EQUITY RESEARCH | July 28, 2025 | 12:37AM HKT China Retail China IP Retailers & Toy: Debates on Cycles, Sustainability, TAM, and Share price catalysts Following a strong share price performance for Pop Mart (YTD+169%, or +more than 10x since 2024) and Bloks (YTD +54%), we see increasing market debates on IP cycles, the sustainability of growth, the size of the TAM, and share price drivers. While the cycle for a single IP is usually short (approximately 2-3 year cycle for popular IPs in the past few years), ...