Sou Hu Cai Jing·2025-06-18 10:34Core Viewpoint - The article discusses the rapid rise of Pop Mart's stock price and its implications for the consumer market, questioning whether it represents a genuine growth opportunity or a speculative bubble [2][12]. Group 1: Stock Performance and Market Trends - Pop Mart's stock price has surged nearly 200% since 2025, with a current market capitalization exceeding 350 billion HKD [2]. - As of the first quarter of 2025, 207 mutual funds are invested in Pop Mart, an increase of 171 funds from the previous year [2][7]. - The stock has experienced a continuous rise for six consecutive quarters, climbing from 15 HKD at the beginning of 2024 to a peak of 283 HKD, representing a growth of over 1780% [6]. Group 2: Fund Manager Strategies - Notable fund managers have shifted their focus from traditional brands like Kweichow Moutai to Pop Mart, indicating a trend towards new consumer brands [2][9]. - Fund manager Xie Zhiyu's fund, Xingquan He Yi, became the largest holder of Pop Mart shares, acquiring 14.37 million shares valued at 370 million CNY [3]. - Other prominent fund managers, such as Zhang Kun and Xiao Nan, have exited their positions in Pop Mart after significant losses, while some newer managers have capitalized on the stock's rise [4][5]. Group 3: Valuation Concerns - Pop Mart's dynamic price-to-earnings ratio exceeds 104, significantly higher than Kweichow Moutai's 20, raising questions about its valuation sustainability [11]. - Analysts suggest that while Pop Mart has strong brand influence and market share, its high valuation may expose it to potential corrections [12]. - The market perceives Pop Mart as a high-growth asset, but differing views on its future trajectory indicate uncertainty among investors [13][14].