Xin Lang Cai Jing·2026-02-11 05:42Core Viewpoint - The article discusses the fluctuating stock performance of Pop Mart and the perspectives of its founder, Wang Ning, on the company's future and the nature of consumer behavior towards collectible toys [2][3][49]. Group 1: Stock Performance and Market Sentiment - Pop Mart's market capitalization dropped from over 450 billion HKD in August to 264.56 billion HKD [46]. - Despite a significant drop, Pop Mart's stock rebounded with a year-to-date increase of over 20% following the popularity of "electronic wooden fish" [47]. - Institutional investors have sold shares in Pop Mart during eight of the nineteen quarters since its IPO, indicating skepticism about its long-term success [50]. Group 2: Institutional Investment Trends - The number of funds holding Pop Mart shares has varied significantly, with 311 funds holding 7,232.84 million shares in Q2 2025, a decrease from 136 funds holding 4,153.52 million shares in Q4 2025 [51]. - Notable fund managers like Zhang Kun and Xiao Nan exited their positions after experiencing significant losses, while Zhou Wenbo from Fortune Fund has seen a 977.5% increase in stock price since his investment in Q3 2023 [52][54]. Group 3: Consumer Behavior and Market Positioning - Wang Ning emphasizes that consumer behavior is driven by emotional needs, suggesting that the market for spiritual consumption will grow as people seek fulfillment beyond basic needs [56][57]. - Pop Mart is positioned as a premium product in the collectible toy market, with its business model focusing on emotional connections rather than just sales [58][59]. - The company aims to create a unique brand language and cultural identity, which enhances its market presence and consumer engagement [64][65]. Group 4: Future Outlook and Strategic Vision - Wang Ning believes that the future of Pop Mart will be shaped by its ability to balance commercial success with artistic expression, positioning itself as a leader in the collectible toy industry [59][60]. - The company is focused on long-term growth and sustainability, emphasizing the importance of respecting time and operational details in business [62][63]. - Pop Mart's strategy includes global expansion and leveraging China's manufacturing capabilities to enhance its competitive edge in the international market [30][31].