（以下内容从开源证券《社会服务行业周报：锅圈开启“四店齐发”布局，茶饮龙头强者恒强》研报附件原文摘录）潮玩/免税：12月潮玩线下店效稳增，进境免税店新政扩容潮玩：根据久谦，截至2025年12月，国内线下潮玩类目门店数量达到9689家/环比净开184家。2025年12月潮玩品牌线下平均店效同比+13%，线下店效稳健增长；重点品牌中，12月泡泡玛特/TOPTOY店效同比+47%/-1%，头部品牌表现...
Source Link（以下内容从开源证券《社会服务行业周报：锅圈开启“四店齐发”布局，茶饮龙头强者恒强》研报附件原文摘录）潮玩/免税：12月潮玩线下店效稳增，进境免税店新政扩容潮玩：根据久谦，截至2025年12月，国内线下潮玩类目门店数量达到9689家/环比净开184家。2025年12月潮玩品牌线下平均店效同比+13%，线下店效稳健增长；重点品牌中，12月泡泡玛特/TOPTOY店效同比+47%/-1%，头部品牌表现...
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