According to the search results, "teddy" can refer to different things:

• A garment that covers the torso and crotch in one piece, similar to a one-piece swimsuit or bodysuit, but typically looser and sheerer. It is also called a camiknicker and was originally an adults undergarment in the 19th century).
• A womans one-piece undergarment that combines a chemise top with panties.
• A soft toy bear.

Therefore, the meaning of "teddy" depends on the context in which it is used.