Eliza Wong
Executive Summary
Key insights from Deli Group’s strategic shift:
– Deli is aggressively pursuing IP collaborations and tapping into China’s growing “谷子经济” (fandom economy) to attract younger consumers amid declining traditional stationery sales.
– The company has diversified into real estate, financial services, and recently entered the EV charging sector, signaling a broad-based diversification strategy.
– Despite innovation, product quality complaints and operational challenges in new sectors pose risks to brand reputation and sustainable growth.
– Deli’s moves reflect broader trends in China’s consumer and manufacturing sectors, where traditional businesses are adapting to digitalization and changing consumer preferences.
Deli’s Foray into the Fandom Economy
Deli Group, a household name in China’s stationery industry, is making headlines with its ambitious push into the “谷子经济” (fandom economy). The company’s recent “Deli Super Stationery Festival” spanned 26 cities, featuring collaborations with popular IPs like “Nezha: The Devil’s Birth,” “Haikyuu!!,” “Crayon Shin-chan,” and “Eggy Party.” This marked a significant escalation from its earlier, smaller-scale events.
IP Collaborations and Marketing Blitz
Deli’s marketing strategy included landmark advertisements in city centers, subway-themed trains in Beijing, branded airships in Shanghai and Hangzhou, and drone light shows over the Bund. The campaign attracted long queues of young consumers, blending stationery shopping with fan culture experiences. Since 2018, Deli has partnered with global IPs such as Pikachu, Harry Potter, and DC’s Justice League. However, 2024 saw a surge in domestic IP collaborations, targeting China’s nearly 500 million泛二次元 (pan-secondary dimension) users, predominantly aged 12-22.
Challenges and Consumer Feedback
Despite the buzz, Deli faced criticism for operational issues. The “Guardian Sweetheart” pop-up event was accused of artificial scarcity and poor inventory management. Customers also reported delays and cancellations for popular items like the Nezha-themed crossbody bags and pencil cases. On social media, complaints about product quality—such as inconsistent paper thickness and poor durability of book covers—have persisted, with over 1,600 complaints on platforms like Hei Mao Tou Su (Black Cat Complaints).
Beyond Stationery: Deli’s Diversification Strategy
Deli’s pivot to IP collaborations is part of a broader diversification strategy driven by challenges in its core business. The rise of digitalization in offices and schools has squeezed demand for traditional stationery. According to the 2025 China Stationery Industry Report, the sector’s profits fell by over 24% in the first half of the year, pushing companies like Deli and rivals such as晨光文具 (M&G Stationery) to explore new revenue streams.
Real Estate and Financial Ventures
Under the leadership of founder Lou Fujun (娄甫君), Deli has expanded into real estate, hospitality, and financial services. Through得力房产 (Deli Real Estate), the company dominates the market in Ninghai, Zhejiang, with a share exceeding 80%. Since 2024, Deli has acquired seven plots in Ningbo and Huzhou, investing over 3.8 billion yuan. In finance, Deli holds a 24% stake in宁海县华信小额贷款股份有限公司 (Ninghua County Huaxin Small Loan Co., Ltd.), established in 2008. However, Huaxin Small Loan has been involved in 342 judicial cases, highlighting risks in this segment.
Entry into EV Charging Infrastructure
In June 2025, Deli launched its first home EV charging桩 (charging pile), with a 7kW rated power compatibility with major EV brands. This move into新能源 (new energy) infrastructure represents another bold step in Deli’s diversification strategy. Industry analysts note that entering this technically complex field without prior experience poses significant challenges, including building supply chains and technical teams from scratch.
Leadership and Strategic Vision
Lou Fujun (娄甫君), 64, remains at the helm as chairman and general manager, overseeing Deli’s strategic direction. Along with his brother Lou Fuan (娄甫安), the Lou brothers control 95% of Deli Group. Their leadership has emphasized diversification, reflecting a proactive approach to market changes. In 2022, CEO陈雪强 (Chen Xueqiang) noted that traditional stationery’s share of revenue had dropped from 80% to below 60%, with new businesses driving growth.
Comparative Industry Moves
Deli is not alone in its转型 (transformation).晨光文具 (M&G Stationery) launched九木杂物社 (Jiumu Sundry Shop) in 2016, focusing on IP-based lifestyle products. In the first half of 2025, Jiumu reported revenue of 756 million yuan, up 9.49% year-on-year. This underscores the industry-wide shift towards experiential and emotional consumption, particularly among younger demographics.
Market Implications and Future Outlook
Deli’s diversification strategy highlights several key trends in China’s market: the growth of the fandom economy, the decline of traditional manufacturing sectors, and the rush towards new energy and technology-driven industries. The “谷子经济” (fandom economy) is projected to exceed 300 billion yuan by 2029, offering substantial growth potential. However, success requires more than superficial IP collaborations; it demands deep cultural understanding, innovative sales models, and enhanced product functionality.
Expert Insights
Zhang Yi (张毅), CEO of艾媒咨询 (iiMedia Research), emphasizes that effective IP strategies involve immersive experiences and technological innovation. Deli’s strengths lie in its supply chain and distribution networks, but it must overcome gaps in IP management and operational execution. The company’s foray into EV charging and financial services also requires careful navigation of regulatory and competitive landscapes.
Synthesis and Forward Guidance
Deli Group’s multifaceted approach reflects adaptive resilience in a rapidly evolving market. While IP collaborations and new ventures offer growth avenues, sustaining success will depend on addressing quality control, customer service, and operational efficiency. Investors and industry watchers should monitor Deli’s ability to integrate these diverse businesses into a cohesive strategy. For now, Deli’s journey offers a case study in how traditional Chinese manufacturers are reinventing themselves for the digital age.
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