Inthisnote,weprovideupdatesonChinaIPretailersandtoycompanies,includingnewproducts/IP,salesmomentum,andoverseasmarketupdates.PopMarts
domesticsonlinesalesgrew+29%yoyinMay,slowerthanAprat+95%yoygrowthwithhigherbase.OnDouyin,run-rateintoJunislaggingboth
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