Goldman Sachs released comprehensive China IP retailer research on July 28th, analyzing four key debates: IP cycles, sustainability, market scale, and stock catalysts. Report shows popular IP lifecycles typically 2-3 years, but comprehensive IP platforms can extend to decades. China's per capita IP spending only $17 vs North America's $293; IP toy market worth RMB76bn, potential 9%-14% CAGR if reaching 60%-80% of Japan levels by 2030. Pop Mart rated "Neutral" as valuation reflects strong expectations; "blue sky scenario" targets RMB129bn global GMV. Stock performance follows three stages: rapid growth sensitive to high-frequency data, mature stage focuses on earnings expectations, diversified companies show resilience. Miniso rated "Buy"; overseas expansion beyond expectations serves as key catalyst.