1月9日，《2025闲鱼次元年度报告》正式上线，首次全景呈现平台二次元用户的消费生态。数据显示，截至2025年底，闲鱼二次元、追星与游戏用户总量 已突破1.6亿，年度二次元消费人数同比增长47%。 过去一年中，谷圈、明星周边、硬周边、潮玩盲盒、毛绒玩具、娃圈、四坑及卡牌成为平台交易最活跃的次元圈层。其中，潮玩盲盒增势最为迅猛，订单 量同比激增250%，展现出强劲的圈层活力。 闲鱼二次元用户的"剁手"高峰集中在工作日下班后与深夜时段，多数用户的最晚下单记录可至23点。消费活跃的同时，用户也展现出成熟的"回血"能力 ——人均年度卖出二次元商品回血2541元，人均二次元增值收入282元，形成了独特的兴趣消费循环。 首届"闲鱼次元年度大赏"结果在报告中揭晓，直观反映了2025年二次元消费市场的潮流变迁。其中，星星人、哪吒、达菲和朋友们、LABUBU、 CRYBABY哭娃凭借订单量的快速攀升，获评"异军突起IP奖"。"最热IP奖"也同步出炉，LABUBU、恋与深空、时代少年团、高达、第五人格位列总榜前 五，成为过去一年闲鱼交易热度最高的次元IP。在商品层面，LABUBU-幸运、LABUBU-I FOUND YOU、DI ...

当"小学生收割机"卡游的IPO长跑仍悬于港交所门外、面临对赌倒计时之际，卡牌资本赛道已挤入新选手——潮流IP消费品公司Suplay已于近日递交招股 书，拟争夺"卡牌第一股"席位。 值得注意的是，表面"小而美"的Suplay，却难掩内在隐患。招股书披露，其自有IP收入贡献仅占4%，绝大多数营收依赖外部授权IP，暴露出严重的IP依赖 症。同时，公司销售高度倚重经销商渠道，这意味着跨区串货、价格体系混乱等风险难以掌控。 自卡游2024年初递表以来，整个卡牌赛道便被置于镁光灯下：暴利、标准缺失、青少年成瘾等问题相继成为行业标签。而卡游闯关港股两年未果，更让市 场对此类企业的上市前景投下疑虑。 如今，Suplay在情绪消费热度未退之际叩响港交所大门，其成人向定位虽暂避政策锋芒，但IP自主性薄弱、渠道管控乏力等结构性弱点，是否会在审视中 放大？在监管与市场的双重目光下，这或许不止是一场IPO闯关，更是对卡牌赛道商业可持续性的一次压力测试。 年入3亿，背靠米哈游 公开资料显示，成立于2019年底的Suplay是一家覆盖IP、渠道全产业链的潮流IP消费品公司。它从线上小程序起家，全渠道累计用户近百万。 在这次递表之前，市场几 ...

Core Viewpoint - The article discusses the emergence of a new consumption model called "Reward Economy" among the younger demographic in China, which is becoming a significant driver of domestic demand and consumption expansion as the economy transitions from high-speed growth to high-quality development [2][3]. Group 1: Definition and Characteristics of "Reward Economy" - "Reward Economy" refers to consumers purchasing non-essential goods or experiential services within their financial means to gain immediate pleasure, self-affirmation, and psychological healing in response to work and life pressures [3][4]. - This consumption behavior is increasingly popular among young people, serving as an important indicator of the vitality and resilience of the current Chinese consumer market [3][4]. Group 2: Psychological and Social Drivers - The rise of "Reward Economy" is driven by psychological and sociological factors, including the need for self-repair of psychological resilience and the significant elevation of demand levels as per Maslow's hierarchy of needs [6][7]. - Approximately 30% of young consumers engage in spending for emotional healing, indicating a shift from functional consumption to meaningful consumption, where products carry emotional significance beyond their material value [6][7]. Group 3: Impact on Industry and Market Dynamics - The development of "Reward Economy" is reshaping consumer behavior and imposing higher demands on the supply side, promoting industrial structural transformation and market vitality [7]. - Companies are adjusting product strategies to meet diverse, personalized, and quality-oriented consumer preferences, leading to innovation and the creation of new business models that integrate emotional value [7][8]. Group 4: Cultural Consumption and Economic Growth - A significant portion of spending within the "Reward Economy" is concentrated in the cultural and creative sectors, such as domestic cultural products and traditional crafts, which are driving the growth of the cultural industry and promoting the innovative development of traditional Chinese culture [7][8].

