Financial Performance - Revenue for 2022 was RMB 4,617,324 thousand, a 2.8% increase from RMB 4,490,651 thousand in 2021[12] - Gross profit for 2022 was RMB 2,654,543 thousand, a 3.8% decrease from RMB 2,758,624 thousand in 2021[12] - Operating profit for 2022 was RMB 583,380 thousand, a 49.3% decrease from RMB 1,149,812 thousand in 2021[12] - Profit before income tax for 2022 was RMB 639,529 thousand, a 45.4% decrease from RMB 1,171,191 thousand in 2021[12] - Profit for the year 2022 was RMB 475,801 thousand, a 44.3% decrease from RMB 854,567 thousand in 2021[12] - Gross profit margin for 2022 was 57.5%, down from 61.4% in 2021[12] - Net profit margin for 2022 was 10.3%, down from 19.0% in 2021[12] - Non-IFRS adjusted net profit for 2022 was RMB 573,540 thousand, a 42.7% decrease from RMB 1,001,635 thousand in 2021[12] - Non-IFRS adjusted net profit margin for 2022 was 12.4%, down from 22.3% in 2021[12] - Annual revenue in 2022 reached RMB 4,617.3 million, a year-on-year increase of 2.8%[20] - Revenue increased by 2.8% year-on-year from RMB4,490.7 million in 2021 to RMB4,617.3 million in 2022[32][33] - The Group's operating profit decreased by 49.3% from RMB1,149.8 million in 2021 to RMB583.4 million in 2022[67] - Profit for the year decreased from RMB854.6 million in 2021 to RMB475.8 million in 2022[68] - Non-IFRS adjusted net profit decreased from RMB1,001.6 million in 2021 to RMB573.5 million in 2022, with the margin dropping from 22.3% to 12.4%[71] International Business Expansion - International business revenue grew by 147.1% year-on-year in 2022, accounting for nearly 10% of total revenue[15] - The company opened its first offline retail stores in the United States, the United Kingdom, New Zealand, and Australia, and flagship stores in South Korea and Japan[15] - Overseas revenue grew by 147.1% year-on-year in 2022[20] - Revenue from Hong Kong, Macao, Taiwan, and overseas increased significantly, accounting for 9.8% of total revenue in 2022, up from 4.1% in 2021[34] - Offline sales revenue in Hong Kong, Macao, Taiwan, and overseas increased by 2,799.4% year-on-year, from RMB5.2 million in 2021 to RMB150.8 million in 2022[47] - The company's international business will grow rapidly, focusing on localization and collaboration with local partners and artists[88] IP and Product Performance - The high-end MEGA series and co-branded models with artists like Han Meilin and Hiroto Ohkubo gained popularity among the younger generation[15] - Revenue from top IPs SKULLPANDA, MOLLY, and DIMOO amounted to RMB 851.6 million, RMB 802.2 million, and RMB 577.9 million respectively in 2022[20] - SKULLPANDA's revenue increased by 43.1% year-on-year, with the "City of Night" series generating RMB 228.4 million in revenue[20] - MEGA Collection Series revenue in 2022 was RMB 466.8 million[21] - POP BEAN product line launched in June 2022, covering over ten popular IPs including MOLLY, DIMOO, SKULLPANDA, and LABUBU[21] - LABUBU rotocasting plush dolls and DIMOO COTTON DOLL were well-received by fans in 2022[21] - Hirono IP revenue increased by 169.4% year-on-year, reaching RMB 140.8 million in 2022[20] - Proprietary IPs revenue increased by 16.0% from RMB2,586.8 million in 2021 to RMB3,000.8 million in 2022, driven by sales of SKULLPANDA, MOLLY, and DIMOO[65] - Exclusive licensed IPs revenue decreased by 17.1% from RMB770.5 million in 2021 to RMB639.0 million in 2022, primarily due to the impact of COVID-19[65] - Non-exclusive licensed IPs revenue decreased by 11.3% from RMB620.5 million in 2021 to RMB550.3 million in 2022, also impacted by COVID-19[65] - SKULLPANDA contributed RMB851.6 million, representing 18.4% of total revenue in 2022, up from 13.3% in 2021[64] - MOLLY contributed RMB802.2 million, representing 17.4% of total revenue in 2022, slightly up from 15.7% in 2021[64] - DIMOO contributed RMB577.9 million, representing 12.5% of total revenue in 2022, slightly down from 12.6% in 2021[64] Channel Performance - Number of physical stores in Mainland China increased from 288 at the end of 2021 to 329 at the end of 2022, with 49 new stores opened in 2022[22][26] - Number of roboshops in Mainland China increased from 1,861 at the end of 2021 to 2,067 at the end of 2022, with 206 new roboshops opened in 2022[22][26] - Revenue from Pop Draw mini program on WeChat platform reached RMB954.7 million in 2022[23][27] - Revenue from JD.com flagship store was RMB137.9 million in 2022[23][27] - Revenue from Tmall flagship store was RMB462.4 million in 2022, ranking top in sales within the toy category during Tmall Singles Day shopping festival for the fourth consecutive year[23][27] - Number of physical stores in Hong Kong, Macao, Taiwan, and overseas reached 43 at the end of 2022, with first physical stores opened in the UK, New Zealand, the US, and Australia[25][29] - Number of roboshops in Hong Kong, Macao, Taiwan, and overseas reached 120 at the end of 2022[25][29] - Number of cross-border e-commerce platforms reached 13 at the end of 2022[25][29] - Offline channel revenue in Mainland China decreased by 3.2% from RMB2,138.0 million in 2021 to RMB2,069.9 million in 2022[35] - Online channel revenue in Mainland China decreased by 1.7% from RMB1,861.5 million in 2021 to RMB1,829.8 million in 2022[41] - Revenue from retail stores increased by 1.3% year-on-year from RMB1,670.2 million in 2021 to RMB1,691.1 million in 2022[39] - Revenue from roboshops decreased by 19.0% year-on-year from RMB467.8 million in 2021 to RMB378.8 million in 2022[40] - Pop Draw revenue increased by 3.6% year-on-year, accounting for 52.2% of online channel revenue in 2022[38] - Tmall flagship store revenue decreased by 22.8% year-on-year, accounting for 25.3% of online channel revenue in 2022[38] - Other online channels revenue increased by 38.9% year-on-year, accounting for 15.0% of online channel revenue in 2022[38] - Retail store sales revenue increased by 1.3% year-on-year, from RMB1,670.2 million in 2021 to RMB1,691.1 million in 2022, despite 232 stores being closed for 1 week to 3 months due to the pandemic[42] - Robot store sales revenue decreased by 19.0% year-on-year, from RMB467.8 million in 2021 to RMB378.8 million in 2022, with 627 stores closed for 1 week to 3 months due to the pandemic[42] - Online revenue decreased by 1.7% year-on-year, from RMB1,861.5 million in 2021 to RMB1,829.8 million in 2022, primarily due to the impact of the pandemic on logistics and consumer spending[42] - Revenue from Pop Draw increased by 3.6% year-on-year, from RMB921.5 million in 2021 to RMB954.7 million in 2022, while Tmall flagship store revenue decreased by 22.8% and JD.com flagship store revenue decreased by 3.7%[45] - Wholesale and other revenue decreased by 14.3% year-on-year, from RMB307.5 million in 2021 to RMB263.6 million in 2022, due to reduced procurement by distributor Nanjing Pop Mart[46] - Revenue from proprietary products increased by 5.3% year-on-year, from RMB3,977.8 million in 2021 to RMB4,190.0 million in 2022, contributing 90.8% of total revenue[61] - Revenue from Shopify increased by 78.4% year-on-year, from RMB15.2 million in 2021 to RMB27.1 million in 2022, while Amazon revenue increased by 163.9%[57] - Wholesale and other revenue in Hong Kong, Macao, Taiwan, and overseas increased by 55.0% year-on-year, from RMB137.4 million in 2021 to RMB212.9 million in 2022[59] Costs and Expenses - Costs of sales increased by 13.3% from RMB1,732.0 million