二次元经济

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晨光股份(603899):IP赋能传统文具革新,衍生品拓展和出海持续推进
Changjiang Securities· 2025-07-29 09:13
Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Viewpoints - The company is leveraging popular anime IPs to innovate traditional stationery products, with ongoing expansion of derivative products and international markets [2][4]. - The company has launched various collaborative products with well-known IPs, enhancing product functionality and appeal [9]. - The internationalization strategy includes brand acquisitions and market expansion, aiming for a global presence [9]. Summary by Relevant Sections Recent Developments - The company has partnered with popular anime IPs to create events in 15 cities and 21 locations, with new products launched in 40 flagship stores, 2700 themed stores, and 20000 specialty stores [2][4]. Product Innovation - Since 2025, the company has enhanced its product offerings in traditional stationery through IP collaborations and functional improvements, introducing products like blind box pens and advanced stationery [9]. - Notable collaborations include products themed around "Nezha" and partnerships with Tencent Video for new anime IPs [9]. Derivative Products and Market Strategy - The company is focusing on derivative products through its independent brand "Qizhi Haowan," targeting the two-dimensional economy with various merchandise [9]. - The product range includes badges, acrylic keychains, and other stationery items, leveraging multiple sales channels to reach students [9]. Financial Projections - The company expects steady revenue growth, with projected net profits of 1.54 billion, 1.66 billion, and 1.79 billion yuan for 2025-2027, corresponding to PE ratios of 19, 17, and 16 times [9].
金饰价又跌破1000元!18至34岁消费者是购买主力
第一财经· 2025-07-25 06:25
Core Viewpoint - The article discusses the impact of high gold prices on gold consumption in China, highlighting a decline in jewelry consumption while demand for gold bars remains strong. It also emphasizes the shift in consumer demographics towards younger generations who are increasingly interested in gold jewelry as a cultural symbol and social currency [1][2][4]. Group 1: Gold Price and Consumption Trends - In the first half of 2025, China's gold consumption was 505.205 tons, a year-on-year decrease of 3.54%. Jewelry consumption specifically fell by 26.00% to 199.826 tons, while gold bars and coins saw a 23.69% increase to 264.242 tons [1]. - Domestic gold jewelry prices are around 1000 yuan per gram, with slight declines observed in recent days across various brands [1]. Group 2: Changing Consumer Demographics - The Z generation (ages 18 to 34) is emerging as a significant force in the gold consumption market, purchasing gold jewelry more frequently than older age groups [4]. - Young consumers are reshaping the gold market by focusing on product design, emotional storytelling, and unique cultural elements, leading to a preference for jewelry that reflects personal identity and social status [5]. Group 3: Market Strategies and Innovations - Companies like Chow Tai Fook are leveraging IP collaborations to attract younger consumers, with successful product lines such as the Chow Tai Fook x Black Myth series generating over 150 million yuan in retail sales since its launch [5][6]. - The rise of the "two-dimensional economy" and "grain economy" presents new opportunities for traditional industries, including jewelry, prompting companies to adapt their strategies to align with evolving consumer preferences [6].
