$POP MART(09992.HK) Some thoughts on Pop Mart. At the specific data level, with AI, there's no need to elaborate further; the focus is mainly on the philosophical aspect.

Because of Wang Ning, it's unique;

Physical world companionship (merchandise), compared to traditional consumer goods like Moutai and Coke;

How big is the global market for the category where IP consumption resides, what's the growth like, and what about the past;

From a global perspective, does Pop Mart's revenue share align with the industry's share, and how does it compare to similar companies;

The reasons behind Labubu's explosive popularity: supply chain, organizational structure management, IP creation capability, long-term sustainability;

IP concentration, consumption status, new product situation, management actions, what they dare to do and what they don't.