高盛发布研报称，其覆盖的中国IP零售商及玩具公司2026年上半年及第二季度业绩好坏参半，名创优品（09896）盈利偏软，布鲁可（00325）销售则强于预期。给予布鲁可“中性”评级，目标价72.4港元；给予名创优品H股“买入”评级，目标价29.3港元。该行预计下半年中国IP/玩具需求维持韧性，但增长将因更高基数而放缓，海外趋势更趋分化。
该行指出，名创优品内地销售强于预期，但海外分销商销售偏弱及经营去杠杆拖累利润率。布鲁可收入高于该行预期6%，受组装车模玩具及海外销售带动，但毛利率受到模具折旧、新产品爬坡及9.9元人民币价值带占比上升等因素拖累。
高盛预计，下半年中国IP/玩具需求维持韧性，但增长将因更高基数而放缓。海外趋势更趋分化，布鲁可因渗透率低而增长能见度较强；名创优品则优先关注库存健康、门店生产力及盈利能力，而非快速扩张。毛利率仍是关键争论点，物流、采购及产品/地区组合或制约毛利率，布鲁可或有较佳规模效应，但海外供应链投资仍是抵销因素。
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