After a brief adjustment period, the stock price of Pop Mart has recently surged again, with a market value approaching 140 billion. Dolphin Jun believes this is mainly due to two catalysts:

1) At the "Entrepreneur Night" conference on January 15, founder Wang Ning stated that the overseas market is experiencing very rapid growth and it is expected that by 2025, the overseas business will account for more than 50% (currently about 40%) and surpass domestic business.

2) The semi-annual review results of the Hang Seng Index series will be announced after the market closes on February 21, and will be officially implemented on March 10. Pop Mart meets the standards and is at the forefront of the list, with a strong probability of being included in the Hang Seng Index.

Dolphin Jun mentioned in previous reports that Pop Mart's core competitiveness lies in its strong IP design capability and self-operated full industry chain of IP, and the rapid expansion overseas is largely due to the blue ocean IP market in Southeast Asia. For Pop Mart, it is more about the rapid replication of its own IP operation capabilities. Currently, it is in a critical period of "positioning" in the overseas offline market, so Dolphin Jun previously made assumptions about Pop Mart's rapid store openings in 2025 and 2026. For details, see: Pop Mart: Overseas Crazy Growth, This "Bubble" Cannot Be Burst - LongPort.

On the other hand, the logic of diversified monetization of IP, from "occupying a corner" to "occupying all living spaces," is gradually being validated. On January 10, Pop Mart officially announced the establishment of the jewelry brand POPOP, entering the jewelry retail sector, with prices ranging from 300 to 3000 yuan, targeting light luxury brands like Pandora and APM, attracting higher spending power groups, and further enhancing the commercialization space of IP.