二次元消费在过去一年完成了从圈层到大众、从线上到线下、从消费到创造的全方位升级，已经成为年轻人构建身份认同、寻求情感联结的重 要路径。新一代二次元用户正以更广阔的参与和更深的投入，将兴趣热爱融入日常生活，以消费为语言，主动参与文化建构和寻求身份认同。 进入2025年，当我们审视整个泛文娱行业时，一个清晰的现象是：二次元已从过往相对垂直的圈层文化，转变为驱动线上与线下消费活跃的显性增量市 场。它不仅是内容消费的重要环节，也是观察和理解当代年轻人这群内容消费主力的生活方式、社交模式与自我表达方式的关键窗口。 与2016-2017年上一轮以动画、漫画等内容创作为核心的创业潮不同，本轮二次元市场的显著变化，核心指向了消费与社交的深度融合。近年来，《原 神》等现象级产品的持续破圈也大大影响了文化的底层参与逻辑：从对IP故事本身的深入讨论和共鸣，转向以角色情感连接为核心、以消费与展示为载体 的日常化实践。 在这背后，是新一代内容消费者全面走向舞台中央。他们成长于社交媒体与移动互联网高度成熟的环境，拥有强烈的自我表达欲望、高度的圈层归属需 求，并习惯于通过消费行为来构建身份、寻求共鸣。因此，盘点2025年的二次元消费趋势， ...

Group 1 - The article emphasizes the importance of enhancing the adaptability of supply and demand in consumer goods to promote consumption and achieve a dynamic balance between supply and demand [1] - By 2027, the plan aims to optimize the supply structure of consumer goods, creating three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1] - The concept of "supply-demand adaptability" involves the supply side proactively adjusting to changes in consumer trends, ensuring that products meet diverse needs from the design stage [1] Group 2 - The article highlights that technological innovation, particularly the rise of artificial intelligence, is crucial for stimulating new demand and creating new markets, such as smart electric vehicles and smart home products [2] - It points out the structural issues in the supply side, where there is an excess of low-end products and a lack of high-end offerings, which hinders industrial upgrading [2] - The evolution of lifestyle, aesthetic values, and beliefs in developed countries drives changes in consumption patterns, indicating that these factors are essential for understanding consumer desires [2] Group 3 - The article suggests that cultural development should be strengthened to drive supply upgrades through evolving lifestyles and new demands, especially considering the potential of over 400 million middle-income individuals in China [3] - It notes the growing importance of the silver economy due to an aging population, while also highlighting the mismatch between product design and the diverse needs of older consumers [3] - The article concludes that consumption upgrades require not only technological revolutions but also a shift in societal values and lifestyles to create sustained new demand [3]

Core Insights - Emotional consumption is becoming a rigid demand among consumers, with over 90% of young people recognizing "emotional value" and nearly 60% willing to pay for it [1][4][6] Group 1: Market Trends - Emotional consumption, defined as consumer behavior aimed at obtaining emotional value, is rapidly rising as a new consumption form, driven by the acceleration of digitalization and fast-paced lifestyles [4][5] - The growth of emotional consumption reflects a societal shift from material accumulation to spiritual enrichment, with over 60% of consumers believing that spending helps relieve stress [4][9] - The market for emotional consumption is expanding, with over 3,700 patents related to "emotion" currently registered, indicating increased corporate focus on emotional value [3][5] Group 2: Consumer Demographics - The Z generation (born between 1995 and 2009) constitutes a significant portion of the consumer base, with over 70% of the 500 million users in the broader subculture market belonging to this group [6] - Consumers aged 26 to 30 show a growing preference for emotional support services, while older adults are also engaging in emotional consumption through cultural and wellness products, creating a multi-generational consumer landscape [6][7] Group 3: Industry Innovations - New consumption scenarios are emerging, such as "theater-style shopping" and unique experiential spaces that blend shopping with emotional experiences, leading to increased foot traffic and consumer engagement [6][7] - Companies are innovating to create emotional consumption experiences, with examples like Tianjin's Henglong Plaza and Shanghai's Bailing Mall implementing creative concepts to enhance customer interaction [6][7] Group 4: Challenges and Regulations - The emotional consumption sector is still in its early stages, lacking clear industry standards and regulations, which has led to issues such as low-quality products and impulsive buying behaviors among consumers [8][9] - There is a pressing need for industry standards to be established, including service content, personnel qualifications, and platform operation rules, to mitigate risks associated with emotional consumption [8][9]

