Zhi Tong Cai Jing·2025-12-22 07:03Core Viewpoint - Pop Mart (09992) experienced a nearly 5% increase in stock price, closing at 202.6 HKD with a trading volume of 1.752 billion HKD, following the announcement of a collaboration with Heytea featuring the popular IP "Starry People" [1] Group 1: Collaboration and Market Response - The collaboration between Heytea and Pop Mart's IP "Starry People" was officially launched on December 22, featuring a winter-themed concept that includes customized merchandise, drinks, themed stores, and pop-up events [1] - The market reacted positively to the collaboration, as evidenced by the stock price increase of 5.13% [1] Group 2: IP Development and Competitive Advantage - According to a report from Zhongyin International, Pop Mart is exploring a self-sustaining and replicable path in IP creation and operation, exemplified by the "Starry People" IP, which was created by illustrators Da Xin and Ali and has shown promising market response within just one year of signing [1] - The company's core competitive advantage lies in its continuous IP exploration and operational capabilities, which can maintain stable fan bases for existing IPs while also nurturing new IPs with high growth potential [1] - There may be a discrepancy in market expectations regarding Pop Mart's IP ecosystem incubation and operational capabilities, suggesting potential value for investors amid a weak market sentiment and significant prior corrections [1]