Labubu Boss's Wealth Vanishes by Rp45.87 Trillion After Company Shares Plunge
Wang Ning, founder of Pop Mart based in Beijing and known for its Labubu monster dolls, has recorded a wealth decline of US$2.7 billion or the equivalent of Rp45.87 trillion after the company’s shares plummeted more than 22%.
Citing VN Express International, shares of the toy producer listed on the Hong Kong stock exchange fell on Wednesday. This occurred after Pop Mart reported its 2025 annual results, slashing Wang’s net worth to US$13.6 billion or Rp231.07 trillion. His wealth is largely tied to his ownership in the company.
The decline happened despite the company posting strong performance, with 2025 sales jumping 184.7% year-on-year to 37.1 billion yuan (US$5.4 billion) and net profit soaring nearly fourfold to 13 billion yuan.
However, investors are focusing on signs of slowing growth in overseas markets in the final quarter of the year.
Ke Yan, head of research based in Singapore at DZT Research, said previous quarterly updates showed a “significant slowdown” in growth outside China compared to the third quarter, when sales surged around 245%.
Morningstar analyst Jeff Zhang added that revenue and profit growth fell short of analyst estimates, raising concerns about the long-term strength of Pop Mart’s core intellectual property.
“The reduction in the dividend payout ratio to 25% in 2025 from 35% in 2024 is another negative for us,” Zhang said, as quoted from VN Express International, Saturday (28/3/2026).
“Pop Mart has also expanded its licensing business and amusement park operations, but we think execution risks remain high.”
The main driver of growth for this toy company remains the global popularity of Labubu, the gap-toothed character that has evolved into a worldwide collecting sensation.
However, the company is now expanding its intellectual property lineup, aiming to diversify its IP portfolio by promoting new characters like Twinkle Twinkle as standalone attractions, not replacements for Labubu.
Wang, who serves as the company’s CEO and chairman, said during the post-earnings call that “Pop Mart has more than just Labubu.”
He acknowledged the challenges in sustaining rapid expansion, comparing the experience to “a novice racer suddenly thrown into an F1 circuit - both the driver and the car are under immense pressure.”
Looking ahead, Wang said the company expects revenue to grow at least 20% year-on-year this year, but emphasised that profitability will not be sacrificed.
“We will not pursue overly aggressive growth that boosts revenue at the expense of profitability,” Wang said.
Pop Mart also said it will continue to add new product categories such as household items, expected to launch as early as next month.
Started in 2010 by Wang, then 23 years old, as a small toy shop in China, Pop Mart has grown rapidly in recent years thanks to Labubu, the “ugly but cute” character that consumers love and has quickly become the company’s top-selling IP worldwide.
Labubu gained fame in 2024 after Lisa from Blackpink shared photos featuring the toy with her 100 million Instagram followers, helping propel it into the global spotlight.
Wang was previously among China’s top 10 richest people last year, with a net worth of US$27.5 billion at the end of August, when Pop Mart’s market capitalisation reached around US$56 billion. The company’s shares, along with the tycoon’s wealth, have shrunk since then amid signs that Labubu’s popularity is starting to fade.