Recently, Pop Mart has seen noteworthy changes among its shareholders, with major shareholder Tu Zheng completely withdrawing, selling all 32 million shares and realizing approximately 6 billion. Moreover, board members and other key investors have also chosen to reduce their holdings, and international investors have likewise joined the selling ranks.

The development trajectory of such emotional consumption brands seems to follow a specific pattern: first attracting consumer investment with novel concepts, then acquiring supply chain and market premiums through capital operations, and ultimately facing challenges when consumer enthusiasm cools. The business model of Pop Mart is showing similar characteristics, and this emotion-driven business strategy is difficult to ensure long-term sustainability.

Looking back at the market, we see a similar phenomenon of consumer group rotation: from star-chasers to box collectors, and possibly to brand worshippers. Each round has its specific consumption logic, but all face the risk of fading popularity.

Currently, Pop Mart and Tesla share some similarities, both relying on emotional consumption to support high premium products. Such products often create a sense of scarcity and a high-end image through high pricing strategies, but the bigger the bubble, the higher the potential risks.

Based on the current situation, investors may need to cautiously consider the future development of Pop Mart.