泡泡玛特(09992) - 2021 - 年度财报

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