Group 1: Core Concept of "Reward Economy" - The "Reward Economy" is a new consumption model where consumers purchase non-essential goods or services to gain immediate pleasure and emotional satisfaction in response to work and life pressures [1] - This concept has gained traction on social media and is linked to popular IP consumption trends, with films like "Zootopia 2" generating over 3.6 billion yuan in box office revenue, leading to collaborations with over 70 brands across various sectors [1] - The upcoming release of "Avatar 3" further highlights the potential of IP consumption in driving market activity [1] Group 2: Investment Insights from Securities Firms - Dongxing Securities predicts that continued policy support by 2026 will boost consumer confidence, shifting investment focus in new consumption sectors from short-term narratives to business models and profitability barriers [2] - The report identifies three major trends in the new consumption industry: health-oriented, new pragmatism, and emotional consumption, along with developments in smart technology and overseas consumption [2] - Zhongtai Securities emphasizes that new consumption is fundamentally supply-driven, marking a "new consumption upgrade," with categories like tech sleep products and ergonomic chairs gaining momentum [2] Group 3: A-Share Related Themes - Beauty and personal care sectors reflect "self-reward" consumption, with companies like Betaini focusing on sensitive skin care, aligning with emotional value in the reward economy [3] - Proya, known for its anti-aging products, meets consumer demands for self-investment in appearance, while Huaxi Biological's functional skincare products cater to quality upgrades in skincare [3] Group 4: Tourism, Hospitality, and Dining - Dining and travel are classic forms of self-reward, with companies like China Duty Free benefiting from luxury purchases during travel, directly boosting their performance [4] - Tongqinglou targets celebratory consumption scenarios, while Jinjiang Hotels offers mid-to-high-end accommodations that align with current leisure spending trends [4] Group 5: Trendy Toys and Entertainment - Companies like Pop Mart cater to emotional consumption among younger demographics through collectible blind boxes, which serve as popular self-reward items [5] - Tom Cat is developing AI companion toys, aligning with emotional consumption needs, while Aofei Entertainment is engaging in the IP economy with AI toys and card game services [6] Group 6: Retail and Lifestyle Services - Retail companies like Baida Group are experiencing significant market performance driven by the reward economy, while Nanjing Shunyi reflects strong consumer recovery trends [7] - Meituan provides a platform for various self-reward consumption experiences, including high-end dining and hotel stays [7] Group 7: Other Niche Areas - Langsha, a leader in intimate apparel, aligns with consumer desires for quality and comfort, reflecting small-scale self-reward trends [8] - Zhongchong focuses on high-end pet food, catering to pet owners' emotional needs for rewarding their pets [8] - Deyi Cultural Innovation emphasizes IP operations and collectible products, appealing to young consumers' preferences for self-reward through trendy toys [8]

Core Viewpoint - The rise of the "Reward Economy" among young consumers in China reflects a shift in consumption patterns, driven by the desire for self-care and emotional fulfillment, as the economy transitions from high-speed growth to high-quality development [1][2][3] Group 1: Definition and Characteristics of the "Reward Economy" - The "Reward Economy" refers to consumers purchasing non-essential goods or experiences to gain immediate pleasure and psychological relief in response to work and life pressures [1] - Unlike the traditional "lipstick effect," which is a reaction to economic downturns, the "Reward Economy" showcases a proactive approach where consumers prioritize emotional value over mere functionality [2] - This consumption behavior indicates a significant shift in consumer decision-making, where emotional and psychological needs are increasingly prioritized alongside basic necessities [2][3] Group 2: Psychological and Social Drivers - The "Reward Economy" is supported by psychological resilience, where self-rewarding behaviors help individuals cope with stress and enhance mental well-being [3] - A notable increase in emotional and self-actualization needs, as per Maslow's hierarchy, drives consumers to seek products that provide emotional significance beyond their functional use [3] Group 3: Impact on Industry and Market Dynamics - The "Reward Economy" is reshaping consumer behavior and placing higher demands on supply-side industries, prompting innovation and the development of unique, high-quality products and services [4] - It encourages cross-industry integration, where traditional sectors like manufacturing and services merge to create new business models that enhance emotional value [4] - Cultural consumption is significantly boosted, particularly in areas like creative cultural products, which fosters the development of traditional culture through innovative transformation [4] Group 4: Regulatory and Market Considerations - The government is encouraged to promote rational consumption and prevent the pitfalls of consumerism associated with the "Reward Economy," ensuring that it serves broader human development goals [5] - Market regulation is essential to address issues like product quality and deceptive marketing practices, ensuring a trustworthy environment for consumers [5] - Companies are urged to enhance their supply capabilities and focus on delivering high-quality, emotionally resonant products, moving beyond superficial marketing tactics [5]

