Veteran Investor Duan Yongping Signals Big Bet on POP MART (泡泡玛特), Praises CEO Wang Ning

Endorsement of Wang Ning

It has been reported that veteran investor Duan Yongping (段永平) publicly praised Wang Ning, the CEO of POP MART (泡泡玛特), comparing Wang's product acumen and vision to that of Steve Jobs. Duan reportedly told a user on the Chinese investment forum Xueqiu that Wang’s understanding of product and commercial strategy “is at the same level as Jobs,” and even suggested Wang’s commercial grasp might be “a little stronger.” For Western readers: POP MART is China’s best‑known designer–toy and blind‑box collectibles company, a youth‑focused retail phenomenon that has become a major consumer brand.

Investment change and tactics

It has been reported that Duan has also signaled a material change in stance on POP MART. After previously saying he would not invest, Duan wrote this year that his “POP MART insurance company is officially open,” a phrase he used as a metaphor for selling put options to establish a position. In plain terms: by selling puts, an investor collects premium income but may be obliged to buy shares at the strike price if the stock falls below that level — a strategy Duan has reportedly used before on other large tech names.

Why now — company performance and market reaction

POP MART’s 2025 annual results appear to have triggered the shift. The company reported revenue of 371.2亿元 (RMB 37.12 billion) — a year‑on‑year jump of 184.7% — and a net profit attributable to shareholders of 127.76亿元 (RMB 12.776 billion), up about 308.8% year‑on‑year, with gross margin rising to 72.1% from 66.8% the prior year. Those numbers, it has been reported, prompted Duan to retract his earlier “I do not invest” stance and publicly describe himself as a fan of Wang and his team. Market watchers will be watching whether Duan’s public endorsement and options‑based position translate into broader investor confidence for POP MART.