Core Viewpoint - Pop Mart is aggressively entering the gold jewelry market with its new brand popop, aiming to capture a share of the market traditionally dominated by established brands like Lao Pu Gold [1] Group 1: Pop Mart's New Initiatives - Pop Mart launched its first gold series products under the popop brand on September 12, featuring items made of pure gold, including beads, pendants, gold bars, and ornaments, utilizing its IP Baby Molly [1] - The popop brand is part of Pop Mart's strategic expansion for 2025, with a focus on becoming a jewelry brand, having opened its first store in Shanghai in June [1] - Pop Mart has invested heavily in high-value locations and store designs for the popop brand, incorporating core IPs like MOLLY and SKULLPANDA into its jewelry offerings [1] Group 2: Market Dynamics and Stock Performance - Despite the launch of the gold products, Pop Mart's stock price has declined by 15.74% since reaching a historical high of 339.8 HKD per share on August 26, closing at 276.8 HKD on September 12 [1] - The decline in stock price is attributed to significant price fluctuations in the labubu plush series in the secondary market, with prices dropping from nearly 600 RMB to 133 RMB for certain items [2] - The price drop is linked to Pop Mart's change in supply strategy, which led to a surge in market supply, increasing the monthly production capacity of labubu plush products to 30 million, a tenfold increase compared to early 2025 [2] Group 3: Long-term Strategy and Market Positioning - In the long term, the current market pressures may benefit Pop Mart's development, as reliance on a single IP for revenue is risky, similar to Disney's strategy of continuously creating new IPs [3] - Pop Mart's management aims for a broader circulation of multiple IPs rather than depending on the high resale value of a single product in the secondary market [3] - The company faces challenges from middlemen in the secondary market, who have been able to mark up prices significantly, which is not aligned with Pop Mart's business objectives [3] Group 4: Brand Influence and Future Outlook - The global success of labubu is attributed to its circulation rather than its resale value, gaining influence through social media exposure [4] - Pop Mart's management seeks to return to this foundational principle of broader influence and penetration for its IPs [4] - To regain market confidence, Pop Mart needs to develop more IPs of the same caliber as labubu and ensure the rapid growth of new ventures like popop [4]