<div id="readability-page-1"><p>Shares of the Hong Kong-listed toymaker fell on Wednesday after it reported its full-year 2025 results, cutting Wang’s net worth to $13.6 billion, according to <em>Forbes</em>. His fortune is largely tied to his stake in the company.</p><p>The decline came even as the firm delivered strong results, with 2025 sales surging 184.7% year-on-year to 37.1 billion yuan (US$5.4 billion) and net profit jumping nearly fourfold to 13 billion yuan.</p><p>Investors were focused on signs of slowing growth in overseas markets in the last quarter of the year.</p><p>Ke Yan, Singapore-based head of research at DZT Research, said earlier quarterly updates suggest a &#34;significant deceleration&#34; in growth outside China compared with the third quarter, when sales had jumped about 245%.</p><p>Morningstar analyst Jeff Zhang added that both revenue and profit growth fell short of analysts’ estimates, raising concerns about the long-term strength of the company’s core intellectual properties.</p><p>&#34;A pullback in dividend payout ratio to 25% in 2025 from 35% in 2024 is another negative to us,&#34; Zhang said, as quoted by <em>Reuters</em>. &#34;Pop Mart has also doubled down on the licensing business and theme park operations, but we think execution risks remain high.&#34;</p><table><tbody><tr><td><img src="https://imageproxy.pbkrs.com/https://vcdn1-english.vnecdn.net/2026/03/26/A-AFP-20250728-532180715-v1-Hi-6398-6860-1774500261.jpg/query-ZHByPTEmZml0PWNyb3AmaD0wJnE9MTAwJnM9eEN6VnowaEtlUkd6ZzdvWWF3MkRHZyZ3PTY4MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://vcdn1-english.vnecdn.net/2026/03/26/A-AFP-20250728-532180715-v1-Hi-6398-6860-1774500261.jpg/query-ZHByPTEmZml0PWNyb3AmaD0wJnE9MTAwJnM9eEN6VnowaEtlUkd6ZzdvWWF3MkRHZyZ3PTY4MA"/></td> </tr><tr><td> <p>Various Labubu soft toys from Pop Mart. Labubu dolls are a creation of Dutch-Hong Kong designer Kasing Lung and wildly popular among youth and children. Photo by ANP via AFP</p> </td> </tr></tbody></table><p>The toymaker’s main growth driver has remained the global popularity of Labubu, the snaggle-toothed character that has evolved into a worldwide collectible sensation.</p><p>But it is now broadening its intellectual property lineup, aiming to diversify its IP portfolio by promoting new characters such as Twinkle Twinkle as standalone draws rather than substitutes for Labubu.</p><p>Wang, who serves as the firm’s CEO and chairman, said in a post-earnings call that &#34;Pop Mart has more than just Labubu.&#34;</p><p>He acknowledged the challenges of sustaining rapid expansion, comparing the experience to &#34;a rookie racing driver suddenly thrown onto an F1 circuit — both the driver and the car are under immense pressure,&#34; as quoted by <em>Bloomberg</em>.</p><p>Looking ahead, Wang said the company expects revenue to grow by at least 20% year-on-year this year, but stressed that profitability will not be sacrificed.</p><p>&#34;We won't pursue overly aggressive growth that boosts revenue at the expense of profitability,&#34; Wang said.</p><table><tbody><tr><td><img src="https://imageproxy.pbkrs.com/https://vcdn1-english.vnecdn.net/2026/03/26/wang-ning-1-1774499628-1774499-4272-2653-1774500261.png/query-ZHByPTEmZml0PWNyb3AmaD0wJnE9MTAwJnM9akVURWVkNzNiRmpYUFBfbjJadGxIUSZ3PTY4MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://vcdn1-english.vnecdn.net/2026/03/26/wang-ning-1-1774499628-1774499-4272-2653-1774500261.png/query-ZHByPTEmZml0PWNyb3AmaD0wJnE9MTAwJnM9akVURWVkNzNiRmpYUFBfbjJadGxIUSZ3PTY4MA"/></td> </tr><tr><td> <p>Wang Ning, founder and CEO of Popmart. Photo from HSG's website</p> </td> </tr></tbody></table><p>Pop Mart also said it would continue to add new product categories such as home appliances, which are expected to debut as early as next month.</p><p>Started in 2010 by then-23-year-old Wang as a small toy shop in China, Pop Mart has surged in recent years thanks to Labubu, an &#34;ugly-cute&#34; character that has resonated strongly with consumers and quickly became the company’s top-selling IP worldwide.</p><p>Labubu shot to fame in 2024 after Blackpink’s Lisa shared photos featuring the toy with her 100 million Instagram followers, helping propel it into the global spotlight.</p><p>Wang previously ranked among the top 10 richest people in China last year, with his net worth reaching as high as $27.5 billion in late August, when Pop Mart’s market cap hit around $56 billion. Shares of the firm, along with the tycoon’s fortune, have shrunk since then amid signs that the Labubu hype is fading.</p></div>

泡泡瑪特

HPPD

<p>泡泡瑪特創始人王寧的淨資產損失了 27 億美元，因為該公司在發佈 2025 年財報後，股價下跌超過 22%。儘管銷售額增長了 184.7%，達到 371 億元，淨利潤幾乎增長了四倍，但對海外增長放緩和令人失望的收入預期的擔憂浮現。分析師指出，股息支付減少以及新業務的執行風險。王寧希望今年實現至少 20% 的收入增長，同時保持盈利，因為泡泡瑪特正在將產品種類多樣化，超越其受歡迎的 Labubu 角色</p>

Pop Mart billionaire Wang Ning loses $2.7B in net worth amid slide in Labubu maker's stock

- 香港上市的玩具製造商股價下跌，2025 年淨利潤達到 130 億元人民幣。  
- 投資者擔心海外市場增長放緩，盈利增長未達預期。  
- 公司計劃多樣化知識產權組合，不再僅依賴 Labubu。

泡泡瑪特億萬富翁王寧因 Labubu 製造商的股票下跌損失了 27 億美元的淨資產