Core Viewpoint - The rise of "golden millet" products, which are gold jewelry linked to popular anime and cultural IPs, is attracting young consumers, but their investment value is questionable due to high premiums and reliance on their "millet" attributes rather than the gold itself [1][7]. Group 1: Market Trends - Multiple collaborations between gold brands and popular IPs have emerged, such as Lao Miao with "Tian Guan Ci Fu" and Chow Tai Fook with Chiikawa, indicating a trend towards targeting the younger, anime-loving demographic [2][4]. - The pre-sale period for these popular collaborative products can extend up to 45 days, reflecting strong consumer interest [2]. Group 2: Consumer Behavior - Young consumers are showing a willingness to pay high premiums for these collaborative products, viewing them as both collectibles and investments, despite concerns about the actual value retention [6][7]. - The perception of these "golden millet" products as investment items is prevalent, but only those with strong fan loyalty, limited availability, and official authorization have potential for appreciation [7]. Group 3: Pricing and Value - Collaborative products are significantly more expensive than regular items, leading to discussions among consumers about the value proposition and the business strategies behind these price increases [6][7]. - The resale value of non-officially authorized "golden millet" products is primarily based on the weight of the gold, with recovery prices around 770 RMB per gram, excluding any premium for the collaboration [7]. Group 4: Industry Insights - The Z generation is becoming the main force in gold consumption, valuing emotional connections and cultural recognition, which these IP collaborations fulfill [7]. - Traditional gold brands are leveraging popular IPs to rejuvenate their image and appeal to younger consumers, but they must carefully assess the value and premium of these collaborations to ensure sustainable growth [7].

机构：中信建投证券 研究员：杨艾莉/蔡佳成 核心观点 持续推荐公司，近期港股名称正式由阿里影业改为大麦娱乐，同时公司还有两项业务变化，代表在核心 业务上更加清晰和聚焦： 1）大麦：成为苏超南京苏州站的官方购票渠道标志大麦进入区域型体育赛事票务市场，扩大在男性用 户中的知名度，与以女性为主的音乐演出市场形成互补。看好大麦的票务覆盖范围扩张，加强"买票上 大麦"的用户心智，提升长期增长空间。音乐演出依然高景气，同时看好平台继续提升在本地演出、文 旅演出、体育赛事等领域的市占率。 2）IP：锦鲤拿趣品牌调整不影响公司C 端衍生业务开展。且从阿里鱼近况看，三里鸥、Chiikawa 等IP 授权和营销活动增加，看好业绩增量贡献。阿里鱼的全链路IP 运营能力，有望为公司后续签约更多优 质IP 打下基础。 我们预计2026-2028 财年公司归母净利润9.46/11.41/13.4 3亿元，同比增长160.18%/20.64%/17.65%，2025 年7 月7 日收盘价对应PE 为25.89/21.46/18.24x，维持"买入"评级。 事件 2025 年6 月25 日，据36 氪，基于市场、经营等综合因素考量，大麦娱乐 ...

Core Insights - The market for gold products linked to popular anime and gaming franchises is growing, with companies like Lao Feng Xiang and Chow Tai Fook targeting young consumers who value both emotional connection and investment potential in these items [3][5][11] - The pricing of these gold products is significantly higher than traditional gold jewelry, yet demand remains strong, as evidenced by long queues for limited releases [7][11] - Consumers are increasingly viewing these gold items not just as investments but as sentimental collectibles that represent their fandom [9][13][20] Company and Industry Analysis - Lao Feng Xiang has launched high-priced gold collectibles, such as the "Golden Saint Seiya" priced at 880,000 yuan, appealing to middle-aged fans of anime [3][5] - Chow Tai Fook's collaboration with Chiikawa has also seen success, with products selling out within hours, indicating a robust market for these niche items [7][11] - The emotional value associated with these products is a key driver of sales, as fans prioritize personal significance over traditional investment metrics [9][13] - The gold collectibles market is distinct from other merchandise, as gold's intrinsic value provides a level of security that other collectibles lack, despite higher price points [17][20] - The trend of creating custom gold items based on specific IPs is emerging, with designers like Ree capitalizing on the intersection of fandom and investment [15][18]

