Well-known investor Duan Yongping recently responded to netizens' questions on the Snowball platform and once again expressed a cautious attitude towards the潮玩 giant Pop Mart. In the context of Pop Mart's stock price experiencing a deep correction and a significant shrinkage in market value, the words of this value investing benchmark undoubtedly add another note to the market's valuation controversy over the潮玩 industry.

This discussion originated from a question posed by a Snowball user. The user believed that Pop Mart's business model is highly competitive, with the 99 yuan plush toys being very popular, and from the 2025 semi-annual report, the company's balance sheet appears very "clean," with no long-term liabilities unrelated to operations. Therefore, they were puzzled as to why Duan Yongping held an incomprehensible attitude towards it, and also asked about the company's potential risks.
In response to this question, Duan Yongping offered the core thinking dimensions of value investing: "If you have enough money, would you be willing to buy this company at its current market value? When you think this way, you'll find it easier to judge from a long-term perspective." He admitted that he recognizes Pop Mart's operational capabilities, "They are indeed doing very well," but the core confusion remains unresolved—"I still can't understand why people need products like this, what if in a year or two everyone just stops liking them?"
Duan Yongping further added that if investors are confident that this type of demand has long-term sustainability and the business can grow sustainably, then Pop Mart is a good investment. However, in his investment logic,潮玩 and "girls buying bags" or "sky-high priced paintings" all belong to the realm of objective but opaque needs. Based on the principle of "not understanding, don't touch," he always maintains a distance from such targets.