POP MART(HK:09992) 晚点LatePost·2025-08-26 15:36Core Viewpoint - The article discusses how the company Qindao, founded by Shen Zhenyu, aims to create a community for young people centered around their interests, particularly in the realm of collectible toys and IPs, while emphasizing the importance of community over mere transactions [2][4][25]. Group 1: Company Overview - Qindao was established by Shen Zhenyu after leaving ByteDance, with a focus on creating a platform for trading second-hand collectible toys and fostering a community around various interests [3][4]. - The platform has seen significant growth, with a projected transaction volume exceeding 10 billion yuan by 2025, primarily driven by the popularity of collectible toys [4][5]. - Qindao's business model includes a low transaction fee of 2.6%, which allows for sustainable operations while focusing on community engagement rather than aggressive monetization [5][41]. Group 2: Market Dynamics - The collectible toy market, particularly the blind box format, has led to a high demand for secondary market transactions, with Qindao facilitating this through a standardized trading process [4][5]. - The company has established itself as a key player in the secondary market for collectible toys, with a significant portion of its transactions involving popular IPs like Labubu [5][6]. - The presence of secondary markets has created a pricing reference for collectors, enhancing the trading experience and driving demand for collectible items [8][25]. Group 3: Community Focus - Qindao aims to build a community where users can share their interests and engage with one another, viewing transactions as a means to foster community rather than an end goal [25][26]. - The platform encourages users to document their collections and engage in discussions, creating a vibrant social environment around shared interests [26][27]. - Shen Zhenyu emphasizes that the community aspect is crucial for retaining users, as they are drawn to the platform for both trading and social interaction [25][28]. Group 4: Future Outlook - The company believes that the demand for new and engaging IPs will continue to grow, with the potential for new trends to emerge rapidly within the collectible space [4][45]. - Shen Zhenyu expresses optimism about the market, suggesting that while some trends may cool down, the underlying interest in collectible culture will persist and evolve [4][47]. - The company is positioned to adapt to changing consumer interests, aiming to capture the next wave of popular IPs as they emerge [45][46].