2 1 Shi Ji Jing Ji Bao Dao·2025-09-24 04:50Core Insights - The gold market has experienced a significant surge in 2023, with COMEX gold and SHFE gold prices increasing by 43.77% and 36.73% respectively as of September 24, 2025 [1] - Pop Mart, a leading player in the trendy toy industry, has entered the gold market by launching the "Baby Molly" gold series, which has attracted attention from young consumers [1][2] Company Overview - Pop Mart's "Baby Molly" gold series features a variety of gold products priced from 980 yuan to 56,800 yuan, appealing particularly to young female consumers who are fans of the Molly IP [1][2] - The "Baby Molly" series is the only gold product line currently offered by Pop Mart, and it has gained popularity since its launch [1] Industry Trends - The term "pain gold" refers to gold products that incorporate popular anime IPs, appealing to young consumers who value both investment and personal interest [2][3] - The strong performance of the Molly IP has contributed to Pop Mart's revenue growth, with the IP generating 1.36 billion yuan in revenue in the first half of 2025, a 73.5% increase year-on-year [2][3] - The pricing of "pain gold" products is typically 2 to 3 times the market price of regular gold, reflecting the added emotional value and brand appeal [3] Financial Performance - Pop Mart reported a revenue of 13.88 billion yuan in the first half of 2025, a 204.4% increase year-on-year, with an adjusted net profit of 4.71 billion yuan, up 362.8% [3] - The company's performance in the gold market remains to be seen, as it transitions from the trendy toy sector [3]