Duan Yongping clears out China Shenhua Energy (01088) and fully switches to POP MART (09992).

On May 7th, well-known investor Duan Yongping announced that he had completely shifted his holdings from China Shenhua Energy to POP MART (09992), jokingly saying "I may come back in the future." As a result, POP MART surged during the midday session, reaching a high of 166.000 Hong Kong dollars, with a peak increase of approximately 6.21%. As of the time of writing, the stock price was at 163.400 Hong Kong dollars, up 4.54%, with a trading volume exceeding 3.5 billion Hong Kong dollars. Duan Yongping has recently been releasing signals of his bullish view on POP MART, starting from April by arranging through options like selling put contracts. Previously, he had openly stated that he "didn't understand this business and wouldn't touch it," but POP MART's 2025 financial report completely changed his perspective: the total revenue in 2025 reached 37.12 billion yuan, a year-on-year increase of 184.7%; adjusted net profit was 13.08 billion yuan, a staggering increase of 284.5%, with the gross profit margin rising from 66.8% in 2024 to 72.1%, showing significant scale effects and operational efficiency improvements. Duan Yongping mentioned that it took him several days to understand this company, and he hasn't had such excitement in a long time. Duan Yongping believes that the barriers to entry for POP MART are much stronger than imagined, including brand awareness among users, the advantage of signing artists, a global network of offline stores, and a management team centered around Wang Ning. As long as the trend of collecting toys continues, POP MART is a very good business to be in. In addition, POP MART's LABUBU refrigerator was sold on April 30th, with a limited quantity of 1998 units selling out within seconds, with second-hand prices reaching up to 2.5 times the original price, further confirming the strong appeal of the intellectual property. By the end of 2025, POP MART operated 630 stores in 20 countries worldwide, with a net increase of 109 stores during the year; operated 2637 Siasun Robot&Automation stores, with a net increase of 165 units. The total number of registered members in mainland China increased from 46.08 million people on December 31, 2024, to 72.58 million people, with an addition of 26.5 million registered members. In 2025, member contribution to sales accounted for 93.7%, with a repeat purchase rate of 55.7%.