中国 IP 零售与玩具追踪：1 月更新-泡泡玛特加速国内供货，Twinkle-Skullpanda 新品发布大获成功-China IP Retailer and Toy Tracker_ Jan update_ Pop Mart accelerated supply in China, successful new product launch in Twinkle-Skullpanda

12 February 2026 | 5:33PM HKT Equity Research CHINA IP RETAILER AND TOY TRACKER Jan update: Pop Mart accelerated supply in China, successful new product launch in Twinkle Twinkle/Skullpanda 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 in Jan with more ample supply, and our Douyin plush toy sales tracker suggests Jan had the highest sales volume over the pas ...