情绪价值消费驱动，谷子经济崛起

Summary of Conference Call Industry Overview - The conference call primarily discusses the domestic two-dimensional (2D) IP industry and its growth potential in the context of the stock market's performance and consumer trends [1][2][6] - The industry is characterized by a long supply chain, which may involve various related sectors, indicating a complex market landscape [2] Key Insights - The stock market volatility has significantly increased this year, reflecting a broader trend in the industry, which is seen as a blue ocean market with substantial growth opportunities [2][6] - The two-dimensional IP serves as the core of new consumer products, with a focus on merchandise related to popular IPs, such as anime and gaming [2][3] - The market size of the two-dimensional industry in China has grown from 250 billion to 870 billion, with a compound annual growth rate (CAGR) of 19% expected to continue into 2026 [6][8] Product Categories - Products are categorized based on IP origin (domestic vs. foreign) and price range (ordinary, premium, and collectible items) [3][4] - Notable examples of successful IPs include "Black Myth: Wukong," which achieved 3.9 billion in pre-sale revenue, breaking records for domestic games [5] Consumer Trends - The consumer base is becoming increasingly younger, with a growing interest in emotional value and collectible items, driving demand for two-dimensional products [7][8][9] - The rise of community engagement and the popularity of collectibles are significant factors contributing to the industry's growth [9] Competitive Landscape - The industry is experiencing a high level of competition, with many companies actively seeking to capitalize on the growing market through IP collaborations and product diversification [6][14] - Companies with established distribution networks and strong brand partnerships are better positioned to leverage IP for product development and marketing [14][16] Future Outlook - The potential for continued growth in the two-dimensional industry is strong, driven by expanding consumer demographics and increasing engagement with IP-related products [8][9] - The industry is expected to maintain a double-digit growth trend, indicating a robust market environment for the foreseeable future [6][8] Additional Notes - The call emphasized the importance of strategic partnerships and the role of media content licensing in enhancing product visibility and market reach [12][13] - Companies are encouraged to explore innovative product combinations and marketing strategies to maximize the benefits of IP collaborations [16][17] This summary encapsulates the key points discussed during the conference call, highlighting the growth potential and competitive dynamics within the two-dimensional IP industry.