On November 7, 2025, Hurun Research Institute officially released the "2025 Hurun China U40 Entrepreneur List", focusing on Chinese entrepreneurs aged 40 and under (including 40 years old) with personal wealth of 5 billion yuan and above. A total of 39 people are on the list this time. Compared with previous years, they present three major characteristics: "new consumption leadership, technological breakthroughs, and geographical agglomeration."Wang Ning, the founder of Bubble Mart, topped the list with a wealth of 182 billion yuan, an increase of 562%, becoming the wealth benchmark among the U40 group.
The core of Wang Ning’s wealth growth is actually the launch of the Labubu global limited series by Bubble Mart in 2024, which will increase the proportion of overseas revenue to 45%.At the same time, the layout of fashionable entertainment + film and television, fashionable entertainment + games opened up room for growth. Wang Ning’s wealth surged 562% compared with last year. Not only did he top the U40 list, he also ranked among the top 20 of the "2025 Hurun Rich List" and became the richest man in Henan.
Create an IP incubation + fan operation model to promote trendy toys from niche hobbies to mass consumption, driving the scale of China’s trendy toys market to exceed 120 billion yuan.
Ranking second on the list is Cambrian Chen Tianshi, whose wealth reached 180 billion yuan, an increase of 463%.
Wang Ning and Chen Tianshi are far ahead of the latecomers with fault advantages. Mihayou Cai Haoyu, who ranks third, only has 81 billion yuan.
The fourth and fifth places also come from miHoYo, with Liu Wei at 44.5 billion yuan and Luo Yuhao at 42.5 billion yuan.
Overall, 15 of the 39 entrepreneurs are on the list for the first time, accounting for 38.5%.Mainly from the fields of new tea drinks (Wang Yun'an of Ancient Ming Dynasty, Zhang Junjie of Overlord Tea), AI (Dark Side of the Moon Yang Zhilin), new energy (Haichen Energy Storage Wu Zuyu) and other fields.
Except for a few family inheritors, more than 90% started from scratch.Among them, Bawang Cha Ji Zhang Junjie (30 years old) is the youngest self-made entrepreneur on the list, while Shadow Stone Liu Jingkang (34 years old) and Kimi Yang Zhilin (32 years old) represent the entrepreneurial strength of the U35 group.