, accounting for up to 90% of total income in many non-first-tier cities, making ticket sales critical for survival [4][29] - The rising costs of inviting guests, which have increased significantly post-pandemic, are straining the profitability of exhibitions, with guest fees rising four to five times compared to pre-pandemic levels [16][19] Group 1: Market Dynamics - The number of exhibitions has doubled in some areas, but the audience growth has only increased by 1.2 times, leading to decreased average attendance per event [5][19] - The lowering of entry barriers has resulted in an oversupply of smaller exhibitions, which compete for the same audience, further diluting attendance [7][19] - Major exhibitions like Bilibili World and ComicUp can secure significant sponsorship and ticket sales, while smaller events struggle to attract similar levels of interest and revenue [4][19] Group 2: Cost Structure - The cost structure of a commercial exhibition typically allocates 40% to venue and guest fees each, with the remaining 20% covering miscellaneous expenses and team salaries [10][19] - Venue operators benefit significantly from the exhibition business, often having little negotiation power over rental costs, which can further squeeze the margins of exhibition organizers [20][29] - Ticketing platforms also profit from the exhibitions, taking a commission from ticket sales, which adds to the overall cost burden on organizers [23][29] Group 3: Audience and Consumer Behavior - The primary audience for exhibitions has shifted to younger demographics, particularly middle and high school students, who have limited disposable income and are sensitive to ticket prices [8][29] - The evolution of audience preferences has led to a decline in the novelty of exhibitions, as frequent events and similar content contribute to audience fatigue [5][29] - The reliance on guest interactions, such as signings, has become a new revenue stream, but the effectiveness of this model varies and can lead to uncertain financial outcomes [17][29] Group 4: Regulatory Environment - The pandemic has led to stricter regulations for large gatherings, impacting the ability of organizers to host events and increasing compliance costs [26][28] - Government support for the anime and manga industry has not translated into tangible benefits for smaller exhibition organizers, who often face challenges in accessing subsidies [25][29] - The balance between promoting local cultural events and ensuring safety and compliance has created a complex environment for exhibition organizers [26][29]

Group 1 - The core phenomenon of "breaking the wall" in the ACG culture indicates that the subculture of Cosplay has grown into a mainstream cultural trend with significant growth potential, evidenced by approximately 10 million Cosplay enthusiasts globally and a spending of $4.8 billion in 2023, averaging $480 per user annually [1] Group 2 - The Cosplay commercial ecosystem is driven by IP, with upstream content creation from ACG, midstream productization including costumes and accessories, and downstream consumer engagement primarily from the 18-30 age demographic, who are increasingly turning their hobby into a profession [2][3] Group 3 - The global market for Cosplay costumes is projected to grow from $4.75 billion in 2024 to $8.65 billion by 2029, with a production model that favors semi-customization due to the complexity of character designs [4][5] Group 4 - The market for beauty contact lenses and wigs, while smaller than costumes, shows a trend towards refined consumption, with significant user loyalty and a growing market share for domestic brands [6][7][8] Group 5 - Brands have opportunities to penetrate the Cosplay market through IP collaborations and by embedding themselves in cultural scenes, focusing on the expressive motivations of consumers rather than just product needs [10][11]

法官指出，近年来，随着"二次元"文化盛行，手办等动漫角色周边在市场上日渐走俏，但个别商家试图 模糊"二次元"和"软色情"的边界，制售大量黄色手办流入市场。淫秽物品犯罪，破坏社会风气，腐蚀人 的灵魂，还会诱发其他犯罪，必须依法严厉打击。 南都此前报道，上海市宝山区人民法院近期对一起手办涉黄案作出判决，以制作、贩卖淫秽物品牟利 罪，判处12名被告人有期徒刑四年九个月至一年不等的刑罚。根据公安机关的鉴定，涉案手办均存在露 骨刻画性器官、展示性行为的情形。 法院审结了范某犯贩卖淫秽物品牟利罪一案。 6月8日，南都记者从江西省永丰县人民法院获悉，近日，该院审结了范某犯贩卖淫秽物品牟利罪一案， 依法判处其有期徒刑三年六个月，并处罚金5万元。据披露，范某通过网店销售手办时，给买家发送可 脱手办及手办隐私部位的局部特写图片来进行宣传，为了规避平台的警示，其还引导买家添加QQ私 聊，继续销售可脱手办。 相关案情显示，2020年7月，范某通过开通网店销售动漫手办、摆件（含可脱手办和正常手办）。在经 营该店铺期间，范某通过给买家发送可脱手办及手办隐私部位的局部特写图片来进行产品宣传，网店平 台多次提示其发送的图片包含色情、低俗内容 ...