预约名额一秒抢空，热门IP对年轻消费者有强大号召力 当LABUBU萌物军团登陆天河CBD，一场由潮玩IP引发的消费狂潮正在广州掀起。6月13日，潮玩顶流 IP LABUBU主题快闪活动在广州启幕。作为该IP的华南首站，活动迅速引爆全城消费热情。 记者在现场看到，众多粉丝早早等候在商场外，甚至有粉丝"豪掷"5000元购买周边产品。LABUBU、哆 啦A梦、数码宝贝……随着越来越多IP快闪落地广州，"IP经济"所释放出的"虹吸效应"，正折射出广州 培育建设"国际消费中心城市"的消费活力。 "IP经济"成引流秘籍，年轻化IP与广州双向奔赴 此次IP快闪活动的"虹吸效应"，折射出广州消费市场的特征。放眼广州商圈，除了天环广场落地 LABUBU快闪活动，近来正佳广场还将集结超百个海内外高人气动漫、游戏IP，打造华南地区规模最大 的沉浸式次元文化盛会。据了解，经典人气动漫《宝可梦》、治愈系顶流《Chiikawa》、国民级游戏 《明日方舟》《光与夜之恋》等在内的超100个国内外知名动漫游戏IP通过充满创意的限定快闪店、主 题展、沉浸式生日会、见面会等丰富形式深度融入正佳广场的实体空间。 正佳广场相关负责人表示，"本届动漫狂 ...

五月份，老凤祥与《圣斗士星矢》推出联名产品，上市短短两周，系列产品已创下近亿元销售，其中最受关注的666克黄金手办售价88万元，限量30件被抢 购一空。当年轻人心目中的两大"顶流"黄金、谷子联手，商业价值似乎一触即发。 据悉，当前老凤祥的黄金手办在黄牛渠道已经攀升至百万级别。 而老凤祥也不是唯一一家开始做二次元生意的金店。比如周大福与Chiikawa联名转运珠，发售当日脱销，迪士尼系列累计销量超200万件；潮宏基与三丽 鸥、《哆啦A梦》《蜡笔小新》等IP的联名。 截至目前为止，各大黄金品牌的克价都在900甚至1000元上摇摆不下，另一头，谷子经济与整个二次元生意也蒸蒸日上，2024年中国谷子经济市场规模达 1689亿元，同比增长40.63%。 一场"双向救赎"？ 虽然黄金与二次元经济在消费市场上俘获了一票年轻人的心，但细究一番，二者各有苦楚，这或许也是"黄金手办"诞生的根本原因。 先看黄金。随着国际金价变幻莫测，黄金品牌的克价一波三折，越来越多的消费者对买黄金出现抵触心理，尤其是首饰类。2024年1月到9月，金饰消费持续 疲软，7月金银珠宝零售额（主要是金饰）同比下降了6%。 今年一季度，黄金首饰消费量继续低 ...

以下文章来源于Vista氢商业 ，作者大稚 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 儿童节俨然变成了餐饮界自己的双十一。 文 ｜ 大稚 编辑 ｜ 橘总 来源｜ vista氢商业（id：qingshangye666） 封面来源 ｜ 麦当劳官方微博 小时候，儿童节的重头戏是吃肯德基麦当劳； 长大了，过儿童节的重头戏是抢肯德基麦当劳的玩具。 儿童节俨然变成了餐饮界自己的双十一。 离6月1日还远着呢，各家针对儿童节套餐的预热、团购、抢券就早早开始了。说是套餐，亮点其实全在玩具。 从五月初开始， 肯德基联名三丽鸥 的儿童节套餐团购券就在抖音直播间被哄抢，哪怕肯德基后来在直播间摆出醒目大字 "玩具下架了" ，评论区还是不断有 人问，还有儿童套餐的券没？ 图源：公众号"阑夕" 这些年围观品牌们绞尽脑汁在玩具周边上卷创意，我们发现，玩具光是新潮好玩已经不够了， 还得能激发消费者改造的巧思，能供大家整活儿整出新花样 来， 才算有趣。 我们总结了今年玩具大战中比较会玩的几家，看看谁找回了你的童年回忆。 肯德基：联名三丽鸥再成销冠 今年热度拔得头筹的人气选手当属肯德基。这回 老肯拉来的帮帮玩嘉宾又是三 ...

