事实上，面对如此庞大的诱惑，不止小红书，整个互联网都想来分一杯羹。就目前来看，腾讯、优酷、爱奇艺等一众长视频网站冲在最前头。 2025 年，腾讯视频动漫大赏年度发布会上释出近 90 部二次元项目；阅文集团借着谷子经济的热度，上半年归母净利同比大增 68.5%，IP 衍生品 业务的 GMV 达到了 4.8 亿元；二次元话题在抖音、快手的播放量现已分别达 6589 亿次和 1755 亿次 …… 另外，B 站这个老二次元玩家还在坚守 阵地。 在互联网流量增长放缓的背景下，二次元文化似乎又为各位提供了一些新的破局思路。 花钱、花钱，还是为了 " 花钱 " 二次元赛道的增长逻辑与互联网的规模化需求存在根本冲突 小红书在内容赛道狂奔的这些年，的确积累了不少二次元用户。数据显示，过去一年，小红书内容发布量增速最快的类目就是二次元与游戏内 容，分别同比增长了 175% 与 168%，仅次于时尚与美食。 自谷子经济爆发后，整个二次元市场的消费力再次映入互联网眼帘。 《2025 微博泛二次元内容生态研究报告》显示，2024 年泛二次元用户规模达 5.03 亿人，接近网民规模的一半，泛二次元及周边市场规模达 5977 亿元，还有多 ...

从"卖商品"到"卖体验" 推出文化活动品牌、引入潮玩品牌店、打造体验式场景……随着哈市暑期旅游火爆，夏季的游客量大幅增加，越来越多的商家开始抢抓机遇，"爆改"传统 业态。 记者观察到，中央大街周边大型商场这一轮优化升级，从购物环境、品牌引进、消费业态、公共空间等多元发力，为市民、游客提供新鲜、多样、愉悦的 消费体验。 据不完全统计，中央商城、百盛购物中心、金安国际购物中心、道里松雷商厦，四家商场总计新开潮品店百余家，新开辟20多个体验专区，优化升级后商 场客流量平均增加两至三成。 新零售模式加码场景化消费 "快来啊，我给大家爆炒一盘大鹅，大蒜吃不吃？再放点红辣椒？"在中央商城一楼bobochii尔滨有礼柜台前，服务员用"刀"在"大鹅"身上剁了几下，放 进"锅"里，熟练地将"葱、姜、蒜"和"红辣椒"依次放入锅内，用"铲勺"快速地翻炒，还不时地掂几下"大勺"。围观的市民游客被这一波操作逗得哈哈大 笑。原来大鹅和各种调料以及锅具都是毛绒玩具——bobochii的文创产品。"炒熟的大鹅我买了""里面的调料锅具挺好玩，我要了。"一锅炒大鹅连同锅里 的东西不到十分钟全部售罄。"哈尔滨人真会玩，情绪价值瞬间拉满。"湖南游客 ...

8月21日，哔哩哔哩（NASDAQ：BILI、HKEX：9626，以下简称"B站"）公布2025年第二季度财报（截 至2025年6月30日）。2025年第二季度B站总营收73.4亿元，同比增长20%。 财报显示，B站2025年第二季度净利润为2.18亿元，经调整净利润为5.61亿元，2024年同期经调整净亏 损oye亏损2.71亿元。《中国经营报》记者注意到，继2024年第三季度实现上市后首次盈利，B站继续盈 利。 B站董事长兼首席执行官陈睿在财报电话会上表示，B站依靠优质内容，形成独特社区生态，支撑了商 业化发展，实现了盈利。在他看来，在任何时代，好内容仍是稀缺品。 不过业内人士认为，B站持续盈利的根本原因在于游戏、广告两大业务持续创造现金流。一旦盈利启 稳，B站营收是否能保证持续增长的重要性将凸显。 游戏、广告业务持续造血 其中，第二季度增值服务营业额为28.4亿元，同比增长11%，主要由直播及其他增值服务的收入增加所 致；广告营业额为24.5亿元，同比增长20%，主要由于效果类广告收入录得增长所致；游戏业务收入约 为16.1亿元，同比增长60%，主要由于公司独家授权游戏《三国：谋定天下》（以下简称"《三 ...

