A Full English Translation of Pop Mart CEO Wang Ning's Interview with CCTV
A fresh CCTV News interview with Pop Mart CEO Wang Ning (right) where he says he hopes Labubu will become a “century-old IP.” Also… notice anything new?
⏰ Fri, Jul 25, 2025 @ 11:00 AM PST
🐟 Published from Seattle, WA, USA
🔨 Built by Chase Burns Broderick
On Wednesday this week, Pop Mart CEO Wang Ning gave an interview with China Central Television (CCTV), China’s state-owned broadcaster. The brightly lit chat offered plenty for collectors to talk about—most visibly, there’s a new giant Labubu on the table, visually confirming the recently leaked “Big Into Energy Rock the Universe” plush doll. (Here’s the full video.)
Pop Mart CEO Wang Ning tease the newest Labubu “Rock the Universe” Big into Energy plush during a CCTV News segment.
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The interview is around 30 minutes long, with a lot of pullquotes—like that less than 50% of Pop Mart’s business is now comprised of blind boxes.
“At our core, we are an IP company,” the CEO says. “If we were simply a blind box company, we wouldn't need to put so much effort into developing our IPs.”
Here’s the full transcript, translated into English.
Bolded text is added by me for emphasis.
Host: Why can't many people buy LABUBU?
Wang Ning: LABUBU has explosively become a world-class trendy toy IP, with demand far exceeding supply. We are doing our best to optimize the supply chain. We are increasing production capacity every month; this month's capacity is double that of last month, and there will be another significant increase next month. However, since LABUBU is a physical product with a very complex manufacturing process, including hand-sewing, it's fair to say that our sewing machines are working overtime.
Host: When will LABUBU be available for purchase?
Wang Ning: Recently, we started using a pre-order system, and some people have said we are fighting against scalpers. In essence, we do not want our products to be overly hyped in the secondary market. We are making every effort to ensure that genuine users can buy the products. In fact, we have delayed the release of many LABUBU products because we do not want to launch new items when our production capacity is insufficient.
Host: Why has LABUBU become so popular?
Wang Ning: Over the years, some people have thought that we are a new company that suddenly emerged, but in fact, LABUBU is 10 years old, and POP MART is 15 years old. I think we are still a relatively slow-growing and restrained company.
Trendy toys were once a niche consumer product, but as the market expanded, they gradually accumulated a large fan base. Additionally, in product development, since LABUBU is an elf from the forest, we adopted a technique that combines vinyl and plush materials, which aligns better with the forest elf concept, making the product more popular among consumers.
Overall, this round of LABUBU's global popularity exceeded our expectations, and it also showed us the possibility that POP MART can incubate world-class trendy toy IPs.
Host: In your opinion, what is a 'trendy toy'?
Wang Ning: A trendy toy, also known as an artist toy, can be understood as a combination of painting and sculpture. Painting and sculpture are very pure forms of artistic expression, and few people in daily life buy a painting or a sculpture by an artist to place at home. Later, many artworks began to be printed on scarves or plates, becoming more popular products, and trendy toys are the result of attaching these artworks to toy materials. Our trendy toys lean more towards art and design, with designs coming from artists from various countries.
Host: At present, trendy toys have become a continuously growing industry. What do you think are the reasons for their popularity?
Wang Ning: Trendy toys are not the kind that can jump, dance, or sing; they may just be decorative items, a form of companionship, or a type of art and emotional consumption. For example, if people want to feel happy, be healed, or have company, we address these emotional needs through the designs of artists.
Our core IP, MOLLY, is a little girl with pouting lips. When you're happy, you see her and feel happy, and when you're not, you see her and feel not so happy. She can become a reflection of your emotions. Another IP, Hirono (Xiao Ye), helps people realize that they are not alone in feeling lonely in this world. Such IPs create a strong emotional resonance or layering, providing healing, companionship, or bringing joy and beauty.
Host: You once said that you were benchmarking Disney. Is that still the case?
