白酒崩塌，新消费崛起：萧楠、张坤“跌倒”，农冰立、吴远怡“吃饱”

Core Viewpoint - The resurgence of Pop Mart, a brand that started with "blind boxes," indicates a revolutionary shift in traditional consumer patterns, as evidenced by its significant revenue growth in both domestic and international markets [4][25]. Group 1: Company Performance - Pop Mart achieved impressive growth in Q1 2025, with revenue from China and overseas increasing by 95-100% and 475-480% year-on-year, respectively [2]. - The stock price of Pop Mart has rebounded over 10 times from its low point, with a more than 400% increase since the beginning of 2024 [17]. - The company has successfully transitioned from a period of significant decline to a strong recovery, driven by its IP vitality and expansion into overseas markets [16]. Group 2: Fund Manager Performance - Fund managers like Li Yaozhu, Nong Bingli, and Zhou Wenbo have excelled by capturing the new consumption wave, achieving net value growth in their funds despite overall pressure in the consumer sector [6][10]. - In contrast, prominent fund managers such as Xiao Nan, Zhang Kun, and Sun Wei, who previously focused on traditional consumer leaders like liquor and condiments, have seen their performance decline, indicating a shift in market dynamics [9][11]. Group 3: Market Trends - The consumer landscape is no longer dominated by traditional giants, as new entities are emerging rapidly, reflecting a change in consumer preferences towards more personalized and diversified products [10][25]. - The rise of new consumption brands like Pop Mart, Lao Pu Huang, and Mi Xue Group highlights a significant capital market trend, with their stock prices increasing by 160.1%, 275.9%, and 185.9% respectively in 2025 [25]. Group 4: Investment Insights - The success of funds heavily invested in Pop Mart, such as Invesco's Consumer Select 30, which reported a 34% return in the past year, underscores the potential of new consumption brands [44][50]. - The shift in consumer demographics, particularly the rise of the post-95 and post-00 generations, is driving a transformation in consumption habits, emphasizing emotional connection and unique experiences over traditional brand loyalty [27][33].