泡泡玛特2021年简体中文版年报

泡泡玛特2021年简体中文版年报
二零二一年年报ANNUAL REPORT 202112Corporate Information公司资料6Financial Summary财务概要8Chairman’s Statement董事长致辞10Management Discussion and Analysis管理层讨论与分析31Biographies of Directors and Senior Management董事及高级管理层履历38Report of Directors董事会报告书78Corporate Governance Report企业管治报告982021 Environmental, Social and Governance Report2021年环境、社会及管治报告157Independent Auditor’s Report独立核数师报告165Consolidated Statement of Profit or Loss andOther Comprehensive Income综合损益及其他全面收益表167Consolidated Balance Sheet综合资产负债表170Consolidated Statement of Changes in Equity综合权益变动表172Consolidated Statement of Cash Flows综合现金流量表174Notes to the Consolidated Financial Statements综合财务报表附注CONTENTS目录
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司2CORPORATE INFORMATION公司资料董事会执行董事王宁先生（董事会主席）杨涛女士刘冉女士司德先生非执行董事屠铮先生何愚先生独立非执行董事张建君先生吴联生先生颜劲良先生薪酬委员会张建君先生（主席）吴联生先生王宁先生提名委员会王宁先生（主席）张建君先生吴联生先生审核委员会吴联生先生（主席）屠铮先生颜劲良先生联席公司秘书李鸿轩先生李菁怡女士授权代表王宁先生李菁怡女士BOARD OF DIRECTORSExecutive DirectorsMr. Wang Ning(Chairman of the Board)Ms. Yang TaoMs. Liu RanMr. Si DeNon-Executive DirectorsMr. Tu ZhengMr. He YuIndependent Non-Executive DirectorsMr. Zhang JianjunMr. Wu LianshengMr. Ngan King Leung GaryREMUNERATION COMMITTEEMr. Zhang Jianjun(Chairman)Mr. Wu LianshengMr. Wang NingNOMINATION COMMITTEEMr. Wang Ning(Chairman)Mr. Zhang JianjunMr. Wu LianshengAUDIT COMMITTEEMr. Wu Liansheng(Chairman)Mr. Tu ZhengMr. Ngan King Leung GaryJOINT COMPANY SECRETARIESMr. Li HongxuanMs. Li Ching YiAUTHORISED REPRESENTATIVESMr. Wang NingMs. Li Ching Yi
二零二一年年报ANNUAL REPORT 20213CORPORATE INFORMATION公司资料HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN THE PRCFloor 36 & 37, Block A, Puxiang CenterHongtai East StreetDawangjing Technology Business ParkChaoyang District, BeijingPRCPRINCIPAL PLACE OF BUSINESS IN HONG KONG14/F, Golden Centre188 Des Voeux Road CentralHong KongPRINCIPAL SHARE REGISTRARMaples Fund Services (Cayman) LimitedPO Box 1093Boundary HallCricket SquareGrand Cayman KY1-1102Cayman IslandsHONG KONG SHARE REGISTRARComputershare Hong Kong Investor Services LimitedShops 1712-171617th Floor Hopewell Centre183 Queen’s Road EastWanchaiHong KongCOMPLIANCE ADVISERGuotai Junan Capital Limited27/F, Low Block, Grand Millennium Plaza181 Queen’s Road CentralHong Kong总部及中国主要营业地点中国北京市朝阳区大望京科技商务园区宏泰东街浦项中心A座36及37楼香港主要营业地点香港德辅道中188号金龙中心14楼股份过户登记总处Maples Fund Services (Cayman) LimitedPO Box 1093Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands香港股份过户登记处香港中央证券登记有限公司香港湾仔皇后大道东183号合和中心17楼1712-1716号舖合规顾问国泰君安融资有限公司香港皇后大道中181号新纪元广场低座27楼
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司4CORPORATE INFORMATION公司资料PRINCIPAL BANKSIndustrial and Commercial Bank of China Limited(Zhu Shi Kou Branch)No.15, East Street, ZhushikouChongwen District, Beijing, PRCBank of Communications Co., Ltd.(Wang Jing Branch)Wangjing International Commerce CenterNo. 9, Wangjing Street, Chaoyang District, Beijing, PRCChina Minsheng Banking Corp., Ltd.(Wang Jing Branch)Botai International, Block B, Building 122District 1, Nanhu East Part, Guangshun North StreetChaoyang District, Beijing, PRCCOMPANY WEBSITEwww.popmart.comLEGAL ADVISERSAs to Hong Kong lawsDavis Polk & Wardwell18th Floor, The Hong Kong Club Building3A Chater RoadCentralHong KongAs to PRC lawJingtian & Gongcheng45/F, K. Wah Centre1010 Huaihai Road (M)Xuhui DistrictShanghai 200031PRCAs to Cayman Islands lawsMaples and Calder (Hong Kong) LLP26th Floor, Central Plaza18 Harbour RoadWanchai, Hong Kong主要往来银行中国工商银行股份有限公司（珠市口支行）中国北京市崇文区珠市口东大街15号交通银行股份有限公司（望京支行）中国北京市朝阳区望京街9号望京国际商业中心中国民生银行股份有限公司（望京支行）中国北京市朝阳区广顺北大街南湖东园一区122号楼博泰国际B座公司网站www.popmart.com法律顾问有关香港法律达维律师事务所香港中环遮打道3A号香港会所大厦18楼有关中国法律竞天公诚律师事务所中国上海市徐汇区淮海中路1010号嘉华中心45层邮政编码：200031有关开曼群岛法律迈普达律师事务所（香港）有限法律责任合伙香港湾仔港湾道18号中环广场26楼
二零二一年年报ANNUAL REPORT 20215CORPORATE INFORMATION公司资料AUDITORPricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor22/F, Prince’s BuildingCentral, Hong KongSTOCK CODE9992核数师罗兵咸永道会计师事务所执业会计师注册公众利益实体核数师香港中环太子大厦22楼股份代号9992
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司6FINANCIAL SUMMARY财务概要FINANCIAL PERFORMANCE HIGHLIGHTSFor the year ended 31 December截至12月31日止年度202120202019201820172021年2020年2019年2018年2017年RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元Revenue收入4,490,6512,513,4711,683,434514,511158,074Gross profit毛利2,758,6241,594,1081,090,334298,02575,254Operating profit经营溢利1,149,812718,783598,794133,6144,379Profit before income tax除所得税前溢利1,171,191707,403598,375132,2602,273Profit for the year年内溢利854,567523,312451,11899,5211,569Profit attributable toowners of the Company本公司拥有人应占溢利854,339523,505451,11899,5211,569Non-IFRS adjusted net profit非国际财务报告准则经调整纯利1,001,635590,506469,123100,3031,671Gross profit margin毛利率61.4%63.4%64.8%57.9%47.6%Net profit margin净利率19.0%20.8%26.8%19.3%1.0%Non-IFRS adjusted netprofit margin非国际财务报告准则经调整纯利率22.3%23.5%27.9%19.5%1.1%财务业绩摘要
二零二一年年报ANNUAL REPORT 20217FINANCIAL SUMMARY财务概要财务状况表摘要FINANCIAL POSITION HIGHLIGHTSAs at 31 December于12月31日202120202019201820172021年2020年2019年2018年2017年RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元Total current assets总流动资产6,757,2896,255,900716,601254,99765,801Total non-current assets总非流动资产1,566,337715,399349,880147,79876,478Total assets总资产8,323,6266,971,2991,066,481402,795142,279Total current liabilities总流动负债1,092,706665,313381,570144,87444,019Total non-current liabilities总非流动负债410,914174,98492,13039,09119,436Total liabilities总负债1,503,620840,297473,700183,96563,455Equity attributable toowners of the Company本公司拥有人应占权益6,818,1826,129,374592,781218,83078,824Non-controlling interests inequity非控股权益1,8241,628–––Total equity总权益6,820,0066,131,002592,781218,83078,824Total equity and liabilities总权益及负债8,323,6266,971,2991,066,481402,795142,279
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司8CHAIRMAN’S STATEMENT董事长致辞尊敬的各位股东及投资人朋友：2021年是我们上市后第一个完整的财年，对泡泡玛特来说，刚刚过去的一年是不畏风雨、勇敢突破的一年。在疫情的反复冲击下，尤其是下半年疫情加剧，传染性更强的「德尔塔」和「奥密克戎」在国内多点散发，疫情管控政策不断升级，出行受阻，叠加供应链危机、能源短缺和高通胀等多方压力影响，全球经济复苏进程放缓，零售行业整体面临严峻的挑战，但经过全体成员的努力以及合作伙伴的支持，泡泡玛特依然取得了优异的业绩增长。2021年全年营收44.9亿元，同比增长78.7%；调整后净利润10.02亿元，同比增长69.6%。疫情对未来的影响仍存在固有的不确定性，我们秉持「尊重时间、尊重经营」的理念，泡泡玛特用丰富多元的IP作品为大众带来精神陪伴，也为潮流文化推广和潮玩行业发展做出了积极贡献。我们以消费者为中心，为了持续给消费者提供更优质的产品，泡泡玛特加大对供应链产能、工艺、质量、成本各个方面的优化力度，供应链能力进一步提升。继续完善和扩张全渠道消费者触达网络，满足多样化的消费者需求，提供优质的体验，与全球的粉丝共同深切感受潮玩的魅力。作为覆盖潮流玩具全产业链的平台型企业，IP是泡泡玛特的核心财富。过去一年泡泡玛特在艺术家和IP的积累上不断深耕，从发掘培养艺术家、IP运营规划到IP商业化，建立起一个完善的IP潮玩化孵化体系，让更多原创设计被看见、被认可，2021年签约IP和自有IP储备都在不断增加。此外，对外和迪士尼、环球、华纳、三丽鸥、NBA等国际知名IP企业保持密切合作。在IP多元化基础上，潮玩品类的创新也取得了巨大进步。2021年泡泡玛特发力高端潮玩产品线MEGA珍藏系列，共推出9款1000% SPACE MOLLY系列产品，备受市场欢迎。未来我们也将继续深化产品创新，为广大潮玩爱好者带来更多惊喜。Dear Shareholders and Investors:The year 2021 was our first complete financial year after listing, and forPop Mart, the past year was a year of breakthroughs despite hardships anddifficulties. Under the repeated impact of the epidemic, especially in thesecond half of the year when the epidemic intensified with the spread ofthe more contagious“Delta”and“Omicron”in multiple places in China, theepidemic control policies escalated and travel was blocked, coupled with thesupply chain crisis, energy shortage and high inflation, the global economicrecovery slowed down and the retail industry as a whole faced seriouschallenges. Nevertheless, through the efforts of all Pop Mart staff and andthe support of our partners, we still strove to achieve excellent performancegrowth. The total revenue for the year of 2021 amounted to RMB4.49 billion,representing a year-on-year increase of 78.7%, and the adjusted net profitreached RMB1.002 billion, representing a year-on-year increase of 69.6%.There is still inherent uncertainty about the future impact of the COVID-19outbreak, we upheld the concept of“respect time and respect the processof operations”, brought spiritual companionship to the public with a richdiversity of IP works, and made active contribution to the promotion ofpop toy culture and the development of pop toy industry. As a consumer-centric organisation, in order to continue to provide consumers withhigh-quality products, Pop Mart has intensified the optimization in supplychain production capacity, technologies, quality and cost, and has furtherenhanced its supply chain capabilities. We continue to improve and expandthe omni-channel consumer access network, meet diversified consumerneeds, provide high-quality experience, and deeply feel the charm of poptoys with fans around the world.As a platform enterprise covering the entire industry chain of pop toys,IP is the most treasured asset of Pop Mart. In the past year, Pop Mart hasbeen working unremittingly on the accumulation of artists and IPs from theidentification and cultivation of artists, IP operations to IP commercialization,and has established a complete IP pop toy incubation system to make moreoriginal designs seen and recognized. The contracted IP and proprietaryIP reserves have been increasing in 2021. Pop Mart also maintains closepartnership with various internationally-renowned IP enterprises, suchas Disney, Universal, Warner Bros., Sanrio, NBA, etc. On the basis of IPdiversification, we have also made great progress in the innovation of poptoys. In 2021, Pop Mart launched the high-end pop product line MEGACollection, consisting of 9 models of 1000% SPACE MOLLY series, which werewell received by the market. In the future, we will continue to deepen ourproduct innovation. Plenty of upcoming surprises from Pop Mart await poptoy lovers.
二零二一年年报ANNUAL REPORT 20219CHAIRMAN’S STATEMENT董事长致辞In the context of global spread of the pandemic, Pop Mart still insists onexpanding its international business and continues to launch its globalstrategic placement. In 2021, through the fan operation of overseassocial media platforms, operation of overseas e-commerce platforms andindependent websites, opening of direct-sale stores and participation ininternationally-renowned pop art and anime exhibitions, its top IP popproducts have been well received by overseas consumers. Pop Mart iscurrently present in 23 overseas countries and regions, including Korea,Japan, the United States, Canada, the United Kingdom, Singapore, etc.In 2021, our overseas revenue reached RMB100 million. In 2022, we willaccelerate our overseas expansion to export the pop toy culture from Chinato the world.As a company with over 4,000 employees, Pop Mart has carried thedreams and expectations of many people, and has taken on greater socialresponsibility. In the past year, Pop Mart has continued to explore andimprove its organizational management, and has developed in the directionof group operation by adding new business segments such as ResonanceStudio, POPMART LAND theme park and INNER FLOW art organization, andhas gradually formed a business framework to support Pop Mart’s long-termdevelopment. We believe that through group operation, we can achievemore efficient organization and collaboration, and attract more talentedpeople to join us.The pop toy industry in China is now in the heyday, and the global poptoy market is also growing rapidly. We hope to seize the opportunity of thetimes and plan our long-term future with a global vision. In the future, wewill constantly develop IPs, improve the quality of pop toys, enhance ourorganizational management capabilities, and invest more resources to pursuethe rapid and healthy growth of the company and offer more high-qualityproducts and more pleasant shopping experience to consumers.Finally, I would like to extend my gratitude to all consumers, partners andinvestors for your support and trust, and to all colleagues for your hard work.I hope that we will continue to work together and forge ahead to createmore excellent products and work hard towards our vision of“creating trendsand delivering fineness.”Chairman of the BoardMr. Wang Ning全球疫情环境下，泡泡玛特仍坚持拓展国际业务，持续进行全球战略布局。2021年通过海外社交媒体平台粉丝运营、海外电商平台及独立站的运营、开设直营店以及参加国际知名潮玩艺术和动漫展会等方式，旗下的头部IP潮玩产品受到了海外消费者的喜爱。目前，泡泡玛特已入驻韩国、日本、美国、加拿大、英国、新加坡等23个海外国家及地区。2021年海外收入成功破亿，2022年我们将加速海外布局，向全球输出来自中国品牌的潮流玩具文化。作为一家已经拥有超过4,000名员工的公司，泡泡玛特承载了许多人的梦想和期待，也承担起了更大的社会责任。过去一年，泡泡玛特在组织管理上不断探索提升，朝著集团化方向发展经营，新增了共鸣工作室、POPMART LAND主题乐园、INNER FLOW艺术机构等新业务版块，支撑泡泡玛特长期发展的商业框架逐渐成型。我们相信通过集团化的运作，能够达到更高效的组织和协作，并吸引更多优秀人才加入。如今中国潮玩产业正处在黄金时期，全球潮玩市场也在高速成长，我们希望抓住时代的机遇，用全球化的视野规划企业长远未来。未来我们将继续聚焦IP开发、潮玩品质提升、组织管理能力提升，投入更多资源追求公司的快速健康成长，为消费者带来更优质的产品和更愉悦的消费体验。最后，要感谢所有消费者、合作伙伴、投资人的支持与信任，感谢所有同事的辛勤工作。希望我们未来继续携手奋进、砥砺前行，为创造更多优秀作品不懈努力，朝著「创造潮流、传递美好」的愿景全力以赴。董事会主席王宁
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司10MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析业务回顾作为中国潮流玩具文化的开拓者及主要推广者，在COVID-19疫情不断反复的影响下，我们仍保持业务的高速增长，2021年收入同比增长78.7%，同时累计注册会员总数达到1,958.0万人。根据中国社会科学院国情调查与大数据研究中心发布《2021中国潮流玩具市场发展报告》，近年来潮流玩具的出现与发展受到了经济发展、技术变革、消费观念转变、Z世代崛起等多重因素的影响。潮流玩具具有社交、收藏、娱乐等社会属性，正成为新一代年轻人休闲、交流的重要载体，在我国大力发展文化产业的背景下，潮流玩具行业表现出巨大的市场潜力。我们战略重点是进一步深耕潮流玩具业务，继续贯彻公司的长期既定策略和发展方向。我们仍以艺术家发掘、IP运营、消费者触达及潮流玩具文化的推广为主要业务重点。艺术家发掘和IP运营IP运营和创作设计对于我们的产品至关重要，这也是推动泡泡玛特发展的核心驱动力。我们不断丰富IP类型、输出风格多样化的产品，以满足不同用户群体的需求。年内，我们头部IP收入占比更加均匀，并保持了强劲的增长。2021年为Molly诞生的15周年，到目前依然深受粉丝喜爱，营收稳步增长。2021年Molly实现收入人民币705.1百万元，同比增长97.6%。通过持续推出新的作品、跨界联名合作、主题展等一系列运营，Molly的粉丝群体逐渐扩大，IP影响力不断提升，IP的生命周期和商业价值得到了很好的延伸。Dimoo和SKULLPANDA在2021年分别实现收入人民币566.7百万元和人民币595.3百万元，同比分别增长了79.8%和1,423.8%。同时，我们内部的设计师团队PDC (Pop Design Center)推出众多受欢迎的IP，小甜豆在2021年实现收入人民币161.5百万元，同比增长了458.1%；以及2021年10月份上市PDC的新IP小野通过独特的设计风格，深受粉丝的喜爱，实现收入人民币52.2百万元。BUSINESS REVIEWAs a pioneer and key promoter of pop toy culture in China, despite affectedby the recurrence of COVID-19 pandemic, we still maintain fast growth ofour business and experienced a year-on-year increase of 78.7% in revenue in2021. At the same time, we accumulated 19.58 million registered members.According to the 2021 China Pop Toy Market Development Report issued theNational Situation Investigation and Big Data Research Center of the ChineseAcademy of Social Sciences, the emergence and development of pop toysin recent years has been effected by the economy development, technicalrevolution, the change of consumption concept, the rise of Z Generationand other factors. Thanks to their socializing, collecting and entertainingand other social attributes, pop toys have been becoming significantvehicles of leisure and communication. Under the rapid development of thePRC’s cultural industry, pop toy industry shows great market potential. Westrategically focus on the further development of our pop toy business toconsistently implement our long-term established strategy and developmentdirection. We remained to regard artists development, IP operation, consumeraccess and pop toy culture promotion as our major business focuses.Artists Development and IP OperationIP operation as well as creative designs are essential to our products, andthe key driving forces for the development of Pop Mart. We continuouslyenrich our types of IP and launch products of diversified styles to meet thedemands of different groups of customers. During the year, the proportionof revenue from our top IPs was more evenly distributed, and maintained asubstantial growth. 2021 was a year in which the creation of Molly marked its15th anniversary, and Molly continues to be a fan favourite and its revenueis growing steadily. In 2021, revenue generated from Molly amounted toRMB705.1 million, representing a year-on-year increase of 97.6%. The scale ofMolly’s fans has been gradually enlarged, the influence of the IP continued toincrease, and the life cycle and commercial value of the IP are well extendedthrough a series of operations such as continuous launch of new products,cross-border and co-branded collaborations and themed exhibitions. In 2021,revenue generated from Dimoo and SKULLPANDA amounted to RMB566.7million and RMB595.3 million respectively, representing a year-on-yearincrease of 79.8% and 1,423.8% as compared to that of 2020. Meanwhile, ourin-house design team PDC (Pop Design Center) has also launched numerouspopular IPs, including Sweet Bean, which contributed a revenue of RMB161.5million in 2021, representing a year-on-year increase of 458.1%; and HIRONO,introduced to the public in October, 2021, with a unique design style, gaininga wide range of appeal and contributed a revenue of RMB52.2 million.
二零二一年年报ANNUAL REPORT 202111MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析我们一直致力于推动潮玩市场发展，不断尝试产品创新。我们于年内正式推出了我们的高端潮玩产品线「MEGA珍藏系列」，MEGA系列的产品一经推出便迅速引爆市场，总共实现收入人民币178.1百万元，我们于2021年6月发售MEGA珍藏系列SPACE MOLLY x海绵宝宝联名款后，共发售了9款1000%的SPACE MOLLY珍藏系列产品，吸引了共计超过870万人次参与抽签。消费者触达－线下渠道2021年我们于中国大陆新开业106家线下门店，从2020年末的187家增至2021年末的288家1。2021年我们于中国大陆新开业510台机器人商店，从2020年末的1,351台增至2021年末的1,861台。截至2021年底，我们的港澳台地区及海外门店数达到7家，我们的港澳台地区及海外机器人商店达到9台，通过举办海外线上潮玩展，参加美国DesignerCon、迪拜世博会等全球性的展会，泡泡玛特的品牌被不同文化背景的消费者所接纳。－线上渠道泡泡玛特抽盒机为我们在微信平台上自主研发设计的小程序，旨在于创造好玩、有趣的购物体验，于2021年实现了人民币898.0百万元的收入，同比增长了92.6%。京东旗舰店2021年收入为人民币143.2百万元，同比增长了296.0%。天猫旗舰店2021年收入为人民币598.9百万元，同比增长了47.5%，我们连续三年取得了天猫双十一大玩具类目的销售额第一名。We have been committed to promoting the development of pop toymarket, and constantly experimenting with product innovation. Duringthe year, we officially launched our high-end pop toy product line, namelythe“MEGA Collection”, which received enthusiastic popularity from themarket and generated total revenue of RMB178.1 million. Since the launchof SPACE MOLLY x SpongeBob co-branded model during June 2021, wehad introduced 9 1000% SPACE MOLLY products of the“MEGA Collection”series, attracting over 8.70 million customers to participate in the draws forpurchasing opportunities.Consumer Access– Offline channelsIn 2021, we opened 106 new physical stores in Mainland China. Thenumber of physical stores increased from 187 as at the end of 2020 to2881as at the end of 2021. In 2021, we opened 510 new roboshops inMainland China. The number of roboshops increased from 1,351 as atthe end of 2020 to 1,861 as at the end of 2021. As of the end of 2021,we accumulated 7 stores and 9 roboshops in Hong Kong, Macau, Taiwanand overseas. Through holding overseas online pop toy convention,attending DesignerCon in the US, Dubai Expo and other globalconventions, Pop Mart received brand recognition by customers fromdiversified cultural backgrounds.– Online channelsPop Draw is a mini program independently invented and developedby us on WeChat platform, aiming to create fun and interestingshopping experience. In 2021, revenue amounted to RMB898.0 million,representing a year-on-year increase of 92.6%. In 2021, revenue fromJD.com flagship store was RMB143.2 million, representing a year-on-yearincrease of 296.0%. Our Tmall flagship store recorded revenue ofRMB598.9 million in 2021, representing a year-on-year increase of 47.5%.We have ranked top in sales within the toy category during Tmall SinglesDay shopping festival for the third consecutive year.12021年因租约到期和其他商业原因，我们关闭了5家门店1In 2021, due to the expiration of the lease and other commercial reasons, weclosed 5 stores
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司12MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析－会员运营通过渠道的持续扩张及IP的不断丰富，并通过全渠道会员运营，用户数字化规模快速扩大。截至2021年12月31日，累计注册会员总数从2020年末的740.0万人增至1,958.0万人，其中新增注册会员1,218.0万人。2021年会员贡献销售额占比92.2%，会员复购率为56.5%2。潮流玩具文化推广为了更好地传播潮流艺术文化，泡泡玛特在2021年成立了艺术推广机构inner flow。该机构旨在与全球画廊、艺术家联合打造高端艺术衍生品，开发版画、雕塑、潮流玩具、生活家居等收藏类艺术衍生品，为年轻人提供更丰富、更具潮流属性的艺术品。2021年11月，innerflow首次亮相第九届ART021上海廿一当代艺术博览会，展出了LANG、没影、殷越、马轲、曾健勇、孙一钿和Ashley Wood等旗下艺术家的画作及雕塑。2021年7月，泡泡玛特与北京大学光华管理学院共同成立北京大学商业与艺术研究中心，旨在培养文化创意产业的优秀人才，推动中国潮流文化和新消费等领域的研究，促进行业之间的交流。作为全球化的潮玩品牌，泡泡玛特在过去一年加速了潮玩文化在海外的传播。2021年10月，泡泡玛特亮相迪拜世博会，以「2020年迪拜世博会中国馆纪念品商店特许供应商」的身份向世界各地的参观者展示潮玩艺术。同月，泡泡玛特参展伦敦MCM动漫展，现场展出的MEGA珍藏、SKULLPANDA密林古堡等潮玩系列吸引了大批欧洲粉丝的关注。2021年11月，泡泡玛特亮相美国DesignerCon潮流艺术盛会，展出了Dimoo、SKULLPANDA、Yuki、Hirono等中国本土设计师创作的IP形象，获得了海外观众的热情追捧。– Member operationBy continuously expanding our channels and enhancing our IP portfolio,and through omni-channel member operation, the scale of userdigitalization grew rapidly. As of 31 December 2021, the total numberof registered members increased from 7.40 million as at the end of2020 to 19.58 million, among which 12.18 million were newly registeredmembers. In 2021, the sales contributed by our members represent92.2% of total sales, with a repeat purchase rate of 56.5%2from ourmembers.Pop Toy Culture PromotionIn order to better promote pop art and culture, Pop Mart has established anart promotion institution, inner flow in 2021, which aims to provide a broaderrange of more trendsetting art works for the young generation throughjoint production of high-end art derivatives with global galleries and artistsand development of art derivatives for collection purpose such as prints,sculptures, pop toys and household products. In November 2021, inner flowdebuted at the 9th ART021 Shanghai Contemporary Art Fair and exhibitedthe paintings and sculptures of the Company’s artists including LANG,Meiying (没影), Yin Yue (殷越), Ma Ke (马轲), Zeng Jianyong (曾健勇), SunYitian (孙一钿) and Ashley Wood.In July 2021, Pop Mart jointly established the Peking University ResearchCenter for Business and Arts with Guanghua School of Management of PekingUniversity, aiming to cultivate outstanding talents in the cultural and creativeindustries and promote the research in pop culture and new consumptionsector in China and industry exchanges.As a global brand of pop toys, Pop Mart has accelerated the promotion ofpop toy culture overseas in the past year. In October 2021, Pop Mart madeappearance at Expo 2020 Dubai, to show pop toy arts for visitors from all overthe world as the“licensed supplier of the souvenir shop of China Pavilionin Expo 2020 Dubai”. In the same month, Pop Mart participated in the MCMLondon Comic Con with pop toy series of MEGA COLLECTION, SKULLPANDAAncient Castle and others exhibited attracting a lot of attention from themass of European fans. In November 2021, Pop Mart made appearance atDesignerCon, a pop art convention of the United States, to exhibit IP figurescreated by Chinese native designers, such as Dimoo, SKULLPANDA, Yuki andHirono, which were enthusiastically welcomed by overseas visitors.22021年购买会员中买过2次及以上的占比2The proportion of members who made purchase for 2 times or more in 2021
二零二一年年报ANNUAL REPORT 202113MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析秉承著「创造潮流，传递美好」的品牌理念，2021年12月，泡泡玛特联合中国扶贫基金会成立「POP MART公益美育中心」，为部分地区学校的师生提供美育教育场所及课程培训支持，助力乡村学校美育教育发展。财务回顾销售收入本公司收入从2020年的人民币2,513.5百万元上升到2021年的人民币4,490.7百万元，同比增长78.7%。根据渠道划分的收入本公司的收入来自于以下渠道：1.零售店；2.机器人商店；3.线上渠道；及4.批发渠道及其他。下表载列本公司2021年及2020年按渠道划分的收入：－零售店。零售店销售收入从2020年的人民币1,002.1百万元增加到2021年的人民币1,673.4百万元，同比增长了67.0%。主要由于2021年国内疫情得到有效控制零售店均正常营业，而2020年初始疫情严重，对零售店销售有较大影响。在2021年净新增门店108家，截至2021年12月31日合计零售店295家。Adhering to the brand concept of“To Light Up Passion and Bring Joy”, inDecember 2021, Pop Mart jointly set up the“POP MART PhilanthrophicAesthetic Education Center”with China Foundation for Poverty Alleviation toprovide aesthetic education venues and training course support for teachersand students of schools in certain areas, and promote the development ofaesthetic education in rural schools.FINANCIAL REVIEWSales revenueRevenue of the Company increased from RMB2,513.5 million in 2020 toRMB4,490.7 million in 2021, representing a year-on-year increase of 78.7%.Revenue by channelsRevenue of the Company is generated from the following channels: 1. retailstores; 2. roboshops; 3. online channels; and 4. wholesale channels andothers. The following table sets out the Company’s revenue by channels in2021 and 2020:For the year ended 31 December 2021For the year ended 31 December 2020截至2021年12月31日止年度截至2020年12月31日止年度RevenueGrossprofitmarginProportionof revenueRevenueGrossprofitmarginProportionof revenue收入毛利率收入占比收入毛利率收入占比RMB’000RMB’000人民币千元人民币千元Retail stores零售店1,673,38661.9%37.3%1,002,05462.0%39.9%Online channels线上渠道1,879,18964.2%41.8%951,87566.4%37.9%Roboshops机器人商店469,80368.8%10.5%328,67972.3%13.1%Wholesales and others批发及其他468,27341.2%10.4%230,86344.7%9.1%– Mainland China－中国大陆330,92042.9%7.4%156,69142.8%6.1%– Outside Mainland China－中国大陆外137,35337.2%3.0%74,17248.8%3.0%Total合计4,490,65161.4%100.0%2,513,47163.4%100.0%– Retail stores.Revenue from retail store sales increased by 67.0% yearon year from RMB1,002.1 million in 2020 to RMB1,673.4 million in 2021,primarily due to the effective control of the domestic epidemic in 2021with all retail stores remaining normal operation, while the severeepidemic in early 2020 having a significant impact on retail store sales.There was net addition of 108 new stores in 2021. As of 31 December2021, there were a total of 295 retail stores.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司14MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析－机器人商店。机器人商店销售收入从2020年的人民币328.7百万元增加到2021年的人民币469.8百万元，同比增长了42.9%，主要由于2021年国内疫情得到有效控制机器人商店均正常营业，而2020年初始疫情影响严重，对机器人商店有较大影响；及在2021年增加了519台机器人商店，截至2021年12月31日共计1,870台机器人商店。－线上渠道。线上收入由2020年的人民币951.9百万元增加到2021年的人民币1,879.2百万元，同比增长了97.4%。以下为线上收入明细。– Roboshops.Revenue from roboshop sales increased by 42.9% fromRMB328.7 million in 2020 to RMB469.8 million in 2021, primarily dueto the effective control of the domestic epidemic in 2021 with allroboshops remaining normal operation, while the severe epidemic inearly 2020 having a significant impact on roboshops; and the additionof 519 roboshops in 2021. As of 31 December 2021, there were a total of1,870 roboshops.– Online channels.Revenue from online sales increased by 97.4% year-on-year from RMB951.9 million in 2020 to RMB1,879.2 million in 2021.The table below sets forth a breakdown of revenue from online sales.For the year ended31 December 2021For the year ended31 December 2020截至2021年12月31日止年度截至2020年12月31日止年度RevenueProportionof revenueRevenueProportionof revenueIncrease收入收入占比收入收入占比增幅RMB’000RMB’000人民币千元人民币千元Pop Draw泡泡玛特抽盒机898,01447.8%466,36449.0%92.6%Tmall flagship store天猫旗舰店598,86531.9%406,11042.7%47.5%JD.com flagship store京东旗舰店143,2297.6%36,1733.8%296.0%Other online channels其他线上渠道239,08112.7%43,2284.5%453.1%Total合计1,879,189100.0%951,875100.0%97.4%
二零二一年年报ANNUAL REPORT 202115MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析泡泡玛特线上收入来自泡泡玛特抽盒机、天猫旗舰店、京东旗舰店以及其他线上渠道。其中，泡泡玛特抽盒机收入从2020年的人民币466.4百万元增长至2021年的人民币898.0百万元，增长了92.6%；天猫旗舰店收入从2020年的人民币406.1百万元增长至2021年的人民币598.9百万元，增长了47.5%；京东旗舰店收入从2020年的人民币36.2百万元增长至2021年的人民币143.2百万元，增长了296.0%。2021年线上渠道的增长主要源于品牌影响力、会员人数的增加，以及2021年泡泡玛特抽盒机、京东旗舰店的销售增长和新渠道的扩展。－批发及其他。本公司批发及其他收入主要包括来自于中国大陆地区的收入和来自中国大陆地区外的收入。批发及其他收入从2020年的人民币230.9百万元增长至2021年的468.3百万元，增长了102.8%。其中，中国大陆的批发及其他收入从2020年的人民币156.7百万元增加到2021年的人民币330.9百万元，增长了111.2%，主要由于经销商南京金鹰泡泡玛特商贸有限公司收入的增长，占中国大陆经销商的比例在53.6%；中国大陆以外的批发及其他收入从2020年的人民币74.2百万元增加到2021年的人民币137.4百万元，增长了85.2%，主要由于海外市场的扩张，及我们在海外不同国家的品牌推广。根据IP划分的收入泡泡玛特的品牌产品是我们的主要商品类型，品牌产品收入于截至2021年12月31日占总收入的比例88.6%，品牌产品从2020年的人民币2,136.2百万元增加到2021年的人民币3,977.8百万元，增长了86.2%。Online revenue of Pop Mart was derived from Pop Draw, Tmall flagshipstore, JD.com flagship store and other online channels. In particular,revenue from Pop Draw increased by 92.6% from RMB466.4 million in2020 to RMB898.0 million in 2021; revenue from Tmall flagship storeincreased by 47.5% from RMB406.1 million in 2020 to RMB598.9 millionin 2021; revenue from JD.com flagship store increased by 296.0% fromRMB36.2 million in 2020 to RMB143.2 million in 2021. The increasein online channels in 2021 was primarily due to the stronger brandinfluence, the increase in members, and the increase in sales of PopDraw and JD.com flagship store and the expansion of new channels in2021.– Wholesales and others.Revenue from wholesales and others primarilyincludes revenue from wholesales and others in Mainland China andoverseas. Revenue from wholesales and others increased by 102.8%from RMB230.9 million in 2020 to RMB468.3 million in 2021. In particular,revenue from wholesales and others in Mainland China increased by111.2% from RMB156.7 million in 2020 to RMB330.9 million in 2021,primarily due to the increase in revenue generated from our distributorNanjing Golden Eagle Pop Mart Trading Co., Ltd., which accounted for53.6% of total revenue generated from distributors in Mainland China;and revenue from wholesales and others outside Mainland Chinaincreased by 85.2% from RMB74.2 million in 2020 to RMB137.4 million in2021, primarily due to the expansion in overseas markets as well as thebrand promotion in different countries overseas.Revenue by IPsPop Mart brand products are our major product type. Revenue from brandproducts, which contributed 88.6% of our total revenue as of 31 December2021, increased by 86.2% from RMB2,136.2 million in 2020 to RMB3,977.8million in 2021.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司16MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析泡泡玛特的品牌产品主要分为：自有IP、独家IP和非独家IP，以下为IP划分的收入明细。Pop Mart brand products consist mainly of propriety IPs, exclusive licensedIPs and non-exclusive licensed IPs. Breakdown of revenue by IPs is as follows.For the year ended31 December 2021For the year ended31 December 2020截至2021年12月31日止年度截至2020年12月31日止年度RevenueProportionof revenueRevenueProportionof revenue收入收入占比收入收入占比RMB’000RMB’000人民币千元人民币千元Pop Mart brand products泡泡玛特品牌产品3,977,79788.6%2,136,19685.0%Propriety IPs自有IP2,586,82757.6%979,94039.0%– Molly－Molly705,09815.7%356,91814.2%– SKULLPANDA－SKULLPANDA595,25613.3%39,0651.6%– Dimoo－Dimoo566,73512.6%315,24812.5%– Bunny－Bunny167,8833.7%60,9152.4%– Sweet Bean－小甜豆161,5263.6%28,9411.2%– Other propriety IPs－其他自有IP390,3298.7%178,8537.1%Exclusive licensed IPs独家IP770,50717.2%711,90428.3%– The Monsters－The Monsters304,4316.8%204,8288.1%– PUCKY－PUCKY182,2454.1%300,00911.9%– Other exclusive licensed IPs－其他独家IP283,8316.3%207,0678.3%Non-exclusive licensed IPs非独家IP620,46313.8%444,35217.7%External procurement and consignment外采及代销442,8869.9%368,40014.6%Others其他69,9681.5%8,8750.40%Total合计4,490,651100.0%2,513,471100.0%– Propriety IPs.Propriety IPs are our major product type, primarilyincluding Molly, SKULLPANDA, Dimoo, Bunny, and others. The proportionof revenue from propriety IPs increased from 39.0% in 2020 to 57.6%in 2021, representing a significant increase in revenue contribution.Revenue from propriety IPs increased by 164.0% from RMB979.9 millionin 2020 to RMB2,586.8 million in 2021, primarily due to the increasedrevenue contribution from sales of Molly, SKULLPANDA and Dimoo.－自有IP。自有IP是本公司主要商品类型，主要包括Molly、SKULLPANDA、Dimoo、Bunny等。自有IP的收入占比由2020年的39.0%增加到2021年的57.6%，收入贡献大幅增加。自有IP收入从2020年的人民币979.9百万元，上升至2021年的人民币2,586.8百万元，增长了164.0%。主要由于Molly、SKULLPANDA和Dimoo的销售收入贡献增长。
二零二一年年报ANNUAL REPORT 202117MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析－独家IP。独家IP收入从2020年的人民币711.9百万元，上升至2021年的人民币770.5百万元，增长了8.2%。主要由于TheMonsters的收入贡献。－非独家IP。非独家IP收入从2020年的人民币444.4百万元，上升至2021年的人民币620.5百万元，增长率为39.6%，主要由于新系列产品的发售，及新IP的增加。根据地理区域划分的收入本公司按照地理区域划分的收入以线下区域为主，主要包括零售店和机器人商店。－零售店。下表载列本公司零售店2021年及2020年按地理区域划分的收入：– Exclusive licensed IPs.Revenue from exclusive licensed IPs increasedby 8.2% from RMB711.9 million in 2020 to RMB770.5 million in 2021,primarily due to the revenue contribution from The Monsters.– Non-exclusive licensed IPs.Revenue from non-exclusive licensed IPsincreased by 39.6% from RMB444.4 million in 2020 to RMB620.5 millionin 2021, primarily due to the sales of new series of products and theincrease in new IPs.Revenue by geographic regionsThe Company’s revenue by geographic regions is mainly from offlinechannels, which mainly include retail stores and roboshops.– Retail stores.The table below sets forth the Company’s revenue fromretail stores by geographic regions for 2021 and 2020:For the year ended31 December 2021For the year ended31 December 2020截至2021年12月31日止年度截至2020年12月31日止年度City tier城市等级Numberof retailstoresRevenuefrom retailstoresNumberof retailstoresRevenuefrom retailstores零售店数量零售店收入零售店数量零售店收入RMB’000RMB’000人民币千元人民币千元First-tier cities3一线城市3113797,52081499,210New first-tier cities4新一线城市484479,90256289,139Other cities5其他城市598395,96450213,705Total合计2951,673,3861871,002,0543Refer to first-tier cities in Mainland China, including Beijing, Shanghai, Guangzhouand Shenzhen4Refer to new first-tier cities in Mainland China, including Chengdu, Chongqing,Hangzhou, Wuhan, Xi’an, Zhengzhou, Qingdao, Changsha, Tianjin, Suzhou,Nanjing, Dongguan, Shenyang, Hefei and Foshan5Refer to cities other than first-tier cities and new first-tier cities in Mainland Chinaas well as Hong Kong, Macau, Taiwan and overseas cities3指中国大陆一线城市，包括北京、上海、广州和深圳4指中国大陆新一线城市，包括成都、重庆、杭州、武汉、西安、郑州、青岛、长沙、天津、苏州、南京、东莞、沈阳、合肥和佛山5指中国大陆除去一线城市和新一线城市以外的城市及港澳台地区和海外城市
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司18MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析－机器人商店。下表载列本公司机器人商店2021年及2020年按地理区域划分的收入：– Roboshops.The table below sets forth the Company’s revenue fromroboshops by geographic regions for 2021 and 2020:For the year ended31 December 2021For the year ended31 December 2020截至2021年12月31日止年度截至2020年12月31日止年度City tier城市等级Number ofroboshopsRevenuefromroboshopsNumber ofroboshopsRevenuefromroboshops机器人商店数量机器人商店收入机器人商店数量机器人商店收入RMB’000RMB’000人民币千元人民币千元First-tier cities一线城市553145,851447119,667New first-tier cities新一线城市594153,223453107,149Other cities其他城市723170,729451101,863Total合计1,870469,8031,351328,679Costs of salesOur costs of sales increased by 88.4% from RMB919.4 million in 2020 toRMB1,732.0 million in 2021, primarily due to the increase in revenue frombusiness expansion. The increase of costs of sales was primarily due to (1)the increase in costs of goods from RMB748.5 million in 2020 to RMB1,445.0million in 2021, which was mainly due to the increase in sales and theincrease in the unit cost of goods; (2) design and license fees increased fromRMB62.7 million in 2020 to RMB104.7 million in 2021, which was mainlydue to the increase in revenue generated from our brand products; and(3) depreciation of property, plant and equipment increased from RMB19.9million in 2020 to RMB76.4 million in 2021, which was mainly due to theincrease in the number of our products and the additions of the productseries resulting to the increase in moulds, thus the increase in depreciationexpense generated.销售成本销售成本由2020年的人民币919.4百万元上升到2021年的人民币1,732.0百万元，增长了88.4%，主要因为业务扩张收入增加。销售成本的增加主要由于(1)商品成本由2020年的人民币748.5百万元增加到2021年的人民币1,445.0百万元，其主要因为销售增加及商品成本单价增加；(2)设计及授权费由2020年的人民币62.7百万元增加到2021年的人民币104.7百万元，主要因为我们品牌产品收入增加；及(3)财产、厂房和设备的折旧由2020年的人民币19.9百万元增加到2021年的人民币76.4百万元，主要因为我们商品数量，产品系列的新增进而模具增加，因此产生的折旧费用的增加。
二零二一年年报ANNUAL REPORT 202119MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析毛利我们的毛利由2020年的人民币1,594.1百万元上升到2021年的人民币2,758.6百万元，增长了73.1%，主要由于我们的收入增加。我们的毛利率由2020年的63.4%下降至2021年的61.4%，主要由于我们泡泡玛特品牌产品的毛利率下降。我们泡泡玛特品牌产品产生的毛利由2020年的人民币1,467.9百万元增加到2021年的人民币2,573.2百万元，增长了75.3%。主要由于泡泡玛特自主产品的收益增加。泡泡玛特品牌产品的毛利率从2020年的68.7%，下降到2021年的64.7%，主要由于我们提高产品的工艺质量，产品工艺愈加复杂，以及2021年原材料成本上涨导致毛利率下降。我们的外采和其他产品产生的毛利由2020年的人民币126.2百万元增加到2021年的人民币185.4百万元，增长了46.9%，毛利率从2020年的33.4%上升到2021年的36.1%，主要由于产品构成多样化，毛利略有变动。经销及销售开支我们的经销及销售开支由2020年的人民币630.1百万元增长至2021年的人民币1,106.1百万元，增长了75.5%。其中占比较高的为(1)雇员福利开支；(2)使用权资产折旧；及(3)广告及市场费用。－雇员福利开支。雇员福利开支从2020年的人民币112.8百万元增长至2021年的人民币287.3百万元，增长了154.7%。主要由于(1)我们的销售员工人数由2020年的1,527名员工增加到2021年的2,436名员工，主要用以支持我们扩张零售店及机器人商店网络；及(2)股权激励的股份支付金额共计人民币39.4百万元。Gross profitOur gross profit increased by 73.1% from RMB1,594.1 million in 2020 toRMB2,758.6 million in 2021, primarily due to the increase in revenue. Ourgross profit margin dropped from 63.4% in 2020 to 61.4% in 2021, primarilydue to the decline in gross profit margin of our Pop Mart brand products.Gross profit from our Pop Mart brand products increased by 75.3% fromRMB1,467.9 million in 2020 to RMB2,573.2 million in 2021, primarily dueto the increase in revenue from our Pop Mart brand products. Gross profitmargin of Pop Mart brand products dropped from 68.7% in 2020 to 64.7% in2021, primarily due to the increasing complexity of product production as weenhance the quality of our products, as well as the increasing raw materialcosts in 2021.Gross profit from third-party products increased by 46.9% from RMB126.2million in 2020 to RMB185.4 million in 2021. Gross profit margin increasedfrom 33.4% in 2020 to 36.1% in 2021, primarily due to the diversification ofproduct composition and the slight change of gross profit.Distribution and selling expensesOur distribution and selling expenses increased by 75.5% from RMB630.1million in 2020 to RMB1,106.1 million in 2021. Among which, (1) employeebenefit expenses; (2) depreciation of right-of-use assets; and (3) advertisingand marketing expenses accounted for higher proportions.– Employee benefit expenses.Our employee benefit expenses increasedby 154.7% from RMB112.8 million in 2020 to RMB287.3 million in 2021,primarily due to (1) the increase in number of sales personnel from 1,527in 2020 to 2,436 in 2021 primarily for supporting the expansion of ourretail stores and roboshop network; and (2) share-based payment forshare incentive scheme of RMB39.4 million in aggregate.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司20MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析－使用权资产折旧。使用权资产折旧从2020年的人民币121.1百万元增长至2021年的人民币187.5百万元，增长了54.8%。主要由于我们的零售店数量由截至2020年12月31日的187间增加至截至2021年12月31日的295间，以支持我们的业务扩张及满足对我们产品陈列的需求。－广告及市场费用。广告及市场费用从2020年的人民币92.2百万元增长至2021年的人民币157.6百万元，增长了70.9%。主要由于线上渠道的宣传推广的增加，及「6.2」大儿童节等活动策划费用增加。一般及行政开支我们的一般及行政开支由2020年的人民币280.0百万元增长至2021年的人民币557.5百万元，增长了99.1%。其中占比较高的为(1)雇员福利开支；及(2)使用权资产折旧。－雇员福利开支。雇员福利开支从2020年的人民币130.2百万元增长至2021年的人民币382.4百万元，增长了193.7%。主要由于(1)我们的行政员工及设计开发人员人数由2020年的793名员工增加至2021年的1,617名员工，主要用以支持我们的产品开发以及业务扩张，及薪资水平提升以吸引人才；及(2)股权激励的股份支付金额共计人民币107.7百万元。－使用权资产折旧。使用权资产折旧从2020年的人民币21.8百万元增长到2021年的人民币34.2百万元，主要由于办公室的扩租以满足办公需求。– Depreciation of right-of-use assets.Depreciation of right-of-use assetsincreased by 54.8% from RMB121.1 million in 2020 to RMB187.5 millionin 2021, mainly due to the increase in number of retail stores from 187as of 31 December 2020 to 295 as of 31 December 2021 for supportingour business expansion and fulfillment of the demands for our productdisplay.– Advertising and marketing expenses.Advertising and marketingexpenses increased by 70.9% from RMB92.2 million in 2020 to RMB157.6million in 2021, mainly due to the increase in the promotion of onlinechannels and the planning costs for events such as“6.2”Big Children’sDay.General and administrative expensesOur general and administrative expenses increased by 99.1% from RMB280.0million in 2020 to RMB557.5 million in 2021. Among which, (1) employeebenefit expenses; and (2) depreciation of right-of-use assets accounted forhigher proportions.– Employee benefit expenses.Employee benefit expenses increasedby 193.7% from RMB130.2 million in 2020 to RMB382.4 million in 2021,mainly due to (1) the increase in number of our administrative anddesign development personnel from 793 in 2020 to 1,617 in 2021 forsupporting our product development and business expansion, as well asthe rise in remuneration level for attracting talents; and (2) share-basedpayment for share incentive scheme of RMB107.7 million in aggregate.– Depreciation of right-of-use assets.Depreciation of right-of-use assetsincreased from RMB21.8 million in 2020 to RMB34.2 million in 2021,mainly due to the expansion of office lease to meet office needs.
