POP MART(09992) 证券时报网·2025-02-17 06:43Core Viewpoint - The resurgence of Pop Mart challenges the traditional investment beliefs held by fund managers, particularly in the context of the consumer sector, as it has outperformed traditional liquor stocks during a period of consumer stock decline [1][8]. Group 1: Company Performance - Pop Mart's market capitalization reached HKD 148.8 billion, with a stock price increase of over 10 times from its low point and more than 4 times since the beginning of 2024 [2][6]. - The company reported a revenue of CNY 4.56 billion for the first half of 2024, a year-on-year increase of 62%, and an adjusted net profit of CNY 1.02 billion, up 90.1% [2][3]. - The success of Pop Mart is attributed to its strong IP incubation and operational capabilities, particularly highlighted by the sales of its "Nezha 2" series, which exceeded CNY 10 million within eight days of launch [1][2]. Group 2: Market Dynamics - The traditional consumer sector, particularly liquor stocks, has seen a decline, with many companies reporting poor earnings forecasts for 2024, such as a projected net profit drop of 97.26% for Jiu Gui Jiu [8][9]. - In contrast, Pop Mart's performance indicates a shift in consumer preferences towards emotional consumption, particularly among the Z generation, which is becoming a significant market force [11][12]. Group 3: Investment Trends - Fund managers have largely missed the opportunity to invest in Pop Mart during its rebound, with many exiting their positions during periods of stock price decline [4][6]. - The investment community is beginning to recognize the potential of emotional consumption and the importance of understanding the spending habits of younger consumers [11][12]. - There is a growing consensus that capturing phase-based growth opportunities will be crucial for future investments in the consumer sector [9][10]. Group 4: Future Outlook - The focus for future investments will likely include sectors characterized by emotional consumption, rational industry order, and opportunities for international expansion [13][14]. - The rise of the Z generation is expected to drive demand for products that offer emotional satisfaction, such as IP-based and cultural creative products [12][13].