Core Insights - The article emphasizes the rapid growth of the "Guzi economy," a derivative of the ACG (Animation, Comic, and Game) culture, which is becoming a new engine for economic growth in China, particularly in cities like Zhengzhou [1][2]. Industry Overview - The Guzi economy, which refers to merchandise related to IP (Intellectual Property) from the ACG culture, has seen a significant market expansion, with the market size projected to grow from 120.1 billion yuan in 2023 to 168.9 billion yuan in 2024, and potentially reaching 308.9 billion yuan by 2029 [1]. - The market was historically dominated by Japanese IPs, but the rise of domestic IPs like "Genshin Impact" and "Mo Dao Zu Shi" has shifted the market dynamics, increasing the share of domestic products [6][8]. Market Dynamics - The resurgence of the Guzi economy is linked to the social needs of ACG enthusiasts, leading to the establishment of dedicated stores and commercial spaces that cater to this demographic [3][9]. - The introduction of new product categories and collaborations with well-known brands has diversified the Guzi offerings, making them more integrated into everyday life [10]. Consumer Behavior - The primary consumers of Guzi products are fans of content-driven IPs, who view these products as emotional and social symbols, enhancing their identity and community belonging [9]. - The trend indicates a growing willingness among consumers to purchase practical items that also serve as expressions of their fandom, such as headphones and passport holders [10].

Core Insights - The "Butterbear" IP has gained significant popularity in China, particularly in Shanghai, through various marketing strategies and events that resonate with the younger demographic [2][3][5] - The integration of IPs like "Butterbear" into shopping experiences has transformed consumer engagement, creating immersive environments that enhance brand loyalty and sales [3][4][6] Group 1: Popularity and Cultural Impact - "Butterbear" has become a cultural phenomenon, with its character being widely shared on social media, leading to a viral marketing effect [2] - The character's design and personality have been tailored to appeal to the emotional needs of consumers, fostering a strong connection with fans [2][5] - The rise of "Butterbear" reflects a broader trend in consumer culture where IPs are not just products but part of a lifestyle and community [5][6] Group 2: Commercial Strategies - The collaboration between commercial spaces and popular IPs has resulted in increased foot traffic and sales, with reports indicating a 36% increase in overall sales during the "Butterbear" event [4] - The event featured over 100 product types, with prices designed to be more accessible compared to other IPs like Disney, enhancing consumer participation [3][4] - The success of the "Butterbear" pop-up shop illustrates the effectiveness of experiential marketing in driving consumer engagement and sales [3][4] Group 3: Long-term Engagement and IP Evolution - The concept of "pain culture" has been leveraged to create a unique marketing strategy that emphasizes self-expression and community among fans [5][6] - The industry is moving towards long-term IP management strategies to avoid the pitfalls of short-lived consumer interest, focusing on sustainable engagement [5][6] - The evolution of IPs in China reflects a blending of virtual and physical experiences, indicating a shift in how brands interact with consumers [5][6]

