I tend to think Duan's judgment is sound. I've always felt Pop Mart's competitive advantage is quite deep! A single hit product is luck, but consistently producing hits demonstrates skill, and Pop Mart's skill is off the charts. Their biggest competitive advantage lies in creating a replicable IP monetization system that combines aesthetics, emotion, scarcity, and global distribution channels. And what they're selling isn't just toys; they're selling a kind of "emotional asset" tailored to today's youth—lightweight, inexpensive, and highly addictive. Aesthetic judgment × IP incubation × Product development × Scarcity rhythm × User emotion × Global channels × Supply chain efficiency. Then look at their overseas growth curve. Their IPs aren't just appealing to young Chinese consumers; they're beginning to spread across cultures.