当电商冲击让传统商场沦为"B1层美食街撑场"的尴尬境地，当"消费降级"成为年轻人挂在嘴边的口头 禅，上海的二次元商场却像一匹黑马，杀出了一条血路。 静安大悦城"次元盛典2.0"活动，4天销售额破1000万。 百联ZX创趣场18个月累计客流超1500万人次，销售额直逼5亿。 上海更以15家全国百强二次元商场、80家知名品牌门店的绝对优势，把"谷子经济"（二次元周边消费） 推上了千亿级产业赛道。 这哪是"商场已死"？分明是"二次元当立"。 01 静安大悦城"次元盛典"引爆流量 那么，问题来了：当年轻人举着"痛包"（装饰满动漫徽章的背包）挤爆商场，当"吃谷"（购买二次元周 边）成为新社交货币。 这场狂欢背后，是一场"现充（现实生活充实的人）不够，二次元来凑"的虚假繁荣吗？ 先别急着下结论，看看上海的二次元商场是怎么"破圈"的？ 传统商场的逻辑很简单：货架摆满，品类越全越好，最好能从服装到家电一网打尽。 但现在的年轻人不买账了——"我要的不是购物，是体验、是认同、是圈子。" 于是，百联ZX造趣场祭出了"垂直痛楼"模式：旋转玻璃门换上动漫主角图，扶梯装饰跟着粉丝意见 改，连打卡物料都让粉丝参与设计。南京东路店开业18个 ...

2025年7月酷暑，40万装扮各异的年轻人涌入国家会展中心，参加二次元们一年一度的"朝圣活动"。 相比8年前首届BW（Bilibili World）的小众与自娱自乐为主，BW2025在规模与国际化程度上早已不可 同日而语。从早年50家展商到如今超过700家参展，内容不止包括二次元衍生品，游戏、AIGC平台、设 备商都加入其中。此外，40万参会观众人数创出了新高，国际观众的占比也达到了13%。 BW2025现场 这场亚洲规模最大的ACGN（Animation、Comic、Gam、Novel）盛会，不仅是二次元文化的狂欢，更 是上海互联网内容生态的缩影。 BW展会落幕两天后，上海市政府推出《上海市关于支持互联网优质内容创作的若干举措》，向全球内 容创作者发出邀约，从创意鼓励、创作补贴到职业认证、资金支持、明确了九条扶持政策（简称"沪九 条"）[1]。 上海的内容产业，不只是"文化"的出口，更是未来城市竞争力的关键界面。它所做的不仅是打造一座"内 容创作之城"，而且是在构建一个以内容为纽带、以科技为支撑、以制度为保障的现代城市新范式。 在这个范式里，创意不是点缀，而是核心生产力。 创意的力量：聚沙终成塔 从铁路网络 ...

机构：国海证券 研究员：杨仁文/方博云 事件： 2025 年7 月15 日，公司发布2025H1 业绩预告，预计2025H1 收入同比增长不低于200%，溢利（不包括 金融工具的公允价值损益）同比增长不低于350%。 投资要点： 2025H1 收入/利润同比高增，利润率同环比显著提升： （1）预计2025H1 收入同比增长不低于200%（2024H1 为45.58 亿元），即不低于136.73 亿元，2025Q1 收入同比增速区间为165%-170%，我们推测2025Q2 增速同比在220%以上；预计溢利（不包括金融工具 的公允价值损益）同比增长不低于350%（2024H1 溢利为9.64亿元，金融工具的公允价值变动损益-0.33 亿元），按同一口径计算即不低于44.89 亿元；推测2025H1 利润率在32.83%左右，较2024H1/2024H2 提升10.94/5.69pct。 （2）共鸣福赏专注二次元IP 衍生品，预计有不错增长空间。①共鸣： 2025H1 推出新品26 款（同比+8 款），产品类别多元；②福赏：2025H1推出新品9 款（同比+6 款）。 后续可能进军小家电行业，补充家居空间条线，持 ...

