"The 'New Consumption Three Sisters' collectively called back, causing heated debate on the valuation of 100 times."

Recently, the "new consumption sisters" represented by Bubble Mart collectively cooled down, with Lao Pu Huangjin, Meixue Group, and Bubble Mart each experiencing a pullback of around 19%, 17%, and 15% from their highs, causing concerns among investors about the valuation, IP lifecycle, and sustainability of the new consumption sector. Fund managers also have diverging views. Optimists believe that new consumption has high growth, high cash flow, and a wide race track, making it rare, and they see a bright future ahead. However, skeptics believe that some targets have already priced in the future, showing clear signs of valuation bubbles. At the same time, this pullback also serves as a valuable stress test, not only testing new consumption companies but also providing a cooling-off period for new consumption investments. Shifting from chasing emotions to digging deeper into real repeat purchases, and from blindly distributing through channels to deconstructing consumer profiles, when the market cools down, it is precisely the best window for market restructuring of cognition and adjusting the framework for new consumption investments.