Core Viewpoint - The CEO of Pop Mart, Wang Ning, expressed frustration during a meeting regarding the delay in the introduction of new product bags, questioning the procurement process and accountability within the team [1][2]. Group 1 - Wang Ning inquired about the timeline for the new bags, highlighting that only a mini bag has been seen for a long time [1][2]. - He emphasized the need for accountability in the procurement process, questioning who is responsible for orders and why they have not participated in meetings [1][2]. - Wang Ning stated that he is proactive in addressing issues he observes, indicating a hands-on approach to design errors, such as color discrepancies in products [1][2].

Core Viewpoint - The founder of Pop Mart, Wang Ning, emphasizes that IP-based companies experience cyclical ups and downs, but they tend to be long-lasting due to the enduring nature of IPs that can evolve over time [1][2]. Group 1 - IP-based companies are characterized by experiencing multiple cycles of growth and decline [1][2]. - All IP-based companies globally are considered to have longevity, as once an IP is created, it can accumulate value over time [1][2]. - There is a belief that despite future cycles, IPs will continue to grow alongside successive generations [1][2].

Group 1 - Southbound funds recorded a net sell of HKD 1.601 billion in Hong Kong stocks today [1] - The net purchases included Pop Mart at HKD 747 million, Xiaomi Group at HKD 608 million, and Tencent Holdings at HKD 240 million [1] - The net sales included Alibaba at HKD 1.49 billion, China Mobile at HKD 621 million, Longi Green Energy at HKD 138 million, and Goldwind at HKD 123 million [1] Group 2 - Southbound funds have continuously net bought Xiaomi for 6 days, totaling HKD 3.07384 billion [1] - Southbound funds have continuously net sold China Mobile for 15 days, totaling HKD 11.71603 billion [1]

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling HKD 16.01 billion on January 23, with notable net selling in Alibaba, China Mobile, and Changfei Optical Fiber Cable, while Pop Mart, Xiaomi, and Tencent saw net buying [1][2]. Group 1: Northbound Capital Activity - Northbound capital recorded a net selling of HKD 16.01 billion, with HKD 5.6 billion from Shanghai Stock Connect and HKD 10.41 billion from Shenzhen Stock Connect [1]. - The most net bought stocks included Pop Mart (HKD 7.47 billion), Xiaomi (HKD 6.08 billion), and Tencent (HKD 2.4 billion) [4][5]. - The most net sold stocks were Alibaba (HKD 14.9 billion), China Mobile (HKD 6.22 billion), and Changfei Optical Fiber Cable (HKD 1.38 billion) [7][8]. Group 2: Individual Company Insights - Pop Mart (09992) reported a net buying of HKD 7.47 billion, driven by the successful launch of its Valentine's Day limited edition blind box and recent share buybacks totaling over HKD 300 million, indicating confidence in long-term growth [4]. - Xiaomi Group (01810) saw a net buying of HKD 6.08 billion, with plans to repurchase up to HKD 25 billion of its B shares, reflecting confidence in its business outlook [5]. - Tencent Holdings (00700) had a net buying of HKD 2.4 billion, supported by positive analyst reports highlighting resilience in its core business and AI developments [5]. - Alibaba (09988) faced a net selling of HKD 14.9 billion, as it prepares for the potential IPO of its AI chip subsidiary, T-Head, although the timeline remains uncertain [7]. - China Mobile (00941) experienced a net selling of HKD 6.22 billion, indicating market concerns [8].