Core Viewpoint - The company's Q1 2025 performance fell short of expectations, with revenue increasing by 19% year-on-year to 4.4 billion yuan, but adjusted net profit declining by 5% to 587 million yuan due to increased sales and financial expenses from upfront investments in direct stores [1][2]. Group 1: Financial Performance - Q1 2025 revenue reached 4.4 billion yuan, a 19% year-on-year increase, while adjusted net profit decreased by 5% to 587 million yuan [1]. - Domestic business revenue grew by 9% to 2.5 billion yuan, with same-store sales declining in the mid-single digits, and a net reduction of 111 stores [1]. - Overseas business revenue increased by 30% to 1.6 billion yuan, with a total of 3,213 stores, but same-store sales also saw a mid-single-digit decline due to high base effects [1]. - TOPTOY business revenue surged by 59% to 340 million yuan, indicating strong growth [1]. Group 2: Cost and Margin Analysis - Gross margin improved by 0.8 percentage points to 44.2%, driven by higher-margin overseas operations and increased revenue from TOPTOY [2]. - Sales expense ratio rose significantly by 4.4 percentage points to 23.1% due to increased upfront investments in direct stores [2]. - Financial expenses increased to 50 million yuan from a net income of 25 million yuan in the previous year, influenced by interest from stock-linked securities and loans [2]. - Adjusted net profit margin decreased by 3.3 percentage points to 13.3% due to rising tax rates and other expenses [2]. Group 3: Strategic Initiatives - The company is committed to advancing its IP strategy, focusing on interest-based consumption, with several new product lines launched this year [2]. - Plans include expanding the breadth and depth of IP collaborations to create differentiated products [2]. Group 4: Future Outlook - The company aims for positive same-store sales growth in domestic operations for the full year, particularly after improvements noted during the May Day holiday [3]. - Profit forecasts for 2025/26 have been revised down by 14% and 8% to 2.7 billion and 3.5 billion yuan, respectively [3]. - Target prices for Hong Kong and US stocks have been reduced by 8% to 42.28 HKD and 21.82 USD, respectively, reflecting a valuation adjustment [3].

1997年《泰坦尼克号》中，露丝的"海洋之心"贯穿整部影片。 但在2025年，追求爱情的故事已经不太奏效了。 《2024—2025年中国婚恋社交服务市场研究报告》显示，约七成被调查者在选择伴侣时，更倾向于寻找能够理解和支持自己个性的人，而不是因为家庭压 力或社会期望而结婚。 当代年轻人，在追求风花雪月之前，更想要追求一个舒适生活的、更有内涵的自己。 日剧截图 这条价值连城的蓝宝石项链不仅是她贵族身份的象征，更是她母亲用来约束她的一根纽带，代表着贵族阶层的财富和权力。 将凝重的珠宝赠予他人，成为两性间最庄重的海誓山盟。 2007年的《色·戒》中，易先生在结局得以逃命的关键，就在于那颗6克拉卡地亚粉钻。王佳芝看着赠予自己的钻石闪闪发光，将这份物质幻化为爱的证 据，使得那句攸关生死的"快走"脱口而出。 《色·戒》 根据贝恩发布的《2024年中国奢侈品市场报告》显示，2024年中国内地奢侈品市场未能延续增长势头，并且预计2025年表现将与2024年持平。 奢侈品寒冬，各位首饰大牌也按捺不住地放下身段，开始寻求更加"接地气"的身份。变换"人设"，继续讲述自身存在的价值。 首饰们的"人设"悄悄变了 Tiffany去年意外 ...

