Prominent investor Duan Yongping, known online as "大道无形我有型," has unexpectedly expressed a positive shift in his view of Pop Mart. On March 30, he posted on the investment community platform Snowball, stating that after spending time re-examining the company, he has decided to retract his previous statement to Snowball's founder and chairman, Fang Sanwen, that he would not invest in Pop Mart.
Earlier on March 30, Pop Mart's stock opened with a decline of over 5% before gradually recovering. It ultimately closed at HK$148.7, down 0.6% for the session.
Duan Yongping clarified his revised position by sharing an article analyzing Pop Mart on Snowball. He commented, "The 'speed' in economics is actually the 'acceleration' in physics. Investing buys the future total value, which is the 'total distance' obtained by 'speed' multiplied by 'time' in physics. Naturally, having some 'acceleration' allows one to cover more distance per unit of time. After spending the past couple of days taking another look at Pop Mart, I've decided to retract my statement to Fang Sanwen that I wouldn't invest in it."
Back on January 12, Duan had shared his initial thoughts on Pop Mart in response to a user's question on Snowball. He suggested that investors consider whether they would be willing to buy the entire company at its current market capitalization if they had sufficient funds, as this perspective encourages long-term thinking. He mentioned that he had briefly reviewed Pop Mart and acknowledged the company's impressive performance. However, he expressed difficulty understanding the consumer demand for its products, questioning what would happen if that demand disappeared in a few years. He noted that if one believes the demand is sustainable and the business will continue to grow, it could be a reasonable investment.
Duan also drew parallels to his lack of understanding regarding "women buying handbags" or "extremely expensive artwork." While recognizing these markets exist, he stated that because he does not fully comprehend them, he adheres to his principle of not investing in what he doesn't understand.
Pop Mart's stock has experienced a significant recent decline, drawing market attention following its earnings report. On the afternoon of March 25, 2026, Pop Mart released its 2025 financial results, reporting revenue of RMB 37.12 billion, a year-on-year increase of 184.7%. Adjusted net profit was RMB 13.08 billion, surging 284.5% compared to the previous year, while the gross profit margin reached 72.1%, up 5.3 percentage points.
During the 2025 annual results presentation, Pop Mart's Board Chairman and CEO Wang Ning stated that the company aims to achieve a growth rate of no less than 20% in 2026.
The financial report highlighted that THE MONSTERS series, featuring LABUBU, achieved global popularity in 2025, becoming a world-class IP. Revenue from LABUBU reached RMB 14.16 billion, a increase of 365.7% year-on-year, marking the first time revenue for the LABUBU family exceeded RMB 10 billion. Benefiting from a differentiated IP operation strategy, six major IPs—SKULLPANDA, CRYBABY, MOLLY, DIMOO, and星星人—each surpassed RMB 2 billion in revenue. Seventeen IPs achieved revenue exceeding RMB 100 million, compared to 13 IPs in the first half of 2025.
Despite these strong financial figures, the market responded with a continuous drop in the company's share price. Data shows that Pop Mart's stock price fell from an opening price of HK$223.4 on March 25 to a closing price of HK$148.7 on March 30, representing a decline of over 30% during that period.
To stabilize market confidence, Pop Mart recently initiated a share buyback program. According to company announcements, on March 26, Pop Mart repurchased 3.94 million shares at a cost of approximately HK$600 million, with prices ranging from HK$148.4 to HK$157.8 per share. On March 27, the company repurchased an additional 1.98 million shares at prices between HK$149.4 and HK$153 per share, totaling about HK$299 million.
