POP MART(09992) 证券时报网·2025-02-16 18:21Core Viewpoint - The resurgence of Pop Mart challenges the traditional investment beliefs held by fund managers regarding established consumer stocks like liquor brands, highlighting a shift towards new consumption trends driven by the Z generation and emotional spending [1][9]. Group 1: Company Performance - Pop Mart, known as the "first stock of trendy toys," achieved a market capitalization of HKD 148.8 billion, marking a significant recovery from a previous decline where its market value dropped over 90% [1][5]. - The company's stock price rebounded more than 10 times from its lowest point, with a growth of over 4 times since the beginning of 2024 [1][7]. - In the first half of 2024, Pop Mart reported revenue of CNY 4.56 billion, a year-on-year increase of 62%, and an adjusted net profit of CNY 1.02 billion, up 90.1% [2][3]. Group 2: Market Trends and Investment Opportunities - The success of Pop Mart is attributed to its strong IP incubation and operational capabilities, allowing it to quickly adapt to market changes and consumer demands [2][3]. - The rise of emotional consumption among the Z generation is becoming a critical factor in investment strategies, with a focus on capturing the potential of this demographic [13][14]. - The IP economy is gaining traction, with companies that can effectively leverage IP across the entire value chain expected to thrive [3][11]. Group 3: Fund Manager Sentiment - Many public funds missed the opportunity to capitalize on Pop Mart's rebound due to skepticism about the sustainability of its growth and a preference for traditional consumer stocks [4][8]. - The consensus among fund managers regarding Pop Mart remains low, with only a few maintaining significant positions during its recovery phase [7][8]. - The investment behavior of seasoned fund managers tends to be conservative, often leading to missed opportunities in emerging consumer sectors like trendy toys [8][9]. Group 4: Traditional Consumer Sector Challenges - In contrast to Pop Mart's recovery, traditional consumer stocks have struggled, with many experiencing stagnant growth and declining valuations [9][10]. - The performance of established consumer brands, such as liquor companies, has been lackluster, with many trading at near five-year lows [10][11]. - The shift in consumer behavior towards emotional and experiential spending is reshaping the landscape of the consumer sector, necessitating a reevaluation of investment strategies [14][15].