Core Viewpoint - Population is the underlying logic driving economic, real estate, investment, and infrastructure trends, with significant impacts expected over the next 10 to 15 years due to changes in asset values, consumption patterns, and wealth distribution [2][3]. Group 1: Long-term Impact of Population Changes - Long-term attribute: Population changes are fundamental drivers over decades, with effects becoming more apparent post-2015 due to declining birth rates [2]. - Comprehensive penetration: Population directly influences real estate demand, fiscal sustainability, infrastructure direction, and capital market asset preferences, serving as the "underlying code" for understanding macro trends [3]. - Key role of generational differences: Distinct differences in consumption attitudes and wealth perspectives among generations are crucial pathways for population impacts on the economy [4]. Group 2: Reshaping Key Areas 1. **Consumer Market: Generational Values Drive Demand** - Older generation (born in the 50s/60s): Adopts a "frugal savings" mindset, limiting consumption willingness and challenging traditional expectations of a "silver economy" [5]. - Middle generation (born in the 80s/90s): Expected to become the main force in the silver economy, shifting focus to quality and service consumption [6]. - New generation (born in the 00s): Values "self-experience," driving the rise of new consumption areas like trendy toys, anime, and beauty economy, becoming a new market engine [7]. 2. **Real Estate: Value Logic Returns to Housing Essentials** - Three-phase evolution: Transitioning from "housing solutions" to "housing + investment," now entering an era focused on "pure residential demand," leading to a decline in speculative assets like vacation properties [8]. - Core value redefinition: Real estate value is determined by "genuine residential demand," with prime locations being more resilient; remote areas and older properties face challenges, widening the price gap between new and old homes [9]. 3. **Investment Market: Generational Risk Preference Divergence** - Older demographic: Highly risk-averse, favoring fixed income and dividend products, lowering overall societal risk appetite [10]. - Younger demographic: Pursues high returns and accepts high-risk investments, creating new investment avenues in consumption and trendy assets [11]. - Asset value reconstruction: Traditional assets favored by older generations, such as rosewood and collectibles, are expected to depreciate significantly due to lack of recognition from younger generations [12]. 4. **Infrastructure and Finance: Labor Force Size Defines Investment Boundaries** - Labor force threshold effect: When the proportion of the main working-age population (ages 24-45) falls below 25%, fixed asset investment scale will drop to half its peak [13]. - Infrastructure logic shift: The "infrastructure first" logic during population growth periods becomes ineffective, with investments concentrating in core areas and inefficient infrastructure (like remote roads and non-essential subways) shrinking [14]. Group 3: Wealth Distribution and Intergenerational Conflicts - Intergenerational pressure: Close population peaks between the 60s and 80s generations create a "time lag" in wealth transfer, leading to the 80s generation acquiring assets at high points, with some groups excluded from wealth distribution [15]. - Delayed wealth transfer: Influenced by East Asian culture, older individuals tend to hold wealth for retirement security, resulting in limited pre-death transfers and exacerbating intergenerational wealth flow stagnation and inequality [16]. Summary Population, as a long-term variable, steadily reshapes the underlying logic of the economy and life. From the consumption patterns of the young to the savings of the elderly, and from core real estate to remote infrastructure, all changes are deeply rooted in demographic shifts. Understanding generational transitions, age structures, and spatial movements is key to grasping new rules of wealth distribution and asset value coordinates, emphasizing the importance of recognizing this slow variable for informed decision-making during major cyclical shifts [17].

