---
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/39719297.md"
description: "Over the weekend, I gave some preliminary thought to Pop Mart.In terms of moat, growth and ceiling, profitability quality and stability, ability to withstand cycles, and replicability of the business model, it's not as good as Pinduoduo, and Pinduoduo's valuation is much lower, so I might still not consider buying Pop Mart.However, Wang Ning and his management team are also excellent, respecting time, respecting operations, doing the right things, and doing things right.$POP MART(09992.HK)$PDD(PDD.US)"
datetime: "2026-04-03T15:34:38.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39719297.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39719297.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39719297.md)
author: "[白日梦想家🌟](https://longbridge.com/zh-HK/profiles/14627098.md)"
---

> 支持的語言: [English](https://longbridge.com/en/topics/39719297.md) | [简体中文](https://longbridge.com/zh-CN/topics/39719297.md)


# Over the weekend, I gave some preliminary thought …


### 相關股票

- [PDD (PDD.US)](https://longbridge.com/zh-HK/quote/PDD.US.md)
- [POP MART (09992.HK)](https://longbridge.com/zh-HK/quote/09992.HK.md)
- [POP MART HK SDR 20to1 (HPPD.SG)](https://longbridge.com/zh-HK/quote/HPPD.SG.md)

## 評論 (3)

- **只做英伟达 · 2026-04-06T05:46:27.000Z**: A trendy toy seller has a moat?
- **Daniel V587 · 2026-04-04T01:09:03.000Z**: How did you compare the moats? Pinduoduo is surrounded by strong rivals, while Pop Mart can't find a competitor even with a telescope $POP MART(09992.HK) $PDD(PDD.US)
  - **白日梦想家🌟** (2026-04-04T01:55:09.000Z): The competitive landscape of major domestic e-commerce players is already set. Alibaba and JD.com are not focused in their operations, and their retail mindset and capabilities are mediocre. Pinduoduo