今天分享的是：2025年谷子经济行业简析报告-嘉世咨询 报告共计：16页 《2025年谷子经济行业简析报告》指出，谷子经济作为二次元IP衍生的周边产品经济，正从二次元小众圈层迈向大众市场。行业起源于二次元文化，产品涵 盖徽章（吧唧）、立牌、纸制品等，其中吧唧占二手市场销售额64%，为最热门品类。2024年市场规模逼近1700亿元，同比增长超40%，预计2025年突破 2000亿元，泛二次元用户规模达5亿，Z世代为消费主力，女性占比从2023年67%升至2025年Q1的78%，月均购买3次、单次消费超百元，溢价消费意愿强， 65.7%用户接受40%以上溢价。 产业链上游以IP开发运营为核心，日本动漫IP与国产游戏IP（如《原神》《光与夜之恋》）主导市场，2025年国产IP在头部销量中占6席，逐步超越日系IP； 中游需构建全产业链能力，从设计到生产周期1-3个月，需快速响应市场热度；下游渠道多元，线上电商、社交平台与线下谷子店、动漫展会并存，二手交 易活跃，闲鱼等平台推动流通。 行业面临同质化竞争、版权保护薄弱、IP依赖及实用性不足等挑战，但也具备市场高速扩张、国产IP崛起、泛二次元用户基数庞大等机遇。当前国内I ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [8]. Core Insights - The company reported a revenue of 5.245 billion yuan in Q1 2025, a year-on-year decrease of 4.39%, and a net profit attributable to shareholders of 318 million yuan, down 16.23% year-on-year [5]. - The company is actively expanding into the "second dimension IP" sector, focusing on products that appeal to younger consumers, enhancing the emotional value of its offerings [7]. - The report projects revenue growth for 2025-2027 at 7.5%, 6.4%, and 5.5% respectively, with net profits expected to grow by 7.6%, 9.2%, and 8.5% in the same period [8]. Financial Performance - In Q1 2025, the company's gross margin was 20.65%, an increase of 0.49 percentage points year-on-year, while the net profit margin decreased by 0.86 percentage points to 6.07% [6]. - The company’s revenue from various product lines showed mixed results, with writing tools and office supplies experiencing slight declines, while the "Morning Light Living Hall" and "Morning Light Technology" segments saw growth [5]. - The company expects revenues of 26.056 billion yuan in 2025, with a projected net profit of 1.502 billion yuan, reflecting a recovery trend after a challenging 2024 [10].

Core Insights - The article discusses the changing dynamics of brand collaborations in the beverage industry, particularly focusing on the contrasting strategies of brands like Heytea and Guming, highlighting a trend towards cautious collaboration by some brands while others aggressively pursue partnerships [1][7]. Group 1: Brand Collaboration Trends - Heytea has adopted a more cautious approach to collaborations in 2025, with no major brand partnerships announced so far, contrasting with its previous year where it had multiple high-profile collaborations [1][7]. - Guming, on the other hand, has successfully launched collaborations, such as with the popular game "Honkai: Star Rail," which led to significant consumer engagement and even caused their online platform to crash due to high traffic [3][4]. - The overall number of collaborations among major brands remains stable, with 149 collaborations announced in 2024, similar to 155 in 2023, indicating a consistent interest in brand partnerships across the industry [7][22]. Group 2: Strategic Differences in Collaborations - Different brands exhibit varying preferences in collaboration types, with Heytea favoring lifestyle and fashion brands, while Guming focuses on popular anime and gaming IPs [9][11]. - The choice of collaboration partners reflects the brands' positioning and development stages, with Heytea emphasizing cultural value and brand identity over aggressive market expansion [11][13]. - Brands in expansion phases, like Guming, leverage popular IPs to enhance brand visibility and product premiumization, targeting specific consumer demographics [13][15]. Group 3: Consumer Sentiment and Market Dynamics - Consumer interest in brand collaborations is showing signs of fatigue, with over 60% of consumers feeling that collaboration activities lack novelty, leading to a more rational approach towards such marketing strategies [22][23]. - The article notes that while successful collaborations can drive sales and brand influence, excessive or poorly executed partnerships may lead to consumer distrust and a decline in brand loyalty [22][24]. - The ideal collaboration strategy should align with the brand's core identity and long-term goals, balancing short-term gains with sustainable brand positioning [23][24].