The business legend of an 80s-born young man from Henan: From plastic dolls to a revenue of over 10 billion!

　　01

　　From plastic dolls to billions of revenue:

　　Pop Mart's revenue in 2024 was 13.04 billion yuan

　　In 2024, Pop Mart delivered an impressive performance report: its annual revenue reached as high as 13.04 billion yuan, representing a year-on-year growth of 106.9%. The adjusted net profit reached 3.4 billion yuan, increasing by 185.9% year-on-year. Among them, the revenue in the Chinese mainland was 7.97 billion yuan, increasing by 52.3% year-on-year. Revenue from overseas and Hong Kong, Macao and Taiwan businesses was 5.07 billion yuan, increasing by 375.2% year-on-year, accounting for 38.9% of the total revenue.

　　This series of impressive figures not only far exceed market expectations but also demonstrate the continuous rise in the global influence of Pop Mart's IP under the impetus of its globalization and groupization strategies.

　　The rise of Pop Mart began with a small plastic doll, but it quickly gained a foothold in the trendy toy market with its unique business model and acute market insight. When the "blind box economy" became a hot topic in the market, Pop Mart had long broken through tradition and expanded its business globally. From the theme store at the Bana Mountain Amusement Park in Vietnam to the LABUBU plush toys at the Louvre in Paris, and then to the scene where North American consumers queued for three hours for "Chinese designs", Pop Mart is redefining the boundaries of trendy toys with a brand-new business logic.

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　　Wang Ning, the "Godfather of Trendy Toys"

　　From a small city in Henan to a business legend

　　The success of Pop Mart is inseparable from the outstanding leadership of its founder, Wang Ning. Wang Ning, born in Xinxiang, Henan Province in 1987, graduated from Sias University in Zhengzhou with a bachelor's degree. His entrepreneurial journey began with a summer football class he founded after graduating from high school. What truly made him stand out was his acute insight into the emerging retail format of "grid stores" during his college years. With this innovative model, Wang Ning founded Pop Mart and embarked on the journey of a trendy toy empire.

　　In 2020, Wang Ning was included in the list of "40 Under 40 Business Elites in China" by Fortune (Chinese Edition), and was hailed by the media as the "Godfather of Trendy Toys" in China. Nowadays, his shareholding ratio in Pop Mart exceeds 40%, and according to the latest share price, the value of his holdings has approached 80 billion Hong Kong dollars. In the 2024 Hurun Rich List, Wang Ning's net worth soared from 27.5 billion yuan to a higher level, making him a highly watched figure in the business world.

　　Wang Ning's success is not accidental but stems from the Henan merchant spirit inherent in him. He was born in the small county of Huojia. His parents started a small business during the wave of reform and opening up, selling records, tapes, watches and fishing gear. These products, which were at the forefront of The Times, not only brought him the earliest business enlightenment but also planted the seeds of trendy cultural consumer goods in his heart.

　　In 2006, Wang Ning, who was studying at Sias University in Zhengzhou, keenly identified business opportunities. He hosted the shooting of the "Fall in Love with Sias" series of videos, documenting the daily life during his school years and successfully made his "first pot of gold".

　　After that, he founded Grid Street, opened up new sales scenarios for goods, and became the founder of the Sias street dance team ColorStyle. He was awarded the title of "Outstanding College Student Entrepreneur of Henan Province" in 2009. Pop Mart is often mistaken for a young enterprise, but in fact, we have been working on it for 15 years. Wang Ning said that respecting time and management is the core concept of Pop Mart, and he himself is known for his patience and focus. Throughout his entrepreneurial journey, he has never been swayed by external doubts. Instead, he has focused on every detail, from the posture of the store cashiers to the control of music volume, striving for perfection in every aspect.

　　The Pop Mart No.1 Store in Zhongguancun, Beijing, witnessed the starting point of Wang Ning's career as a "Beijing drifter". Although the store is small, it exudes a unique charm. It is soft and warm when facing consumers, and in the fierce business competition, it demonstrates tenacious strength. In the internal documentary of Pop Mart, Wang Ning's growth process from being green and reserved to mature and confident is recorded. With vigorous vitality, he has spread from the small city of Huojia to Beijing, Hong Kong and even the world, demonstrating a force that is growing stronger and stronger. Looking back on his entrepreneurial journey, Wang Ning is filled with countless emotions: "The firmness and strength in my heart cannot be separated from this land that has nurtured me." As the younger generation, we are striving to promote Chinese trendy toys to the world and enable more people to experience the wonderful IP consumption experience.

　　Source: Henan Daily, Viewpoint, Plastic Industry Editor