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Core Viewpoint - The article discusses the recent performance and challenges faced by Pop Mart, highlighting the disparity between its market valuation and actual sales growth, as well as the implications of its IP strategy on long-term sustainability [7][10][21]. Financial Performance - In August, Pop Mart reported that it earned the same amount in the first half of the year as it did in the entire previous year, with expectations of reaching 30 billion yuan in revenue [7]. - Following the report, Pop Mart's market value peaked at 450 billion yuan but subsequently fell sharply, losing 44% of its stock price and 200 billion yuan in market capitalization over four months [9][21]. Market Sentiment and IP Strategy - Analysts from Deutsche Bank and Bernstein raised concerns about Pop Mart's reliance on its key IP, Labubu, suggesting that the loss of scarcity and declining consumer interest could lead to a rapid decline in sales [9][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 [11]. IP Portfolio and Sales Growth - Despite concerns about Labubu, Pop Mart has a diverse IP portfolio, including THE MONSTERS, DIMOO, SKULLPANDA, Molly, and CRYBABY, with Labubu accounting for only 34.7% of revenue [11][14]. - Sales growth for other IPs remains stable, indicating that the company is not solely dependent on Labubu for revenue [14][20]. Market Dynamics and Valuation - The article notes that Pop Mart's market valuation has been subject to significant fluctuations, similar to past trends where the stock surged and then plummeted [21][26]. - The decline in stock price is attributed to a combination of market liquidity issues and the high valuation reached during periods of intense investor enthusiasm [31][32]. Consumer Behavior and Trends - The article emphasizes a generational shift in consumer behavior, where younger consumers value design and cultural significance over practical utility, aligning with the appeal of collectible toys [46]. - This shift has led to a perception of Pop Mart's products as having emotional value, which has been both a driver of growth and a source of criticism regarding the sustainability of such a business model [46][47].