最近金价一路走高，9月22日现货黄金直接突破3720美元/盎司，"买金保值"的热度居高不下。泡泡玛特 也瞄准这7788亿元的市场，带着旗下珠宝品牌Popop闯进了珠宝赛道。 这次它搬出了看家IP，Baby Molly的足金系列，串珠、吊坠、金条样样齐全。9月24日晚，《每日经济 新闻》记者在Popop国贸店看到，下班后陆续有人来挑选，Labubu、星星人这些熟悉的形象变成首饰， 确实让粉丝心动。上海、北京两家门店开业三天，客流和销售额就明显上涨，IP号召力可见一斑。 但价格着实不低，Popop足金采用"一口价"模式，0.7克的爱心串珠卖1380元，单克近2000元，比老铺黄 金同类产品平均贵25%。不过现在年轻人流行买"痛金"，IP金饰哪怕溢价高也有人抢。 只是大家也有顾虑：之前LABUBU补货后热度就降了，Popop开业首日也没出现排队抢货的场景。如今 90后、00后已是黄金消费主力，这种"IP和黄金"的组合，能让他们从抢盲盒转向买金饰吗？还得看后续 表现。 ...

Core Viewpoint - The article discusses the significant rise in the gold market this year, with international gold prices increasing by 43.77% and COMEX gold by 36.73% as of September 24, 2025. Amid this "gold rush," Pop Mart, a toy giant, has entered the gold market by launching its "Baby Molly" gold series, attracting attention from young consumers [1][3][9]. Group 1: Market Overview - The international gold price reached $3,766.85 per ounce, marking a substantial increase in 2025 [1]. - The "Baby Molly" gold series includes products priced from 980 yuan to 56,800 yuan, showcasing a variety of gold items [1][3]. - The "pain gold" consumption trend, characterized by collaborations between gold brands and popular IPs, is gaining traction among young consumers [9][11]. Group 2: Product Details - The "Baby Molly" gold series features four main categories: gold ornaments, gold beans, beads, and pendants, appealing particularly to young girls who are fans of the Molly IP [3][9]. - The series has reportedly attracted a significant number of young customers, driven by the popularity of the Molly character, which has a strong fan base [9][11]. Group 3: Financial Performance - Pop Mart's revenue for the first half of 2025 reached 13.6 billion yuan, a 73.5% increase year-on-year, with the Molly IP ranking second among the top eight revenue-generating IPs [9][12]. - The company achieved a total revenue of 138.8 billion yuan in the first half of 2025, reflecting a 204.4% year-on-year growth, with adjusted net profit soaring by 362.8% to 47.1 billion yuan [12].

Core 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]

Core Viewpoint - The launch of the gold jewelry series by Popop, a subsidiary of Pop Mart, reflects the company's strategy to extend its IP value and cater to the growing demand for emotional consumption among young consumers [2][12]. Group 1: Product Launch and Strategy - Popop officially released its first gold series, featuring products like gold beads, pendants, gold bars, and ornaments, on September 12 [2]. - The gold series is part of Pop Mart's core strategy to focus on IP-driven group development, with the global flagship store opening in June being a significant step in this direction [2][7]. - The gold products are priced using a fixed-price model, with prices ranging from 980 yuan to 56,800 yuan, allowing for higher premium margins compared to weight-based pricing [6]. Group 2: Consumer Engagement and Market Response - The Baby Molly gold series attracted significant consumer interest, with customers queuing outside the store at opening time [5][6]. - A consumer reported purchasing nine gold beads for approximately 15,000 yuan, indicating strong demand for the products [2]. - The emotional value associated with IP products is driving consumer interest, as evidenced by the positive feedback from customers who appreciate the blend of fashion and investment value [12]. Group 3: Company Performance and Future Plans - Pop Mart's half-year report for 2025 showed impressive growth, with revenue reaching 13.88 billion yuan, a year-on-year increase of 204.4%, and adjusted net profit of 4.71 billion yuan, up 362.8% [12]. - The company plans to open multiple global flagship stores by 2025, indicating a strategy of continuous expansion and brand development [11].