Odaily Planet Daily reports: Pop Mart previously disclosed a significant change in shareholder equity, as renowned investor Duan Yongping and H&H International Investment, LLC simultaneously increased their stakes in the company, becoming its second-largest shareholder, thereby triggering mandatory disclosure requirements. While Duan Yongping’s purchase of Pop Mart is most easily interpreted by outsiders as a bet on Labubu, his recent public statements suggest that what he truly values is Wang Ning and his team’s IP management capabilities.
When a netizen asked Duan Yongping for his evaluation of Wang Ning on an investor community, Duan responded that Wang Ning’s understanding and pursuit of his products are on the same level as Jobs’s, and at least will be in the future; Wang Ning’s understanding of business seems slightly stronger than Jobs’s.
According to data from Pop Mart’s official WeChat public account, during the reporting period, LABUBU joined the billion-yuan club, and six other IPs generated revenue exceeding 2 billion yuan. Meanwhile, leading IPs such as SKULLPANDA, CRYBABY, MOLLY, and DIMOO are also experiencing synchronized growth, forming a well-structured tiered lineup. In the first quarter of 2026, Pop Mart’s growth continued. According to the preliminary earnings report for the first quarter, the company’s revenue increased by 75%-80% year-over-year. Regionally, revenue in the Chinese market rose by 100%-105% year-over-year; among this, offline channels grew by 75%-80%, while online channels increased by 150%-155%. (ifeng)