Wang Ning: We are very similar to Disney; in essence, we are an IP company. When people talk about Disney, they think of Mickey Mouse and Donald Duck, and when they talk about us, they mention MOLLY and LABUBU. Both companies have created their own IPs. Disney primarily cultivates fans and forms IP and IP communities through filmmaking, while we create trendy toy IPs through artists' designs.
Host: Disney's IP characters are mostly built on stories, but POP MART's IPs only have visual images. Without a story, can they be sustainable in the long run?
Wang Ning: Stories are indeed important as they help you quickly understand the characters, but it is not necessary for an IP to have a story to be successful. As information becomes richer and users' time becomes more fragmented, the way IPs are born will also change. We are also thinking about using more methods to enrich the worldviews of our existing IPs.
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Host: LABUBU is so popular. Will there be movies or animations featuring it in the future?
Wang Ning: Many well-known film companies, including Hollywood, are interested in making a movie about LABUBU. We are still considering it.
Host: So, is Hollywood just one of the options being considered?
Wang Ning: We are thinking about whether to do it ourselves or to collaborate with Hollywood, and how to go about it. In fact, we considered whether to create video content for MOLLY back then. For example, MOLLY has a very stubborn face; if she could speak, what kind of expressions and voice would she have? To make an IP come alive, a lot of content needs to be injected, which is a very difficult task.
Host: So, how should a trendy toy IP be operated over the long term?
Wang Ning: I think a trendy toy IP doesn't necessarily need to have movie content. The POP MART City Park is a very good carrier, with a lot of IP elements. Because a trendy toy IP is more about conveying an emotion, interacting with these IPs in the park, even just greeting or hugging them, can make the IP more vivid.
For example, LABUBU is a forest sprite. There happens to be a forest in the park, so we created LABUBU's magic forest and composed the LABUBU song. Recently, the 'Chief' performance in the LABUBU series has been very popular, enhancing people's understanding of the LABUBU family through the performance.
Host: Some say that each generation has its own POP MART and its own LABUBU. Will these trendy toys always be popular, or will they be forgotten as times change?
Wang Ning: Upon returning from Europe, I found that many people recognized LABUBU, which is a significant value. The characteristic of IP companies is that once they develop an excellent IP character, its lifecycle can be very long. Although there are peaks and troughs, just because people are not currently discussing Mickey Mouse or Hello Kitty does not mean they have been forgotten or have lost their value. The most important thing for IP companies is to continuously operate and cultivate the IP over the long term.
Host: What was your first proprietary IP?
Wang Ning: At the time, I conducted an online survey asking people which IPs they liked, and half of the responses were MOLLY. In 2016, I found the MOLLY designer, who enthusiastically introduced each of his works to us. At that time, MOLLY only sold a few hundred units per year.
Host: What was your goal at that time?
Wang Ning: I told the MOLLY designer that my goal was to sell one million MOLLYs in a year. At the time, he found it hard to imagine and thought it was a very difficult goal to achieve. I said that his fans were like the stars in the ocean, and there were still too many people around the world who did not know MOLLY. We should make her known to more people. Now, MOLLY sells more than one million, even up to ten million, per year.
Host: Are you concerned that if these designers leave or exit, it would have a significant impact on POP MART?
Wang Ning: No, the copyright for the majority of the IP we collaborate with belongs to POP MART, and the artists have a share in the profits. I believe we are a company that deeply respects design. We genuinely believe that design and beauty have a powerful influence. Respecting artists and their designs is why more and more artists are willing to work with us.
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Host: You once said that your IP has a moat, and that moat is very deep.
Wang Ning: We are an open and inclusive platform, as well as an integrated IP platform. We are not in competition with global IP companies like Disney and Universal; instead, we are in a cooperative relationship. For example, MOLLY can wear Mickey Mouse's clothes. We hope to enhance the value of IP through collaboration.
Host: If someone were to replicate your business model, would you be concerned about the competition?
