Pop Mart, the Chinese art toy brand, is seeing mixed fortunes with its popular characters. Labubu, once a viral hit, has seen its secondary market prices fall sharply. Meanwhile, Molly, another key character designed by Kenny Wong Shun-ming, remains popular and stable. Wang Ning, the founder of Pop Mart, learned early on that strong branding and emotional connection are as important as the product itself. Wang's success with a Michael Jackson exhibition and trademark 'This is it' showed the power of branding. Today, Pop Mart's strategy focuses on building toys around story and identity. The popularity ups and downs of Labubu and the steady appeal of Molly highlight the challenge of turning short-term hype into lasting intellectual property. Pop Mart's shares have also seen swings of more than 40 percent from last year’s peak, reflecting the market’s uncertainty. Molly's steady fan base offers hope that some characters can become icons, while others may fade quickly.