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **media and internet industry**, with a focus on **online music** and the **gaming sector**. The analysis includes insights into the **creator economy** and the impact of **AI** on content creation and consumption. Key Points on Online Music - The **online music sector** is highlighted as a key area of focus, particularly **NetEase Music**, which has been under continuous coverage since its IPO in 2022. The company is expected to achieve profitability and rapid growth in the coming years [20][21][25]. - The online music market is characterized by a **long-term growth potential** and a **volume-price synergy** logic, with platforms like **Spotify** expanding into new markets despite slower growth in the U.S. [21][22]. - **User engagement** is strong, with NetEase Music's monthly active users (MAU) projected to grow from approximately **44 million in 2023** to **53 million in 2024**, and the paid user base expected to increase from **44 million to 53 million** as well [25][26]. - The **paid conversion rate** is anticipated to rise from **21% in 2023** to **24% in 2024**, indicating a positive trend in monetization [25][26]. - The **cost of content** is expected to decrease as the exclusive copyright model evolves, leading to improved gross margins [27]. Key Points on Gaming Sector - The **gaming industry** is experiencing a recovery phase, with expectations of further growth from **2024 to 2025**. The sector is seen as a new consumption model that caters to younger demographics [4][5][6]. - The **supply-demand dynamics** in the gaming market are favorable, with a notable increase in the number of game releases and a healthy competitive landscape among developers [3][6][8]. - The **summer season** is projected to boost gaming engagement, as students have more leisure time, leading to increased user acquisition and revenue [13][17]. - The **AI integration** in gaming is highlighted, with products like **EVE** showcasing the potential for AI to enhance user interaction and expand the gaming audience beyond traditional gamers [10][12][19]. - The **valuation of gaming companies** remains attractive, with many trading at around **20-25 times earnings**, suggesting potential for upward movement as performance improves [18][19]. Additional Insights - The **creator economy** is emphasized, particularly in relation to AI-driven content creation across various formats, including music, video, and gaming [2][30]. - The **live entertainment sector**, including concerts and events, is expected to see increased activity, driven by consumer demand for immersive experiences [34][36]. - The **film industry** is also highlighted, with upcoming releases anticipated to perform well at the box office, potentially revitalizing interest in cinema [39][40]. Conclusion - The overall sentiment is optimistic regarding the **media and internet industry**, particularly in the realms of **online music** and **gaming**, with strong growth prospects driven by user engagement, AI integration, and evolving consumption patterns. The insights provided by the research team are intended to guide investors in identifying opportunities within these sectors [41].

智通财经记者 | 范易成 智通财经编辑 | 庄键 "设立互联网内容创作投资基金，支持微短剧、二次元、动漫游戏、网络文学、直播经济等"互联网内容 创作"产业发展。" "上海杨浦"微信公众号7月15日发布消息，杨浦即将发布《杨浦区打造互联网优质内容创作集聚区支持 政策》（下称《支持政策》），其中明确提出上述计划。 当天，《上海市关于支持互联网优质内容创作的若干举措》(下称"沪九条"）正式推出，明确支持杨浦 区、黄浦区建设在全球范围具有影响力、引领力的互联网优质内容创作集聚区。 去年，杨浦区软件和信息服务业全年营收超过3000亿元，总量约占全市的五分之一，哔哩哔哩（B站） 总部即位于杨浦区。B站成立于2009年，最初以二次元文化社区起家，如今已发展成为涵盖视频、直 播、游戏、电商等多领域的综合性内容平台。 童清艳认为，当下，短视频、直播、影视、动漫游戏等鲜活的流动内容，延伸了人类的感知、判断与记 忆，一系列政策的推出有望吸引专业的"知沪、爱沪、懂沪"的内容创意者与机构。 智通财经从杨浦区发改委获悉，6月以来，杨浦立足区域"大学+大厂"、"数字经济+科技创新"资源优 势，密集开展产业调研和政策制定工作，经征求各相关部 ...

中国青年报客户端讯（中青报·中青网记者 蒋肖斌）7月11日-13日，BilibiliWorld2025（BW2025漫展） 将在上海举办。00后、05后年轻人背着"痛包"（即带有二次元徽章的包）来沪观展、旅游；漫展场地出 现"痛车""痛巴"，上海变身一座"痛城"。 BW2025举办当周，上 海漫展场地出现"痛车"（即布满二次元动漫贴纸的车）。宇强/摄 美团旅行数据显示，漫展举办当周，上海文旅预订增速环比上涨35%，全国各地来沪火车票搜索量环比 增长36%，各地来沪机票预订量同比上涨近50%，漫展场地周边的热门高星酒店"暑期提前订"增速高达 475%。 漫展让更多异地游客"住下来"。BW2025举办场地"上海国家会展中心"周边3公里内的高星酒店，颇受年 轻游客欢迎。上海虹桥睿景酒店（国家会展中心店）总经理李先生表示，在6月份BW2025开票前后， 该酒店漫展期间房源即进入预订高峰期；截至BW2025开始前两天，酒店满房率已接近95%。 3天漫展背后，是数十万年轻人在沪产生交通、住宿、餐饮、即时零售、休闲玩乐等一系列消费。美团 旅行数据显示，仅7月第一周，号称"中国秋叶原"的"上海百联ZX"附近，美食搜索量环比上 ...

