□本报记者 齐亚琼 2025年的郑州，"谷子经济"（即动漫、游戏等流行文化IP周边商品经济）如一阵热潮席卷而来：上半年 吹热了商圈街巷，下半年渐归理性。在潮起潮落间，勾勒出情绪经济的发展脉络与商业本质。 从漫展上人头攒动的"集邮"场景，到商圈里次第绽放的谷子店，再到年末市场的冷静调整，这一 年，"谷子经济"在郑州完成了从"谷子狂欢"到"行业深耕"的市场转变。 半年后再次回访河南探十里商业管理有限公司董事长司小伟，这位"商业老炮"依然保持他专业、严谨的 行事风格。从行业发展的底层逻辑出发，他剖析了"谷子经济"的市场变化。 热潮之下，是Z世代的热爱与共鸣。记得采访中，"三月兽"品牌销售人员王雅琪能对每一张卡牌的角色 内涵如数家珍，大上海城的咖啡师万莉则把逛谷子店当作释放压力的出口。这些"00后"因热爱入局，让 一枚"吧唧"、一个立牌超越了商品本身，成为承载情感价值的精神载体。 他的判断点透行业本质：新事物兴起时，总会有看热闹的跟风者与真正的热爱者，但最终留下的，必然 是遵循健康运营逻辑、符合市场规律的从业者。 有行业分析，"谷子"成为Z世代的社交货币，中国谷子经济规模预计2029年将超3000亿元。但作为经济 细 ...

一折谷、一元谷、一斤谷……泡沫破裂冲击之下的谷子市场，将走向何方？ 上周（12月19日），在东方证券举办的2026年度投资策略会上，文创潮分享了一个行业现象，"谷子大逃杀"。 对于很多谷子店铺来说，这个冬天格外寒冷。甚至有不少 商家表示，营业额已经"不够交电费"。 连 谷谷逛谷 、艾漫、墟弥、模玩熊这种资金实力较为雄厚的连锁门店，还有三福百货、大众书局等不只售卖谷子的渠道，都加入了"一折清仓"大战，三 月兽等谷子品牌的产品也早已大量流入打折渠道。 "一折谷"似乎只是一个开始，已经有些商家开始打出"一元谷"的口号，比如声称营业店铺40余家的独角星。在某些平台，还出现了"9.9元一斤谷子"的现 象。打折，既是回血，也是吸引顾客进店购买其他产品的手段。 一元谷 谷谷逛谷 、艾漫、墟弥、模玩熊等门店的一折谷 三福百货、谷里谷气、元气集、大众书局等渠道的一折谷 一斤谷 与此同时，谷子的消费者 发现，此前他们原价甚至溢价抢购的吧唧或立牌， 最近 纷纷七折、五折、三折、一折，甚至被放进了 一元 "垃圾筐"供人翻 捡，自己忽然就成了"早买早享受"的冤大头。 我们还注意到，"谷价"崩坏的不只是《排球少年》《蓝色锁链》《原神》《 ...

Core Viewpoint - The article discusses the rise of the furry community in China, particularly among younger generations, highlighting its transformation from a niche subculture to a mainstream social activity that fosters connections and self-expression [3][6][34]. Group 1: Furry Culture and Community - The furry community, originally a niche culture, has evolved into a safe social tool for young people, allowing them to engage in social activities without revealing their identities [6][10]. - The second large furry convention in Beijing, "万萬 吉," attracted a significant number of participants, primarily teenagers and their parents, indicating a shift towards family-friendly events [3][10]. - The popularity of furry conventions has surged since the end of the pandemic, with numerous new events scheduled across various cities in China, reflecting a growing interest in this subculture [8][34]. Group 2: Economic Aspects and Accessibility - Historically, the furry community was perceived as expensive due to the custom nature of furry costumes, which could cost thousands of yuan, creating a high entry barrier [14][20]. - Recent trends show a decrease in costume prices and an increase in the availability of affordable options, making it easier for newcomers to join the community [20][22]. - The furry community is expanding its definition, now including various forms of media and merchandise, allowing more people to identify as part of the furry culture without necessarily owning a costume [22][24]. Group 3: Social Dynamics and Personal Expression - The furry community serves as a platform for social interaction, where individuals can express themselves through their furry personas, often leading to deeper connections and friendships [27][29]. - Participants often feel a sense of safety and freedom when wearing furry costumes, allowing them to explore different aspects of their identities [29][31]. - Events are designed to encourage socialization beyond the costumes, helping participants to find their true selves and build confidence in social settings [33][34].

