Core Insights - Tmall's潮玩 (trendy toys) sector has seen a surprising success story with the game company "叠纸" (Paper Games), whose flagship store "叠纸心意" became the top seller during the first phase of the 618 shopping festival, achieving over 100 million in sales [1][5] - The popularity of叠纸's merchandise is attributed to its strong gaming IPs, particularly the "恋与" (Love and Production) and "暖暖" (Warm Warm) series, which cater primarily to a female audience [2][11] - The surge in sales of叠纸's products reflects a broader trend in the gaming industry, where merchandise has become a significant revenue stream, especially for companies focusing on emotional connections with players [20][23] Company Overview -叠纸 was established in 2013 and has gained recognition in the gaming community, particularly for its female-oriented games [2][3] - The company has released several successful titles, including《恋与制作人》 (Producer of Love), which became a phenomenon in the mobile gaming market [3][11] Sales Performance -叠纸's merchandise sales have shown remarkable growth, moving from sixth place to second in Tmall's潮玩 sales rankings within two years [4] - During the 618 shopping festival,叠纸's store topped the sales charts, surpassing established competitors like泡泡玛特 (Pop Mart) and米哈游 (miHoYo) [5] Product Strategy -叠纸's merchandise primarily consists of affordable items, with over 70% priced under 60 yuan, and the highest-selling products being low-cost items like 18 yuan figurines and 12 yuan postcards [8][9][10] - The company employs various sales strategies, including pre-sales and limited-time offers, which create urgency among consumers [14][15] Consumer Demographics - The majority of叠纸's user base consists of women, with 87.2% of《恋与深空》 (Love in Space) players being female, and over half being born in the 1990s [11] - Players often exhibit strong emotional attachment to game characters, leading to high demand for related merchandise [12] Market Trends - The gaming merchandise market is experiencing explosive growth, with domestic orders for gaming-related products increasing significantly, indicating a cultural export of "国谷" (national trendy toys) [21] - The trend reflects a shift in consumer behavior from practical to emotional value in toy and merchandise purchases, with a growing interest in collectibles and character-based products [25]

题图 / 叠纸心意 当游戏公司在谷子市场认真起来 卖谷子是不是个好生意？ 对于游戏公司来说，比起自身营收，衍生品业务可能没那么赚钱。但随着谷子消费成为年轻人生活常态，游戏衍生品承担起情感链接、社交传播的职能， 已经成为许多游戏公司的"必修课"。 今年618电商大促，叠纸心意超过泡泡玛特和万代，登顶"天猫潮玩抢先购成交榜"榜首。而且该榜单前十，游戏IP数量过半。 叠纸心意、光与夜之恋品牌依靠的女性向游戏，玩家拥有"为爱消费"的需求，而米哈游身后的二游玩家，则与衍生品消费有着天然联结。 ACGx便打算从"打进500强"的三家游戏衍生品品牌入手，分析各家游戏公司布局谷子生态的思路差异。 本篇，我们聚焦的是叠纸心意。 还有前不久，由北京大学国家发展研究院发布、淘天集团提供技术支持的"全球品牌中国线上500强榜单"（CBI500）中，叠纸心意、米哈游、光与夜之恋 赫然在列。游戏公司的线上谷店虽客单价不高，但"18-24岁成交人群增速"和"成交金额增速"优势明显，玩家的高粘性和高复购率不容小觑。 | | | T- | | | 知名度 | | | 忠诚度 | | | 新锐度 | | | 美誉度 | | | --- | -- ...

点评：B社《上古卷轴IV：湮灭重制版》玩家人数超400万，凸显游戏行业持续增长潜力。对游戏板块 公司形成正面推动，尤其是游戏开发和发行商。同时在线人数表明游戏热度和玩家黏性，可能引发资本 市场关注。 NO.3 叠纸就《闪耀暖暖》更换配音一事致歉 4月27日，Sandfall Interactive工作室的首部作品《光与影：33号远征队》宣布游戏发售3天销量突破100 万份。目前，《光与影：33号远征队》在游戏评分网站Metacritic的玩家评分和媒体评分均已解禁，分 别得到9.7分和9.2分的高分（满分均为10分）。这是今年以来在该评分网站得分最高的游戏，超过了此 前得分9.1分的《双影奇境》。 点评：《光与影：33号远征队》销量三天破100万份，显示出游戏市场的强劲需求。这对游戏板块公司 形成利好，高评分表明游戏质量和市场接受度，可能带动相关公司股价波动。 NO.2 《上古卷轴IV：湮灭重制版》玩家人数超过400万 4月26日，美国游戏发行商Bethesda（以下简称"B社"）在社交媒体上宣布《上古卷轴IV：湮灭重制版》 发布以来玩家人数已经超过400万。游戏官方发文表示："感谢超过400万的你们带着《湮 ...