Core Insights - The "back-to-school economy" is thriving, with various learning supplies and electronic products experiencing a sales boom as the new semester approaches [1] - Domestic stationery brands are transforming from mere "writing tools" to "emotional companions" through IP collaborations and technological innovations [1][2] Group 1: Market Trends - The hand account culture has rapidly expanded in China, with the topic on Xiaohongshu reaching nearly 11.2 billion views, indicating a shift in consumer demographics beyond students to include adults [2] - The high-end stationery market, previously dominated by Japanese brands, is now seeing domestic brands infusing emotional value and cultural resonance into their products [2][3] Group 2: Industry Challenges - The stationery manufacturing industry reported a cumulative revenue of 53 billion yuan in the first five months of 2025, with a year-on-year growth of approximately 7%, but profits have declined by over 20%, highlighting profitability pressures [3] - The industry faces challenges such as slowing growth rates and low-price competition, necessitating a focus on capturing the "self-satisfaction consumption" demand from consumers [3] Group 3: Cultural Collaborations - Collaborations with national cultural symbols are injecting new cultural imagination into stationery products, as seen with brands like Deli and Morning Glory partnering with popular films and animations [4][5] - These collaborations not only enhance product appeal but also resonate emotionally with consumers, transforming stationery into emotional companions [4][5] Group 4: Targeting the Youth Market - Domestic stationery brands are increasingly aligning with popular anime IPs to resonate with younger consumers, tapping into their interests and emotional needs [6][8] - The growth of the "二次元" (two-dimensional) economy is evident, with the user base projected to grow from 210 million in 2017 to 526 million by 2025, indicating a significant market opportunity for brands [8] Group 5: Innovation and Sustainability - Domestic stationery brands are innovating beyond traditional uses, incorporating technology and environmental considerations into their products [9][10] - New product designs include retractable pens and eco-friendly items made from recycled materials, showcasing a commitment to sustainability while meeting consumer needs [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Viewpoints - The company is leveraging popular anime IPs to innovate traditional stationery products, with ongoing expansion of derivative products and international markets [2][4]. - The company has launched various collaborative products with well-known IPs, enhancing product functionality and appeal [9]. - The internationalization strategy includes brand acquisitions and market expansion, aiming for a global presence [9]. Summary by Relevant Sections Recent Developments - The company has partnered with popular anime IPs to create events in 15 cities and 21 locations, with new products launched in 40 flagship stores, 2700 themed stores, and 20000 specialty stores [2][4]. Product Innovation - Since 2025, the company has enhanced its product offerings in traditional stationery through IP collaborations and functional improvements, introducing products like blind box pens and advanced stationery [9]. - Notable collaborations include products themed around "Nezha" and partnerships with Tencent Video for new anime IPs [9]. Derivative Products and Market Strategy - The company is focusing on derivative products through its independent brand "Qizhi Haowan," targeting the two-dimensional economy with various merchandise [9]. - The product range includes badges, acrylic keychains, and other stationery items, leveraging multiple sales channels to reach students [9]. Financial Projections - The company expects steady revenue growth, with projected net profits of 1.54 billion, 1.66 billion, and 1.79 billion yuan for 2025-2027, corresponding to PE ratios of 19, 17, and 16 times [9].