12 December 2025 | 11:48AM HKT Equity Research CHINA IP RETAILER AND TOY TRACKER Nov: Pop Mart sequentially increased supply; Bloks launched more female IPs; US holiday sales in focus 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 accelerated from Oct with more plush toy supply released; while secondary market price remained stable for most IPs (except Twinkle Twinkle wh ...