12 January 2026 | 9:01PM HKT Equity Research CHINA IP RETAILER AND TOY TRACKER Dec update: Pop Mart saw disciplined supply in China but speeding up in Jan, US high frequency downward trend saw stabilization; Bloks accelerated product launch In this note, we provide updates on China IP retailers and toy companies, including new products/IP, sales momentum, and overseas market updates. Pop Mart's online sales growth in China decelerated in Dec with smaller supply release, but we note that the brand accelerate ...