in 2021 to RMB1,962.8 million in 2022, driven by higher unit costs and increased IP licensing fees[65] - Gross profit from Pop Mart proprietary products decreased by 2.1% from RMB2,573.2 million in 2021 to RMB2,518.2 million in 2022, with gross profit margin dropping from 64.7% to 59.7%[66] - Gross profit from third-party products decreased by 26.4% from RMB185.4 million in 2021 to RMB136.4 million in 2022, with gross profit margin decreasing from 36.1% to 33.9%[66] - Distribution and selling expenses increased by 33.0% from RMB1,106.1 million in 2021 to RMB1,470.8 million in 2022, driven by growth in Hong Kong, Macau, Taiwan, and overseas markets[66] - Employee benefit expenses increased by 37.1% from RMB287.3 million in 2021 to RMB394.0 million in 2022, due to an increase in sales personnel from 2,436 to 2,594[66] - Advertising and marketing expenses increased by 48.1% from RMB157.6 million in 2021 to RMB233.4 million in 2022, driven by increased promotion of online and offline channels[66] - General and administrative expenses increased by 23.1% from RMB557.5 million in 2021 to RMB686.3 million in 2022, with employee benefit expenses rising by 20.2%[67] - Depreciation of right-of-use assets increased from RMB34.2 million in 2021 to RMB60.8 million in 2022, due to office lease expansion[67] - Other income decreased by 16.3% from RMB54.4 million in 2021 to RMB45.6 million in 2022, with IP license fee income from brands like UNIQLO and SAMSUNG dropping from RMB37.7 million to RMB32.5 million[67] Financial Position and Assets - Total assets increased to RMB 8,580,062 thousand in 2022, up from RMB 8,323,626 thousand in 2021[13] - Total equity attributable to owners of the company reached RMB 6,963,288 thousand in 2022, compared to RMB 6,818,182 thousand in 2021[13] - Total liabilities increased to RMB 1,614,737 thousand in 2022, up from RMB 1,503,620 thousand in 2021[13] - Net current assets decreased slightly from RMB5,664.6 million in 2021 to RMB5,484.8 million in 2022, remaining stable[73] - Trade receivables increased from RMB171.3 million in 2021 to RMB194.4 million in 2022, with turnover days increasing from 10 to 15 days[73] - Inventories increased from RMB788.8 million in 2021 to RMB867.0 million in 2022, with turnover days rising from 128 to 156 days[73] - Cash and cash equivalents decreased significantly from RMB5,264.7 million in 2021 to RMB685.3 million in 2022, mainly due to the purchase of one-year time deposits[73] - Trade payables decreased from RMB266.1 million in 2021 to RMB259.0 million in 2022, with turnover days increasing from 40 days to 49 days[74] - The company's gearing ratio increased slightly from 18.1% in 2021 to 18.8% in 2022[74] - Total capital expenditures increased from RMB333.748 million in 2021 to RMB347.623 million in 2022, with a significant increase in intangible asset purchases from RMB46.246 million to RMB81.491 million[75] Corporate Governance and Leadership - The company's CEO, Mr. Wang Ning, is responsible for overall strategic planning and management, and holds a master's degree in business administration from Peking University[89] - Ms. Yang Tao, the company's vice president, is in charge of IP operation, product R&D, and the Inner flow art organization[89] - Ms. Liu, aged 35, is the Executive Director and Vice President of the company, holding a bachelor's degree in tourism management and a master's degree in business administration[95] - Mr. Si De, aged 34, is the Executive Director and Chief Operating Officer, responsible for the operations of the Group and the overall business in mainland China[92] - Mr. Si De holds a bachelor's degree in French studies and a master's degree in business administration[93] - Mr. Si De is a director of several principal subsidiaries, including Shanghai Paqu Commerce Co., Ltd., Beijing Paquhuyu Technology Co., Ltd., and Tianjin Pop Mart Cultural Communication Co., Ltd.[94] - Mr. Tu Zheng, aged 45, is a Non-Executive Director, providing professional advice to the Board and holding a bachelor's degree in English studies and a master's degree in public policy[96] - Mr. Tu Zheng has been a partner at Shanghai Fengqiao Investment Management Co. Ltd. since May 2018 and previously served as a partner at Shenzhen Qifu Capital Management Co., LTD[96] - Mr. He Yu, aged 42, is a Non-Executive Director, providing professional advice to the Board and holding a bachelor's degree in international economics and trade and a master's degree in finance[96] - Mr. He Yu founded and served as a partner of Shenzhen Qianhai Heiyi Innovation Investment Partnership (Limited Partnership) since February 2016[96] - Mr. He Yu was admitted as a Chartered Financial Analyst by the CFA Institute in September 2008 and was granted the China Securities Investment Fund Practicing Certificate in February 2017[96] - Both Mr. Tu Zheng and Mr. He Yu are currently directors of Beijing Pop Mart[96] - Mr. Zhang Jianjun, aged 56, serves as an independent non-executive director since December 11, 2020, providing independent opinions to the Board[97] - Mr. Zhang holds a Ph.D. in sociology from the University of California, Berkeley, and has extensive research experience in corporate governance[97] - Mr. Wu Liansheng, aged 52, serves as an independent non-executive director since the Listing Date, with a background in economics and management[98][99] - Mr. Wu has served as an independent director in multiple listed companies, including Huaneng Power International and Agricultural Bank of China[98][100] - Mr. Ngan King Leung Gary, aged 39, serves as an independent non-executive director since the Listing Date, with a background in finance and economics[102][105] - Mr. Ngan has been the CFO of Meitu, Inc. since June 2015 and holds a CFA Charterholder since 2010[104][106] - Mr. Wang Ning, aged 36, is the executive Director, Chairman of the Board, and CEO of the company[107] - Mr. Yang Jingbing, aged 44, is the CFO of the company, responsible for financial management since joining in August 2017[107] Shareholder and Equity Information - Mr. Wang Ning, the Executive Director, Chairman, and CEO, holds a 48.97% interest in the company through a trust and controlled corporation[165] - Mr. Si De holds 10,933,075 shares, representing 0.79% of the company's total shares[169] - Mr. Tu Zheng holds 32,910,000 shares, representing 2.38% of the company's total shares[169] - Mr. He Yu holds 2,088,310 shares, representing 0.15% of the company's total shares[169] - UBS Trustees (B.V.I.) Limited holds 571,981,960 shares, representing 41.43% of the company's total shares[180] - GWF Holding Limited holds 571,981,960 shares, representing 41.43% of the company's total shares[181] - Pop Mart Hehuo Holding Limited holds 72,903,027 shares, representing 5.28% of the company's total shares[182] - Mr. Wang Ning is deemed to be interested in 571,981,960 shares held by GWF Holding Limited and 31,196,420 shares

[0 -> 11] 我们有很多很多的挑战但是总来讲的话我觉得我们经受了这个大风大浪然后我们也锻炼了这个队伍我觉得在这个过程当中呢 [11 -> 38] 我觉得我们也做了很多调整不管是组织的一些调整还是一些业务线的调整然后还是我们对很多战略方向的思考我觉得回过头来看的话我觉得都是非常有意义的一年虽然有挑战但是我觉得对于我们来讲的话也是有很多积极的一些影响我们也对未来充满了信心 [38 -> 58] 那当然我觉得这一年虽然很辛苦然后虽然有很多挑战那我们也取得了很多我们认为还不错的成绩不管我们的整个IP的发展还是围绕IP的整个产业的这些布局还是我们整个的海外业务还有我们整个组织的健康度的不断优化 [58 -> 86] 我觉得这些层面我们都看到非常多积极的一些改变然后我们内部也非常有信心包括我们去年然后也大规模的回购了我们公司的股份我们也是对我们自己非常有信心接下来我们可以让我们公司的同事详细的介绍一下我们去年的这样一个发展然后希望跟大家做一个更具体的一个沟通 [87 -> 108] 谢谢王总现在有请首席财务官杨金平先生对公司2022年年度业绩财务表现进行一个回顾尊敬的投资人大家下午好由我向大家介绍公司二年的财务业绩 ...

