Vi e w p o i n t | 16 Nov 2025 16:19:20 ET │ 12 pages CITI'S TAKE We hosted meetings for Pop Mart at Citi China Conference in Shanghai on 14 Nov and store visits during consumer tours in Nanning and Shenzhen recently. We still perceive Pop Mart as a scarcity growth play in the China consumer space on its unparalleled capability of IP incubation and operation. The concerns over growth sustainability and single IP risks should be addressed by its sustained strength in new product launch and IP operation, in o ...