Core Insights - The emergence of offline comic conventions, previously dominated by Bilibili, is now being pursued by social platforms like Weibo and Xiaohongshu, indicating a shift in the competitive landscape of the industry [1][6][10] - Xiaohongshu aims to create a "2.5D experience" that resonates with its user base, while Weibo focuses on leveraging its social media influence to generate buzz and online discussions around these events [3][5][9] Group 1: Event Overview - Xiaohongshu's RED LAND event in Shanghai featured an immersive experience with interactive installations and a music festival, aiming to transform the convention into a lifestyle festival [1][3] - Weibo's first gaming and anime expo attracted 68,000 attendees, with a significant portion of the audience being under 30, showcasing the platform's ability to generate substantial online engagement [3][6] Group 2: Market Dynamics - The growth of the ACG (Anime, Comic, and Game) economy is driving platforms to engage in this space, with the number of pan-ACG users in China projected to grow from 210 million in 2017 to 526 million by 2025 [7][10] - The demand for comic conventions is increasing, with over 1,000 events planned nationwide in May alone, indicating a shift from niche to mainstream consumer interest [7][9] Group 3: Competitive Landscape - Bilibili's established event, Bilibili World, has become a significant industry event, attracting 400,000 attendees in 2025, while ChinaJoy also set a record with over 410,300 visitors [6][10] - The entry of Weibo and Xiaohongshu into the convention space is expected to diversify the market, moving it from a niche gathering to a broader platform competition [6][10] Group 4: Challenges Ahead - Both Weibo and Xiaohongshu face challenges in content and IP accumulation, relying heavily on external resources rather than developing their own original content [10][12] - Execution issues have been noted, such as long wait times and limited facilities at Xiaohongshu's event, which could affect the overall attendee experience [12][14] - For these platforms to establish a lasting presence in the convention space, they must focus on building content, commercial viability, and user recognition rather than just short-term engagement [14]

Core Insights - The competition between Xiaohongshu and Bilibili in the ACG (Anime, Comic, Game) sector is intensifying, with both platforms hosting large-scale events in Shanghai during the summer of 2025, highlighting their rivalry for young users' attention and spending power [2][20][26] Group 1: Event Comparisons - Bilibili World (BW) attracted over 400,000 participants and covered 250,000 square meters, making it the largest ACG event globally [2] - Xiaohongshu's RED LAND event, held on an 80,000 square meter outdoor site, drew approximately 100,000 attendees, emphasizing a different approach by focusing on immersive experiences rather than traditional exhibition formats [6][9] - BW featured a more extensive lineup with 167 exhibitors and over 30,000 cosplayers, while RED LAND emphasized a theme park-like experience with three main exhibition areas [4][10] Group 2: Market Dynamics - The ACG content release on both platforms saw significant growth, with a 175% increase in ACG content and a 168% increase in game content on Xiaohongshu, indicating a shift in user engagement [2][3] - Bilibili reported a net revenue of 7.003 billion yuan in Q1 2025, a 24% year-on-year increase, with mobile game revenue surging by 76% [2][17] Group 3: User Demographics and Engagement - Xiaohongshu's user base is predominantly young, with 50% aged 95 and 35% aged 00, and a significant female user demographic, aligning well with the ACG audience [11][12] - Bilibili has a daily active user count of 106.7 million and a monthly active user count of 368 million, while Xiaohongshu's monthly active users reached 350 million by the end of 2024 [13][15] Group 4: Strategic Implications - Xiaohongshu's entry into the ACG space represents a strategic shift from a lifestyle platform to an interest-based community, aiming to redefine its user value and business model [21][23] - The competition for advertising revenue from game developers is a critical driver for both platforms, with Xiaohongshu seeking to capture a larger share of this market [23][24] Group 5: Future Outlook - The ongoing rivalry between Xiaohongshu and Bilibili will significantly influence the future landscape of China's ACG industry, as both platforms strive to enhance their offerings and user engagement [25][26]