Core Insights - The report by QuestMobile indicates that by October 2025, the monthly active user base of post-00s on Taobao is expected to reach 155 million, reflecting a year-on-year growth of 11.6%, significantly outpacing other e-commerce apps [1] - The overall monthly active user count for post-00s across the mobile internet is projected to hit 179 million, with a year-on-year increase of 10.1%, representing 14% of all internet users [3] User Engagement and Consumption Trends - Post-00s exhibit a high level of internet engagement, with an average monthly usage time of 217.6 hours and 3,296.7 sessions, both showing increases of 3.7% and 4% respectively compared to the previous year [3] - The willingness to consume among post-00s remains stable, with nearly 95% falling into the high willingness and capability categories, primarily spending between 1,000 to 2,999 yuan, indicating strong consumption potential and a mature consumption structure [3] Interest and Consumption Characteristics - Post-00s show significant interest in sharing, food, and anime/culture, with their e-commerce consumption extending beyond mere shopping to include cyclical and emotional spending [5] - The demand for IP-linked products in the gold jewelry sector has surged, with numerous brands launching thousands of new IP collaboration products on Tmall, driven by the purchasing power of the post-95 and post-00 demographics [5] - The "Guzi economy" is identified as a key driver for post-00s, particularly in the areas of trendy toys and IP culture, with substantial growth in sales during events like Double 11, where over 300,000 new toy products were released [5] Platform-Specific Insights - On the Xianyu platform, there has been explosive growth in both the Guzi and trendy toy markets, with the trading volume for Guzi reaching a historical high and a 167% increase in sales for national style Guzi [5] - The second quarter saw a more than 300% increase in trendy toy trading volume, with a 43.4% year-on-year growth in the number of monthly consumers, and an average spending of 218 yuan per transaction [5]

Core Insights - The report by QuestMobile indicates that the monthly active user base of post-00s on Xianyu has reached 43.61 million, ranking fourth in the mobile shopping industry, with a growth rate of 47.1%, surpassing platforms like Taobao, JD.com, and Pinduoduo [1][3] User Engagement and Demographics - As of October 2025, the total monthly active user base of post-00s in the mobile internet has reached 179 million, showing a year-on-year growth of 10.1%, accounting for 14% of all internet users [3] - Post-00s exhibit a higher depth of internet usage compared to other demographics, with an average monthly usage time of 217.6 hours and an average of 3,296.7 sessions, reflecting year-on-year increases of 3.7% and 4% respectively, significantly above the average levels of all internet users [3] Consumption Trends - The consumption patterns of post-00s in the mobile internet reveal new characteristics, as they are not only focused on shopping but also engage in cyclical and emotional consumption, which serves both personal fulfillment and social asset accumulation [3] - Post-00s are identified as the core driving force behind the "Guzi economy," showing strong interest and high spending potential in trendy toys and IP culture [3] - Xianyu has experienced explosive growth in Guzi and trendy toy consumption this year, with historical highs in Guzi transaction volume in Q1 and a 167% increase in sales of traditional Guzi products; in Q2, trendy toy transaction volume surged over 300%, with a year-on-year increase of 43.4% in average monthly consumers and an average spending of 218 yuan per transaction [3]

