In a report, Citibank analysts noted that the craze surrounding Pop Mart’s Labubu line may have reached a temporary peak, at least until the next breakout hit emerges. Pop Mart has now shifted its focus to generating sustainable value from its intellectual property. Analysts noted that the company is charting a new path for its IP by emphasizing aesthetic appeal and emotional connection rather than narrative and functionality. “We expect Pop Mart to continue leading the trend of structural emotional consumption and the ‘big kid’ phenomenon globally.” They also noted that, in addition to Labubu, other iconic IPs—including Twinkle Twinkle—are becoming new growth engines, adding that Pop Mart is expected to have 5 to 10 top-performing IPs to support steady growth. Pop Mart’s stock closed up 1.7% at HK$199.50 in the previous trading session.