二零二一年年报ANNUAL REPORT 202121MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析金融资产减值（拨备）╱拨回我们于2020年录得金融资产减值拨回人民币0.4百万元，并于2021年录得金融资产减值拨备人民币1.4百万元，主要原因为贸易应收款项余额因应销售增加。其他收入本公司的其他收入由2020年的人民币45.4百万元增加到2021年的人民币54.4百万元，增长了19.8%。主要由来自于fresh、Ray-Ban、哈根达斯、科颜氏等品牌合作项目的IP授权收入由2020年的人民币18.7百万元增加到2021年的人民币37.7百万元。其他收益╱（亏损）净额2020年录得其他亏损净额人民币11.1百万元，2021年录得其他收益净额人民币1.8百万元，主要由于2021年理财产品和结构性存款利息的收入人民币15.8百万元，及对河南省防汛救灾捐赠、对北京大学教育基金捐赠款等其他捐赠支出合计人民币10.9百万元。经营溢利综上所述，本公司的经营溢利由2020年的人民币718.8百万元增加至2021年的人民币1,149.8百万元，增长了60.0%。分占使用权益法入账的投资溢利我们分占使用权益法入账的投资溢利由2020年的人民币3.9百万元增加到2021年的人民币14.0百万元，增加了259.0%。财务收入╱（开支）净额我们的财务开支净额由2020年的净亏损人民币9.0百万元，变为2021年的净收益人民币7.4百万元，主要由于我们的利息收入增加。(Provision for)/reversal of impairment on financial assetsWe recorded a reversal of impairment on financial assets of RMB0.4 million in2020 and a provision for impairment on financial assets of RMB1.4 million in2021, primarily due to the increase in trade receivable balances which was inline with our sales.Other incomeThe other income of the Company increased by 19.8% from RMB45.4 millionin 2020 to RMB54.4 million in 2021, primarily due to the increase in IP licensefee income from cooperation projects with fresh, Ray-Ban, Haagen-Dazs,Kiehl’s and other brands from RMB18.7 million in 2020 to RMB37.7 million in2021.Other gains/(losses) – netWe recorded other losses, net of RMB11.1 million in 2020, and other gains,net of RMB1.8 million in 2021, primarily due to the income from interest onwealth management products and structured deposits of RMB15.8 millionin 2021 and other donation expenses totaling RMB10.9 million, includingdonations to flood relief in Henan Province and donations to PekingUniversity Education Fund.Operating profitAs a result of the above, the company’s operating profit increased by 60.0%from RMB718.8 million in 2020 to RMB1,149.8 million in 2021.Share of profit of investments accounted for using equity methodOur share of profit of investments accounted for using equity methodincreased by 259.0% from RMB3.9 million in 2020 to RMB14.0 million in 2021.Finance income/(expenses) – netOur finance expenses, net turned from a net loss of RMB9.0 million in 2020to a net gain of RMB7.4 million in 2021, primarily due to the increase in ourinterest income.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司22MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析所得税开支我们的所得税开支由2020年的人民币184.1百万元增加到2021年的人民币316.6百万元，原因为我们的所得税前溢利增加。我们的实际税率由2020年的26.0%增长至2021年的27.0%。年内溢利由于上文所述，我们的年内溢利由2020年的人民币523.3百万元增加至2021年的人民币854.6百万元。非公认会计原则财务指标非国际财务报告准则经调整纯利未按照国际财务报告准则计算，视为非国际财务报告准则的财务指标，其定义为除上市费用、以股份为基础的薪酬、重新指定普通股为优先股的有关开支、可转换可购回优先股的有相关开支、可转换可赎回优先股的公平值变动后纯利，而非国际财务报告准则经调整纯利率的定义为非国际财务报告准则经调整纯利除以收益。我们认为，这些信息对于投资者在不影响本集团持续经营业绩或现金流的情况下比较本集团的业绩是有用的，并允许投资者考虑管理层在评估本集团业绩时使用的指标。投资者不应认为非国际财务报告准则的财务指标替代或优于本集团的国际财务报告准则的业绩。此外，可能不是所有公司会以相同的方式计算该项非国际财务报告主责的财务指标，因此未必可与其他公司采用的相若计量比较。Income tax expenseOur income tax expense increased from RMB184.1 million in 2020 toRMB316.6 million in 2021 as a result of the increase in profit before incometax. Our effective tax rate rose from 26.0% in 2020 to 27.0% in 2021.Profit for the yearAs a result of the above, our profit for the year increased from RMB523.3million in 2020 to RMB854.6 million in 2021.Non-GAAP financial indicatorsThe non-IFRS adjusted net profit has not been calculated in accordancewith the IFRS, thus it is deemed as non-IFRS financial indicator. The non-IFRSadjusted net profit refers to the net profit after excluding listing expenses,share-based payment, expenses in relation to the redesignation of ordinaryshares as preference shares, expenses in relation to the convertibleredeemable preference shares and changes in fair value of convertibleredeemable preference shares, while the non-IFRS adjusted net profit marginrefers to the non-IFRS adjusted net profit divided by revenue. We are of theview that such information is useful for investors to compare the results ofthe Group, provided that the results of the continuing operation or cashflows of the Group are not being affected, and enable investors to take intoconsideration of the indicators used by the management when assessingthe results of the Group. Investors shall not treat non-IFRS financial indicatoras an alternative or better version of the results of the Group prepared inaccordance with IFRS. In addition, not all companies will adopt the same wayin calculating such non-IFRS financial indicators. Hence, similar measurementsmade by other companies may not be comparable.
二零二一年年报ANNUAL REPORT 202123MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析下表载列本公司各年度的非国际财务报告准则的财务指标对账情况。The following table set out the reconciliation of non-IFRS financial indicatorsof the Company for the respective years.For theyear ended31 December2021For theyear ended31 December2020截至2021年12月31日止年度截至2020年12月31日止年度RMB’000RMB’000人民币千元人民币千元Profit for the year年内溢利854,567523,312Adjustments调整项目Listing expenses上市费用–44,024Share-based payment以股份为基础的付款报酬147,068–Expenses in relation to the redesignation ofordinary shares as preference shares重新指定普通股为优先股的有关开支–16,910Changes in fair value of convertible redeemablepreference shares可转换可赎回优先股的公平价值变动–6,260Non-IFRS adjusted net profit非国际财务报告准则经调整纯利1,001,635590,506Non-IFRS adjusted net profit margin非国际财务报告准则经调整纯利率22.3%23.5%The management is of the view that listing expenses, expenses in relation tothe redesignation of ordinary shares as preference shares and changes in fairvalue of convertible redeemable preference shares are one-off in nature thatare related to procedures prior to listing and the initial public offering, whichwill not be incurred after listing. In addition, share-based payment expenses,expenses in relation to the redesignation of ordinary shares as restrictedshares and changes in fair value of convertible redeemable preference sharesare non-cash items, which do not directly reflect our business operation.Hence, through eliminating the effects of such items on calculation ofnon-IFRS adjusted net profit, relevant operating performance can bebetter reflected, and it would be more convenient to compare operatingperformance in different years.我们管理层认为，上市费用、重新指定普通股为优先股的有关开支及可转换可赎回优先股的公平值变动属于上市及首次公开发售前程序有关的一次性性质且将不会于上市后再产生。此外，以股份为基础的付款开支、重新指定普通股为优先股有关开支及可转换可购回优先股的公平值变动属于非现金项目且并无直接反应我们的业务营运。因此，通过撇除该等项目对计算非国际财务报告准则经调整纯利影响的举措，可更好地反应我们的相关经营表现，并更加便于比较逐年的经营表现。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司24MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析流动资产、财务资源及资本开支2021年，本集团在整体业务经营方面采纳保守稳健的资金管理及财务政策。本集团维持以下资源以应付其营运资金需求。流动资产及流动负债我们的流动资产净值由截至2020年12月31日的人民币5,590.6百万元增加至截至2021年12月31日的人民币5,664.6百万元，基本维持稳定。贸易应收款项贸易应收款项指日常业务过程中我们应收客户的未结算款项。我们的贸易应收款项由截至2020年12月31日的人民币78.3百万元增加至截至2021年12月31日的人民币171.3百万元，该等增加主要由于第三方（包括购物中心、批发客户及电商平台）付款增加。贸易应收款项周转天数从2020年的9天增加至2021年的10天，基本维持稳定。其他应收款项其他应收款项主要指向购物中心支付的有关我们零售店及机器人商店的押金款项。其他应收款项由截至2020年12月31日的人民币90.8百万元增加至截至2021年12月31日的人民币154.9百万元，主要原因为押金的增加，与我们零售店及机器人商店网络的扩张一致。存货我们的存货包括制成品。我们的存货由截至2020年12月31日的人民币225.4百万元增加至截至2021年12月31日的人民币788.8百万元。主要由于我们增加了我们的产品库存，以满足不断增长的产品需求。存货周转天数从2020年的78天增加到2021年的128天，主要由于业务及渠道的扩张，IP数量和新品的增加，及为2022年春节和一季度提前备货。Current assets, Financial Resources and Capital ExpendituresIn 2021, the Group adopt a prudent funding and treasury policy with regardto its overall business operations. A variety of the below resources aremaintained to meet its working capital requirements.Current assets and current liabilitiesOur net current assets increased from RMB5,590.6 million as of 31 December2020 to RMB5,664.6 million as of 31 December 2021, which was basicallystable.Trade receivablesTrade receivables represent outstanding amounts receivable by us from ourcustomers in the ordinary course of business. Our trade receivables increasedfrom RMB78.3 million as of 31 December 2020 to RMB171.3 million as of 31December 2021. The increase was primarily due to the increase in third party(including shopping malls, wholesale customers and e-commerce platforms)payment. Trade receivables turnover days increased from 9 days in 2020 to10 days in 2021, which was basically stable.Other receivablesOther receivables mainly represent deposits paid to shopping malls in respectof our retail stores and roboshops. Other receivables increased from RMB90.8million as of 31 December 2020 to RMB154.9 million as of 31 December 2021,mainly due to the increase in deposits, which was in line with the expansionin our retail store and roboshop network.InventoriesOur inventories comprise finished goods. Our inventories increased fromRMB225.4 million as of 31 December 2020 to RMB788.8 million as of 31December 2021. The increase was primarily due to the increase in productinventories to meet with the increasing product demands. Inventory turnoverdays increased from 78 days in 2020 to 128 days in 2021, primarily due to theexpansion of the business and channel, the increase in IPs and new products,and stocking up in advance for Spring Festival and the first quarter in 2022.
二零二一年年报ANNUAL REPORT 202125MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析Prepayments and other current assetsPrepayments and other current assets primarily comprise prepaymentsfor inventories, prepayments for design fees, prepayments for investment,prepayments for property, plant and equipment and others. Our prepaymentsand other current assets increased from RMB177.9 million as of 31 December2020 to RMB353.6 million as of 31 December 2021, primarily due to (1)the increase in prepayments to suppliers of RMB105.5 million; and (2) theincrease in prepayments for design fees of RMB43.8 million.Cash and cash equivalentsOur cash and cash equivalents primarily comprise cash at bank. Cash andcash equivalents decreased from RMB5,680.2 million as of 31 December 2020to RMB5,264.7 million as of 31 December 2021, which was mainly due to theincreasing investments in financial instruments at fair value through profit orloss.Trade payablesTrade payables primarily represent our obligation to pay for merchandisefrom suppliers in the ordinary course of business. Trade payables increasedfrom RMB115.8 million as of 31 December 2020 to RMB266.1 million as of31 December 2021, primarily due to the increase in procurement amountas a result of our business growth, which in turns resulted in the increase inbalance of payables to suppliers. Our trade payables turnover was 40 days in2021, the same with the trade payables turnover in 2020.Other payablesOur other payables consist mainly of (1) wages, salaries and other employeebenefits, (2) accrual expenses, (3) payables for store improvement, (4)dividend payables, (5) other tax payables, and (6) others. Our other payablesincreased from RMB202.3 million as of 31 December 2020 to RMB266.9million as of 31 December 2021, primarily due to (1) an increase of RMB35.2million in wages, salaries and other employee benefits resulted fromincreased number of staff; and (2) an increase of RMB24.8 million in servicefees, logistics fees, advertisement fees and other expensed in daily operation.预付款项及其他流动资产预付款项及其他流动资产主要包括预付存货款项、预付设计费款项、预付投资款、预付物业、厂房及设备款项及其他。我们的预付款项及其他流动资产由截至2020年12月31日的人民币177.9百万元，增加至截至2021年12月31日的人民币353.6百万元，主要是由于(1)预付供应商的货款增加人民币105.5百万元；及(2)预付的设计费款项增加人民币43.8百万元。现金及现金等价物我们的现金及现金等价物主要包括银行现金。现金及现金等价物从截至2020年12月31日的人民币5,680.2百万元下降至截至2021年12月31日的人民币5,264.7百万元，主要为增加了对按公平值计入损益的金融工具的投资。贸易应付款项贸易应付款项主要指我们在日常业务过程中向供应商支付货款的责任。贸易应付款项从截至2020年12月31日的人民币115.8百万元增加至截至2021年12月31日的人民币266.1百万元，主要原因为我们的业务增长，导致采购量增加，进而令应付供应商款项的余额有所增加。2021年的贸易应付款项周转天数40天与2020年贸易应付款项周转天数持平。其他应付款项其他应付款项主要包括(1)工资、薪金及其他雇员福利、(2)应计开支、(3)应付门店装修费、(4)应付股息、(5)应付其他税项，及(6)其他。其他应付款项由截至2020年12月31日的人民币202.3百万元增加至截至2021年12月31日的人民币266.9百万元，主要是由于(1)员工规模扩大，相应的工资、薪金及其他雇员福利增加人民币35.2百万元；及(2)日常开支中服务费、物流费及广告费等增加人民币24.8百万元。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司26MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析Property, plant and equipmentOur property, plant and equipment consist mainly of (1) roboshops, (2) moulds,(3) equipment and others and (4) leasehold improvement. Our property, plantand equipment increased from RMB238.3 million as of 31 December 2020 toRMB366.3 million as of 31 December 2021, primarily due to the increase inleasehold improvements of new stores and new offices of RMB96.9 million.Intangible assetsOur intangible assets consist mainly of (1) licensed IPs, (2) intellectualproperty rights, including our propriety IPs and (3) software. Our intangibleassets increased from RMB92.7 million as of 31 December 2020 to RMB134.0million as of 31 December 2021, primarily due to the increase in the licensedIPs of RMB38.6 million.Right-of-use assetsOur right-of-use assets comprise the initial measurement of the correspondinglease liability in relation to our retail stores and roboshops, lease paymentsmade at or before the commencement date and any initial direct costs. Ourright-of-use assets are depreciated starting at the commencement date overthe shorter period of useful life of the underlying asset and lease term. Ourright-of-use assets increased from RMB287.8 million as of 31 December 2020 toRMB609.5 million as of 31 December 2021, mainly due to the expansion in ourretail store and roboshop network.Bank borrowingsThe Group did not have any bank borrowings as of 31 December 2021.Pledge of AssetsThe Group did not have any pledged assets as of 31 December 2021.物业、厂房及设备物业、厂房及设备主要包括(1)机器人商店、(2)模具、(3)设备及其他及(4)租赁装修。物业、厂房及设备由截至2020年12月31日的人民币238.3百万元增加至截至2021年12月31日的人民币366.3百万元，主要是由于新增店舖和扩租办公室的装修增加人民币96.9百万元。无形资产无形资产主要包括(1)授权IP、(2)知识产权（包括我们的自有IP）及(3)软件。无形资产由截至2020年12月31日的人民币92.7百万元增加至截至2021年12月31日的134.0百万元，主要是由于授权IP增加了人民币38.6百万元。使用权资产使用权资产包括与我们的零售店及机器人商店有关的相应租赁负债于开始日期或之前做出的租赁付款及任何初步直接成本的初步计量。使用权资产自开始日期起按相关资产可使用年限与租期的较短期间予以折旧。我们的使用权资产由截至2020年12月31日的人民币287.8百万元增加至截至2021年12月31日的人民币609.5百万元，主要是由于零售店及机器人商店网络的扩张。银行借款截至2021年12月31日本集团并无任何银行借款。资产抵押截至2021年12月31日本集团并无任何资产抵押。
二零二一年年报ANNUAL REPORT 202127MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析Gearing RatioThe gearing ratio is calculated by dividing total liabilities by total assets andthen multiplying by 100%. As of 31 December 2021, the Group’s gearing ratiowas 18.1% as compared with the gearing ratio of 12.1% as of 31 December2020.ContingencyWe are not currently involved in any material legal proceedings, nor are weaware of any pending or potential material legal proceedings involving us.If we are involved in such material legal proceedings, we would record anyloss or contingency when, based on information then available, it is likelythat a loss has been incurred and the amount of the loss can be reasonablyestimated.On 28 August 2020, we received a court summons dated 19 August 2020 inrelation to a claim brought by Golden Eagle International Retail Group (China)Co., Ltd. (金鹰国际商贸集团(中国)有限公司) as a shareholder on behalfof Nanjing Golden Eagle Pop Mart Trading Co., Ltd. at the Jiangsu NanjingIntermediate People’s Court (江苏省南京市中级人民法院) against BeijingPop Mart Culture & Creative Co., Ltd. On 17 June 2021, the first hearing ofthe above case was held, and the major proceedings were the collection andverification of further information provided by Golden Eagle International andthe Group. The case will continue to be heard in subsequent sessions to assistthe court in finding out the facts. As at latest practicable date (i.e. 21 April2022, the“Latest Practicable Date”, being the latest practicable date prior tothe printing of this report for the purpose of ascertaining certain informationcontained herein), the above case is still in process. As we have been advisedby our PRC legal adviser that the claim brought by Golden Eagle Internationalis groundless, the likelihood that the claim will be decided in favor of GoldenEagle International is very low, the risk exposure of the Company from theclaim is minimal and the claim will not have a material adverse impact on ouroperations and financial performance, as such, no provision in relation to thisclaim has been recognized in the consolidated financial statements.资产负债率资产负债率为总负债除以总资产乘以100%。截至2021年12月31日，本集团的资产负债率为18.1%，而截至2020年12月31日的资产负债率为12.1%。或有事件我们目前并无涉及任何重大法律诉讼，亦不知悉我们涉及任何待决或潜在重大法律诉讼。倘我们涉及有关重大法律诉讼，则我们会于产生亏损且有关亏损金额有合理估计时，按当时所得资料记录任何亏损或或有负债。于2020年8月28日，我们收到日期为2020年8月19日的法院传票，内容有关金鹰国际商贸集团（中国）有限公司（作为股东）代表南京金鹰泡泡玛特商贸有限公司在江苏省南京市中级人民法院向北京泡泡玛特文化创意有限公司提起的申索。于2021年6月17日，上述案件进行首次庭审，主要程序为收集及核证金鹰国际及本集团提供的进一步资料。该案件还需继续开庭以协助法院查清事实。于最后实际可行日期（即2022年4月21日，「最后实际可行日期」，及确认本报告所载若干资料于本报告付印前之最后实际可行日期），上述案件仍在审理当中。根据中国法律顾问告知，金鹰国际提起的申索并无依据，申索判决金鹰国际胜诉的可能性极低，本公司面临的来自该申索的风险微乎其微，且该申索将不会对我们的运营及财务表现产生重大不利影响，故概无就该申索于综合财务报表确认拨备。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司28MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析人力资源截至2021年12月31日，我们共有4,053名员工，包括销售员工2,436名，行政及开发人员1,617名。截至2021年12月31日，我们共发生员工成本（包括薪金、工资、津贴和福利）人民币669.7百万元。Foreign Exchange Risk ManagementWe operate mainly in the PRC with most of the transactions settled inRenminbi. Our management considers that the business is not exposed toany significant foreign exchange risk as there are no significant financialassets or liabilities of our Group denominated in currencies other thanthe respective functional currencies of our operating entities. We did nothedge against any fluctuation in foreign currency during the year ended 31December 2021.Capital ExpendituresOur capital expenditures consist of purchases of property, plant andequipment and purchases of intangible assets. The table below sets forth theCompany’s capital expenditures in 2020 and 2021:For the yearended 31December 2021For the yearended 31December 2020截至2021年12月31日止年度截至2020年12月31日止年度RMB’000RMB’000人民币千元人民币千元Purchases of property, plant and equipment购置物业、厂房及设备287,502175,984Purchases of intangible assets购置无形资产46,24647,608Total合计333,748223,592Human ResourcesAs of 31 December 2021, we had a total of 4,053 employees, including2,436 sales personnel and 1,617 administrative and development personnel.For the year ended 31 December 2021, we incurred staff costs (includingremuneration, payrolls, allowances and benefits) of RMB669.7 million.外汇风险管理我们主要于中国经营业务，交易主要以人民币结算。由于本集团并无以我们经营实体各自功能货币以外货币计值的重大金融资产或负债，故管理层认为业务并无任何重大外汇风险敞口。于截至2021年12月31日止年度期间，我们并无对冲任何外币波动。资本开支本公司的资本开支包括购置物业、厂房及设备的款项和购置无形资产的款项。下表载列本公司2020年以及2021年的资本开支情况：
二零二一年年报ANNUAL REPORT 202129MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析重大投资及未来计划截至2021年12月31日，我们并无持有任何重大投资。为加强我们作为中国潮流玩具文化的开拓者及主要推广者地位，我们计划动用所得款项净额执行若干拓展项目。拓展专案的详情载于本报告「上市所得款项净额用途」一段及本公司日期为2020年12月1日的招股章程（「招股章程」）「未来计划及所得款项用途」一节。重大收购及出售于截至2021年12月31日止年度期间，我们并无进行任何重大收购或出售附属公司、联营公司及合营企业。主要风险及不确定因素我们面临的主要风险及不确定因素乃关于：(i)作为潮流文化娱乐公司，我们无法向阁下保证，我们将能够设计及开发受消费者欢迎的产品，或我们将能够保持成功产品的受欢迎程度；(ii)倘我们获授权的IP的市场吸引力低于预期，或使用该等IP的产品的销售额不足以满足最低保证特许权使用费，我们可能无法实现授权的全部利益；(iii)我们的业务在很大程度上取决于我们「泡泡玛特」品牌的市场认知度，且对我们的品牌、商标或声誉的任何损害，或未能有效推广我们的品牌，均可能对我们的业务及经营业绩造成重大不利影响；(iv)我们通过第三方制造商生产所有的泡泡玛特品牌产品，未能控制产品质量可能会对我们的业务造成不利影响；及(v)宏观经济增速放缓可能削弱对我们产品的需求，从而可能给本公司经营业绩带来一定的负面影响。报告期间后事项于本年报日期，本集团于2021年12月31日后并无发生须进一步披露或调整的重大事项。Significant Investments and Future PlansAs of 31 December 2021, we did not hold any significant investment. Tostrengthen our position as the pioneer and key promoter of pop toy culturein China, we plan to utilise the Net Proceeds to carry out certain expansionprojects. Details for the expansion projects are set out in the paragraphheaded“Use of Net Proceeds From Listing”in this report and the sectionheaded“Future Plans and Use of Proceeds”in the prospectus of the Companydated 1 December 2020 (the“Prospectus”).Material Acquisitions and DisposalsDuring the year ended 31 December 2021, we had not conducted anymaterial acquisition or disposal of subsidiaries, associates and joint ventures.Major Risks and UncertaintiesPrincipal risks and uncertainties we face are relating to: (i) as a pop cultureentertainment company, we cannot assure you that we will be able to designand develop products that will be popular with consumers, or that we willbe able to maintain the popularity of successful products; (ii) we may notrealize the full benefit of our licenses if the IPs we are granted license haveless market appeal than expected or if sales from the products that usethose IPs are not sufficient to satisfy the minimum guaranteed royalties; (iii)our business depends significantly on market recognition of our“Pop Mart”brand, and any damage to our brand, trademarks or reputation, or failureto effectively promote our brand, could materially and adversely impactour business and results of operations; (iv) we use third-party manufacturesto manufacture all of our Pop Mart brand products, and failure in productquality control may adversely affect our business; and(v)the slowdown inmacro-economic growth may weaken the demand in our products whichmay have a certain negative impact on the Company’s operating results.Subsequent EventsAs at the date of the annual report, the Group has no significant eventsoccurred after 31 December 2021 which require additional disclosures oradjustments.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司30MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析OUTLOOKIP is at the core of our business. Through our innovative products, delicatedesign and quality services, we aim to offer consumers with joyful popculture and artistic experience. At the same time, by elevating our brandvalue, we will enhance the brand loyalty of users on Pop Mart products,thereby maintaining our strong market position and competitiveness.We will strive to enrich the types of our IPs, expand the portfolio of ourIPs, maintain high-quality design and innovation standards, introducemore products as top-selling series, operate IPs continuously, strengthenIPs’impression in the public’s eye, and deepen the emotional connectionbetween fans and IPs. In addition, we will increase types of pop toys, furtherexplore the development of product lines such as MEGA, derivative productsand BJD, and improve product quality and sales procedures.We will strive to expand our channel network so as to reach more users. Inaddition, we will continue to strengthen our operating capability, improveuser shopping experience, enhance member expansion and membermarketing, promote innovative retail digitalized operation, reach and retainusers through diversified measures, and offer customized and better services.We will strive to increase our brand awareness and market share in pop toymarket in overseas countries and regions. Localization of operation is thecore of our overseas operations strategy. While enhancing the shoppingexperience and interaction of end consumers, we will also cooperate withmore local partners and artists to explore more business models, IPs andproduct types that meet the needs of local market.We will continue to promote pop toy culture through more diversifiedmeans, continuously thrive to gain a stronger impact on the industry, offermore benefits for our privilege members, take more measures to let ourcustomers stick to our brand, as well as enhance the cultural recognition andbrand awareness of fans.未来展望IP是我们业务的核心，我们通过创意的产品、精致的设计和优质的服务使消费者收获快乐美好、潮流体验和艺术薰陶，同时，通过提升品牌价值，增加用户对泡泡玛特的品牌忠诚度，保持我们强势的市场地位及竞争力。我们将致力丰富IP类型，扩大IP库，保持高质量的设计创新水准，推出更多头部系列产品，对IP进行持续运营，强化IP心智，加深粉丝与IP之间的情感连接。以及拓宽除更多潮玩品类，进一步发掘MEGA、衍生品、BJD等品类的开发及完善相关工艺及生产发售流程。我们将致力扩展我们的渠道网络，从而触达更多的用户，不断精进我们的运营能力，提升用户的消费体验，加强会员拓展和会员运营能力，推动创新零售数字化运作，以更多样化的方式触达和维护用户，提供定制化的、更好的服务。我们将致力提高我们在海外国家、地区的品牌知名度和潮玩市场份额，实现当地业务当地语系化是海外业务的核心，在加强终端消费者的消费体验和互动的同时，与更多当地的合作伙伴和艺术家，探索出更多符合当地市场的业务模式、IP和商品品类。我们将通过更丰富多样的途径持续推广潮流玩具文化，持续影响整个行业，为会员提供更多权益，提高粉丝黏性，提升粉丝的文化认同和品牌认知。
二零二一年年报ANNUAL REPORT 202131BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高级管理层履历董事及高级管理层的履历详情载列如下：执行董事王宁先生，35岁，本公司执行董事、董事会主席及行政总裁。王先生于2010年10月成立本集团，负责本公司整体战略规划及管理。王先生于2009年6月获得中国郑州大学西亚斯国际学院（现为郑州西亚斯学院）广告专业学士学位，并于2017年6月获得中国北京大学光华管理学院工商管理硕士学位。王先生目前担任本公司数家主要附属公司的董事，包括北京泡泡玛特及Pop Mart (Hong Kong)Holding Limited。王先生为执行董事杨涛女士的配偶。杨涛女士，35岁，本公司执行董事及副总裁。杨女士在硕士学位课程结束后于2010年10月加入本集团，负责本公司的Inner flow艺术机构。杨女士于2009年5月获得美国福特海斯州立大学通识学学士学位，并于2010年11月获得香港浸会大学传播学硕士学位。杨女士目前担任本公司主要附属公司北京泡泡玛特的董事。杨女士为本公司执行董事、董事会主席及行政总裁王先生的配偶。The biographical details of the Directors and senior management are set outas follows:EXECUTIVE DIRECTORSMr. Wang Ning (王宁), aged 35, is our executive Director, Chairman of theBoard and Chief Executive Officer of our Company. Mr. Wang founded ourGroup in October 2010, and is responsible for the overall strategic planningand management of our Company.Mr. Wang received his bachelor’s degree in advertising from Sias InternationalCollege of Zhengzhou University (郑州大学西亚斯国际学院) (currentlyknown as Sias University) in the PRC in June 2009, and his master’s degreein business administration from Guanghua School of Management of PekingUniversity (北京大学光华管理学院) in the PRC in June 2017.Mr. Wang is currently a director of certain principal subsidiaries of ourCompany including Beijing Pop Mart, and Pop Mart (Hong Kong) HoldingLimited.Mr. Wang is the spouse of Ms. Yang Tao, our executive Director.Ms. Yang Tao (杨涛), aged 35, is our executive Director and vice president.Ms. Yang joined our Group in October 2010 towards the end of her master’sdegree program, and is in charge of the Inner flow art organization of ourCompany.Ms. Yang received her bachelor of general study degree from Fort HaysState University in the United States in May 2009, and her master’s degree incommunication studies from Hong Kong Baptist University in Hong Kong inNovember 2010.Ms. Yang is currently a director of Beijing Pop Mart, a principal subsidiary ofour Company.Ms. Yang is the spouse of Mr. Wang, our executive Director, Chairman of theBoard and Chief Executive Officer of our Company.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司32BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高级管理层履历刘冉女士，34岁，本公司执行董事及副总裁。刘女士大学毕业后不久即于2011年7月加入本集团，负责本公司的总裁办。刘女士于2010年7月获得中国郑州大学西亚斯国际学院（现为郑州西亚斯学院）旅游管理专业学士学位，并于2020年7月获得中国北京大学光华管理学院工商管理硕士学位。刘女士目前担任本公司主要附属公司北京泡泡玛特的董事。司德先生，33岁，本公司执行董事、首席运营官及中国区业务总裁。司先生于2015年3月加入本集团，负责集团运营工作及大陆地区的整体业务。司先生入职本集团之初的职务为品牌总监，于2016年7月晋升为副总裁。司先生于2011年7月在中国获得中国传媒大学法语专业学士学位，并于2017年7月获得中国北京大学光华管理学院工商管理硕士学位。司先生目前担任本公司若干主要附属公司的董事，包括上海葩趣贸易有限公司、北京葩趣互娱科技有限公司及天津泡泡玛特文化传播有限公司。Ms. Liu Ran (刘冉), aged 34, is our executive Director and vice president. Ms.Liu joined our Group in July 2011 shortly after graduating from university. Ms.Liu is in charge of the president office of our Company.Ms. Liu received her bachelor’s degree in tourism management from SiasInternational College of Zhengzhou University (currently known as SiasUniversity) in the PRC in July 2010, and her master’s degree in businessadministration from Guanghua School of Management of Peking Universityin the PRC in July 2020.Ms. Liu is currently a director of Beijing Pop Mart, a principal subsidiary of ourCompany.Mr. Si De (司德), aged 33, is our executive Director, chief operating officerand president of China business. Mr. Si joined our Group in March 2015,and is responsible for the operations of the Group and the overall businessin mainland China. Mr. Si joined our Group as the brand director and waspromoted to vice president in July 2016.Mr. Si received his bachelor’s degree in French studies from ChinaCommunication University (中国传媒大学) in the PRC in July 2011, andhis master’s degree in business administration from Guanghua School ofManagement of Peking University in the PRC in July 2017.Mr. Si is currently a director of certain principal subsidiaries of our Company,including Shanghai Paqu Commerce Co., Ltd. (上海葩趣贸易有限公司),Beijing Paquhuyu Technology Co., Ltd. (北京葩趣互娱科技有限公司) andTianjin Pop Mart Cultural Communication Co., Ltd. (天津泡泡玛特文化传播有限公司).
二零二一年年报ANNUAL REPORT 202133BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高级管理层履历非执行董事屠铮先生，43岁，本公司非执行董事。屠先生于2019年5月获委任为本公司非执行董事，负责向董事会提供专业建议。屠先生自2018年5月起担任上海蜂巧投资管理有限公司的合伙人。彼于2015年5月至2018年4月担任深圳市启赋资本管理有限公司的合伙人。于2007年6月至2015年4月，屠先生于深圳市达晨财智创业投资管理有限公司任职，先后担任投资经理、投资总监及浙江分公司总经理、华东地区副总经理兼TMT部门负责人。屠先生于2000年6月获得中国浙江大学英语专业学士学位，并于2003年6月获得美国芝加哥大学公共政策硕士学位。屠先生目前持有由中国证券投资基金业协会于2017年8月授出的中国证券投资基金执业证书。屠先生目前担任北京泡泡玛特的董事。何愚先生，41岁，本公司非执行董事。何先生于2019年5月获委任为本公司非执行董事，负责向董事会提供专业建议。何先生于2016年2月创办并担任深圳前海黑蚁创新投资合伙企业（有限合伙）的合伙人。在此之前，何先生于2015年8月至2016年2月担任北京字节跳动科技有限公司的战略投资部主管。何先生于2003年6月获得中国南开大学国际经济与贸易专业学士学位，并于2005年11月获得英国兰卡斯特大学金融系硕士学位。何先生于2008年9月获特许财经分析师学会认可为特许金融分析师，并于2017年2月获中国证券投资基金业协会颁发中国证券投资基金执业证书。何先生目前担任北京泡泡玛特的董事。NON-EXECUTIVE DIRECTORSMr. Tu Zheng (屠铮), aged 43, is our non-executive Director. Mr. Tu wasappointed as non-executive Director in May 2019, and is responsible forproviding professional advice to the Board.Mr. Tu has been serving as a partner of Shanghai Fengqiao InvestmentManagement Co. Ltd. (上海蜂巧投资管理有限公司) since May 2018. Heserved as a partner at Shenzhen Qifu Capital Management Co., LTD (深圳市启赋资本管理有限公司) from May 2015 to April 2018. From June 2007to April 2015, Mr. Tu worked at Shenzhen Fortune Caizhi Venture CapitalManagement Co., Ltd. (深圳市达晨财智创业投资管理有限公司) where heserved successively as an investment manager, an investment director, thegeneral manager of Zhejiang branch office, the deputy general manager ofEast China and the head of TMT sector.Mr. Tu received his bachelor’s degree in English studies from ZhejiangUniversity (浙江大学) in the PRC in June 2000, and his master’s degree inpublic policy from the University of Chicago in the United States in June2003. Mr. Tu currently holds the China Securities Investment Fund PracticingCertificate granted by the Asset Management Association of China (中国证券投资基金业协会) in August 2017.Mr. Tu is currently a director of Beijing Pop Mart.Mr. He Yu (何愚), aged 41, is our non-executive Director. Mr. He wasappointed as non-executive Director in May 2019, and is responsible forproviding professional advice to the Board.Mr. He founded and served as a partner of Shenzhen Qianhai Heiyi InnovationInvestment Partnership (Limited Partnership) (深圳前海黑蚁创新投资合伙企业(有限合伙)) since February 2016. Prior to that, Mr. He served as the headof strategy and investment department at Beijing Bytedance Technology Co.Ltd. (北京字节跳动科技有限公司) from August 2015 to February 2016.Mr. He received his bachelor’s degree in international economics and tradefrom Nankai University (南开大学) in the PRC in June 2003, and his master’sdegree in finance from the University of Lancaster in the United Kingdomin November 2005. Mr. He was admitted as a Chartered Financial Analyst bythe CFA Institute in September 2008, and was granted the China SecuritiesInvestment Fund Practicing Certificate by the Asset Management Associationof China in February 2017.Mr. He is currently a director of Beijing Pop Mart.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司34BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高级管理层履历独立非执行董事张建君先生，55岁，自2020年12月11日（「上市日期」）起为本公司独立非执行董事，负责向董事会提供独立意见及判断。张先生现为北京大学光华管理学院组织与战略管理系教授。张先生的研究重点为企业社会责任、企业政治活动、领导及领导团队以及企业文化等课题。张先生自2004年3月起担任北京大学光华管理学院教职人员。彼在过去15年的研究中积累有关企业管治的深入知识。张先生的出版物「Marketization and Democracy in China」于2011年3月获北京大学第十一届人文社会科学研究优秀成果奖一等奖及中国教育部颁发的第六届高等学校科学研究优秀成果奖二等奖。张先生亦分别于2014年12月及2018年12月获北京大学光华管理学院颁发厉以宁教学奖及厉以宁研究奖。于2014年11月至2017年8月，张先生担任建信人寿保险股份有限公司的独立董事。张先生分别于1989年7月及1992年7月获得中国北京大学法学学士及硕士学位。张先生于2003年12月获得美国加州大学伯克利分校社会学博士学位。吴联生先生，51岁，自上市日期起为本公司独立非执行董事，负责向董事会提供独立意见及判断。吴先生于2001年9月至2022年3月担任北京大学光华管理学院教职人员，自2022年3月起担任南方科技大学商学院教职人员。INDEPENDENT NON-EXECUTIVE DIRECTORSMr. Zhang Jianjun (张建君), aged 55, is our independent non-executiveDirector with effect from 11 December 2020 (the“Listing Date”), and isresponsible for providing independent opinion and judgment to the Board.Mr. Zhang is currently a professor of organizational and strategicmanagement at Guanghua School of Management of Peking University.Mr. Zhang’s research focuses on corporate social responsibilities, corporatepolitical activities, leaders and leadership teams and corporate culture,among other subjects. Mr. Zhang has been a faculty member at GuanghuaSchool of Management of Peking University since March 2004. Mr. Zhanghas accumulated in-depth understanding of corporate governance from hisresearch over the past 15 years. His publication, Marketization and Democracyin China, has won the first prize of the 11th sociology studies achievementaward of the Peking University in March 2011 and second prize of the 6thaward for outstanding achievement of scientific research in colleges anduniversities issued by the Ministry of Education of the PRC. Mr. Zhang wasalso awarded the Li Yining Teaching Award in December 2014 and Li YiningResearch Award in December 2018 by the Guanghua school of Managementof Peking University. Mr. Zhang served as an independent director of CCB LifeInsurance Company Limited from November 2014 to August 2017.Mr. Zhang received his bachelor’s and master’s degrees in law from PekingUniversity in the PRC in July 1989 and July 1992, respectively. Mr. Zhangreceived his Ph.D in sociology from the University of California, Berkeley inthe United States in December 2003.Mr. Wu Liansheng (吴联生), aged 51, is our independent non-executiveDirector with effect from the Listing Date, and is responsible for providingindependent opinion and judgement to the Board. Mr. Wu was facultymember at Guanghua School of Management of Peking University fromSeptember 2001 to March 2022, and has been faculty member at SouthernUniversity of Science and Technology Business School since March 2022.
