POP MART(HK:09992) 新浪财经·2026-02-28 07:26Core Viewpoint - The article discusses the recent performance of Pop Mart's new IP releases, highlighting the lackluster reception of the "After School Merodi" series and the rapid pace of new IP launches, raising concerns about market demand and sustainability of growth [2][4][8]. Group 1: New IP Performance - The launch of "After School Merodi" on February 27, 2026, did not attract significant consumer interest, with only a few sales reported on the first day [2][12]. - In contrast, another new product, "Angry Molly," sold out within a minute, indicating a disparity in consumer interest between different IPs [12][15]. - The initial sales figures for "Supertutu," another recent IP, were also disappointing, with only around 1,000 units sold on Tmall, raising questions about the effectiveness of Pop Mart's new IP strategy [9][12]. Group 2: Acceleration of IP Launches - Pop Mart has significantly increased the frequency of new IP launches, with the interval between releases reduced from approximately six months to less than two months, and plans to release 57 new IPs in 2025, nearly doubling the 29 released in 2024 [8][17]. - This rapid launch strategy is seen as a response to the company's heavy reliance on a few successful IPs, particularly "THE MONSTERS (LABUBU)," which accounted for 34.7% of revenue in the first half of 2025 [17][18]. Group 3: Market Concerns - The high turnover of new IPs has led to concerns about the sustainability of growth, as the company has not successfully developed a new top-tier IP since 2020, with only "Star People" achieving significant success [21][22]. - Analysts have expressed worries that the current strategy may lead to a "fast fashion" model for IPs, where the cultural value of the products is diluted due to rapid production cycles [23][24]. Group 4: Diversification Efforts - In addition to launching new IPs, Pop Mart is expanding its business model by entering new markets, such as food and lifestyle products, to enhance consumer engagement and brand loyalty [24][26]. - The introduction of products like ice cream and baked goods featuring popular IPs aims to create a more integrated consumer experience, transitioning from a toy seller to a lifestyle brand [26].