[Major Banks] Goldman Sachs expects growth in China’s IP and toy demand to slow in the second half of the year due to a high base effect, while overseas trends become increasingly divergent.

Goldman Sachs published a research report indicating mixed results for China’s IP retailers and toy companies in the first half/second quarter of 2026. Pop Mart (09992.HK) and Miniso (09896.HK) reported softer earnings, while Bloke (00325.HK) posted sales stronger than expected. Pop Mart’s adjusted net profit missed the bank’s estimate by 13%, weighed down by overseas markets, with revenue also falling short of expectations by approximately 10%; performance in the mainland market was also slightly weaker. The bank noted that Miniso’s mainland sales exceeded expectations, but weak sales from overseas distributors and operational deleveraging dragged on profit margins. Bloke’s revenue surpassed the bank’s forecast by 6%, driven by assembly

AASTOCKSSep 11 17:15

Pop Mart's Twinkle Twinkle IP Unlikely to Offset Tough 3Q Base -- Market Talk

0245 GMT - Pop Mart's product launch under its Twinkle Twinkle intellectual property isn't likely to offset a high base, says Deutsche Bank's Sammi Xu in a note. The Chinese doll maker's online

WSJSep 11 10:45

Pop Mart's Share Price Seems Resilient Despite Weakening Sales Momentum -- Market Talk

0236 GMT - Pop Mart's share price remains more resilient than expected despite weakening sales momentum and disappointing 1H results, says Deutsche Bank's Sammi Xu in a note. The analyst attributes

WSJSep 11 10:36

Pop Mart: Duan Yongping provides sentiment support, but momentum is weakening; Maintain Sell rating

Key View: Pop Mart’s online sales in China continue to deteriorate, with new product launches failing to offset the impact of a high base. In August, Pop Mart’s online sales in China fell by 40% year-on-year, widening from the 21% decline recorded in July. Although the market had anticipated that the company would develop new hit IPs, the sustained downturn in online sales since May indicates pressure on domestic demand, and recently launched products have been insufficient to reverse the trend. While the key new product for the third quarter, “Twinkle Twinkle Farm Tales,” performed better than other new releases, it was unable to fully offset the strong performance of Labubu 3.0 and Mini from the third quarter of last year.

CSOPSep 11 02:54

August Update and H1 Summary: Pop Mart and Miniso’s online growth slowed due to a high base, while Bloks accelerated.

Key Views: Online sales performance among Chinese IP retailers diverged. Pop Mart and Miniso saw their growth rates slow due to a high base effect, whereas Bloks achieved accelerated growth. In August, driven by the high base effect from last year’s hit products (such as Pop Mart’s “Pin For Love” series), Pop Mart’s combined GMV on Tmall and Douyin fell by 35% year-on-year. Miniso’s online sales declined slightly by approximately 3% year-on-year, although management stated that overall GMV for July–August maintained a robust year-on-year growth of around 20%. In contrast, Bloks benefited from the newly launched Transformers series priced at RMB 9.9, leading to...

CSOPSep 11 01:20

Customs authorities conducted raids on Temple Street and Ladies' Market, arresting seven individuals and seizing counterfeit goods with a market value of HK$1 million, including fake Labubu figurines.

The Customs and Excise Department conducted special enforcement operations in Yau Ma Tei and Mong Kok on September 3 and the preceding day (the 8th) to crack down on the sale of counterfeit goods, seizing approximately 3,100 suspected counterfeit items with an estimated market value of HK$1 million. Earlier, during inspections at tourist hotspots, Customs officers discovered that merchants in Yau Ma Tei and Mong Kok were selling suspected counterfeit goods. Following investigations, Customs personnel carried out enforcement actions during the aforementioned periods, raiding nine fixed hawker stalls on Temple Street in Yau Ma Tei and eight on Tung Choi Street (Ladies' Market) in Mong Kok, where they seized a batch of suspected counterfeit items, including handbags, clothing, and toys, among which were counterfeit Labubu figurines. During the operation, Customs

AASTOCKSSep 10 11:54