CHINA IP RETAILER AND TOY TRACKER: Jun update: Pop Mart/Miniso growth decelerates on one of the highest bases of the year; Bloks accelerates IP/product launch

研报英文原文证据摘录

CHINA IP RETAILER AND TOY TRACKER: Jun update: Pop Mart/Miniso growth decelerates on one of the highest bases of the year; Bloks accelerates IP/product launch

Goldman Sachs China IP Retailer and Toy Tracker

China market

Pop Mart:

n New IPs/products: 1) For the newly released plush toy series, Labubu’s new series

(Hair Salon, launched on Jun 25th) supply was relatively sufficient with c.70k sales

volume in Douyin in the first month (vs sales volume of c.50k for Sanrio series in

Douyin). Resale discount of the non-screte SKUs expanded to c.40% currently from

SD% discount on median when debut, indicating faster price decay than prior series

and weaker momentum. 2) Baby Molly/Hacipupu IPs’ Buggy Roam/Take Me Home

series (launched on Jun 16/Jul 9) are less exciting, recording >6k/>2k sales volume in

Douyin and >1k/>1k sales volume in Tmall for the first batch. Resale discount of

Baby Molly/Hacipupu’s new series were both at LSD% for non-secret SKUs on

median as of Jul 10.

n Secondary market prices: Secondary market discounts saw further expansion for

IPs including Molly, Labubu, Twinkle Twinkle, while others remained largely stable for

the sample SKUs we track. 1) Labubu: Discounts for the sample SKUs we track is

generally at 20%-45% currently, slightly expanded from May. 2) Twinkle Twinkle:

For the sample SKUs we track, we note secondary market discount trend of prior

series remained resilient while new series launched this year declined in Jun, partly

due to the increase of supply observed in Douyin.

n Marketing: 1) Labubu appeared in the 2026 FIFA World Cup opening ceremony on

Jun 15. While the WeChat index for “Labubu” spiked notably, global Google Trends

data did not reflect a meaningful uptick in search interest. 2) Collaborations