Wang Ning: I believe we still have very strong barriers. The hard barrier is the experience we have accumulated over the years in Operation and management. Retail businesses are not easy, with many intricate details, from handling the entire space to the display of goods, the accumulation of people, operational practices, and the understanding of the Industry. This is the hard barrier. Additionally, there are soft barriers. What we do involves art, and those artists cannot be easily recreated with money.
Host: Would blocking out all competitors be something you consider?
Wang Ning: We should not look down. We are not worried about those who do the same things as us, but as a young company, we still have a significant gap compared to many international brands. We should strive to improve, look outward, and learn from excellent international companies.
Host: When did you realize that you wanted to focus on trendy toys? From your entrepreneurial story, it seems that you initially started with a retail collection store.
Wang Ning: I have always wanted to do retail. The reason we called it 'POP MART' is because it means a trendy supermarket. In the early stages, it was more like a curated store where we selected and purchased products, bringing together all the design items that people liked in our shop. In 2015, we noticed that a toy called Sonny Angel accounted for one-third of the sales in a single store. We began to think about whether we should focus on the category of trendy toys, forge our own path, and create our own products.
Host: Was the market accepting of trendy toys at that time?
Wang Ning: At that time, many people wondered why adults would buy toys, and many investors did not believe there was a demand in this market. However, I saw this as an opportunity to be a pioneer and expand into a new cultural domain.
Host: Looking back now, why do you think some investors missed out on POP MART?
Wang Ning: This was indeed a very new industry, and we were also feeling our way forward. Even now, many people are still asking where the ceiling is for this industry and how big it can become. When we went public, our Market Cap was quite high, but then it was sold off, reaching a low point, and now it has been recognized again. The main reason is still a lack of understanding of the industry. Of course, we were also very lucky, with both our efforts and the opportunities of the times contributing to our success.
Host: Have there been any particularly difficult moments?
Wang Ning: Many people ask me this, but I don’t think so. I actually quite enjoy the process. A lot of entrepreneurs initially struggle to adapt and feel a lot of pressure, constantly battling these emotions. However, you need to find ways to address your anxiety and learn to live with it. Anxiety means there are still many issues that need to be resolved.
In 2012, we rented a two-bedroom apartment in Beijing to use as an office, with the kitchen serving as our warehouse. During my time as a migrant worker in Beijing, I met a colleague who had been a truck driver for two years and had no Logistics experience. He started from that small kitchen and now manages global warehousing and logistics. The growth of a company is also a process of gradual growth for a group of people. Our initial goal has never changed: to build a respected brand and become a great company.
Host: Looking back, is there anything you regret?
Wang Ning: I never think about regrets because I always do what I set my mind to. Let me share a small story. In middle school, our class was rehearsing a street dance, and I was the only one eliminated on the spot. So, I taught myself by watching TV every day, determined to learn it. After high school, my first big earnings came from teaching street dance at a gym.
Host: Many people view POP MART as a blind box retail company. What is your perspective on this?
Wang Ning: I believe that a retail company does more than just sell commodities; it can also provide a lot of emotional value, much like opening a blind box. Since collectible toys themselves do not have playability, they are a very good fit for the blind box format. Later, many places started using the blind box format, which is as simple as offering a discount.
Initially, many people thought that the blind box was the core of POP MART, but gradually you will find that the discussions revolve more around our collectible toy IPs. The blind box merely adds an element of fun. Not any product can become popular just by using the blind box format; the key is still the product inside the blind box.
Host: What proportion of your business is now comprised of blind boxes?
Wang Ning: Less than 50%. At our core, we are an IP company. If we were simply a blind box company, we wouldn't need to put so much effort into developing our IPs.
Host: What if someone gets a design they don’t like?
Wang Ning: Whether it’s disappointment, surprise, or regret, it all contributes to the emotional value.
Host: But there are also hidden editions.
Wang Ning: The main idea is to give everyone a special surprise.
Host: Does the special surprise concern you? Because, to some extent, it creates a space for premium pricing.
