POP MART launches "Pain Gold"

As the "pain gold" consumption heats up, the trendy toy company POP MART is also getting restless?

On September 12, POP MART's independent jewelry brand popop officially launched its pure gold series. This is the brand's first pure gold product line. The product is designed around the IP Baby Molly and includes gold beads, pendants, gold bars, and ornaments.

"Although I can't figure out POP MART's IP, my girlfriend is a loyal fan. Her birthday is coming up, so I thought about buying this as a gift," said consumer Mr. Zhou to a reporter from Shanghai Securities. He purchased a total of 9 pure gold beads at the popop global flagship store located in the high-end shopping center Hongqiao Henglong Plaza in Shanghai, totaling around 15,000 yuan.

According to a relevant person in charge at POP MART, the group strategy centered around IP has always been one of POP MART's core strategies. The opening of the popop global flagship store in June this year was a very representative attempt within this strategy. The launch of the pure gold series continuously extends the product boundaries of popop and is a concrete manifestation of POP MART's deep extension of IP value.

POP MART's "Pain Gold" Goes on Sale

"Pain gold" refers to gold products that incorporate popular IP elements, with "pain" originating from the ACG (Anime, Comic, and Game) culture. In recent years, several gold jewelry companies have successively launched pure gold jewelry priced in collaboration with well-known IPs, gaining favor among young consumers.

Around 1 PM on September 12, the reporter saw that the newly launched "Baby Molly Pure Gold Series" products were prominently displayed at the entrance of popop (Shanghai Hongqiao Henglong Store), attracting many passersby and tourists to stop and look, with several consumers leaving the store carrying brand shopping bags, including Mr. Zhou.

Image: Products from the pure gold series launched by popop

According to the store staff, the new products went on sale at 10 AM on September 12 and are only sold in physical stores. At the start of business, there were consumers waiting outside to enter the store.

The reporter noted that the pure gold series products are all priced at a fixed price, including price points of 980 yuan, 1380 yuan, 1580 yuan, 1780 yuan, 1880 yuan, 2280 yuan, 4080 yuan, and 56800 yuan.

These fixed-price pure gold jewelry items have more premium space compared to products priced by weight. For example, a bead priced at 1380 yuan, weighing about 0.7 grams, translates to approximately 1971 yuan per gram. Meanwhile, the domestic price of pure gold jewelry announced by several gold jewelry brands on the same day was around 1078 yuan/gram.

Image: Consumers showcase their purchased popop pure gold products Mr. Zhou visited the popop global flagship store, which officially opened in June this year, showcasing the well-known IP series jewelry works under POP MART. The jewelry sold by popop is mainly made from materials such as 925 silver, shell pearls, crystals, and zirconia. At the time of opening, the most expensive product in the store was a limited edition necklace made of 18K gold and freshwater pearls, priced at 10,800 yuan.

The day after the flagship store opened, popop opened its second offline store in Beijing's Guomao Mall. This store also launched a new series of solid gold products on September 12.

"Emotional Consumption" Drives "IP Economy"

After opening two stores in June, popop seems to be showing signs of expansion.

Recently, a reporter saw a sign at a store in the Heshenghui Mall in the Wujiaochang business district of Yangpu District, Shanghai, stating "popop Jewelry is about to grandly open."

Image: The popop sign is surrounded by barriers at Heshenghui Mall in Wujiaochang, Shanghai.

In response, a relevant person in charge of POP MART told the Shanghai Securities Journal that the opening time of this store has not yet been determined and should be based on official information from popop.

In addition to popop, the reporter learned that in 2025, multiple "global flagship stores" of POP MART will open successively, with sub-brand operations continuously advancing.

In March this year, POP MART launched the global flagship brand concept store for Hirono in Shanghai Central Plaza, expanding the boundaries of Hirono through a three-dimensional IP narrative, completing a qualitative transformation from trendy toy IP to brand operation.

In May this year, POP MART's first collection store, POP MART COLLECTION, opened in Chengdu's high-end department store SKP, becoming the first trendy toy brand to enter SKP, further deepening its influence in the high-end art collection circle.

"I like IPs like Starry People, Labubu, and Molly. Buying these cute figurines or toys makes me feel very good. I usually have a lot of work pressure, and when I unbox a blind box and get a style I like, it gives me a sense of relief," said consumer Ms. Xu. She believes that gold IP products not only meet her dressing needs but are also more valuable compared to other material IP consumer goods, so she is willing to purchase them within her economic means.

The demand for emotional value among consumers has led to a continuous rise in the popularity of POP MART's IPs in recent years, achieving a breakout both domestically and internationally in the first half of this year. This is also reflected in the company's performance.

POP MART's semi-annual report for 2025 shows that in the first half of the year, the company's revenue reached 13.88 billion yuan, a year-on-year increase of 204.4%; adjusted net profit was 4.71 billion yuan, a year-on-year increase of 362.8%; half-year revenue exceeded 10 billion yuan, and net profit surpassed the total for the entire year of 2024 Shanghai Securities Journal, original title: "POP MART, Launching 'Pain Gold'"

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