POP MART(HK:09992) 证券时报·2025-06-15 15:41Core Viewpoint - The recent opening and immediate closure of a Pop Mart store in Hangzhou highlights challenges in managing customer demand and operational issues, while the company's expansion into jewelry and theme parks indicates a strategic diversification effort. Group 1: Store Operations and Customer Demand - A Pop Mart store in Hangzhou opened on June 15 but closed shortly after due to internal restructuring issues, following a chaotic opening where customers waited for four hours only to be overwhelmed by resellers [1][4]. - In Guangzhou, the Labubu toys were also subject to intense demand, with fans and resellers scrambling to purchase new releases [5][6]. - The need for advance reservations through the Pop Mart app for entry to the Guangzhou pop-up store indicates high demand, with resale prices for entry qualifications reaching up to 1000 yuan [7][8]. Group 2: Expansion into Jewelry and Theme Parks - Pop Mart launched its first popop jewelry store in Beijing on June 14, marking a significant move into the jewelry market [2][13]. - Analysts view this expansion as a key step in Pop Mart's diversification strategy, aiming to leverage its existing IP brand strength in the fashion jewelry sector [3][14]. - The company is targeting the global $50 billion fashion jewelry market, with a strong female customer base, aiming for greater market share in Europe and the U.S. [18]. Group 3: New Business Ventures and Financial Goals - Pop Mart's new business initiatives, such as Pop Land (an IP-themed amusement park), are seen as important long-term value drivers, despite lower short-term returns compared to its core toy business [19][20]. - The company has set ambitious revenue targets, aiming for a 50% increase in total revenue to reach 20 billion yuan by 2025, with overseas markets expected to contribute significantly [21].