二零二一年年报ANNUAL REPORT 202135BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高级管理层履历吴先生于若干上市公司担任董事职务。彼于2008年5月至2014年7月担任华能国际电力股份有限公司（一家于上海证券交易所（股份代号：600011）、联交所（股份代号：902）及纽约证券交易所（股份代号：HNP）上市的公司）的独立董事，于2009年1月至2012年1月担任荣盛房地产发展股份有限公司（一家于深圳证券交易所上市的公司，股份代号：002146）的独立董事，于2011年2月至2015年9月担任西部矿业股份有限公司（一家于上海证券交易所上市的公司，股份代号：601168）的独立董事，于2011年1月至2015年11月担任万达电影院线股份有限公司（现称万达电影股份有限公司，一家于深圳证券交易所上市的公司，股份代号：002739）的独立董事，于2011年11月至2016年5月担任中国建材股份有限公司（一家于联交所上市的公司，股份代号：3323）的独立非执行董事，以及于2014年5月至2016年3月担任新华网股份有限公司（一家于上海证券交易所上市的公司，股份代号：603888）的独立董事及于2018年9月至2021年3月担任中银国际证券股份有限公司（一家于上海证券交易所上市的公司，股份代号：601696）的独立董事。吴先生自2020年5月起担任正源控股股份有限公司（一家于上海证券交易所上市的公司，股份代号：00321）的独立董事，自2021年11月起担任中国农业银行股份有限公司（一家于上海证券交易所（股份代号：601288）、联交所（股份代号：1288）上市的公司）的独立董事。吴先生分别于1993年7月及1996年6月获得中国武汉大学经济学学士及硕士学位，并于1999年6月获得中国中南财经大学（现称中南财经政法大学）管理学博士学位。Mr. Wu had served directorships in certain listed companies. He served asan independent director of Huaneng Power International, Inc. (华能国际电力股份有限公司), a company listed on the Shanghai Stock Exchange (StockCode: 600011), the Stock Exchange (Stock Code: 902) and the New York StockExchange (Stock Code: HNP) from May 2008 to July 2014, an independentdirector of RiseSun Real Estate Development Co., Ltd. (荣盛房地产发展股份有限公司), a company listed on the Shenzhen Stock Exchange (StockCode: 002146) from January 2009 to January 2012, an independent directorof Western Mining Co., Ltd. (西部矿业股份有限公司), a company listed onthe Shanghai Stock Exchange (Stock Code: 601168) from February 2011 toSeptember 2015, an independent director of Wanda Cinema Line Co. Ltd (万达电影院线股份有限公司) (now known as Wanda Film Holding Co., Ltd (万达电影股份有限公司)), a company listed on the Shenzhen Stock Exchange(Stock Code: 002739) from January 2011 to November 2015, an independentnon-executive director of China National Building Material Company Limited(中国建材股份有限公司), a company listed on the Stock Exchange (StockCode: 3323) from November 2011 to May 2016, an independent director ofXinhuanet Co., Ltd (新华网股份有限公司), a company listed on the ShanghaiStock Exchange (Stock Code: 603888) from May 2014 to March 2016 and anindependent director of BOC International (China) Co., Ltd. (中银国际证券股份有限公司), a company listed on the Shanghai Stock Exchange (StockCode: 601696) from September 2018 to March 2021. Mr. Wu has served asan independent director of Rightway Holdings Co., Ltd., a company listed onthe Shanghai Stock Exchange (Stock Code: 00321) since May 2020, and hasserved as an independent director of Agricultural Bank Of China Limited, acompany listed on the Shanghai Stock Exchange (Stock code: 601288) andthe Stock Exchange (Stock code:1288) since November 2021.Mr. Wu received his bachelor’s degree in economics from Wuhan Universityin the PRC in July 1993, his master’s degree in economics from WuhanUniversity in the PRC in June 1996, and his Ph.D in management fromZhongnan University of Finance and Economics (中南财经大学) (now knownas Zhongnan University of Economics and Law (中南财经政法大学)) in thePRC in June 1999.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司36BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高级管理层履历颜劲良先生，38岁，自上市日期起为本公司独立非执行董事，负责向董事会提供独立意见及判断。颜先生自2015年6月起担任美图公司（一家于联交所上市的公司，股份代号：1357）的首席财务官。彼于2016年8月2日获委任为美图公司的联席公司秘书之一，并自2019年12月15日起成为美图公司的公司秘书。颜先生于2012年5月至2015年6月担任云游控股有限公司（一家于联交所上市的公司，股份代号：484）的首席营运官、首席财务官及联席公司秘书。在此之前，彼于2006年7月至2012年4月担任UBS AG的董事和香港及中国互联网研究主管。颜先生于2006年获得美国宾夕法尼亚大学沃顿商学院经济学理学学士学位。彼自2010年起一直为特许金融分析师。高级管理层王宁先生，35岁，本公司执行董事、董事会主席及行政总裁。有关其履历的详情，请参阅本节「执行董事」分节。杨镜冰先生，43岁，本公司首席财务官。杨先生于2017年8月加入本集团，负责本公司的财务管理。于加入本集团之前，杨先生于2010年3月至2017年8月先后担任北京金隅大成开发有限公司（现称北京金隅房地产开发集团有限公司）的财务及资本部经理、总经理助理及首席财务官。于2009年3月至2010年3月，彼担任北京大成开发有限公司的财务规划部经理。于2007年9月至2009年3月，杨先生担任北京金隅股份有限公司的上市办公室财务部成员。于2002年7月至2007年9月，杨先生担任北京金隅嘉业房地产开发公司的财务部职员。Mr. Ngan King Leung Gary (颜劲良), aged 38, is our independent non-executive Director with effect from the Listing Date, and is responsible forproviding independent opinion and judgement to the Board.Mr. Ngan has served as the chief financial officer at Meitu, Inc., a companylisted on the Stock Exchange (stock code: 1357) since June 2015. He wasappointed as one of the joint company secretaries of Meitu, Inc. on 2 August2016, and became the company secretary of Meitu, Inc. since 15 December2019. Between May 2012 and June 2015, Mr. Ngan held the positions ofchief operating officer, chief financial officer and joint company secretary atForgame Holdings Limited, a company listed on the Stock Exchange (stockcode: 484). Prior to that, he was the director and head of Hong Kong andChina Internet research at UBS AG, where he worked from July 2006 to April2012.Mr. Ngan received his bachelor of science degree in economics from theWharton School, University of Pennsylvania in the United States in 2006. Hehas been a CFA Charterholder since 2010.SENIOR MANAGEMENTMr. Wang Ning (王宁), aged 35, is our executive Director, Chairman ofthe Board and Chief Executive Officer of our Company. For details of hisbiography, please see the sub-section headed“Executive Directors”in thissection.Mr. Yang Jingbing (杨镜冰), aged 43, is the Chief Financial Officer of ourCompany. Mr. Yang joined our Group in August 2017, and is responsible forthe management of finance of our Company.Prior to joining our Group, Mr. Yang served successively as a manager ofthe finance and capital department, an assistant to the general managerand a chief financial officer of Beijing BBMG Dacheng Development Co.,Ltd. (北京金隅大成开发有限公司) (now known as Beijing BBMG PropertyDevelopment Group Co., Ltd. (北京金隅房地产开发集团有限公司)) fromMarch 2010 to August 2017. He served as a manager of financial planningdepartment Beijing Dacheng Development Co., Ltd. (北京大成开发有限公司) from March 2009 to March 2010. From September 2007 to March 2009,Mr. Yang served as a member of the finance section of the listing office ofBBMG Corporation (北京金隅股份有限公司). Mr. Yang served as a staff of thefinance department of Beijing GEM Real Estate Development Company (北京金隅嘉业房地产开发公司) from July 2002 to September 2007.
二零二一年年报ANNUAL REPORT 202137BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高级管理层履历杨先生于2002年6月获得中国上海财经大学法学及管理学学士学位，并于2016年6月获得中国北京大学光华管理学院工商管理硕士学位。司德先生，33岁，本公司执行董事、首席运营官及中国区业务总裁。有关其履历的详情，请参阅本节「执行董事」分节。杨涛女士，35岁，本公司执行董事及副总裁。有关其履历的详情，请参阅本节「执行董事」分节。刘冉女士，34岁，本公司执行董事及副总裁。有关其履历的详情，请参阅本节「执行董事」分节。文德一先生，43岁，本公司副总裁及海外业务总裁。文先生于2018年8月加入本集团，负责监察本公司海外业务部。在此之前，文先生于2013年7月至2018年7月先后担任CJ CheilJedangCorporation的业务发展部全球业务规划专员、全球业务规划高级专员及全球业务规划襄理，及于2009年1月至2013年5月担任CJ ENM的全球战略部经理。于2004年12月至2008年12月，文先生任职于Lotte Cinema Co., Ltd.的规划管理部。文先生于2005年2月获得韩国建国大学中文学士学位，并于2018年7月获得中国北京大学工商管理硕士学位。Mr. Yang received his bachelor’s degree in law and management in June2002 from Shanghai University of Finance and Economics in the PRC, and hismaster’s degree in business administration in June 2016 from the GuanghuaSchool of Management of Peking University in the PRC.Mr. Si De (司德), aged 33, is our executive Director, Chief Operations Officerand president of China business. For details of his biography, please see thesub-section headed“Executive Directors”in this section.Ms. Yang Tao (杨涛), aged 35, is our executive Director and vice president.For details of her biography, please see the sub-section headed“ExecutiveDirectors”in this section.Ms. Liu Ran (刘冉), aged 34, is our executive Director and vice president.For details of her biography, please see the sub-section headed“ExecutiveDirectors”in this section.Mr. Moon Duk Il (文德一), aged 43, is our vice president and presidentof overseas business. Mr. Moon joined our Group in August 2018, andis responsible for overseeing the overseas business department of ourCompany. Prior to that, Mr. Moon served successively as a global businessplanning specialist, global business planning senior specialist and globalbusiness planning junior manager at the business development departmentof CJ CheilJedang Corporation from July 2013 to July 2018, and a manager ofthe global strategy department of CJ ENM from January 2009 to May 2013.From December 2004 to December 2008, Mr. Moon served at the planningmanagement department of Lotte Cinema Co., Ltd.Mr. Moon received his bachelor’s degree in Chinese from Konkuk Universityin Korea in February 2005, and his master’s degree in business administrationfrom Peking University in the PRC in July 2018.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司38REPORT OF DIRECTORS董事会报告书本公司董事（「董事」）会（「董事会」）欣然提呈本公司年报连同本公司截至2021年12月31日止年度之经审核综合财务报表。主要业务根据弗若斯特沙利文报告，分别以2019年的零售价值（市场份额为8.5%）及2017年至2019年的收益增长计，本公司是中国最大且增长最快的潮流玩具公司。IP是我们业务的核心。我们建立了覆盖潮流玩具全产业链的一体化平台，包括艺术家发掘、IP运营、消费者触达及潮流玩具文化的推广，通过该平台我们得以激发粉丝对潮流的热情，给他们带来快乐和美好。业绩本集团截至2021年12月31日止年度之业绩载于本年报第165至166页之综合财务报表。股息分派我们拟每年向股东派付股息，数额不少于我们可分派纯利的20%，惟须经董事酌情决定。经股东于股东大会上批准后，董事会可指示通过分派任何类型的特定资产全部或部分偿付股息。任何股息的宣派和派付以及金额将须遵守我们的章程文件及开曼公司法。我们的股东可在股东大会上批准任何股息的宣派，但不得超过董事会推荐的金额。股息只能从本公司可合法作分派用途的溢利及储备（包括股份溢价）中宣派或派付。本公司不会就股息支付利息。The board (the“Board”) of directors (the“Directors”) of the Company ispleased to present its report together with the audited consolidated financialstatements of the Company for the year ended 31 December 2021.PRINCIPAL BUSINESSThe Company is the largest and fastest-growing pop toy company in China,in terms of retail value in 2019 with a market share of 8.5% and revenuegrowth from 2017 to 2019, respectively, according to the Frost & SullivanReport. IP is at the core of our business. We have established an integratedplatform covering the entire industry chain of pop toys, including artistsdevelopment, IP operation, consumer access and pop toy culture promotion,through which we light up the passion of fans and bring them joy.RESULTSThe results of the Group for the year ended 31 December 2021 are set outin the consolidated financial statements on pages 165 to 166 of this annualreport.DIVIDEND DISTRIBUTIONWe intend to distribute dividends to our Shareholders on an annual basisof no less than 20% of our distributable net profit, which is subject to thediscretion of our Directors. The Board, with the sanction of the Shareholdersin general meeting, may direct any dividend be satisfied wholly or in part bythe distribution of specific assets of any kind. Any declaration and paymentas well as the amount of dividends will be subject to our constitutionaldocuments and the Cayman Companies Law. Our Shareholders in a generalmeeting may approve any declaration of dividends, which must not exceedthe amount recommended by our Board. No dividends shall be declaredor payable except out of our profits and reserves of our Company lawfullyavailable for distribution including share premium. No dividend shall carryinterest against our Company.
二零二一年年报ANNUAL REPORT 202139REPORT OF DIRECTORS董事会报告书董事会将根据下列因素不时检讨股息政策，以决定是否宣派及派付股息：•我们的经营业绩；•我们的现金流量；•我们的财务状况；•我们的资金要求；•相关法律规定；及•董事会认为相关的其他因素。根据本公司的组织章程细则（「组织章程细则」），本公司可在股东大会宣布以任何货币派发股息，惟股息金额不得高于董事会所建议者。于2021年12月31日，概无本公司股东放弃或同意放弃其股息之安排。董事会已决定宣派截至2021年12月31日止年度的末期股息每股已发行普通股人民币15.24分。拟派末期股息须待股东在将于2022年6月1日（星期三）举行的本公司应届股东周年大会（「股东周年大会」）上审议及批准。末期股息将向于2022年6月10日（星期五）名列本公司股东名册的股东派付。待股东周年大会批准，末期股息预计将于2022年6月23日（星期四）分派。The Board will review dividend policy from time to time in light of thefollowing factors in determining whether dividends are to be declared andpaid:• our result of operations;• our cash flows;• our financial condition;• our capital requirements;• relevant legal requirements; and• other factors the Board may deem relevant.In accordance with the articles of association of the Company (the“Articlesof Association”), the Company in general meeting may declare dividends inany currency but no dividends shall exceed the amount recommended bythe Board.As at 31 December 2021, no arrangement was reached pursuant to which theshareholders of the Company waived or agreed to waive their dividends.The Board has resolved to declare a final dividend of RMB15.24 centsper ordinary Share issued for the year ended 31 December 2021. Theproposed final dividend is subject to the consideration and approval by theShareholders at the forthcoming annual general meeting of the Companyto be held on Wednesday, 1 June 2022 (the“AGM”). The final dividendis payable to the Shareholders whose names are listed in the register ofmembers of the Company on Friday, 10 June 2022. Once approved by theAGM, the final dividend is expected to be distributed on Thursday, 23 June2022.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司40REPORT OF DIRECTORS董事会报告书税务减免及豁免董事并不知悉股东因其持有本公司证券而享有的任何税务减免。股东周年大会本公司股东周年大会将于2022年6月1日举行。股东周年大会通告将按联交所证券上市规则（「上市规则」）规定的方式于适当时候刊发及派发予股东。暂停办理股份过户登记为确定出席股东周年大会并于会上投票之资格，本公司将于2022年5月27日（星期五）至2022年6月1日（星期三）（包括首尾两天）暂停办理股份过户登记手续，在此期间将暂停股份过户。为符合资格出席股东周年大会并于会上投票，所有填妥之股份过户表格连同有关股票必须不迟于2022年5月26日（星期四）下午四时三十分前，一并送达本公司的香港股份过户登记分处香港中央证券登记有限公司以供登记，地址为香港湾仔皇后大道东183号合和中心17楼1712-1716号舖。为确定获取建议末期股息之资格（须待股东于股东周年大会上批准），本公司将于2022年6月8日（星期三）至2022年6月10日（星期五）（包括首尾两天）暂停办理股份过户登记手续，在此期间将暂停本公司股份过户。为符合资格获取末期股息，所有过户文件连同有关股票必须不迟于2022年6月7日（星期二）下午四时三十分前，一并送达本公司的香港股份过户登记分处香港中央证券登记有限公司以供登记，地址为香港湾仔皇后大道东183号合和中心17楼1712-1716号舖。TAX RELIEF AND EXEMPTIONThe Directors are not aware of any tax relief and exemption available to theShareholders by reason of their holding of the Company’s securities.ANNUAL GENERAL MEETINGThe AGM of the Company will be held on 1 June 2022. The notice of theAGM will be published and dispatched to the Shareholders in due course inthe manner as required by the Rules Governing the Listing of Securities onthe Shock Exchange (the“Listing Rules”).CLOSURE OF REGISTER OF MEMBERSIn order to determine the entitlement to attend and vote at the AGM, theregister of members of the Company will be closed from Friday, 27 May 2022to Wednesday, 1 June 2022, both days inclusive, during which period notransfer of Shares will be registered. In order to be qualified to attend andvote at the AGM, all completed transfers forms accompanied by the relevantshare certificates must be lodged for registration with the Company’s branchshare registrar in Hong Kong, Computershare Hong Kong Investor ServicesLimited, at Shops 1712-1716, 17th Floor Hopewell Centre, 183 Queen’s RoadEast, Wanchai, Hong Kong no later than 4:30 p.m. on Thursday, 26 May 2022.In order to determine the entitlement to the proposed final dividends,subject to the approval of the Shareholders at the AGM, the register ofmembers of the Company will be closed from Wednesday, 8 June 2022 toFriday, 10 June 2022 (both days inclusive), during which period no transfer ofShares of the Company will be registered. In order to be qualified to obtainfinal dividends, all transfers accompanied by the relevant share certificatesmust be lodged for registration with the Company’s branch share registrar inHong Kong, Computershare Hong Kong Investor Services Limited, at Shops1712-1716, 17th Floor Hopewell Centre, 183 Queen’s Road East, Wanchai,Hong Kong no later than 4:30 p.m. on Tuesday, 7 June 2022.
二零二一年年报ANNUAL REPORT 202141REPORT OF DIRECTORS董事会报告书业务回顾有关本集团业务的中肯回顾及本集团年内业绩的讨论与分析（使用主要财务表现指标）及影响其业绩及财政状况的重大因素以及本集团的业务前景载于本年报第10至30页的「管理层讨论与分析」。本集团面对的主要风险及不明确因素之描述载于本年报第29页的「管理层讨论与分析」。环保政策及表现促进可持续、保育环境是我们的企业及社会责任。就此，我们透过减少碳足迹，并以可持续方式进行企业发展，致力将我们对环境造成的影响降至最低。于截至2021年12月31日止年度期间，我们须遵守各种环保法例及规例。有关截至2021年12月31日止年度期间我们在环保、社会及管治方面的工作详情，请参阅本年报「环境、社会及管治报告」。法律程序及遵守相关法例及规例我们可能不时成为一般业务过程引起的各类法律程序的一方。董事确认，于截至2021年12月31日止年度期间直至最后实际可行日期，我们并无涉及任何针对我们或任何董事作出且可能对我们的业务、财务状况或营运业绩造成重大不利影响的任何诉讼、仲裁或行政程序。此外，就董事所知，概无针对我们或任何董事作出且可能对我们的业务、财务状况或营运业绩造成重大不利影响的未决或可见诉讼、仲裁或行政程序。于截至2021年12月31日止年度期间直至最后实际可行日期，本集团在所有重大方面已遵守法例，包括香港公司条例（香港法例第622章）、上市规则、证券及期货条例（香港法例第571章）（「证券及期货条例」）及上市规则附录14所载企业管治守则（「企业管治守则」）有关（其中包括）资讯披露及企业管治的规定。BUSINESS REVIEWA fair review of the business and a discussion and analysis of the Group’sperformance during the year, using financial key performance indicatorsand the material factors underlying its results and financial position as wellas the outlook of the Group’s business are provided in the“ManagementDiscussion and Analysis”on pages 10 to 30 of this annual report. Descriptionof the principal risks and uncertainties faced the Group can be found in the“Management Discussion and Analysis”on page 29 of this annual report.ENVIRONMENTAL POLICIES AND PERFORMANCEIt is our corporate and social responsibility to promote a sustainable and eco-friendly environment. In this respect, we strive to minimize our environmentalimpact by reducing our carbon footprint and to build our corporation in asustainable way.During the year ended 31 December 2021, we are subject to variousenvironmental protection laws and regulations. For more details, pleaserefer to“Environmental, Social and Governance Report”of this annual reportfor our work in respect of environmental protection, social and governanceduring year ended 31 December 2021.LEGAL PROCEEDINGS AND COMPLIANCE WITHRELEVANT LAWS AND REGUALTIONSWe may from time to time become a party to various legal proceedingsarising in the ordinary course of business. Directors confirm that, during theyear ended 31 December 2021 and up to the Latest Practicable Date, we hadnot involved in any litigation, arbitration or administrative proceeding againstus or any of our Directors that could have a material and adverse effect onour business, financial conditions or results of operations. Furthermore, tothe knowledge of our Directors, there is no pending or foreseeable litigation,arbitration or administrative proceeding against us or any of our Directorsthat could cause a material and adverse effect on our business, financialconditions or results of operations.During the year ended 31 December 2021 and up to the Latest PracticableDate, the Group had complied with the laws in all material respects,including the requirements under the Hong Kong Companies Ordinance(Chapter 622 of the Laws of Hong Kong), the Listing Rules, the Securities andFutures Ordinance (Chapter 571 of the Laws of Hong Kong) (“SFO”) and theCorporate Governance Code (the“CG Code”) contained in Appendix 14 tothe Listing Rules) for, among other things, the disclosure of information andcorporate governance.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司42REPORT OF DIRECTORS董事会报告书财务概要本公司于过去五个财政年度的业绩、资产及负债的概要载于本年报第6至7页。该概要并不构成经审核综合财务报表的一部分。与持份者的关系雇员截至2021年12月31日，我们共有4,053名雇员。我们的绝大多数雇员常驻中国。我们主要通过校园招聘会、招聘代理以及我们的公司网站及社交网络平台等线上渠道招聘雇员。我们已采用健全的内部培训政策，根据该等政策，内部主讲人或外聘顾问定期向雇员提供管理、技术及其他培训。根据中国法律法规的要求，我们参与各项政府法定雇员福利计划，包括社会保险基金（即养老金供款计划、医疗保险计划、失业保险计划、工伤保险计划及生育保险计划）及住房公积金。根据中国法律，我们须根据员工薪金、花红及特定津贴的特定百分比向员工福利计划供款，惟以当地政府不时规定的最高金额为限。我们与所有最高行政人员及绝大多数员工订立有关保密、知识产权、雇佣、商业道德及不竞争的标准合约及协议。该等合约通常包括不竞争条文及在受雇于我们期间及之后有效的保密条文。我们目前并无工会代表的雇员。我们相信我们与雇员保持良好的工作关系，且我们于截至2021年12月31日止年度期间及直至最后实际可行日期并无发生任何重大劳资纠纷，招聘经营所需员工时亦无遭遇任何难题。FINANCIAL SUMMARYA summary of the Company’s results, assets and liabilities for the last fivefinancial years are set out on pages 6 to 7 of this annual report. This summarydoes not form part of the audited consolidated financial statements.RELATIONSHIP WITH STAKEHOLDERSEmployeesAs of 31 December 2021, we had a total of 4,053 employees. Substantially allof our employees are based in the PRC.We primarily recruit our employees through on-campus job fairs, recruitmentagencies and online channels including our corporate websites and socialnetworking platforms. We have adopted robust internal training policies,pursuant to which management, technology and other training are regularlyprovided to our employees by internally sourced speakers or externally hiredconsultants.As required by PRC laws and regulations, we participate in variousgovernment statutory employee benefit plans, including social insurancefunds, namely a pension contribution plan, a medical insurance plan, anunemployment insurance plan, a work-related injury insurance plan, amaternity insurance plan, and a housing provident fund. We are requiredunder PRC law to contribute to employee benefit plans at specifiedpercentages of the salaries, bonuses and certain allowances of our employeesup to a maximum amount specified by the local government from time totime.We enter into standard contracts and agreements regarding confidentiality,intellectual property, employment, commercial ethics and non-competitionwith all of our executive officers and the vast majority of our employees.These contracts typically include a non-competition provision and aconfidentiality provision effective during and after their employment with us.None of our employees are currently represented by labor unions. We believethat we maintain a good working relationship with our employees, andwe have not experienced any significant labor disputes or any difficulty inrecruiting staff for our operations during the year ended 31 December 2021and up to the Latest Practicable Date.
二零二一年年报ANNUAL REPORT 202143REPORT OF DIRECTORS董事会报告书客户我们的客户主要包括粉丝及经销商，其次包括我们的批量采购公司客户。我们一般向批发客户提供30至90天的信贷期。信贷历史良好且保持长期关系的若干批发客户可享受最多180天的优惠信贷期。我们拥有多元化的客户基础。截至2021年12月31日止年度，本集团向五大客户的销售额占本集团总销售额的比例不足30%。供应商目前，我们的供应商主要包括中国境内的选定第三方制造商。我们根据质量、产能、价格、经营年资、声誉及对适用法律法规的遵守情况等因素选择第三方制造商。我们的大多数第三方制造商具备丰富的行业经验，并与中国及全球其他主要玩具品牌合作。此外，我们的供应商亦包括第三方品牌拥有人，我们购买彼等的产品并通过我们的网络进行销售。我们通常与供应商订立至少一年的供应协议，惟须遵守我们的标准条款及条件。在大多数情况下，当与特定供应商签订的订单超过协定金额时，我们将在购买价基础上享有与供应商协定的一定百分比的回佣或折扣。我们的供应商可能授予我们最多180天的信贷期。截至2021年12月31日止年度，本集团向五大供应商作出的采购额占本集团总采购额的37.8%，向最大供应商作出的采购额则占14.1%。于截至2021年12月31日止年度期间及直至最后实际可行日期，就董事所知，董事或本公司或其附属公司的最高行政人员、彼等各自的联系人或紧随全球发售完成后持有本公司已发行股本超过5%的任何本公司股东概无于我们任何五大供应商中拥有任何权益。CustomersOur customers primarily consist of our fans and distributors, and to a lesserextent, our bulk purchase corporate customers. We generally provide creditterms to our wholesale customers ranging from 30 to 90 days. Certainwholesale customers with good history and long-term relationship areextended preferential credit terms of up to 180 days. We have a diversifiedcustomer base.For the year ended 31 December 2021, the Group’s sales to its five largestcustomers accounted for less than 30% of the Group’s total sales.SuppliersCurrently, our suppliers primarily include selected third-party manufacturersin China. We select third-party manufacturers based on factors such asquality, capacity, price, years of operation, reputation and compliance withapplicable laws and regulations. Most of our third-party manufacturers haveextensive industry experience and cooperate with other major toy brands inChina and globally. In addition, our suppliers also include third-party brandowners from whom we procure their products and sell through our network.We usually enter into supply agreements of at least one year with oursuppliers, subject to our standard terms and conditions. In most cases, whenorders placed with a particular supplier exceed the agreed amount, we willbe entitled to a percentage rebate or discount on the purchase price asagreed with the supplier. Our suppliers may grant us credit terms of up to180 days.For the year ended 31 December 2021, purchases from the Group’s fivelargest suppliers accounted for 37.8% of the Group’s total purchases andpurchases from the largest supplier accounted for 14.1%.So far as our Directors are aware, none of our Directors or executive officersof our Company or its subsidiaries, their respective associates or anyShareholders of our Company holding more than 5% of the issued sharecapital of our Company immediately following the completion of the GlobalOffering, had any interests in any of our five largest suppliers during the yearended 31 December 2021 and up to the Latest Practicable Date.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司44REPORT OF DIRECTORS董事会报告书股本本公司股本于截至2021年12月31日止年度期间的变动详情载于综合财务报表附注25。于2021年12月31日，本公司的已发行股本为1,401,937,550股股份。储备本集团截至2021年12月31日止年度期间的储备变动详情载于本年报第170至171页的综合权益变动表。可分派储备于2021年12月31日，本公司可向股东分派之储备约为人民币14,210,950,000元。物业、厂房及设备本集团截至2021年12月31日止年度期间的物业、厂房及设备变动详情载于综合财务报表附注13。充足公众持股量于截至2021年12月31日止年度期间及于最后实际可行日期，基于本公司公开可得资料及据董事所深知，本公司已遵照上市规则的规定维持25%的最低公众持股量。优先认购权组织章程细则或开曼群岛法律概无有关优先认购权的条文规定本公司须按比例向本公司现有股东（「股东」）发售新股份。SHARE CAPITALDetails of movements in the share capital of the Company during the yearended 31 December 2021 are set out in note 25 to the consolidated financialstatements.As at 31 December 2021, the issued share capital of the Company was1,401,937,550 shares.RESERVESDetails of movements in the reserves of the Group during the year ended31 December 2021 are set out on pages 170 to 171 in the consolidatedstatement of changes in equity in this annual report.DISTRIBUTABLE RESERVESAs at 31 December 2021, the Company’s reserve available for distribution toshareholders amounted to approximately RMB14,210,950,000.PROPERTY, PLANT AND EQUIPMENTDetails of movements in the property, plant and equipment of the Groupduring the year ended 31 December 2021 are set out in note 13 to theconsolidated financial statements.SUFFICIENCY OF PUBLIC FLOATDuring the year ended 31 December 2021 and as at the Latest PracticableDate and based on the information publicly available to the Company andto the best knowledge of the Directors, the Company has maintained theminimum public float of 25% as required under the Listing Rules.PRE-EMPTIVE RIGHTSThere is no provision for pre-emptive rights under Articles of Associationor the laws of the Cayman Islands that would oblige the Company to offernew shares on a pro rata basis to existing shareholders of the Company (the“Shareholders”).
二零二一年年报ANNUAL REPORT 202145REPORT OF DIRECTORS董事会报告书董事及高级管理层本公司于截至2021年12月31日止年度期间及直至最后实际可行日期的董事及高级管理层载列如下：DIRECTORS AND SENIOR MANAGEMENTThe Directors and senior management of the Company during the yearended 31 December 2021 and up to the Latest Practicable Date are set outbelow:NamePosition in the Company姓名于本公司的职位Directors董事Mr. Wang NingExecutive Director, Chairman of the Board and Chief Executive Officer王宁先生执行董事、董事会主席及行政总裁Ms. Yang TaoExecutive Director and Vice President杨涛女士执行董事及副总裁Ms. Liu RanExecutive Director and Vice President刘冉女士执行董事及副总裁Mr. Si DeExecutive Director, Chief Operating Officer and President of China Business司德先生执行董事、首席运营官及中国区业务总裁Mr. Tu ZhengNon-executive Director屠铮先生非执行董事Mr. He YuNon-executive Director何愚先生非执行董事Mr. Zhang JianjunIndependent Non-executive Director张建君先生独立非执行董事Mr. Wu LianshengIndependent Non-executive Director吴联生先生独立非执行董事Mr. Ngan King Leung GaryIndependent Non-executive Director颜劲良先生独立非执行董事Senior management高级管理层Mr. Wang NingExecutive Director, Chairman of the Board and Chief Executive Officer王宁先生执行董事、董事会主席及行政总裁Mr. Yang JingbingChief Financial Officer杨镜冰先生首席财务官Mr. Si DeExecutive Director, Chief Operating Officer and President of China Business司德先生执行董事、首席运营官及中国区业务总裁Ms. Yang TaoExecutive Director and Vice President杨涛女士执行董事及副总裁Ms. Liu RanExecutive Director and Vice President刘冉女士执行董事及副总裁Mr. Moon Duk IlVice President and President of Overseas Business文德一先生副总裁及海外业务总裁
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司46REPORT OF DIRECTORS董事会报告书据董事所知、所悉及所信，除本年报所披露者外，董事及高级管理层之间并无任何关系。根据组织章程细则第16.19条，王宁先生、杨涛女士及司德先生将轮值告退，并符合资格及愿意于股东周年大会膺选连任为董事。概无退任董事订有本公司或其任何附属公司于一年内未经支付赔偿（一般法定责任除外）则不可终止的未届满服务合约。董事及高级管理层的履历详情载于本年报第31至37页。董事的服务协议执行董事各自与本公司订立服务协议，据此彼等同意担任执行董事，初步年期为上市日期起计三年。执行董事或本公司可发出不少于三个月的书面通知终止服务协议。非执行董事各自与本公司订立服务协议，据此彼等同意担任非执行董事，初步年期为上市日期起计三年。非执行董事或本公司可发出不少于一个月的书面通知终止服务协议。独立非执行董事各自与本公司签订任命书，年期为上市日期起计三年。独立非执行董事或本公司可发出不少于一个月的书面通知终止任命书。董事的任命须符合组织章程细则下有关董事轮席退任的条文。概无董事订有或拟订立本公司或其任何附属公司于一年内未经支付赔偿（法定赔偿除外）则不可终止的服务协议。To the best of the Directors’knowledge, information and belief, save asdisclosed in this annual report, the Directors and senior management do nothave any relationship amongst them.In accordance with article 16.19 of the Articles of Association, Mr. Wang Ning,Ms. Yang Tao and Mr. Si De will retire by rotation, and being eligible, haveoffered themselves for re-election as Directors at the AGM.None of the retiring Directors has an unexpired service contract which isnot determinable by the Company or any of its subsidiaries within oneyear without payment of compensation, other than under normal statutoryobligations.Biographical details of the Directors and senior management are set out onpages 31 to 37 of this annual report.SERVICE AGREEMENTS OF DIRECTORSEach of the executive Directors has entered into a service agreement withthe Company under which they agreed to act as executive Directors for aninitial term of three years commencing from the Listing Date, which may beterminated by not less than three months’notice in writing served by eitherthe executive Director or the Company.Each of the non-executive Directors has entered into a service agreementwith the Company under which they agreed to act as non-executive Directorsfor an initial term of three years commencing from the Listing Date, whichmay be terminated by not less than one month’s notice in writing served byeither the non-executive Directors or the Company.Each of the independent non-executive Directors has signed an appointmentletter with the Company for a term of three years commencing from theListing Date, which may be terminated by not less than one month’s noticein writing served by either the independent non-executive Director or theCompany.The appointment of Directors is subject to the provisions of retirement androtation of Directors under the Articles of Association.None of the Directors has or is proposed to have a service agreement whichis not determinable by the Company or any of its subsidiaries within one yearwithout payment of compensation (other than statutory compensation).
二零二一年年报ANNUAL REPORT 202147REPORT OF DIRECTORS董事会报告书独立非执行董事的独立性本公司已接获各独立非执行董事根据上市规则第3.13条所作出有关其独立性的年度确认书。本公司认为，于截至2021年12月31日止年度期间，全体独立非执行董事均属独立人士，且截至最后实际可行日期仍属独立人士。董事及行政总裁于股份、相关股份及债权证的权益及淡仓于2021年12月31日，本公司董事及行政总裁于本公司或其任何相联法团（定义见《证券及期货条例》第XV部）的股份、相关股份及债权证中拥有根据《证券及期货条例》第XV部第7及第8分部已知会本公司及联交所（包括根据《证券及期货条例》的有关条文彼等被当作或视为拥有的权益及淡仓），或根据《证券及期货条例》第352条须予存置的登记册所记录或根据标准守则已另行知会本公司及联交所的权益及淡仓如下：于本公司股份及相关股份的权益INDEPENDENCE OF INDEPENDENT NON-EXECUTIVE DIRECTORSThe Company has received from each of the independent non-executiveDirectors an annual confirmation of his independence pursuant to Rule 3.13of the Listing Rules. The Company considers all of the independent non-executive Directors to be independent during the year ended 31 December2021 and remain so as of the Latest Practicable Date.DIRECTORS’AND CHIEF EXECUTIVE’S INTERESTSAND SHORT POSITIONS IN SHARES, UNDERLYINGSHARES AND DEBENTURESAs at 31 December 2021, the interests and short positions of the Directorsand the chief executive of the Company in the Shares, underlying Shares anddebentures of the Company or any of its associated corporations (within themeaning of Part XV of the SFO) which had been notified to the Companyand the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO(including interests and short positions which they were taken or deemedto have taken under such provisions of the SFO), or which were recordedin the register required to be kept pursuant to section 352 of the SFO or asotherwise notified to the Company and the Stock Exchange pursuant to theModel Code were as follows:Interests in Shares and underlying Shares of the CompanyName of Director董事姓名Capacity/Nature of interest身份╱权益性质Total numberof Shares/underlyingShares held(1)所持股份╱相关股份总数(1)Approximatepercentage ofshareholdinginterest in theCompany (%)(1)占本公司股权概约百分比(%)(1)Mr. Wang Ning王宁先生Beneficiary and founder of a trust; and Interest ofcontrolled corporation(2) (3)信托的受益人及创办人；及受控法团权益(2) (3)674,967,207 (L)48.15%Ms. Yang Tao杨涛女士Interest of spouse(3) (4)配偶权益(3) (4)674,967,207 (L)48.15%Mr. Si De司德先生Founder of a discretionary trust(5)酌情信托创办人(5)10,933,075 (L)0.78%Mr. Tu Zheng屠铮先生Interest of controlled corporation(6)受控法团权益(6)32,910,000 (L)2.35%Mr. He Yu何愚先生Interest of controlled corporation(7)受控法团权益(7)2,088,310 (L)0.15%
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司48REPORT OF DIRECTORS董事会报告书附注：(1)于2021年12月31日，本公司合共已发行1,401,937,550股股份。字母「L」代表有关人士于股份的好仓。(2) GWF Holding为一家于英属维京群岛注册成立的有限公司，由UBS Trustees (B.V.I.) Ltd.全资拥有，而UBS Trustees (B.V.I.) Ltd.以王宁先生作为委托人（以王宁先生为受益人）所创立信托的受托人身份全资拥有。根据《证券及期货条例》，王宁先生被视为于GWF Holding所持本公司571,981,960股股份中拥有权益。Tianjin Paqu Holding Limited为一家根据英属维京群岛法律注册成立的有限公司，而王宁先生为唯一股东。根据《证券及期货条例》，王宁先生因而被视为于Tianjin Paqu HoldingLimited所持本公司30,082,220股股份中拥有权益。(3) Pop Mart Hehuo Holding Limited为一家根据英属维京群岛法律注册成立的有限公司，并于本公司持有72,903,027股股份。王宁先生及杨涛女士分别持有Pop Mart Hehuo Holding Limited已发行股本的41.99%及17.81%。王宁先生及杨涛女士因其配偶关系被视为于彼此持有之股份中拥有权益，因此彼等被视为于Pop Mart Hehuo Holding Limited所持股份中拥有权益。(4)杨涛女士为王宁先生的配偶。根据《证券及期货条例》，杨涛女士被视为于王宁先生持有的所有股份中拥有权益。(5) Sidsi Holding Limited为一家根据英属维京群岛法律注册成立的投资控股公司，由TMF (Cayman)Ltd.（作为由司德先生（作为委托人）以其本身为受益人设立的XM Family Trust的受托人）全资拥有。(6) Borchid Phoenix Holding Limited由上海朱鸟企业管理合伙企业（有限合伙）全资拥有，而上海朱鸟企业管理合伙企业（有限合伙）分别由SuzhouBorchid Jichu Venture Capital Partnership (LimitedPartnership)及Zhoushan Borchid Lizhi EnterpriseManagement Partnertship (Limited Partnership)拥有99.9%及0.1%。Suzhou Borchid Jichu VentureCapital Partnertship (Limited Partnership)由Zhoushan Borchid Lizhi Enterprise ManagementPartnertship (Limited Partnership)拥有1%，而Zhoushan Borchid Lizhi Enterprise ManagementPartnertship (Limited Partnership)由屠铮先生拥有69%。根据《证券及期货条例》，屠铮先生因而被视为于Borchid Phoenix Holding Limited所持本公司32,910,000股股份中拥有权益。(7) BA Capital Fund III, L.P.由BA Capital Limited持有3%，而BA Capital Limited由何愚先生间接拥有51%。根据《证券及期货条例》，何愚先生因而被视为于BA Capital Limited所持本公司2,088,310股股份中拥有权益。Notes:(1) As at 31 December 2021, the Company had issued 1,401,937,550 Shares in total.The letter“L”denotes the person’s long position in the Shares.(2) GWF Holding is a company with limited liability incorporated in the BVI andwholly-owned by UBS Trustees (B.V.I.) Ltd. as trustee for a trust established byMr. Wang Ning (as settlor) for the benefit of Mr. Wang Ning. Mr. Wang Ning isdeemed to be interested in 571,981,960 Shares of our Company held by GWFHolding under the SFO. Tianjin Paqu Holding Limited is a company with limitedliability incorporated under the laws of BVI and of which Mr. Wang Ning is thesole shareholder. Mr. Wang Ning is therefore deemed to be interested in the30,082,220 Shares of our Company held by Tianjin Paqu Holding Limited underthe SFO.(3) Pop Mart Hehuo Holding Limited is a company with limited liability incorporatedunder the laws of BVI and holds 72,903,027 Shares in our Company. Mr. WangNing and Ms. Yang Tao holds 41.99% and 17.81% of the issued share capital of PopMart Hehuo Holding Limited respectively. Both Mr. Wang Ning and Ms. Yang Taoare deemed to be interested in the Shares held by each other due to their spousalrelationship and are therefore deemed to have an interest in the Shares held byPop Mart Hehuo Holding Limited.(4) Ms. Yang Tao is the spouse of Mr. Wang Ning. By virtue of the SFO. Ms. Yang Tao isdeemed to be interested in all the shares held by Mr. Wang Ning.(5) Sidsi Holding Limited is an investment holding company incorporated under thelaws of BVI and wholly-owned by TMF (Cayman) Ltd. as trustee of XM Family Trustset up by Mr. Si (as settlor) for the benefit of Mr. Si De.(6) Borchid Phoenix Holding Limited is wholly owned by Shanghai Zhuniao EnterpriseManagement Partnership (Limited Partnership), which is 99.9% and 0.1% ownedby Suzhou Borchid Jichu Venture Capital Partnership (Limited Partnership) andZhoushan Borchid Lizhi Enterprise Management Partnership (Limited Partnership)respectively. Suzhou Borchid Jichu Venture Capital Partnertship (LimitedPartnership) is owned as to 1% by Zhoushan Borchid Lizhi Enterprise ManagementPartnertship (Limited Partnership), while Zhoushan Borchid Lizhi EnterpriseManagement Partnertship (Limited Partnership) is owned as to 69% by Mr. TuZheng. Mr. Tu Zheng is therefore deemed to be interested in the 32,910,000shares in the Company held by Borchid Phoenix Holding Limited by virtue of theSFO.(7) BA Capital Fund III, L.P. is held as to 3% by BA Capital Limited, which is indirectlyowned as to 51% by Mr. He Yu. Mr. He Yu is therefore deemed to be interested inthe 2,088,310 shares of the Company held by BA Capital Limited by virtue of theSFO.
