Guan Cha Zhe Wang·2025-06-17 06:15Core Viewpoint - The recent surge in sales and stock price of Pop Mart is driven by the popularity of its Labubu product among young consumers, but underlying issues raise concerns about the company's long-term prospects [1][4][10] Group 1: Financial Performance - Pop Mart's 2024 financial report shows a 375% increase in overseas revenue, but the proportion of revenue from figurines dropped from 70% to 53%, leading to doubts about the sustainability of growth from new plush toys [1][4] - As of June 16, 2025, Pop Mart's stock price was 275 HKD per share, with a total market capitalization of 369.3 billion HKD [3] Group 2: Market Perception and Brand Image - There are mixed opinions on whether Pop Mart is becoming the "Eastern Disney," with some critics labeling it as a "bubble" and questioning its long-term value [1][15] - The company's blind box sales model has been criticized for its gambling-like attributes, potentially leading to negative consumer behavior, especially among minors [4][10] - Quality control issues have emerged, with frequent consumer complaints about product defects, which could harm the brand's reputation [6][9] Group 3: Shareholder Actions - Bee Capital, an early institutional investor, sold 11.91 million shares (0.9% of total shares) for approximately 2.2 billion HKD, raising concerns about high-level cashing out and the company's future [9] Group 4: Strategic Direction - Pop Mart is transitioning from traditional retail to a "city park" model, aiming to create a new narrative and enhance brand visibility [10][16] - The opening of the first Pop Mart city park in Beijing has received mixed reviews, with 78% of consumers expressing disinterest in visiting again [12][16] - Industry experts believe that Pop Mart's ambition to become a theme park akin to Disney is overly optimistic, citing significant gaps in cultural depth and operational experience [15][16] Group 5: Future Outlook - The company emphasizes a long-term commitment to IP operation, aiming to enhance its ecosystem through diverse experiences and global market expansion [17][18] - However, the sustainability of its city park model and the ability to innovate content will be crucial for long-term success [18][19]