Core Viewpoint - The traditional narrative-driven IP construction model is facing challenges, while Pop Mart has adopted a unique approach by focusing on "non-narrative" character IP, allowing users to project their emotions and imagination onto the IP, thus creating a new emotional connection and commercial ecosystem in the current era of personalized expression and instant emotional resonance [1][4]. Group 1: Pop Mart's IP Strategy - Pop Mart's IP primarily consists of character IP, or "light IP," which does not require a heavy narrative foundation, contrasting with traditional IP models like Disney that rely on grand storytelling [2][4]. - The core advantage of Pop Mart's strategy lies in its ability to create significant emotional space by not setting explicit character stories or single values, allowing products to reflect users' personal emotions [4][5]. - The "light IP" model is more flexible and adaptable, enabling rapid integration into different markets through a "global framework + local plugins" approach, driven by data rather than narrative [5][6]. Group 2: Emotional Connection and Consumer Behavior - Pop Mart's strategy resonates with the new consumption era's logic, where emotions have become a form of currency, and products serve as open emotional canvases for users to express themselves [7][8]. - The consumption behavior has shifted from "ownership" to "experience," where consumers seek immediate emotional gratification through their purchases, facilitated by social media and instant feedback loops [7][8]. - This reflects a broader strategy for modern individuals to cope with anxiety and loneliness, as instant emotional satisfaction serves as a form of psychological compensation in a fast-paced and uncertain environment [8][9]. Group 3: Challenges and Future Outlook - While Pop Mart's model offers flexibility, it may lack the depth of emotional connection and longevity found in traditional story-driven IPs, which can continuously evolve and engage fans [6][9]. - The success of Pop Mart's approach hinges on its ability to maintain relevance in design and social trends, as the appeal of character IP is closely tied to contemporary aesthetic preferences [6][9]. - The long-term viability and risk resilience of this model will require further validation over time [9].