今年五一，全国六个城市的二次元线下快闪活动多达158场，其中上海聚集了60多场。 二次元商业已成为线下零售的重要组成部分，在全国各个城市，都有专属于年轻人的二次元商业圣地。 年轻人买的不是商品，而是进入另一个世界的门票。 作者丨高越 赶场排队"吃谷" 今年五一，来自全国各地的"谷子"爱好者聚集到了二次元浓度最高的地方——上海南京东路。 百联ZX创趣场的万代魂店外已经绕着圈排起千米长队。钟旭志（化名）穿着印有高达图案的黑色定制T恤，排了5个多小时，只为买到心仪的特别发售高 达商品。但好不容易入场后，他才发现手办早已售罄。 身旁的同好告诉他，黄牛们从前一天就开始夜排了，代购费用一路从30元涨到了近200元。 图源：小红书 上海的南京东路，聚集了泡泡玛特、卡游旗舰店及数量众多的动漫周边店、谷子店与主题店，被称为中国的秋叶原（编者注：融合动漫、游戏、偶像文化 等多种亚文化的日本综合性商业地标）。五一期间，这里有数不清的二次元线下活动与新周边发售，光百联ZX创趣场就有近30场。 "感觉有1亿二次元爱好者在南京东路"，钟旭志觉得，这句话毫不夸张。 在上海、北京、广州、成都、杭州、武汉等六座城市，二次元IP快闪活动多达15 ...

抠抠搜搜的年轻人，为谷子一掷千金 Fast Reading 作者丨高越 赶场排队"吃谷" 今年五一，来自全国各地的"谷子"爱好者聚集到了二次元浓度最高的地方——上海南京东路。 百联 创趣场的万代魂店外已经绕着圈排起千米长队 钟旭志 化名 穿着印有高达图案的黑色定 ■ 今年五一，全国六个城市的二次元线下快闪活动多达158场，其中上海聚集了60多场。 ■ 二次元商业已成为线下零售的重要组成部分，在全国各个城市，都有专属于年轻人的二次元 商业圣地。 ■ 年轻人买的不是商品，而是进入另一个世界的门票。 百联ZX创趣场的万代魂店外已经绕着圈排起千米长队。钟旭志（化名）穿着印有高达图案的黑色定 制T恤，排了5个多小时，只为买到心仪的特别发售高达商品。但好不容易入场后，他才发现手办早 已售罄。 身旁的同好告诉他，黄牛们从前一天就开始夜排了，代购费用一路从30元涨到了近200元。 刚开业的卡游首家城市旗舰店内，则集结了一批"小马宝莉"爱好者。他们排队1小时，买下一堆卡 牌，抽出来发现全是普通卡后，还要重新挤入里三层外三层的包围圈，直到抽出一张"SSR"，才算此 行不亏。 上海的南京东路，聚集了泡泡玛特、卡游旗舰店及数量众多的 ...

Core Viewpoint - The company's 2024 performance aligns with expectations, showing a decline in revenue but a significant increase in net profit due to investment gains from the REITs [1] Financial Performance - Revenue for 2024 was 27.67 billion, a year-on-year decrease of 9.3% - Net profit attributable to shareholders was 1.57 billion, a year-on-year increase of 292.7%, primarily due to investment income from the Huashan Bailian Consumption REIT - Non-recurring net profit was 110 million, a year-on-year decrease of 42.9% - Quarterly revenue declines were recorded as follows: Q1 -6.9%, Q2 -7.3%, Q3 -10.8%, Q4 -13.0% - The company plans to distribute a cash dividend of 2.65 per 10 shares, totaling approximately 470 million, with a payout ratio of 30% [1] Business Trends - Business performance is differentiated, with the outlet segment showing stable results. In 2024, revenue by segment was as follows: department stores -31.9%, shopping centers +17.6%, outlets +0.03% - Traditional department stores are underperforming as consumer preferences shift towards more cost-effective and experiential formats - The company closed 2 shopping centers in 2024, ending the year with 12 department stores, 20 shopping centers, and 9 outlets - Hypermarkets and large stores saw revenue declines of -4.7% and -15.0%, respectively, with a net reduction of 65 and 11 stores - Convenience store revenue decreased by 10.3%, with a net reduction of 128 stores as the company optimizes its store structure [2] REITs and Profitability - The company achieved a gross margin of 25.9% in 2024, a decrease of 0.7 percentage points - The gross margins for department stores and shopping centers fell by 3.0 and 8.6 percentage points to 31.4% and 45.2%, respectively - Selling and administrative expense ratios increased by 0.2 and 0.4 percentage points to 16.7% and 7.8%, respectively, mainly due to operational leverage - Investment income from REITs increased by 2.2 billion, significantly boosting net profit margin by 4.4 percentage points to 5.7% - Non-recurring net margin decreased by 0.2 percentage points to 0.4%, indicating ongoing pressure on core business profitability [3] Strategic Initiatives - The company is deepening unique projects to create a differentiated competitive advantage, including the "Play Together" concept for the ZX brand, which has led to the establishment of two new consumer experience projects - The outlet business operates nine stores across eight cities, with a total area exceeding 900,000 square meters, generating over 16 billion in annual sales and attracting over 30 million visitors - The company successfully acquired land for the Chengdu Panda International Resort for 823 million, planning to develop the first "Panda-themed park-style" outlet with a total investment exceeding 3 billion, expected to open in 2027 [4] Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026 at 520 million and 570 million, respectively - The current price corresponds to 34 and 32 times P/E for 2025 and 2026 - The company maintains an outperform rating and a target price of 13.0, implying a 29% upside potential based on 44 and 41 times P/E for 2025 and 2026 [5]