Core Insights - The article highlights the impressive financial performance of Pop Mart in 2024, with annual revenue exceeding 13 billion yuan and a net profit growth of 185.9% [1] - Pop Mart's success is attributed to its unique "anti-narrative" logic, where characters like Molly and LABUBU resonate with consumers, particularly Generation Z, through emotional connections rather than complex storylines [2][4] - The stark contrast between Pop Mart and domestic animation IPs reveals that while storytelling is important, it cannot solely drive sales; emotional engagement and user-centric design are crucial [6][12] Financial Performance - Pop Mart's revenue for 2024 surpassed 13 billion yuan, with a net profit increase of 185.9% [1] - The revenue from plush products skyrocketed by 1289%, and overseas business revenue surged by 375%, accounting for nearly 40% of total revenue [1] Product Strategy - Pop Mart's characters, such as Molly, are designed as "emotional symbols" that appeal to consumers, with 70% of new users attracted by the character's design rather than the story [4][6] - The company has a high member repurchase rate of nearly 50%, indicating strong emotional attachment to its IPs [4] - In contrast, domestic animation IPs struggle with product development, often lagging behind movie releases and failing to maintain consumer interest [4][10] Market Positioning - Pop Mart's IP licensing revenue is predominantly derived from "pure image collaborations," with only 12% coming from story-based partnerships, emphasizing the importance of visual identity over narrative [6] - The company effectively utilizes social media to create a community around its products, enhancing emotional value and driving secondary market activity [7][9] Challenges for Domestic Animation - Domestic animation IPs face significant challenges, including a lack of innovative product design and reliance on traditional merchandise like figurines and posters [9][10] - The inability to create a vibrant secondary market for domestic IP products is attributed to poor product operation and marketing strategies [10][12] - Many domestic animation products fail to generate excitement or collectibility, often selling at or below original prices in secondary markets [10] Recommendations for Domestic Animation - Domestic animation companies are encouraged to focus on storytelling while collaborating with specialized product operators to enhance IP monetization [13][15] - There is a need for more flexible copyright agreements and a shift from one-time merchandise releases to long-term product strategies [15][22] - Successful examples from domestic animation, such as collaborations with popular brands, demonstrate the potential for creating hit products by breaking away from traditional design concepts [22][23]