泡泡玛特上市前，我们对王宁的一次未公开访谈

Core Viewpoint - The article discusses the remarkable growth and investment journey of Pop Mart, highlighting how it transformed from a lesser-known entity to a market leader with a peak market value exceeding HKD 370 billion, illustrating the missed opportunities for many investors [1][17]. Group 1: Investment Journey - Pop Mart's IPO was highly anticipated, with its market value reaching HKD 1 trillion shortly after listing, marking a fivefold increase from its previous valuation of USD 2.5 billion [22]. - The company experienced significant growth, with total revenue of CNY 1.683 billion in 2019, reflecting over 200% growth in the preceding three years [17][18]. - Early investors faced challenges in recognizing the potential of Pop Mart, with many missing out on investment opportunities due to the company's unconventional business model and market positioning [21][25]. Group 2: Key Investors and Their Perspectives - Key investors like He Yu from Black Ant Capital and Tu Zheng from Fengqiao Capital played crucial roles in Pop Mart's funding, with Tu expressing regret over exiting too early [4][33]. - Wang Ning, the founder, emphasized the importance of understanding and aligning with investors, comparing the selection process to dating, where mutual recognition is essential [12]. - The article highlights the contrasting experiences of early investors who initially viewed Pop Mart as a low-potential venture but later recognized its value as it evolved into a cultural platform [19][29]. Group 3: Market Position and Cultural Impact - Pop Mart's transformation into a cultural platform was marked by successful events like the International Trend Toy Exhibition, which showcased its growth and market potential [27][28]. - The introduction of popular IPs like Molly significantly contributed to Pop Mart's revenue, with Molly accounting for a substantial portion of the company's earnings [29]. - The company has established a unique business model that integrates IP incubation, design, production, and sales, positioning itself as a leader in the collectible toy market [39].