雷军投资的"中年人泡泡玛特"九木杂物社母公司正式上市，潮玩赛道再迎新玩家
雷军投资的九木杂物社母公司九木集团正式登陆资本市场，被誉为"中年人的泡泡玛特"。本文分析其上市背景、商业模式与市场定位，探讨国内生活方式零售赛道的投资价值与增长潜力，以及潮玩经济向成熟消费群体延伸的新趋势。
近期，一家被市场戏称为"中年人泡泡玛特"的消费品公司悄然完成上市，迅速引发资本圈广泛关注。这家公司正是九木杂物社的母公司九木集团，其背后站着的明星股东之一，正是小米创始人雷军。随着上市钟声敲响，这一消费赛道再度进入公众视野。
九木杂物社以"轻生活方式"为核心定位，主打文具、收纳、家居小物等品类，客群画像与泡泡玛特瞄准的Z世代有所不同——它更多触达的是25至40岁的都市白领，尤其是对品质生活有追求、愿意为"悦己消费"买单的中青年女性群体。这也是"中年人泡泡玛特"这一称谓的由来。
商业模式：情绪经济的另一种打开方式
泡泡玛特靠盲盒制造惊喜感和收藏冲动，九木杂物社则用精致陈列与场景化购物体验来触发消费者的即时愉悦。两者本质上都在兜售"情绪价值"，只是切入角度不同。
九木集团的核心竞争力体现在以下几点：
- 选品精准：在标准化商品中融入设计感，满足消费者对"有格调但不贵"的需求
- 场景营造：门店设计高度统一，强调逛店体验本身的愉悦感
- IP联名能力：定期推出限定联名款，制造稀缺感，刺激复购
在消费降级与悦己消费并行的当下，能让用户心甘情愿掏钱的零售模式，往往不是靠价格，而是靠情绪共鸣。
雷军加持与上市后的市场想象空间
雷军的入局不仅带来了资金背书，更带来了品牌曝光度的提升。作为国内最具话题效应的企业家之一，他的投资动向向来被视为赛道风向标。此次生活方式零售赛道获得头部投资人青睐，一定程度上印证了该市场的长期价值。
当然，上市只是新起点，九木集团面临的挑战同样不容忽视：
- 线下零售的持续扩张压力：租金成本高企，优质点位竞争激烈
- 差异化护城河尚需深化：选品逻辑容易被模仿，IP议价能力有待提升
- 消费市场波动风险：中产消费意愿受宏观经济影响明显
从更宏观的视角来看，九木集团的上市折射出一个趋势：情绪消费正在向更广泛的年龄层渗透，潮玩经济不再是年轻人的专属。如何将短暂的流量热度转化为持续的品牌忠诚度，将是决定其上市后走势的关键命题。
Lei Jun-Backed "Middle-Aged Pop Mart" Jiumu Group Goes Public: A New Contender in China's Trendy Toy Market
A consumer goods company humorously dubbed "the middle-aged Pop Mart" has recently completed its stock market debut, instantly capturing the attention of China's investment community. The company in question is Jiumu Group, the parent company behind the lifestyle retail chain Jiumu Zazhu She (九木杂物社). Among its notable backers is Lei Jun, the founder of Xiaomi — and his involvement alone has been enough to put this consumer sector firmly in the spotlight.
Jiumu Zazhu She positions itself around a "light lifestyle" philosophy, focusing on stationery, storage solutions, and home décor accessories. Its target demographic, however, differs meaningfully from Pop Mart's Gen Z fanbase. Jiumu's core customers are urban professionals aged 25 to 40 — particularly women who prioritize quality living and are willing to spend on products that bring personal joy. This is precisely where the "middle-aged Pop Mart" nickname comes from.
Business Model: Emotional Consumption, Reimagined
Where Pop Mart generates excitement through blind box surprises and collectible culture, Jiumu leans on curated aesthetics and immersive in-store experiences to trigger instant gratification. At their core, both brands are selling emotional value — just through different entry points.
Jiumu Group's competitive strengths can be broken down as follows:
- Sharp product curation: Blending design sensibility into everyday items, hitting the sweet spot of "stylish yet affordable"
- Experience-driven retail: Highly consistent store design that makes the act of browsing enjoyable in itself
- IP collaboration capability: Regular limited-edition collaborations that create scarcity and drive repeat purchases
In a market where both cautious spending and self-indulgent consumption coexist, the retail formats that succeed aren't always the cheapest — they're the ones that resonate emotionally.
Lei Jun's Endorsement and What Lies Ahead
Lei Jun's involvement brings more than just capital — it brings amplified brand visibility. As one of China's most high-profile entrepreneurs, his investment moves are widely regarded as signals of where a sector is headed. The fact that a lifestyle retail brand has attracted a top-tier investor lends credibility to the market's long-term potential.
That said, going public is only the beginning. Jiumu Group faces real challenges ahead:
- Pressure to scale physical retail: Rising rents and fierce competition for premium locations remain persistent headwinds
- Differentiation is easy to replicate: The curation model can be imitated, and IP negotiating power still needs to be strengthened
- Consumer sentiment risk: Middle-class spending intentions are sensitive to broader macroeconomic conditions
Zooming out, Jiumu Group's listing reflects a broader shift: emotional consumption is expanding beyond youth culture, and the "trendy goods economy" is no longer the exclusive domain of younger generations. The defining challenge going forward will be converting its moment of IPO buzz into lasting brand loyalty — and that, more than any valuation metric, will determine its long-term trajectory.
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