再如年轻人消费群体集中的潮玩行业，以00后为主力群体的潮玩盲盒、动漫周边、娃圈等，天猫双11期 间增长均超两位数，超过30万个玩具潮玩新品在双11期间发售，盲盒、Lolita、游戏周边等新品大放异 彩，引领行业新品增长，叠纸心意、泡泡玛特、米哈游等二次元特征显著的品牌，位列双11潮玩品牌榜 前列。 除了个性、多样的商品生态，淘宝的年轻化运营同样成为吸引00后用户的关键。从去年开始，淘宝持续 通过猜题免单、春节许愿等贴合年轻人兴趣的互动活动吸引年轻用户，95后、00后是这些活动的主力参 与人群。今年5月，淘宝闪购上线。即时零售的受众以年轻群体为主，尼尔森IQ《2024年度网络购物趋 势研究报告》显示，即时零售用户中，35岁以下的年轻人占比达到了72%。淘宝闪购的高速增长，也为 淘宝带来大量年轻新用户。 本报讯(记者梁傲男)近日，QuestMobile发布《2025"00后"用户消费洞察报告》的显示，2025年10月，淘 宝00后月活用户规模达1.55亿，同比增长11.6%，远超其他电商app。 同时，00后线上消费意愿稳定，中高意愿与中高能力人群持续增长。以10月的数据为例，中高消费意愿 的00后占比接近95% ...

如黄金珠宝行业，各品牌今年在天猫旗舰店上新了上万款IP联名黄金产品，涵盖传统文化、动漫、游戏等多种元素，95后、00后年轻群 体成购买主力。双11期间，多款IP黄金新品集中上市，一些产品上架后迅速售罄。 再如年轻人消费群体集中的潮玩行业，以00后为主力群体的潮玩盲盒、动漫周边、娃圈等，天猫双11期间增长均超两位数，超过30万个 玩具潮玩新品在双11期间发售，盲盒、Lolita、游戏周边等新品大放异彩，引领行业新品增长，叠纸心意、泡泡玛特、米哈游等二次元特 征显著的品牌，位列双11潮玩品牌榜前列。 除了个性、多样的商品生态，淘宝的年轻化运营同样成为吸引00后用户的关键。从去年开始，淘宝持续通过猜题免单、春节许愿等贴合 年轻人兴趣的互动活动吸引年轻用户，95后、00后是这些活动的主力参与人群。今年5月，淘宝闪购上线。即时零售的受众以年轻群体为 主，尼尔森IQ《2024年度网络购物趋势研究报告》显示，即时零售用户中，35岁以下的年轻人占比达到了72%。淘宝闪购的高速增长， 也为淘宝带来大量年轻新用户。 近日，QuestMobile发布《2025"00后"用户消费洞察报告》，报告显示，2025年10月，淘宝00后月活 ...

Core Viewpoint - The company Copper Master is attempting a second listing in Hong Kong after its initial prospectus failed, capitalizing on the recovering sentiment in the Hong Kong consumer stock market [2][13]. Group 1: Business Performance - Copper Master has seen its revenue growth slow to single digits, with profits also declining, contrasting sharply with competitors like Pop Mart, which reported over 200% revenue growth and nearly 400% net profit growth [3][19]. - In the first half of 2025, Copper Master reported a main business revenue of 308 million yuan, a year-on-year increase of less than 10%, while net profit fell from 39.76 million yuan in the first half of 2024 to 30.24 million yuan [19][22]. - The average transaction price for Copper Master has significantly decreased, with online prices dropping from 958 yuan to 556 yuan and offline prices from 1918 yuan to 659 yuan from 2022 to the first half of 2025 [22]. Group 2: Market Positioning - Copper Master is often labeled as "the Pop Mart for middle-aged people," but this comparison is superficial as the two companies operate under fundamentally different business models [4][15]. - While Pop Mart focuses on emotional value and IP-driven products, Copper Master emphasizes tangible copper craftsmanship, leading to a lower gross margin of around 35% compared to Pop Mart's gross margin of approximately 70% [16][18]. - The target demographic for Copper Master includes middle-aged consumers who prioritize functional value and social status over emotional appeal, contrasting with the younger audience of Pop Mart [18][29]. Group 3: Growth Challenges - The company faces significant challenges in proving its growth potential, especially as it approaches its IPO, with concerns about its ability to meet investor expectations [21][25]. - Rising copper prices pose a threat to Copper Master's profit margins, as the company relies on raw material costs that are subject to market fluctuations [23][24]. - Copper Master is attempting to diversify its product offerings and target demographics by expanding into plastic and other materials, as well as collaborating with popular IPs to attract younger consumers [26][28]. Group 4: International Expansion - The company is exploring international markets, particularly in regions like Southeast Asia, Taiwan, and the United States, to leverage the appeal of Eastern aesthetics and craftsmanship [32][33]. - However, establishing a presence in overseas markets requires significant time and investment in brand education and channel development, making immediate financial returns unlikely [33].