POP MART Wang Ning: Does not feel that a single IP accounts for too large a proportion of the company's revenue is unhealthy

At the earnings call for the first half of 2025, POP MART founder and CEO Wang Ning stated that he does not believe that a single IP accounting for a large proportion of the company's revenue is unhealthy, and that more original IPs can prove that we are a relatively healthy platform-based IP. It is reported that THE MONSTERS, where LABUBU is located, generated revenue of 4.81 billion yuan, accounting for 34.7% of the company's total revenue