Core Viewpoint - The recent opening and immediate closure of a Pop Mart store in Hangzhou highlights challenges in managing customer demand and operational issues, while the company's expansion into jewelry and theme parks indicates a strategic diversification effort. Group 1: Store Operations and Customer Demand - A Pop Mart store in Hangzhou opened on June 15 but closed shortly after due to internal restructuring issues, following a chaotic opening where customers waited for four hours only to be overwhelmed by resellers [1][4]. - In Guangzhou, the Labubu toys were also subject to intense demand, with fans and resellers scrambling to purchase new releases [5][6]. - The need for advance reservations through the Pop Mart app for entry to the Guangzhou pop-up store indicates high demand, with resale prices for entry qualifications reaching up to 1000 yuan [7][8]. Group 2: Expansion into Jewelry and Theme Parks - Pop Mart launched its first popop jewelry store in Beijing on June 14, marking a significant move into the jewelry market [2][13]. - Analysts view this expansion as a key step in Pop Mart's diversification strategy, aiming to leverage its existing IP brand strength in the fashion jewelry sector [3][14]. - The company is targeting the global $50 billion fashion jewelry market, with a strong female customer base, aiming for greater market share in Europe and the U.S. [18]. Group 3: New Business Ventures and Financial Goals - Pop Mart's new business initiatives, such as Pop Land (an IP-themed amusement park), are seen as important long-term value drivers, despite lower short-term returns compared to its core toy business [19][20]. - The company has set ambitious revenue targets, aiming for a 50% increase in total revenue to reach 20 billion yuan by 2025, with overseas markets expected to contribute significantly [21].

Core Viewpoint - The article discusses the recent developments surrounding Pop Mart, particularly the overwhelming demand for its Labubu toys and the company's expansion into the jewelry market with its new brand, popop, highlighting its diversification strategy. Group 1: Labubu Demand and Market Response - The opening of a Pop Mart store in Hangzhou was met with chaos, leading to its closure shortly after due to internal issues, with reports of scalpers overwhelming the store [2][5]. - In Guangzhou, the Labubu toy has gained immense popularity, with fans and scalpers rushing to purchase new releases, indicating a significant market demand [6][7]. - The Labubu toys are being resold at inflated prices, with some players paying between 200 to 600 yuan for entry qualifications to purchase the toys, and prices in the secondary market reportedly nearing 1,000 yuan [8][9]. Group 2: Expansion into Jewelry - Pop Mart has launched its first popop jewelry store in Beijing, marking a strategic move into the jewelry sector, which is seen as a key part of its diversification strategy [3][13][14]. - The popop brand aims to capture a share of the $50 billion global fashion jewelry market, leveraging its existing customer base of 70%-75% female users [18]. - The jewelry store features products from various popular IPs, with prices ranging from 319 to 2,699 yuan, showcasing the brand's intent to blend toys and jewelry [16][17]. Group 3: Future Growth and Revenue Goals - Pop Mart's new ventures, including Pop Land (an IP-themed amusement park) and popop, are viewed as significant sources of long-term value growth [19]. - The company has set ambitious revenue targets, aiming for a total revenue of 20 billion yuan by 2025, with overseas markets expected to contribute 10 billion yuan [21].