高盛——中国IP零售商及玩具行业追踪.docx

高盛——中国IP零售商及玩具行业追踪.docx

GoldmanResearchSachs

EquityResearch

11September2026|12:55AMHKT

CHINAIPRETAILERANDTOYTRACKER

Augupdateand1H26wrap-up:PopMart/Minisoonlinegrowthsoftensontoughbase,Bloksaccelerates

Inthisnote,weprovideupdatesonChinaIPretailersandtoycompanies,covering

newproducts/IP

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