Revenue and Profit Performance - Revenue increased by 2.8% to RMB 4,617,324 thousand in 2022 compared to RMB 4,490,651 thousand in 2021[2] - Total revenue for 2022 reached RMB 4,617,324 thousand, a 2.8% increase from RMB 4,490,651 thousand in 2021[13][16] - Gross profit decreased by 3.8% to RMB 2,654,543 thousand in 2022 from RMB 2,758,624 thousand in 2021[2] - Operating profit dropped significantly by 49.3% to RMB 583,380 thousand in 2022 from RMB 1,149,812 thousand in 2021[2] - Net profit attributable to the company's owners decreased by 44.3% to RMB 475,660 thousand in 2022 from RMB 854,339 thousand in 2021[2] - Non-IFRS adjusted net profit declined by 42.7% to RMB 573,540 thousand in 2022 from RMB 1,001,635 thousand in 2021[2] - Basic and diluted earnings per share decreased by 43.5% to RMB 0.35 in 2022 from RMB 0.62 in 2021[2] - Basic earnings per share for 2022 was RMB 0.35, down from RMB 0.62 in 2021[28] - Diluted earnings per share for 2022 was RMB 0.35, down from RMB 0.62 in 2021[29] - The company achieved full-year revenue of RMB 4,617.3 million in 2022, a year-on-year increase of 2.8%, with cumulative registered members reaching 26.004 million[39] - The company's total revenue increased by 2.8% year-on-year from RMB 4,490.7 million in 2021 to RMB 4,617.3 million in 2022[48] - Net profit for the year dropped from RMB 854.6 million in 2021 to RMB 475.8 million in 2022[69] - Non-IFRS adjusted net profit margin decreased from 22.3% in 2021 to 12.4% in 2022[71] Revenue Breakdown by Region and Channel - Revenue from Mainland China accounted for RMB 4,163,386 thousand, with retail store sales contributing RMB 1,691,112 thousand, online sales RMB 1,829,809 thousand, and robot store sales RMB 378,830 thousand[16] - Overseas revenue (including Hong Kong, Macau, Taiwan) increased significantly to RMB 453,938 thousand in 2022, up from RMB 183,715 thousand in 2021[16] - Overseas revenue grew by 147.1% year-on-year in 2022, driven by accelerated international market expansion[39] - Offline channel revenue in mainland China decreased by 3.2% year-on-year from RMB 2,138.0 million in 2021 to RMB 2,069.9 million in 2022[50] - Retail store sales revenue in mainland China increased by 1.3% year-on-year from RMB 1,670.2 million in 2021 to RMB 1,691.1 million in 2022, despite the impact of COVID-19, which led to temporary closures of 232 stores for one week to three months[52] - Robot store sales revenue decreased by 19.0% from RMB 467.8 million in 2021 to RMB 378.8 million in 2022, with 627 stores closed for 1 week to 3 months due to the pandemic[53] - Online revenue decreased by 1.7% from RMB 1,861.5 million in 2021 to RMB 1,829.8 million in 2022, with Pop Mart Blind Box Machine revenue increasing by 3.6% to RMB 954.7 million[54] - Wholesale and other revenue decreased by 14.3% from RMB 307.5 million in 2021 to RMB 263.6 million in 2022, mainly due to reduced purchases by Nanjing Golden Eagle Pop Mart Trading Co., Ltd.[55] - Offline revenue in Hong Kong, Macau, Taiwan, and overseas increased by 2,799.4% from RMB 5.2 million in 2021 to RMB 150.8 million in 2022, with retail store revenue growing by 4,120.4% to RMB 135.6 million[56][57] - Online revenue in Hong Kong, Macau, Taiwan, and overseas increased by 119.2% from RMB 41.2 million in 2021 to RMB 90.2 million in 2022, with Amazon revenue growing by 163.9% to RMB 23.6 million[57][58] - Wholesale and other revenue in Hong Kong, Macau, Taiwan, and overseas increased by 55.0% from RMB 137.4 million in 2021 to RMB 212.9 million in 2022, driven by business expansion[59] IP and Product Performance - Top IPs SKULLPANDA, MOLLY, and DIMOO generated revenues of RMB 851.6 million, RMB 802.2 million, and RMB 577.9 million respectively in 2022, with SKULLPANDA showing a 43.1% year-on-year growth[40] - The MEGA珍藏系列 (MEGA Collection Series) achieved revenue of RMB 466.8 million in 2022, with new product lines such as 100% SPACE MOLLY周年系列 gaining market popularity[41] - The company launched the 萌粒 (Mengli) product line in June 2022, featuring Q-version designs and interactive DIY play, which was well-received by fans[41] - LABUBU搪胶毛绒公仔 (LABUBU Vinyl Plush Dolls) and other new product categories were introduced in 2022, aiming to better showcase IP characteristics and expand the product portfolio[41] - Self-developed products revenue increased by 5.3% from RMB 3,977.8 million in 2021 to RMB 4,190.0 million in 2022, accounting for 90.8% of total revenue[60] - Owned IP revenue increased by 16.0% from RMB 2,586.8 million in 2021 to RMB 3,000.8 million in 2022, driven by sales of SKULLPANDA, MOLLY, and DIMOO[61] - Exclusive IP revenue decreased by 17.1% from RMB 770.5 million in 2021 to RMB 639.0 million in 2022, mainly due to the impact of the pandemic[62] - Non-exclusive IP revenue decreased by 11.3% from RMB 620.5 million in 2021 to RMB 550.3 million in 2022, also due to the impact of the pandemic[62] Expenses and Costs - Cost of goods sold increased to RMB 1,693,530 thousand in 2022, up 17.2% from RMB 1,445,001 thousand in 2021[17] - Employee benefits expenses rose to RMB 853,595 thousand in 2022, a 27.5% increase from RMB 669,725 thousand in 2021[17] - Advertising and marketing expenses increased by 48.2% to RMB 233,421 thousand in 2022 compared to RMB 157,552 thousand in 2021[17] - Sales cost increased by 13.3% from RMB 1,732.0 million in 2021 to RMB 1,962.8 million in 2022, primarily due to higher unit costs of goods and increased IP licensing fees[63] - Distribution and sales expenses grew by 33.0% from RMB 1,106.1 million in 2021 to RMB 1,470.8 million in 2022, driven by expansion in Hong Kong, Macau, Taiwan, and overseas markets[65] - General and administrative expenses increased by 23.1% from RMB 557.5 million in 2021 to RMB 686.3 million in 2022, mainly due to higher employee benefits and depreciation of right-of-use assets[66] Financial Position and Assets - Total assets increased to RMB 8,580,062 thousand in 2022 from RMB 8,323,626 thousand in 2021[6] - Total equity rose to RMB 6,965,325 thousand in 2022 from RMB 6,820,006 thousand in 2021[7] - Total liabilities increased to RMB 1,614,737 thousand in 2022 from RMB 1,503,620 thousand in 2021[7] - Cash and cash equivalents decreased significantly to RMB 685,314 thousand in 2022 from RMB 5,264,710 thousand in 2021[6] - Trade receivables increased from RMB 171.3 million in 2021 to RMB 194.4 million in 2022, with turnover days rising from 10 to 15 days[73] - Inventory increased from RMB 788.8 million as of December 31, 2021, to RMB 867.0 million as of December 31, 2022, due to increased product stock to meet sales demand, but sales fell short of expectations due to the pandemic, leading to higher inventory turnover days from 128 days in 2021 to 156 days in 2022[74] - Cash and cash equivalents decreased from RMB 5,264.7 million as of December 31, 2021, to RMB 685.3 million as of December 31, 2022, primarily due to the purchase of one-year fixed-term deposits[75] - Trade payables decreased slightly from RMB 266.1 million as of December 31, 2021, to RMB 259.0 million as of December 31, 2022, with turnover days increasing from 40 days in 2021 to 49 days in 2022[76] - The company's asset-liability ratio increased from 18.1% as of December 31, 2021, to 18.8% as of December 31, 2022[77] Tax and Financial