Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese ACG (Animation, Comic, Game) industry has surpassed 100 billion RMB in market size as of 2024, showing strong and steady growth, particularly among the younger generation, especially Gen Z and post-2000s consumers [25][26] - The industry is expected to continue growing at an annual rate of over 15% in the next five years, indicating significant market potential both domestically and internationally [26] - The core elements of the ACG culture include visual arts, character design and storytelling, fan culture and community interaction, as well as derivative products and business models [11][12] Industry Overview - The ACG culture originated in Japan and has evolved into a unique cultural phenomenon encompassing various forms such as anime, manga, games, and virtual idols [4][6] - The rapid development of internet technology has facilitated the dissemination and innovation of ACG culture, leading to the formation of active fan communities [7][11] - The ACG culture has become an essential part of contemporary youth life, influencing their values, aesthetics, and social interactions [6][12] Market Demand Analysis - The primary user demographic consists of young individuals aged 15 to 30, with a higher proportion of male users, although female participation is rapidly increasing [31][32] - Over 40% of core ACG users are willing to pay for legitimate content, reflecting a growing recognition of quality and copyright [36][37] - The demand for diverse content is expected to grow, with emerging forms such as light novels, digital music, and interactive stories gaining traction [44][45] Competitive Landscape - Major players in the industry include Bilibili, Tencent Animation, and NetEase Comics, which dominate content creation, platform operation, and derivative product development [51][53] - New and emerging companies are driving innovation and diversity in content, often focusing on niche markets and utilizing new technologies [54][56] - The market is characterized by a concentration of power among leading companies, which hold over 60% of the market share, while smaller firms contribute to the industry's dynamism and innovation [55][56] Policy Environment - The Chinese government has implemented various policies to support the cultural industry, emphasizing the integration of culture and technology, as well as the protection of intellectual property rights [63][64] - These policies aim to create a favorable environment for the development of the ACG industry, promoting innovation and international cultural exchange [64]

Core Insights - The rise of OC (Original Character) culture reflects a shift in the younger generation's content consumption, moving from passive browsing to active engagement and self-expression [2][22] - OC culture is evolving from niche communities to a broader audience, integrating creation, social interaction, and consumption [2][22] Industry Trends - The OC culture has gained significant traction on platforms like Xiaohongshu and Douyin, with Xiaohongshu's "OC" topic reaching nearly 3.8 billion views and Douyin's related content accumulating 26 billion views [2] - The growth of OC content is contributing to the overall expansion of the pan-anime ecosystem, becoming a vital growth segment across various platforms [2][19] Content Creation Dynamics - OC creation involves a range of activities, categorized into "self-produced" and "non-self-produced" types, with the former focusing on independent character and world-building [3][6] - Platforms like Mi Huashi are facilitating OC creation by lowering entry barriers and providing clear commercial pathways, allowing creators to monetize their interests [5][6] Technological Integration - AI tools are being introduced in the OC space, such as the platform "Nian TA," which uses AI to generate character designs and stories, catering to users seeking lightweight creative solutions [7] Community Engagement - The OC community fosters long-term relationships among creators and fans, with platforms like QQ Space providing a more intimate environment for interaction compared to public platforms like Douyin [9] - OC culture allows for a unique form of emotional connection and companionship, as seen in the experiences of creators who find joy and community through their characters [9] Commercial Potential - Successful OC projects, such as "Tou Qi" and "Yixing Wutai," demonstrate the commercial viability of OC content, indicating a growing market for personalized and original creations [16][22] - Platforms are recognizing the potential of OC culture, integrating it into their content strategies to attract younger audiences and meet the demand for deep, engaging content [19][22]

Core Insights - The BilibiliWorld2025 event in Shanghai has attracted a large number of young attendees, significantly boosting local tourism and consumption [1][2] - The event has led to a surge in travel bookings, with hotel reservations increasing by 475% and train ticket searches rising by 36% [1][2] - The event has also stimulated local dining and entertainment, with night-time dining transactions in the vicinity increasing by over 80% [2][9] Tourism and Travel Impact - Shanghai's travel bookings saw a 35% increase in cultural tourism during the event week, with a nearly 50% year-on-year rise in flight bookings [1][2] - High-star hotel bookings by the post-00s demographic accounted for nearly 15% of total reservations in the first week of July [1] Consumption Trends - The event has activated local consumption, particularly in the food and entertainment sectors, with a notable increase in searches for "二次元商场" (two-dimensional shopping malls) [3][5] - The "二次元商场" search volume in Shanghai increased over tenfold compared to the previous month, with 62% of searchers aged 20-35 [3][5] Retail and Dining Ecosystem - Popular shopping destinations for attendees include Shanghai Jing'an Joy City and 百联ZX, which have become hotspots for "谷子" (merchandise related to two-dimensional culture) [2][3] - The surrounding areas of these shopping centers have seen a significant rise in searches for related products and services, such as themed cafes and DIY workshops [9] Economic Significance - The two-dimensional economy is evolving from a niche interest to a significant driver of urban consumption, with Shanghai emerging as a national trendsetter in this sector [9] - The integration of cultural and commercial activities during events like BW2025 highlights the dynamic interaction between vibrant city life and youth culture [9]