Wang Ning: Our original intention was mainly to add an element of fun. Whether you get a red LABUBU or a blue LABUBU, it's still fundamentally a LABUBU. It's not like you might get a sock or a phone, which would have a significant difference in value.
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Host: There are also other voices suggesting that LABUBU's current popularity might be a bubble.
Wang Ning: There are too many doubts about us, such as whether this is a 'cutting the leeks' (exploitative) bubble. If we were a company focused on short-term gains, over the past 15 years, we could have done franchising and wholesale. Now that LABUBU is so popular, we could also produce various peripheral products and make a quick buck by exhausting this IP, but we haven't done that.
Returning to our entrepreneurship, we want to build a beautiful and long-lasting business. The core is to ensure that the company and LABUBU's growth are healthy, with the hope that she will become a century-old IP.
Host: POP MART began its globalization efforts in 2018. Many people are curious as to why a Chinese company has taken the lead in the trendy toy industry?
Wang Ning: We were able to grow this industry due to China's mature manufacturing and its vast market. In other countries, either the market is not large enough or the manufacturing is not advanced enough. It was the Chinese environment that provided us with the opportunity.
Overseas, customers often ask our staff, 'Why are your products so expensive? Are you a Japanese brand?' Our staff always proudly respond, 'Firstly, these are works of art, and a lot of time and effort goes into the product design; secondly, we are a Chinese brand.'
Host: When we see Disney's Mickey Mouse and Elsa, or other foreign IPs that often come with a higher premium, when do you think it will be the time for Chinese brands and Chinese trendy toy IPs to command such global appeal?
Wang Ning: We originally hoped to become the Disney of China, but now we hope to become a global POP MART. We often say, 'From the world to the world,' meaning that we originate from the world and then go back to the world. The artists we collaborate with come from all over the world, and we use China's manufacturing and market to incubate these artists, and then take them to the global stage. We aim to build a world-class platform for trendy toy IPs.
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Host: Currently, what is the overseas revenue of POP MART?
Wang Ning: In 2024, POP MART's overseas revenue reached 5.07 billion yuan. This year, overseas sales are likely to exceed domestic sales, and sales in North America are likely to surpass those in Southeast Asia.
Host: What are your thoughts on overseas site selection?
Wang Ning: I have a passion for both art and business, but these two pursuits can be quite contradictory. Business aims for universality, while art seeks uniqueness. We have always been in search of a balance. Therefore, our site selections are either world-class commercial landmarks or very close to the arts.
Overall, we are taking a very straightforward approach to globalization. All of our stores around the world are directly operated by our team, with the initial intention of ensuring that each store is run well. In terms of globalization, we still consider ourselves in a startup phase.
Host: From the founder's perspective, what kind of company is POP MART?
Wang Ning: We aim to become a globally influential trend culture and entertainment company. Over the years, we have focused on two core strategies: globalization and IP-centric group development. While we have achieved some success in globalization, we believe there is still a long way to go with internationalization. We are still a very young company, and in terms of IP operation and accumulation, we have a significant gap compared to Disney.
Host: Do you think it is possible to surpass Disney in the future?
Wang Ning: They have many things worth learning from, but we do not want to follow the same path. As a new IP platform, we should forge our own path and bring something different to the world in our own way.
Host: Looking back on your entrepreneurial journey, what values do you most want to convey?
Wang Ning: In my view, there are three types of businesses: some are like grass, some are like flowers, and some are like trees. Many businesses grow quickly like grass, but they wither just as fast; many others are like flowers, achieving temporary success but not sustaining it. We want to be a tree-like business, with roots deep enough. When the time comes for us to grow upward, the speed will be beyond imagination.
Host: How does POP MART plan to move forward in the future?
Wang Ning: We still have a sense of mission, hoping to create consumer products with higher added value and become a new generation of world-class Chinese consumer brands. POP MART is only 15 years old this year, and our consistent philosophy is to respect time and Operation. Our entire team is still young, and we have ample patience to build something long-lasting, to be a beautiful company and a warm brand.
