Core Insights - The rise of discount stores like "Hao Te Mai" is reshaping the blind box market, attracting consumers with significantly lower prices compared to traditional offerings [1][9] - The phenomenon of "discount blind boxes" reflects an oversupply in the blind box economy, highlighting structural contradictions within the industry [1][9] - Companies must strategically manage their IP to avoid their products being sold at discount prices, which can impact their market value and brand perception [1][9] Group 1: Consumer Behavior - Young consumers are drawn to "Hao Te Mai" for its "bone-breaking prices," allowing them to purchase multiple blind boxes for a fraction of the original cost [1][5] - The discount store offers a mix of popular and lesser-known IPs, but often features outdated or less desirable products, leading to a perception of "picking up trash" rather than valuable finds [1][2][5] - There is a growing skepticism among consumers regarding the authenticity of the products sold at such low prices, with some associating the store with counterfeit goods [7][8] Group 2: Industry Dynamics - The influx of blind boxes into discount channels like "Hao Te Mai" can indicate that these products are underperforming, which may negatively affect the overall profitability of the companies involved [9][10] - Successful companies like Pop Mart have managed to create a strong market presence by developing proprietary IPs, allowing them to maintain higher profit margins and avoid reliance on external IPs [10][13] - The competitive landscape is shifting, with new entrants seeking to replicate the success of established brands, but many still struggle to create hit IPs, leading to a higher likelihood of unsold inventory [19][24] Group 3: Business Strategy - Companies are exploring various strategies to develop successful IPs, including collaborations with artists and internal design teams to enhance their product offerings [15][16] - The marketing approach has evolved, with companies testing new IPs through social media before committing to larger production runs [16][19] - "Hao Te Mai" is adjusting its product mix to focus more on blind boxes and other trending items, aiming to improve sales efficiency and adapt to changing consumer preferences [23][24]