$MNSO(09896.HK)$POP MART(09992.HK)

II. A Rational View of Both Companies: Rejecting the Practice of Praising One While Demeaning the Other; Neither is Entirely Original

It's a common observation on the Snowball platform: many shareholders holding Pop Mart, while defending their own investment, habitually belittle MINISO, criticizing it for being pro-Japan, copycatting, and low-end positioning, while deliberately mythologizing Pop Mart, portraying it as a perfect enterprise that grew from scratch into an industry giant through complete original creation.

In fact, this behavior of praising one while demeaning the other is completely unnecessary.

Wang Ning himself has long publicly admitted: Pop Mart's blind box model was borrowed from the Japanese market, not natively original; its overall offline retail model also referenced multiple offline stores, and is not 100% original.

Ultimately, Wang Ning and MINISO's Ye Guofu are essentially the same type of entrepreneur: both love offline shopping and excel at capturing market inspiration from real offline consumption scenarios. It's just that their strategic styles and operational approaches are completely different, with no inherent superiority or inferiority. Peers can indeed learn from each other.

I also want to encourage all investors: investment should be long-termist, emulating Duan Yongping's approach of holding positions on a yearly basis. Don't mindlessly hype and pile on positive news when the stock price rises, nor blindly curse when it falls. There's even less need to prove the value of your holdings by suppressing peer stocks. The core reason Duan Yongping greatly admires Wang Ning is also because their underlying investment philosophy and personal principles are highly aligned, a point clearly evident from the content of their public interviews.