Pop Mart's stock price halves, and Duan Yongping has changed!

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Pop Mart shares plunge, and Zhang Yongping speaks out.

On March 30, Zhang Yongping posted on Xueqiu saying: “Over the past couple of days, I spent some time taking another look at Pop Mart, and I decided to retract the statement by Mr. Fang (Fang Sanwen) that I don’t invest in Pop Mart.”

Earlier this year, when discussing Pop Mart, Zhang Yongping had plainly said: “There are many things in this world that I just don’t understand.”

Judging from Pop Mart’s stock performance, the stock price dropped by more than 22% on March 25. In August 2024, the stock price peaked at nearly HK$340; it is currently down to around HK$150—already cut in half.

Zhang Yongping has changed

On March 30, Zhang Yongping said that economics’ “speed” is actually the “acceleration” in physics. What you buy with investment is the total amount in the future—what you get in physics as “speed” × “time,” which yields the “total length.” Of course, a bit of “acceleration” can allow it to travel farther within a given unit of time. Over the past couple of days, I spent some time taking another look at Pop Mart, and I decided to retract the statement by Mr. Fang (Fang Sanwen) that I don’t invest in Pop Mart.

This means that Zhang Yongping’s stance toward Pop Mart has changed.

In last year’s conversation with Wang Shih and Tian Pujun, Zhang Yongping once talked about his view on Pop Mart: “I think Labubu is a very miraculous thing. If you take a closer look, after more than ten years, it was truly built little by little. Even though I don’t understand this company, I wouldn’t go buy their stock, and I wouldn’t make investments in them. But they can turn emotional-value products into something like this—it’s not something you can just do casually. I’ve listened to Wang Ning’s speeches; he really put in a lot of effort. So don’t just turn someone else’s luck into crap with a single sentence, right?”

Earlier this year, when facing questions from netizens, Zhang Yongping said: “I have roughly looked at Pop Mart, and I think they are indeed quite impressive. However, I still cannot understand why people need this kind of thing. What if in a couple of years, everyone doesn’t want it anymore? If you believe people will always need it and their business will keep growing, then of course it’s a pretty good investment for you.”

Some netizens said that Pop Mart provides a different kind of emotional need, similar to gaming or women’s handbags. Zhang Yongping responded: “The problem is, I also don’t understand why girls buy so many useless bags. I don’t understand why those ‘famous paintings’ can sell for such high prices… There are many things in this world I don’t understand, and I don’t plan to understand everything. Luckily, within my own circle of ability, I occasionally find some opportunities.”

Zhang Yongping’s recent change to his stance somewhat reflects the ongoing evolution of his investment cognition. Looking at his long-term investment map, “evolution” has always been a key theme throughout.

Facing the accelerated arrival of the AI era, in Q4 2025, Zhang Yongping’s managed H&H International Investment added three AI-related companies with small positions. Although the holdings are not large, it shows that Zhang Yongping continues to pay attention to the latest developments in AI. He is keeping up with the times. In early January this year, in his New Year outlook, Zhang Yongping said that in the new year, he needs to seriously learn how to use AI, hoping to understand AI well enough to dare to make big bets.

What are the opportunities in the new consumer sector?

Judging from Pop Mart’s recent stock performance, it has experienced a sharp correction. On March 25, Pop Mart’s stock price fell more than 22%. Looking at the long-term trend, compared to the peak in August 2024, the latest stock price of Pop Mart has already been halved.

From Pop Mart’s financial results, in 2025, revenue reached 37.12 billion yuan, a year-on-year increase of 184.7%; net profit attributable to the parent was 12.78 billion yuan, up 308.8% year-on-year.

At the recent investor communication meeting, Wang Ning, chairman and CEO of Pop Mart, said that in 2026, Pop Mart will strive to achieve a growth rate of no less than 20%. “How to make the company grow more long-term, more steadily, and more healthily remains our core goal.”

Regarding his view on the new consumer sector, Rongtong Fund manager Su Linjie said that excellent consumer companies can create demand through supply, changing the lifestyle of a generation. Focus on consumer products that provide emotional value or maintain physical and mental health, such as trendy toys, AI glasses, and others.

“Last year was a year of very distinct divergence between new consumption and traditional consumption sectors. The new consumption sector saw larger gains. However, since the beginning of this year, traditional consumption has performed better. Although stocks of new consumption companies fluctuate, from the current position, they are quite attractive. There are significant opportunities among a batch of consumer companies,” said Manulife Fund manager Zhou Shaobo.

In the view of Wang Peng, a fund manager at GF Fund, most consumer assets’ valuations have already fallen to historically very low levels, and under ongoing stress testing, risks have been effectively released. He is optimistic about the medium- and long-term prospects of these high-quality companies. “In the future, more focus will be on new consumption companies, including segments like gaming, leisure food, pet food, smart home, and trendy toys.”

Author: Zhao Mingchao

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Editor: Song Yafang