Core Viewpoint - Sony Group is set to accelerate its investment strategy in the entertainment sector following the spin-off of its financial business, aiming to enhance its position as a comprehensive player in the entertainment industry [1][4]. Group 1: Financial Business Spin-off - Sony Group's financial business will be listed on the Tokyo Stock Exchange Prime market on September 29, allowing the company to focus more on acquiring intellectual property (IP) in the entertainment sector [1][4]. - The spin-off is expected to shift investor attention towards Sony's entertainment business, necessitating detailed explanations of investment returns on large projects [1][4]. Group 2: Investment in Intellectual Property - Over the past seven years, Sony Group has invested 1.9 trillion yen in IP, including stakes in Bandai Namco Holdings and KADOKAWA, to compensate for its perceived weakness in creating IP from scratch [3][7]. - The acquired IP is integrated with Sony's various businesses, such as gaming, film, and animation, maximizing value [3][7]. Group 3: Business Performance and Strategy - Sony Group's business performance for the fiscal year 2024 includes projected revenues and profits across various sectors, with gaming expected to generate 4.67 trillion yen in revenue and 4.148 billion yen in operating profit [10]. - The company has introduced a "Pollinator network" system to enhance talent matching within its divisions, leveraging generative AI to improve collaboration between gaming and film sectors [10]. Group 4: Market Position and Valuation - Analysts have raised Sony Group's investment rating to the highest level, citing a gap between the company's enterprise value and stock price, which may be due to insufficient disclosure of information necessary for evaluating its entertainment business [8]. - Despite strong stock performance, there is a concern that the market capitalization gap between Sony and comparable entertainment companies like Disney could widen by approximately 1 trillion yen [11].

"这是我和他的一周年纪念日，请大家祝福我们吧。" 社交媒体上有许多这样的帖子，看起来再正常不过的情侣周年纪念贺词，配图是一幅画：男性多是来自游戏或动漫角色，女性是照着现实中的人绘制的。 评论区里充满"祝长久""好般配"之类的留言，像朋友间再正常不过的祝福，仿佛这两位跨越次元的人此刻真的紧紧挨在一起，给予彼此真实的、不可替代 的情绪价值。 和纸片人的关系，看似安全可控，既满足幻想，且似乎永不结束。但这单向的投入，终究映照着人们对真实关系的疲惫不安。完美是关系的表象，也可能 成为牢笼。本文来自微信公众号：新周刊 （ID：new-weekly），作者：张文曦，编辑：詹腾宇，头图来自：AI生成 在二次元人物身上找到陪伴感，将其视为独一无二的对象，已经是很常见的事。许多人会为自己和喜欢的二次元人物定制合照或书写故事，丰富原作设定 下的人物，完善被情绪紧密包裹的亲密叙事。 有人将这些"纸片人"视作失意时的精神支撑，有人将屏幕中的女孩当成一个稳定的朋友，有人为二次元恋人舍弃了现实中的亲密关系。在不同的需求中， 人们向二次元人物寻求那些极为宝贵的、现实中已经不易找到的精神力量。 一、二次元恋人的"支撑" 从ICU出来，孟风虹 ...

Core Viewpoint - The Chinese secondary dimension market is expected to reach approximately 597.7 billion yuan in 2024, nearly double the size of 2019, driven by the growing popularity of domestic IPs and government support for their development [1][9]. Market Expansion - The market for character-related sectors such as animation and gaming in China is rapidly expanding, with a projected market size of about 12 trillion yen (approximately 580.5 billion yuan) in 2024, doubling from five years ago [1]. - The "BiliBili World" event in Shanghai attracted around 300,000 attendees over three days, indicating a significant increase in interest and participation in the secondary dimension culture [8]. Domestic IP Popularity - The popularity of domestic characters is on the rise, exemplified by the success of the animated film "Nezha," which grossed over 15.4 billion yuan during the Spring Festival, setting a record for Chinese box office earnings [12]. - The top trending IPs on China's second-hand trading platform include "Love and Deep Space" and "Identity V," showcasing the growing presence of Chinese IPs alongside popular Japanese works [15]. Government Support - The Chinese government is actively promoting the development of original IP brands, as outlined in the "Special Action Plan for Boosting Consumption," which emphasizes support for the animation, gaming, and esports sectors [14]. - Policies in Shanghai aim to revitalize tourism through IP and support the development of original IPs, reflecting a broader governmental strategy to enhance the domestic market [14]. Future Projections - The secondary dimension market in China is projected to expand to 834.4 billion yuan by 2029, driven by increased production and circulation of animation and gaming content, as well as the growth of emotional value consumption [9].

