Core Viewpoint - The recent performance of new IPs from Pop Mart, including Supertutu and Merodi, has been underwhelming, with sales significantly lower than other popular IPs released during the same period. However, insiders suggest that the sales performance aligns with expectations, indicating a long-term cultivation approach is necessary for IP success rather than short-term hype [1][8]. Group 1: New IP Performance - The new IP Merodi, launched on February 26, had a lackluster market response, with only over 2,000 sales in its first week, and its secondary market prices showed depreciation [3][6]. - Supertutu, released on January 1, also experienced poor sales, with its secondary market prices nearly halving [6][8]. - The contrasting success of another new product, Angry Molly, which sold out quickly and saw some secondary prices soar above 2,000 yuan, highlights the variability in IP performance [6]. Group 2: Long-term IP Strategy - Industry experts emphasize that true super IPs require long-term development and cannot be judged solely on initial sales figures. Successful IPs are built on quality design, efficient operations, and sustained investment [4][8]. - Pop Mart is transitioning from a reliance on single IPs to a multi-IP ecosystem, which is seen as a necessary evolution for the company [1][8]. Group 3: Future Outlook and Expansion - Pop Mart is accelerating its new IP launches, with the announcement of a new IP "Key A" set for March 13, indicating a rapid increase in new product introductions [9]. - The company is also focusing on international expansion, with plans to establish a European headquarters in London and open multiple stores across the UK, aiming for significant overseas revenue growth by 2026 [10][11][13].

Core 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].