Core Insights - The gold jewelry industry is undergoing significant transformation in 2025, with rising gold prices leading to a shift in consumer preferences from traditional value preservation to emotional and cultural significance [3][4][5] - Major brands like Chow Tai Fook are focusing on product innovation and cultural integration to maintain market relevance and appeal to younger consumers [4][9][14] Industry Trends - The market is experiencing a "K-shaped" differentiation, where high-end custom and light luxury segments thrive, while smaller brands struggle under high gold prices [3][11][12] - The proportion of consumers under 35 years old in the gold and silver jewelry market has increased from 38% in 2020 to 55% in 2025, with over 60% of this demographic purchasing for themselves [5][7] Company Strategies - Chow Tai Fook reported a 9.8% increase in operating profit for the fiscal year 2025, reaching HKD 14.746 billion, despite the challenges posed by high gold prices [4][15] - The company has successfully launched innovative product lines, such as the "Chuanfu" and "Chow Tai Fook Palace" series, generating approximately HKD 4 billion each in sales [4][16] Consumer Behavior - Younger consumers are increasingly viewing gold jewelry as a form of social currency, with a focus on cultural significance and design innovation rather than mere investment [5][8][14] - The rise of digital channels, including live e-commerce and social media, has become crucial for brands to engage with younger audiences, with jewelry live sales accounting for 35% of the category in 2025 [7][8] Competitive Landscape - The industry is witnessing a polarization, where leading brands leverage their innovation and brand equity to capture market share, while smaller brands face significant operational challenges [9][11] - The new consumer formula for gold value incorporates design premium, cultural significance, and social relevance, shifting away from traditional weight and price metrics [8][9] Future Outlook - The future of gold brands hinges on their ability to become cultural symbols rather than mere commodity suppliers, with a focus on integrating culture, technology, and consumer experiences [14][17] - Companies are encouraged to enhance their brand positioning and operational efficiency to navigate the evolving market landscape and consumer expectations [13][17]

Core Insights - The article discusses the rising trend of "pain gold," which refers to gold products infused with elements from anime, manga, and gaming, appealing particularly to younger consumers [1][2][5][11] Group 1: Market Trends - "Pain gold" products are gaining popularity, with collaborations between gold brands and popular anime IPs leading to high demand and significant sales, particularly in Hong Kong [5][11] - The market for "pain gold" is part of a broader "谷子经济" (grain economy), which is projected to reach a market size of 1,689 billion yuan in 2024, with the broader anime-related market expected to reach 5,977 billion yuan [7] - Young consumers are increasingly prioritizing emotional value in their purchases, with "pain gold" serving as both a collectible and a form of investment [7][11] Group 2: Consumer Behavior - Consumers like Lin Jia are willing to spend significant amounts on customized "pain gold," viewing it as a rational investment compared to other collectibles that may depreciate in value [2][13] - The trend reflects a shift towards younger demographics in gold consumption, with individuals aged 18-34 contributing over one-third of gold retail sales in China [11][12] - The emotional connection to characters and the desire for unique, personalized items drive the demand for custom "pain gold" products [6][9] Group 3: Risks and Legal Concerns - The customization of "pain gold" raises potential legal issues, particularly regarding copyright infringement if products are created without proper authorization from IP holders [2][17][21] - Consumers face risks related to quality and after-sales service when purchasing customized items, as many products may not meet expectations or could be of inferior quality [16][21] - The article highlights the importance of respecting intellectual property rights, as unauthorized reproductions can lead to legal consequences for both consumers and producers [20][21]