Core Concept - The "2025 Global Launch Festival" aims to invigorate consumer engagement through a diverse array of cultural and creative products, including trendy toys, fashion, and technology, while establishing Beijing as an international consumption center [4][22]. Group 1: Event Overview - The festival will take place from September 19 to December 2025, featuring a variety of activities centered around the themes of "launch, debut, exhibition, performance, and store" [4][22]. - The main venue is located at Beitou Shopping Park, showcasing over 20 companies from the trendy toy, cultural, and anime sectors [7][19]. Group 2: Activities and Attractions - The festival includes multiple zones such as trendy toys, cultural products, anime culture, and interactive stages, offering product launches, limited edition displays, and live performances [7][11]. - Notable product launches include items from brands like "又梨," "SIINONO," and "三草月," featuring unique collectibles and themed merchandise [9][11]. Group 3: Collaborative Efforts - The event will collaborate with various shopping centers and cultural institutions across Beijing, creating a city-wide atmosphere of celebration and engagement [16][19]. - The festival will also feature a "Latin American Music Festival," showcasing bands from several Latin American countries, enhancing the cultural diversity of the event [15]. Group 4: Future Activities - Following the initial event, the festival will host additional pop-up events focusing on fashion, jewelry, and smart technology, promoting a seamless shopping experience [22]. - The festival aims to continuously engage consumers through innovative experiences, including limited-time pop-up shops and interactive activities [20][22]. Group 5: Marketing and Engagement Strategies - The festival will utilize a variety of promotional strategies, including interactive videos and collectible merchandise, to attract younger audiences and enhance public participation [26][24]. - The initiative seeks to transform online engagement into physical foot traffic, thereby boosting the local economy and cultural atmosphere [26].

Core Insights - The rise of emotional consumption is becoming a new growth driver in the economy, with trends like blind boxes, healing economy, AI companionship, and self-indulgent consumption gaining traction among Generation Z consumers [1] - The Cosplay economy, as part of the broader emotional economy, is emerging as a significant force, driven by a well-defined "dream-making industry chain" that includes costume customization, photography services, event activities, and IP derivatives [3][9] Market Overview - There are approximately 10 million Cosplay enthusiasts globally, with China being one of the largest markets for the subculture, projected to reach a market size of about 597.7 billion yuan in 2024 [3][9] - The user base for the broader subculture exceeds 500 million, with 85% of users being from Generation Z (ages 18-34) [3] Consumer Behavior - Over 70% of Cosplayers report that role-playing helps them relieve real-life stress, indicating a strong emotional connection to the practice [4] - The average annual spending on Cosplay per user is around $480, with total spending in 2023 reaching $4.8 billion [6][9] Industry Dynamics - The production model for Cosplay costumes has shifted from handmade to industrialized production, significantly increasing production speed and cost-effectiveness [9][11] - The market for Cosplay costumes is expected to grow from $4.75 billion in 2024 to $8.65 billion by 2029 [9] Competitive Landscape - The number of Cosplay costume shops has increased significantly, leading to intensified competition and a reduction in profit margins, with industry gross margins dropping from 50% five years ago to around 10% today [12] - The core consumer demographic remains concentrated among students aged 15-25, who have high expectations for product quality and aesthetics while being price-sensitive [12] Trends and Innovations - There is a notable shift in consumer preferences towards game-related IP products, which now account for 80% of sales in some companies, reflecting a growing interest in emotional value [13] - The industry is witnessing a diversification in design influenced by domestic cultural trends, moving beyond traditional Japanese styles to incorporate elements of Chinese culture [11] Professional Services - The rise of specialized roles such as makeup artists, photographers, and prop makers has lowered the entry barrier for new participants in the Cosplay community, making it more mainstream [14] - The demand for high-quality wigs and makeup products is increasing, with consumers seeking more personalized and diverse options [24][31] Challenges - The industry faces challenges such as price wars and a lack of standardized practices, leading to concerns over quality and consumer trust [12][24] - The proliferation of low-cost service providers has created a competitive environment that may compromise service quality and professional standards [23][43]