Core Insights - Huaqiang Plaza is successfully transforming foot traffic into consumer spending by creating an engaging shopping experience that appeals to families and children [4][6][8] - The plaza features a unique "Bears" theme, which has become a cultural anchor in the area, attracting a significant number of visitors and enhancing the public space [4][5][6] - The concept of a "third space" is realized through generous use of space, allowing for community engagement and a variety of activities beyond shopping [5][6][11] Consumer Engagement - The "Bears" themed immersive experience has made Huaqiang Plaza a popular destination for families, with attractions like a 22-meter high rainbow slide and themed play areas [7][8] - The plaza hosts a variety of first-store brands, enhancing its appeal and ensuring a steady flow of visitors, with over 200 brands, nearly 30% of which are making their debut in Shenzhen [8][9] - The integration of diverse activities, such as flea markets and themed events, fosters a sense of community and encourages repeat visits [6][8] Economic Impact - Huaqiang Plaza has seen a significant increase in foot traffic, from 160,000 visitors on opening day to an average of over 1 million monthly visitors [8][9] - The plaza is positioned as a key player in the local economy, contributing to the revitalization of the industrial area and attracting a young demographic [9][10] - The strategic location near major transportation hubs enhances its accessibility and potential for future growth, aligning with Shenzhen's broader commercial development plans [10][11] Community Integration - The plaza serves as a "city living room," providing a safe and comfortable space for local residents to engage in various activities, from morning exercises to late-night strolls [5][6] - By focusing on public value and community needs, Huaqiang Plaza is redefining the role of commercial spaces in urban environments [11] - The blending of industrial and commercial elements creates a unique atmosphere that caters to both consumer and cultural needs, promoting a harmonious urban development model [11][12]

Group 1: Youth Consumption Trends - The popularity of "LABUBU" blind boxes highlights the emotional consumption power of young people [1] - The "Youth Leader Empowerment Plan" in Wuxi aims to support young entrepreneurs in new business areas such as "ACG" (Anime, Comic, Game), "It Economy", and "Coffee+" [1] Group 2: Coffee Shop Experience - "Half Liang·Floating Life" coffee bookstore is a trending spot known for its artistic atmosphere and social media appeal [3] - The coffee shop emphasizes comfort and quality, aiming to create a space where customers can relax for extended periods [4] - The shop's success has attracted other young entrepreneurs to the area, fostering a community of similar businesses [4] Group 3: Innovative Team Building Activities - The rise of immersive script-killing team-building events, such as "Xun Shang Feng Yun", reflects a shift towards interactive and engaging experiences for young professionals [7] - The organizer, "Extreme Camp", has gained recognition for its unique approach to team-building, which includes character roles and historical themes [7] Group 4: Growth of the Two-Dimensional Market - MEGA Mingzhu Plaza has become a hub for two-dimensional culture, attracting 20 merchants within six months of its opening [10] - The store "Umaru-ya" has quickly become profitable, catering to a male demographic interested in anime-related products [10] - Wuxi's strong foundation in film and animation industries provides a favorable environment for the growth of the two-dimensional market [11]

央视网消息：近年来，被称为"二次元"的漫画刊物销售火热，一些走私分子见有利可图，便将境外有淫秽内容的"二次元"漫画刊物，以伪 报品名或海上偷运方式走私入境。 厦门海关查获七万册走私出版物 含大量淫秽书刊 去年以来，厦门海关缉私局共破获9起这类案件，查获涉嫌走私的"二次元"漫画刊物等非法出版物七万多册，目前经鉴定已有两万多册为 淫秽书刊。 厦门海关缉私局侦查二处一科副科长 王璠：再通过我国台湾地区的出版社、书商代购进行下单购买，货物统一运送到台湾的物流公司进 行集货。先是以国际邮包方式伪报品名走私入境，随着海关监管的加强，从而变更手法绕过海关监管，以海上偷运方式从沿海非设关地走私入 境。 走私中，杨某将涉案的"二次元"漫画等刊物伪报成工业目录或者普通纸张走私进境，通过对电子数据的分析，缉私民警掌握了杨某涉嫌走 私的相关证据。 王璠：在其上海的家中将杨某抓获，在其手机、电脑中发现其通过微信公众号小程序走私销售淫秽书籍（二次元漫画）相关证据，通过对 杨某审查，我们发现其从2022年至案发时，累计从境外走私非法出版物23000余册，其中经过鉴定淫秽书籍超过15000册。 顺藤摸瓜抓获上线嫌疑人 牵出多名下家 缉私部门 ...

潮玩连锁店专家交流 20250612 摘要 酷乐潮玩通过提供情绪消费产品，以低价策略在经济不景气时维持增长， 2023 年武汉、长沙等城市扩张迅速，显示其穿越周期的潜力。公司 2018 年快速扩张，但 2023 年后趋于谨慎，2025 年计划开设不超过 30 家新店，反映行业对市场恢复的保守态度。 酷乐潮玩单店销售额同比恢复约 90%，门店面积约 200 平方米，SKU 达 2,500-3,000 个，主要分为玩品（60%）、用品（20%）和潮流配 饰（30%）三大品类。儿童玩具毛利率较高（40%-60%），二次元产 品因 IP 属性毛利率较低（35%-40%），潮流配饰通过促销提高利润， 毛利率可达 60%以上。 酷乐潮玩通过直接与 IP 方谈判或从授权小品牌处采购 IP 商品。高知名度 IP 毛利较低，独家授权定价权高，毛利可突破 50%，但风险较高。与孩 童相关的产品需求稳定，未受整体消费环境明显影响。公司暂无加速发 展计划，重心放在国际市场拓展，如东南亚地区，销售额已达国内三倍， 利润率更高。 酷乐潮玩的主要竞争对手包括名创优品和 GARM Party。酷乐潮玩销售 额排名第三，门店数量排名靠后，但单 ...