Core Viewpoint - The article discusses the booming second-hand trading market within the ACG (Anime, Comic, Game) community, highlighting the impulsive buying behavior and the subsequent need for selling items at a loss, driven by the popularity of various IPs and merchandise [4][6][62]. Group 1: Market Dynamics - The second-hand market for ACG products has seen significant growth, with items experiencing drastic price fluctuations, such as a character figure dropping from 3000 yuan to hundreds within six months [4][6]. - The rise of IP economy has led to an increase in merchandise releases, with brands frequently launching new collaborations and products, creating a vibrant trading environment [6][7]. - The impulsive buying behavior is prevalent, with consumers often purchasing items at inflated prices during initial releases, only to later sell them at a loss on platforms like Xianyu [7][16]. Group 2: Consumer Behavior - Consumers in the ACG community exhibit a "buy high, sell low" mentality, often relying on second-hand sales to recoup costs from impulsive purchases [16][34]. - The phenomenon of "blind box" purchases has become common, where consumers buy mystery boxes with uncertain outcomes, leading to increased spending driven by the thrill of potential high-value items [35][40]. - Social media platforms like Xiaohongshu play a crucial role in influencing consumer behavior, where users showcase their collections and engage in community discussions before making purchases on trading platforms [57][58]. Group 3: Platform Analysis - Xianyu remains the dominant platform for second-hand ACG transactions, boasting a user base of 105 million and a 75% year-on-year increase in transaction volume [53]. - The emergence of niche platforms like Qindao and Jihuan She caters to specific segments within the ACG community, offering tailored services and community engagement [52][51]. - Xiaohongshu has unexpectedly benefited from the trading boom, becoming a preferred platform for users to showcase and discuss their collections before transitioning to sales on Xianyu [57][58]. Group 4: Challenges and Concerns - The influx of underage users in the second-hand market has raised concerns about impulsive buying and refund requests, complicating transactions for sellers [58][59]. - Issues such as counterfeit products and the need for better regulatory measures have emerged as significant challenges for the trading platforms [60][61]. - The sustainability of the second-hand market is questioned, as it heavily relies on the ongoing popularity of ACG IPs, with potential risks if new hits do not emerge [62].

Core Insights - The article discusses the booming second-hand trading market for anime and gaming merchandise, highlighting the volatility in prices and the impulsive buying behavior of consumers in the "二次元" (two-dimensional) culture [1][5][12] - It emphasizes the dual nature of consumers as both buyers and sellers, often leading to a cycle of impulsive purchases followed by attempts to recoup costs through resale [31][46] Group 1: Market Dynamics - The second-hand market for anime merchandise has seen significant fluctuations, with items like character badges experiencing price drops from thousands to hundreds of yuan [1][5] - The rise of IP (intellectual property) economy has led to an increase in merchandise availability, with consumers often engaging in impulsive buying, resulting in a vibrant second-hand trading environment [5][12] - Platforms like Xianyu (闲鱼) and Qidao (千岛) have become central to this trading ecosystem, with Xianyu reporting a user base of 105 million and a 75% year-on-year increase in transaction volume [50][49] Group 2: Consumer Behavior - Consumers often engage in "blind box" purchases, where they buy merchandise without knowing the specific items they will receive, leading to a gambling-like mentality [32][37] - The article notes that many sellers are also significant buyers, with profits from sales often reinvested into new merchandise, perpetuating a cycle of consumption [31][46] - The community aspect of platforms like Xiaohongshu (小红书) plays a crucial role in influencing purchasing decisions, with users often showcasing their collections and purchases [54][52] Group 3: Challenges and Risks - The second-hand market faces challenges such as counterfeit products, high uncertainty due to the involvement of minors, and complex unwritten rules within the community [14][56] - The article highlights the need for better regulation and service standards on trading platforms to address these issues and ensure sustainable market growth [56] - Concerns are raised about the long-term viability of the second-hand market, which heavily relies on the popularity of anime IPs, suggesting that a lack of new content could lead to market decline [56]

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].