---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39502814.md"
description: "$POP MART(09992.HK) The business in this industry has been completely saturated. Whether it's Disney, Bandai, or Sanrio, their valuations are only slightly higher than those of steel and coal. I don't understand why they can maintain such valuations as market makers. I questioned this on Snowball before, and a bunch of mindless fans came to curse. After rambling on for a long time, they still couldn't come up with a convincing narrative of their own."
datetime: "2026-03-25T06:23:03.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39502814.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39502814.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39502814.md)
author: "[燎原火](https://longbridge.com/en/profiles/13429518.md)"
---

# $POP MART(09992.HK) The business in this industry …


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