Income - The company's financial income-net increased to RMB 29,103 thousand in 2022 from RMB 7,363 thousand in 2021[20] - Income tax expense decreased to RMB 163,728 thousand in 2022 from RMB 316,624 thousand in 2021[21] - The company is exempt from income tax in the Cayman Islands and British Virgin Islands where it is registered[22] - In Hong Kong, the company applies a two-tiered profits tax rate system, with the first HKD 2 million of profits taxed at 8.25% and the remainder at 16.5%[23] - The company's income tax provision for its Mainland China business is calculated at a rate of 25% based on the estimated taxable profit for the year ended December 31, 2022[24] - The total undistributed profits of the company's subsidiaries in Mainland China amounted to RMB 2,040,482,000 as of December 31, 2022, up from RMB 1,715,409,000 in 2021[25] Dividends and Share Repurchases - The company proposed a final dividend of RMB 0.087 per share for the year ended December 31, 2022, with an estimated total amount of approximately RMB 118,980,000[26] - The company proposed a final dividend of RMB 8.70 cents per share for the year ended December 31, 2022, totaling RMB 118.98 million[89] - The company repurchased and canceled 21,397,000 shares in 2022, with a total cost of approximately RMB 447,915 thousand[35] - The company repurchased a total of 34,347,400 shares on the Hong Kong Stock Exchange during the reporting period, with a total consideration of approximately HKD 735,363,682[94] - The highest price per share paid during the repurchase was HKD 39.95, and the lowest was HKD 10.12[95] - The largest repurchase occurred in July, with 17,031,600 shares repurchased at a total cost of HKD 381,602,340[95] Expansion and Future Plans - The company opened 49 new offline stores in mainland China in 2022, increasing the total number from 288 at the end of 2021 to 329 at the end of 2022[42] - The company launched 206 new robot stores in mainland China in 2022, increasing the total number from 1,861 at the end of 2021 to 2,067 at the end of 2022[42] - The company's self-developed WeChat mini-program, "Pop Mart Blind Box Machine," generated revenue of RMB 954.7 million in 2022[43] - The company's Tmall flagship store achieved revenue of RMB 462.4 million in 2022, ranking first in sales in the toy category during the Double 11 shopping festival for the fourth consecutive year[43] - The company's cumulative registered members increased from 19.58 million at the end of 2021 to 26.004 million at the end of 2022, with 6.424 million new members added[44] - Member contribution to sales accounted for 93.1% in 2022, with a member repurchase rate of 50.7%[44] - The company's overseas DTC (Direct To Customer) strategy accelerated, with 43 stores (including joint ventures and franchises) and 120 robot stores (including joint ventures and franchises) in Hong Kong, Macau, Taiwan, and overseas markets by the end of 2022[45] - The company plans to expand its IP portfolio, enhance design innovation, and strengthen its international business through DTC strategies, offline stores, and cross-border e-commerce platforms[84] - The company aims to deepen its presence in the trendy toy market while exploring new business models, such as MEGA, Gongming, and inner flow, and developing new ventures like theme parks[84] - The company allocated 30.0% of the net proceeds (954.0 million HKD) for expanding consumer reach channels and overseas markets, including 350.6 million HKD for opening new retail stores[87] - 346.9 million HKD (6.0% of net proceeds) was allocated for opening new robot stores, with 86.1 million HKD already utilized and 184.8 million HKD remaining unused[87] - 433.6 million HKD (7.5% of net proceeds) was allocated for overseas market expansion, with 53.9 million HKD utilized and 346.0 million HKD remaining unused[87] - 1,561.1 million HKD (27.0% of net proceeds) was allocated for potential investments, acquisitions, and strategic alliances, with 49.8 million HKD utilized and 311.8 million HKD remaining unused[87] - 867.2 million HKD (15.0% of net proceeds) was allocated for technology initiatives to enhance marketing and fan engagement, with 317.9 million HKD utilized and 549.3 million HKD remaining unused[87] - 1,040.7 million HKD (18.0% of net proceeds) was allocated for expanding the IP library, with 153.7 million HKD utilized and 818.7 million HKD remaining unused[88] Corporate Governance and Compliance - The company has no significant legal disputes or contingent liabilities as of December 31, 2022[78] - The company has no significant foreign exchange risk exposure as its operations are primarily conducted in RMB[79] - The company adheres to the Corporate Governance Code under Appendix 14 of the Listing Rules, with minor deviations noted in the "Chairman and CEO" section[91] - The company's annual results for the year ended December 31, 2022, have been reviewed by the audit committee and the board of directors[96] - The financial figures in the announcement are consistent with the audited consolidated financial statements and have been agreed upon by the company's auditor, PricewaterhouseCoopers[97] - The annual results and the 2022 annual report are published on the Hong Kong Stock Exchange and the company's website[98] Shareholder and Dividend Information - The company will suspend share registration from May 12, 2023, to May 17, 2023, to determine shareholders eligible to attend the annual general meeting[90] - The company will also suspend share registration from May 23, 2023, to May 29, 2023, to determine shareholders eligible to receive the final dividend[90]

Financial Performance - Revenue for 2021 reached RMB 4,490,651 thousand, a significant increase from RMB 2,513,471 thousand in 2020[18] - Gross profit for 2021 was RMB 2,758,624 thousand, with a gross profit margin of 61.4%[18] - Operating profit for 2021 stood at RMB 1,149,812 thousand, compared to RMB 718,783 thousand in 2020[18] - Profit before income tax for 2021 was RMB 1,171,191 thousand, up from RMB 707,403 thousand in 2020[18] - Profit for the year 2021 was RMB 854,567 thousand, compared to RMB 523,312 thousand in 2020[18] - Non-IFRS adjusted net profit for 2021 was RMB 1,001,635 thousand, with a non-IFRS adjusted net profit margin of 22.3%[18] - The company's gross profit margin decreased slightly from 63.4% in 2020 to 61.4% in 2021[18] - Net profit margin for 2021 was 19.0%, down from 20.8% in 2020[18] - The company's revenue growth from 2020 to 2021 was approximately 78.7%[18] - Non-IFRS adjusted net profit margin decreased from 23.5% in 2020 to 22.3% in 2021[18] - Total revenue for 2021 reached RMB 4.49 billion, a year-on-year increase of 78.7%[20] - Adjusted net profit for 2021 was RMB 1.002 billion, a year-on-year increase of 69.6%[20] - Revenue in 2021 increased by 78.7% year-on-year, reaching a significant growth milestone[28] - Revenue increased by 78.7% year-on-year, from RMB2,513.5 million in 2020 to RMB4,490.7 million in 2021[41][42] - Net profit for the year increased to RMB 854.567 million in 2021 from RMB 523.312 million in 2020, representing a significant growth[72] - Non-IFRS adjusted net profit reached RMB 1,001.635 million in 2021, compared to RMB 590.506 million in 2020, with a margin of 22.3%[72] Overseas Expansion - Overseas revenue in 2021 reached RMB 100 million, with presence in 23 countries and regions[24] - Pop Mart is accelerating overseas expansion to export pop toy culture globally in 2022[24] - Pop Mart is present in 23 overseas countries and regions, including Korea, Japan, the United States, and the United Kingdom[24] - The company will focus on increasing brand awareness and market share in overseas markets through localized operations and partnerships with local artists and partners[93] - The company is committed to increasing brand awareness and market share in overseas regions, focusing on localization of business operations[95] - The company will collaborate with local partners and artists to explore business models, IPs, and product categories suitable for local markets[95] IP Portfolio and Product Development - Pop Mart launched the high-end MEGA Collection product line, consisting of 9 models of 1000% SPACE MOLLY series in 2021[22] - The company continues to expand its IP portfolio, with both contracted and proprietary IP reserves increasing in 2021[22] - The company has established a complete IP pop toy incubation system to promote original designs[22] - Revenue from the top IP Molly amounted to RMB705.1 million, a year-on-year increase of 97.6%[29] - Revenue from Dimoo and SKULLPANDA reached RMB566.7 million and RMB595.3 million, with year-on-year increases of 79.8% and 1,423.8% respectively[29] - The high-end pop toy product line "MEGA Collection" generated total revenue of RMB178.1 million and attracted over 8.70 million customers to participate in purchasing draws[32] - Revenue from propriety IPs rose by 164.0% from RMB979.9 million in 2020 to RMB2,586.8 million in 2021, contributing 57.6% of total revenue[54][55] - Revenue from exclusive licensed IPs increased by 8.2% from RMB711.9 million in 2020 to RMB770.5 million in 2021, primarily driven by The Monsters[56][57] - Revenue from non-exclusive licensed IPs grew by 39.6% from RMB444.4 million in 2020 to RMB620.5 million in 2021, due to new product series and IPs[56][57] - Brand products revenue accounted for 88.6% of total revenue in 2021, increasing by 86.2% from RMB2,136.2 million in 2020 to RMB3,977.8 million in 2021[51][52] - Molly revenue increased to RMB705.1 million in 2021, up from RMB356.9 million in 2020, contributing 15.7% of total revenue[54] - SKULLPANDA revenue surged to RMB595.3 million in 2021 from RMB39.1 million in 2020, representing 13.3% of total revenue[54] - The company aims to enrich its IP portfolio, maintain high-quality design standards, and introduce more top-selling products to strengthen its market position[92] - The company will focus on enriching IP types, expanding the IP library, and maintaining high-quality design innovation to launch more top-tier series products[95] - The company plans to broaden product categories, including MEGA, derivatives, and BJD, while improving related processes and production release procedures[95] Retail and Online Channels - The company opened 106 new physical stores in Mainland China, increasing the total number from 187 in 2020 to 288 in 2021[33] - Revenue from the Pop Draw mini program on WeChat platform amounted to RMB898.0 million, a year-on-year increase of 92.6%[33] - Revenue from JD.com flagship store was RMB143.2 million, representing a year-on-year increase of 296.0%[33] - Revenue from Tmall flagship store recorded RMB598.9 million in 2021, a year-on-year increase of 47.5%[33] - Retail store revenue grew by 67.0% year-on-year, reaching RMB1,673.4 million in 2021, with 108 new stores added, totaling 295 stores by the end of 2021[44][45] - Roboshop revenue increased by 42.9% year-on-year to RMB469.8 million in 2021, with 519 new roboshops added, totaling 1,870 by the end of 2021[46] - Online channel revenue surged by 97.4% year-on-year, reaching RMB1,879.2 million in 2021[46] - Gross profit margin for retail stores was 61.9% in 2021, slightly down from 62.0% in 2020[44] - Gross profit margin for online channels was 64.2% in 2021, down from 66.4% in 2020[44] - Gross profit margin for roboshops was 68.8% in 2021, down from 72.3% in 2020[44] - Gross profit margin for wholesale and others was 41.2% in 2021, down from 44.7% in 2020[44] - Online revenue increased by 97.4% from RMB951.9 million in 2020 to RMB1,879.2 million in 2021, driven by growth in Pop Draw, Tmall flagship store, JD.com flagship store, and other online channels[47][48] - Revenue from Pop Draw grew by 92.6% from RMB466.4 million in 2020 to RMB898.0 million in 2021, contributing 47.8% of total online revenue[47][48] - Revenue from JD.com flagship store surged by 296.0% from RMB36.2 million in 2020 to RMB143.2 million in 2021[47][48] - Wholesales and others revenue increased by 102.8% from RMB230.9 million in 2020 to RMB468.3 million in 2021, with Mainland China revenue growing by 111.2% and overseas revenue by 85.2%[49][50] - Total retail stores increased from 187 in 2020 to 295 in 2021, with revenue from retail stores rising from RMB1,002,054 thousand to RMB1,673,386 thousand[59] - Revenue from roboshops grew from RMB328,679 thousand in 2020 to RMB469,803 thousand in 2021, with the number of roboshops increasing from 1,351 to 1,870[61] Costs and Expenses - Costs of sales surged by 88.4% from RMB919.4 million in 2020 to RMB1,732.0 million in 2021, driven by higher goods costs, design fees, and depreciation[62][63] - Gross profit increased by 73.1% from RMB1,594.1 million in 2020 to RMB2,758.6 million in 2021, though gross profit margin declined from 63.4% to 61.4%[64] - Gross profit from Pop Mart brand products rose by 75.3% to RMB2,573.2 million, but gross profit margin dropped from 68.7% to 64.7% due to higher production complexity and raw material costs[64] - Gross profit from third-party products increased by 46.9% to RMB185.4 million, with gross profit margin improving from 33.4% to 36.1%[64] - Distribution and selling expenses grew by 75.5% to RMB1,106.1 million, driven by higher employee benefit expenses, depreciation, and advertising costs[64] - Employee benefit expenses surged by 154.7% to RMB287.3 million, partly due to an increase in sales personnel from 1,527 to 2,436 to support retail and roboshop expansion[64] - Depreciation of right-of-use assets increased by 54.8% from RMB121.1 million in 2020 to RMB187.5 million in 2021, driven by the expansion of retail stores from 187 to 295[65] - Advertising and marketing expenses rose by 70.9% from RMB92.2 million in 2020 to RMB157.6 million in 2021, primarily due to increased online channel promotions and event planning costs[65] - General and administrative expenses surged by 99.1% from RMB280.0 million in 2020 to RMB557.5 million in 2021, with employee benefit expenses increasing by 193.7% to RMB382.4 million[65] - Income tax expense increased from RMB184.1 million in 2020 to RMB316.6 million in 2021, with the effective tax rate rising from 26.0% to 27.0%[67][68] Membership and Customer Engagement - The company accumulated 19.58 million registered members by the end of 2021[28] - Total registered members increased from 7.40 million in 2020 to 19.58 million in 2021, with 12.18 million new members added[34][38] - Member sales accounted for 92.2% of total sales in 2021, with a repeat purchase rate of 56.5%[34][38] - The company plans