中国 IP 零售与玩具追踪-2 月更新：泡泡玛特供应收紧、增速较 1 月放缓；多款全新China IP Retailer and Toy Tracker_ Feb update_ Pop Mart sees less supply_slower growth than Jan; multiple new plush series launches, eyes on performance sustainability

10 March 2026 | 6:51PM HKT Equity Research CHINA IP RETAILER AND TOY TRACKER Feb update: Pop Mart sees less supply/slower growth than Jan; multiple new plush series launches, eyes on performance sustainability 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 was sequentially slower in Feb, which in our view was due to less supply and a relatively high base when NeZha becam ...