Hua Xia Shi Bao·2025-06-06 21:06Core Insights - The "new consumption trio" represented by Pop Mart, Laopu Gold, and Mixue Group has gained significant investor interest, showcasing strong market performance with substantial year-to-date stock price increases and total market capitalizations exceeding 698 billion HKD [2][3]. Group 1: Market Performance - Laopu Gold has achieved a year-to-date increase of 278.04%, with a total market capitalization of 156 billion HKD [2]. - Pop Mart's stock has risen by 261.64%, reaching a market capitalization of 326.33 billion HKD [2]. - Mixue Group has seen a year-to-date increase of 95.86%, with a market capitalization of approximately 215.62 billion HKD [2]. Group 2: Consumer Behavior Trends - Economic downturns have shifted consumer spending from traditional luxury items like Moutai to more affordable and emotionally satisfying products like blind boxes [3]. - The rise of Pop Mart exemplifies this trend, with a 106.9% year-over-year revenue growth in 2024 and a staggering 475% growth in overseas markets, driven by the "blind box + IP" model [3]. - Laopu Gold's positioning as a blend of luxury and asset preservation appeals to consumers' desires for both status and security during uncertain times [3]. Group 3: Investment Dynamics - As of the first quarter of 2025, 207 funds have heavily invested in Pop Mart, with a total holding value of approximately 9.928 billion HKD [6]. - Institutional investors have noted high customer loyalty and engagement, with Pop Mart's member sales contributing 92.8% of total revenue and a member repurchase rate of 49.4% [6]. - Despite concerns over valuation, some analysts maintain a positive outlook on the new consumption sector, citing stable consumer preferences among younger demographics [7]. Group 4: Valuation Concerns - There are ongoing debates regarding the valuation of new consumption companies, with some investors expressing caution over potential market corrections if growth slows or interest in IP diminishes [7]. - Dynamic pricing methodologies are suggested to adapt to market changes and consumer feedback, emphasizing the importance of understanding core market dynamics [7].