to expand its channel network, improve user shopping experience, and enhance member marketing to reach and retain more users[93] - The company will strengthen membership expansion and operation capabilities, promoting innovative retail digital operations to provide customized services[95] Corporate Governance and Leadership - Mr. Wang Ning, CEO, is responsible for the company's overall strategic planning and management, holding key positions in major subsidiaries[96] - Ms. Yang Tao, Vice President, oversees the Inner Flow art organization and holds a directorship in Beijing Pop Mart[96] - Mr. Si De, COO and President of China Business, manages the Group's operations and mainland China business, holding directorships in several subsidiaries[98] - Mr. Tu Zheng, aged 43, serves as a non-executive director and has been a partner at Shanghai Fengqiao Investment Management Co. Ltd. since May 2018[100] - Mr. He Yu, aged 41, serves as a non-executive director and founded Shenzhen Qianhai Heiyi Innovation Investment Partnership in February 2016[100] - Mr. Zhang Jianjun, aged 55, is an independent non-executive director and a professor at Peking University's Guanghua School of Management[101] - Mr. Wu Liansheng, aged 51, is an independent non-executive director and has served as a faculty member at Peking University and Southern University of Science and Technology[101] - Mr. Wu Liansheng has served as an independent director for multiple listed companies, including Huaneng Power International and Wanda Cinema Line Co. Ltd[102] - Mr. Wu has served as an independent director for multiple listed companies, including Huaneng Power International (2008-2014), Rongsheng Real Estate Development (2009-2012), and China Construction Bank (2021-present)[104] - Mr. Ngan King Leung Gary has been the CFO of Meitu, Inc. since June 2015 and was appointed as company secretary in December 2019[105][106] - Mr. Wang Ning, aged 35, is the executive Director, Chairman of the Board, and CEO of the company[107] - Mr. Yang Jingbing, aged 43, joined the company in August 2017 as CFO, responsible for financial management[107][109] - Mr. Yang Jingbing previously served as CFO of Beijing BBMG Dacheng Development Co., Ltd. from March 2010 to August 2017[108] - Mr. Si De, aged 33, is the executive Director, COO, and president of China business[110] - Ms. Yang Tao, aged 35, is the executive Director and vice president[110] - Ms. Liu Ran, aged 34, is the executive Director and vice president[110] - Mr. Moon Duk Il, aged 43, is the vice president and president of overseas business, joining the company in August 2018[110] - Mr. Moon Duk Il previously served in various global business planning roles at CJ CheilJedang Corporation from July 2013 to July 2018[110] Shareholding and Capital Structure - Total number of shares issued by the company as of December 31, 2021, is 1,401,937,550[153] - Mr. Wang Ning holds 48.15% of the company's shares, totaling 674,967,207 shares[144] - Ms. Yang Tao, spouse of Mr. Wang Ning, also holds 48.15% of the company's shares, totaling 674,967,207 shares[144] - Mr. Si De holds 0.78% of the company's shares, totaling 10,933,075 shares[145] - Mr. Tu Zheng holds 2.35% of the company's shares, totaling 32,910,000 shares[146] - Mr. He Yu holds 0.15% of the company's shares, totaling 2,088,310 shares[147] - GWF Holding, a BVI company, holds 571,981,960 shares of the company, in which Mr. Wang Ning is deemed to have an interest[153] - Tianjin Paqu Holding Limited, a BVI company, holds 30,082,220 shares of the company, in which Mr. Wang Ning is deemed to have an interest[153] - Pop Mart Hehuo Holding Limited, a BVI company, holds 72,903,027 shares of the company, with Mr. Wang Ning and Ms. Yang Tao holding 41.99% and 17.81% of its issued share capital respectively[153] - Borchid Phoenix Holding Limited holds 32,910,000 shares of the company, in which Mr. Tu Zheng is deemed to have an interest[153] - Total issued shares of the company as of 31 December 2021 were 1,401,937,550[159] - UBS Trustees (B.V.I.) Limited holds 571,981,960 shares, representing 40.80% of the company's total shares[158] - GWF Holding Limited, a wholly-owned subsidiary of UBS Trustees (B.V.I.) Limited, also holds 571,981,960 shares, representing 40.80% of the company's total shares[158][159] - Pop Mart Hehuo Holding Limited holds 72,903,027 shares, representing 5.20% of the company's total shares[158] - Mr. Wang Ning is deemed to be interested in 571,981,960 shares held by GWF Holding Limited and 30,082,220 shares held by Tianjin Paqu Holding Limited[159] - Pop Mart Hehuo Holding Limited is owned 41.99% by Mr. Wang Ning and 17.81% by Ms. Yang Tao[160] - The company did not issue any debentures during the year ended 31 December 2021[162] Contractual Arrangements and Subsidiaries - The company entered into a series of Contractual Arrangements to control and benefit from Paqu Huyu, a subsidiary it cannot directly own[166][167] - Beijing Pop Mart provides software development and technical consultation services to Paqu Huyu in exchange for service fees[172] - Beijing Pop Mart holds an exclusive option to acquire 100% of Paqu Huyu's equity interests and/or assets for a nominal price, extendable for 10 years[174][176] - Mr. Wang Ning owns 91.56% of Paqu Huyu's shares, while 27 other shareholders collectively hold 8.44%[173][175] - The Relevant Shareholders pledged their equity interests in Paqu Huyu as collateral to secure payments and obligations to Beijing Pop Mart[172][175] - The Exclusive Option Agreement allows Beijing Pop Mart to request an extension or renewal before its 10-year term expires[174][176] - Paqu Huyu entered into an Exclusive Consultation and Service Agreement with Beijing Pop Mart on 18 December 2019, with an initial term of 10 years, extendable by Beijing Pop Mart[177] - Under the Share Pledge Agreement, Relevant Shareholders pledged all their equity interests in Paqu Huyu to Beijing Pop Mart as collateral security[177] - The Voting Rights Proxy Agreement allows Beijing Pop Mart to exercise management

Financial Performance - Revenue for 2020 reached RMB 2,513,471 thousand, a significant increase from RMB 1,683,434 thousand in 2019[17] - Gross profit for 2020 was RMB 1,594,108 thousand, with a gross profit margin of 63.4%, slightly down from 64.8% in 2019[17] - Operating profit for 2020 stood at RMB 718,783 thousand, compared to RMB 598,794 thousand in 2019[17] - Net profit margin for 2020 was 20.8%, a decrease from 26.8% in 2019[17] - Profit attributable to equity owners of the company for 2020 was RMB 523,505 thousand, up from RMB 451,118 thousand in 2019[17] - The company's net profit margin after extraordinary items for 2020 was 23.5%, compared to 27.9% in 2019[17] - Total revenue for 2020 reached RMB 2.51 billion, a year-on-year increase of 49.3%[20] - Adjusted net profit for 2020 was RMB 590 million[20] - The company's revenue increased from RMB1,683.4 million in 2019 to RMB2,513.5 million in 2020, a year-on-year increase of 49.3%[37] - Revenue increased by 49.3% from RMB1,683.4 million in 2019 to RMB2,513.5 million in 2020[39] - Retail store revenue grew by 35.5% to RMB1,002.1 million in 2020, driven by the addition of 76 new retail stores[41] - Online sales revenue surged by 76.5% to RMB951.9 million in 