Regarding Pop Mart’s value, Wang Ning once shared a classic story:

Suppose you’re a super rich person. After you go out, you find the faucet wasn’t turned off. Wasting 40 yuan a day would make you anxious the whole way.
But a fountain at the entrance of your manor costs 400 yuan a day—and you don’t feel a thing. Instead, you think it’s pleasing to the eye.
With the same water, why do the feelings differ so much?
Because the faucet is functional consumption; every drop of water can be calculated as a cost. The fountain is emotional consumption; it delivers aesthetics, happiness, and a sense of presence.
That’s exactly where Pop Mart is truly great.
What it sells is never just a little piece of plastic. It’s like taking a 400-yuan fountain, shrinking it, and fitting it into a box.
In the business world, the hardest money to earn is rational money, because users constantly compare prices.
The easiest money to earn is often emotional money, because happiness doesn’t have a standardized price.