半年盘点|上半年黄金首饰消费下降近三成,但一些热门IP产品却好卖了
Di Yi Cai Jing· 2025-07-25 04:32
Group 1 - The high gold prices are suppressing gold jewelry consumption, but lightweight, well-designed, and high-value-added jewelry products remain popular, benefiting merchants' profitability [1] - In the first half of 2025, China's gold consumption is projected to be 505.205 tons, a year-on-year decrease of 3.54%. Gold jewelry consumption is expected to be 199.826 tons, down 26.00%, while gold bars and coins are expected to increase by 23.69% to 264.242 tons [1] - The rise of social media has transformed gold jewelry into a cultural symbol and social currency, particularly among younger consumers who are driving the trend towards personalized and youthful consumption [1][4] Group 2 - Generation Z is emerging as a new main force in the gold consumption market, with consumers aged 18 to 34 purchasing gold jewelry more frequently than other age groups [4] - Young consumers are increasingly interested in unique designs and emotional expressions conveyed through jewelry, favoring products with cultural significance and brand stories [4] - Industry leaders like Chow Tai Fook are leveraging IP collaborations to attract younger consumers, with successful product lines such as the Chow Tai Fook x Black Myth series generating over 150 million RMB in retail value since its launch [4][7] Group 3 - The rise of the "two-dimensional economy" and "grain economy" presents new opportunities for traditional industries, including jewelry, prompting companies to adapt to new consumer trends [7] - Companies are focusing on identifying IP resources that align with their brand positioning to launch diverse IP jewelry products tailored to various consumer segments [7]
资本围猎二次元:单月狂开1000场漫展,Coser出场费百万
3 6 Ke· 2025-07-24 00:51
Core Insights - The rapid growth of the comic and animation exhibition (manga convention) market in China is driven by an increasing number of events and a growing fanbase, with major events like BW and CP31 seeing significant attendance and revenue [1][2][11] - The market is experiencing saturation, leading to intense competition among organizers, with many struggling to achieve profitability despite high ticket sales [6][9][10] - The involvement of internet platforms like Weibo and Xiaohongshu is reshaping the landscape, as they leverage their user bases to host events, creating a divide between major and smaller conventions [11][14] Group 1 - The BW manga convention in Shanghai attracted nearly 900,000 ticket buyers, with tickets selling out in seconds [1] - The Hangzhou CP31 convention generated approximately 24 million yuan in ticket sales and 1.44 million yuan from booth fees, showcasing the financial potential of large-scale events [2] - Over 1,000 manga-related events were held nationwide during the "May Day" holiday, indicating a significant increase in the number of conventions compared to previous years [1] Group 2 - The average revenue for large conventions can reach millions, with costs primarily associated with venue and staffing, making it accessible for new organizers [2][5] - The rise of "Only exhibitions," focused on specific IPs, is noted as the fastest-growing segment, allowing fans to organize events with minimal investment [3] - Many established conventions are now facing challenges due to oversaturation, with some cities hosting multiple events weekly, leading to fierce competition [5][10] Group 3 - The cost of inviting popular guests, such as well-known cosplayers, has surged, with fees reaching up to 1 million yuan for top-tier talent [6][8] - The market is characterized by a lack of a clear industry chain, with many conventions struggling to differentiate themselves in a crowded space [8][10] - The influx of capital and interest from non-industry players is driving the growth of the market, but also leading to a potential oversupply of events [2][11] Group 4 - The disparity in success between major conventions and smaller ones is becoming more pronounced, with larger events benefiting from economies of scale and brand recognition [14] - Many organizers are now investing heavily in marketing to attract attendees, shortening promotional cycles and increasing advertising budgets [10] - The future of the manga convention industry may see a significant reshaping, with a potential consolidation of smaller events and a focus on innovation to sustain long-term growth [14]
漫展热潮涌动广州,二次元经济激活新消费
2 1 Shi Ji Jing Ji Bao Dao· 2025-07-22 13:05