Core Viewpoint - The article discusses the concept of "Anime Brahmin," a term that has evolved within the Chinese online anime community, often carrying a negative connotation, and explores its implications on cultural identity and community dynamics [2][9][24]. Group 1: Definition and Characteristics of Anime Brahmin - "Anime Brahmin" refers to a group of anime enthusiasts who exhibit a sense of superiority based on their extensive knowledge and experience with older anime works, often criticizing contemporary anime and its fans [12][17]. - The term originates from the Indian caste system, representing the highest social class, and was adapted to describe a specific demographic within the anime community in China [10][11]. - Three main characteristics define the Anime Brahmin: 1. Accumulation of cultural capital and knowledge, often favoring older works from the 1980s and 1990s [12][14]. 2. Establishing group identity through exclusive language and references, creating a divide between themselves and newer fans [15][17]. 3. A critical stance towards contemporary anime, viewing it as overly commercialized and lacking depth compared to classic works [17][24]. Group 2: Cultural Capital and Community Dynamics - The concept of cultural capital, as defined by Pierre Bourdieu, helps explain the Anime Brahmin's authority within the community, encompassing embodied, objectified, and institutionalized forms of capital [29][30]. - The historical context of the Anime Brahmin's emergence is tied to the early exposure of certain users to Japanese anime during its introduction to China, which shaped their cultural identity and knowledge base [31][32]. - The article highlights the tension between older and newer anime fans, as the influx of new viewers with different tastes challenges the established norms and preferences of the Anime Brahmin [45][46]. Group 3: Social Perception and Vulnerability - The Anime Brahmin's elitism is often met with criticism, as their perceived superiority can lead to social alienation within the broader anime community [38][39]. - The article notes that the anime culture has historically been marginalized, which contributes to the vulnerability of the Anime Brahmin as they seek recognition and legitimacy [35][40]. - The negative stereotypes associated with "otaku" culture further complicate the Anime Brahmin's social standing, as they navigate the duality of seeking validation while facing societal stigma [41][44].

Group 1 - The article highlights the growing popularity of the "Bilibili World" (BW) convention in Shanghai, featuring renowned game producer Hideo Kojima as a guest, which has excited the anime and gaming community [1][2] - In 2024, all 250,000 tickets for the BW convention sold out instantly, indicating a significant demand that exceeded the number of available tickets by hundreds of thousands [2] - Shanghai is increasingly recognized as a "city of anime," with numerous events and themed activities attracting a large number of young people [3][2] Group 2 - The evolution of Shanghai's anime culture can be traced back to the "Wenmiao Animation Street," which transformed from a traditional market into a hub for anime-related products in the late 20th century [4][5] - The renovation of Wenmiao Street in 2021 led to the relocation of many anime shops, which subsequently spread anime culture throughout the city [5][6] - The emergence of anime-themed shopping centers, such as the "Bailian ZX Creative Park," has significantly boosted foot traffic and sales, with the park achieving sales of 300 million yuan and attracting 9.5 million visitors in 2023 [7][8] Group 3 - The transformation of traditional shopping malls into anime-themed spaces has become a trend, with several malls in Shanghai incorporating anime elements to attract customers [8][9] - The rise of the "anime economy" has led to the opening of flagship stores for major brands, enhancing the shopping experience for anime enthusiasts [11][12] - Shanghai's gaming industry is thriving, with major companies like Sony and Nintendo establishing a presence in the city, contributing to its status as a key market for international game developers [11][12] Group 4 - The article emphasizes the integration of anime culture into everyday life in Shanghai, with more people engaging in outdoor activities related to anime, such as cosplay [10][14] - Events like the "Star Rail LIVE" concert demonstrate the strong community engagement and popularity of anime-related activities in the city [15] - The article concludes that anime culture has transitioned from a niche interest to a significant aspect of urban life in Shanghai, reflecting the city's progressive and inclusive nature [18]

Core Viewpoint - Bilibili's Q1 2025 earnings report slightly exceeded expectations, primarily driven by better-than-expected profit and user metrics [1][8] User Growth - Bilibili experienced a significant user growth, adding 28 million net new users in Q1, marking a return to previous highs [1][12] - The increase in users is speculated to be influenced by the Spring Festival Gala collaboration, although user retention remains to be observed [1][12] - Monthly active users (MAUs) reached 368 million, a year-on-year increase of 7.8% [13] Advertising Performance - Advertising revenue grew by 20% in Q1, meeting market expectations, but the performance is considered mediocre given the unexpected increase in user engagement [17][20] - The company may be intentionally controlling its commercialization efforts, which could impact future advertising growth [20][22] Gaming Revenue - Gaming revenue saw a 76% year-on-year increase, with the game "Three Kingdoms" being a significant contributor [3][22] - Market expectations were low due to previous underperformance, but actual results showed stability in revenue generation [3][22] Value-Added Services - Revenue from value-added services, including live streaming and premium memberships, grew by 11% year-on-year, indicating a recovery trend [5][30] - The number of premium members increased to 23.5 million, with a net addition of 800,000 in Q1 [30] Financial Metrics - Bilibili's total revenues for Q1 were approximately CNY 7.003 billion, with a gross margin of 36.3% [6] - The company reported a net cash position of CNY 15.6 billion after deducting short-term debts, reflecting a stable cash flow improvement [5][6] Profitability Outlook - The company aims for a long-term gross margin target of 40%-45% and a non-GAAP operating profit margin of 15%-20% [10][36] - Concerns remain regarding the sustainability of growth and profitability, particularly in relation to reliance on gaming and advertising [10][36]