Group 1: General Information - The research was conducted on Guangbo Group Co., Ltd. in the household light industry on May 20, 2025 [1][8] - Participating institutions included PICC Pension, CITIC Construction Investment Fund, Guojin Fund, Zheshang Asset Management, Shanxi Securities Asset Management, etc. [2] - The company's reception staff included the board secretary and deputy general manager Jiang Shuying, and the securities affairs representative Wang Xiuna [8] Group 2: Company's Operating Performance - In Q1 2025, the company achieved an operating revenue of 484 million yuan, a year-on-year increase of 10.12%, and a net profit attributable to shareholders of 29.9103 million yuan, a year-on-year increase of 31.24% [15] Group 3: Employee Stock Ownership Plan - In March and April 2025, the company's board meeting and general meeting approved the "2025 Employee Stock Ownership Plan (Draft)" [16] - The plan intends to transfer the company's repurchased stocks through non - trading transfer at a price of 5.60 yuan per share, with a maximum of 5.3418 million shares, accounting for 0.9998% of the total share capital, and the self - raised funds do not exceed 29.91408 million yuan [16] - On April 17, 2025, the company opened a special securities account for the employee stock ownership plan [17] Group 4: Impact of US Tariffs and Countermeasures - In 2024, the company's overseas revenue accounted for 28.07%, and domestic revenue accounted for 71.93% [18] - The company will promote creative product business, increase domestic supply, and build a dual - circulation development pattern [18] - The company has three overseas production bases in Vietnam, Cambodia, and Malaysia. The Vietnam and Cambodia bases achieved an operating revenue of 451 million yuan in 2024, accounting for 63.97% of the overseas revenue of the stationery business [18] - The company will participate in international exhibitions, seek new customers, increase R & D investment, and add product value [18] Group 5: IP Resources - The company currently has external authorized IPs such as "Hatsune Miku", "Detective Conan", etc., and self - developed IPs like "Xixijiang" and "MIMO" [19] - In the future, the company will continue to build a diversified IP matrix and develop cultural and creative trendy products and second - dimension peripherals [19] Group 6: Core Competitiveness of Stationery Business - Brand advantage: The company has "Guangbo" and other sub - brands [21] - Design and R & D advantage: It has a design team in Ningbo and design centers in first - tier cities [21] - Rich IP resources: It has formed an initial IP matrix through cooperation with many popular IPs [21] - Large - scale production and manufacturing advantage: It has a mature supply chain management system and rich production and sales experience [22] - Channel advantage: It has established offices or service points in major cities and has developed cultural and creative channels [23] Group 7: Creative Products - In 2024, the company's creative product revenue was 187 million yuan, a year - on - year increase of 15.95%, and the gross profit margin was 43.29%, a year - on - year increase of 8.92% [24] - In 2025, the company will expand the product line of IP derivatives to include daily trendy peripheral products such as water cups and plush toys [25] Group 8: Stock Issuance Plan - The company's annual general meeting approved the "authorization of the board of directors to handle the issuance of stocks to specific objects in a simplified procedure" [26] - The company will decide whether to start the issuance procedure according to its development strategy, market environment, and other factors, and this matter is uncertain [26]

Core Viewpoint - The Shanghai Baoshan District People's Court has ruled on a case involving the production and sale of pornographic figurines, sentencing 12 defendants, including the factory owner and clerks, for profit from the crime of producing and selling obscene materials, with prison terms ranging from four years and nine months to probation [1][6]. Group 1: Legal and Judicial Context - The court's determination of the figurine as obscene was based on police assessments and testimonies from two underage witnesses who felt embarrassed to display the figurine, indicating its pornographic nature [3][6]. - The case reflects a modern transformation of the "leniency and severity" criminal policy, with strict penalties for main offenders and more lenient treatment for accomplices, demonstrating a balanced approach to justice [6][8]. Group 2: Industry Background - The figurine in question is a female character in a kneeling position, wearing removable lingerie, with wings on her back, and simplified anatomical features, which has sparked controversy [1][3]. - The figurine industry, particularly in Dongguan, is significant, with over 4,000 toy manufacturing companies and nearly 1,500 supporting enterprises, making it a major hub for toy exports in China [4][6]. - The rise of "2D" culture has led to increased popularity of figurines, but some businesses have blurred the lines between "2D" and "soft pornography," resulting in a surge of pornographic figurines in the market [6][8].