Group 1 - The first "Beautiful Life Expo" opened in Beijing, featuring over 300 companies showcasing a variety of products including specialty agricultural products, outdoor gear, electronics, and new energy vehicles [1][3] - The expo spans 15,000 square meters and offers free entry for the public, creating a vibrant marketplace atmosphere with exhibitors inviting visitors to sample food products [3][5] - Notable products include unique agricultural offerings from Beijing, such as pigeon meat and eggs, and new varieties of sweet melons, highlighting innovation in local agriculture [5][6] Group 2 - The expo also features high-tech products, including Xiaomi's first SUV model, attracting significant interest from attendees [6][8] - Interactive robots, such as humanoid robots and emotion-responsive models, are showcased, reflecting a shift in consumer preferences towards products that understand and engage with users [8] - A dedicated area for the "two-dimensional" culture attracts younger audiences, with activities including card games and gaming competitions, enhancing the overall engagement of the event [10][12]

Summary of Key Points from Conference Call Records Industry Overview - The current state of the collectible toy (潮玩) and anime (二次元) markets shows continued growth momentum in the first half of 2025, with a significant increase in store openings in 2024, indicating strong sales in 2023 [1][3] - The collectible toy market is characterized by high absolute store numbers, while the anime market exhibits faster growth rates, reflecting consumer demand for IP products and highly standardized items [1][4] Core Insights and Arguments - **Collectible Toy Categories**: The collectible toy market is divided into card games, blind boxes, and building toys. Blind boxes rely on direct sales to control pricing and prevent market dilution, while card games and building toys are sold through distributors or large KA channels [1][5] - **Anime Brand Expansion**: Anime brands are rapidly expanding through collective store formats in shopping centers, with grocery collective store sales expected to grow by 10%-15% year-on-year in 2024. The use of major KOL channels has accelerated sales growth, although the sustainability of IP and the maturity of the supply chain still require development [1][6] - **Shopping Center Collaboration**: Shopping centers collaborate with collectible toy brands through fixed rent, a combination of fixed rent and sales commission, or direct high commission. Leading brands like Pop Mart typically use a guaranteed minimum plus commission model, with a rental yield ratio of about 11%, lower than the retail sector average [1][7] - **Sales Performance**: The collectible toy sector has shown remarkable performance, with significant month-on-month sales increases in April and May 2025, where benchmark stores exceeded 1 million yuan in sales, contributing significantly to shopping center revenues [1][8] Additional Important Insights - **Market Dynamics**: Despite an overall negative growth in shopping center formats since 2019, the collectible toy and anime sectors have maintained a long-term growth trend in store openings [2] - **Anime Market Characteristics**: The anime market is still developing, with a relatively weak brand concentration. Leading brands achieve monthly sales of approximately 40-50 thousand yuan, while non-leading brands only reach 10-20 thousand yuan [3][17] - **Consumer Preferences**: Young consumers view purchases in the collectible toy and anime sectors as social currency, indicating that marketing strategies should focus on social engagement to attract foot traffic [14] - **Geographic Trends**: Major cities like Shanghai, Beijing, and Chengdu are leading in the anime market, with a high concentration of young consumers who are receptive to these cultural trends [16][23] Future Outlook - **Growth Potential**: The collectible toy sector is expected to maintain its popularity, with a focus on attracting more brands into shopping centers. The sales growth rate for collectible toys and anime in shopping centers is projected to be between 15%-30%, significantly higher than the overall growth rate of 5% [9][28] - **Challenges for Anime Brands**: The anime sector still faces challenges in achieving the same level of brand strength and market maturity as collectible toys, requiring further cultivation of IP sustainability and supply chain development [10][18][30] - **Consumer Behavior Trends**: The preference for Japanese IP products remains strong, with IP being a crucial factor in driving sales and market growth [24] This summary encapsulates the key points from the conference call records, highlighting the dynamics, performance, and future outlook of the collectible toy and anime markets.