Core Insights - The article highlights the significant rise of the "Starry Person" IP within Pop Mart, showcasing its impact on revenue and customer engagement in the company's theme park operations [4][5][6]. Group 1: Starry Person IP Performance - The "Starry Person" character has become a major attraction at Pop Mart's city park, leading to an 80% increase in related merchandise sales following its introduction [4]. - In the first half of 2025, the total revenue from the Starry Person IP exceeded 390 million yuan, accounting for 2.8% of Pop Mart's total revenue for that period [4]. - Morgan Stanley's report predicts that by 2025, the Starry Person IP could represent 8% of Pop Mart's total revenue [4]. Group 2: Development and Strategy - The Starry Person IP was officially signed by Pop Mart in 2023, and within 10 months, it generated nearly 400 million yuan in revenue, marking it as one of the fastest-growing IPs post-pandemic [5]. - Unlike previous IPs that thrived primarily through toys, the Starry Person's growth has been significantly influenced by the offline theme park, which has become a new channel for IP development [5][6]. - Pop Mart's strategy includes customizing music, MV materials, and stage performances for the Starry Person, akin to idol culture, enhancing consumer interaction and emotional connection with the IP [6]. Group 3: Future Plans and Market Positioning - Pop Mart's theme park is viewed as a strategic direction for the company, with plans to expand to more cities and enhance the overall experience by focusing on adult aesthetics and storytelling [7][8]. - Data indicates that 59% of visitors to the Pop Mart theme park are non-family groups, and 57% are non-local tourists, prompting a shift in focus from solely family-oriented attractions to a broader audience [8]. - The success of the revamped theme park model could lead to increased investment in offline parks, incorporating more diverse offerings such as desserts, performances, and IP derivatives [8].