Core Insights - The Haikou CCK National Comic and Game Culture Exhibition aims to create a comprehensive ecosystem for the anime and gaming industry, attracting nearly 50,000 attendees on its first day [1] - The exhibition features over 200 participating companies from the anime, gaming, and derivative product sectors, showcasing popular IPs and engaging in deep interactions with fans [2] - The event has established a systematic operation model combining exhibitions, competitions, and cultural creation, leveraging Haikou's geographical advantages and free trade port policies to boost local anime industry development [3] Group 1 - The exhibition is themed "Linking International Dual Circulation, Decoding New Dimension Language," focusing on a full industry chain ecosystem that includes anime, games, e-sports, and digital economy [1] - Key interactive spaces include the "Dimension Star Light" main stage, cosplay photography area, and cultural zones for JK/Lolita and Hanfu, facilitating various unique activities [1] - The event promotes the integration of traditional culture and modern trends through the "Coconut City Dimension Cultural Market," featuring over 50 companies showcasing Hainan's intangible cultural heritage products [2] Group 2 - Notable brands like Kuaikan Manhua and Tianwen Kadokawa participated, offering limited-time purchases of derivative products and original work displays [2] - The exhibition also featured well-known cosplayers and creators who engaged with fans through signing events and creative sharing sessions, enhancing the cultural exchange [2] - The event serves as an important opportunity to enhance the cultural vitality of the city and support the development of the local anime industry [3]

Core Insights - The rise of "eating谷" (referring to purchasing peripheral products related to anime and games) is becoming a new driving force in the cultural tourism industry, particularly among younger tourists [2][4] - The integration of二次元 culture with local tourism resources is enhancing visitor experiences and attracting a significant number of young tourists to various cities [2][4] Industry Trends - The "eating谷" trend is transforming二次元-related industries into new tourist destinations and themes, with cities like Nanchang, Shanghai, and Wuhan becoming popular spots for young visitors [2] - The demographic shift towards "post-90s" and "post-00s" generations is leading to a more youthful and personalized tourism market [2] Market Potential - According to iMedia Consulting, the market size of China's泛二次元 and peripheral market is expected to reach 597.7 billion RMB by 2024, with the谷子 economy projected to exceed 300 billion RMB by 2029 [4] - Companies are encouraged to organize events like anime carnivals to enhance city cultural competitiveness and attract more visitors [4] Collaborative Efforts - Companies like谷子科技集团 are working with local governments in Nanchang to create new cultural tourism experiences that combine technology with traditional economic elements [4] - The二次元 culture is increasingly influencing urban youth expression, leading to the emergence of niche subcultures and related industry chains [4]

Investment Rating - The report assigns a "Buy" rating for the company, Dalian City Holdings [5] Core Views - Dalian City Holdings is backed by COFCO Group and operates under a "development + operation" dual-driven model, focusing on core cities across the country. The overall property development and investment operation are stable, with a noticeable recovery in profitability expected to continue [5][6] - The company is projected to achieve a net profit of -3.035 billion, -831 million, and 872 million yuan for the years 2024-2026, with corresponding EPS of -0.71, -0.19, and 0.20 yuan, indicating a positive trend in earnings recovery [5] Summary by Sections 1. Development and Operation Dual-Driven Model - Dalian City Holdings has been operating for over 30 years, establishing a brand ecosystem through its dual-driven model of development and operation. The company is positioned as a "city operator and provider of quality living services" [24][29] - The strategic direction is clear, with a broad business layout across 38 cities, focusing on residential, commercial, and industrial real estate [29][31] 2. Steady Development of Investment Properties - The company has a strong performance in its investment property business, with revenue growth. In 2023, investment property revenue reached 5.393 billion yuan, a year-on-year increase of 24.3% [7][42] - The average occupancy rate of the company's shopping centers was 95% in 2023, with a significant increase in customer traffic and sales [44] 3. Stable Development of Core Business - In 2023, the company achieved a total contract signing of 46.1 billion yuan, ranking 29th in the sales performance of real estate companies in China, an improvement of 4 places from 2022 [6][77] - The company has adopted a cautious approach to land acquisition, focusing on core urban areas, with a total land acquisition area of 168,000 square meters in 2023, a decrease of 78.81% year-on-year [6] 4. Financial Stability and Cost Reduction - The company has optimized its debt structure, with total interest-bearing debt at 72.648 billion yuan and a debt-to-asset ratio of 76.73% as of the end of 2023. The average borrowing cost for new loans in the first half of 2024 was 3.13% [8] - The company successfully listed its commercial REIT, raising 3.323 billion yuan, contributing to investment income of 2.1 billion yuan [8] 5. Profitability Forecast and Investment Recommendations - The report forecasts that the company's revenue will maintain growth, with a projected net profit turning positive in 2026 [9][13]