潮生TIDE . 36氪旗下生活方式内容品牌。潮来潮去，生活不息。 以下文章来源于潮生TIDE ，作者J、Haru 潮汐Mail第9期， 让我们看看4月那些值得回看的新闻。 01 走进宫崎骏动漫的梦想， 已经实现了？ 这个月，社交平台被网友们的吉卜力风格照片占领了。只需通过AI一键转变，任何人都能化身为 宫崎骏动画中的人物。 ● 吉卜力风格《蒙娜丽莎的微笑》 生活潮汐，每月浮沉。信息涌浪，日日不息。 潮生TIDE本月为你捕捉6件最值得关注的事， 它们包含城市生活、消费趋势与潮流热点。我们关注事 件，更关注事件之间的关联与延伸。 这项技术来自于全球人工智能领军企业OpenAI推出的ChatGPT全新多模态模型GPT-4o（o意 为"Omni"，即全能）。只需短短15秒，不仅能精准地根据文字指令生成图像，还能将用户上传的 图像转变为任意风格。 吉卜力风格是其中最受欢迎的一个，除了人像以外，风景、宠物也不在话下，感觉"整个世界都变 可爱了"——就连美国总统特朗普的各种新闻图都蒙上了一层柔和治愈的色彩。 ● 吉卜力风格特朗普，图源@推特Mikolaj Teperek 一方面网友们踊跃尝试，一方面也有人质疑这项技术对作 ...

Investment Rating - The report does not explicitly state an investment rating for Chow Tai Fook, but it provides insights into the company's performance and expectations for future profitability [4][8]. Core Insights - Chow Tai Fook's overall retail sales value (RSV) declined by 11.6% year-on-year in FY25Q4, with the Mainland market and Hong Kong/Macao markets experiencing declines of 10.4% and 20.7% respectively, primarily due to macroeconomic factors and high gold prices affecting consumer sentiment [1][9]. - Despite the decline in same-store sales volume, the company successfully increased the RSV share of high-margin products by optimizing its product mix and adjusting pricing, leading to an increase in same-store average selling price (ASP) [1][11]. - The ASP for gold jewelry in Mainland China rose to HK$6,400, a 14.3% increase from HK$5,600 in FY24, while in Hong Kong and Macau, it rose to HK$8,600, a 14.7% increase from HK$7,500 [1][9]. Summary by Sections Retail Performance - In FY25Q4, same-store RSV in the Mainland market decreased by 10.4%, with direct-managed and franchised stores seeing declines of 13.2% and 8.7% respectively. The Hong Kong and Macau markets recorded a 22.5% decline in same-store RSV [2][10]. - The high gold prices have suppressed consumer willingness to purchase gold jewelry, impacting sales of gram-weight products [2][10]. Product Strategy - The company accelerated the introduction of set-price products, which accounted for 19% of total RSV in FY25, exceeding the initial target of 15%. This proportion is expected to increase to 20%-23% in FY26 [3][11]. - The RSV share of priced products in the gold jewelry category rose from 9.4% in FY24Q4 to 25.6% in FY25Q4, surpassing management expectations [3][11]. Store Network Optimization - Chow Tai Fook closed 896 stores in the Mainland market during FY25, primarily underperforming locations, with a total of 6,423 stores globally as of FY25Q4 [5][12]. - The company opened two new image stores in Shanghai and Wuhan, achieving higher productivity levels compared to closed stores, with average monthly sales of approximately HK$1 million [5][12]. Collaborative Products - In March 2025, Chow Tai Fook launched a co-branded gold jewelry collection with Chiikawa, featuring nine designs that sold out quickly, indicating strong market demand for innovative products [6][13].