Group 1: Market Growth and Trends - The "Guzi economy" market size in China is projected to grow from 58 billion yuan in 2020 to 168.9 billion yuan by 2024, nearly tripling in size[9] - By 2029, the overall market size is expected to reach 308.9 billion yuan[9] - The number of related enterprises in the Guzi economy has increased from 78,900 in 2015 to nearly 7 million by mid-2025, an increase of 87 times[9] Group 2: Consumer Demographics - Consumers aged 18 to 40 account for over 78% of Guzi product purchases, with the Gen Z demographic contributing more than 50%[13] - Female consumers' share in the Guzi economy is projected to rise from 67% in 2023 to 78% by 2025[13] - High-tier cities account for over 80% of Guzi consumption, indicating potential growth in lower-tier markets[13] Group 3: Challenges and Recommendations - Insufficient copyright protection is harming the interests of original creators and consumers, necessitating stronger IP protection measures[34] - Market disorder due to irrational speculation is disrupting the Guzi economy, highlighting the need for regulatory oversight[34] - The industry faces challenges from homogenized competition, which limits growth potential, suggesting a need for innovation in IP development and product differentiation[36]

Group 1 - The core viewpoint of the news is that Guangbo Group is actively engaging with institutional investors and showcasing its business performance and future strategies [1] Group 2 - In the first half of 2025, Guangbo Group achieved total operating revenue of 1.171 billion yuan, an increase of 2.38% year-on-year; net profit attributable to shareholders was 76.1341 million yuan, up 4.22% year-on-year; and net profit excluding share-based payment effects was 78.2615 million yuan, a rise of 7.13% year-on-year [2] - The company is expanding its overseas market channels and product layout, which has positively impacted the overall sales revenue of leisure products, although sales of creative products decreased to 63.746 million yuan due to market environment changes [2] - Guangbo Group is focusing on the incubation of new projects such as card games and plush toys, with progress reported as smooth [2] Group 3 - Guangbo Group has established production bases in Vietnam, Cambodia, and Malaysia, creating a multi-regional collaborative production foundation that enhances its ability to respond to global supply chain fluctuations and optimize cost structures [3] Group 4 - The company is deepening its IP operations by building an IP matrix that balances both major and niche IPs, allowing for targeted marketing to specific consumer groups while leveraging the strong traffic aggregation capabilities of major IPs [4] - Guangbo Group is currently authorized to use numerous popular domestic and international IPs and plans to promote co-branded products in a timely manner, focusing on categories such as badges, colored paper, and standees [4]

Group 1: Financial Performance - In the first half of 2025, the company achieved total revenue of 1.171 billion CNY, a year-on-year increase of 2.38% [2] - The net profit attributable to shareholders was 76.1341 million CNY, up 4.22% year-on-year, while the net profit excluding share-based payment impacts was 78.2615 million CNY, reflecting a 7.13% increase [2] - Sales revenue from leisure lifestyle products reached 148 million CNY, marking a significant growth of 40.38% year-on-year, driven by strong overseas sales [3] Group 2: Product Sales and Strategy - The creative product category generated sales of 63.746 million CNY, showing a decline compared to the previous year due to market changes affecting IP student product sales [3] - The company is focusing on incubating new projects such as card games and plush toys, aiming to enhance product competitiveness through increased R&D investment and improved design [3] - The strategy includes building a premium product matrix to capture market share and achieve steady revenue growth [3] Group 3: IP Operations - The company is enhancing its IP operations by building a matrix of both major and niche IPs, aiming to reach specific consumer segments while leveraging the traffic of major IPs [4] - A comprehensive marketing system is being developed to convert content popularity into consumer sales, supported by participation in industry events and fan interactions [4] - Key licensed IPs include "Mystery Lord," "Zhu Xian," "Detective Conan," and others, with plans to promote co-branded products in various categories [5] Group 4: Overseas Production Strategy - The company has established production bases in Vietnam, Cambodia, and Malaysia, creating a multi-regional production network [6] - This strategy allows for flexibility in responding to global supply chain fluctuations and regional trade policy changes, effectively reducing operational risks and optimizing cost structures [6] - The enhanced supply chain capabilities are expected to strengthen the company's competitive position in international markets [6]

