The Zhitong Finance App learned that Goldman Sachs released a research report stating that it will update the tracking of Chinese IP retailers and toy companies, covering new products/IPs, online sales momentum, second-hand market pricing, and overseas comparisons. On the Chinese side, online sales of Mingchuang Premium (09896) and Bruco (00325) have accelerated.
The bank pointed out that the highlights of Bubble Mart (09992)'s new September products switched to figures (including Zsiga and Twinkle Twinkle), while the smaller new IP plush products were softer. October has a relatively easy base, strong sales of Twinkle Twinkle figures, and the upcoming Labubu new plush series are expected to provide some support. In the third quarter, Mingchuang Premium's GMV in mainland China increased 25% to 30% year over year, and same-store sales rose by single digits year over year, better than the ten-digit sales growth guide in the second half of the year. The growth rate remained 20% to 25% during the National Day Golden Week. Online sales tracked by the bank rebounded in September, but the growth in the third quarter was roughly similar to that of the second quarter. Bruker's online growth in September continued to accelerate at a higher base. There were significantly more new series/SKUs in the third quarter than in the same period last year.
The trend in the US is divided. Mingchuang Premium accelerated to a 27% year-on-year increase in September (21% year-on-year increase in the third quarter), which is roughly in line with the company's announcement that US GMV rose by about 20% in the third quarter, rose more than 30% in September, and improved sales at the same store. Driven by the arrival of new products, the overall overseas performance was generally in line with the guidelines. Furthermore, its own IP “YOYO” global GMV exceeded 1 billion yuan in the first nine months of 2026, which is higher than the global GMV target of 800 million yuan to 1 billion yuan at the beginning of the year.
According to the bank, the October catalyst includes Halloween-related marketing and new products, Bubble Mart sales updates for the third season (mostly in the second half of October in previous years), and Double 11 discounts as inventory indicators. The findings of the Global Consumer and Retail Conference are mixed: toys and collectibles are still a highlight in the context of US consumption being resilient but more demanding, but growth is biased towards content-supported licensed IPs, and competition among value retailers in blind boxes/collectibles is also rising.