2020, primarily due to increased sales on Tmall and Pop Draw, and the addition of new channels like JD.com[41] - Roboshop revenue increased by 32.2% to RMB328.7 million in 2020, with 526 new roboshops added[41] - Wholesale and other revenue rose by 48.0% to RMB230.9 million in 2020, with overseas market expansion contributing significantly[41] - Propriety products accounted for 85.0% of total revenue in 2020, growing by 54.3% to RMB2,136.2 million[45] - Propriety IP revenue increased by 56.3% to RMB979.9 million in 2020, driven by sales growth of Dimoo and new IP SKULLPANDA[45] - Exclusive licensed IP revenue grew by 19.2% to RMB711.9 million in 2020, with The Monsters contributing significantly[45] - Non-exclusive licensed IP revenue surged by 178.1% to RMB444.4 million in 2020, due to new product series and increased IPs[45] - Total retail store revenue increased from RMB739.7 million in 2019 to RMB1,002.1 million in 2020, with a significant growth in second-tier and other cities from RMB89.1 million to RMB213.7 million[48] - Total roboshop revenue grew from RMB248.6 million in 2019 to RMB328.7 million in 2020, with new first-tier cities contributing RMB107.1 million, up from RMB78.4 million in 2019[49] - Online revenue surged by 76.5% from RMB539.2 million in 2019 to RMB951.9 million in 2020, driven by a 72.0% increase in Pop Draw revenue and a 61.5% increase in Tmall flagship store revenue[51] - Revenue from JD.com flagship store, a new channel in 2020, contributed RMB36.2 million, accounting for 3.8% of total online revenue[51] - Revenue from other e-commerce platforms saw a significant increase of 162.2%, rising from RMB16.5 million in 2019 to RMB43.2 million in 2020[51] - Sales costs increased by 55.0% from RMB593.1 million in 2019 to RMB919.4 million in 2020, driven by business expansion and revenue growth[53] - Gross profit increased by 46.2% from RMB1,090.3 million in 2019 to RMB1,594.1 million in 2020, with gross profit margin dropping from 64.8% to 63.4%[53] - Gross profit from Pop Mart propriety products increased by 48.8% to RMB1,467.9 million in 2020, with gross profit margin dropping from 71.2% to 68.7% due to rising raw material costs[53] - Distribution and selling expenses increased by 73.2% to RMB630.1 million in 2020, driven by employee benefits, retail store expansion, and logistics costs[54][57] - General and administrative expenses increased by 96.5% to RMB280.0 million in 2020, due to higher employee benefits and IPO listing expenses[55][58] - Net impairment losses on financial assets decreased from RMB3.1 million in 2019 to -RMB0.4 million in 2020 due to improved receivables management[56][59] - Other income increased by 167.1% from RMB17.0 million in 2019 to RMB45.4 million in 2020, driven by a RMB22.0 million increase in government grants and a RMB6.6 million increase in IP license fee income[60] - Operating profit rose by 20.0% from RMB598.8 million in 2019 to RMB718.8 million in 2020[60] - Share of profit from investments accounted for using the equity method decreased by 22.0% from RMB5.0 million in 2019 to RMB3.9 million in 2020[60] - Finance expenses, net, increased by 66.7% from RMB5.4 million in 2019 to RMB9.0 million in 2020 due to higher lease liabilities from retail store expansion[60] - Income tax expense increased from RMB147.3 million in 2019 to RMB184.1 million in 2020, with the effective tax rate rising from 24.6% to 26.0%[61][64] - Profit for the year grew by 16.0% from RMB451.1 million in 2019 to RMB523.3 million in 2020[62][65] - Non-IFRS adjusted net profit for 2020 was RMB590.5 million, compared to RMB469.1 million in 2019, with a non-IFRS adjusted net profit margin of 23.5% in 2020 versus 27.9% in 2019[67] - Listing expenses in 2020 were RMB44.0 million, significantly higher than the RMB16.5 million in 2019[67] - Expenses related to the redesignation of ordinary shares as preference shares in 2020 amounted to RMB16.9 million[67] - Changes in the fair value of convertible redeemable preference shares in 2020 were RMB6.3 million[67] - Net current assets increased significantly from RMB335.0 million in 2019 to RMB5,590.6 million in 2020, primarily due to a rise in cash and cash equivalents by RMB5,355.6 million from IPO proceeds and an increase in inventories by RMB129.1 million to meet growing product demand[69] - Trade receivables increased from RMB45.6 million in 2019 to RMB78.3 million in 2020, with turnover days rising from 6 days to 9 days, reflecting increased third-party payments[69] - Inventories grew from RMB96.3 million in 2019 to RMB225.4 million in 2020, with turnover days increasing from 46 days to 78 days due to higher demand from business expansion and new IPs[70][74] - Cash and cash equivalents surged from RMB324.6 million in 2019 to RMB5,680.2 million in 2020, driven by IPO proceeds and business growth[72][76] - Trade payables increased from RMB49.4 million in 2019 to RMB115.8 million in 2020, with turnover days rising from 29 days to 40 days due to higher procurement and extended credit terms from suppliers[73][77] - Other payables and accruals rose from RMB122.1 million in 2019 to RMB202.3 million in 2020, driven by expansion in retail stores, IPO listing expenses, and increased logistics and platform service fees[78] - Property, plant, and equipment increased from RMB103.6 million in 2019 to RMB238.3 million in 2020, mainly due to retail store expansion, new molds, and roboshop network growth[79] - Intangible assets grew from RMB18.6 million in 2019 to RMB92.7 million in 2020, primarily due to the acquisition of new licensed IPs in 2020[80] - Other payables and accrued expenses increased from RMB 122.1 million as of December 31, 2019, to RMB 202.3 million as of December 31, 2020, driven by retail expansion, IPO-related expenses, and increased logistics and platform service fees[81] - Property, plant, and equipment increased from RMB 103.6 million as of December 31, 2019, to RMB 238.3 million as of December 31, 2020, due to retail store network expansion and product portfolio growth[82] - Intangible assets increased from RMB 18.6 million as of December 31, 2019, to RMB 92.7 million as of December 31, 2020, primarily due to new licensed IP acquisitions[83] - Right-of-use assets increased from RMB 178.9 million as of December 31, 2019, to RMB 287.8 million as of December 31, 2020, due to retail store and roboshop network expansion[84] - The company's gearing ratio decreased from 44.4% as of December 31, 2019, to 12.1% as of December 31, 2020[84] - Capital expenditures for 2020 totaled RMB 223.6 million, including RMB 176.0 million for property, plant, and equipment and RMB 47.6 million for intangible assets[89] - The company had 2,320 employees as of December 31, 2020, with staff costs amounting to RMB 243.0 million for the year[90] - The company plans to utilize net proceeds from its listing for expansion projects to strengthen its position in the pop toy culture market[91] - The company faces risks related to product popularity, IP licensing, brand recognition, third-party manufacturing, and macroeconomic slowdown[93] - Total number of employees as of December 31, 2020: 2,320, including 1,527 sales employees and 793 administrative and development personnel[94] - Employee costs for the year ended December 31, 2020: RMB 243.0 