泡泡玛特跨界做影视，锦上添花还是画蛇添足？

Core Viewpoint - Pop Mart's strength lies in users' willingness to repeatedly own its products rather than their curiosity about the next episode of a story [2] Group 1: Business Performance and Strategy - In 2025, Pop Mart is expected to see significant growth in both performance and market value, with the third generation of Labubu performing well in overseas markets [3] - The company has been criticized for lacking content and storytelling capabilities since its inception, but it is now accelerating its internationalization and attempting to create a diversified IP ecosystem [5][6] - Pop Mart's COO mentioned that the decision to focus on content creation was influenced by an experience at Universal Studios, leading to the establishment of an internal film studio [5][6] Group 2: Content Creation Challenges - Pop Mart's approach to content creation is not new, as companies like Disney and Marvel have successfully leveraged strong content capabilities to support long-term IP operations [5][6] - However, Pop Mart is not Disney, and its initial sales strategy relied on visual elements rather than building a complete original worldview, which poses challenges in the film industry [7][8] - The recent incident of alleged plagiarism in a Labubu promotional video highlights Pop Mart's current shortcomings in content originality [3][7] Group 3: User Connection and Emotional Engagement - Users' emotional connection to Pop Mart's IP is based on imagination and projection rather than a grand narrative, which could be jeopardized by rigid character definitions in film [10][11] - The transition to content creation will shift external scrutiny from product design to originality and cultural expression, potentially impacting the brand's credibility if issues arise [11][12] - Pop Mart's strength lies in evoking feelings rather than storytelling, suggesting that it may not need to create a complete narrative but rather maintain a sense of understanding with its audience [12]