二零二一年年报ANNUAL REPORT 202149REPORT OF DIRECTORS董事会报告书除上文所披露者外，于2021年12月31日，概无本公司董事于本公司或其任何相联法团（定义见《证券及期货条例》第XV部）的股份、相关股份或债权证中拥有或被视为拥有任何根据《证券及期货条例》第XV部第7及第8分部须知会本公司及联交所（包括根据《证券及期货条例》的有关条文彼等被当作或视为拥有的权益及淡仓），或须记入根据《证券及期货条例》第352条须由本公司存置的登记册，或根据标准守则须知会本公司及联交所的权益或淡仓。主要股东于股份及相关股份的权益及淡仓于2021年12月31日，据本公司董事及行政总裁所知，下列人士（本公司董事及行政总裁除外）于股份或相关股份拥有根据《证券及期货条例》第XV部第2及第3分部须向本公司披露或根据《证券及期货条例》第336条须由本公司存置的登记册所记录的权益或淡仓：于本公司股份及相关股份的权益Save as disclosed above, as at 31 December 2021, none of the Directors ofthe Company had or was deemed to have any interest or short positionin the Shares, underlying Shares or debentures of the Company or anyof its associated corporations (within the meaning of Part XV of the SFO)which was required to be notified to the Company and the Stock Exchangepursuant to Divisions 7 and 8 of Part XV of the SFO (including interests andshort positions which they were taken or deemed to have taken under suchprovisions of the SFO), or which were required to be recorded in the registerto be kept by the Company under Section 352 of the SFO, or which wererequired to be notified to the Company and the Stock Exchange pursuant tothe Model Code.SUBSTANTIAL SHAREHOLDERS’INTERESTS ANDSHORT POSITIONS IN SHARES AND UNDERLYINGSHARESAs at 31 December 2021, to the best knowledge of the Directors or chiefexecutives of the Company, the following persons (not being a Directoror chief executive of the Company) had interests or short positions in theShares or underlying Shares which fall to be disclosed to the Company underthe provisions of Divisions 2 and 3 of Part XV of the SFO as recorded in theregister required to be kept by the Company pursuant to section 336 of theSFO:Interests in Shares and underlying Shares of the CompanyName of Shareholder股东姓名╱名称Capacity/Nature of interest身份╱权益性质Total numberof Shares/underlyingShares held(1)所持股份╱相关股份总数(1)Approximatepercentage ofshareholdinginterest in theCompany (%)(1)占本公司股权概约百分比(%)(1)UBS Trustees (B.V.I.) LimitedUBS Trustees (B.V.I.) LimitedTrustee(2)受托人(2)571,981,960 (L)40.80%GWF Holding LimitedGWF Holding LimitedBeneficial owner(2)实益拥有人(2)571,981,960 (L)40.80%Pop Mart Hehuo Holding LimitedPop Mart Hehuo Holding LimitedBeneficial owner(3)实益拥有人(3)72,903,027 (L)5.20%
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司50REPORT OF DIRECTORS董事会报告书附注：(1)于2021年12月31日，本公司合共已发行1,401,937,550股股份。字母「L」代表有关人士于股份的好仓。(2) GWF Holding为一家于英属维京群岛注册成立的有限公司，由UBS Trustees (B.V.I.) Ltd.全资拥有，而UBS Trustees (B.V.I.) Ltd.以王宁先生作为委托人（以王宁先生为受益人）所创立信托的受托人身份全资拥有。根据《证券及期货条例》，王宁先生被视为于GWF Holding所持本公司571,981,960股股份中拥有权益。Tianjin Paqu Holding Limited为一家根据英属维京群岛法律注册成立的有限公司，而王宁先生为唯一股东。根据《证券及期货条例》，王宁先生因而被视为于Tianjin Paqu HoldingLimited所持本公司30,082,220股股份中拥有权益。(3) Pop Mart Hehuo Holding Limited为一家根据英属维京群岛法律注册成立的有限公司，并于本公司持有72,903,027股股份。王宁先生及杨涛女士分别持有Pop Mart Hehuo Holding Limited已发行股本的41.99%及17.81%。王宁先生及杨涛女士因其配偶关系被视为于彼此持有之股份中拥有权益，因此彼等被视为于Pop Mart Hehuo Holding Limited所持股份中拥有权益。除上文所披露者外，于2021年12月31日，本公司尚未接获任何其他人士（本公司董事除外）通知，表示其于本公司股份或相关股份拥有根据《证券及期货条例》第XV部第2及第3分部须予披露，或须记入根据《证券及期货条例》第336条须由本公司存置的登记册的权益或淡仓。董事收购股份或债权证的权利除本年报另行披露者外，本公司或其任何附属公司于年内任何时间概无订立任何安排以使董事可藉收购本公司或任何其他法团的股份或债权证而获得利益，且概无董事或任何彼等的配偶或未满18岁子女获授任何认购本公司或任何其他法团的股权或债权证的权利或已经行使任何有关权利。发行债权证截至2021年12月31日止年度期间，本公司并无发行任何债权证。Notes:(1) As at 31 December 2021, the Company had issued 1,401,937,550 Shares in total.The letter“L”denotes the person’s long position in the shares.(2) GWF Holding is a company with limited liability incorporated in the BVI andwholly-owned by UBS Trustees (B.V.I.) Ltd. as trustee for a trust established byMr. Wang Ning (as settlor) for the benefit of Mr. Wang Ning. Mr. Wang Ning isdeemed to be interested in 571,981,960 Shares of our Company held by GWFHolding under the SFO. Tianjin Paqu Holding Limited is a company with limitedliability incorporated under the laws of BVI and of which Mr. Wang Ning is thesole shareholder. Mr. Wang Ning is therefore deemed to be interested in the30,082,220 Shares of our Company held by Tianjin Paqu Holding Limited underthe SFO.(3) Pop Mart Hehuo Holding Limited is a company with limited liability incorporatedunder the laws of BVI and holds 72,903,027 Shares in our Company. Mr. WangNing and Ms. Yang Tao holds 41.99% and 17.81% of the issued share capital of PopMart Hehuo Holding Limited respectively. Both Mr. Wang Ning and Ms. Yang Taoare deemed to be interested in the Shares held by each other due to their spousalrelationship and are therefore deemed to have an interest in the Shares held byPop Mart Hehuo Holding Limited.Save as disclosed above, as at 31 December 2021, the Company had not beennotified by any other persons (other than the Directors of the Company) whohad an interest or short position in the Shares or underlying Shares of theCompany which would fall to be disclosed under Divisions 2 and 3 of Part XVof the SFO, or which were required to be entered in the register required tobe kept by the Company pursuant to Section 336 of the SFO.DIRECTORS’RIGHTS TO ACQUIRE SHARES ORDEBENTURESSave as otherwise disclosed in this annual report, at no time during the year,was the Company or any of its subsidiaries a party to any arrangement thatwould enable the Directors to acquire benefits by means of acquisition ofShares in, or debentures of, the Company or any other body corporate, andnone of the Directors or any of their spouses or children under the age of 18were granted any right to subscribe for the equity or debt securities of theCompany or any other body corporate or had exercised any such right.ISSUANCE OF DEBENTURESDuring the year ended 31 December 2021, no issuance of debentures wasmade by the Company.
二零二一年年报ANNUAL REPORT 202151REPORT OF DIRECTORS董事会报告书董事及控股股东于竞争业务的权益据董事会所知，截至2021年12月31日止年度，董事、彼等的联系人或控股股东概无于任何与本集团业务直接或间接竞争或可能竞争的业务中拥有任何权益。持续关连交易合约安排本集团订立根据上市规则第14A章构成非豁免持续关连交易的一系列合约安排。背景本公司不得直接拥有葩趣互娱的任何股权。因此，为使本集团有效控制及享有葩趣互娱全部经济利益，北京泡泡玛特、葩趣互娱及相关股东已订立一系列合约安排。合约安排使我们能够(i)获得葩趣互娱的绝大部分经济利益，作为北京泡泡玛特向葩趣互娱提供服务的代价；(ii)对葩趣互娱行使实际控制权；及(iii)在中国法律允许的情况下及在其允许的范围内持有购买葩趣互娱全部或部分股权的独家购买权。下列简化图表说明于完成重组后，根据合约安排所订明的葩趣互娱对本集团的经济利益流向：北京泡泡玛特“___”指于股权中的法定和实益所有权“......”指合约安排葩趣互娱相关股东(3)100%(2)(1)(1)DIRECTORS’AND CONTROLLING SHAREHOLDERSINTERESTS IN COMPETING BUSINESSESTo the knowledge of the Board, none of the Directors, their associates or thecontrolling shareholders had any interests in any business which competesor is likely to compete, directly or indirectly, with the businesses of the Groupfor the year ended 31 December 2021.CONTINUING CONNECTED TRANSACTIONSContractual ArrangementsThe Group entered into a series of Contractual Arrangements which wouldconstitute non-exempt continuing connected transactions pursuant toChapter 14A of the Listing Rules.BackgroundThe Company is prohibited from directly owning any equity interest in PaquHuyu. Therefore, in order for our Group to effectively control and enjoy theentire economic benefit of Paqu Huyu, a series of Contractual Arrangementshave been entered into among Beijing Pop Mart, Paqu Huyu, and theRelevant Shareholders. The Contractual Arrangements enable us to (i) receivesubstantially all of the economic benefits from Paqu Huyu in consideration forthe services provided by Beijing Pop Mart to Paqu Huyu; (ii) exercise effectivecontrol over Paqu Huyu; and (iii) hold an exclusive option to purchase all orpart of the equity interests in Paqu Huyu when and to the extent permittedby PRC law.The following simplified diagram illustrates the flow of economic benefitsfrom Paqu Huyu to our Group stipulated under the Contractual Arrangementsafter completion of the Reorganization:Beijing Pop Mart“___” denotes legal and beneficial ownership in the equity interest“......” denotes the Contractual ArrangementsPaqu HuyuRelevantShareholders(3)100%(2)(1)(1)
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司52REPORT OF DIRECTORS董事会报告书(1) Beijing Pop Mart provides software development and other technical consultationservices in exchange for service fees from Paqu Huyu.(2) The Relevant Shareholders executed an exclusive option agreement in favourof Beijing Pop Mart, for the acquisition of 100% of the equity interests and/orassets in Paqu Huyu. The Relevant Shareholders pledged as first charge all of theirrespective equity interests in Paqu Huyu to Beijing Pop Mart as collateral securityfor any or all of their payments due to Beijing Pop Mart and to secure performanceof their obligations under the Exclusive Consultation and Service Agreement,the Exclusive Option Agreement and the Voting Rights Proxy Agreement andPowers of Attorney. The Relevant Shareholders executed the Voting Rights ProxyAgreement and Powers of Attorney in favour of Beijing Pop Mart.(3) Mr. Wang Ning holds 91.56% of the shares of Paqu Huyu. 27 other shareholdershold an aggregate of 8.44% of the shares of Paqu Huyu, including Mr. Song Quan(0.31%), Mr. Wu Zhongfu (0.31%), Mr. Zhao Jianyi (0.31%), Ms. Zhou Lixia (0.31%),Mr. Xiao Yang (0.31%), Mr. Mai Gang (0.31%), Mr. Yang Jingbing (0.31%), Ms. LiShuangshuang (0.31%), Mr. Wang Pei (0.31%), Ms. Yu Chunxiao (0.31%), Mr. ChenHua (0.31%), Ms. Yang Guifang (0.31%), Ms. Ma Honghong (0.31%), Mr. Yin Wei(0.31%), Mr. Si De (0.31%), Ms. Yang Tao (0.31%), Mr. Zhou Lifeng (0.31%), Mr.Cheng Fu (0.31%), Mr. Zhang Chao (0.31%), Mr. Wu Yi (0.31%), Mr. Xing Zongyu(0.31%), Mr. Yang Jigan (0.31%), Ms. Yu Jing (0.31%), Mr. Hu Jian (0.31%), Mr. CaiXiaodong (0.31%), Mr. Xuan Yilang (0.31%) and Ms. Liu Ran (0.31%). Mr. WangNing and the 27 other shareholders are collectively referred to as the“RelevantShareholders”.Summary of the Contractual ArrangementsExclusive Option AgreementPaqu Huyu and its Relevant Shareholders entered into an exclusive optionagreement with Beijing Pop Mart on 18 December 2019 upon completionof the Reorganization (collectively, the“Exclusive Option Agreement”),pursuant to which Beijing Pop Mart (or a third party designated by it, the“designee”) will be granted an irrevocable, unconditional and exclusive rightto purchase 100% of the equity interest in and/or assets of Paqu Huyu for anominal price, unless the relevant government authorities or the PRC lawsrequest that another amount be used as the purchase price, in which casethe purchase price shall be the lowest amount under such request. Subject torelevant PRC laws and regulations, the Relevant Shareholders shall return anyamount of purchase price they have received to Paqu Huyu. At Beijing PopMart’s request, the Relevant Shareholders and/or Paqu Huyu will promptlyand unconditionally transfer their respective equity interests in and/or therelevant assets of Paqu Huyu to Beijing Pop Mart (or its designee) after BeijingPop Mart exercises its purchase right. The Exclusive Option Agreement isfor an initial term of 10 years. The Relevant Shareholders and Paqu Huyushall agree to an extension of the term of the Exclusive Option Agreementif Beijing Pop Mart requests for extension before the expiry, and shall sign anew Exclusive Option Agreement or continue the obligations of the ExclusiveOption Agreement as requested by Beijing Pop Mart.(1)北京泡泡玛特提供软件开发及其他技术咨询服务，以从葩趣互娱取得服务费。(2)相关股东以北京泡泡玛特为受益人订立独家购买权协议，以收购葩趣互娱全部股权及╱或资产。相关股东向北京泡泡玛特质押（作为第一押记）彼等各自于葩趣互娱的全部股权，作为彼等支付结欠北京泡泡玛特的任何或所有款项并确保彼等履行于独家咨询和服务协议、独家购买权协议、股东表决权委托协议及授权书项下责任的抵押品。相关股东以北京泡泡玛特为受益人订立股东表决权委托协议及授权书。(3)王宁先生持有葩趣互娱91.56%股份。27名其他股东合共持有葩趣互娱8.44%股份，包括宋泉先生(0.31%)、吴忠福先生(0.31%)、赵建宜先生(0.31%)、周丽霞女士(0.31%)、肖杨先生(0.31%)、麦刚先生(0.31%)、杨镜冰先生(0.31%)、李双双女士(0.31%)、王培先生(0.31%)、于春晓女士(0.31%)、陈华先生(0.31%)、杨桂芳女士(0.31%)、马红红女士(0.31%)、尹巍先生(0.31%)、司德先生(0.31%)、杨涛女士(0.31%)、周立峰先生(0.31%)、程富先生(0.31%)、张超先生(0.31%)、吴毅先生(0.31%)、邢宗宇先生(0.31%)、杨积敢先生(0.31%)、于晶女士(0.31%)、胡健先生(0.31%)、蔡晓东先生(0.31%)、宣毅郎先生(0.31%)及刘冉女士(0.31%)。王宁先生及27名其他股东统称「相关股东」。合约安排概要独家购买权协议葩趣互娱及其相关股东于2019年12月18日与北京泡泡玛特订立独家购买权协议（统称「独家购买权协议」），据此，北京泡泡玛特（或其指定的第三方，「指定人士」）将获授一项不可撤销、无条件及独家权利可按名义价购买葩趣互娱全部股权及╱或资产，除非相关政府机关或中国法律要求使用另一金额作为购买价，在此情况下则采用该要求下的最低金额作为购买价。根据相关中国法律法规，相关股东须将彼等已收取的任何购买价款项退还予葩趣互娱。应北京泡泡玛特的要求，在北京泡泡玛特行使其购买权后，相关股东及╱或葩趣互娱将即时无条件转让彼等各自于葩趣互娱的股权及╱或相关资产予北京泡泡玛特或其指定人士。独家购买权协议初步为期10年。倘北京泡泡玛特于独家购买权协议到期前要求延长，则相关股东及葩趣互娱须应北京泡泡玛特要求签订新独家购买权协议或继续履行独家购买权协议项下的责任。
二零二一年年报ANNUAL REPORT 202153REPORT OF DIRECTORS董事会报告书独家咨询和服务协议葩趣互娱于2019年12月18日与北京泡泡玛特订立独家咨询和服务协议（「独家咨询和服务协议」），据此，葩趣互娱将同意委聘北京泡泡玛特为其软件开发及推广、技术支援、业务合作咨询、市场咨询、客户管理咨询、公共关系及人力资源咨询、市场研究、制定市场开发计划以及葩趣互娱要求的其他相关咨询及服务的独家供应商，以换取服务费。根据该等安排，北京泡泡玛特可全权酌情调整服务费，该等服务费将于北京泡泡玛特发出付款通知后电汇至北京泡泡玛特指定账户。除非由北京泡泡玛特于独家咨询和服务协议到期前终止，否则独家咨询和服务协议初步为期10年，并可由北京泡泡玛特延长，有关期限由北京泡泡玛特厘定，并须应北京泡泡玛特要求签订新独家咨询和服务协议或继续履行独家咨询和服务协议项下的责任。股权质押协议葩趣互娱、相关股东及北京泡泡玛特于2019年12月18日订立股权质押协议（统称「股权质押协议」）。根据股权质押协议，相关股东将向北京泡泡玛特质押（作为第一押记）彼等各自于葩趣互娱的全部股权，作为彼等支付结欠北京泡泡玛特的任何或所有款项及确保彼等履行于独家咨询和服务协议、独家购买权协议及股东表决权委托协议项下责任的抵押品。倘上述违约事件未能于书面要求后10天内以令北京泡泡玛特满意的方式成功解决，则北京泡泡玛特有权实施股权质押协议项下的质押。根据股权质押协议作出的质押已根据中国法律法规向相关中国法律部门妥为办理登记手续。Exclusive Consultation and Service AgreementPaqu Huyu entered into an Exclusive Consultation and Service Agreementwith Beijing Pop Mart on 18 December 2019 (the“Exclusive Consultationand Service Agreement”), pursuant to which Paqu Huyu will agree toengage Beijing Pop Mart as its exclusive provider of software developmentand promotion, technical support, business cooperation consultation, marketconsultancy, customer management consultancy, public relations andhuman resources consultancy, market research, setting market developmentplans and other relevant consultation and services required by Paqu Huyu,in exchange for service fees. Under these arrangements, Beijing Pop Martmay adjust the service fees at its sole discretion, which will be wired tothe designated account of Beijing Pop Mart upon issuance of paymentnotification by Beijing Pop Mart.Unless terminated by Beijing Pop Mart prior to the expiry of the ExclusiveConsultation and Service Agreement, it is for an initial term of 10 years andmay be extended by Beijing Pop Mart for a term determined by Beijing PopMart, and shall sign a new Exclusive Consultation and Service Agreementor continue the obligations of the Exclusive Consultation and ServiceAgreement as requested by Beijing Pop Mart.Share Pledge AgreementPaqu Huyu, the Relevant Shareholders and Beijing Pop Mart entered intoa share pledge agreement on 18 December 2019 (collectively, the“SharePledge Agreement”). Under the Share Pledge Agreement, the RelevantShareholders will pledge as first charge all of their respective equityinterests in Paqu Huyu to Beijing Pop Mart as collateral security for any orall of their payments due to Beijing Pop Mart and to secure performance oftheir obligations under the Exclusive Consultation and Service Agreement,the Exclusive Option Agreement and the Voting Rights Proxy Agreement.Beijing Pop Mart is entitled to implement the pledge under the Share PledgeAgreement if the above default is not successfully resolved to Beijing PopMart’s satisfaction within 10 days upon the written demand. The pledgesunder the Share Pledge Agreement have been duly registered with therelevant PRC legal authority pursuant to PRC laws and regulations.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司54REPORT OF DIRECTORS董事会报告书Voting Rights Proxy AgreementA Voting Rights Proxy Agreement has been entered into between theRelevant Shareholders, Beijing Pop Mart and Paqu Huyu on 18 December2019, whereby the Relevant Shareholders will irrevocably, unconditionallyand exclusively appoint Beijing Pop Mart or a designated person as theirexclusive agent and attorney to act on their behalf on all matters concerningPaqu Huyu and to exercise all of their rights as a registered shareholder ofPaqu Huyu. As a result of the Powers of Attorney, we, through Beijing PopMart, is able to exercise management control over the activities that mostsignificantly impact the economic performance of Paqu Huyu. The VotingRights Proxy Agreement also provided that, in order to avoid potentialconflicts of interest, where the Relevant Shareholders are officers or directorsof our Group, the powers of attorney are granted in favor of other unrelatedofficers or the Directors of our Group.The Voting Rights Proxy Agreement shall terminate upon 30 days of writtennotice given by Beijing Pop Mart once Beijing Pop Mart has exercised its rightto purchase all equity interest or assets of Paqu Huyu under the ExclusiveOptions Agreement. Paqu Huyu has no right to unilaterally terminate theVoting Rights Proxy Agreement unless provided by law. The Voting RightsProxy Agreement shall terminate upon expiry, unless extended based onrelevant provisions of the Voting Rights Proxy Agreement. The Voting RightsProxy Agreement shall terminate prior to expiry only when Beijing Pop Marthas committed gross negligence, fraud, other illegal activities, declaresbankrupt or enters into liquidation. Shall Beijing Pop Mart declare bankruptor enters into liquidation prior to the expiry of the Voting Rights ProxyAgreement, the Voting Rights Proxy Agreement shall terminate automatically.Despite the provisions mentioned, Beijing Pop Mart has the power toterminate the Voting Rights Proxy Agreement at any time given 30 days ofwritten notice to the Relevant Shareholders and Paqu Huyu.股东表决权委托协议相关股东、北京泡泡玛特及葩趣互娱于2019年12月18日订立股东表决权委托协议，据此，相关股东将不可撤销、无条件及独家地委任北京泡泡玛特或一名指定人士为彼等的独家代理及授权代表，以代表彼等就与葩趣互娱相关的所有事项行事及行使其作为葩趣互娱登记股东的所有权利。根据授权书，我们透过北京泡泡玛特能够就对葩趣互娱经济表现具有最重大影响的业务活动行使管理控制权。股东表决权委托协议亦规定，为避免潜在利益冲突，倘相关股东为本集团的高级职员或董事，则授权书将以本集团其他无关联的高级职员或董事为受益人授出。一旦北京泡泡玛特行使其于独家购买权协议项下购买葩趣互娱的所有股权或资产的权利，则股东表决权委托协议将于北京泡泡玛特发出30天的书面通知后终止。葩趣互娱无权单方面终止股东表决权委托协议，惟法律所规定者则另作别论。股东表决权委托协议须于到期时终止，除非根据股东表决权委托协议的相关规定予以延长。仅当北京泡泡玛特因重大过失、欺诈、其他非法活动、宣告破产或进入清盘时，股东表决权委托协议方于到期前终止。倘北京泡泡玛特于股东表决权委托协议到期前宣告破产或进行清盘，则股东表决权委托协议将自动终止。尽管订有上述条文，北京泡泡玛特有权于向相关股东及葩趣互娱发出30天书面通知后随时终止股东表决权委托协议。
二零二一年年报ANNUAL REPORT 202155REPORT OF DIRECTORS董事会报告书配偶承诺函相关股东各自的配偶于2019年12月18日签立不可撤销的承诺函，据此，彼明确及不可撤销地承认并承诺(i)其配偶（作为登记股东）于葩趣互娱所持有的任何股权不属于夫妻共有财产的范畴；(ii)彼不会采取与合约安排有冲突之任何行动；及(iii)彼从未亦将不会参与葩趣互娱的营运或管理。葩趣互娱的业务活动及对本集团的重要性我们的增长可归功于我们致力推广潮流玩具文化，吸引了优质和热情的粉丝群。我们已制定会员计划，以建立我们的粉丝社区、提高忠诚度，并透过各种会员福利刺激重复购买。透过我们的会员计划，我们亦能够以频繁、高效及实时的方式与粉丝沟通。我们正在探索新颖有趣的方式与粉丝及我们线上社区建立一个综合社区，包括线上文化服务以及互联网信息服务。为拓展业务，我们推出葩趣互娱，其主要业务活动为向我们的粉丝及社区提供线上文化服务以及互联网信息服务（统称「相关业务」）。Spouse UndertakingsEach of the spouses of the Relevant Shareholders executed an irrevocableundertaking on 18 December 2019, whereby he/she expressly and irrevocablyacknowledged and undertook that (i) any equity interests held by his/herspouse as a registered shareholder in Paqu Huyu do not fall within the scopeof their communal properties; (ii) he/she will not take any measures that arein conflict with the Contractual Arrangements; and (iii) he/she had neverparticipated and will not participate in the operation or management of PaquHuyu.Business Activities of Paqu Huyu and Significance to the GroupOur growth could be attributed to our dedication to promoting pop toyculture and have attracted a premium and passionate fan base. We havemembership program to build our fan community, enhance its loyalty, andincentivize repeat purchases through a variety of membership benefits.Through our membership program, we are also able to communicate withour fans in a frequent, efficient and real time manner. We are exploring newand fun ways to develop a comprehensive community with our fans and ouronline community, including online culture services and internet informationservices. In order to expand, we launched Paqu Huyu whose principalbusiness activities are to conduct online culture services and internetinformation services to our fans and community (collectively, the“RelevantBusinesses”).
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司56REPORT OF DIRECTORS董事会报告书Reasons for Adoption of the Contractual ArrangementsThe Relevant Businesses of Paqu Huyu are subject to foreign investmentrestrictions in accordance with relevant PRC laws and regulations. PaquHuyu currently holds an ICP License and an ICB License, which are requiredfor the operation of the Relevant Businesses. After consultation with ourPRC Legal Advisor, we determined that it was not viable for our Group todirectly hold any equity ownership in Paqu Huyu. Instead, we decided that,in line with common practice in industries in the PRC subject to foreigninvestment restrictions, we would gain effective control over, and receive allthe economic benefits generated by the business currently operated by PaquHuyu through the Contractual Arrangements between Beijing Pop Mart, awholly-owned subsidiary of our Company established in the PRC, on the onehand, and Paqu Huyu and the Relevant Shareholders, on the other hand.Risks relating to the Contractual ArrangementsThere are certain risks that are associated with the Contractual Arrangements,including:• If the PRC government finds that the agreements that establish thestructure for operating our businesses in China do not comply withapplicable PRC laws and regulations, or if these regulations or theirinterpretations change in the future, we could be subject to severeconsequences, including the nullification of contractual arrangementsand the relinquishment of our interest in Paqu Huyu.• Our contractual arrangements may not be as effective in providingoperational control as direct ownership. Paqu Huyu or its RelevantShareholders may fail to perform their obligations under our contractualarrangements.• We may lose the ability to use assets held by Paqu Huyu that arematerial to our business operations if Paqu Huyu declare bankruptcy orbecome subject to a dissolution or liquidation proceeding.• The Relevant Shareholders of Paqu Huyu may have conflicts of interestwith us, which may materially and adversely affect our business.采纳合约安排的理由葩趣互娱的相关业务受相关中国法律法规之外商投资限制规限。葩趣互娱目前持有ICP许可证及ICB许可证，均为营运相关业务所必需的。经咨询我们的中国法律顾问后，我们认为本集团直接持有葩趣互娱的任何股权并不可行。相反，我们认为，根据受外商投资限制规限的中国行业惯例，透过北京泡泡玛特（本公司于中国成立的全资附属公司，作为一方）与葩趣互娱及相关股东（作为另一方）之间的合约安排，我们将获得对葩趣互娱的实际控制权，并取得葩趣互娱目前经营的业务所产生的所有经济利益。与合约安排有关的风险合约安排涉及若干风险，包括：•倘中国政府发现我们借以在中国建立业务经营架构的协议不符合适用中国法律法规，或该等法规或其诠释日后出现变更，我们或须承受严重后果，包括合约安排失效及放弃我们在葩趣互娱的权益。•我们的合约安排未必会在提供经营控制权方面如直接拥有权一样有效。葩趣互娱或其相关股东可能未能履行彼等于合约安排下的责任。•倘葩趣互娱宣布破产或牵涉解散或清盘程序，我们可能无法使用葩趣互娱所持有对我们的业务经营属重要的资产。•葩趣互娱的相关股东可能与我们存在利益冲突，从而对我们的业务产生重大不利影响。
二零二一年年报ANNUAL REPORT 202157REPORT OF DIRECTORS董事会报告书•倘我们行使选择权收购葩趣互娱的股权及资产，所有权或资产转让可能使我们受到若干限制及承担巨额成本。•《外商投资法》的诠释及实施及其可能对我们当前的公司架构、企业管治及业务营运的可行性造成的影响存在巨大不确定性。•我们的合约安排可能受中国税务机关审查，而若发现我们欠缴额外税款，则我们的综合净收入及　阁下的投资价值可能大幅减少。有关该等风险的进一步详情，请参阅本公司招股章程「风险因素－与我们的合约安排有关的风险」一节。本集团已采取以下措施，确保通过实施合约安排及遵守合约安排维持本集团的有效营运：•实施及遵守合约安排或政府机构的任何监管查询引起的重大事宜将于发生时提交董事会（如需要）审阅及讨论；•董事会将最少每年一次审视合约安排的整体履行及遵守情况；•本公司将于年报披露合约安排的整体履行及遵守情况；及•如有需要，本公司将委聘外聘法律顾问或其他专业顾问，协助董事会审视合约安排的实施情况，以及审视北京泡泡玛特及葩趣互娱处理合约安排引起的特定事件或事宜的合规情况。• If we exercise the option to acquire equity ownership and assets ofPaqu Huyu the ownership or asset transfer may subject us to certainlimitations and substantial costs.• Substantial uncertainties exist with respect to the interpretation andimplementation of the Foreign Investment Law and how it may impactthe viability of our current corporate structure, corporate governanceand business operations.• Our contractual arrangements may be subject to scrutiny by the PRCtax authorities, and a finding that we owe additional taxes couldsubstantially reduce our consolidated net income and the value of yourinvestment.For further details of these risks, please refer to the section headed“RiskFactors—Risks Related to Our Contractual Arrangements”of the Prospectusof our company.Our Group has adopted the following measures to ensure the effectiveoperation of our Group with the implementation of the ContractualArrangements and our compliance with the Contractual Arrangements:• major issues arising from the implementation of and compliancewith the Contractual Arrangements or any regulatory enquiries fromgovernment authorities will be submitted to our Board, if necessary, forreview and discussion as and when they arise;• our Board will review the overall performance of and compliance withthe Contractual Arrangements at least once a year;• our Company will disclose the overall performance of and compliancewith the Contractual Arrangements in our annual reports; and• our Company will engage external legal advisers or other professionaladvisers, if necessary, to assist the Board to review the implementationof the Contractual Arrangements, review the legal compliance of BeijingPop Mart and Paqu Huyu to deal with specific issues or matters arisingfrom the Contractual Arrangements.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司58REPORT OF DIRECTORS董事会报告书Material ChangesAs of the Latest Practicable Date, there were no material changes in theContractual Arrangements and/or the circumstances under which theContractual Arrangements were adopted.Unwinding of the Contractual ArrangementsAs of the Latest Practicable Date, there has not been any unwinding of anyContractual Arrangements, nor has there been any failure to unwind anyContractual Arrangements when the restrictions that led to the adoption ofthe Contractual Arrangements are removed.ConfirmationsOur Independent non-executive Directors have reviewed the ContractualArrangements and confirmed that (i) no transaction has been carried outduring period from the Listing Date to 31 December 2021 which havenot been entered into in accordance with the relevant provisions of theContractual Arrangements; (ii) no dividends or other distributions have beenmade by Paqu Huyu to the Relevant Shareholders which are not otherwisesubsequently assigned or transferred to our Group; (iii) no new contract hasbeen entered into, renewed or reproduced between our Group and PaquHuyu during the period from the Listing Date to 31 December 2021 and (iv)the Contractual Arrangements had been entered into in the ordinary andusual course of business of our Group, and are on normal commercial termsand are fair and reasonable so far as our Group is concerned, and in theinterest of our Company and its Shareholders as a whole.No service fee was paid by Paqu Huyu to Beijing Pop Mart pursuant tothe Exclusive Consultation and Service Agreement for the year ended 31December 2021. The revenue and net profit of Paqu Huyu subject to theContractual Arrangements amounted to approximately RMB1.5 million andRMB0.9 million for the year ended 31 December 2021, respectively. Thetotal assets and total liabilities of Paqu Huyu subject to the ContractualArrangements amounted to approximately RMB1.7 million and RMB0.7million as at 31 December 2021, respectively.The Auditor of the Company confirmed that based on the foregoing, inrespect of the disclosed continuing connected transactions relating to theContractual Arrangements, noting has come to attention that cause themto believe there was any dividends or other distributions had been madeby Paqu Huyu to the Relevant Shareholders which were not otherwisesubsequently assigned or transferred to the Group.重大变动截至最后实际可行日期，合约安排及╱或采用合约安排的情况概无重大变动。解除合约安排截至最后实际可行日期，概无任何合约安排被解除或在导致采用合约安排的限制被移除的情况下未能解除任何合约安排。确认独立非执行董事已审视合约安排并确认(i)概无自上市日期至2021年12月31日期间进行的交易未有根据合约安排相关条款订立；(ii)葩趣互娱并无向相关股东作出其后未有以其他方式指让或转让予本集团的股息或其他分派；(iii)自上市日期至2021年12月31日期间，本集团与葩趣互娱之间并无订立、重续或续订新合约及(iv)合约安排乃于本集团一般及正常业务过程中按一般商业条款订立，就本集团而言属公平合理，且符合本公司及其股东的整体利益。截至2021年12月31日止年度，根据独家咨询和服务协议，葩趣互娱并无向北京泡泡玛特支付服务费。根据合约安排，截至2021年12月31日止年度葩趣互娱的收益及纯利分别约为人民币1.5百万元及人民币0.9百万元。根据合约安排，截至2021年12月31日止年度葩趣互娱的总资产及总负债分别约为人民币1.7百万元及人民币0.7百万元。本公司核数师确认，根据上文所述，就合约安排相关的已披露持续关连交易而言，并无发现任何事宜令彼等认为葩趣互娱已向相关股东作出其后未有以其他方式指让或转让予本集团的股息或其他分派。
二零二一年年报ANNUAL REPORT 202159REPORT OF DIRECTORS董事会报告书关连交易于2021年6月2日，北京泡泡玛特作为其中一位有限合伙人与其他有限合伙人及舟山蜂巧礼信企业管理合伙企业（有限合伙）（「舟山蜂巧礼信」）（作为普通合伙人）签订上海蜂巧晴虹资产管理合伙企业（有限合伙）合伙协议（「蜂巧合伙协议」），参与投资基金，据此，北京泡泡玛特认缴出资金额为人民币5,000万元，约占基金总认缴出资额的10.3125%。根据上市规则第14A章，屠铮先生作为本公司的非执行董事，为本公司的关连人士，彼亦控制舟山蜂巧礼信超过30%的权益。因此，舟山蜂巧礼信被视为屠铮先生的联系人。根据上市规则第14A章，合伙协议项下拟进行之交易构成本公司的关连交易。由于适用百分比率（定义见上市规则第14.07条）超过0.1%但少于5%，因此须遵守上市规则第14A章下的申报及公告规定，惟豁免遵守通函及独立股东批准规定。有关更多详情，请参阅本公司日期为2021年6月2日及2021年6月25日之公告。于2021年9月23日，北京泡泡玛特（作为其中一位有限合伙人与其他有限合伙人及共青城逸源投资合伙企业（有限合伙）（「共青城逸源」）（作为普通合伙人）签订苏州黑蚁三号股权投资合伙企业（有限合伙）合伙协议（「黑蚁合伙协议」），参与投资基金，据此，北京泡泡玛特认缴出资金额为人民币5,000万元，约占基金总认缴出资额的6.25%。根据上市规则第14A章，何愚先生作为本公司的非执行董事，为本公司的关连人士，彼亦分别控制共青城逸源和萍乡逸源超过30%的权益。因此，共青城逸源和萍乡逸源企业管理咨询合伙企业（有限合伙）（黑蚁合伙协议之另一有限合伙人，「萍乡逸源」）均为何先生的联系人。根据上市规则第14A章，黑蚁合伙协议项下拟进行之交易构成本公司的关连交易。由于适用百分比率超过0.1%但少于5%，因此须遵守上市规则第14A章下的申报及公告规定，但豁免遵守独立股东批准规定。有关更多详情，请参阅本公司日期为2021年9月23日之公告。CONNECTED TRANSACTIONOn 2 June 2021, Beijing Pop Mart as one of the limited partners entered intothe Limited Partnership Agreement for Shanghai Fengqiao Qinghong AssetManagement Partnership (Limited Partnership) (the“Fengqiao PartnershipAgreement”) with other limited partners and Zhoushan Fengqiao LixinEnterprise Management Partnership (Limited Partnership) (“ZhoushanFengqiao Lixin”) (as the general partner) in respect of participation in aninvestment fund, pursuant to which, the capital contribution by Beijing PopMart amounted to RMB50.00 million, representing approximately 10.3125% ofthe total capital contribution to the Fund. Mr. Tu Zheng, as a non-executivedirector of the Company, is a connected person of the Company underChapter 14A of the Listing Rules, and he also controls over 30% of interestsin Zhoushan Fengqiao Lixin. Therefore, Zhoushan Fengqiao Lixin is deemedto be an associate of Mr. Tu Zheng. Under Chapter 14A of the Listing Rules,the transaction contemplated under the Fengqiao Partnership Agreementconstitutes a connected transaction of the Company. As the applicablepercentage ratio (as defined in Rule 14.07 of the Listing Rules) exceeds0.1% but is less than 5%, it is subject to the reporting and announcementrequirements but exempt from the circular and the independentshareholders’approval requirements under Chapter 14A of the Listing Rules.For more details, please refer to announcements of the Company dated 2June 2021 and 25 June 2021.On September 23, 2021, Beijing Pop Mart as one of the limited partnersentered into the Suzhou Heiyi No. 3 Equity Investment Partnership (LimitedPartnership) partnership agreement (the“Heiyi Partnership Agreement”)with other limited partners and Gongqingcheng Yiyuan InvestmentPartnership (Limited Partnership) (“Gongqingcheng Yiyuan”) as generalpartner in respect of the participation in an investment fund, pursuant towhich, the capital contribution by Beijing Pop Mart amounted to RMB50.00million, representing approximately 6.25% of the total capital contributionto the Fund. Mr. He Yu, as a non-executive director of the Company, is aconnected person of the Company under Chapter 14A of the Listing Rules,and he also controls over 30% of interests in Gongqingcheng Yiyuan andPingxiang Yiyuan Enterprise Management Advisory Partnership (LimitedPartnership) (another limited partner to the Heiyi Partnership Agreement,“Pingxiang Yiyuan”). Therefore, Gongqingcheng Yiyuan and PingxiangYiyuan are associates of Mr. He. Under Chapter 14A of the Listing Rules, thetransaction contemplated under the Heiyi Partnership Agreement constitutesa connected transaction of the Company. As the applicable percentageratio exceeds 0.1% but is less than 5%, it is subject to the reportingand announcement requirements but exempt from the independentshareholders’approval requirements under Chapter 14A of the Listing Rules.For more details, please refer to announcements of the Company dated 23September 2021.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司60REPORT OF DIRECTORS董事会报告书关联方交易于一般正常业务过程中进行的关联方交易详情载于综合财务报表附注37。除上文所披露者外，概无该等关联方交易构成上市规则所界定的非豁免关连交易或持续关连交易，而本公司已遵守上市规则第14A章的披露规定。董事于重大交易、安排或合约的权益除本报告披露者外，概无董事或与董事有关连的实体于本公司或其任何附属公司或同系附属公司所订立之任何对本集团业务属重大且于截至2021年12月31日止年度期间或于截至2021年12月31日止年度末仍然生效之交易、安排或合约中直接或间接拥有重大权益。重大合约截至2021年12月31日止年度期间，本公司或其任何附属公司与控股股东或其任何附属公司概无订立任何重大合约。管理合约截至2021年12月31日止年度期间，本公司概无与董事或本公司任何全职雇员以外的人士订立或存在任何有关本公司全部或重大部分业务之管理及行政之合约。RELATED PARTY TRANSACTIONDetails of the related party transactions carried out in the normal course ofbusiness are set out in Note 37 to the consolidated financial statements.Save as disclosed above, none of these related party transactions constitutesa non-exempt connected transaction or continuing connected transactionas defined under the Listing Rules, and the Company has complied with thedisclosure requirements under Chapter 14A of the Listing Rules.DIRECTORS’INTERESTS IN TRANSACTIONS,ARRANGEMENTS OR CONTRACTS OFSIGNIFICANCESave as disclosed in this report, no Director or an entity connected witha Director was materially interested, either directly or indirectly, in anytransaction, arrangement or contract which is significance in relation to thebusiness of the Group to which the Company or any of its subsidiaries orfellow subsidiaries was a party subsisting during the year ended 31 December2021 or at the end of the year ended 31 December 2021.CONTRACT OF SIGNIFICANCENo contract of significance was entered into between the Company, orone of its subsidiary companies, and a controlling Shareholder or any of itssubsidiaries during the year ended 31 December 2021.MANAGEMENT CONTRACTSNo contracts concerning the management and administration of the wholeor any substantial part of the business of the Company were entered intoor existed during the year ended 31 December 2021 between the Companyand a person other than a Director or any person engaged in the full-timeemployment of the Company.