million[94] - No significant investments held as of December 31, 2020, with plans to use net proceeds for expansion projects to strengthen the company's position as a pioneer and promoter of Chinese pop toy culture[95] - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2020[96] - Core business strategy focuses on IP, aiming to enrich IP types, expand the IP base, and introduce more head series products and pop toy categories beyond blind boxes[97] - Plans to expand channel networks to reach more users, enhance operating capabilities, improve user shopping experience, and promote innovative retail digitalized operations[97] - Commitment to promoting pop toy culture through diversified means, increasing fan stickiness, and enhancing cultural identity and brand awareness among fans[97] - No significant events requiring additional disclosures or adjustments occurred after December 31, 2020[97] - The company's financial results for 2020 are detailed in the consolidated financial statements on pages 136 to 264 of the annual report[120] - The company's annual general meeting is scheduled for June 1, 2021, with the final dividend expected to be distributed on July 30, 2021, if approved[125] - The company has proposed a final dividend of RMB 14.94 cents per share for the year ended December 31, 2020, with a total amount of RMB 209,402,000 to be paid to shareholders registered on June 7, 2021[129] - The register of members will be closed from June 7, 2021, to June 9, 2021, for determining entitlement to the proposed final dividends[129] - Shareholders must lodge transfer documents and share certificates by June 4, 2021, to qualify for the final dividends[129] - The Annual General Meeting (AGM) will be held on June 1, 2021, and the final dividend is subject to approval at the AGM[129] - The company will suspend share transfer registration from May 27, 2021, to June 1, 2021, for determining voting eligibility at the AGM[131] - The company complied with all relevant laws and regulations, including the Hong Kong Companies Ordinance and the Listing Rules, during the year ended December 31, 2020[135] - The company is committed to minimizing its environmental impact by reducing its carbon footprint and promoting sustainability[133] - No material litigation, arbitration, or administrative proceedings were pending or foreseeable against the company or its directors as of the annual report date[134] - The company's business review and performance analysis, including key financial indicators, are detailed in the "Management Discussion and Analysis" section of the annual report[132] - The company adheres to environmental protection laws and regulations, with details provided in the "Environmental, Social, Governance Report" of the annual report[137] - The company had a total of 2,320 full-time employees as of the annual report date, with the majority based in the PRC[139] - The company's sales to its five largest customers accounted for 5.1% of total sales, with the largest customer contributing 3.3% for the year ended 31 December 2020[140] - Purchases from the company's five largest suppliers accounted for 44.2% of total purchases, with the largest supplier contributing 13.4% for the year ended 31 December 2020[140] - The company provides credit terms to wholesale customers ranging from 30 to 90 days, with preferential terms of up to 180 days for certain long-term customers[140] - The company's suppliers include third-party manufacturers in China, selected based on quality, capacity, price, and compliance with regulations[140] - The company typically enters into supply agreements of at least one year with suppliers, with potential rebates or discounts for exceeding agreed order amounts[140] - The company's issued share capital as of 31 December 2020 was 1,401,937,550 shares[141] - The company's distributable reserves amounted to approximately RMB 12,527,402,000 as of 31 December 2020[141] - The company maintained a minimum public float of 25% as required under the Listing Rules[141] - The company's executive directors have service agreements with an initial term of three years, terminable with at least three months' notice[146] - The company's non-executive directors have service agreements with an initial term of three years, terminable with at least one month's notice[146] - The company's independent non-executive directors have appointment letters with a term of three years, terminable with at least one month's notice[147] - The company has received annual confirmations of independence from all independent non-executive directors[150] - The company's directors and chief executive's interests and short positions in shares, underlying shares, and debentures were disclosed as of 31 December 2020[151] - Mr. Wang Ning holds 688,009,220 shares, representing 49.08% of the company's total issued shares[153] - Ms. Yang Tao holds 688,009,220 shares, representing 49.08% of the company's total issued shares[153] - Mr. Si De holds 11,508,500 shares, representing 0.82% of the company's total issued shares[153] - UBS Trustees (B.V.I.) Limited holds 571,981,960 shares, representing 40.80% of the company's total issued shares[155] - GWF Holding Limited holds 571,981,960 shares, representing 40.80% of the company's total issued shares[155] - Pop Mart Hehuo Holding Limited holds 85,945,040 shares, representing 6.13% of the company's total issued shares[155] - The company had issued a total of 1,401,937,550 shares as of 31 December 2020[154] - Mr. Wang Ning is deemed to be interested in 571,981,960 shares held by GWF Holding and 30,082,220 shares held by Tianjin Paqu Holding Limited[154] - Pop Mart Hehuo Holding Limited is owned 43.99% by Mr. Wang Ning and 15.11% by Ms. Yang Tao[160] - No other substantial shareholders' interests or short positions were disclosed as of 31 December 2020[160] - No issuance of debentures was made by the Company during the year ended 31 December 2020[162][164] - The Company had a total of 1,401,937,550 shares issued as of 31 December 2020[162] - Mr. Wang Ning holds 91.56% of the shares of Paqu Huyu, with 27 other shareholders holding an aggregate of 8.44%[172] - The Group entered into a series of Contractual Arrangements constituting non-exempt continuing connected transactions under Chapter 14A of the Listing Rules[166] - Beijing Pop Mart provides software development and technical consultation services to Paqu Huyu in exchange for service fees[171] - The Relevant Shareholders pledged all their equity interests in Paqu Huyu to Beijing Pop Mart as collateral security[171] - The Exclusive Option Agreement grants Beijing Pop Mart the right to purchase 100% of Paqu Huyu's equity interest and/or assets for a nominal price[173] - The Exclusive Option Agreement has an initial term of 10 years and can be extended upon request by Beijing Pop Mart[173] - Beijing Pop Mart has entered into an Exclusive Consultation and Service Agreement with Paqu Huyu, providing software development, technical support, and other consulting services in exchange for service fees, with an initial term of 10 years and the possibility of extension[176] - Relevant shareholders have pledged 100% of their equity interests in Paqu Huyu to Beijing Pop Mart as collateral for payments and obligations under various agreements