Core Viewpoint - The "Guzi" economy, referring to the consumption culture and economic form surrounding secondary dimension IP peripheral products, is rapidly growing in China, with a market size projected to reach 168.9 billion yuan in 2024 and exceed 300 billion yuan by 2029. However, concerns regarding product quality and safety are rising as the market expands [1]. Group 1: Quality Concerns - The quality of "Guzi" products is inconsistent, with reports of issues such as stains, paint peeling, severe color differences, and material shrinkage. These problems raise concerns, especially since the primary consumers are young people, including minors, who may be at risk from harmful substances [2][3]. - There are allegations of harmful chemicals, such as excessive formaldehyde and heavy metals, being present in low-quality "Guzi" products, which could lead to serious health risks, particularly for children [4]. Group 2: Sources of Poor Quality - Investigations reveal that substandard "Guzi" products often use unqualified materials to reduce costs, leading to potential health hazards. Additionally, many products lack proper quality certification and standards, contributing to the prevalence of low-quality items in the market [3][4]. Group 3: Sales and Market Dynamics - Some sellers admit to marketing "Guzi" products without proper certifications, capitalizing on their novelty and appeal to minors, which creates a significant profit margin despite the risks involved [5]. - The lack of consumer awareness among minors regarding product quality further enables unscrupulous sellers to exploit the market [5]. Group 4: Regulatory Challenges - The emergence of new products in the "Guzi" economy has created regulatory blind spots, as many items do not fit neatly into existing categories for children's or educational products, complicating oversight [6][7]. - There is a pressing need for clear standards and regulations to ensure product safety and quality in this rapidly evolving market [8]. Group 5: Regulatory Actions - Regulatory bodies in regions like Zhejiang and Beijing are taking steps to enhance the quality and safety of "Guzi" products, including regular inspections and the requirement for compliance with product quality laws [9]. - Recommendations include stricter oversight of online sales and the necessity for sellers to provide detailed production and quality assurance documentation [9].

Core Insights - The "Guzi economy," referring to the consumption culture and economic form surrounding secondary dimension IP peripheral products, is projected to reach a market size of 168.9 billion yuan in 2024 and exceed 300 billion yuan by 2029 [1] Group 1: Market Overview - The "Guzi economy" is rapidly growing, with young consumers increasingly purchasing items like badges, standees, cards, and figurines, indicating a significant new consumption trend [1] - Concerns regarding the quality and safety of "Guzi" products have emerged alongside this growth, highlighting the need for regulatory oversight [1] Group 2: Quality Concerns - Reports indicate that the quality of "Guzi" products is inconsistent, with issues such as stains, paint peeling, severe color differences, and material shrinkage being common [2][4] - There are alarming claims of harmful substances, such as excessive formaldehyde, being present in these products, raising health concerns, especially for young consumers [4][5] Group 3: Sources of Poor Quality - Investigations reveal that substandard "Guzi" products often result from the use of unqualified materials and lack of proper quality certification [5][6] - Some products may contain harmful chemicals, including plasticizers and heavy metals, posing risks to health, particularly for children [7] Group 4: Sales and Regulation Issues - The market for "Guzi" products includes many items without proper certification, as sellers prioritize profit over compliance with safety standards [9][10] - New products in this category often fall into regulatory blind spots, lacking clear classification under existing safety standards, complicating oversight [11][13] Group 5: Regulatory Actions - Regulatory bodies in regions like Zhejiang and Beijing are beginning to take action to ensure the quality and safety of "Guzi" products, incorporating them into regular market supervision [14][15] - There is a call for the establishment of industry standards and enhanced monitoring of sales channels, including online platforms, to protect consumers [15]

