Yongping Duan Revaluates Pop Mart: From "Ignoring What He Doesn't Understand" to Becoming the Second Largest Shareholder, Calling Wang Ning the Next Steve Jobs

Odaily reports that Pop Mart previously disclosed a major change in shareholder interests. Renowned investor Yongping Duan, along with H&H International Investment, LLC, simultaneously increased their holdings in the company, becoming the second largest shareholder and triggering mandatory disclosure requirements. The most straightforward interpretation of Duan buying into Pop Mart is as a bet on Labubu. However, judging by his recent public statements, what he truly values appears to be Wang Ning and the team's IP operation capabilities.

When a netizen asked Duan on an investor community platform for his assessment of Wang Ning, Duan responded that Wang Ning's understanding and pursuit of his own products are "on the same level" as Jobs (Steve Jobs), at least for the future; and that Wang Ning's understanding of business "might even be slightly stronger than Jobs'."

Data from Pop Mart's official WeChat account shows that during the reporting period, LABUBU joined the "10 billion club," while six other major IPs surpassed 2 billion yuan in revenue. At the same time, leading IPs such as SKULLPANDA, CRYBABY, MOLLY, and DIMOO are also scaling up simultaneously, forming a well-structured, tiered system. Pop Mart's growth continued into the first quarter of 2026. According to the Q1 performance summary, the company's revenue increased by 75%-80% year-on-year during the period. By region, revenue in the Chinese market grew 100%-105% year-on-year; among this, offline channels grew 75%-80%, while online channels grew 150%-155%. (ifeng)