Bubble Mart Wang Ning: Do not think that a single IP occupying a large proportion of the company's revenue is unhealthy.

During the first half of 2025 financial report conference call, Pop Mart founder and CEO Wang Ning stated that he does not believe having a single IP account for a large portion of the company's revenue is unhealthy. Having more original IPs can prove that we are a relatively healthy platform IP. It is reported that the revenue of THE MONSTERS, where LABUBU is located, reached 4.81 billion yuan, accounting for 34.7% of the company's total revenue.