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Pop Mart’s latest results tell a more complicated story. 📊 Revenue hit ¥17.17B, up 23.8%, but net profit rose only 10.1%—growth is still strong, but profitability is slowing. The bigger question is whether new IPs like Star People can fill the gap as LABUBU cools off. Six IPs generating over ¥100M is encouraging, but overseas weakness shows the global expansion story still needs proof. Pop Mart is growing, but the next stage is about IP durability, margins, and overseas execution.