随着消费亚文化在Z世代消费者中盛行，企业如何实施以消费亚文化为核心的关系营销联结战略来建立和管理与消费者的关系，已成为业界和学界共同关注的问题。本研究选取泡泡玛特公司进行纵向单案例研究，探究以消费亚文化为核心的企业关系营销联结战略的实现过程和作用机制。研究发现，企业在不同关系营销目标的驱动下，分别制定了亚文化关系识别、亚文化社区关系强化和亚文化生态关系升级这三个阶段的关系营销联结战略，消费亚文化中的符号、社交和观念要素在其中分别发挥着“关键线索”“情感纽带”“精神支柱”的作用，相应的关系营销联结战略作用机制体现为“线索指引”“关系认同”“文化认同与创新”。此外，企业对消费者的价值提供方式逐渐从“单向”向“共创”转变，为消费者提供了更加多元的经济与情感价值。本研究识别了消费亚文化这一特殊的文化或认知类关系联结，揭示了以消费亚文化为核心的企业关系营销联结战略的实现过程和作用机制，是将消费亚文化融入关系营销联结战略研究中的一次新尝试，搭建了二者间理论对话的桥梁。

With the rise of subcultures of consumption among Generation Z, for both industry and academia, it has become an important question about which corporation leverages these subcultures to establish and manage relationships with consumers. This research conducts a longitudinal single-case study of Pop Mart to explore the implementation process and underlying mechanisms of a relationship marketing bonding strategy centered on subculture of consumption. The research finds that, driven by different relationship marketing objectives, firms have formulated a relationship marketing bonding strategy in three stages: subculture relationship identification, subculture community relationship reinforcement, and subculture ecosystem relationship enhancement. In these contexts, the subculture of consumption functions as a "pivotal cue", "emotional bonds", and "spiritual pillars", respectively. These strategies are achieved through mechanisms of "cue guiding""relational identification" and "cultural identification and innovation". Furthermore, the company's approach to providing value to consumers has progressively shifted from "one-sided" to "co-creation", offering consumers a more diverse range of economic and emotional values. This research identifies the special cultural and cognitive connections of consumer subcultures, revealing their implementation processes and role as a mechanism for executing a relationship marketing bonding strategy centered on the subculture of consumption. It represents a ground-breaking attempt to integrate subcultures of consumption into relationship marketing bonding strategy research, creating a theoretical bridge for dialogue between the two research fields.