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Core Insights - Despite a general downturn in consumer spending, Pop Mart and Laopu Gold have achieved remarkable growth, with Pop Mart's net profit increasing by 188.77% and Laopu Gold's by 253.86% in 2024 [3][5] - Both companies have established strong customer loyalty and high willingness to pay, targeting non-essential luxury markets rather than traditional necessities [3][10] Company Performance - Pop Mart reported a total revenue of 13.038 billion RMB in 2024, a year-on-year increase of 106.9%, with a net profit of 3.125 billion RMB, reflecting a growth of 188.8% [5] - Laopu Gold's revenue surged by 166.4% in 2024, with a net profit growth of 253.86% [5] - Both companies have managed to keep their marketing expenses growth lower than their profit growth, indicating effective brand recognition beyond just marketing spend [5] Market Positioning - Pop Mart and Laopu Gold are considered leaders in their respective industries, with Pop Mart claiming no significant competition in its market [5] - Laopu Gold has shown a unique growth trajectory compared to competitors like Chow Tai Fook, which reported a 20.4% decline in revenue [7] Consumer Insights - Laopu Gold's growth is attributed to its brand positioning as a luxury brand, appealing to consumers seeking value retention in gold amidst economic uncertainty [10] - Pop Mart has tapped into emotional consumer needs, with significant growth in its IPs, particularly "CRYBABY," which saw a revenue increase of 1537.2% in 2024 [11] Target Demographics - Both companies primarily target female consumers, with Pop Mart noting that 75% of its users are women [11] - The shift in consumer behavior from traditional luxury goods to gold and collectible toys reflects changing market dynamics in a consumption-downturn environment [10][15] Expansion Strategies - Laopu Gold has been expanding its physical store presence in high-end shopping areas, with a notable increase in new store openings in 2024 [14] - Pop Mart is also diversifying its product offerings and enhancing customer engagement through innovative IP presentations and experiences [14]