Popmart released its full-year financial report showing explosive performance but stock price crashed 20%.



Looking back now, the intensive PR blitz from June to August last year, founder legend narratives, and business storytelling packaging were essentially creating peak liquidity — when retail investor attention reaches saturation, that's the most comfortable exit window for institutions, completing the final surge in stock price.

What's worth observing isn't actually the stock price, but the recurrence frequency of this "consumer goods + capital narrative" model in Chinese stocks. From Perfect Diary to Popmart, the playbook is strikingly similar: use cultural symbols to build emotional moats, use PR density to offset business uncertainty, and ultimately harvest at peak liquidity.

These stories always happen again and again.
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