Recently, well-known investor Duan Yongping has frequently mentioned Pop Mart and publicly stated, "My Pop Mart insurance company is officially open for business." Industry insiders interpret this move as a cautious strategy, adopting a "slow entry" approach. By selling put options, Duan can steadily earn premiums if the stock price remains above the strike price. If the price declines further, it allows for accumulation of shares at a lower cost.
Duan Yongping confirmed initiating a position in Pop Mart, explaining that the company's latest earnings report sparked his curiosity. He spent several days thoroughly researching the firm, remarking, "I haven't felt this kind of excitement in a long time." Duan noted that while he had previously encountered fragments of information about founder Wang Ning, he only began seriously studying the company after reviewing the recent financial results. He held a favorable impression of Wang Ning but initially felt the business model was distant and difficult to comprehend, with uncertainties regarding its sustainability.
Duan expressed curiosity about whether his understanding of gaming dynamics could yield returns again through Pop Mart. His statement about the "insurance company" signifies the start of his position building using a conservative method—selling puts rather than directly purchasing shares—with "collecting premiums" referring to earning option premiums. Industry analysts view this as a prudent strategy, allowing Duan to profit from premiums if the stock holds above the strike price, or to establish a position at more favorable levels if prices drop.
Duan later mentioned gradually mobilizing funds, suggesting a measured approach, and added that otherwise, he would simply continue collecting premiums. When questioned by online users, he patiently responded, noting he had glanced at Pop Mart a couple of years ago, finding it an interesting company with a young, highly aware founder and strong corporate culture. However, he considered the valuation high at the time and was uncertain about profitability. The recent earnings report demonstrated impressive profits, resolving his doubts about the business model's viability and sustainability. Acknowledging that growth involves fluctuations, Duan plans to accumulate his desired stake gradually, unless his perspective changes.
He reiterated that the earnings report ignited his curiosity, leading to several days of intensive study, and remarked on his prolonged lack of such excitement. Responding to concerns about whether his public attention would affect entry prices, Duan emphasized a long-term view, citing his decade-long discussion of Apple before its rise and earlier comments on NetEase and Kweichow Moutai. He shared that investment principles are simple, and ultimately, a company's buyers are what matter, independent of public discourse.
Duan revealed purchasing several blind boxes himself and stated he is now a fan of Wang Ning, highlighting the significant influence of the book "Because of Uniqueness," which details Wang Ning's entrepreneurial journey. Duan previously mentioned it was the first book he finished reading after university.
Regarding Pop Mart's market performance, the stock plummeted after its 2026 earnings guidance fell significantly below institutional expectations. The current price is approximately half of its peak from late August last year. Duan's focus remains on the business itself rather than predicting market movements. He analyzed several barriers for Pop Mart, including established user attention (brand), barriers to artist signings, global store presence, and a strong team led by Wang Ning covering production, logistics, quality, and other aspects. These barriers do not guarantee perpetual popularity of trendy toys but help ensure Pop Mart remains the focal point for enthusiasts. Duan believes Pop Mart's competitive advantages are stronger than perceived, making it an excellent business if the trendy toy market sustains. However, debates over sustainability will persist, requiring ongoing demonstration, though the company itself need only continue its operations.
From an institutional perspective on the new consumption sector, Yin Weichun, a fund manager at China Europe Fund, noted that segments like tea beverages, coffee, cosmetics, skincare, trendy toys, pet products, and brand globalization, representing new consumption trends, have seen valuations return to below historical averages after the digestion period in the second half of 2025, significantly improving investment appeal. As Generation Z and millennials become the primary consumer force, their distinct upbringing, values, and habits—emphasizing personal expression, emotional value, lifestyle rituals, and social attributes—are driving emerging demands. The trendy toy market has evolved from a niche interest to a billion-yuan industry, with blind boxes, figurines, and IP collaborations becoming emotional anchors for youth.
Zhou Han, a fund manager at Huatai-PineBridge Funds, added that these new consumer brands, though not necessarily large in scale, exhibit flexible business models and adaptability to rapid trend shifts. Their emergence demonstrates vibrant structural opportunities even amid overall consumption slowdowns.
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