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Core Viewpoint - The article discusses the rise and fall of Pop Mart, highlighting the company's rapid growth and subsequent decline in market value, emphasizing the importance of emotional value in consumer products and the challenges faced by the company in maintaining its IP relevance and market perception [4][5][9]. Group 1: Financial Performance and Market Reaction - In August, Pop Mart reported earnings that surpassed the previous year's total, with expectations of reaching 30 billion this year [4]. - Following the earnings report, Pop Mart's market value peaked at 450 billion but subsequently fell by 44%, resulting in a loss of 200 billion in market capitalization over four months [5]. - The company's aggressive expansion aimed at resolving supply shortages led to a loss of perceived scarcity, which became a key argument for bearish analysts [7]. Group 2: IP and Market Perception - Analysts from Deutsche Bank and Bernstein criticized Pop Mart's reliance on its star IP, Labubu, suggesting that the lack of consumer interest in overseas stores and the release of excess inventory could diminish the brand's appeal [7][10]. - Bernstein's report identified three main issues: declining popularity of Labubu, a drop in online sales, and decreasing second-hand market premiums for Pop Mart products [9]. - Despite concerns about IP fatigue, Pop Mart's financial reports indicate that other IPs, such as Molly, continue to perform well, with Molly's sales growing from 40 million to 2 billion from 2017 to 2024 [11][15]. Group 3: Market Dynamics and Consumer Behavior - The article notes that the market's perception of Pop Mart fluctuates with emotional value, where the company's valuation can rapidly change based on consumer sentiment and market trends [8][10]. - The decline in Pop Mart's stock price is attributed to a combination of market liquidity issues and the high valuation reached during periods of heightened consumer interest [43][44]. - The article argues that the core issue for Pop Mart is the ongoing debate about the longevity of its IPs and whether they can sustain consumer interest without substantial content support [48][51]. Group 4: Future Outlook and Strategic Considerations - Pop Mart's strategy involves continuously discovering and nurturing new IPs to maintain consumer engagement and drive sales, with a focus on creating 10 billion-level sales IPs [62][63]. - The company aims to differentiate itself from traditional retail by leveraging its unique IP ownership model, which allows for greater consumer attraction compared to competitors [50]. - The article concludes that the evolving consumer attitudes towards design and cultural value in products will play a significant role in shaping Pop Mart's future success [67][68].