Vi e w p o i n t | 10 Feb 2026 11:29:29 ET │ 13 pages Pop Mart (9992.HK) IP-centric Diversification; Top Buy CITI'S TAKE We expect Pop Mart's IP-centric diversification strategy should empower its resilience against IP cyclical risks and rejuvenate new demand. Our weekly data tracker indicates upward momentum in APP downloads in recent week notably in China and US, which we attributed to the new release of Skullpanda x My Little Pony. We also observed high interest in this release on Instagram. In 2026, we ...