It is rumored that $POP MART(09992.HK)'s recent core strategic move is undergoing a deep transition from its early purely "aesthetic toys" (like Molly) towards "the physical realization of domestic animation IPs with heavy content and strong narratives." The collaboration series with "A Record of a Mortal's Journey to Immortality" is a typical representative of this wave of transformation.

The most direct effect of this collaboration is breaking Pop Mart's previously solidified female user demographic. As a top-tier cultivation web novel and domestic animation, "A Record of a Mortal's Journey to Immortality" has a massive and highly loyal fanbase of male and hardcore xuanhuan (fantasy) enthusiasts. The release of blind boxes and figurines of classic characters like Han Li and Nangong Wan directly pulled this group of male consumers, who originally weren't big buyers of trendy toys, into the fandom, achieving precise demographic complementarity.

In terms of product presentation, Pop Mart has materialized abstract cultivation elements from the original work, such as "magic treasures" and "spell effects." By using gradient light-transmitting materials and more complex painting techniques, they have effectively recreated the ethereal and elegant aesthetic quality of domestic animation, which makes fans willing to pay for the "nostalgia and faithfulness to the source."

Through this collaboration, Pop Mart isn't just selling a new toy; more importantly, it has proven its capability in designing and monetizing "IPs with heavy narrative focus." This leap from a purely visually appealing "beauty economy" to a story-supported "content economy" is the key code for its continued high popularity in the trendy toy market.