二零二一年年报ANNUAL REPORT 202161REPORT OF DIRECTORS董事会报告书董事的获准许弥偿条文于截至2021年12月31日止年度期间，本公司已安排适当的保险以涵盖董事及高级人员因公司活动所产生针对本公司及其联营公司董事及高级人员的法律诉讼的相关责任。除有关保险外，于年内任何时间及直至最后实际可行日期，概不存在任何以本公司或联营公司任何董事为受益人而生效的获准许弥偿条文。员工、薪酬政策及董事酬金本公司向董事提供具竞争力的薪酬待遇。薪酬待遇乃通过与行业、市场规模、工作量及复杂程度相近的公司进行基准测试厘定。其他酬金乃由董事会参考董事的职责、责任及表现以及本集团的业绩厘定。应付雇员酬金包括薪金、花红及雇员福利计划供款。雇员薪金通常按雇员各自的职位、资历、经验及表现厘定。奖金乃按雇员各自的职位、服务年期及雇员表现计算。为吸引并挽留雇员，我们每年评估提供予雇员的薪酬方案，以确定是否应对基本薪金及花红作出任何调整。根据中国法律法规的要求，我们参与各项政府法定雇员福利计划，包括社会保险基金（即养老金供款计划、医疗保险计划、失业保险计划、工伤保险计划及生育保险计划）及住房公积金。根据中国法律，我们须根据员工薪金、花红及特定津贴的特定百分比向员工福利计划供款，惟以当地政府不时规定的最高金额为限。于截至2021年12月31日止年度期间，本集团定额供款计划项下供款概无遭没收，且本集团并无动用任何被没收的供款以减少既有供款水平。DIRECTORS’PERMITTED INDEMNITY PROVISIONThe Company has arranged appropriate insurance cover for Directors’and officers’liabilities in respect of legal actions arising out of corporateactivities against the Directors and officers of the Company and its associatedcompanies during the year ended 31 December 2021.Except for such insurances, at no time during the year and up to the LatestPracticable Date, there was or is, any permitted indemnity provision beingin force for the benefit of any of the directors of the Company or associatedcompanies.STAFF, EMOLUMENT POLICY AND DIRECTORS’REMUNERATIONThe Company offers competitive remuneration packages to the Directors.The packages were set by benchmarking with companies in similar industries,companies with similar size in the market, volume and complexity of work.Other emoluments are determined by the Board with reference to theDirectors’duties, responsibilities and performance and the results of theGroup.The remuneration payable to our employees includes salaries, bonuses andemployee benefit plans contributions. The salaries of our employees aregenerally determined by the employees’respective position, qualification,experience and performance. The bonuses are calculated based on ouremployees’respective position, duration of services and performance ofour employees. In order to attract and retain our employees, we assessthe remuneration package offered to our employees on an annual basis todetermine whether any adjustment to the basic salaries and bonus should bemade.As required by PRC laws and regulations, we participate in variousgovernment statutory employee benefit plans, including social insurancefunds, namely a pension contribution plan, a medical insurance plan, anunemployment insurance plan, a work-related injury insurance plan, amaternity insurance plan, and a housing provident fund. We are requiredunder PRC law to contribute to employee benefit plans at specifiedpercentages of the salaries, bonuses and certain allowances of our employeesup to a maximum amount specified by the local government from time totime. During the year ended 31 December 2021, there was no forfeiture ofcontributions under the defined contribution plans of the Group, and therewere no forfeited contributions had been used by the Group to reduce theexisting level of contributions.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司62REPORT OF DIRECTORS董事会报告书我们为所有雇员提供培训计划，以增强雇员与我们业务相关的知识、技能及能力。我们将为所有新员工提供入职培训课程，以使其熟悉本集团，其后根据部门需要及本集团发展战略进行在职培训。而由于我们已制定政策及程序，列明晋升的评估准则，故我们亦为有能力的雇员提供晋升机会。薪酬委员会已告成立，以检讨本集团全体董事及高级管理层的薪酬政策及架构，并就制定薪酬政策确立正规而具透明度之程序。董事及五名最高酬金人士于截至2021年12月31日止年度的酬金详情载于综合财务报表附注34和40。于报告期间，本集团并无向任何董事或五名最高薪酬人士支付酬金作为吸引其加入本集团或加入后的奖励或离职补偿。有关高级管理人员酬金等级如下表所载列：We provide training programs for all of our employees to enhance ouremployees’knowledge, skills and capability relevant to our business. All ofour new hires will be provided with an induction program to familiarize withthe Group, followed by on-the-job training based on departmental needsand the development strategies of the Group. We also provide promotionopportunities for capable employees as we have policies and proceduressetting out the assessment criteria for promotion.The Remuneration Committee was set up for reviewing the Group’s policyand structure for all Directors and senior management remuneration andon the establishment of a formal and transparent procedure for developingremuneration policy.Details of the emoluments of the Directors and five highest paid individualsfor the year ended 31 December 2021 are set out in note 34 and note 40 tothe consolidated financial statements. During the Reporting Period, therewere no emoluments paid by the Group to any of the Directors or the fivehighest paid individuals as an inducement to join, or upon joining the Group,or as compensation for loss of office.The table below shows the emolument of senior management by band:Year ended31 December 2021(Number of SeniorManagement)截至2021年12月31日止年度（高级管理层人数）Year ended31 December 2020(Number of SeniorManagement)截至2020年12月31日止年度（高级管理层人数）Emolument bands (in HKD)酬金范围（以港元计）HKD0 to HKD1,000,0000港元至1,000,000港元24HKD1,000,001 to HKD1,500,0001,000,001港元至1,500,000港元42HKD1,500,001 to HKD2,000,0001,500,001港元至2,000,000港元––
二零二一年年报ANNUAL REPORT 202163REPORT OF DIRECTORS董事会报告书首次公开发售后股份奖励计划本公司于2020年7月24日（「采纳日期」）有条件采纳首次公开发售后股份奖励计划。首次公开发售后股份奖励计划并非购股权计划，因而不受上市规则第17章的条文规限。对于董事会根据首次公开发售后股份奖励计划授出的任何奖励（「奖励」），本公司委任恒泰信托（香港）有限公司为首次公开发售后股份奖励计划的受托人，以管理首次公开发售后股份奖励计划，有关奖励可以股份（「奖励股份」）或奖励股份之实际售价以现金的形式归属。于2021年12月31日，首次公开发售前股份奖励计划的剩余期限约为八年零八个月。(a)首次公开发售后股份奖励计划的合资格人士董事会或其代表全权酌情认为已或将为本集团作出贡献的任何个人（即本集团任何成员公司或任何联属公司的雇员、董事（包括执行董事、非执行董事及独立非执行董事）、高级职员、顾问、咨询人、经销商、分包商、客户、供应商、代理、业务合作伙伴、合营企业业务合作伙伴或服务供应商）（各为「合资格人士」，统称为「合资格人士」）符合资格收取奖励，惟倘任何个人所处居住地的法律及法规禁止授出、接纳或归属首次公开发售后股份奖励计划项下的奖励，或董事会或其代表认为，为遵守该地的适用法律及法规而排除该有关个人属必要或合适，则有关人士无权参与首次公开发售后股份奖励计划。(b)首次公开发售后股份奖励计划的目的首次公开发售后股份奖励计划的目的乃透过股份拥有权、股息及有关股份之其他已付分派及╱或股份增值，令合资格人士的利益与本集团利益一致，鼓励及挽留合资格人士协力作出贡献，促进本集团的长远增长及溢利。POST-IPO SHARE AWARD SCHEMEThe Company conditionally adopted the Post-IPO Share Award Scheme on24 July 2020 (the“Adoption Date”). The Post-IPO Share Award Scheme isnot a share option scheme and is not subject to the provisions of Chapter17 of the Listing Rules. Our Company appointed Trident Trust Company (HK)Limited as the trustee of the Post-IPO Share Award Scheme to administer thePost-IPO Share Award Scheme with respect to the grant of any award by theBoard (an“Award”) which may vest in the form of Shares (“Award Shares”)or the actual selling price of the Award Shares in cash in accordance with thePost-IPO Share Award Scheme. As at December 31, 2021, the remaining life ofthe Post-IPO Share Award Scheme was approximately eight years and eightmonths.(a) Eligible Persons to the Post-IPO Share Award SchemeAny individual, being an employee, director (including executiveDirectors, non-executive Directors and independent non-executiveDirectors), officer, consultant, advisor, distributor, contractor, customer,supplier, agent, business partner, joint venture business partner orservice provider of any member of the Group or any affiliate (an“EligiblePerson”and, collectively“Eligible Persons”) who the Board or itsdelegate(s) considers, in its sole discretion, to have contributed or willcontribute to the Group is eligible to receive an Award. However, noindividual who is resident in a place where the grant, acceptance orvesting of an Award pursuant to the Post-IPO Share Award Scheme isnot permitted under the laws and regulations of such place or where,in the view of the Board or its delegate(s), compliance with applicablelaws and regulations in such place makes it necessary or expedient toexclude such individual, shall be entitled to participate in the Post-IPOShare Award Scheme.(b) Purpose of the Post-IPO Share Award SchemeThe purpose of the Post-IPO Share Award Scheme is to align theinterests of Eligible Persons’with those of our Group through ownershipof Shares, dividends and other distributions paid on Shares and/or theincrease in value of the Shares, and to encourage and retain EligiblePersons to make contributions to the long-term growth and profits ofour Group.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司64REPORT OF DIRECTORS董事会报告书(c)奖励奖励给予选定参与者一项有条件的权利，于归属奖励股份时取得奖励股份，或如董事会或其代表全权酌情认为选定参与者以股份形式取得奖励并不可行时，取得等值于奖励股份销售额的现金。奖励包括自授出奖励之日（「授出日期」）起直至归属奖励之日（「归属日期」）止期间有关该等股份股息的所有现金收入。为免生疑问，即使奖励股份尚未归属，董事会仍可不时酌情厘定将有关奖励股份之本公司已宣派及派付之任何股息派付予选定参与者。(d)授出奖励(i)授出董事会或董事委员会或获董事会授权之人士，可不时全权酌情以奖励函（「奖励函」）之形式，向选定参与者（若为董事会之代表，则向董事或本公司高级职员以外之任何选定参与者）授出奖励。奖励函应订明授出日期、有关奖励之奖励股份数目、归属标准及条件、归属日期及董事会或其代表认为必要之其他详情。向本公司任何董事、最高行政人员或主要股东授出各份奖励须事先取得本公司独立非执行董事（不包括本身为奖励建议承授人的任何独立非执行董事）批准。对于向本公司关连人士授出任何股份而言，本公司将遵守上市规则第14A章有关规定。(c) AwardsAn Award gives a selected participant a conditional right, when theAward Shares vest, to obtain the Award Shares or, if in the absolutediscretion of the Board or its delegate(s), it is not practicable for theselected participant to receive the Award in Shares, the cash equivalentfrom the sale of the Award Shares. An Award includes all cash incomefrom dividends in respect of those Shares from the date the Award isgranted (the“Grant Date”) to the date the Award vests (the“VestingDate”). For the avoidance of doubt, the Board at its discretion mayfrom time to time determine that any dividends declared and paid byour Company in relation to the Award Shares be paid to the selectedparticipant even though the Award Shares have not yet vested.(d) Grant of Award(i) Making the GrantThe Board or the committee of the Board or person(s) to whichthe Board has delegated its authority may, from time to time, attheir absolute discretion, grant an Award to a selected participant(in the case of the Board’s delegate(s), to any selected participantother than a Director or an officer of our Company) by way of anaward letter (“Award Letter”). The Award Letter will specify theGrant Date, the number of Award Shares underlying the Award, thevesting criteria and conditions, the Vesting Date and such otherdetails as the Board or its delegate(s) may consider necessary.Each grant of an Award to any Director, chief executive orsubstantial shareholder of our Company shall be subject to theprior approval of the independent non-executive Directors of ourCompany (excluding any independent non-executive Director whois a proposed recipient of an Award). Our Company will complywith the relevant requirements under Chapter 14A of the ListingRules for any grant of Shares to connected persons of our Company.
二零二一年年报ANNUAL REPORT 202165REPORT OF DIRECTORS董事会报告书(ii) Restrictions on Grants and Timing of GrantsThe Board and its delegate(s) may not grant any Award Shares toany selected participant in any of the following circumstances:(A) where any requisite approval from any applicable regulatoryauthorities has not been granted;(B) where any member of our Group will be required underapplicable securities laws, rules or regulations to issue aprospectus or other offer documents in respect of suchAward or the Post-IPO Share Award Scheme, unless the Boarddetermines otherwise;(C) where such Award would result in a breach by any memberof our Group or its directors of any applicable securities laws,rules or regulations in any jurisdiction;(D) where such grant of Award would result in a breach of thePost-IPO Share Award Scheme Limit (as defined below) orthe minimum public float requirement as required under theListing Rules, or would otherwise cause our Company to issueShares in excess of the permitted amount in the mandateapproved by the Shareholders;(E) where an Award is to be satisfied by way of issue of newShares to the RSU Trustee, in any circumstances that causethe total Shares issued or allotted to connected persons (asdefined under the Listing Rules) to be in excess of the amountpermitted in the mandate approved by the Shareholders;(F) where any Director of our Company is in possession ofunpublished inside information in relation to our Company orwhere dealings by Directors of our Company are prohibitedunder any code or requirement of the Listing Rules and allapplicable laws, rules or regulations, from time to time;(G) during the period of 60 days immediately preceding thepublication date of the annual results or, if shorter, theperiod from the end of the relevant financial year up to thepublication date of the results, unless the circumstancesare exceptional, for example, where a pressing financialcommitment has to be met, in accordance with the ListingRules;(ii)授出的限制及时间于下述任何情况下，董事会及其代表不得向任何选定参与者授出任何奖励股份：(A)任何相关监管当局并无授出任何所需批准；(B)本集团任何成员公司根据适用证券法律、规则或法规须就奖励或首次公开发售后股份奖励计划刊发招股章程或其他发售文件，董事会另有决定则除外；(C)奖励会导致本集团任何成员公司或其董事违反任何司法权区的任何适用证券法律、规则或法规；(D)授出奖励会导致违反首次公开发售后股份奖励计划限额（定义见下文）或上市规则规定的最低公众持股量或使本公司须发行超过股东所批准授权所允许数额的股份；(E)履行奖励会通过向受限制股份单位计划受托人发行新股份之方式达成，从而导致向关连人士（定义见上市规则）发行或配发的股份总数超过股东所批准授权允许的数额；(F)本公司任何董事掌握本公司的未公布内幕消息，或本公司董事不时根据任何守则或上市规则规定及所有适用法律、规则或法规而被禁止买卖股份；(G)于紧接年度业绩刊发日期前60日期间，或自相关财政年度结算日至业绩刊发日期止期间（以较短者为准），上市规则规定的特殊情况（如须履行紧急财务承担）除外；
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司66REPORT OF DIRECTORS董事会报告书(H)于紧接季度业绩（如有）及半年度业绩刊发日期前30日期间，或自相关季度或半年度期间结算日至业绩刊发日期止期间（以较短者为准），上市规则规定的特殊情况（如须履行紧急财务承担）除外；及(I)于业绩公布延迟刊发的任何期间。(e)将授出的股份数目上限于未取得股东批准的情况下，根据首次公开发售后股份奖励计划所有授出的相关股份（不包括已根据首次公开发售后股份奖励计划没收之奖励股份）数目合共不得超过10%的股份（「首次公开发售后股份奖励计划限额」），并受于有关时间已发行股份总数5%的年度限额规限。于最后实际可行日期，根据首次公开发售后股份奖励计划可供发行的证券总数为9,771,491，相当于本公司的全部已发行股本约0.70%。在任何12个月期间，未经股东批准，授予任何选定参与者的股份总数不得超过相关时间已发行股份总数的1%。(f)计划授权倘首次公开发售后股份奖励计划限额随后透过修改首次公开发售后股份奖励计划之方式增加及本公司须发行及配发新股份以履行任何超出股东先前批准的任何数目之奖励，则本公司须于股东大会上提呈而股东须考虑及酌情通过一项普通决议案，批准注明下列各项之授权：(i)就此可发行之股份数目上限；及(ii)董事会有权发行、配发、促使转让及另行处置与首次公开发售后股份奖励计划有关的股份。(H) during the period of 30 days immediately preceding thepublication date of the quarterly results (if any) and the half-year results or, if shorter, the period from the end of therelevant quarterly or half-year period up to the publicationdate of the results, unless the circumstances are exceptional,for example, where a pressing financial commitment has to bemet, in accordance with the Listing Rules; and(I) during any period of delay in the publication of a resultsannouncement.(e) Maximum Number of Shares to be GrantedThe aggregate number of Shares underlying all grants made pursuant tothe Post-IPO Share Award Scheme (excluding Award Shares which havebeen forfeited in accordance with the Post-IPO Share Award Scheme)will not exceed 10% Shares without Shareholders’approval (the“Post-IPO Share Award Scheme Limit”) subject to an annual limited of 5%of the total number of issued Shares at the relevant time. As at theLatest Practicable Date, the total number of securities available for issueunder the Post-IPO Share Award Scheme is 9,771,491, representingapproximately 0.70% of the total issued share capital of our Company.For any 12-month period, the aggregate number of Shares granted toany selected participant shall not exceed 1% of the total number of theissued Shares at the relevant time, without Shareholders’approval.(f) Scheme MandateTo the extent that the Post-IPO Share Award Scheme Limit issubsequently increased by way of alteration of the Post-IPO Share AwardScheme and our Company is required to issue and allot new sharesto satisfy any Awards in excess of any amount previously approved bythe Shareholders, our Company shall at a general meeting propose,and the Shareholders shall consider and, if thought fit, pass an ordinaryresolution approving a mandate specifying:(i) the maximum number of Shares that may be issued for thispurpose; and(ii) that the Board has the power to issue, allot, procure the transfer ofand otherwise deal with the Shares in connection with the Post-IPOShare Award Scheme.
二零二一年年报ANNUAL REPORT 202167REPORT OF DIRECTORS董事会报告书The mandate will remain in effect during the period from the passingof the ordinary resolution granting the mandate until the variationor revocation of such mandate by an ordinary resolution of theShareholders in a general meeting.(g) Rights attached to the AwardSave that the Board at its discretion may from time to time determinethat any dividends declared and paid by our Company in relation tothe Award Shares be paid to the selected participants even though theAward Shares have not yet vested, the selected participant only has acontingent interest in the Award Shares underlying an Award unlessand until such Award Shares are actually transferred to the selectedparticipant, nor does he/she have any rights to any related income untilthe Award Shares vest.Neither the selected participant nor the RSU Trustee may exercise anyvoting rights in respect of any Award Shares that have not yet vested.(h) Rights attached to the SharesAny Award Shares transferred to a selected participant in respect of anyAwards will be subject to all the provisions of the Memorandum and theArticles and will form a single class with the fully paid Shares in issue onthe relevant date.(i) Issue of Shares and/or transfer of funds to the RSU TrusteeOur Company shall, as soon as reasonably practicable and no later than30 business days from the Grant Date, (i) issue and allot Shares to theRSU Trustee under the specific mandate sought from Shareholdersduring the general meeting and/or (ii) transfer to the RSU Trustee thenecessary funds and instruct the RSU Trustee to acquire Shares throughon-market transactions at the prevailing market price, so as to satisfy theAwards.授权将自授出授权之普通决议案获通过之时起直至有关授权经由股东在股东大会上通过普通决议案变更或撤销止期间一直有效。(g)奖励所附的权利除董事会可在即使奖励股份尚未归属的情况下不时酌情厘定将有关奖励股份的本公司已宣派及派付的任何股息派付予选定参与者外，除非及直至相关奖励股份实际转让至选定参与者，选定参与者于有关奖励的奖励股份中仅拥有或然权益，且于奖励股份获归属前，选定参与者并无任何相关收入权利。选定参与者或受限制股份单位计划受托人不得就尚未归属之任何奖励股份行使任何投票权。(h)股份所附的权利就任何奖励转让予选定参与者之任何奖励股份，将须遵守大纲及细则之所有规定，并构成相关日期单一类别之已发行全额缴足股份。(i)向受限制股份单位计划受托人发行股份及╱或转移资金本公司须于合理可行情况下尽快且不迟于授出日期起计30个营业日，(i)根据于股东大会上向股东寻求之特定授权向受限制股份单位计划受托人发行及配发股份及╱或(ii)向受限制股份单位计划受托人转移必要资金，并指示受限制股份单位计划受托人透过场内交易按当前市价收购股份，以履行奖励。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司68REPORT OF DIRECTORS董事会报告书倘上市规则、《证券及期货条例》或其他不时适用的法律禁止，则本公司不得发行或配发股份或指示受限制股份单位计划受托人按当前市价透过场内交易购买股份（视乎适用限制而定）。倘上述禁止导致错过首次公开发售后股份奖励计划规则或信托契约所指定的时间，则所指定的时间视为延长直至不再禁止相关行动后首个营业日之后合理最早的日期为止。(j)奖励的出让除非获得董事会、董事委员会或董事会授权人士的明确书面同意，根据首次公开发售后股份奖励计划已授出但尚未归属之奖励股份为获授股份之选定参与者所有，不得出让或转让。选定参与者不得以任何方式，将任何奖励出售、转让、押记、按揭、设立产权负担或就此以任何其他人士为受益人创设任何利益或订立任何协议以进行上述各项行为。(k)奖励的归属董事会或其代表可于首次公开发售后股份奖励计划生效期间不时根据一切适用法律决定奖励的归属准则及条件或期限。于受限制股份单位计划受托人及董事会于归属日期之前不时议定的合理期间内，董事会或其代表将向相关选定参与者寄发归属通知，指示受限制股份单位计划受托人以信托形式持有的奖励股份自信托转让及发放予选定参与者的数目。待接获归属通知及董事会或其代表之通知后，受限制股份单位计划受托人将按董事会或其代表厘定的方式转让及发放相关奖励。Our Company shall not issue or allot Shares nor instruct the RSU Trusteeto acquire Shares through on-market transactions at the prevailingmarket price, where such action (as applicable) is prohibited under theListing Rules, the Securities and Futures Ordinance or other applicablelaws from time to time. Where such a prohibition causes the prescribedtiming imposed by the Post-IPO Share Award Scheme Rules or the trustdeed to be missed, such prescribed timing shall be treated as extendeduntil as soon as reasonably practicable after the first Business Day onwhich the prohibition no longer prevents the relevant action.(j) Assignment of AwardsUnless express written consent is obtained from the Board or thecommittee of the Board or person(s) to which the Board has delegatedits authorities, any Award Shares granted under the Post-IPO ShareAward Scheme but not yet vested are personal to the selectedparticipants to whom they are granted and cannot be assigned ortransferred. A selected participant shall not in any way sell, transfer,charge, mortgage, encumber or create any interest in favor of any otherperson over or in relation to any Award, or enter into any agreement todo so.(k) Vesting of AwardsThe Board or its delegate(s) may from time to time while the Post-IPO Share Award Scheme is in force and subject to all applicable laws,determine such vesting criteria and conditions or periods for the Awardto be vested.Within a reasonable time period as agreed between the RSU Trusteeand the Board from time to time prior to any Vesting Date, the Boardor its delegate(s) will send a vesting notice to the relevant selectedparticipant and instruct the RSU Trustee the extent to which the AwardShares held in the trust shall be transferred and released from the trustto the selected participant. Subject to the receipt of the vesting noticeand notification from the Board or its delegate(s), the RSU Trustee willtransfer and release the relevant Award in the manner as determined bythe Board or its delegate(s).
二零二一年年报ANNUAL REPORT 202169REPORT OF DIRECTORS董事会报告书If, in the absolute discretion of the Board or its delegate(s), it is notpracticable for the selected participant to receive the Award in Shares,solely due to legal or regulatory restrictions with respect to the selectedparticipant’s ability to receive the Award in Shares or the RSU Trustee’sability to give effect to any such transfer to the selected participant, theBoard or its delegate(s) will direct and procure the RSU Trustee to sell,on-market at the prevailing market price, the number of Award Sharesso vested in respect of the selected participant and pay the selectedparticipant the proceeds arising from such sale based on the actualselling price of such Award Shares in cash as set out in the vestingnotice.If there is an event of change in control of our Company by way of amerger, a privatization of our Company by way of a scheme or by wayof an offer, the Board or the committee of the Board or person(s) towhich the Board has delegated its authority shall at their sole discretiondetermine whether the Vesting Dates of any Awards will be acceleratedto an earlier date.(l) Consolidation, subdivision, bonus issue and other distributionIn the event our Company undertakes a subdivision or consolidationof the Shares, corresponding changes will be made to the number ofoutstanding Award Shares that have been granted provided that theadjustments shall be made in such manner as the Board determines tobe fair and reasonable in order to prevent dilution or enlargement ofthe benefits or potential benefits intended to be made available underthe Post-IPO Share Award Scheme for the selected participants. Allfractional shares (if any) arising out of such consolidation or subdivisionin respect of the Award Shares of a selected participant shall be deemedas returned shares and shall not be transferred to the relevant selectedparticipant on the relevant Vesting Date. The RSU Trustee shall holdreturned shares to be applied towards future Awards in accordance withthe provisions of the Post-IPO Share Award Scheme rules for the purposeof the Post-IPO Share Award Scheme.In the event of an issue of Shares by our Company credited as fully paidto the holders of the Shares by way of capitalization of profits or reserves(including share premium account), the Shares attributable to any AwardShares held by the RSU Trustee shall be deemed to be an accretionto such Award Shares and shall be held by the RSU Trustee as if theywere Award Shares purchased by the RSU Trustee hereunder and all theprovisions hereof in relation to the original Award Shares shall apply tosuch additional Shares.倘董事会或其代表全权酌情认为选定参与者仅因有关选定参与者以股份形式收取奖励的能力或受限制股份单位计划受托人向选定参与者进行上述转让的能力的法律或监管限制而无法以股份形式收取奖励，则董事会或其代表将指示并促使受限制股份单位计划受托人按当前市价在场内出售选定参与者所获归属数目的奖励股份，然后将归属通知所载奖励股份的实际售价所得收益以现金支付予选定参与者。倘本公司的控制权因本公司合并、计划私有化或发售而发生变化，董事会或董事委员会或获董事会授权的人士可全权酌情决定是否将任何奖励之归属日期提前至较早日期。(l)合并、拆细、红股发行及其他分派倘本公司进行股份拆细或合并，则应对已授出并已发行之奖励股份数目作出相应调整，以避免摊薄或扩大根据首次公开发售后股份奖励计划选定参与者计划可得之利益或潜在利益，惟调整须以董事会认为公平合理之方式进行。有关合并或拆细选定参与者之奖励股份所产生之所有零碎股份（如有）被视为归还股份，不得于相关归属日期转让予相关的选定参与者。受限制股份单位计划受托人须根据首次公开发售后股份奖励计划规则之条文，就首次公开发售后股份奖励计划持有将用于未来奖励的归还股份。倘本公司透过溢利或储备（包括股份溢价账）拨充资本向股份持有人发行入账列作缴足股份，则受限制股份单位计划受托人持有之任何奖励股份应占的股份须被视为相关奖励股份之增加，并须由受限制股份单位计划受托人持有，犹如该等股份为受限制股份单位计划受托人据此购买之奖励股份，而所有有关原奖励股份之规定均适用于该等额外股份。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司70REPORT OF DIRECTORS董事会报告书倘任何非现金分派或其他事件因董事会认为就尚未归属奖励作出调整属公平合理而并无于上文提及，则须就各选定参与者的已发行奖励股份的数目作出董事会认为属公平合理之调整，以避免摊薄或扩大根据首次公开发售后股份奖励计划选定参与者计划可得之利益或潜在利益。本公司须就归还股份或归还信托基金之申请提供必要资金或相关指示，以便受限制股份单位计划受托人能够按当前市价于场内购买股份，以履行额外奖励。倘本公司就以信托持有的股份进行首次公开发售后股份奖励计划规则中未提及的其他非现金及非零碎分派，则受限制股份单位计划受托人应出售该分派，而出售所得款项净额将视为首次公开发售后奖励股份的相关收入或以信托持有的归还股份的归还信托基金（视情况而定）。(m)终止受雇及其他事件除非董事会或董事委员会或获董事会授权之人士另行决定，否则于适用限制期内终止受雇或服务于本公司时，当时尚未归属的奖励将根据授出函及╱或将由该选定参与者订立的奖励协议的条款及条文没收或购回，惟董事会或董事委员会或获董事会授权之人士可(a)在任何授出函及╱或奖励协议内规定有关奖励的限制或没收及购回条件将于因特定原因而终止的情况下全部或部分豁免；及(b)在其他情况下豁免有关奖励的全部或部分限制或没收及购回条件。倘选定参与者并非因本段所列之理由而不再为合资格人士，除非董事会或其代表全权酌情另行作出决定，任何已发行奖励股份及尚未归属之相关收入将被立即没收。In the event of any non-cash distribution or other events not referredto above by reason of which the Board considers an adjustment to anoutstanding Award to be fair and reasonable, an adjustment shall bemade to the number of outstanding Award Shares of each selectedparticipant as the Board shall consider as fair and reasonable, in orderto prevent dilution or enlargement of the benefits or potential benefitsintended to be made available under the Post-IPO Share Award Schemefor the selected participants. Our Company shall provide such funds, orsuch directions on application of the returned shares or returned trustfunds, as may be required to enable the RSU Trustee to purchase Shareson-market at the prevailing market price to satisfy the additional Award.In the event of other non-cash and non-scrip distributions made by ourCompany not otherwise referred to in the Post-IPO Share Award Schemerules in respect of the Shares held upon trust, the RSU Trustee shall sellsuch distribution and the net sale proceeds thereof shall be deemed asrelated income of the Post-IPO Award Shares or returned trust funds ofthe returned Shares held upon trust as the case may be.(m) Cessation of employment and other eventsExcept as otherwise determined by the Board or the committee of theBoard or person(s) to which the Board has delegated its authority, upontermination of employment or service with our Company during theapplicable restriction period, Awards that are at that time unvested shallbe forfeited or repurchased in accordance with the terms and provisionsof the grant letter and/or award agreement to be entered into bysuch selected participant; provided, however, that the Board or thecommittee of the Board or person(s) to which the Board has delegatedits authority may (a) provide in any grant letter and/or award agreementthat restrictions or forfeiture and repurchase conditions relating to theAwards will be waived in whole or in part in the event of terminationsresulting from specified causes; and (b) in other cases waive in whole orin part restrictions or forfeiture and repurchase conditions relating to theAwards.If a selected participant ceases to be an Eligible Person for reasons otherthan those stated this paragraph, any outstanding Award Shares andrelated income not yet vested shall be immediately forfeited, unlessthe Board or its delegate(s) determines otherwise at their absolutediscretion.
二零二一年年报ANNUAL REPORT 202171REPORT OF DIRECTORS董事会报告书(n) Alteration of the Post-IPO Share Award SchemeThe Post-IPO Share Award Scheme may be altered in any respect (savefor the Post-IPO Share Award Scheme Limit) by a resolution of the Boardprovided that no such alteration shall operate to affect adversely anysubsisting rights of any selected participant unless otherwise providedfor in the rules of the Post-IPO Share Award Scheme, except:(i) with the consent in writing of selected participants amounting tothree-fourths in nominal value of all Award Shares held by the RSUTrustee on that date; or(ii) with the sanction of a special resolution that is passed at a meetingof the selected participants amounting to three-fourths in nominalvalue of all Award Shares held by the RSU Trustee on that date.(o) TerminationThe Post-IPO Share Award Scheme shall terminate on the earlier of:(i) the end of the period of ten years commencing on the ListingDate except in respect of any non-vested Award Shares grantedhereunder prior to the expiration of the Post-IPO Share AwardScheme, for the purpose of giving effect to the vesting of suchAward Shares or otherwise as may be required in accordance withthe provisions of the Post-IPO Share Award Scheme; and(ii) (such date of early termination as determined by the Boardprovided that such termination shall not affect any subsisting rightsof any selected participant under the rules of the Post-IPO ShareAward Scheme, provided further that for the avoidance of doubt,the change in the subsisting rights of a selected participant in thisparagraph refers solely to any change in the rights in respect of theAward Shares already granted to a selected participant.(n)修改首次公开发售后股份奖励计划除以下情况外，首次公开发售后股份奖励计划任何方面（首次公开发售后股份奖励计划限额除外）可通过董事会决议案修改，惟修改不得对任何选定参与者的任何既有权利有任何不利影响（首次公开发售后股份奖励计划规则另有规定者除外）：(i)获得占当日受限制股份单位计划受托人所持全部奖励股份面值四分之三的选定参与者书面同意；或(ii)由占当日受限制股份单位计划受托人所持全部奖励股份面值四分之三的选定参与者在会议通过特别决议案批准。(o)终止首次公开发售后股份奖励计划将于下列较早者终止：(i)自上市日期起计十年期间结束时（惟对于首次公开发售后股份奖励计划届满前任何已授出但未归属的奖励股份，则以使奖励股份归属或首次公开发售后股份奖励计划条文另有规则规定的期限为准）；及(ii)董事会厘定的提前终止日期，惟不得影响任何选定参与者根据首次公开发售后股份奖励计划规则拥有之任何既有权利，为免生疑问，本段所述选定参与者之既有权利变动纯粹指经已授予选定参与者的奖励股份所涉权利的任何变动。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司72REPORT OF DIRECTORS董事会报告书(p) Administration of the Post-IPO Share Award SchemeThe Board has the power to administer the Post-IPO Share AwardScheme in accordance with the rules of the Post-IPO Share AwardScheme and, where applicable, the trust deed, including the power toconstrue and interpret the rules of the Post-IPO Share Award Schemeand the terms of the Awards granted under the Post-IPO Share AwardScheme. The Board may delegate the authority to administer the Post-IPO Share Award Scheme to a committee of the Board or other person(s)as deemed appropriate at the sole discretion of the Board. The Board orits delegate(s) may also appoint one or more independent third partycontractors to assist in the administration of the Post-IPO Share AwardScheme as they think fit.(q) Grant of Shares under the Post-IPO Share Award SchemeAn application has been submitted to the Listing Committee for thelisting of, and permission to deal in, the Shares which may be issuedpursuant to the Post-IPO Share Award Scheme.During the year ended 31 December 2021, the details of the changes inthe Award Shares granted under the Post-IPO Share Award Scheme areset out below:RelevantRecipient相关奖励对象Number ofAward SharesGranted授出奖励股份数目Grant date授出日期Vesting period归属期间Granted andpendingvesting as of1 January 2021截至2021年1月1日已授出且待归属Vested duringthe period期内已归属Forfeitedduring theperiod期内已没收Granted andpendingvesting as of31 December2021截至2021年12月31日已授出且待归属Employees雇员2,683,3264 January 20212021年1月4日Vesting by batches withinfour years of the grant date授出日期后4年内分批次归属0750,74057,4581,875,128121,4634 January 20212021年1月4日4 January 20212021年1月4日0121,46300104,92531 March 20212021年3月31日Vesting by batches within300 days of the grant date授出日期后300日内分批次归属058,5731,58744,765(p)管理首次公开发售后股份奖励计划董事会有权按照首次公开发售后股份奖励计划的规则及信托契据（如适用）管理首次公开发售后股份奖励计划，包括解释及诠释首次公开发售后股份奖励计划的规则以及根据首次公开发售后股份奖励计划授出的奖励条款之权力。董事会可全权酌情将管理首次公开发售后股份奖励计划的权力转授予董事委员会或其认为合适的其他人士。董事会或其代表亦可委任彼等认为合适的一名或多名独立第三方承包商协助管理首次公开发售后股份奖励计划。(q)根据首次公开发售后股份奖励计划授出股份本公司已向上市委员会申请根据首次公开发售后股份奖励计划可能发行的股份上市及买卖。于截至2021年12月31日止年度期间，按首次公开发售后股份奖励计划授出之奖励股份的变动详情载列如下：
二零二一年年报ANNUAL REPORT 202173REPORT OF DIRECTORS董事会报告书RelevantRecipient相关奖励对象Number ofAward SharesGranted授出奖励股份数目Grant date授出日期Vesting period归属期间Granted andpendingvesting as of1 January 2021截至2021年1月1日已授出且待归属Vested duringthe period期内已归属Forfeitedduring theperiod期内已没收Granted andpendingvesting as of31 December2021截至2021年12月31日已授出且待归属721,2901 April 20212021年4月1日Vesting by batches withinfour years of the grant授出日期后4年内分批次归属000721,2909,6351 April 20212021年4月1日1 April 20212021年4月1日09,63500763,2581 June 20212021年6月1日Vesting by batches withinfour years of the grant授出日期后4年内分批次归属0021,740741,51813,4182 July 20212021年7月2日2 July 20212021年7月2日013,41800160,7522 July 20212021年7月2日Vesting by batches withinfour years of the grant授出日期后4年内分批次归属0065,88394,86924,5334 October 20212021年10月4日4 October 20212021年10月4日024,53300348,0584 October 20212021年10月4日Vesting by batches withinfour years of the grant授出日期后4年内分批次归属000348,058Goods orserviceproviders货品或服务供应商184,40929 March 20212021年3月29日15 June 20212021年6月15日0184,409005,135,06701,162,771146,6683,825,628Note:In relation to the fair value of the Award Shares granted under the Post-IPO ShareAward Scheme, please refer to note 28 to the consolidated financial statements.附注：就根据首次公开发售后股份奖励计划授出之奖励股份的公平值，请参阅综合财务报表附注28。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司74REPORT OF DIRECTORS董事会报告书股票挂钩协议除本年报所披露者外，截至2021年12月31日止年度期间或年度结束时，本公司概无订立任何股票挂钩协议。慈善捐款截至2021年12月31日止年度期间，本集团作出的捐款为人民币10.9百万元。购买、出售或赎回上市证券于截至2021年12月31日止年度期间，本公司及其任何附属公司或综合联属实体概无购买、出售或赎回本公司任何上市证券。上市所得款项净额用途本公司股份于2020年12月11日通过全球发售在联交所主板上市，经扣除专业费用、包销佣金及其他相关上市开支后，所筹得总所得款项净额（包括悉数行使超额配股权）合共约为5,781.7百万港元（「所得款项净额」）。诚如招股章程所述，首次公开发售所得款项的拟定用途载列如下：EQUITY-LINKED AGREEMENTSSave as disclosed in this annual report, no equity-linked agreement wasentered into by the Company at any time during or subsisted at the end ofthe year ended 31 December 2021.CHARITABLE DONATIONSThe donations made by the Group during the year ended 31 December 2021amounted to RMB10.9 million.PURCHASE, SALE OR REDEMPTION OF LISTEDSECURITIESDuring the year ended 31 December 2021, neither the Company nor anyof its subsidiaries or consolidated affiliated entities has purchased, sold orredeemed any of the Company’s listed securities.USE OF NET PROCEEDS FROM LISTINGThe Shares of the Company were listed on the Main Board of the StockExchange on 11 December 2020 by way of global offering, raised total netproceeds of approximately HK$5,781.7 million (the“Net Proceeds”) from theglobal offering (including the full exercise of the over-allotment option) afterdeducting professional fees, underwriting commissions and other relatedlisting expenses.As stated in the Prospectus, the intended uses of the IPO proceeds are setout below:
二零二一年年报ANNUAL REPORT 202175REPORT OF DIRECTORS董事会报告书Intended use ofNet Proceeds所得款项净额拟定用途Allocation ofNet Proceeds所得款项净额的分配Percentage oftotalNet proceeds占总所得款项净额百分比Amount ofNet Proceedsutilized up to31 December2021直至2021年12月31日已动用的所得款项净额金额Balance ofNet Proceedsunutilized as at31 December2021于2021年12月31日的未动用所得款项净额余额Intendedtimetable foruse of theunutilizedNet Proceeds动用未动用所得款项净额的拟定时间表(i)To finance part of our expansion plans of consumeraccess channels and overseas markets用于为我们的消费者触达渠道及海外市场扩展计划拨付部分资金HK$1,734.5 million1,734.5百万港元30.0%HK$735.8 million735.8百万港元HK$998.7 million998.7百万港元Before31 December 20242024年12月31日之前(a) for opening new retail stores用于开设新零售店HK$954.0 million954.0百万港元16.5%HK$603.4 million603.4百万港元HK$350.6 million350.6百万港元(b) for opening new roboshops用于开设新机器人商店HK$346.9 million346.9百万港元6.0%HK$98.7 million98.7百万港元HK$248.2 million248.2百万港元(c) for expanding our business into overseas markets用于扩展业务至海外市场HK$433.6 million433.6百万港元7.5%HK$33.7 million33.7百万港元HK$399.9 million399.9百万港元(ii) To fund our potential investments in, acquisitions of andstrategic alliance with companies along the value chainof our industry用于为潜在投资、收购本行业价值链上下游公司及与该等公司建立战略联盟拨资HK$1,561.1 million1,561.1百万港元27.0%HK$262.0 million262.0百万港元HK$1,299.1 million1,299.1百万港元Before31 December 20242024年12月31日之前(iii) To invest in technology initiatives to strengthen ourmarketing and fan engagement efforts, and to enhancethe digitalization of our business用于投资技术举措，以增强我们的营销及粉丝参与力度及提升业务的数字化程度HK$867.2 million867.2百万港元15.0%HK$139.8 million139.8百万港元HK$727.4 million727.4百万港元(a) for talent recruitment用于人才招募HK$173.5 million173.5百万港元3.0%HK$19.5 million19.5百万港元HK$154.0 million154.0百万港元Before31 December 20232023年12月31日之前(b) for acquiring relevant software and hardware toenhance digitalization and establish informationsystems for digital marketing, customer services,logistics, products, supply chain, warehousing,membership, transactions and store managementand marketing用于购买相关软件及硬件以加强数字化，并建立用于数字营销、客户服务、物流、产品、供应链、仓储，会员、交易以及门店管理及营销的信息系统HK$346.9 million346.9百万港元6.0%HK$28.3 million28.3百万港元HK$318.6 million318.6百万港元Before31 December 20242024年12月31日之前
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司76REPORT OF DIRECTORS董事会报告书Intended use ofNet Proceeds所得款项净额拟定用途Allocation ofNet Proceeds所得款项净额的分配Percentage oftotalNet proceeds占总所得款项净额百分比Amount ofNet Proceedsutilized up to31 December2021直至2021年12月31日已动用的所得款项净额金额Balance ofNet Proceedsunutilized as at31 December2021于2021年12月31日的未动用所得款项净额余额Intendedtimetable foruse of theunutilizedNet Proceeds动用未动用所得款项净额的拟定时间表(c) for optimizing our online marketing efforts,which primarily consist of strategically placedadvertisement, icons, links and news feeds on thirdparty promotional platforms用于优化我们的线上营销工作，主要包括战略性地在第三方推广平台上投放广告、图标、链接及信息推送HK$346.8 million346.8百万港元6.0%HK$92.0 million92.0百万港元HK$254.8 million254.8百万港元Before31 December 20242024年12月31日之前(iv) To expand our IP pool用于扩大我们的IP库HK$1,040.7 million1,040.7百万港元18.0%HK$68.3 million68.3百万港元HK$972.4 million972.4百万港元(a) for enhancing our ability to identify outstandingartists用于加强我们物色优秀艺术家的能力HK$260.3 million260.3百万港元4.5%HK$38.3 million38.3百万港元HK$222.0 million222.0百万港元Before31 December 20242024年12月31日之前(b) for recruiting talented designers to join our in-housedesign team to enhance our in-house original IPdevelopment capability by providing competitivesalary用于以提供具有竞争力的薪金的方式招募有才华的设计师加入我们的内部设计团队，以增强我们的内部原创IP发掘实力HK$86.6 million86.6百万港元1.5%HK$30.0 million30.0百万港元HK$56.6 million56.6百万港元Before31 December 20232023年12月31日之前(c) for acquisitions of popular IPs from to expand our IPpool用于收购受欢迎的IP以扩大我们的IP库HK$693.8 million693.8百万港元12.0%－HK$639.8 million639.8百万港元Before31 December 20242024年12月31日之前(v) Working capital and general corporate purposes营运资金及一般公司用途HK$578.2 million578.2百万港元10.0%HK$578.2 million578.2百万港元–Before31 December 20232023年12月31日之前
二零二一年年报ANNUAL REPORT 202177REPORT OF DIRECTORS董事会报告书本集团将遵照招股章程所载拟定目的动用首次公开发售所得款项净额。遵守企业管治守则本公司致力维持高企业管治水平。有关本公司采纳的企业管治常规的资料载于本年报第78至97页的企业管治报告。审核委员会本公司审核委员会已连同管理层及外部核数师审阅本集团采纳的会计政策及常规以及内部控制事宜，并已审阅本集团截至2021年12月31日止年度的综合财务报表。核数师本集团截至2021年12月31日止年度的综合财务报表已由罗兵咸永道会计师事务所审核。罗兵咸永道会计师事务所将于股东周年大会上退任，如符合资格可应聘续任，就此将于股东周年大会上提呈有关决议案。自上市日期起，本公司核数师并未更换。代表董事会董事会主席王宁先生香港，2022年3月28日The Group will utilise the Net Proceeds of the initial public offering inaccordance with the intended purposes as set out in the Prospectus.COMPLIANCE WITH THE CORPORATE GOVERNANCECODEThe Company is committed to maintaining high corporate governancestandards. Information on the corporate governance practices adopted bythe Company is set out in the Corporate Governance Report on pages 78 to97 of this annual report.AUDIT COMMITTEEThe audit committee of the Company, together with the management andthe external auditor, had reviewed the accounting policies and practicesadopted by the Group as well as the internal control matters, and had alsoreviewed the Group’s consolidated financial statements for the year ended31 December 2021.AUDITORThe consolidated financial statements of the Group for the ended 31December 2021 have been audited by PricewaterhouseCoopers.PricewaterhouseCoopers shall retire and being eligible, offer itself for re-appointment, and a resolution to this effect shall be proposed at the AGM.Since the Listing Date, the auditors of the Company have not changed.On behalf of the BoardMr. Wang NingChairman of the BoardHong Kong, 28 March 2022
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司78CORPORATE GOVERNANCE REPORT企业管治报告本公司董事会致力维持高水平的企业管治标准。董事会相信，高企业管治标准对于本公司提供框架以保障股东权益、提升企业价值及问责性方面发挥关键作用。除下文所披露偏离守则条文第C.2.1条外，本公司已采纳上市规则附录14所载企业管治守则的原则及守则条文，并于截至2021年12月31日止年度期间遵守适用守则条文。本公司致力提升适用于其经营行为及业务增长的企业管治常规，并不时审阅该等常规，以保证彼等符合法定及专业标准且与最新发展保持一致。董事会董事会监督本集团的业务、策略性决策及表现，并客观地作出符合本公司最佳利益的决策。董事会已向本集团高级管理层授权有关本集团日常管理及经营方面的权力及职责。董事会已成立三个董事委员会，包括审核委员会、薪酬委员会及提名委员会，以监督本公司特定范畴的事务。董事会已向董事委员会授权彼等各自职权范围所载的职责。所有董事委员会均获提供充足资源以履行其职责。董事会定期检讨董事向本公司履行职责所需付出的贡献，以及有关董事有否付出足够时间履行职责。The Board of the Company is committed to maintaining high corporategovernance standards. The Board believes that high corporate governancestandards are essential in providing a framework for the Company tosafeguard the interests of Shareholders and to enhance corporate value andaccountability.The Company has adopted the principles and code provisions as set out inthe CG Code contained in Appendix 14 to the Listing Rules and compliedwith the applicable code provisions during the year ended 31 December2021, save for deviation from code provision C.2.1 as disclosed below.The Company is committed to enhancing its corporate governance practicesappropriate to the conduct and the growth of its business and to reviewingsuch practices from time to time to ensure that they comply with statutoryand professional standards and align with the latest development.BOARD OF DIRECTORSThe Board oversees the Group’s businesses, strategic decisions andperformance and takes decisions objectively in the best interest of theCompany.The Board has delegated the authority and responsibilities for day-to-daymanagement and operation of the Group to the senior management of theGroup. To oversee particular aspects of the Company’s affairs, the Boardhas established three Board committees including the Audit Committee,the Remuneration Committee and the Nomination Committee. The Boardhas delegated to the Board committees responsibilities as set out in theirrespective terms of reference. All Board committees are provided withsufficient resources to perform their duties.The Board regularly reviews the contribution required from a Director toperform his/her responsibilities to the Company, and whether the Director isspending sufficient time performing them.
