Duan Yongping is dissatisfied

There is no word “panic” in Duan Yongping’s investment dictionary.

The investor known as “China Buffett” has written classic cases of reverse investment over the past two decades with his heavy positions in companies such as NetEase, Apple, and Tencent.

Miraculously, he started investing heavily in Bubble Mart this year, becoming the second largest shareholder after founder Wang Ning. Recently, the stock price of Bubble Mart fell to a low. When asked by netizens, he responded calmly: “I should buy some more, but it will not exceed 10% of the company, otherwise the company should have a problem.” The implication of buying the bottom is coming.

At this time, less than half a year had passed since he opened a large-scale position in Bubble Mart, and he already had a floating loss of about HK$1.8 billion on his books.

Duan Yongping made a huge fortune

Floating loss 1.8 billion

The intersection between Duan Yongping and Bubble Mart is quite twists and turns.

In August 2025, Bubble Mart’s stock price was approaching its historical high of HK$339. Some investors compared the company to “Moutai in the new consumer field” and asked Duan Yongping. His answer was unexpected: “The product is indeed interesting, and the founder is also very interesting. It is amazing to be able to do what it is today, but he cannot understand what the company will be like in ten years.”

By January 2026, Duan Yongping’s attitude towards Bubble Mart has not relaxed: “If you don’t understand it, don’t invest” and “I have passed the age to understand this product.”

The turning point occurred in March 2026. Bubble Mart released its full-year financial report for 2025, with revenue of 37.12 billion yuan, a year-on-year increase of 184.7%; adjusted net profit of 13.08 billion yuan, a year-on-year increase of 284.5%; the core IP LABUBU family revenue exceeded 10 billion. After the financial report was released, Bubble Mart’s stock price plummeted, plunging more than 34% in 7 trading days.

Such a curve attracted Duan Yongping. On March 30, he posted on his personal social account “The road is invisible and I have style”: ” I took the time to look at Bubble Mart in the past two days and decided to take back my previous statement of not investing.。”

After that, his attitude changed 180 degrees. In April, he announced that “my Bubble Mart Insurance Company has officially opened” and said frankly that “I haven’t had this kind of excitement in a long time.” This is his classic metaphor for how to build a position by selling put options – he has used this strategy many times before to operate Tencent and Apple.

Immediately afterwards, Duan Yongping liquidated China Shenhua, which he had held for more than ten years, and pushed all his chips into Bubble Mart, whose stock price was falling. As of now, he holds approximately 102 million shares of Bubble Mart through his investment entity H&H International Investment, LLC, with a shareholding ratio of 8.01%. Became the company’s second largest shareholder after founder Wang Ning.

However, Bubble Mart’s stock price did not stop falling because of Duan Yongping’s arrival.

Starting from the historical high in August 2025, Bubble Mart’s market value has evaporated by more than HK$260 billion, and its stock price has dropped by about 60% from its high point. As of late October, its stock price was hovering around HK$129 to HK$132, setting a new low for the year.

According to general market estimates, Duan Yongping’s cost of building a position is approximately HK$150 per share. Based on the stock price in late October, his book floating loss is approximately HK$1.8 billion to HK$2 billion, with the floating loss ratio exceeding 12%.

展開全文

尊重時間

Duan Yongping never seems to be affected by the direction of the K-line.

Netizens asked him if he regretted buying it too early and too expensively. He was as calm as ever: “There is no regret medicine in this world. If you know it will fall, of course you have to wait.”

He took Apple as an example, saying that during his ownership of Apple, the stock price retraced more than 40% from its high point at least three times. “I would be a god if I could buy at a low price every time. In fact, even gods can’t do that.”

Someone asked him, if he had to choose between Moutai and Bubble Mart, what would he choose?

Duan Yongping extended the time scale to ten years: “From the perspective of the next ten years, Moutai will be more stable and Bubble Mart will have greater room for appreciation.” The reason is: Bubble Mart had a market value of about HK$200 billion at the time. Last year, it had made a profit of 13 billion yuan. The business model has been run smoothly and the corporate culture is also very good. As long as the assumption that “people will continue to have emotional value needs” holds true, his investment logic will hold.

Obviously, he was willing to pay for this assumption, And it will continue to add positions, but it will not exceed 10% of the company’s total share capital.

Taking the experience of NetEase, which was heavily invested in that year, as a reference, 10% may be the boundary for Duan Yongping to express his approval of a company, and it is also the safety margin he leaves for himself.

As for the continuous questioning from the outside world, Duan Yongping seemed a little tired: “Now it makes me look like a Bubble Mart agent. I don’t want to answer such questions again in the future.”

At this moment, Bubble Mart’s stock price is still at a low level, and the differences in the market are far from being bridged. There are different logics between being bearish and bullish. The tide comes and goes in a hurry, it is better to leave everything to time. As Duan Yongping said repeatedly——

Related Reading

Related reading

World, line up to sell goods to China!

Ni Runfeng, the “King of Color TV”, passed away. From a workshop technician to the head of a state-owned enterprise, his ups and downs in half a life defined an era of home appliances.

Original “Fearless” Wang Jianlin regains control of Wanda Business Management, and his net worth has evaporated by 200 billion in ten years