This morning, according to Forbes' real-time rich list,Wang Ning, founder of Pop Mart (09992.HK), currently has a net worth of US$20.3 billion, while Qin Yinglin, founder of Muyuan shares (002714.SZ), has a net worth of US$16.3 billion. Wang Ning has replaced Qin Yinglin and become the new richest man in Henan.
Screenshot from Forbes Real-time Rich List
It is understood that Wang Ning, founder, executive chairman and CEO of Pop Mart, was born in Xinxiang, Henan in 1987. He graduated from Zhengzhou Xiyas College in 2009 and founded Pop Mart in 2010.
Henan's richest man substitute
Wang Ning replaced the Qin Yinglin and his wife of Muyuan
Previously, the richest man in Henan was Qin Yinglin and Qian Ying of Muyuan Co., Ltd. According to the "2025 Hurun Global Rich List" released by Hurun Baifu in March this year, Qin Yinglin and Qian Ying won the richest man in Henan for a fortune of 130 billion yuan.
Recently, Labubu has become popular all over the world, and Pop Mart's stock price has also continued to rise.
As of the close of June 6, Pop Mart's share price was HK$244.8 per share, with a total market value of HK$328.752 billion. Since the beginning of this year, Pop Mart's stock price has risen 174%. If the timeline is lengthened, Pop Mart's stock price has increased by more than 11 times from the beginning of 2024 to the present.
According to Pop Mart's 2024 annual report, the founder Wang Ning holds 48.73% of the company's equity. Based on this calculation, Wang Ning's current shareholding market value is approximately 146.7 billion yuan.
In 2024, Pop Mart achieved revenue of 13.04 billion yuan, a year-on-year increase of 106.9%, and adjusted net profit of 3.4 billion yuan, a year-on-year increase of 185.9%. In terms of IP product performance, in 2024, the revenue of the four major IPs under Pop Mart (THE MONSTERS, MOLLY, SKULLPANDA and CRYBABY) exceeded 1 billion yuan.
The IP where Labubu is located has revenue of 3.04 billion yuan, an increase of 726.6% year-on-year, becoming the number one IP under Pop Mart.
Labubu is popular all over the world
There is a joint model that has been sold for more than 28,000 yuan
How popular is Labubu? From Liu Yifei and Dilraba in China to Lisa, Rihanna, Beckham abroad, a number of top celebrities have brought goods.
With the support of the celebrity effect and huge exposure of social media, Pop Mart began to have the momentum of "becoming the circle". On June 6, on the eve of overseas "618", "Labubu" became the first place in AliExpress search terms, and Pop Mart's official store firmly ranked first in the trendy toy category. JPMorgan Chase report predicts that the sales of the THE MONSTERS series where "Labub" is located is expected to soar to 14 billion yuan in 2027.
"Pop Mart has done something right now." An industry insider analyzed in an interview with reporters that this global out-of-the-box category innovation such as "Labubu" and the complex blind box gameplay that China is good at is a good match. "Trendy toys in Southeast Asia and Europe and the United States are 'half behind', which is why the industry generally thinks that domestic product innovation and emotional consumption logic will continue to support overseas business growth." She said.
After the popularity in Southeast Asia in 2023, Pop Mart's overseas expansion focus has shifted from Asia to the United States and Europe. Taking the UK as an example, Pop Mart has opened five specialty stores in London and has special sales in local toy brand store Hamleys and department store Harrods. The reporter recently saw at Chinatown and Oxford stores that customers had to wait in line before they could enter the store to choose. The waiting time was more than 20 minutes during crowded periods. Even the "Labubu" 3.0 product was temporarily removed from the shelves in the UK due to its excessive sales before, causing customers to fight.
Source: Hongxing Capital Bureau, Xinhua Finance, Qianjiang Evening News