Core Insights - The founder of Pop Mart, Wang Ning, shared his early entrepreneurial challenges, highlighting difficulties in hiring staff due to a competitive job market where employees had many options [1][3] - Wang recounted a specific incident during the Chinese New Year when employees collectively resigned after requesting early salary payments to buy gifts for their parents, leaving him to manage the store alone [1][3] - He emphasized that running a business requires not only intellectual effort but also significant physical and emotional stamina to endure the challenges over the years [1][3] Summary by Categories - **Entrepreneurial Challenges** - Wang Ning faced significant hiring challenges in the early days of Pop Mart, struggling to attract employees due to their abundance of job options [1][3] - **Employee Dynamics** - A notable incident occurred when employees requested early salary payments for the Chinese New Year and subsequently resigned en masse, leaving Wang to operate the store alone [1][3] - **Business Resilience** - Wang highlighted the necessity of both mental and physical resilience in entrepreneurship, indicating that sustaining a business requires strong emotional and physical endurance [1][3]

Core Viewpoint - The founder of Pop Mart, Wang Ning, encourages individuals to explore big cities despite potential challenges, emphasizing the value of the experience as akin to attending a "social university" [1][2]. Group 1 - Wang Ning believes that facing difficulties in big cities can provide valuable insights into urban life [1][2]. - He suggests that the experience gained from navigating a big city can enhance one's sense of worth and knowledge, likening it to a graduate-level education in social understanding [1][2].

Group 1 - The core viewpoint expressed by Wang Ning of Pop Mart is that recruitment often occurs in social settings, such as during drinking sessions, which he finds effective for persuading potential hires [1][2] - Wang Ning emphasizes the stability of Pop Mart's management team, contrasting it with other companies where management tends to disperse after going public [1][2] - He believes in gathering trustworthy individuals, stating that even ordinary people can achieve extraordinary things when working together [1][2]

Core Insights - The founder of Pop Mart, Wang Ning, mentioned that during the initial stages of his entrepreneurial journey, he did not consider venturing into more lucrative fields due to insufficient funds, starting with only several hundred thousand yuan [1][3] - Wang Ning stated that if he had been offered 10 million yuan at the beginning, he might have pursued a different industry altogether [2][4] Summary by Categories - **Entrepreneurial Journey** - Wang Ning started his entrepreneurial journey with limited capital, which influenced his industry choice [1][3] - The initial funding of several hundred thousand yuan was a significant factor in his decision-making process [1][3] - **Industry Considerations** - The potential for exploring more profitable sectors was overshadowed by financial constraints at the time of starting the business [1][3] - A hypothetical scenario where he received 10 million yuan could have led him to consider other industries [2][4]

Core Insights - The founder of Pop Mart, Wang Ning, discussed a pivotal moment for the company when the Japanese toy brand Sonny Angel, which accounted for 30% of their sales, refused to grant distribution rights [1][2] - Wang Ning noted that this refusal forced the company to rethink its strategy and reduce reliance on Sonny Angel, which eventually decreased its contribution to sales to 10%, then 5%, and ultimately to 0% [1][2] - This situation led the company to explore new opportunities, resulting in the signing of a new artist, which contributed to the creation of the Molly brand [1][2] Company Strategy - The initial reliance on Sonny Angel was significant, making up 30% of the sales system at the time of the first store opening in Shanghai [1][2] - The inability to secure distribution rights from Sonny Angel prompted the company to make strategic reductions in its product offerings [1][2] - The transition away from Sonny Angel has allowed the company to innovate and expand its product line, exemplified by the introduction of the Molly brand [1][2]

近日，在新华社《扬声》栏目中，泡泡玛特创始人王宁表示，泡泡玛特和其他公司不同的地方在于，我 们是一家say no的公司，我们每天都在say no，要去开更多店？不开店，要开更多乐园？不开，我们要 这样的那样的合作吗？不合作。每一天say no的是say no的次数远远大过于say yes次数。 对于为何每天say no，王宁解释称，做的是一个关于克制的商业。"这是使命愿景价值观统一。大家 并不要是经常出一堆，只是交作业工作交作业就行，大家哪怕任何一个小的项目，小的设计，它就应该 是个作品，这个很重要。"他说。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 近日，在新华社《扬声》栏目中，泡泡玛特创始人王宁表示，泡泡玛特和其他公司不同的地方在于，我 们是一家say no的公司，我们每天都在say no，要去开更多店？不开店，要开更多乐园？不开，我们要 这样的那样的合作吗？不合作。每一天say no的是say no的次数远远大过于say yes次数。 对于为何每天say no，王宁解释称，做的是一个关于克制的商业 ...