This narrative explores how a seasoned investor with a background as a traditional product-focused entrepreneur comes to understand a new-generation product-driven founder.
Duan Yongping recently increased his stake in POP MART to 5.69%, becoming a significant shareholder. While many media outlets focus on the specifics—his entry point, portfolio adjustments, and the accuracy of his judgment—a more intriguing aspect lies beneath the surface. It's not that he suddenly grasped the concept of blind boxes; rather, he has re-evaluated his understanding of Wang Ning.
Earlier, Duan publicly expressed a similar sentiment: POP MART's products are interesting, and so is its founder, but he couldn't foresee the company's trajectory a decade from now.
This statement is quintessentially Duan Yongping. It's not about underestimation but uncertainty. His central concern has never been "how well it sells now" but "whether this demand will persist in ten years." He avoids fleeting trends and invests only in enduring currents, reflecting his long-term, value-oriented approach influenced by Warren Buffett.
Thus, what initially gave him pause wasn't POP MART's financial statements but his assessment of Wang Ning as an individual.
Duan's investment framework revolves around three principles: right business, right people, right price. While many prioritize "people" second, he places it first because businesses and prices fluctuate. The ability to accurately judge a person's long-term potential is the foundation of all other assessments.
He later publicly expressed admiration for Wang Ning and his team, showing little concern for short-term growth. In essence, this translates to: "I'm not investing because I fully understand POP MART's business model; I'm investing because I believe in Wang Ning and am willing to accompany this business on its journey."
This distinguishes Duan from many institutional investors. Institutions focus on models; he focuses on people. Models can project next year's outcomes, but only individuals can navigate and even strengthen elements beyond models over a decade—cycles, competitors, temptations, and personal evolution.
Trusting the person precedes trusting the business—a classic, time-honored investment approach.
So, what did Duan see in Wang Ning?
I speculate Duan discerned three key layers.
First, product insight. Wang Ning isn't merely creating toys; he's crafting emotions. Blind boxes, Labubu, queues, and secondary markets are surface phenomena. The core lies in a generation of young people willing to pay repeatedly for companionship, collectibility, and self-expression. A founder who grasps this depth differs fundamentally from one who merely chases hits.
Second, business acumen. Creating a single hit like Labubu defines a hit-driven company with a precarious lifecycle. However, POP MART has integrated artists, IP incubation, supply chains, physical stores, online platforms, communities, and overseas channels into a repeatable, operational system. With 2025 revenues reaching 37.12 billion yuan, overseas income at 16.27 billion yuan, and overseas contribution nearing 44%, this victory stems from systemic strength, not single-product success.
Third, long-term commitment. Wang Ning is young, remains hands-on, and is in his prime, continuously enhancing his cognition and capabilities. This is particularly crucial for a long-term investor like Duan—you're investing in the person's next two decades of work, not just their past decade's achievements.
A master doesn't just watch the spectacle; he examines the founder's technique. Duan himself hails from a background in product development, branding, channels, and corporate culture. The expertise honed through Xiaobawang, BBK, OPPO, and vivo isn't acquired by merely reading financial reports.
His view of Wang Ning isn't that of a financial investor assessing a founder; it's a veteran product-entrepreneur-turned-investor evaluating a new-generation product entrepreneur.
It resembles a master chef observing a young cook's knife skills on the street: without tasting the entire meal, the technique reveals whether it's mere showmanship. Wang Ning's "knife skills" resonated with him.
This insight holds greater value for entrepreneurs than for stock traders.
Many founders expend significant effort figuring out how to "articulate their business model clearly." However, investors like Duan aren't scrutinizing PowerPoint presentations; they're reading the founder. They assess whether your understanding of users is bone-deep, whether your system design is truly methodical, and whether you'll still be in the game a decade from now.
Storytelling ability is merely an entry ticket. What truly determines whether long-term capital will accompany you is whether you possess that intangible quality that inspires confidence in entrusting time to you. This cannot be articulated; it must be demonstrated.
Thus, ask yourself three questions: 1. Are you creating a product, or addressing the underlying needs of a user group? 2. Are you creating a hit, or building an organizational capability to consistently produce hits? 3. Will you have the drive and ability to lead this enterprise forward ten years from now?
Duan's renewed understanding of Wang Ning essentially clarifies these three affirmations.
As for how POP MART's story ultimately unfolds, Duan himself acknowledges the greatest uncertainty: how long this emotional consumption demand will last. This is the question Wang Ning must answer, and one all businesses built on "being liked" will eventually face.
He isn't buying POP MART's present. He's investing in the premise that if Wang Ning can consistently create what is "liked," this company's story is just beginning.
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