二零二一年年报ANNUAL REPORT 202179CORPORATE GOVERNANCE REPORT企业管治报告董事会组成董事会目前由九名董事组成，包括四名执行董事、两名非执行董事及三名独立非执行董事。本公司现届董事会成员名单如下：姓名于本公司职位王宁先生执行董事、董事会主席及行政总裁杨涛女士执行董事及副总裁刘冉女士执行董事及副总裁司德先生执行董事、首席运营官及中国区业务总裁屠铮先生非执行董事何愚先生非执行董事张建君先生独立非执行董事吴联生先生独立非执行董事颜劲良先生独立非执行董事董事名单（按类别划分）亦不时根据上市规则于本公司刊发的所有企业通讯中披露。根据上市规则，所有公司通讯亦已对独立非执行董事作出明确区分。各董事履历资料载于本年报「董事及高级管理层履历」一节。除招股章程及本年报所披露者外，据本公司所深知，董事会成员之间概无财务、业务、家族或其他重大关系。主席及行政总裁根据第C.2.1条守则条文，主席与行政总裁的角色应区别开来，不应由一个人履行。根据董事会现时架构，王宁先生同时担任本公司主席及行政总裁的角色。Board CompositionThe Board currently comprises nine Directors, consisting of four executiveDirectors, two non-executive Directors and three independent non-executiveDirectors. The current members of the Board of the Company are listed asfollows:NamePosition in the CompanyMr. Wang NingExecutive Director, Chairman of the Board andChief Executive OfficerMs. Yang TaoExecutive Director and Vice PresidentMs. Liu RanExecutive Director and Vice PresidentMr. Si DeExecutive Director, Chief Operating Officer andPresident of China BusinessMr. Tu ZhengNon-executive DirectorMr. He YuNon-executive DirectorMr. Zhang JianjunIndependent non-executive DirectorMr. Wu LianshengIndependent non-executive DirectorMr. Ngan King Leung GaryIndependent non-executive DirectorThe list of Directors (by category) is also disclosed in all corporatecommunications issued by the Company from time to time pursuant tothe Listing Rules. The independent non-executive Directors are expresslyidentified in all corporate communications pursuant to the Listing Rules.The biographical information of the Directors is set out in the section headed“Biographies of Directors and Senior Management”of this annual report.Save as disclosed in the Prospectus and this annual report, to the bestknowledge of the Company, there are no financial, business, family, or othermaterial relationships among members of the Board.Chairman and Chief Executive OfficerCode provision C.2.1 of the CG Code stipulates that the roles of chairmanand chief executive should be segregated and should not be performed bythe same individual. According to the current structure of the Board, thepositions of the Chairman and Chief Executive Officer of the Company areheld by Mr. Wang Ning.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司80CORPORATE GOVERNANCE REPORT企业管治报告The Board believes that this structure will not impair the balance of powerand authority between the Board and the management of the Company,given that: (i) decision to be made by the Board requires approval by at leasta majority of the Directors and that the Board comprises three independentnon-executive Directors out of nine Directors, and the Board believes thereis sufficient check and balance on the Board; (ii) Mr. Wang Ning and theother Directors are aware of and undertake to fulfil their fiduciary duties asDirectors, which require, among other things, that they act for the benefitand in the best interests of the Company and will make decisions of theGroup accordingly; and (iii) the balance of power and authority is ensured bythe operations of the Board which comprises experienced and high caliberindividuals who meet regularly to discuss issues affecting the operations ofthe Group. Moreover, the overall strategic and other key business, financialand operational policies of the Group are made collectively after thoroughdiscussion at both the Board and senior management levels. Finally, as Mr.Wang Ning is our principal founder, the Board believes that vesting the rolesof both chairman and chief executive officer in the same person has thebenefit of ensuring consistent leadership within the Group and enables moreeffective and efficient overall strategic planning for the Group. The Board willcontinue to review the effectiveness of the corporate governance structureof the Group in order to assess whether separation of the roles of chairmanand chief executive officer is necessary.Independent Non-Executive DirectorsSince the Listing Date to the Latest Practicable Date, the Board at all timesmet the requirements of the Listing Rules relating to the appointment of atleast three independent non-executive Directors representing at least one-third of the Board with one of whom possessing appropriate professionalqualifications or accounting or related financial management expertise.The Company has received written annual confirmation from each of theindependent non-executive Directors in respect of his independence inaccordance with the independence guidelines set out in Rule 3.13 of theListing Rules. The Company is of the view that all independent non-executiveDirectors are independent and remain so as of the Latest Practicable Date.鉴于以下情况，董事会认为此架构将不会损害董事会与本公司管理层之间的权力平衡及权限分布：(i)董事会作出的决定须至少经大多数董事批准，且董事会九名董事中的三名为独立非执行董事，故董事会认为董事会内有充足权力制衡；(ii)王宁先生及其他董事知悉并承诺履行其作为董事的受信职责，当中要求（其中包括）彼等为本公司的裨益及最佳利益行事，并将据此作出本集团决策；及(iii)董事会的运作确保权力平衡及权限分布，董事会由经验丰富且才华横溢的人士组成，彼等定期开会讨论影响本集团运作的事宜。此外，本集团的整体战略及其他主要业务、财务及营运政策乃于董事会及高级管理层层级进行全面讨论后共同制定。最后，由于王宁先生为我们的主要创始人，故董事会认为，由同一人士担任主席及行政总裁将有利于确保本集团内部领导贯彻一致，令本集团实现更为有效及高效的整体战略规划。董事会将持续检讨本集团企业管治架构的成效，以评估是否有必要分离主席及行政总裁的角色。独立非执行董事于上市日期至最后实际可行日期，董事会一直符合上市规则有关至少委聘三名独立非执行董事，即董事会的三分之一中有一名独立非执行董事须具备适当的专业资格或会计或相关财务管理专长的规定。本公司已根据上市规则第3.13条所载独立性指引，接获各独立非执行董事有关其独立性的年度书面确认书。本公司认为，所有独立非执行董事均为独立人士，并于截至最后实际可行日期一直为独立人士。
二零二一年年报ANNUAL REPORT 202181CORPORATE GOVERNANCE REPORT企业管治报告委任及重选董事各执行董事已与本公司订立服务协议，任期自上市日期起计为期三年，并可根据其各自的条款予以终止。各非执行董事已与本公司订立服务协议，任期自上市日期起计为期三年，并可根据其各自的条款予以终止。各独立非执行董事均已接获委聘书，任期自上市日期起计为期三年，并须每三年轮值告退一次。所有董事的任期均受组织章程细则有关董事轮值告退之条文所规限。根据组织章程细则，于本公司各届股东周年大会上，当时三分之一董事（或倘若彼等的数目并非三或三的倍数，则最接近但不少于三分之一的数目）须轮值退任并合资格重新当选连任，惟每名董事（包括获委任于指定任期为董事者）必须至少每三年轮值退任一次。任何人士获董事会委任以填补董事会的临时空缺或增加董事会成员，须任职至本公司下届股东大会时止，并符合资格于股东大会上膺选连任。董事会及管理层的职责、问责及贡献董事会负责领导及控制本公司，并集体负责指导及监督本公司事务。董事会直接及通过其委员会间接领导，并通过制定战略及监督战略的实施向管理层提供指导、监督本集团的营运及财务表现，并确保具备健全的内部控制及风险管理体系。全体董事（包括独立非执行董事）为董事会的高效及有效运作提供广泛的宝贵商业经验、知识及专业精神。独立非执行董事负责确保本公司的高标准监管报告，并在董事会中提供平衡，以就企业行动及营运提出有效的独立判断。Appointment and Re-election of DirectorsEach of the executive Directors has entered into a service agreement withthe Company for a term of three years commencing from the Listing Date,which are subject to termination in accordance with their respective terms.Each of the non-executive Directors has entered into a service agreementwith the Company for a term of three years commencing from the ListingDate, which are subject to termination in accordance with their respectiveterms.Each of the independent non-executive Directors was engaged on a letterof appointment for a term of three years commencing from the Listing Dateand shall be subject to retirement by rotation once every three years.All Directors will hold office subject to provision of retirement and rotationof directors under the Articles of Association. Pursuant to the Articles ofAssociation, at every annual general meeting of the Company one-third ofthe Directors for the time being (or, if their number is not three or a multipleof three, then the number nearest to but not less than one-third) shallretire from office by rotation and be eligible for re-election, provided thatevery Director (including those appointed for a specific term) is subject toretirement by rotation at least once every three years. Any person appointedby the Board to fill a temporary vacancy on or as an addition to the Boardshall hold office only until the next general meeting of the Company, andshall then be eligible for re-election.Responsibilities, Accountabilities and Contributions of theBoard and ManagementThe Board should assume responsibility for leadership and control of theCompany and is collectively responsible for directing and supervising theCompany’s affairs.The Board directly, and indirectly through its committees, leads and providesdirection to the management by laying down strategies and overseeing theirimplementation, monitors the Group’s operational and financial performance,and ensures that sound internal control and risk management systems are inplace.All Directors, including independent non-executive Directors, havebrought a wide spectrum of valuable business experience, knowledge andprofessionalism to the Board for its efficient and effective functioning. Theindependent non-executive Directors are responsible for ensuring a highstandard of regulatory reporting of the Company and providing a balancein the Board for bringing effective independent judgement on corporateactions and operations.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司82CORPORATE GOVERNANCE REPORT企业管治报告All Directors have full and timely access to all the information of theCompany and may, upon request, seek independent professional advice inappropriate circumstances, at the Company’s expenses for discharging theirduties to the Company.The Directors shall disclose to the Company details of other offices held bythem.The Board reserves for its decisions on all major matters relating to policymatters, strategies and budgets, internal control and risk management,material transactions (in particular those that may involve conflict ofinterests), financial information, appointment of directors and othersignificant operational matters of the Company. Responsibilities relatingto implementing decisions of the Board, directing and co-ordinating thedaily operation and management of the Company are delegated to themanagement.The Board has clearly set out the circumstances under which themanagement should report to and obtain prior approval from the Boardbefore making decisions or entering into any commitments on behalf of theCompany. The Board regularly reviews the above said circumstances andensures they remain appropriate.The Company has arranged appropriate insurance coverage on Directors’andofficers’liabilities in respect of any legal action taken against them arisingout of corporate activities. The insurance coverage would be reviewed on anannual basis.Continuous Professional Development of DirectorsDirectors shall keep abreast of regulatory developments and changes inorder to effectively perform their responsibilities and to ensure that theircontribution to the Board remains informed and relevant.Every newly appointed Director has received a formal and comprehensiveinduction on the first occasion of his/her appointment to ensure appropriateunderstanding of the business and operations of the Company and fullawareness of Director’s responsibilities and obligations under the ListingRules and relevant statutory requirements. Such induction shall besupplemented by visits to the Company’s key place of business and meetingswith senior management of the Company.全体董事均可全面并及时查阅本公司所有资料，以及可按要求于适当情况下征询独立的专业意见，以履行其对本公司的职责，费用由本公司承担。董事应向本公司披露其所担任的其他职务详情。董事会保留就与本公司政策事项、战略及预算、内部控制及风险管理、重大交易（尤其是可能涉及利益冲突的交易）、财务资料、董事任命以及其他重要营运事项有关的所有重大事项的决策权。董事会向管理层授权与执行董事会决策、指导以及协调本公司日常营运及管理有关的职责。董事会已明确规定，管理层于代表本公司作出决策或作出任何承诺前，应先向董事会报告并获得事先批准。董事会定期审阅上述情况，并确保有关安排仍然适当。本公司已就企业活动所引起针对董事及高级管理人员的法律诉讼，作出适当的投保安排。保险范围将每年进行审阅。董事的持续专业发展董事应紧贴监管发展及变动，以便有效履行其职责，并确保其对董事会作出适切贡献。每名新委任董事于其获委任之初均已接受正式全面的入职培训，以确保其对本公司业务及营运有适当了解，并完全知悉其在上市规则及相关法律规定下的职责及责任。此等培训将以参观本公司的主要营业地点并与本公司的高级管理层会面辅助进行。
二零二一年年报ANNUAL REPORT 202183CORPORATE GOVERNANCE REPORT企业管治报告董事应持续参与适当的专业发展以提升及更新自身的知识及技能。本公司将在适当情况下为董事安排内部简介会及向董事发出相关主题的阅读材料。本公司鼓励所有董事出席相关培训课程，费用由本公司承担。截至2021年12月31日止年度期间，本公司为全体董事举办培训课程，课程由法律顾问讲授。培训课程涵盖的相关主题范围广泛，包括董事的职责及责任、持续关连交易、利益披露及法规更新。此外，我们已向董事提供相关阅读材料（包括合规手册╱法律及法规更新╱研讨会讲义），供彼等参考及研读。截至2021年12月31日止年度，董事的培训记录概述如下：Directors should participate in appropriate continuous professionaldevelopment to develop and refresh their knowledge and skills. Internally-facilitated briefings for Directors would be arranged and reading materialson relevant topics would be provided to Directors where appropriate.All Directors are encouraged to attend relevant training courses at theCompany’s expenses.During the year ended 31 December 2021, the Company organized trainingsessions conducted by the legal advisers for all Directors. The trainingsessions covered a wide range of relevant topics including directors’dutiesand responsibilities, continuing connected transaction, disclosure of interestsand regulatory updates. In addition, relevant reading materials includingcompliance manual/legal and regulatory updates/seminar handouts havebeen provided to the Directors for their reference and studying.The training records of the Directors for the year ended 31 December 2021are summarized as follows:Name of Directors董事姓名Attending training,briefings, seminars,conferences and workshopsrelevant to the Company’sindustry and business,director’s duties and/orcorporate governance与本公司行业及业务、董事职责及╱或企业管治有关的培训、简介会、研讨会、会议及工作坊出席情况Reading news alerts,newspapers, journals,magazines and publicationsrelevant to the Company’sindustry and business,director’s duties and/orcorporate governance阅读与本公司行业及业务、董事职责及╱或企业管治有关的新闻快讯、报章、期刊、杂志及出版物Executive Directors执行董事Mr. Wang Ning (Chairman of the Board)王宁先生（董事会主席）√√Ms. Yang Tao杨涛女士√√Ms. Liu Ran刘冉女士√√Mr. Si De司德先生√√Non-executive Directors非执行董事Mr. Tu Zheng屠铮先生√√Mr. He Yu何愚先生√√Independent non-executive Directors独立非执行董事Mr. Zhang Jianjun张建君先生√√Mr. Wu Liansheng吴联生先生√√Mr. Ngan King Leung Gary颜劲良先生√√
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司84CORPORATE GOVERNANCE REPORT企业管治报告BOARD COMMITTEESThe Board has established three committees namely, the Audit Committee,the Remuneration Committee and the Nomination Committee, each of whichhas been delegated responsibilities and reports back to the Board. The rolesand functions of these committees are set out in their respective terms ofreference. The terms of reference of each of these committees will be revisedfrom time to time to ensure that they continue to meet the needs of theCompany and to ensure compliance with the CG Code where applicable. Theterms of reference of the Audit Committee, the Remuneration Committeeand the Nomination Committee are posted on the Company’s website andthe Stock Exchange’s website and are available to Shareholders upon request.Audit CommitteeThe Audit Committee comprises three members, including two independentnon-executive Directors, namely Mr. Wu Liansheng and Mr. Ngan KingLeung Gary and one non-executive Director, namely Mr. Tu Zheng. Mr. WuLiansheng is the chairman of the Audit Committee.The terms of reference of the Audit Committee are of no less exacting termsthan those set out in the CG Code. The main duties of the Audit Committeeare to assist the Board in reviewing the financial information and reportingprocess, risk management and internal control systems, effectiveness of theinternal audit function, scope of audit and appointment of external auditors,provide advice and comments to the Board and arrangements to enableemployees of the Company to raise concerns about possible improprieties infinancial reporting, internal control or other matters of the Company.During the year ended 31 December 2021, the Audit Committee held fivemeetings, during which matters such as reviewing the annual financial resultsand report for the year ended 31 December 2020, reviewing the Group’sunaudited interim results for the six months ended 30 June 2021, discussingthe audit plan for the 2021 financial year with the auditor, significant issueson the financial reporting, operational and compliance controls, effectivenessof the risk management and internal control systems and internal auditfunction.The Audit Committee considers that the annual financial results for the yearended 31 December 2021 are in compliance with the relevant accountingstandards, rules and regulations and appropriate disclosures have been dulymade.The Audit Committee also met the external auditors once without thepresence of the executive Directors.董事委员会董事会已成立三个委员会，即审核委员会、薪酬委员会及提名委员会，其各自已获董事会授权责任并向董事会报告。该等委员会的角色及职能已载列于其各自的职权范围。各委员会的职权范围将不时进行修订，以确保其继续满足本公司的需求，并确保于适当情况下遵守企业管治守则。审核委员会、薪酬委员会及提名委员会的职权范围登载于本公司网站及联交所网站，并可应要求向股东提供。审核委员会审核委员会由三名成员组成，包括两名独立非执行董事（即吴联生先生及颜劲良先生）以及一名非执行董事（即屠铮先生）。吴联生先生为审核委员会主席。审核委员会的职权范围与企业管治守则所载条文一致。审核委员会的主要职责是协助董事会审阅财务资料及报告流程、风险管理及内部控制系统、内部审核职能的有效性、审核范围及委任外部核数师、向董事会提供建议及意见，以及作出安排使本公司雇员能对本公司财务报告、内部控制或其他事项中可能存在的不当行为提出疑虑。于截至2021年12月31日止年度期间，审核委员会举行了五次会议，会议期间处理审阅截至2020年12月31日止年度之年度财务业绩及报告、审阅截至2021年6月30日止六个月本集团未经审核中期业绩及与核数师讨论2021财政年度之审核计划、有关财务报告、营运及合规控制、风险管理及内部控制系统以及内部审核职能有效性的重大问题等事宜。审核委员会认为截至2021年12月31日止年度全年业绩符合相关会计准则、规则及规例，并已妥为作出适当披露。审核委员会亦在执行董事不在场的情况下与外部核数师会面。
二零二一年年报ANNUAL REPORT 202185CORPORATE GOVERNANCE REPORT企业管治报告薪酬委员会薪酬委员会由三名成员组成，包括两名独立非执行董事（即张建君先生及吴联生先生）以及一名执行董事（即王宁先生）。张建君先生为薪酬委员会主席。薪酬委员会的职权范围与企业管治守则所载条文一致。薪酬委员会的主要职责包括就个别执行董事及高级管理层的薪酬待遇、全体董事及高级管理层的薪酬政策及架构向董事会提供推荐建议、建立正式透明的程序以制订薪酬政策，确保概无董事或其任何联系人将参与决定其本身的薪酬。于截至2021年12月31日止年度期间，薪酬委员会举行了一次会议，会议期间讨论董事及高级管理层的薪酬待遇及其他有关事宜。提名委员会提名委员会由三名成员组成，包括一名执行董事（即王宁先生）以及两名独立非执行董事（即张建君先生及吴联生先生）。王宁先生为提名委员会主席。提名委员会的职权范围与企业管治守则所载条文一致。提名委员会的主要职责包括每年检讨董事会的架构、规模及多元化、就任何为配合本公司企业策略而拟对董事会作出的变动向董事会提供推荐建议、监督董事会成员多元化政策的实施，以及评估独立非执行董事的独立性。于截至2021年12月31日止年度期间，提名委员会举行了一次会议，会议期间讨论董事会架构、规模及组成、向董事会推荐重选董事及评估独立非执行董事的独立性。提名委员会认为已维持董事会多元化观点的适当平衡。Remuneration CommitteeThe Remuneration Committee comprises three members, including twoindependent non-executive Directors, namely Mr. Zhang Jianjun and Mr. WuLiansheng and one executive Directors, namely Mr. Wang Ning. Mr. ZhangJianjun is the chairman of the Remuneration Committee.The terms of reference of the Remuneration Committee are of no lessexacting terms than those set out in the CG Code. The primary functions ofthe Remuneration Committee include making recommendations to the Boardon the remuneration packages of individual executive Directors and seniormanagement, making recommendations to the Board on the Company’sremuneration policy and structure for all Directors and senior management;establishing a formal and transparent procedure for developing remunerationpolicy to ensure that no Director or any of his/her associates will participatein deciding his/her own remuneration.During the year ended 31 December 2021, the Remuneration Committeeheld one meeting, during which matters such as the remuneration packagesof the Directors and senior management and other related matters werediscussed.Nomination CommitteeThe Nomination Committee comprises three members, including oneexecutive Director, namely Mr. Wang Ning and two independent non-executive Directors, namely Mr. Zhang Jianjun and Mr. Wu Liansheng. MrWang Ning is the chairman of the Nomination Committee.The terms of reference of the Nomination Committee are of no less exactingterms than those set out in the CG Code. The principal duties of theNomination Committee include reviewing the structure, size and diversityrequired of the Board annually and making recommendations on anyproposed change to the Board to complement the Company’s corporatestrategy; monitoring the implementation of diversity policy for boardmembers, and assessing the independence of independent non-executiveDirectors.During the year ended 31 December 2021, the Nomination Committee heldone meeting, during which matters such as structure, size and compositionof the Board, making recommendations to the Board on the re-appointmentof Directors, and assessing in the independence of independent non-executive Directors were discussed. The Nomination Committee consideredan appropriate balance of diversity perspectives of the Board is maintained.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司86CORPORATE GOVERNANCE REPORT企业管治报告In accordance with the Articles of Association, Directors shall be elected bythe general meeting with a term of three years and may serve consecutiveterms if re-elected. Any person appointed by the Board to fill a temporaryvacancy or as an addition to the Board shall hold office only until the nextgeneral meeting of the Company, and shall then be eligible for re-election.At the expiry of a Director’s term, the Director may stand for re-election andreappointment for further term. Subject to the compliance of the provisionsof the relevant laws and administrative regulations, the general meeting ofthe Shareholders may dismiss by ordinary resolution any Directors of whomthe term of office has not expired (the claim for compensation under anycontracts shall however be not affected).The procedures for the appointment, re-election and removal of directorsare set out in the Articles of Association. The Nomination Committeewill identify individuals suitably qualified to become directors and makerecommendations to the Board on the selection of individuals. TheNomination Committee will determine the composition of board membersbased on a range of diversity perspectives, including but not limited togender, age, cultural and educational background, ethnicity, professionalexperience, skills, knowledge and length of service. The NominationCommittee will also make recommendations to the Board of Directors onthe appointment or re-appointment of directors and succession planning fordirectors (in particular the Chairman of the Board of Directors and the generalmanager), taking into account the Company’s corporate strategy and mix ofskills, knowledge, experience and diversity needed in the future.BOARD DIVERSITY POLICY AND NOMINATIONPOLICYThe Board has adopted the Board Diversity Policy which sets out the basicprinciples to be followed to ensure that the board has the appropriatebalance of skills, experience and diversity of perspectives necessary toenhance the effectiveness of the Board and to maintain high standards ofcorporate governance.The Board has also adopted the Nomination Policy which sets out thenomination procedures for selecting candidates for election as Directors ofthe Board of the Group. The policy is adopted by the Board and administeredby the Nomination Committee.根据组织章程细则，董事应于股东大会上以选举产生，任期为三年，可获重选连任。任何人士获董事会委任以填补董事会的临时空缺或增加董事会成员，须任职至本公司下届股东大会时止，并符合资格于股东大会上膺选连任。董事任期届满时，董事可膺选连任及重新委任。在遵守相关法律及行政法规规定的前提下，股东大会可通过普通决议罢免任何任期未届满的董事，惟任何合约项下的赔偿索偿概不受影响。组织章程细则载列委任、重选及罢免董事的程序。提名委员会将物色合适合资格人选担任董事，并就甄选个人向董事会提供推荐建议。提名委员会将根据一系列多元化观点决定董事会成员的组成，包括但不限于性别、年龄、文化及教育背景、种族、专业经验、技能、知识及服务年期。提名委员会亦将考虑本公司企业策略以及日后所需的技能、知识、经验及多元化组合，就委任或重新委任董事以及董事（尤其是董事会主席及总经理）的继任计划向董事会提供推荐建议。董事会多元化政策及提名政策董事会已采纳董事会多元化政策，当中载列须遵循的基本原则，以确保董事会具有必要技能、经验及多元化观点之间的适当平衡，以提升董事会的有效性及维持高标准的企业管治。董事会亦已采纳提名政策，当中载列甄选本集团董事候选人的提名程序。有关政策经董事会采纳，并由提名委员会管理。
二零二一年年报ANNUAL REPORT 202187CORPORATE GOVERNANCE REPORT企业管治报告董事会候选人的遴选乃基于以下因素（其中包括）品格及诚信、资历、愿意投入足够的时间履职以及一系列多元化观点，经参考本公司的业务模式及特定需求。候选人的遴选及推荐将基于提名程序、提名委员会采纳的流程及标准以及多项观点，包括但不限于性别、年龄、文化及教育背景、行业经验、技术及专业技能及╱或建议候选人的资历、知识、服务年期、个人操守及时间承诺。本公司亦应考虑与自身业务模式及不时的特定需求有关的因素。最终决定乃基于所选候选人将为董事会带来的功绩及贡献作出。提名委员会应定期检讨董事会多元化政策及提名政策以及可衡量目标（如适用），以确保董事会的持续有效性。董事会目前由两名女性董事及七名男性董事组成，知识及技能均衡，包括但不限于整体管理及策略发展、财务、会计及风险管理，符合联交所对性别多元化的要求。企业管治职能董事会负责履行企业管治守则守则条文第A.2.1条所载的职能。于截至2021年12月31日止年度期间，董事会已检讨本公司在遵守法律及监管规定方面的政策及常规、董事及高级管理层的培训及持续专业发展、企业管治政策及常规、标准守则的遵守情况、本公司遵守企业管治守则的情况以及于本企业管治报告的披露情况。Selection of board candidates shall be based on amongst others, characterand integrity, qualifications, willingness to devote adequate time and a rangeof diversity perspectives with reference to the Company’s business modeland specific needs.Selection and recommendation of candidates will be based on thenomination procedures and the process and criteria adopted by theNomination Committee and a number of perspectives, including but notlimited to gender, age, cultural and educational background, industryexperience, technical and professional skills and/or qualifications, knowledge,length of services, personal integrity and time commitments of the proposedcandidates. The Company should also take into account factors relating toits own business model and specific needs from time to time. The ultimatedecision is based on merit and contribution that the selected candidates willbring to the Board.The Nomination Committee shall review the Board Diversity Policy andthe Nomination Policy and the measurable objectives periodically, and asappropriate, to ensure the continued effectiveness of the Board.The Board currently consists of two female Directors and seven male Directorswith a balanced mix of knowledge and skills, including but not limited tooverall management and strategic development, finance, accounting and riskmanagement, which has satisfied with the requirement of gender diversityby the Stock Exchange.CORPORATE GOVERNANCE FUNCTIONSThe Board is responsible for performing the functions set out in the codeprovision A.2.1 of the CG Code.During the year ended 31 December 2021, the Board had reviewed theCompany’s policies and practices on compliance with legal and regulatoryrequirements, training and continuous professional development of Directorsand senior management, the corporate governance policies and practices,the compliance of the Model Code, and the Company’s compliance with theCG Code and the disclosure in this Corporate Governance Report.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司88CORPORATE GOVERNANCE REPORT企业管治报告BOARD MEETINGS AND DIRECTORS’ATTENDANCERECORDSDuring the year ended 31 December 2021, the Company in accordance withcode provision C.5.1 of the CG Code, has adopted the practice of holdingBoard meetings regularly with at least four times a year, and at approximatelyquarterly intervals with active participation of majority of the Directors, eitherin person or through electronic means of communication.The attendance records of each Director at the Board and Board committeemeetings of the Company held during the year ended 31 December 2021 areset out below:Attendance/Number of Meeting(s)出席情况╱会议次数Name of Directors董事姓名Boardmeeting(s)董事会AuditCommitteeMeeting(s)审核委员会会议RemunerationCommitteemeeting(s)薪酬委员会会议NominationCommitteemeeting(s)提名委员会会议Generalmeeting(s)股东大会Executive Directors执行董事Mr. Wang Ning王宁先生4/4N/A不适用1/11/11/1Ms. Yang Tao杨涛女士4/4N/A不适用N/A不适用N/A不适用1/1Ms. Liu Ran刘冉女士4/4N/A不适用N/A不适用N/A不适用1/1Mr. Si De司德先生3/4N/A不适用N/A不适用N/A不适用1/1Non-executive Directors非执行董事Mr. Tu Zheng屠铮先生4/45/5N/A不适用N/A不适用1/1Mr. He Yu何愚先生4/4N/A不适用N/A不适用N/A不适用1/1Independent non-executiveDirectors独立非执行董事Mr. Zhang Jianjun张建君先生4/4N/A不适用1/11/11/1Mr. Wu Liansheng吴联生先生4/45/51/11/11/1Mr. Ngan King Leung Gary颜劲良先生4/45/5N/A不适用N/A不适用1/1董事会会议及董事的出席记录于截至2021年12月31日止年度期间，根据企业管治守则守则条文第C.5.1条，本公司已采取每年至少四次定期定期举行董事会会议之做法，大约每季一次，大多数董事亲自或通过电子通讯方式积极参与会议。于截至2021年12月31日止年度期间，各董事的董事会及董事委员会会议出席记录载列如下：
二零二一年年报ANNUAL REPORT 202189CORPORATE GOVERNANCE REPORT企业管治报告所有董事会定期会议的通知须于会议举行前至少十四天送呈全体董事，让全体董事有机会出席定期会议以及提呈将于会议议程中讨论的事宜。就其他董事会及董事委员会会议而言，本公司一般会发出适当通知。董事会文件以及所有适当、完整及可靠资料须于各董事会会议或委员会会议举行前至少三天送呈全体董事，让董事了解本公司的最新动态及财务状况，并使其能作出知情决定。在必要情况下，董事会及各董事亦可分别及独立接触高级管理层。高级管理层出席所有董事会定期会议，并在必要时出席其他董事会及委员会会议，以就业务发展、财务及会计事项、法规及监管合规、企业管治以及本公司其他主要方面提供建议。公司秘书负责记录并保存所有董事会会议及委员会会议的会议记录。会议记录草稿一般会于每次会议后一段合理时间内供董事传阅，董事可借此提供意见，而会议记录的定稿亦公开予董事查阅。组织章程细则载有条文，规定董事就批准有关该等董事或其各自任何联系人于当中拥有潜在或实际利益冲突的交易时放弃投票，且不计算在会议的法定人数内。风险管理及内部控制董事会确认其对风险管理及内部控制系统负有责任，并负责检讨其成效。该等系统旨在管理而非消除未能达成业务目标的风险，且仅能就并无重大失实陈述或损失作出合理而非绝对保证。董事会全面负责评估及厘定本公司达成战略目标时所愿意承担的风险性质及程度，并设立及维护适当而有效的风险管理及内部控制系统。Notices of not less than 14 days will be given for all regular Board meetingsto provide all Directors with an opportunity to attend and include mattersin the agenda for a regular meeting. For other Board and Board committeemeetings, reasonable notice will be generally given.Board papers together with all appropriate, complete and reliableinformation are sent to all Directors at least three days before each Boardmeeting or committee meeting to keep the Directors apprised of the latestdevelopments and financial position of the Company and to enable them tomake informed decisions. The Board and each Director also have separateand independent access to the senior management whenever necessary.The senior management attends all regular Board meetings and wherenecessary, other Board and committee meetings to advise on businessdevelopments, financial and accounting matters, statutory and regulatorycompliance, corporate governance and other major aspects of the Company.The company secretary is responsible for taking and keeping minutes ofall Board meetings and committee meetings. Draft minutes are normallycirculated to Directors for comment within a reasonable time after eachmeeting and the final version is open for Directors’inspection.The Articles of Association contain provisions requiring Directors to abstainfrom voting and not to be counted in the quorum at meetings for approvingtransactions in which such Directors or any of their associates have potentialor actual conflicts of interests.RISK MANAGEMENT AND INTERNAL CONTROLSThe Board acknowledges its responsibility for the risk management andinternal control systems and reviewing their effectiveness. Such systemsare designed to manage rather than eliminate the risk of failure to achievebusiness objectives, and can only provide reasonable but not absoluteassurance against material misstatement or loss.The Board has the overall responsibility for evaluating and determining thenature and extent of the risks it is willing to take in achieving the Company’sstrategic objectives, and establishing and maintaining appropriate andeffective risk management and internal control systems.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司90CORPORATE GOVERNANCE REPORT企业管治报告The Audit Committee assists the Board in leading the managementand overseeing the design, implementation and monitoring of the riskmanagement and internal control systems. Heads of departments managerisks through identification, evaluation and mitigation of risk identified.Risk management mainly includes four major areas: risks identification, risksassessment, risks response and risk monitoring and reporting.Risk identification: each business and functional department and itssubsidiaries conducts, once in a year, an identification of potential internaland external risks in its respective operation processes. During risksidentification, references are mainly made to the impact the risks have on theCompany’s objectives, and major problems or risk incidents in the businessactivities for the past year.Risk assessment: according to the risks assessment standards, each businessand functional department and its subsidiaries reviews the risks identified,and assesses the possibilities of occurrence and the extents of impacts inorder to screen out the significant risks. The Group adopts a combination ofbottom-up and top-down risk assessment procedures to fully identify all ofthe Group’s significant risks, which are then given rankings. Significant risksare then reported to the appropriate management level, Audit Committeeand the Board. A final list of significant risks is confirmed after thoroughcommunication and discussion.Risks response: the responsible department of the identified risks formulatesa risk response plan by properly applying methods such as risk avoidance, riskreduction, risk sharing and risk acceptance, with consideration of the Group’slevel of risk tolerance. This allows the Group to properly allocate resources forrisk mitigation or improvements on risk response measures, with an aim toreduce the overall risk of the Group to an acceptable level.Risk monitoring and reporting: risk monitoring and reporting are carriedout by integrating the use of risk warning indicators, internal auditing andperiodic summarized risk reports.审核委员会协助董事会领导管理层并监督风险管理及内部控制系统的设计、实施及监控。部门主管透过识别、评估及降低已识别风险进行风险管理。风险管理主要包括四个主要领域：风险识别、风险评估、风险应对以及风险监控及报告。风险识别：各业务及职能部门以及其附属公司每年进行一次识别其各自营运流程中潜在的内部及外部风险。于识别风险期间，主要参考风险对本公司目标的影响以及过去一年业务活动中的重大问题或风险事件。风险评估：根据风险评估标准，各业务及职能部门以及其附属公司对已识别风险进行审查，并评估发生的可能性及影响程度，以筛选出重大风险。本集团采纳自下而上及自上而下的风险评估程序，以全面识别本集团所有重大风险，其后对其进行排名。随后，向相应的管理层、审核委员会及董事会报告重大风险。进行充分沟通及讨论后，最终确认重大风险清单。风险应对：经考虑本集团的风险承受能力，已识别风险的负责部门通过适当运用诸如规避风险、降低风险、分担风险及接受风险等方法制定风险应对计划。此举令本集团能适当分配资源以缓解风险或改善风险应对措施，借以将本集团的整体风险降至可接受水平。风险监控及报告：风险监控及报告乃通过整合使用风险警告指标、内部审核及定期汇总风险报告进行。
二零二一年年报ANNUAL REPORT 202191CORPORATE GOVERNANCE REPORT企业管治报告我们通过于组织架构中维持内部控制系统，致力维持业务的完整性。我们的内部控制及风险管理系统涵盖（其中包括）企业管治、营运、管理、法律事务、财务及审核等方面。我们的审计部已审阅我们的内部控制体系，且我们已实施并将继续实施彼等提出╱提议的相关建议。我们的审计部（「内部审核部门」）对主要业务流程中的风险管理及内部控制系统的充分性及有效性进行审查。本公司已建立风险管理系统，并制定我们认为适合我们业务营运的相关政策及程序。审计部对（其中包括）控制环境、风险评估、控制活动、信息与沟通、监督活动（例如收入循环、采购循环、支出循环等）进行后续检查（「内部控制审查」），并提供建议以加强本集团的内部控制体系。我们已采纳并执行审计部提供的建议，而审计部并无发现任何可能对我们内部控制系统的有效性产生重大影响的重大发现。根据内部控制审查结果，在审核委员会的支持下，董事会已审阅截至2021年12月31日止年度的风险管理及内部控制系统，包括财务、营运及合规控制，并认为该等系统属有效、充分。年度审查亦涵盖财务报告、内部审核职能、资源充足性、员工资历及经验，以及本公司会计、内部审核及财务报告职能的培训计划及预算。We endeavour to uphold the integrity of our business by maintaining aninternal control system into our organisational structure. Our internal controland risk management systems cover, among others, corporate governance,operations, management, legal matters, finance and auditing. Our Auditdepartment reviewed our internal control system and we have implementedand will continue to implement the relevant suggestions they proposed/propose. Our Audit department (the“internal audit and compliancedepartment”) performed a review of the adequacy and effectiveness ofthe risk management and internal control systems over our major businessprocesses. The Company has established risk management systems withrelevant policies and procedures that we believe are appropriate for ourbusiness operations.The Audit Department conducted a follow-up review (the“Internal ControlReview”) on, among others, control environment, risk assessment, controlactivities, information and communication, monitoring activities such asrevenue cycle, procurement cycle, expenditure cycle, etc. and providedrecommendations to enhance the internal control system of our Group.We have adopted and implemented the recommendations provided by theAudit Department and the Audit Department has not identified any materialfindings which may have material impact on the effectiveness of our internalcontrol system.Based on the result of the Internal Control Review, the Board, as supportedby the Audit Committee, reviewed the risk management and internal controlsystems, including the financial, operational and compliance controls, forthe year ended 31 December 2021, and considered that such systemsare effective and adequate. The annual review also covered the financialreporting, internal audit function, adequacy of resources, staff qualificationsand experiences, training programmes and budget of the Company’saccounting, internal audit and financial reporting functions.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司92CORPORATE GOVERNANCE REPORT企业管治报告检举政策本公司已采取安排，以便利雇员及其他利益相关者对财务报告、内部控制或其他事项中可能存在的不当行为提出保密举报。本公司审核委员会应定期审阅有关安排，确保备有适当安排以公平、独立调查该等事项，并采取适当的后续行动。内幕资料本公司了解并严格遵守现行适用法律、法规及指引的要求，包括于进行相关交易时遵守《证券及期货条例》及《上市规则》项下的内幕消息披露责任，以及遵守证券及期货事务监察委员会颁布的《内幕消息披露指引》。本集团已设立与内幕消息有关的授权及问责制以及处理及传播程序，且已与所有相关人员进行沟通并为其提供有关实施持续披露政策的专门培训。董事会认为本公司有关内幕消息的处理及传播程序以及措施乃属有效。证券交易标准守则本公司已采纳上市规则附录十所载的标准守则。已向全体董事作出具体查询，且全体董事均已确认彼等于截至2021年12月31日止年度期间一直遵守标准守则。可能拥有本公司未公布内幕资料的本公司雇员亦须遵守标准守则。WHISTLEBLOWING POLICYThe Company has adopted arrangement to facilitate employees and otherstakeholders to raise concerns, in confidence, about possible improprieties infinancial reporting, internal control or other matters.The Audit Committee of the Company shall review such arrangementregularly and ensure that proper arrangements are in place for fair andindependent investigation of these matters and for appropriate follow-upaction.INSIDE INFORMATIONThe Company is aware of and strictly complies with the requirements ofthe currently applicable laws, regulations and guidelines, including theobligations to disclose inside information under the SFO and the ListingRules, and the Guidelines on Disclosure of Inside Information issued by theSecurities and Futures Commission, at the time when the relevant businessesare transacted. The Group has established the authority and accountability,as well as the handling and dissemination procedures in relation to insideinformation, and has communicated to all relevant personnel and providedthem with specific trainings in respect of the implementation of thecontinuous disclosure policy.The Board considers that the Company’s handling and disseminationprocedures and measures in relation to inside information are effective.MODEL CODE FOR SECURITIES TRANSACTIONSThe Company has adopted the Model Code as set out in Appendix 10 to theListing Rules. Specific enquiries have been made to all the Directors and allthe Directors have confirmed that they have complied with the Model Codeduring the year ended 31 December 2021.The Company’s employees, who are likely to be in possession of unpublishedinside information of the Company, are also subject to the Model Code.
