谷子经济崛起，泡泡玛特新高，关注悦己消费

Summary of Conference Call Notes Industry Overview - The discussion revolves around the IP (Intellectual Property) and collectibles industry, particularly focusing on the trends in the Chinese market and the performance of companies like Pop Mart and Kailu [1][2][3][19]. Key Points and Arguments - The industry has seen a shift from expectations to reality, with companies like Pop Mart demonstrating strong performance even in less liquid market conditions [2]. - The collectibles market is characterized by products that provide emotional value, appealing to different generations' consumption habits [2]. - The definition of collectibles includes a wide range of products such as comics, animations, games, and merchandise related to popular IPs [3][4]. - The core user demographic for collectibles primarily includes students and young adults aged 18-40, with a significant focus on female consumers in urban areas [5][6]. - The market size for collectibles is projected to reach 130 billion yuan by 2026, indicating a robust growth trajectory for the industry [7]. - The sales channels for companies vary, with some relying heavily on distributors while others focus on direct sales through self-operated stores [17][19]. Financial Performance - Kailu reported an 80% revenue growth in 2022, reaching 4.1 billion yuan, with a profit margin of 39% [12]. - The profitability of card products is notably high, with gross margins reaching 71% and net profit margins up to 43% [16]. - The revenue growth for companies like Pop Mart is stable, while others may experience fluctuations due to reliance on single IPs [16]. Market Trends - The rise of collectibles is linked to the popularity of certain IPs, such as Ultraman and My Little Pony, which are expected to drive future sales [13][16]. - The social and trading value of collectibles is significant, with many products designed to foster community engagement and social currency [6][14]. - The industry is witnessing a trend towards vertical integration, with companies expanding their operations from distribution to include IP development and direct sales [21][22]. Additional Insights - The cultural shift towards collectibles is seen as a genuine trend, particularly among the younger generation, who are willing to spend on emotional and nostalgic products [21]. - Companies are encouraged to explore investment opportunities in the collectibles sector, considering market risks and liquidity [22]. Conclusion - The collectibles industry, particularly in the context of IP-driven products, is poised for significant growth, driven by changing consumer preferences and successful business models from leading companies like Pop Mart and Kailu [19][22].