Core Insights - The 36th Firefly Animation and Game Carnival and the 4th KKWORLD Comic Paradise attracted significant attendance, with 1.5 million people attempting to purchase tickets online, showcasing the popularity of the event and the growing interest in the domestic animation industry [1][2] Industry Overview - The event took place from July 18 to July 21, despite adverse weather conditions, indicating strong consumer enthusiasm for anime culture [2] - The diverse lineup of guests, including creators, voice actors, and cross-industry stars, highlights the event's role in bridging various entertainment sectors and enhancing fan engagement [2][4] Economic Impact - The "goods economy" related to anime and gaming merchandise has become a significant part of new consumption trends, with fans purchasing various small, affordable items to express their connection to their favorite IPs [3] - The event stimulated related industries such as cosplay costume rentals and makeup services, contributing to the "manga exhibition economy" and providing substantial income opportunities for service providers [4] Regional Significance - Guangzhou has established itself as a hub for large-scale anime exhibitions, hosting multiple events annually, which enhances its cultural and economic landscape [6][7] - The Firefly Animation Carnival has grown in scale since its inception in 2011, with projections for future events indicating continued growth in attendance and brand participation [6][7] Industry Statistics - In 2023, Guangzhou's animation industry generated revenue of 25 billion yuan, accounting for one-fifth of the national animation market, while the gaming industry reached 105 billion yuan, representing one-third of the national gaming market [7]
重奢战火不熄、情绪消费蓬勃,线下商业格局正在被重塑
第一财经· 2025-07-22 07:06
Core Viewpoint - The article discusses the ongoing transformation in the high-end retail sector in China, highlighting the shift towards emotional and experiential consumption, as well as the expansion of luxury shopping spaces to meet diverse consumer demands [2][16]. Group 1: High-End Retail Expansion - Louis Vuitton's "Louis Number" launch at Xinyi Taikoo Hui has significantly boosted foot traffic and sales, with weekend visitor numbers increasing by 107% and 114% year-on-year, and sales up by 104% and 91% respectively [5][6]. - Taikoo Properties has been systematically restructuring its brand since 2022, transitioning from a trendy luxury focus to a more upscale positioning, with the introduction of major international brands [6][7]. - Shanghai Hang Lung Plaza is undergoing a major expansion, adding approximately 3,080 square meters of retail space, which will increase its leasable area by 13% and accommodate around 25 new brands, expected to be completed by mid-2026 [11][12]. Group 2: Market Trends and Consumer Behavior - The luxury market in China is showing resilience despite signs of growth fatigue, with brands increasing their investments and expanding their presence [14][16]. - The emotional connection and personalized shopping experiences are becoming central to consumer preferences, with a notable shift towards "emotional spending" [2][3]. - The luxury goods market is projected to grow at around 3% globally, with the Asia-Pacific region remaining a key growth area, despite a 17% decline in luxury sales in China in 2024 [17]. Group 3: New Consumption Trends - The rise of "new economy" forms of consumption, such as the "二次元" (anime) culture and pet economy, is gaining traction, with significant increases in related consumer activities [20][22]. - The "二次元" market saw a 940% increase in search volume for related shopping experiences in Shanghai, with sales from related IP pop-up events reaching 82 million yuan, a 37% increase year-on-year [21]. - The pet economy is projected to reach a market size of 300.2 billion yuan in 2024, with a 7.5% year-on-year growth, as pets increasingly become integral family members [22]. Group 4: Future Retail Landscape - Future retail will focus more on emotional connections, community engagement, and mixed-use spaces, transitioning from mere transaction venues to social hubs [3][25]. - The Z generation is expected to become the main consumer force, driving the need for understanding niche demands and creating emotional value in retail innovation [25].
重奢战火不熄、情绪消费蓬勃,线下商业格局正在被重塑
Di Yi Cai Jing· 2025-07-22 03:29
Core Insights - The high-end commercial battle is intensifying, with significant investments aimed at capturing market share, as seen in the expansion of luxury shopping centers and the introduction of innovative retail formats to meet diverse consumer demands [1][3][5] Group 1: Market Trends - The shift from material consumption to "emotional spending" is becoming a core driver of the Chinese consumer market, leading to the emergence of new consumption demands and markets [1][7] - The retail landscape is expected to focus more on emotional connections, community engagement, and mixed-use spaces, transitioning from mere transaction venues to platforms for social interaction [2][10] Group 2: Luxury Retail Developments - The opening of Louis Vuitton's "Louis" at Xinyi Taikoo Hui has significantly boosted foot traffic and sales, with weekend visitor numbers reaching 79,000 and 78,000, marking increases of 107% and 114% year-on-year, respectively [3][5] - Shanghai Hang Lung Plaza is undergoing a major expansion, adding approximately 3,080 square meters of retail