$POP MART(09992)$ $MIXUE GROUP(02097)$ and Pop Mart are essentially the same as $Kweichow Moutai Co.,Ltd.(600519)$ back then, both of which are "certainty consumption" in the circle. The only difference is that the people who drank Moutai back then are old, and now young people spend their money on these trendy things. Moutai's users are loyal, rigid, and irreplaceable; in new consumption, young people's interests change quickly, but as long as they grasp the emotions and enthusiasm of a certain stage and find periodic certainty in the changes, this will constitute a new generation of consumer moats.
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