The New One (7/2) powered up the hill to land the Neptune Investment Management Novices' Hurdle at Cheltenham on Wednesday.
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Trainer Nigel Twiston-Davies and son Sam teamed up to deny Rule The World (5/1) and the well-backed Pont Alexandre (6/4 favourite) much to the relief of the bookmakers.
Ruby Walsh tried to make all on Pont Alexandre, much like he did on the same connections Champagne Fever in the Supreme on Tuesday.
But this time he had no answer to the challengers from in behind, with Rule The World looming up on his quarters turning into the straight.
However, it was The New One who finished his race best of all, sprinting home for a decisive four-length success.
In a race devoid of any serious pace, Pont Alexandre and Ubak jousted for the lead up until the penultimate flight, when the latter was worried out of it.
Mullins' inmate remained in a strong position, with Taquin Du Seuil and Rule The World firmly in contention.
Sam Twiston-Davies had all bases covered, though, and scampered along the outside of the field as The New One secured his third victory from four starts this season.
The heavily-backed Pont Alexandre finished another four and a half lengths adrift of the accomplished scorer.
The winning rider said: "This is him in his full glory. "He jumped brilliant and travelled away great.
"You won't get a much better feeling than that.
"It was absolute class. I had a bit of trouble in running coming down the hill.
"I'd like to think he'd be really, really good.
"This race looked very competitive and considering we got a few knocks down the hill he has really picked up."
Sky Bet make the winner a 10/1 chance for next year's Champion Hurdle and their spokesman Michael Shinners said: "He showed a really impressive turn of foot and will be a major contender for next year's Champion Hurdle if that is the route he takes."
Mouse Morris said of the runner-up: "He's run a blinder but been beaten by a better horse on the day. He'll be a better horse with another year on his back but you might see him at Punchestown."
Mullins said of Pont Alexandre: "Ruby said he wasn't travelling from a long way out,. Maybe soft ground is the key but I am disappointed. Maybe we'll go to Punchestown."