space, which will increase its leasable area by 13% and accommodate around 25 new brands, expected to be completed by mid-2026 [5][6] Group 3: Consumer Behavior - Despite signs of fatigue in the luxury goods market, there is a strong interest from both developers and brands in expanding their presence in China, with many luxury and high-end lifestyle brands actively seeking to establish flagship stores [6][7] - The millennial generation is projected to contribute over 50% of luxury goods consumption by 2030, emphasizing the importance of immersive experiences and craftsmanship in driving purchasing decisions [7][9] Group 4: New Economic Trends - The rise of "二次元" (anime culture) and the pet economy is gaining traction, with significant events like the 2025 Bilibili World Digital Entertainment Expo attracting over 400,000 attendees, indicating a growing market for these themes [8][9] - The pet economy is projected to reach a market size of 300.2 billion yuan in 2024, with a 7.5% year-on-year growth, as more families consider pets as family members and invest in their well-being [9][10]
填上“二次元配套”缺口 将游戏大厂、新建商业体和文博场馆串珠成链 打造“元宇宙街区” 徐汇有底气
Jie Fang Ri Bao· 2025-07-15 01:53
Core Insights - Xu Hui District has officially announced the "Meta World Neo World" metaverse district, introducing several prominent second-dimensional IPs, positioning itself as a hub for the growing second-dimensional economy in Shanghai and nationwide [1][2] Group 1: Industry Development - Xu Hui is recognized as a leading source of second-dimensional enthusiasm in Shanghai, with significant industry presence and enterprise concentration, hosting major companies like Tencent, NetEase, and miHoYo [1] - The district has established a game industry service center and relies on commercial entities like Xinyao·Guanghuan Live and Yuejie Jinshang City to support second-dimensional consumption [1] Group 2: Consumer Experience - The newly developed Xinyao·Guanghuan Live has enhanced the area’s appeal, providing high-quality commercial spaces and diverse consumption scenarios for second-dimensional enthusiasts [3] - Various attractions, including the Pop Mart, art museums, and themed stores, create a rich consumer environment, catering to both avid fans and newcomers to the second-dimensional culture [3][4] Group 3: Cultural Significance - The China Audio-Video and Digital Publishing Association Game Museum serves as a cultural landmark, emphasizing the importance of avoiding over-commercialization and enhancing intergenerational resonance within the second-dimensional district [4] - The goal of creating a "second Akihabara" in Xu Hui is feasible, but it is crucial to focus on industry upgrades and community cultural engagement rather than merely replicating the superficial aspects of second-dimensional popularity [4]
BW2025火爆出圈:海外观众激增,游戏、IP联名成最大看点
Guo Ji Jin Rong Bao· 2025-07-14 12:14
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]
二次元经济破壁 上海变身“痛城”
Zhong Guo Jing Ying Bao· 2025-07-14 04:12
Core Insights - BilibiliWorld2025 (BW2025) is a major ACG cultural event in Shanghai, attracting a significant number of young attendees and showcasing the growing influence of the ACG culture in urban tourism and economy [3][4][10] Event Overview - BW2025 took place from July 11 to 13, 2025, at the Shanghai National Exhibition and Convention Center, with a 30% increase in venue size and ticket availability compared to 2024, expecting around 300,000 to 400,000 attendees [3][5] - The event has been held annually since 2017, featuring a variety of guests including voice actors and popular content creators [5] Economic Impact - The influx of attendees has significantly boosted Shanghai's tourism market, with a 35% increase in cultural tourism bookings and a 36% rise in train ticket searches during the event week [6] - Hotel bookings near the event venue saw a staggering 475% increase, with occupancy rates reaching nearly 95% just before the event [6] Cultural Influence - The event has transformed Shanghai into a "pain city," a term derived from Japanese ACG culture, indicating the integration of ACG elements into urban spaces and the local economy [4][5] - The local nightlife and dining sectors also benefited, with online dining transactions in the event area increasing by over 80% [7] Consumer Behavior - Young attendees are increasingly drawn to specific shopping routes known as "eating valley routes," focusing on ACG-related products rather than traditional tourist attractions [8] - The search volume for "二次元商场" (two-dimensional shopping malls) in Shanghai surged over tenfold, with a significant portion of searches coming from the 20-35 age group [9] Emerging Trends - The event has catalyzed a broader acceptance of ACG culture in Shanghai, leading to the emergence of themed cafes, gaming venues, and various ACG-related services [9][10] - The overall ACG consumer ecosystem is expanding, with notable increases in searches for ACG clothing and DIY workshops [9]