Core Viewpoint - The "Guzi" economy, centered around the consumption culture and economic form of secondary dimension IP peripheral products, is rapidly growing in China, with a market size projected to reach 168.9 billion yuan in 2024 and exceed 300 billion yuan by 2029, raising concerns about product quality and safety [1]. Group 1: Quality Concerns - The quality of "Guzi" products is inconsistent, with reports of harmful substances and safety issues, particularly affecting young consumers [2][3]. - Complaints about "Guzi" products include issues such as stains, paint peeling, severe color differences, and material shrinkage, which could pose health risks, especially to minors [3]. Group 2: Sources of Poor Quality - Investigations reveal that substandard "Guzi" products often use unqualified materials and lack proper quality certifications, leading to potential health hazards from harmful chemicals like formaldehyde and heavy metals [4][6]. - Some products are produced without rigorous quality testing, resulting in unstable quality and potential safety risks [8]. Group 3: Sales and Market Dynamics - There is a market for "three-no" (no quality certification, no production license, no business license) "Guzi" products, driven by high profit margins and demand from minors [10]. - The curiosity of minors and their lack of ability to discern product quality create opportunities for unscrupulous sellers [11]. Group 4: Regulatory Challenges - New products in the "Guzi" economy often fall into regulatory blind spots due to unclear definitions and lack of applicable standards, complicating oversight [12][14]. - The absence of targeted quality standards for emerging products like AI dialogue toys makes it difficult to determine which regulatory body should oversee them [14]. Group 5: Regulatory Measures - Regulatory authorities in regions like Zhejiang and Beijing are taking steps to ensure the quality and safety of "Guzi" products, including regular inspections and the requirement for compliance with product quality laws [16]. - There is a call for the establishment of industry standards to ensure manufacturers have clear guidelines to follow, alongside increased scrutiny of sales channels, especially online platforms [16].

Core Viewpoint - The "Guzi" economy, referring to the consumption culture and economic form surrounding secondary dimension IP peripheral products, is rapidly growing in China, with a market size projected to reach 168.9 billion yuan in 2024 and exceed 300 billion yuan by 2029. However, concerns regarding product quality and safety regulations are increasingly prominent [1][4]. Group 1: Market Overview - The "Guzi" economy is characterized by the popularity of products such as badges, standees, cards, and figurines among young consumers, particularly minors [1][2]. - The rapid growth of the "Guzi" economy has led to a significant increase in consumer interest, making it a noteworthy new consumption phenomenon [1]. Group 2: Quality Concerns - There are significant quality discrepancies in "Guzi" products, with reports of issues such as stains, paint peeling, severe color differences, and material shrinkage [2][4]. - Some consumers have raised health concerns, suspecting that certain "Guzi" products may contain harmful substances like excessive formaldehyde [4][5]. Group 3: Sources of Poor Quality - Investigations reveal that substandard "Guzi" products often result from the use of unqualified materials and lack of proper quality certification [5][6]. - Some products may contain harmful chemicals, including formaldehyde and heavy metals, posing health risks, especially to children [7][8]. Group 4: Regulatory Challenges - The emergence of new "Guzi" products has created regulatory blind spots, as they do not fit neatly into existing categories for children's or educational products [11][12]. - There is a lack of clear standards for these new products, complicating the determination of which regulatory body should oversee them [13]. Group 5: Regulatory Actions - Regulatory bodies in regions like Zhejiang and Beijing are taking steps to ensure the quality and safety of "Guzi" products, including regular inspections and the requirement for compliance with product quality laws [15]. - There is a call for the establishment of industry standards to ensure manufacturers have clear guidelines to follow, as well as increased scrutiny of online sales platforms to prevent the sale of substandard products [15][16].