Core Viewpoint - The article discusses the growing importance of merchandise sales for gaming companies, particularly in the context of the rising popularity of "谷子" (merchandise) among young consumers, highlighting the success of the brand "叠纸心意" in this market [2][3]. Group 1: Market Performance - During the 618 shopping festival, "叠纸心意" surpassed competitors like "泡泡玛特" and "万代" to top the "天猫潮玩抢先购成交榜" [2]. - The "全球品牌中国线上500强榜单" (CBI500) included "叠纸心意," "米哈游," and "光与夜之恋," indicating strong online sales performance [3]. - "叠纸心意" achieved over 2 billion yuan in sales on the first day of new product launches before the 2024 Double Eleven event [11]. Group 2: Consumer Demographics - The brand has a significant advantage in the 18-24 age group, with notable growth in transaction amounts and customer retention rates [3]. - The merchandise primarily targets female consumers, leveraging the emotional connection and loyalty associated with popular game IPs [9][30]. Group 3: Product Strategy - "叠纸心意" focuses on low-priced items like keychains and standees, aligning with the consumption trends of young consumers [9]. - The brand has developed products around three major IPs, including "暖暖," "恋与制作人," and "恋与深空," catering to diverse consumer preferences [9][30]. - The merchandise is sold exclusively through an online flagship store on Tmall, allowing the company to maintain control over sales and consumer feedback [9][31]. Group 4: Sales Dynamics - The brand's sales strategy includes limited-time pre-sale models, which create urgency among consumers and stabilize secondary market prices [31]. - Despite mixed consumer feedback, the strong appeal of game characters drives continued sales, with significant volumes reported for new product launches [18][30]. Group 5: Future Prospects - "叠纸心意" is cautiously expanding its merchandise offerings, with plans to enhance its influence both online and offline [41]. - The recent success of the "DearNikki" brand, which features high-quality blind boxes, indicates potential for further growth in the merchandise sector [36][40].

Group 1 - The core viewpoint of the article highlights the rapid growth of the "Guzi" economy driven by self-consumption trends, with over 80% of related companies established within the last three years [1] - The "Guzi" consumption is expected to explode in 2024, with a projected transaction volume increase of 105% year-on-year, and the first quarter of this year already showing a transaction volume 1.2 times that of the daily "Guzi" [2] - The domestic game IPs have performed exceptionally well, with sales of titles like "Love and Deep Space" topping charts, and the sales of "Guzi" products related to the Nezha IP skyrocketing by 2346.2% [2] Group 2 - As of April 25, 2025, there are 940,000 registered "Guzi" economy-related companies in China, surpassing the registration volume of the same period in 2024 [3] - Among the existing 6.672 million "Guzi" economy-related companies, 87.7% were established within the last three years, with 45.7% founded between one to three years ago and 42.0% established within the last year [4] - The industry distribution shows that 86% of "Guzi" economy-related companies belong to the wholesale and retail sector, totaling 5.733 million companies [5]

本文字数：1074，阅读时长大约2分钟 2025.04. 24 国元证券在2024年12月发布的《IP供给与精神消费共振，谷子经济崛起》报告中曾表示，相对"日 谷"，"国谷"购买便捷、价格便宜，国产IP的崛起叠加"国谷"在渠道和价格方面的显著优势共同驱动 导读 ： 国潮风格的谷子，让长期习惯"日谷""美谷"的用户有了惊喜感。 作者 | 第一财经 陈杨园 "谷子经济"的热浪中，"国谷"（中国IP谷子）正突破"日谷"（日本IP谷子）包围，迎来迅速增长。 4月24日，闲鱼发布《2025闲鱼谷子趋势报告》，数据显示，今年一季度，闲鱼谷子交易额创历史新 高，"国谷"交易额反超"日谷"。 从具体IP来看，国产女性向游戏《恋与深空》和手游《第五人格》分别升至闲鱼2025年谷圈IP销量 榜第一和第二，超越去年排名前三的日谷"顶流"《排球少年》《蓝色监狱》和《咒术回战》。 此外，哪吒也成为推动"国谷"增长的重要力量。2025年春节档电影《哪吒之魔童闹海》爆火后，第 一季度，闲鱼哪吒IP谷子销量同比激增2346.2%，中国神话题材的国漫《非人哉》IP谷子量同比涨幅 也达到1003.5%。 游戏产业分析师、产业时评人张书乐对记者分 ...