$POP MART(09992.HK) Saw the news about the opening of Pop Jewelry's first store. Since my wife is a designer, when Pop Mart first launched its jewelry line, a headhunter approached us. After discussing, we realized the logic behind Pop Mart's jewelry line is an extension of its IP assets, with jewelry serving as a new medium for IP storytelling. However, the design freedom for the jewelry itself is quite limited. So, we didn't reach an agreement and declined the offer. But this interaction made me realize the dominant role of IP assets within the company, which is a long-term competitive advantage. It's great, though for designers not focused on IP content, the creative space is limited. Still, it doesn't change the fact that this is a good company.

Coincidentally, I recently discussed with a friend how well Pop Mart is doing internationally. I learned that its international team is excellent, with many former employees from content/experience-focused companies like Sony and Disney. It also feels like Chinese companies going global now benefit from the convenience of talent infrastructure. The first wave of internet/cross-border e-commerce companies going global cultivated many international talents. Just like the current hot trend of instant retail, it's only after players like Meituan laid the groundwork for last-mile delivery that this new opportunity became so popular.