二零二一年年报ANNUAL REPORT 202193CORPORATE GOVERNANCE REPORT企业管治报告董事对财务报表的责任董事知悉彼等有责任编制本公司截至2021年12月31日止年度的财务报表。董事会负责对年度及中期报告、与披露内幕资料有关的公告、上市规则以及其他法律法规要求规定的其他披露事项作出中肯、清晰及可理解的评估。管理层已向董事会提供必要的解释及资料，致使董事会能对本公司的财务报表进行知情评估，并提交董事会批准。董事并不知悉有任何可能会对本集团持续经营能力构成重大疑问的重大不明朗事件或情况。本公司独立核数师就其对综合财务报表的申报责任所作声明载于本年报独立核数师报告。核数师酬金本公司外部核数师就其对财务报表的申报责任作出的声明载于本年报「独立核数师报告」一节。截至2021年12月31日止年度期间，就截至2021年12月31日止年度获提供的审核服务向本公司外部核数师支付╱应支付的酬金为人民币4.5百万元。审核服务包括本集团及若干附属公司的法定审计及审阅。截至2021年12月31日止年度期间，就截至2021年12月31日止年度的非审核服务向本公司外部核数师支付╱应支付的酬金为人民币1.75百万元。由外部核数师进行的非审核服务主要包括税务及其他咨询服务。DIRECTORS’RESPONSIBILITY IN RESPECT OFFINANCIAL STATEMENTSThe Directors acknowledge their responsibility for preparing the financialstatements of the Company for the year ended 31 December 2021.The Board is responsible for presenting a balanced, clear and understandableassessment of annual and interim reports, announcements relating todisclosure of insider information and other disclosures required under theListing Rules and other statutory and regulatory requirements.The management has provided to the Board such explanation andinformation as are necessary to enable the Board to carry out an informedassessment of the Company’s financial statements, which are put to theBoard for approval.The Directors are not aware of any material uncertainties relating to eventsor conditions that may cast significant doubt upon the Group’s ability tocontinue as a going concern.The statement of the independent auditor of the Company about theirreporting responsibilities on the consolidated financial statements is set outin the Independent Auditor’s Report of this annual report.AUDITOR’S REMUNERATIONThe statement of the external auditor of the Company about their reportingresponsibilities for the financial statements is set out under the sectionheaded“Independent Auditor’s Report”in this annual report.During the year ended 31 December 2021, the remuneration paid/payableto the external auditor of the Company for the provision of audit servicesfor the year ended 31 December 2021 amounted to RMB4.5 million. Theaudit services include statutory audits and reviews of the Group and certainsubsidiaries.During the year ended 31 December 2021, the remuneration paid/payable tothe external auditor of the Company in respect of non-audit services for theyear ended 31 December 2021 amounted to RMB1.75 million. The non-auditservices conducted by the external auditor mainly include tax and otherconsultation services.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司94CORPORATE GOVERNANCE REPORT企业管治报告联席公司秘书李鸿轩先生（「李先生」）及李菁怡女士（「李女士」）担任本公司的联席公司秘书。李先生于2019年4月加入本集团，一直担任主管投资者关系的高级经理。在此之前，李先生于2014年12月至2019年1月担任中信建投证券股份有限公司投资银行部高级经理，并于2019年2月至2019年3月担任中信建投证券股份有限公司创新融资部高级经理。李女士为全球专业服务公司恒泰商业服务有限公司的上市公司服务部经理。彼于公司秘书领域拥有近10年专业经验。李女士为英国特许公司治理公会（前称英国特许秘书及行政人员公会）及香港特许秘书公会的会员。李女士一直协助处理本公司公司秘书事宜，并与李先生（本公司之主要公司联系人）保持紧密联系。截至2021年12月31日止年度期间，李先生及李女士各自已接受不少于15小时的相关专业培训。与股东及投资者的沟通本公司认为，与股东有效沟通对加强投资者关系及让投资者了解本集团业务表现及策略至关重要。本公司亦认识到透明且及时披露公司资料的重要性，此举将使股东及投资者作出最佳投资决策。本公司致力与股东保持持续对话，特别是透过股东周年大会及其他股东大会。本公司的股东大会为董事会与股东之间的交流提供平台。董事会主席以及审核委员会、薪酬委员会及提名委员会的主席或（在其缺席的情况下）各委员会的其他成员，亦可于股东大会上回答股东提问。本公司外部核数师亦获邀出席本公司的股东周年大会，以回答有关审核行为、核数师报告的编制及内容、会计政策及核数师独立性的问题。JOINT COMPANY SECRETARIESMr. Li Hongxuan (“Mr. Li”) and Ms. Li Ching Yi (“Ms. Li”) are the joint companysecretaries of the Company.Mr. Li joined the Group in April 2019 and has been serving as a seniormanager in charge of investor relationship. Prior to that, Mr. Li served as asenior associate of investment banking department of CSC Financial Co., Ltd.from December 2014 to January 2019 and a senior associate of innovativefinancing department of CSC Financial Co., Ltd. from February 2019 to March2019.Ms. Li is a manager of the Listing Corporate Services Department of TridentCorporate Services (Asia) Ltd., a global professional services firm. She hasaround 10 years of professional experience in company secretarial field. Ms.Li is an associate member of The Chartered Governance Institute (formerlyknown as The Institute of Chartered Secretaries and Administrators) in theUnited Kingdom and the Hong Kong Institute of Chartered Secretaries. Ms.Li has assisted on the Company Secretarial matters of the Company and hasclosely communicated with Mr. Li, who is the primary corporate contactperson of our Company.During the year ended 31 December 2021, each of Mr. Li and Ms. Li hasundertaken not less than 15 hours of relevant professional training.COMMUNICATIONS WITH SHAREHOLDERS ANDINVESTORSThe Company considers that effective communication with Shareholdersis essential for enhancing investor relations and investor understandingof the Group’s business performance and strategies. The Company alsorecognizes the importance of transparency and timely disclosure of corporateinformation, which will enable Shareholders and investors to make the bestinvestment decisions.The Company endeavours to maintain an on-going dialogue withShareholders and in particular, through annual general meetings and othergeneral meetings. The general meetings of the Company provide a platformfor communication between the Board and the Shareholders. The chairmanof the Board as well as chairmen of the Audit Committee, the RemunerationCommittee and the Nomination Committee or, in their absence, othermembers of the respective committees, are available to answer Shareholders’questions at general meetings. The external auditor of the Company is alsoinvited to attend the annual general meetings of the Company to answerquestions about the conduct of audit, the preparation and content of theauditor’s report, the accounting policies and auditor independence.
二零二一年年报ANNUAL REPORT 202195CORPORATE GOVERNANCE REPORT企业管治报告To promote effective communication, the Company maintains a website(www.popmart.com), where information and updates on the Company’sfinancial information, corporate governance practices, biographicalinformation of the Board and other information are available for publicaccess.SHAREHOLDERS’RIGHTSTo safeguard Shareholders’interests and rights, separate resolution should beproposed for each substantially separate issue at general meetings, includingthe election of Director. All resolutions put forward at general meetings willbe voted on by poll pursuant to the Listing Rules and poll results will beposted on the websites of the Company and of the Stock Exchange aftereach general meeting.Procedures for Shareholders to Convene Extraordinary GeneralMeetingArticle 12.3 of the Articles of Association provides that general meetings shallbe convened on the written requisition of any one or more members holdingtogether, as at the date of deposit of the requisition, shares representing notless than one-tenth of the paid up capital of the Company which carry theright of voting at general meetings of the Company. The written requisitionshall be deposited at the principal office of the Company in Hong Kong or, inthe event the Company ceases to have such a principal office, the registeredoffice of the Company, specifying the objects of the meeting and signed bythe requisitionist(s).If the Board does not within 21 days from the date of deposit of therequisition proceed duly to convene the meeting to be held within a further21 days, the requisitionist(s) themselves or any of them representing morethan one-half of the total voting rights of all of them, may convene thegeneral meeting in the same manner, as nearly as possible, as that in whichmeetings may be convened by the Board provided that any meeting soconvened shall not be held after the expiration of three months from thedate of deposit of the requisition, and all reasonable expenses incurred bythe requisitionist(s) as a result of the failure of the Board shall be reimbursedto them by the Company.为促进有效沟通，本公司维护了一个网站(www.popmart.com)，该网站提供有关本公司财务资料、企业管治惯例、董事会履历资料以及其他资料及其最新资讯，以供公众查阅。股东权利为保障股东权益及权利，本公司应就各重大独立事项（包括选举董事）于股东大会上提呈独立决议案。根据上市规则，于股东大会提呈的所有决议案将以投票方式表决，投票结果将于各股东大会结束后在本公司及联交所网站登载。股东召开临时股东大会的程序组织章程细则第12.3条规定，任何一名或多名于提出要求当日共同持有代表不少于有权于本公司股东大会上投票的本公司实缴股本十分之一股份的股东，应以书面要求召开股东大会。书面要求应存放于本公司在香港的主办事处，或倘本公司不再拥有有关主办事处，则应存放于本公司的注册办事处。书面要求应注明会议目的，并由提出要求股东签署。倘董事会于提出要求当日起计21天内未正式进行召开于随后21天内举行的大会，则提出要求股东本人或其中持有占总投票权超过二分之一的任何人士，可以与董事会召开大会方式尽可能相同的方式召开股东大会，惟如此召开的任何大会不得于提出要求当日起计三个月届满后举行，而提出要求股东因董事会未能召开大会而产生的所有合理费用，将由本公司向彼等作出补偿。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司96CORPORATE GOVERNANCE REPORT企业管治报告Procedures for shareholders to propose a person for election asa directorFor proposal of a person for election as Director, pursuant to Article 16.4of the Articles of Association, no person shall, unless recommended by theBoard, be eligible for election to the office of Director at any general meetingunless during the period, which shall be at least seven days, commencingno earlier than the day after the despatch of the notice of the meetingappointed for such election and ending no later than seven days prior tothe date of such meeting, there has been given to the Secretary notice inwriting by a member of the Company (not being the person to be proposed),entitled to attend and vote at the meeting for which such notice is given, ofhis intention to propose such person for election and also notice in writingsigned by the person to be proposed of his willingness to be elected.Base on this, if a Shareholder wishes to propose a person (the“Candidate”)for election as a Director at a general meeting, he/she shall deposit a writtennotice at the Company’s principal place of business in Hong Kong at 14/F.,Golden Centre, 188 Des Voeux Road Central, Hong Kong. The notice must(i) include the personal information of the Candidate as required by Rule13.51(2) of the Listing Rules; and (ii) be signed by the Shareholder concernedand signed by the Candidate indicating his/her willingness to be elected andconsent of publication of his/her personal information.Putting Forward Proposals at General MeetingsThere are no provisions in the Articles of Association or in the CompaniesLaw of the Cayman Islands for putting forward proposals of new resolutionsby Shareholders at general meetings. Shareholders who wish to moveforward a resolution may request the Company to convene a generalmeeting in accordance with the procedures mentioned above. For proposinga person for election as a Director, please refer to the procedures set out inthe preceding paragraph.股东提名候选董事的程序根据组织章程细则第16.4条的规定，就提名董事候选人而言，任何未获董事会推荐的人士概无资格于任何股东大会上获推选出任董事职务，除非有权出席大会并于会上投票的本公司股东（不得为获提名的人士）在就有关选举召开的大会通告日期后一天开始直至有关大会日期前七天的期间内，向秘书发出书面通知，以表明其提名有关候选人的意愿，而获提名候选人亦应向秘书发出已签署的书面通知，以表明彼愿意获选为董事。在此基础上，倘股东希望于股东大会上提名人士选举为董事（「候选人」），则彼应向本公司位于香港的主要营业地点（地址为香港中环德辅道中188号金龙中心14楼）寄发书面通知。有关通知必须(i)包括上市规则第13.51(2)条所要求的候选人个人资料；及(ii)由有关股东签署并由候选人签署，以表明彼愿意获选为董事并同意公开其个人资料。于股东大会提呈建议组织章程细则或开曼群岛公司法概无有关股东于股东大会提呈新决议案建议。有意提呈决议案的股东可根据上文所述程序要求本公司召开股东大会。就建议某名人士竞选董事，请参阅前段所载程序。
二零二一年年报ANNUAL REPORT 202197CORPORATE GOVERNANCE REPORT企业管治报告Putting Forward Enquiries to the BoardFor putting forward any enquiry to the Board, Shareholders may send writtenenquiries to the Company. The Company will not normally deal with verbalor anonymous enquiries.Shareholders may send their enquiries or requests as mentioned above tothe following:Address:Floor 36 & 37, Block A, Puxiang CenterHongtai East StreetDawangjing Technology Business ParkChaoyang District, BeijingPRC(For the attention of the Board of Directors)Email:ir@popmart.comFor the avoidance of doubt, Shareholders must deposit and send the originalduly signed written requisition, notice or statement, or enquiry (as the casemay be) to the above address and provide their full name, contact detailsand identification in order to give effect thereto. Shareholders’informationmay be disclosed as required by law.Change in Constitutional DocumentsThe Company adopted amended and restated Articles of Association on 23November 2020, which has been effective from the Listing Date. During theyear ended 31 December 2021, no other changes have been made to thesaid Articles of Association. The Articles of Association is available on thewebsites of the Company and the Stock Exchange.Dividend PolicyThe Company has adopted a dividend policy on payment of dividends, anddetails are provided in the“Report of Directors”on pages 38 to 39 of thisannual report.向董事会作出查询股东可将其向董事会作出的任何查询以书面方式发送至本公司。本公司通常不会处理口头或匿名查询。股东可将上述查询或要求发送至以下地址：地址：中国北京市朝阳区大望京科技商务园区宏泰东街浦项中心A座36及37楼（收件人：董事会）电邮：ir@popmart.com为免生疑问，股东须将正式签署的书面要求、通知或声明的正本或查询（视情况而定）送交至上述地址，并提供全名、详细联系方式及身份证明，方为有效。股东资料可能根据法律规定而予以披露。组织章程文件变动本公司于2020年11月23日采纳经修订及重列的组织章程细则，自上市日期起生效。于截至2021年12月31日止年度期间，上述组织章程细则未作任何其他更改。组织章程细则可于本公司及联交所网站查阅。股息政策本公司已就股息派付采纳股息政策，详情载于本年报第38至39页的「董事会报告书」。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司982021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告一、关于本报告报告简介本报告旨在客观披露泡泡玛特国际集团有限公司（以下简称「泡泡玛特」或「本公司」或「我们」）及其附属公司（「本集团」）于2021年在环境、社会及管治（以下简称「ESG」）领域开展的工作及所取得的成果。有关企业管治方面的详细信息，建议与本年报中《企业管治报告》章节一并阅读。编制依据本报告依据香港联合交易所有限公司主板上市规则附录二十七《环境、社会及管治报告指引》（以下简称「ESG报告指引」）编制，遵循其汇报原则汇报有关内容。汇报原则「重要性」原则：本报告已在编制过程中识别主要利益相关方及其关注的ESG议题，并根据其关注议题的重要性程度，将利益相关方意见作为公司ESG管理与工作规划的重要参考。「量化」原则：本报告采用量化数据的方式展现环境与社会层面的关键绩效指标，并附带说明，列出使用的有关标准、方法、假设及╱或计算工具的信息、以及关键绩效指标使用的转换系数的来源。「一致性」原则：本报告与本公司《2020年环境、社会及管治报告》使用一致的数据统计方法。I. ABOUT THIS REPORTOverviewThe purpose of this report is to objectively disclose the environmental,social and governance (“ESG”) works and achievements made by PopMart International Group Limited (the“Pop Mart”or the“Company”or“we”) and its subsidiaries (the“Group”) during 2021. For detailedinformation on corporate governance, it is recommended to read thisreport in conjunction with the section headedCorporate GovernanceReportin the annual report.Basis of PreparationThis report is prepared in accordance with theEnvironmental, Social andGovernance Reporting Guide(the“ESG Reporting Guide”) in Appendix27 to the Listing Rules on the Main Board of the Stock Exchange of HongKong Limited, and is reported based on its reporting principles.Reporting PrinciplesMateriality: This report has identified our main stakeholders and theirESG concerns in the preparation process, and the stakeholder’s opinionsare taken as an important reference for the Company’s ESG managementand work planning according to the extent of materiality of the issuesconcerned.Quantitative: This report presents the key performance indicators (“KPIs”)in the environmental and social aspects in the form of quantitative data,accompanied by a description of the relevant criteria, methodologies,assumptions and/or calculation tools used, as well as the source of theconversion factors used for the KPIs.Consistency: This report uses the same statistical method as theCompany’s2020 Environmental, Social and Governance Report.
二零二一年年报ANNUAL REPORT 2021992021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告报告时间本报告时间范围为2021年1月1日至2021年12月31日。报告范围如无特别说明，本报告的披露范围与年报所涵盖的范围一致。二、董事会声明本公司深知良好的公司治理及风险管理的重要性，将ESG事宜视为公司战略制定的重要组成部分。本公司董事会是ESG事宜的最高责任及决策机构，对ESG策略及事宜汇报承担全部责任，监察可能影响公司业务或运作、股东与其他利益相关方权益的ESG相关事宜。本公司已建立由董事会领导、总裁办监管以及多个职能部门共同参与的ESG管治架构，持续落实环境、社会及管治工作，确保ESG理念与公司策略的融合。本公司通过多种渠道与各利益相关方进行广泛深入沟通，汇总其主要关注议题，积极采纳有建设性的意见与建议，持续对重点议题展开响应。基于外部社会经济环境和公司发展战略，2021年，董事会对ESG重要议题评估结果、识别的ESG风险及设定的ESG目标进行审议，制定本公司ESG管理策略，明确ESG管治工作重点方向。本报告旨在客观披露本公司2021年ESG工作的进展与成效，并于2022年3月28日经由董事会会议审议通过。Reporting PeriodThe reporting period of this report covered from 1 January 2021 to 31December 2021.Reporting ScopeUnless otherwise stated, the scope of disclosure of this report shall bethe same as those covered in the annual report.II. BOARD STATEMENTThe Company recognises the importance of great corporate governanceand risk management, and regards ESG issues as an important part ofcorporate strategy formulation. The Board of Directors (the“Board”)of the Company is the highest responsible and decision-makingbody for ESG issues, assumes full responsibility for ESG strategies andissues reporting, and oversees ESG-related matters that may affectthe Company’s business or operations, the rights and interests ofshareholders and other stakeholders. The Company has established anESG governance structure led by the Board, supervised by the presidentoffice, and jointly participated by various functional departments, andhas continued to implement environmental, social and governance workto ensure the integration of ESG concepts and corporate strategies.The Company maintains extensive and in-depth communicationwith various stakeholders through various channels to collect theirmain concerns. The Company actively adopts constructive opinionsand suggestions and responds to key issues on a continuous basis.According to the external social and economic environment and theCompany’s development strategy, in 2021, the Board has reviewed theevaluation results of major ESG issues, ESG risks identified and ESG goalsset, formulated the Company’s ESG management strategy, and definedthe key direction of ESG governance.This report aims to objectively disclose the progress and achievementsof the Company’s ESG works in 2021, and has been considered andapproved at the Board meeting on 28 March 2022.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1002021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告三、ESG管理体系本公司坚持以「创造潮流、传递美好」为品牌使命，以「成为全球领先的潮流文化娱乐公司」为公司愿景，致力于打造覆盖潮流玩具全产业链的综合运营平台。我们积极履行企业社会责任，不断探索实现可持续发展目标以及回馈社会的新路径，不断为消费者、行业及社会创造价值。ESG管治架构我们建立了由董事会领导、总裁办监管以及多个职能部门共同参与的ESG管治架构。董事会作为ESG工作的决策机构，负责公司整体ESG战略及目标的设定，定期审阅ESG报告及相关事宜，指导和监督管理层开展具体工作。总裁办作为ESG归口管理部门，定期组织ESG专项培训，宣贯ESG理念，协助董事会统筹ESG战略及目标的实施。各职能部门作为执行层，负责配合管理层实施ESG具体工作，以确保公司ESG管理工作的全面落实。ESG管理策略为全力提升ESG工作成效，完善ESG管理体系，2021年，我们围绕环境保护、人力发展、供应链管理、社区投资四个维度制定ESG策略，将社会责任理念有效融入业务经营与风险管理中。III. ESG MANAGEMENT SYSTEMThe Company always keeps in mind the brand concept of“creatingtrends and delivering fineness”with a vision of“become a leadingglobal pop culture entertainment company”, and adheres to create acomprehensive operating platform covering the entire industry chain ofpop toys. We proactively perform our corporate social responsibilities,continue to explore new ways to achieve sustainable developmentgoals and give back to society, so as to continuously create value forconsumers, the industry and society.ESG Governance StructureWe have established the ESG governance structure, which is led by theBoard, supervised by the president office and jointly participated byvarious functional departments. As the decision-making body for ESGworks, the Board is responsible for setting the Company’s overall ESGstrategies and goals, regularly reviewing ESG reports and related issues,and guiding and supervising the management to carry out specific work.As the ESG centralized management department, the president officeregularly organizes special ESG training, publicizes and implements ESGconcepts, and assists the Board in coordinating the implementation ofESG strategies and goals. Each functional department, serving on theexecution level, is responsible for cooperating with the management toimplement specific ESG work to ensure the full implementation of theCompany’s ESG management.ESG Management StrategyTo fully improve the effectiveness of ESG works and improve the ESGmanagement system, we formulated ESG strategies around the fourdimensions of environmental protection, human resources development,supply chain management and community investment, and effectivelyintegrated the concept of social responsibility into business operationsand risk management in 2021.
二零二一年年报ANNUAL REPORT 20211012021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告•环境保护策略：秉承绿色承诺，遵守运营所在地的环境法律法规，以应对气候变化、资源管理与节约、环保制作工艺为环境保护策略的三大核心领域，致力于打造绿色门店，将绿色可持续发展的理念落实到生产运营的每一个环节。•人力发展策略：始终秉承「员工是我们的伙伴」的管理理念，建立健全人才管理体系，切实维护员工合法权益，重视员工个人发展，保障员工的职业健康与安全，为员工提供健康、安全、舒适的工作环境，与员工共同成长。•供应链管理策略：将供应商管理纳入ESG管理体系，不断完善供应商准入、评估流程，提高供应商ESG意识，鼓励供应商加强节能减排、践行社会责任，与我们的供应商伙伴共同构建可持续供应链，携手实现我们对地球生态环境的绿色承诺。•社区投资策略：关注美育教育，将知识产权与公益创新结合，为偏远地区及特殊人群提供教育或生活资源上的帮助；支持乡村振兴战略，通过创意设计赋能传统文化，消费帮扶促进农民增收；开展各类志愿服务，提高员工公益意识，践行社会责任。•Environmental protection strategy:Adhering to the commitment togreen operation and abiding by the environmental laws and regulationswhere we operate, we take response to climate change, resourcemanagement and conservation, and environmentally friendly productionprocesses as the three core areas of our environmental protectionstrategy. We are committed to building green stores, so as to implementthe concept of green and sustainable development into every link ofproduction and operation.•Human resources development strategy:Adhering to ourmanagement philosophy of“employees are our partners”, the Companyhas established a comprehensive human resources management system.We aim to protect the legitimate rights of employees, focus on thepersonal development of employees, secure the occupational health andsafety of employees, provide a healthy, safe and comfortable workingenvironment for employees, and develop and grow with employees.•Supply chain management strategy:Incorporating suppliermanagement into the ESG management system, we continuouslyimprove supplier access and evaluation processes, improve suppliers’ESG awareness, as well as encourage suppliers to strengthen energyconservation and emission reduction and perform social responsibilitiesto build a sustainable supply chain with our supplier partners, so as towork together to realize our green commitment to the earth’s ecologicalenvironment.•Community investment strategy:With a focus on aesthetic education,we combine intellectual property rights with public welfare innovationby providing assistance in education or living resources for remoteareas and special groups. In addition, we support the rural revitalizationstrategy by empowering traditional culture through creative designand increasing farmers’income through consumption assistance. Inaddition, we carry out various voluntary services to improve employees’awareness of public welfare and perform social responsibilities.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1022021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告利益相关方沟通本公司积极与利益相关方进行沟通，倾听其诉求。我们通过多种渠道与各利益相关方开展沟通交流，将利益相关方的意见与建议作为公司ESG管理与工作规划的重要参考。本年度，我们持续识别并积极回应包括政府及监管机构、股东及投资者、客户、员工、供应商、社区、媒体及非政府组织在内的利益相关方所关注的主要议题。Stakeholders利益相关方Major issues of concern主要关注议题Major communication channels主要沟通途径Government and regulatory authorities政府及监管机构• Compliance operation•合规经营• Corporate development•企业发展• Policy implementation•政策落实情况• Extraordinary social contribution•突出社会贡献• Filing or written document submission•备案或书面文件报送• Regular or irregular face-to-facecommunication•定期或不定期面对面沟通• Site visits/seminars•参观╱调研会Shareholders and investors股东及投资者• Rights and interests of shareholders•股东权益• Corporate performance•企业业绩• Stable growth•稳定增长• Corporate governance•企业管治• General meetings•股东大会• Result announcements•业绩公告• Investor meetings•投资者会议•“Investor Relations”Page and specialemail address in official website•官方网站投资者关系页面及专用邮箱Customers客户• Product purchase rules•产品购买规则• Product after-sale services•产品售后服务• Consumer personal informationprotection•消费者个人信息保护• Provide quality products and services•提供优质产品与服务• Listen to customer opinions andsuggestions•听取客户意见及建议• Customer service hotline•客户服务热线• Daily operation and communication•日常运营及交流• Member center•会员中心• Official website of the Company•公司官网Communication with StakeholdersThe Company actively communicates with stakeholders and listens totheir demands. We communicate with stakeholders through variouschannels, and take the opinions and suggestions of stakeholders asan important reference for the Company’s ESG management andwork planning. During the year, we continued to identify and activelyrespond to key issues of concern to stakeholders including governmentand regulatory authorities, shareholders and investors, customers,employees, suppliers, communities, media, as well as non-governmentorganizations.
二零二一年年报ANNUAL REPORT 20211032021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Stakeholders利益相关方Major issues of concern主要关注议题Major communication channels主要沟通途径Employees雇员• Rights and interests of employees•员工权益• Remunerations and benefits•薪酬福利• Development and training•发展及培训• Promotion•晋升• Health and safety•健康与安全• Human resources system/employmentcontract•人事制度╱劳动合同• Face-to-face communication•面对面沟通• Staff training•雇员培训• Performance appraisal and feedback•绩效考核及反馈Suppliers供应商• Supply chain management•供应链管理• Anti-corruption•反贪污• Supplier management system•供应商管理制度• Supplier evaluation procedures•供应商评估程序• Supplier meetings•供应商会议Communities and non-governmentalorganizations社区及非政府组织• Social charity•社会公益• Rural revitalization•乡村振兴• Charity advocation•公益倡导• Environmental protection•环境保护• School-enterprise cooperation•校企合作• Participate in charity activities•参与公益活动• Volunteer services•志愿者服务Media媒体• Corporate development•企业发展• Product responsibility•产品责任• Corporate governance•企业管治• Social responsibility informationdisclosure•社会责任信息披露• Social media•社交媒体• Official website•官方网站• Press conference and exchangemeetings•新闻发布会、交流会
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1042021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告关键议题识别结合本公司业务特点及与利益相关方的沟通情况，我们以「ESG报告指引」中的12个披露层面为基础，通过问卷调查方式了解各项ESG议题对各利益相关方的重要性程度，深入了解利益相关方的期望与诉求。根据问卷反馈结果，我们识别出雇佣、劳工准则及产品责任为利益相关方最关注的议题。ESG议题对利益相关方的重要性程度列示于下图。Analysis matrix of concerns of major stakeholders on different aspects of the ESG Reporting Guide主要利益相关方对ESG报告指引各层面议题关注度分析矩阵图HighHighLowLowImportance to external stakeholdersImportance to internal stakeholdersClimate changeEmissionsUse ofresourcesThe environment andnatural resourcesSupply chainmanagementCommunityinvestmentHealthand safetyDevelopmentand trainingLabor standardsAnti-corruptionEmploymentProductresponsibility产品责任劳工准则雇佣反贪污发展及培训健康与安全社区投资供应链管理资源使用高高低低排放物环境及天然资源气候变化对内部利益相关方的重要性对外部利益相关方的重要性Identification of Key IssuesCombining our business characteristics and communication withstakeholders, and with the basis of the 12 disclosure aspects asstipulated in the“Environmental, Social and Governance ReportingGuide”, the Company has learned about the importance of variousESG issues to stakeholders through the questionnaire. According tothe results of the questionnaire, we have identified employment, laborstandards and product responsibility as the most concerned issues ofstakeholders. The importance of ESG issues to stakeholders is set out inthe diagram below.
二零二一年年报ANNUAL REPORT 20211052021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告四、环境管理本公司始终秉承绿色发展理念，严格遵守《中华人民共和国环境保护法》《中华人民共和国水污染防治法》《中华人民共和国大气污染防治法》《中华人民共和国固体废物污染环境防治法》《中华人民共和国节约能源法》等环境保护相关法律法规及《北京市生活垃圾管理条例》等地方管理条例，在日常运营中减少温室气体排放，落实节能减排措施，加强用水管理，恪守环境责任，为构建生态文明、环境友好型社会贡献力量。排放物管理本公司运营涉及的排放为主要包括因使用用电设备、车辆产生的温室气体排放及办公运营产生的废弃物排放。我们持续采取多种措施开展排放物管理和提高员工环保意识，努力降低办公运营对环境产生的影响。我们不断加强办公区、门店的用电管理，在仓库使用LED及自然光照明，有效减少发电所产生的温室气体。为降低产品出库及运输过程中产生的碳排放，我们提高车辆装载率，并根据配送地的位置选择距离近的仓库进行配送，缩短运输总距离，减少车辆产生的碳排放。在提高员工环保意识方面，通过鼓励员工使用公共交通工具，减少私家车使用频率，倡导低碳出行。IV. ENVIRONMENT MANAGEMENTThe company adheres to the concept of green development. In strictcompliance to relevant environmental protection laws and regulations,such as theEnvironmental Protection Law of the People’s Republicof China(《中华人民共和国环境保护法》), theLaws of the People’sRepublic of China on Prevention and Control of Water Pollution(《中华人民共和国水污染防治法》), theAtmospheric Pollution Preventionand Control Law of the People’s Republic of China(《中华人民共和国大气污染防治法》), theSolid Waste Pollution Prevention and ControlLaw of the People’s Republic of China(《中华人民共和国固体废物污染环境防治法》, and theEnergy Saving Law of the People’s Republic ofChina(《中华人民共和国节约能源法》), and local administrative rulessuch as theBeijing Household Waste Administrative Rules(《北京市生活垃圾管理条例》), the Company contributes to the construction ofan ecological civilization and environment-friendly society by reducinggreenhouse gas emissions, implementing energy-saving and emissionreduction measures, enhancing its water management, and fulfilling itsenvironmental responsibility in its daily operations.Emission ManagementEmissions generated from the business operation of the Companymainly include greenhouse gas emissions from the use of electricdevices and vehicles, as well as wastes such as office operationsgarbage. To reduce the environmental impact of our office operations,we continue to implement a variety of measures to manage emissionsand improve the environmental awareness of our employees.We continue to improve the management of electricity consumptionin our offices and stores, and use LED and natural lighting in ourwarehouses to effectively reduce the greenhouse gases generated fromelectricity generation. We increase the truck loading rate so as to reducethe carbon emissions generated during the process of product deliveryand transportation, and we have selected warehouses that are close toour distribution locations to shorten the total transportation distanceand reduce the carbon emissions generated by our vehicles. In termsof improving employees’awareness of environmental protection, wepromote low-carbon travel by encouraging employees to use publictransportation and reducing the frequency of private car use.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1062021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告我们严格遵守各地生活垃圾管理条例及物业的垃圾分类要求，对办公垃圾进行分类处理，培养员工循环利用意识，鼓励员工减少一次性纸杯的使用；同时，公司对办公用品领用实行登记与定额管理，提倡员工使用可替换笔芯的原子笔，减少胶水、修正液等办公物品的使用，坚决杜绝纸张浪费。在仓库管理及拣货方面，我们取消机器人商店的纸质配货单，持续推广掌上电脑(PDA)的拣货方式以扩大无纸化拣货作业的范围。2021年，南京仓库由传统纸质记录拣货转为无纸化拣货方式，纸张消耗较2020年减少了20%。资源使用管理本公司始终关注能源高效转化及资源高效利用，通过开展节能环保项目，对各业务板块的资源使用情况进行系统化管理，更换高效节能设备，提高员工节能意识，切实履行建设良好生态环境的绿色承诺，打造绿色办公企业。We are strictly in compliance with the local regulations on livingwaste management and the waste classification requirements of ourproperties, and we have been separating office waste, cultivatingemployees’awareness of recycling, and encouraging them to reducethe use of disposable paper cups; also, the Company has implementedregistration and quota management for office supplies, advocatingemployees to use refillable ball pens, reducing the use of office itemssuch as glue and correction fluid, and resolutely eliminating paper waste.In respect of warehouse management and order picking, we eliminatedpaper distribution sheets of Roboshop and continued to promotepicking through personal digital assistant (PDA) to expand paperlessorder picking. In 2021, the warehouse in Nanjing shifted from traditionalpaper-recorded order picking to paperless order picking, reducing paperconsumption by 20% as compared to 2020.Resources Utilization ManagementThe Company is always concerned about the efficient conversion ofenergy and the efficient use of resources. By carrying out energy-savingand environmental protection projects, systematically managing the useof resources in each business segment, replacing with high-efficiencyenergy-saving equipment, and raising employees’awareness of energyconservation, the Company is fulfilling its green commitment to buildinga good ecological environment and creating a green office enterprise.
二零二一年年报ANNUAL REPORT 20211072021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告用电管理本公司积极落实国家节能降耗总体要求，持续贯彻「节约用电」的理念，从微小处做起，在办公区域、门店、机器人商店及库区加强用电管理，采取以下措施以提高公司的能效：•办公区域：•不断探索空调温控技能方案，对夏季及冬季空调开启温度、设定温度和风速提出具体要求，有效降低综合能耗；•在员工午休、加班时关闭部分电灯，提倡及时关闭不使用的个人电脑及显示屏等设备或将其设置为节电模式；•公共照明灯具采取按需开灯的方式，仅于阴天或天色变暗时使用。Electricity Consumption ManagementIn active implements to the general requirements of national energyconservation, the Company adheres to the concept of“energy saving”continuously, starting from the smallest details, and improving theelectricity management in offices, stores, roboshops and warehouses,and adopts the following measures to enhance the energy efficiency ofthe Company:• Office:• Continuously explore air-conditioning temperature controlskills, and set up specific requirements for the openingtemperature, setting temperature and wind speed of airconditioning in summer and winter to effectively reduceoverall energy consumption;• Turn off some lights during staff lunch breaks and overtimework, and encourage the timely switch off of personalcomputers and monitors or set them to power saving modewhen not in use;• Lights in public areas will be turned on in demand, only oncloudy days or when the sky is getting dark.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1082021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告•门店：•仅在必要开启的时段开启对应的用电设备，除员工在班时间（包含门店正常营业时间）外，其他时间段均只保留消防应急照明。•机器人商店：•根据机器人商店的使用高峰期，合理规划并控制其营业时间，非营业时间机器自动关闭。•仓储区域：•制定《仓库能耗节约规定》，在提高自然光线利用率的同时，逐步使用低能耗的LED节能灯替代传统灯具，对库区照明及风扇使用做出规范，杜绝浪费。Nanjing warehouse has replaced lighting with LED energy-saving lamps南京仓库更换LED节能灯照明• Store:• Relevant electrical equipment will only be turned on whennecessary, and except for working hours (including the normalopening hours of stores), only emergence lighting will beturned on in other time slots;• Roboshop:• The operating hours of the roboshop are reasonably plannedand controlled according to its peak hours, and the machineswill automatically shut off during non-operating hours.• Warehouse:• DevelopWarehouse Energy Conservation Regulationstogradually replace traditional lamps with low-energy LEDenergy-saving lamps, improve the utilization of natural lightwhile regulating the use of lighting and fans within thewarehouse to eliminate waste.
