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Core Viewpoint - Pop Mart has gained significant popularity overseas, evidenced by a recent incident in the UK where a large-scale brawl occurred over the limited edition Labubu toy, leading to the company's decision to halt sales in the UK [1]. Group 1: Company Performance and Market Reaction - Pop Mart's stock price surged, reaching a historical high of 235.6 HKD on June 3, with a market capitalization exceeding 310 billion HKD, reflecting a year-to-date increase of over 160% [3][4]. - Despite the stock's impressive performance, many retail investors express skepticism, believing it to be another bubble, while institutional investors have largely missed out on this capital feast [4][5]. Group 2: Investment Strategies and Challenges - Institutional investors have struggled to adapt to the changing consumer landscape, often entering and exiting positions at inopportune times, leading to significant losses [6][7]. - The traditional investment mindset, focused on established metrics like brand strength and cash flow, has hindered many fund managers from recognizing the potential of Pop Mart's innovative business model [8][12]. Group 3: New Consumer Trends and Future Outlook - Pop Mart's success is attributed to its unique IP creation model, which has allowed it to generate significant revenue from overseas markets, with international sales projected to reach 30% by mid-2024 [9][10]. - The company has effectively tapped into the emotional and identity-driven consumption trends of the Z generation, which is expected to control 27% of global disposable income by 2025 [15][16]. - The shift in consumer preferences towards emotional fulfillment and collectible items indicates a broader transformation in the consumption landscape, challenging traditional investment paradigms [17]. Group 4: Market Dynamics and Risks - The concentrated ownership structure of Pop Mart, with the top 25 shareholders holding over 85% of shares, raises concerns about stock price volatility and market sensitivity to liquidity [16]. - Despite potential risks, the transition in consumption investment logic is seen as inevitable, with other brands also demonstrating the power of new consumer trends [17].