高盛-中国IP零售商及玩具行业追踪

newproducts/IPs,onwithlastyear'sblockbusterlaunchindicatorsremainedweakdeOurcoveredcompaniesreportariff-supportedGPMwereoffsetbyweakeroverseasdideleverageimpact.Bloks'strongervehicle-toyandoverseassaleswerepartlrbetterscaleleverage,althoughoverseassrlate-Jul,mainlytharNovbasewillremainIPs,likeSanrio,Monchichi,DisnUltraman,Transformers,StarrAvengers:Doomsday(December18,2026),Staculturalitems—suchasegMarvel'siconicsciencenarrativewionSept29,2026.Source:Companydata,Moojing,Chanmama0—Macaron芝麻豆豆心Source:Moojing,Chanmama,CompanydatarExhibit4:Secondarndedpremium/secondandedpremium/secondaSource:Moojing,Chanmama,Companydata66renergyprices.Elsewh22.9%YoYto$1.26billioguidanceto+10-12%(vs.previously+6-8%,vs.consensusof+9.0%),150stinAsianfoodandsnacks,slime,andculturalmomentsthroCup,aswellasToySBelowalsoplanstocoourpreviousfindingthatWesternconsumerdemandforaflaunched(i.e.,Sept7).4)Promotion:Inoverseas,wenoticedalimiteincludingLabubu,Crybaby,Dimoo,Molly,andvariou rSource:IpsosGroup,UniversityoftheThaiChambe582%514%Source:GoogleTrends(/trends)PopMartUScreditcardsales(weeklyyoy)-56.9%8rSource:Bloomberg,Companydata,GoldmanSachsGloba''Source:SensorTower,Datacompiledtoc.25%yoyinAugwiththeeasierbasmodestbeat(MLChinasalesstrongertoverseasdistributorsales)aUStariffrefunds),Adj.NPMmissedGSeandrsupportedbystronger-thdistributorcoverage,supportingoufromhigher-marginoverseassales,andlogistidividend)forPopMart/Miniso/BloksrMay-26:2026GPMdeclineof1-2PMiniso0.1pp0.1ppMins-2.5pp0.1ppBloks-2.8ppchairmanandCEOofLrAsofSept9,2026.MNS0Miniso2.7499.2Buy15.009.2363%15x10x9x7.1x5.8x5.1xFIVEFvebelow3566247.0MATMatel FNK0Funko3075.8Neutral 2097HKMIXUE9.2714.6Buy28500006181.HKLacpuGold2367.HKGatBiogene30325HKBloks2,1309.2r2e学PuU2P29就就,。血附土星九版的oeRis·E有四W士光a12P2激我关度L第一a**言言。2”1¥4E版a掌区三1三2签2_Md签签。电签签。2亭”10f弱0f弱11rMegaRuyaMlyxHanyorthatcoulddiscourageretfaster-than-expectedoverseaspopularity;4)success/failuretoexpandcustomerbaseandcompetition;6)better/worContributingAuthors:MicheleChengGoldmanSachs(AsiRuanGoldmanSachs(Asia)L.L.C..anditssectorpeers.Thefourkeyattributesdepictedare:Growth,Growthisbasedonastock'sforward-lopercentileand(100%-MultiplepercentiforthefiscalyearatleastsevenquarAcrossourglobalcoverage,weexamirepresentingmedium(15%-30Co.,LuckinCoffeeInc.,LukFCompany-specificregulatorGoldmanSachshasreceivedcompens($9.23),Miniso(H)(HK$17.80)andPopMart(HK$152.GoldmanSachshadanon-inverDistributionofratings/investmentbanGoldmanSachsInvepurposesoftheabovedisGoldmanSachsratingandstockpricetarqetGoldmanSachsratingandstockpricetarqet5,000Source:GoldmanSachsInGoldmanSachsratingandstockpricemaynothaveincudedpricetargets,aswellamaynothaveincudedpricetargets,aswellaee2024Source:GoldmanSachslnvestmentResearchforratinmaynothaveincludedpricetargets,aswelasdevelopmentsrelatingtotherco-managerinapendingtransaction;1%orotherownership;compensationfit,isintendedonlyfor“wholesaleclients”wStatementareavailableat:/disclosures/australia-new-ztoCVMResolutionn.20isavailableatrsecuritiesofcoveredcompanieAnalyst-SEBIRegistrationNumberINH000001493,10thFloor,AscIdentityNumberU74140MH2006FTC160634thesecurities(assuchtermisdefinedinclause2(h)theIndianSecuritieprovideanyassurance/worldwide/india/research-analyst.Japan:Seebelow"professionalinvestors"withi/disclosures/australia-newrecommendationasdefEconomicArea)withregardtoregulatorytrecommendationsorotherconflictsofinterestisavailableat/disclosures/europeanpolandamemberofJapanSecuritiesDealersAsInvestmentManagementAssociationoftax.Seecompany-specificdisclosuresastoanyapplicabledisclosuresrBuy(B),Neutral(N),Sell(S)Analystsr/research/hedge.html.Researchhassuspendupon.CoverageSuspeGoldmanSachsGloballnves08007275764e/oucontatogoldmanbrasil@.Horáriodefun