Recently, well-known investor Duan Yongping frequently mentioned POP MART and publicly stated, &#34;My POP MART insurance company is officially open.&#34; This indicates that Duan has started buying POP MART, using the strategy of selling put options to establish a position: if the stock price does not fall through the strike price, he can earn premiums; if it falls, he can open a position at a lower cost.
Duan stated that the earnings from POP MART's latest financial report sparked his curiosity. He spent several consecutive days trying to understand the company and frankly said, &#34;I haven't felt this excitement in a long time.&#34;
<h2>Duan Yongping Confirms Buying</h2>
&#34;Only after seeing POP MART's latest financial report did I truly start researching the company seriously. Previously, I only occasionally saw some snippets from Wang Ning (the founder of POP MART) and some short videos,&#34; Duan said. He added that he had always had a good impression of Wang Ning but previously felt that this business was too far removed from him and difficult to understand, unsure of its sustainability.
Duan stated: &#34;I am curious whether my understanding of games will pay off again with POP MART. In short, my POP MART insurance company is officially open.&#34;
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/c8b4cab1-9bc9-4c3d-996c-fb214b3b1d85.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/c8b4cab1-9bc9-4c3d-996c-fb214b3b1d85.png"/>
Duan's statement above means he has officially begun to open a position in POP MART. However, his purchasing method remains cautious: he is establishing a position by selling puts rather than directly buying the underlying stock. Collecting &#34;premiums&#34; corresponds to earning option premiums.
According to industry insiders, in terms of operation, Duan's approach is &#34;proceed slowly when entering the market,&#34; adopting a conservative strategy. If the stock price does not fall through the strike price, he can steadily earn premiums; if it continues to fall, he can open a position at an even lower cost.
Duan later also stated, &#34;Let's slowly mobilize funds; otherwise, just collecting some premiums for now is fine.&#34;
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/d9c7e9db-d632-40e1-b57f-5c6f0d1e29f4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/d9c7e9db-d632-40e1-b57f-5c6f0d1e29f4.png"/>
<h2>&#34;I Haven't Felt This Excitement in a Long Time&#34;</h2>
In response to questions from netizens, Duan patiently replied multiple times.
Duan stated: &#34;I took a look two years ago and thought it was quite an interesting company. The founder is young and extremely clear-headed, and the corporate culture is excellent, but at that time, it seemed a bit expensive, and I didn't know how the profitability would turn out. This recent financial report is impressive; they actually achieved such strong earnings. Now, I no longer need to wonder if this business model is viable or solve the question of sustainability. Of course, the growth process will have setbacks. I will gradually, or perhaps not so gradually, collect the share I want in the future, unless I change my mind.&#34;
&#34;The earnings from this financial report sparked my curiosity. I spent several consecutive days trying to understand this company. I haven't felt this excitement in a long time,&#34; Duan said.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/ed7c4362-a1b1-4094-a399-09c041438a83.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/ed7c4362-a1b1-4094-a399-09c041438a83.png"/>
A netizen asked whether it is still possible to buy at a suitable price after Duan publicly expressed interest.
Duan emphasized looking at the long term: &#34;I started talking about Apple on Xueqiu back in 2011. It took more than ten years for the stock to rise, right? For at least the first three years, it often fell. When I talked about NetEase, there wasn't even an Xueqiu yet; we were chatting on Yahoo, though perhaps no one noticed. As for Moutai, I seem to have started discussing it around 2013? I share my thoughts simply because I find it fun. The logic of investing is simple: there is only one buyer for any company in the end. What others say ultimately has nothing to do with you. Those who don't understand this sentence are simply not on the same path as me.&#34;
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Duan revealed that he has already bought several blind boxes and frankly stated that he is now a fan of Wang Ning. He once again emphasized that the book Because It's Unique had a significant impact on him. Because It's Unique is an interview record with POP MART founder Wang Ning, detailing Wang's entrepreneurial journey. Duan previously also mentioned that Because It's Unique was the first book he finished reading after graduating from university.
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<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/6dbdcb44-09a2-47e4-8f51-2bd72725f9e4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/6dbdcb44-09a2-47e4-8f51-2bd72725f9e4.png"/>
<h2>What About New Consumption Opportunities?</h2>
Looking at POP MART's market performance, the company's stock suffered a sharp decline after its 2026 earnings guidance was significantly lower than the consensus expectations of institutions. Compared to the high point at the end of August last year, the current stock price has been halved.
From Duan Yongping's perspective, he is not predicting market trends but focusing on the business itself. He analyzed that POP MART's current barriers appear to include several factors (not ranked by importance, as I haven't fully sorted them out yet): the established user attention (brand), barriers related to signing artists, stores worldwide, and the powerful Wang Ning and his team (including production, logistics, quality control, and everything else). These barriers cannot guarantee that trendy toys will always be popular, but they can ensure that people who like trendy toys continue to follow POP MART. POP MART's barriers are far stronger than imagined. As long as the trendiness of these toys persists, POP MART represents an excellent business. However, debates over sustainability will likely continue for a long time, so they may need to keep proving themselves (though they themselves don't really need to prove anything; they just need to continue doing what they should do).
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Regarding views on the new consumption sector from institutions, Yin Weichun, fund manager at Zhong Ou Fund, believes that sub-sectors representing new consumption trends—such as tea beverages, coffee, beauty and skincare, trendy toys, pets, and brand globalization—have seen their valuations return to levels below the historical average after digesting valuations and clearing positions in the second half of 2025, significantly improving their configuration value.
&#34;As the '90s' and '00s' generations gradually become the main force of consumption, their growth environment, values, and consumption habits differ markedly from previous generations. They place greater emphasis on personalized expression, emotional value, life rituals, and social attributes. These changes have spawned a large number of emerging consumer demands. The trendy toy market has risen from a 'niche hobby' to a billion-yuan industry, with blind boxes, figures, and IP collaborations becoming emotional outlets for young people. These new needs not only reshape the consumption landscape but also drive the birth and rise of a batch of 'new consumption brands.' These companies often possess agile product iteration capabilities, strong content operations, and precise user insights, leveraging social media to achieve low-cost, high-efficiency brand cold starts,&#34; said Zhou Han, fund manager at Fullgoal Fund.
In Zhou Han's view, these enterprises may not necessarily be large in scale, but their business models are more elastic and better adapted to rapidly changing consumption trends. Their existence proves that even against a backdrop of slowing overall consumption growth, structural opportunities continue to flourish.
Source: Shanghai Securities News
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Well-known investor Duan Yongping confirmed he has begun buying POP MART by selling put options. He stated that the latest earnings report of POP MART sparked his curiosity, and after in-depth research, he felt "I haven't felt this excitement in a long time." Duan believes that if the stock price does not fall through the strike price, he can steadily earn premiums; if it falls, he can open a position at a lower cost. He remains optimistic about POP MART's future development and plans to gradually increase his holdings

- Investor Duan Yongping has begun buying shares in Pop Mart, using a cautious strategy by selling put options rather than buying shares directly.  
- He expressed a renewed excitement about the company, driven by its recent earnings report which he found impressive, leading him to study the business more closely.  
- Industry insights suggest Duan's conservative approach will provide stable premium earnings if the stock price remains above the strike price while allowing for lower-cost entry if it declines.

Duan Yongping Confirms Buying POP MART, Says 'I Haven't Felt This Excitement in a Long Time'