Billionaire Wang Ning's Net Worth Surges to $27.5B Thanks to Labubu Dolls

Wang Ning, CEO of Chinese toymaker Pop Mart, has added $20 billion to his net worth this year, tripling his wealth to $27.5 billion. His fortune is fueled by the massive surge in demand for the viral Labubu dolls, which has driven a 250% increase in Pop Mart's stock price. Wang has jumped from 400th to 79th place on Bloomberg's rich list, surpassing billionaires like Peter Thiel.

Wang Ning, the CEO of Chinese toymaker Pop Mart, has seen his net worth triple this year, reaching $27.5 billion, according to Bloomberg's latest rich list. This significant increase is attributed to the massive surge in demand for the company's viral Labubu dolls, which have driven a 250% increase in Pop Mart's stock price [1].

The success of Labubu dolls has been remarkable. In 2024, Pop Mart's revenue surged 106.9% to $1.81 billion, with Labubu alone generating $1.17 billion—a 726.6% increase. This meteoric rise has driven the company's market capitalization to exceed $20 billion, rivaling Western toy giants like Mattel and Hasbro [1].

The blind-box model, where customers purchase products without knowing the variant, has been a key driver of this success. In 2024, blind-box sales accounted for 61.1% of revenue, with gross margins hitting 66.8%. This model's effectiveness is evident in the first half of 2025, where Labubu-driven revenue surged 668% year-on-year, contributing 35% of total sales [1].

However, the company's high valuation remains a contentious issue. As of August 2025, the stock trades at a P/E ratio of 111.1x and a P/S ratio of 26.1x—far above the Hong Kong Specialty Retail sector averages of 12.9x and 0.6x. Analysts estimate a fair P/E of 37.3x based on discounted cash flow models, implying the stock is overvalued by approximately 49% [1].

Wang Ning's fortune has grown significantly due to the company's aggressive expansion and innovative IP strategies. Pop Mart's expansion into animated films and theme parks also signals a bid to extend IP value beyond physical collectibles. However, the company's reliance on a single IP and regulatory risks pose challenges [1].

For investors, Pop Mart presents a paradox: a high-growth, high-margin business with a valuation that assumes continued dominance in a volatile market. The company's strengths—innovative IP strategies, global retail agility, and a loyal Gen Z customer base—justify optimism. However, the risks—IP fatigue, regulatory headwinds, and valuation premiums—demand caution [1].

References:
[1] https://www.ainvest.com/news/labubu-bubble-boom-assessing-long-term-investment-viability-pop-mart-ip-driven-model-2508/