二零二一年年报ANNUAL REPORT 20211092021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告用水管理本公司用实际行动支持节水型社会建设，实行多种节水措施，强化用水需求及用水过程管理，以减少水资源消耗，提高用水效益，包括：•加强用水设备的日常巡视与维护管理，定期安排维修人员对排水系统进行检查，严防跑、冒、滴、漏等水资源浪费的情况发生，发现故障并及时处理；•对用水设备进行节水改造，逐步安装节水龙头，调整水龙头水压，控制水龙头的水流速度；•制作并张贴节水标识，加强员工在日常工作与生活中的水资源节约意识，培养员工节水习惯，号召员工随手关闭水龙头，杜绝长流水现象。Water ManagementThe Company supports the construction of a water-saving societythrough practical actions by implementing various water conservationmeasures and improving the management of water demand and usingprocesses to reduce water consumption and improve water efficiency.The measures include the following:• Strengthen the daily inspection and maintenance of water facilities,regularly arrange maintenance personnel to check the drainagesystem to prevent water running, water spray, water drip, waterleakage and other waste of water, and deal with malfunction onceidentified in a timely manner;• Install water-saving taps on water facilities for water-savingretrofitting, so as to adjust the water pressure of taps and controlwater velocity;• Develop and post water-saving slogans in office area to enhancethe awareness of staff on water conservation and help themcultivate water-saving habits in daily work and life, and call on staffto turn off water taps when not in use to prevent long runningwater.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1102021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告包装材料管理本公司注重产品的绿色环保特性，在产品设计、包装及物流、回收过程中全面考量产品环保属性及节能降耗的需求，将绿色低碳理念融入产品的全生命周期。本公司产品的包装材料主要包括铜版纸彩盒、铜版纸彩卡、铝塑袋、POF热收缩膜、聚乙烯PE透明袋、物流瓦楞纸箱等。本年度，针对本公司产品，我们持续使用由可降解硅藻纯颗粒和水刺无纺布制成的配重包，以替代传统的塑胶配重币。针对「MEGA珍藏系列1」产品，我们对产品中的包装材料进行环保优化，尝试将原产品包装内的保丽龙泡沫内胆更换为可降解、可回收的纸托内胆，尝试使用具有森林管理委员会(FSC)认证的纸张，全面评估包装材料对环境的影响。在仓库管理方面，我们妥善回收及再利用包装纸箱、卡板等，有效减少了包装材料的消耗与浪费，延长了产品的生命周期。1「MEGA珍藏系列」是本公司推出的高端潮玩产品线。Packaging Materials ManagementThe Company focuses on the green features of products and takes intoaccount the environmental and energy-saving requirements for productsduring the design, packaging, logistics and recycling processes, so asto incorporate the green and low carbon concepts into the whole lifecycle of our products. The packaging materials of our products primarilyinclude color-coated paper box, color-coated paper card, aluminumfoil bag, POF shrink film, polyethylene (PE) film and corrugated boxfor logistics, etc. During the year, for our products, we continued touse counterweight pack made of biodegradable pure diatomaceousgranule and spunlace non-woven fabric to replace the traditional plasticcounterweight pack. For the“MEGA Collection Series1”products, wehave optimized their packaging materials for environmental protectionby trying to replace the foamed plastic liner in the original productpackaging with degradable and recyclable paper tray liner, and usepaper with Forest Stewardship Council (FSC) certification, as wellas thoroughly assessed the environmental impact of our packagingmaterials. In terms of warehouse management, we properly recycle andreuse packaging cartons, cardboard, etc., which effectively reduces theconsumption and waste of packaging materials and prolongs the lifecycle of our products.1The“MEGA Collection Series”is a high-end pop toy product line launched by theCompany.
二零二一年年报ANNUAL REPORT 20211112021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告环境目标规划2021年，本公司制定环境目标，量化跟踪环境管理进程，并适当根据进展情况对环境管理指标进行更新修订，全面落实环境保护措施。Emission reductiongoal减排目标By the end of 2030, the greenhouse gas emissions (Scope 1 and 2)(1)of the Company will reach acarbon dioxide emission peak.截至2030年底，本公司范围一及范围二(1)温室气体排放实现碳达峰。Waste reduction goal减废目标By the end of 2022, the distributing of the orders will be fully online. Roboshops will implement apaperless office model.截至2022年底，全面实现配货单线上化，机器人商店工作人员实行无纸化办公。By the end of 2023, at least 90% of the packaging cartons generated in stores will be collected andrecycled by the Company or by qualified third parties.截至2023年底，至少90%门店产生的包装纸箱被本公司或者有资质的第三方回收利用。Energy-saving goal节能目标By the end of 2025, office electricity consumption per capita will be reduced by 10% as compared withthat of 2020.截至2025年底，人均办公耗电量较2020年减少10%。Water-saving goal节水目标By the end of 2025, office water consumption per capita will be reduced by 10% as compared withthat of 2020.截至2025年底，人均办公耗水量较2020年减少10%。注：(1)范围一涵盖由本公司拥有或控制的业务直接产生的温室气体排放，如公务用车消耗汽油、柴油产生的碳排放；范围二涵盖来自公司内部消耗（购买的或取得的）电力、热能、冷冻及蒸汽所引致的间接温室气体排放。环境关键绩效指标(1)本公司2021年环境类关键绩效指标列示如下。除另有说明外，环境类数据统计范围涵盖泡泡玛特在中国境内主要办公区及运营门店，其余运营场所未来将适时加入统计范围。Setting Environmental GoalsIn 2021, the Company has set environmental goals to track the progressof environmental management in a quantitative manner, and updatedand revised the environmental management indicators as appropriatebased on that progress, so as to fully implement the environmentalprotection measures.Note:(1) Scope 1 covers the emission of greenhouse gases directly produced by thebusinesses that are owned or controlled by the Company, such as carbonemissions from the consumption of petrol and diesel by official businessvehicles; Scope 2 covers the emission of greenhouse gases indirectlyproduced by electricity generation, heating, cooling and steam internallyconsumed by the Company, either purchased or acquired.Environment Key Performance Indicators(1)The 2021 environment key performance indicators of the Companyare set out below. Unless otherwise stated, the scope of environmentstatistics covers major offices and operating stores of Pop Mart in China,whereas the rest will be included as and when appropriate in the future.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1122021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Emission(2)排放物(2)IndicatorsData for 2021指标2021年数据Total greenhouse gas (“GHG”) emission (Scope 1 and 2)(3)(tons)温室气体排放总量（范围一及范围二）(3)（吨）3,304.60Direct GHG emission (Scope 1) (tons)直接温室气体排放（范围一）（吨）Petrol汽油10.70Indirect GHG emission (Scope 2) (tons)间接温室气体排放（范围二）（吨）Purchased electricity外购电力3,293.90GHG emission per capita (Scope 1 and 2) (tons/person)人均温室气体排放量（范围一及范围二）（吨╱人）0.86GHG emission per square meter (Scope 1 and 2) (tons/square meter)每平方米建筑面积的温室气体排放量（范围一及范围二）（吨╱平方米）0.05Total hazardous wastes (tons)(4)有害废弃物总量（吨）(4)0.23Hazardous wastes per capita (tons/person)人均有害废弃物重量（吨╱人）0.0001Hazardous wastes per square meter (tons/square meter)每平方米建筑面积的有害废弃物重量（吨╱平方米）0.000003Total non-hazardous wastes (tons)(5)无害废弃物排放总量（吨）(5)49.93Non-hazardous wastes per capita (tons/person)人均无害废弃物（吨╱人）0.01Non-hazardous wastes per square meter (tons/square meter)每平方米建筑面积的无害废弃物重量（吨╱平方米）0.0008注：(1)因业务发展需要，2021年本公司新增部分办公区域及门店，故能源消耗总量、办公用水消耗总量及温室气体排放总量等数据整体较上年度有所增加。(2)本公司自有公车数量较少，因此产生的氮氧化物、硫氧化物等废气排放较少。基于本公司的运营性质，其主要气体排放为温室气体排放，源自使用由化石燃料转化的电力及燃料。Notes:(1) Due to the increase of new offices and stores of the Company in 2021 as perits business development, the total energy consumption, total office waterconsumption and total greenhouse gas emission have increased overall ascompared with that of the previous year.(2) Due to the small number of self-owned vehicles of the Company, theemission of exhaust emissions such as nitrogen oxides and sulfur oxidesgenerated thereof was limited. Based on the nature of the operation of theCompany, its major type of gas emissions is GHG emission from electricityand fuels derived from fossil fuels.
二零二一年年报ANNUAL REPORT 20211132021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告(3)温室气体清单包括二氧化碳、甲烷和氧化亚氮，主要源自外购电力及燃料。温室气体核算乃按二氧化碳当量呈列，并根据中华人民共和国生态环境部刊发的《2019年度减排项目中国区域电网基准线排放因子》及政府间气候变化专门委员会(IPCC)刊发的《IPCC2006年国家温室气体清单指南2019修订版》进行核算。(4)本公司运营涉及的有害废弃物主要包括办公打印设备废弃硒鼓、废弃墨盒、废弃碳粉等，其更换或处置由打印服务供应商或有资质的专业公司负责处理。(5)本公司运营涉及的无害废弃物主要为废弃纸张，包括A3复印纸、A4复印纸及热敏纸，其由物业统一处理。Energy and Resources Consumption能源及资源消耗IndicatorsData for 2021指标2021年数据Total energy consumption (MWh)(1)能源消耗总量（兆瓦时）(1)5,272.85Direct energy consumption (MWh)直接能源消耗（兆瓦时）Petrol汽油41.80Indirect energy consumption (MWh)间接能源消耗（兆瓦时）Purchased electricity外购电力5,231.05Energy consumption per capita (MWh/person)人均能源消耗量（兆瓦时╱人）1.37Energy consumption per square meter (MWh/square meter)每平方米建筑面积的能源消耗量（兆瓦时╱平方米）0.08Office water consumption (tons)(2)办公用水消耗量（吨）(2)369.45Office water consumption per capita (tons/person)人均办公用水消耗量（吨╱人）0.10Office water consumption per square meter (tons/square meter)每平方米建筑面积的办公用水消耗量（吨╱平方米）0.01Total packaging materials for finished products (tons)(3)制成品所用包装物总量（吨）(3)5,800.02Packaging materials consumed for finished products per million revenue (tons/million yuan)(4)每百万元销售额耗用制成品包装物量（吨╱百万元）(4)0.13(3) The GHG list includes carbon dioxide, methane and nitrous oxide. Theymainly come from purchased electricity and fuels. GHG emissions data ispresented in carbon dioxide equivalent (CO2e) and is based on theBaselineEmission Factors for Regional Power Grids in China Under the 2019 EmissionReduction Projectissued by the Ministry of Ecology and Environment ofthe People’s Republic of China, and the2006 IPCC Guidelines for NationalGreenhouse Gas Inventories (2019 Revision)issued by the IntergovernmentalPanel on Climate Change (IPCC).(4) Hazardous wastes generated from the Company’s operation mainly includewaste toners, waste toner cartridges and waste ink cartridges for officeprinting devices, and the replacement or disposal of which will be handledby printing service suppliers or qualified professional companies.(5) Non-hazardous wastes generated from the Company’s operation are mainlywaste paper, including A3 copying paper, A4 copying paper and thermalpaper, which will be handled collectively within the premises.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1142021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告注：(1)能源消耗量数据是根据中华人民共和国国家标准《综合能耗计算通则(GB/T 2589-2020)》中提供的有关换算因子进行计算，包含外购电力和公车耗油。(2)除公司在北京、南京、深圳办公区所外，其余办公区及运营门店办公用水为办公区物业控制，水费包含在物业费中，用水量尚不能单独计量，故本报告期内，办公用水消耗量及办公用水消耗强度仅统计了北京、南京、深圳办公区的数据。我们的办公用水来自市政自来水管网供水，在求取适用水源上不存在问题。(3)包装物主要包括塑料包装袋、纸箱、纸盒及手提纸袋。(4)每百万元销售额耗用包装物量是指集团每百万元销售额耗用的包装物重量。环境及天然资源本公司始终将保护环境和自然资源作为企业发展的重要责任之一。基于公司的业务特点，本公司对环境及天然资源的影响较小。在公司业务规模不断扩大的过程中，我们将持续采取节能减排措施，倡导节约文化，推广环保理念，在全面了解公司能源、资源消耗情况的基础上，对标国内外先进同业，努力减少自身运营对环境带来的负面影响，提升绿色竞争力。2021年，本公司在经营中未发现对环境造成重大污染和影响的事项。Notes:(1) Energy consumption is calculated on the basis of the conversion factorset out in theGeneral Principles of Consolidated Energy ConsumptionCalculation (GB/T 2589-2020), the national standard of the People’s Republicof China, including purchased electricity and petrol consumption forvehicles.(2) Except for the Company’s Beijing, Nanjing and Shenzhen office area, theoffice water usage in other office areas and operating stores is managed bytheir respective premises. Water charges are included in property fees, andwater usage cannot be measured separately. Hence, during the ReportingPeriod, only data from Beijing, Nanjing and Shenzhen office area is collectedfor office water consumption and office water consumption intensity. Ouroffice water is sourced from municipal pipeline network, thus there is noobstacles in securing water supply.(3) Packaging materials mainly include plastic packaging bag, paper box andpaper bag.(4) Packaging materials consumed for finished products per million revenuerefers to the weight of packaging materials consumed for finished productsper million revenue of the Group.Environment and Natural ResourcesThe Company always treats environmental protection and naturalresources as one of its vital responsibilities for corporate development.Due to the business nature of the Company, the Company has a limitedimpact on the environment and natural resources. While expanding ourbusiness scale constantly, the Company will continue to take energy-saving and emission reduction measures, advocate the conservationculture and promote the concept of environmental protection. Onthe basis of a comprehensive understanding of the Company’s energyand resource consumption, we are benchmarking against advanceddomestic and international peers to reduce the negative impact of ourown operations on the environment, thereby enhancing our greencompetitiveness.In 2021, the Company has not discovered any significant pollution andimpact on the environment in its operation.
二零二一年年报ANNUAL REPORT 20211152021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告应对气候变化气候变化是当今时代的主要挑战之一，本公司深刻认识到气候变化问题的重要性与紧迫性，积极应对气候变化带来的挑战，加速向低碳经济转型。本年度，我们在现有风险管理体系的基础上，梳理、识别了包含气候变化风险在内的ESG主要风险，对相关风险的管理进行了进一步检视，并与各职能部门展开沟通，制定了相关应对措施。本公司识别的主要气候变化风险及制定的应对措施如下。Main risksDescription of riskCountermeasures主要风险风险描述应对措施Personal injury and propertydamage risk人员和资产受损风险The occurrence of bad weather such asrainstorms, typhoons and snowstormsmay cause damage to the health andsafety of staff and property of thecompany.暴雨、台风、暴雪等恶劣天气的发生，可能使公司人员健康与安全及公司财产受损。Develop internal management systems and plans,issue weather alerts to employees in a timely mannerwhen bad weather occurs, provide employees withemergency supplies such as umbrellas and raincoats,allow employees to work remotely and flexibly,remind employees to stay away from billboards,sewers and other dangerous zones, continuouslyimprove disaster emergency response mechanisms,identify possible asset losses, and purchase necessaryinsurance.制定内部管理制度和计划，在恶劣天气发生时及时向员工发送天气预警，为员工提供雨伞、雨衣等应急物资，允许员工远程灵活办公，提醒员工远离广告牌、下水道等危险区域，不断完善灾害应急响应机制，识别可能的资产损失，购买必要的保险。Response to Climate ChangeCurrently, climate change is one of the major challenges. The Companyis deeply aware of the importance and urgency of the climate changeissue, and is actively responding to the challenges posed by climatechange and accelerating its transition to a low-carbon economy. Duringthe year, based on the existing risk management system, we sorted outand identified the main ESG risks including climate change risks, furtherreviewed the management of related risks, communicated with variousfunctional departments, and formulated relevant countermeasures.The main climate change risks identified by the Company and thecountermeasures formulated are as follows.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1162021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Main risksDescription of riskCountermeasures主要风险风险描述应对措施The risk of transportinterruption运输中断风险Bad weather such as rainstorms,typhoons and snowstorms may affectwarehouse processes such as receiving,storage and shipment and causeinterruptions in transport operations.暴雨、台风、暴雪等恶劣天气的发生，可能影响收货、存货、发货等仓内操作并导致运输业务中断。We regularly assess the impact of bad weatheron product transportation, continuously improvethe warehouse hardware facilities, enhance thewarehouse business operation and resilience, invokethe emergency logistics transportation system whenbad weather occurs, communicate with logisticsservice providers and adjust the work plan in a timelymanner, and use emergency logistics transportationmethods such as air or rail transportation whennecessary.定期评估恶劣天气对产品运输带来的影响，持续改善仓库硬件环境，提升仓库业务操作及应变能力，在恶劣天气发生时启动紧急物流运输体系，及时与物流服务商沟通并调整工作方案，必要时采用空运或铁路运输等紧急物流运输方式。The risk of cessation ofbusiness经营活动停止风险Bad weather such as rainstorms,typhoons and snowstorms may result inpoor transportation of products or theinability of stores to operate normally,leading to the cessation of businessactivities and damage of the Company’seconomic interests.暴雨、台风、暴雪等恶劣天气的发生，可能致使产品运输不畅或门店无法正常营业，导致经营活动停止，公司经济利益受损。We have established an emergency relief mechanismand regularly assess the impact of severe weatheron the Company’s operations. When bad weatheroccurs, we assess the impact on specific areas anddevelop response plans.建立应急救灾机制，定期评估恶劣天气对公司经营带来的影响。恶劣天气发生时，评估对特定区域的影响，制定应对方案。未来，本公司将继续深入研究气候变化对公司业务经营可能产生的影响，及时调整应对策略，持续完善气候变化管理机制。In the future, the Company will continue to conduct in-depth studies onthe possible impact of climate change on its business operations, adjustits response strategies in a timely manner and continuously improve itsclimate change management mechanism.
二零二一年年报ANNUAL REPORT 20211172021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告V. EMPLOYMENT AND LABOR STANDARDSHuman resources are the core resource of a company. Adhering toour management philosophy of“employees are our partners”, theCompany has expanded its channels for talent introduction, establisheda comprehensive human resources management system, and strived forcreating a fair and just employment environment and a safe and healthyworking environment for our employees. We fully respect and protectthe legitimate rights of each employee, implement diversified talentdevelopment strategy, pay attention to the development of employees,and create a career platform for employees to show their talents anddreams.Employment ManagementIn strict compliance with laws and regulations such as theLabor Lawof the People’s Republic of China(《中华人民共和国劳动法》) and theLabor Contract Law of the People’s Republic of China(《中华人民共和国劳动合同法》), the Company has formulated a series of human resourcesmanagement systems to regulate labor relations in accordance withthe law, including theHuman Resources Management System, theAttendance Management System, theProbation Management System,theBusiness Trip Management System, theExpatriate ManagementSystemand theVocation Management System. We make our workarrangements based on the ability and willingness of our employees,and refuse to force employees to work through violence, threats orillegal restrictions on personal freedom. Also, we actively advocate andmonitor our partners to implement the same employment standardsas we do. We have clear regulations on employee recruitment,employment, compensation, leave, promotion, termination, workinghours management, equal opportunity, diversity, anti-discrimination,and other personnel and welfare benefits, and eliminate differentialtreatment of employees based on race, age, gender, marital status,religious beliefs, etc. We provide equal work opportunities for allemployees and effectively protect their legal rights and interests.五、雇佣及劳工准则人才是企业最核心的资源。本公司始终秉承「员工是我们的伙伴」的管理理念，拓宽人才引进渠道，建立健全人才管理体系，致力于为员工打造公平公正的雇佣环境和安全健康的工作环境。我们充分尊重和保护每一位员工的合法权益，实施多元化人才发展战略，关注员工成长，为员工打造能够展现个人才能和梦想的事业平台。雇佣管理本公司严格遵守《中华人民共和国劳动法》《中华人民共和国劳动合同法》等法律法规，制定了《人力资源管理制度》《考勤管理制度》《试用期管理制度》《出差管理制度》《员工外派管理制度》《休假管理制度》等人事管理制度，依法规范劳动关系，在工作安排中考虑员工的能力和意愿，杜绝以暴力、威胁或非法限制人身自由等手段强迫员工提供劳动，同时，积极倡导并监督合作伙伴与我们执行相同的用工标准。我们针对员工招聘、雇佣、薪酬、假期、晋升、解聘、工时管理、平等机会、多元化、反歧视以及其他人事与福利待遇等方面进行了明确规定，杜绝因种族、年龄、性别、婚姻状况、宗教信仰等不同而给予员工差别化的对待，为所有员工提供平等的工作机会，切实保障员工合法权益。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1182021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告We also follow the requirements of theLaw of the People’s Republic ofChina on the Protection of Minors(《中华人民共和国未成年人保护法》),theRegulations on the Prohibition of Child Labor(《禁止使用童工规定》)and other laws and regulations, and strictly examine the valid identitydocuments of applicants in the recruitment process and further verifythe document information through the human resource managementsystem to ensure that the employment process meets the requirementsof national laws and regulations, and strictly prohibit the employment ofchild labor and any other unlawful employment practices. If child laboror forced labor is found, we will immediately stop their work, conductidentity verification while contacting their guardians or families, takethe initiative to communicate and assist in sending them back to theiroriginal place of residence.We focus on recruiting different types of talents according to ourbusiness structure, and we continue to cultivate new talents andoptimize our personnel structure according to the characteristics ofour business. As of 31 December 2021, the Company had a total of4,053 employees in China and overseas, of which 3,845 were regularemployees and 208 were outsourced employees.我们亦按照《中华人民共和国未成年人保护法》《禁止使用童工规定》等法律法规要求，在招聘等环节严格审核应聘者的有效身份证件，并通过人力资源管理系统对证件信息进一步校验，确保雇佣过程符合国家法律法规要求，严禁雇佣童工及任何其他不合法的用工行为。若发现童工或强迫劳动的行为，我们将立即停止其工作，进行身份核查的同时与监护人或家属进行联系，主动沟通并协助送回原居住地。我们注重根据业务结构招聘不同类型的人才，并根据业务特点，不断培养新生力量，优化人员结构。截至2021年12月31日，本公司在中国及海外地区共有员工4,053人，其中，正式员工3,845人，外包员工208人。
二零二一年年报ANNUAL REPORT 20211192021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Employment2员工雇佣情况2Indicators指标As of 31 December 2021截至2021年12月31日By gender (persons)按性别（人）Male男1,243Female女2,602By employment type (persons)按类别（人）Full-time全职3,716Part-time兼职129By age (persons)按年龄（人）Under age 30 (excluding)30岁（不含）以下3,076Age 30 to 50 (excluding)30岁至50岁（不含）769Above age 50 (including)50岁（含）以上0By geographical region (persons)按地区（人）Mainland China中国境内地区3,845Hong Kong, Macao and Taiwan港澳台地区0Other countries and regions其他国家及地区02.The statistics of employment, employee turnover rate and employee occupationalhealth and safety cover the Company’s regular employees and do not includeoutsourced employees.2员工雇佣情况、员工流失率情况及员工职业健康与安全数据统计范围涵盖本公司正式员工，不包含外包员工。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1202021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Employee Turnover Rate员工流失率情况Indicators指标As of 31 December 2021截至2021年12月31日Employee turnover rate (%)员工流失率(%)22.96%By gender (%)按性别(%)Male男22.03%Female女22.91%By age (%)按年龄(%)Under age 30 (excluding)30岁（不含）以下24.95%Age 30 to 50 (excluding)30岁至50岁（不含）19.84%Above age 50 (including)50岁（含）以上0By geographical region (%)按地区(%)Mainland China中国境内地区22.96%Hong Kong, Macao and Taiwan港澳台地区0Other countries and regions其他国家及地区0
二零二一年年报ANNUAL REPORT 20211212021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告关爱员工本公司严格遵守《中华人民共和国社会保险法》《住房公积金管理条例》等法律法规，完善薪酬福利体系建设，不断增强员工的归属感与幸福感。在薪酬待遇方面，我们为员工提供具有市场竞争力的薪酬，按规定定期缴纳五险一金，提供餐饮及交通补贴、绩效分配、年终奖金、司龄奖金、中长期股权激励等薪酬奖励。在员工福利方面，我们及时了解员工的动态和需求，为员工提供包括年度定期体检、补充医疗保险、新品优享、年节礼物、生日礼金、结婚卡、生育礼金、丧葬金等多种福利。对于女性员工，我们按照《女职工劳动保护特别规定》《女职工禁忌劳动范围的规定》等法规给予优待与关照，成立妇女委员会，切实保障女性员工权利，为生育女性员工提供育儿假、生育津贴等福利，并在办公区配备了睡眠舱与母婴室。我们不断优化工时管理政策，鼓励员工在正常工作时间内高效工作，充分利用假期进行休息和娱乐，给予员工加班调休的权利，并对因工作原因无法调休的加班工时结算加班工资。Employees CaringIn strict compliance with laws and regulations such as theSocialInsurance Law of the People’s Republic of China(《中华人民共和国社会保险法》) and theRegulation on the Administration of HousingProvident Fund(《住房公积金管理条例》), the Company has improvedits welfare system and remuneration system so as to keep the increasein the happiness and satisfaction of employees.In respect of the remuneration system, we offer competitiveremuneration packages to employees. We make contribution to the fiveinsurances and housing provident fund (五险一金) for our employeesand provide them with incentives such as catering and transportationallowance, performance bonus, year-end bonus, seniority bonus, andmedium and long-term equity incentive.In respect of staff welfare, we keep abreast of employees’trends andneeds in time and provide employees with various welfares, includingannual regular physical examination, extra medical insurance, newproduct special offer, holiday gift, birth gift, marriage card, maternitygift and funeral allowance. For female employees, we give preferentialtreatment and care in accordance with laws and regulations such as theSpecial Provisions on Labor Protection for Female Employees(《女职工劳动保护特别规定》) andProvisions on the Scope of Prohibited Laborfor Female Employees(《女职工禁忌劳动范围的规定》), and set upthe Women Committee so as to effectively protect the rights of femaleemployees, and provide parental leave, maternity allowance and otherbenefits for female employees who have given birth, as well as equipsleeping area and maternal and child rooms in the office area.We constantly optimize the working-hour management policy,encourage employees to work efficiently during normal working hours,relax and enjoy themselves during holidays. We offer employees therights on overtime work and rest day re-assignment. Overtime paymentwill be made if employees are unable to re-assign rest day due to workreasons.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1222021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告We also pay attention to the physical and mental development needs ofemployees, encourage employees to participate in recreational activities,relieve work pressure, provide team building fees for departments,and regularly hold afternoon tea, birthday celebrations, swimmingcompetitions, badminton competitions, basketball competitions andother activities to enrich employees’spare time and enhance teamcentripetal force and cohesion.Health and SafetyThe Company strives to provide a healthy, safe working environment foremployees. In strict compliance with laws and regulations such as thePrevention and Control of Occupational Diseases Law of the People’sRepublic of China(《中华人民共和国职业病防治法》), theRegulation onthe Administration of Sanitation in Public Places(《公共场所卫生管理条例》), theRegulation on Work-Related Injury Insurance(《工伤保险条例》)and theMeasures for the Supervision and Administration of Employers’Occupational Health Surveillance(《用人单位职业健康监护监督管理办法》), the Company comprehensively promotes safety management andencourages employees to improve their awareness of self-protectionso as to secure the occupational health and safety of employees. TheCompany did not experience any work-related fatalities in 2021.We have completed a series of work to ensure the health and safetyof employees, including organizing regular physical examinationfor employees every year, starting EAP2, strengthening publicity ofhealth knowledge and so as to help employees to identify potentialoccupational diseases, occupational contraindications and otherabnormal symptoms as soon as possible, enhance employees’healthcareawareness and promote the physical and mental health of employees.In 2021, we launched the employee mental health project,“Pop MartHeart-to-Heart Center”, in a bid to provide employees with moreconvenient and professional mental health services. Employees canmake psychological consultation appointments and learn psychologicalknowledge through the intelligent psychological cloud platform, thusproviding employees with the strength to relieve their work pressure.我们亦重视员工的身心发展需要，鼓励员工参与文体活动，缓解工作压力，为部门团建活动提供经费，定期举办员工下午茶、生日庆祝、游泳赛、羽毛球赛、篮球赛等多项活动，丰富员工业余生活，提升团队向心力和凝聚力。健康安全本公司致力于为员工提供健康安全的工作环境，严格遵守《中华人民共和国职业病防治法》《公共场所卫生管理条例》《工伤保险条例》《用人单位职业健康监护监督管理办法》等法律法规，全面推进安全管理工作，鼓励员工提高自我保护意识，切实保障员工的职业健康安全。2021年，本公司未发生任何员工伤亡事件。我们完成了一系列工作以保障员工的健康与安全，包括每年定期组织员工体检、开展员工帮助计划（EAP2）、加强健康知识宣贯等，使员工可以及早发现职业病、职业禁忌症等异常情况，提高员工健康意识，促进员工身心健康。2021年，我们推出「泡泡心驿」员工心理健康项目，为员工提供更便捷、专业的心理健康服务，员工可通过智慧心理云平台进行心理咨询预约、学习心理知识等，缓解工作上的压力。2EAP：Employee Assistance Programs，员工帮助计划。2EAP: Employee Assistance Programs.
二零二一年年报ANNUAL REPORT 20211232021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告2021“Pop Mart Heart-to-Heart Center”mental health care project2021年「泡泡心驿」员工心理健康项目
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1242021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告We closely monitored pandemic control requirements issued by centraland local governments as well as the changes of epidemic situation,implemented strict visitor health checks, conducted regular sterilizationin our office areas to fully protect the health and safety of our staff.To prevent safety accidents, during the year, we enhanced safetyknowledge training for employees and conducted regular fire drills andevacuation, which effectively enhanced employees’safety awarenessand fire emergency response capabilities.我们持续关注国家及当地政府的防疫规定与疫情变化情况，严格监管外来人员的健康状况，对办公地点及时消毒杀菌，全面保护员工的健康与安全。为防止安全事故发生，本年度，我们加强对员工的安全知识培训力度，定期组织员工开展消防演习疏散实操，有效提升员工的安全意识及消防安全应急能力。Occupational Health and Safety职业健康与安全Indicators指标Data for 20192019年数据Data for 20202020年数据Data for 20212021年数据Total work-related fatalities (persons)因工亡故总人数（人）000Rate of work-related fatalities (%)因工亡故比率(%)000Number of work-related injuries (persons)因工受伤人数（人）––4Number of lost days due to work injury (days)因工伤损失工作日数（天）––108
二零二一年年报ANNUAL REPORT 20211252021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Development and TrainingThe Company focuses on the long-term career development and growthof our employees and strives to establish a comprehensive learningand development system. We have formulated theHuman ResourcesManagement Systemto clarify principles regarding staff training andpersonal capability development. Focusing on the needs of differentpositions and actual demands of staff, we have also set up a diversifiedtraining program with distinctive culture so as to expand talent reserves.The Company conducts regular staff promotion for functional lines3and operational lines4through performance appraisal and promotioninterview, and implements multi-dimensional evaluation (e.g.performance in professionalism, communication and collaboration andteam management) to offer a multi-platform development plan for thecareer path planning of our staff. To cultivate talents with grassrootsexperience and retail management potential, we have launched theoperational management trainee program and reached out to manytalents suitable for retail center operation from colleges and universitiesat home and abroad. Upon recruiting, they will be given opportunitiesfor business practice, rotational training and external exchange toimprove their overall ability and personal value.In 2021, we continued to improve our staff training and developmentsystem adhering to the principle of“Business-centric and People-oriented”, making the training content more lightweight, personalisedand interesting. In particular, we have introduced interactive sessionssuch as sandbox games, etc. to the training in the hopes of enhancingteam cohesion while assisting employees in improving their businesscapabilities. To facilitate employees’development and growth, we usea“Skill + Practice”learning strategy to provide employees with practicalskills and on-site practice area and conversation space. For the middlemanagement, we also carry out the“Polaris Program”, which aims tocultivate excellent managers who can guide the direction like the Polarisand help management staff achieve leadership improvement.发展培训本公司关注员工长期的职业发展与成长，努力打造全面的学习与发展体系。我们制定《人力资源管理制度》，明确员工培训与个人能力开发的相关原则，并针对员工的职级和实际工作需求，设立多元化、具有特色文化的培训项目，加强人才梯队建设。本公司以绩效考核及晋升述职答辩的形式定期开展职能线3及运营线4的晋升工作，通过对员工的专业能力、沟通协作、团队管理等表现进行多维度打分，为员工职业生涯规划提供多平台发展计划。为了培养具备基层经验和零售管理潜质的人才，我们开展管培生计划，面向海内外院校，招聘并培养适合零售中心运营岗位的人才，给予其门店实操、轮岗学习及外派学习的机会，协助员工全方位提升综合能力与个人价值。2021年，我们持续完善员工培训发展体系，坚持「以业务为中心、以人为本」的理念，使培训内容更加轻量化、个性化、趣味化，在培训中增加互动环节，例如沙盘游戏等，致力于在辅助员工提升其业务能力的同时提升团队凝聚力。我们使用「Skill+ Practice」的学习方法，向员工传授实用性技能并为其提供现场练习场域与讨论空间，助力员工成长与发展。针对中层管理人员，我们亦开展「北极星计划」，旨在培养像北极星一样指引方向的优秀管理者，协助管理层员工实现领导力提升。3职能线指本公司办公区所员工。4运营线指本公司门店及机器人商店员工。3Functional lines represent the Company’s staff worked in offices.4Operational lines represent the Company’s staff worked in stores and roboshops.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1262021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Training Performance of Functional Lines Staff职能线员工受训情况Indicators指标Percentage ofstaff trained (%)受训百分比(%)Average traininghours (hours)受训平均时数（小时）By gender按性别Male男97%0.45Female女96%0.55By employee category按类别Management管理层98%0.38Non-management非管理层96%0.62Pop Mart’s middle management training“Polaris Program”泡泡玛特「北极星计划」中层管理培训
二零二一年年报ANNUAL REPORT 20211272021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告VI. SUPPLY CHAIN MANAGEMENTThe Company strives to achieve synergistic development of industrytrain. To improve the supplier management system, we have formulatedtheSupplier Management System, theDocumentation on StandardizedOperation for Procurement Department, theNon-product ProcurementManagement System, theNon-product Supplier Management System,theStandardized Operation for Logistics Department, theTreasuryManagement System, theStock Taking Operation Proceduresandother documents. We proactively implement responsible procurementprocedures, providing all-round management in terms of procurementstandards, procurement processes, supplier access and dailyperformance to guide our suppliers in the right direction to activelyfulfill their environmental and social responsibilities and continuouslyenhance ESG risk management, so as to promote the sustainabledevelopment of the industry.Training Performance of Operational Lines Staff运营线员工受训情况Indicators指标Percentage ofstaff trained (%)受训百分比(%)Average traininghours (hours)受训平均时数（小时）By gender按性别male男99%11.12female女95%11.18By employee category按类别management管理层99%11.26non-management非管理层94%11.16六、供应链管理本公司致力于实现产业链协同发展。我们不断完善供应商管理体系，制定了《供应商管理制度》《采购部标准作业程序文件》《非产品类采购管理制度》《非产品类供应商管理制度》《物流部标准作业程序》《库房管理制度》《仓库盘点操作流程》等制度文件，积极践行责任采购，从采购标准、采购流程、供应商准入、日常表现等方面开展全方位管理，引导供应商积极履行环境及社会责任，持续加强ESG风险管理，推动行业可持续发展。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1282021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Supplier AccessThe Company has formulated strict selection standards and policiesfor supplier access, evaluation and dismissal, and regularly evaluatesthe legal compliance of suppliers. We have formed a well-experiencedsupplier management team, as well as a supplier inspection team thatis comprised of relevant responsible personnel from procurementdepartment, engineering department, quality assurance department,quality management department and production managementdepartment. In addition, a supplier safety and compliance managementteam was set up in 2021 to comprehensively strengthen the quality,safety and compliance management.While selecting suppliers, we conduct admission assessment and reviewof suppliers from environmental protection, resource conservation,safety management, corporate sustainable development and otheraspects, and inspection evaluation criteria will differ by product featuresand requirements. We require suppliers to strictly comply with lawsand regulations, such as theAtmospheric Pollution Prevention andControl Law of the People’s Republic of China(《中华人民共和国大气污染防治法》), theSolid Waste Pollution Prevention and Control Lawof the People’s Republic of China(《中华人民共和国固体废物污染环境防治法》) and theWater Pollution Prevention and Control Law of thePeople’s Republic of China(《中华人民共和国水污染环境防治法》), aswell as obtain relevant environmental protection qualification. Beforeentering into cooperation agreements with suppliers, we shall ensuretheir production conditions are fully meet the Company’s standardswith pollutant purification and treatment equipment equipped andpollutant discharge and recycle measures in place. The suppliermanagement team and inspection team of the Company will conductregular investigations to explore new suppliers, as well as site visits onits operating venues, productivity, technology capability, developmentcapability and hardware environment, then they will rank suppliers, andonly those are qualified for inspection can make a purchase application.The Company keeps close attention to the management capabilityand performance of suppliers in environmental and social aspects,and suppliers that have insufficient environmental and social riskmanagement will not take into consideration. In 2021, the Company has54 suppliers who were completed the admission review.供应商准入本公司对供应商的准入、评估及退出制定了严格的甄选标准及制度政策，并定期对供应商的合规情况进行评估。我们组建了具备丰富行业经验的供应商管理团队，以及由采购部、工程部、品质部、质量管理部及生产管理部相关负责人组成的供应商验厂团队，并于2021年成立了供应商管理安规小组，全面加强质量及安全合规管理。在选取供应商时，我们从环境保护、节约资源、安全管理、企业可持续发展等多维度对供应商进行准入考核及审查，根据不同类型产品的特性和要求制定验厂评估标准。我们要求供应商严格遵守《中华人民共和国大气污染防治法》《中华人民共和国固体废物污染环境防治法》《中华人民共和国水污染环境防治法》等法律法规并取得相关环保资质，配备污染物净化处理设备，制定污染物排放与回收措施，确保生产制作条件达到公司标准后，与供应商签订合作协议。本公司供应商管理团队及验厂团队会定期考察新寻源的供应商，对其运营场所、生产能力、技术能力、开发能力及硬件环境等情况进行多方面实地考察及评分，验厂合格后方可提出采购申请。本公司时刻关注供应商在环境及社会方面的管理能力及表现，对于环境及社会风险管理不足的供应商，我们将不纳入考虑范围。2021年，本公司已完成准入审核的供应商共54个。
二零二一年年报ANNUAL REPORT 20211292021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告In addition, we encourage suppliers to pass the certification and auditfrom third-party institutions, such as the International Council of ToyIndustries (ICTI) Code of Business Practices, the Disney InternationalLabor Standards (Disney ILS), the Sedex Member Ethical Trade Audit(SMETA) and the Business Social Compliance Initiative (BSCI).Daily Management of SuppliersThe Company has formed a qualified supplier list and constantlyoptimized supplier management to restrict and supervise supplierperformance. We regularly conduct performance appraisal managementon existing suppliers by monthly evaluation and annual evaluation toevaluate suppliers’production quality, attendance, shipment, service,and on-time delivery rate, and communicate with and give feedback tosuppliers based on the evaluation result. We carry out different incentivepolicies for suppliers at different levels, identify well-establishedsuppliers, and assist suppliers with problems or risk points to successfullycomplete rectification and ability improvement. For suppliers werefound to seriously breach of relevant environmental managementrequirements in the process of production or exist of serious ethicalissues or found in violation of the regulations, the Company willterminate their partnership and eliminate unqualified suppliers.Promoting Green ProcurementThe Company highly values green development and the performanceof its suppliers and prioritizes the procurement of products that meetspecific environmental protection requirements throughout the wholeprocess of the life cycle of the product, products that are harmlessor less harmful to the ecological environment, products with highresource utilization rate and products with low energy consumption.The Company promotes the improvement of environmental behaviorsof suppliers, which in turn will promote and demonstrate the greenconsumption of society.我们亦鼓励供应商通过第三方机构的认证与审核，如国际玩具业协会(ICTI)商业行为守则认证、迪士尼社会责任验厂(DisneyILS)、Sedex会员道德贸易审核(SMETA)、商界社会责任倡议(BSCI)审核等。供应商日常管理本公司建立合格供应商清单，持续开展供应商管理优化，对供应商表现进行约束与监督。我们通过月度评估及年度评估的方式定期对在库供应商进行绩效考核管理，针对供应商的生产质量、返工次数、出货量、服务、准时交付率等情况进行考核与评估，并根据考核结果对供应商分级管理，与供应商开展沟通反馈，对不同级别的供应商实行不同的激励政策，挖掘优质供应商，协助存在问题或风险点的供应商顺利完成整改和能力提升，在发现生产过程严重违反相关环保管理要求、存在严重商业道德缺失或违法违规情况的供应商时，及时终止与其的合作关系，淘汰不合格供应商。推进绿色采购本公司重视供应商绿色发展与表现，优先采购在产品生命周期全过程中符合特定的环境保护要求、对生态环境无害或危害较小、资源利用率高、能源消耗量低的产品，促进供应商环保行为的改善，旨在对社会的绿色消费起到推动和示范作用。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1302021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告We require our suppliers to use renewable wooden cardboard andabandon the use of petroleum-based plastic cardboard, and supervisethem in the daily inspection work of the factory inspection teamto detect violations of relevant regulations in a timely manner. Weencourage our suppliers to give priority to the use of environmental-friendly products tested and certified by our Company, such asenvironmental-friendly pure diatom counterweight packs and otherenvironmental-friendly packaging materials, as well as environmental-friendly paints, inks, solvents, adhesives and other products, andpurchase through designated suppliers to ensure the environmentalprotection and safety of raw materials.As of 31 December 2021, the number and distribution of the Company’ssuppliers are as follows.我们要求供应商使用可再生的木质卡板，放弃使用石油基材料的塑胶卡板，并在验厂团队的日常巡检工作中对其进行监督，以及时发现违反相关规定的行为。我们鼓励供应商优先使用经本公司测试认证的环保产品，如环保硅藻纯配重包等环保性良好的包装材料，以及环保的油漆、油墨、溶剂、黏接胶水等产品，并通过指定供应商进行采购，确保原材料的环保性与安全性。截止2021年12月31日，本公司拥有的供应商数量及分布地区如下。Number and Distribution of Suppliers供应商数量及分布情况Indicators指标As of 31 December 2021截至2021年12月31日By geographical region (number)按地区（个）Mainland China中国境内地区54Hong Kong, Macao and Taiwan港澳台地区0Other countries and regions其他国家及地区0Total (number)总计（个）54
二零二一年年报ANNUAL REPORT 20211312021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告七、责任经营本公司深化责任管理，坚持以客户为中心，深入贯彻责任文化，持续为客户提供优质的产品和服务。我们严格遵守《中华人民共和国产品质量法》《中华人民共和国消费者权益保护法》等法律法规，致力于在保证良好品控的同时，不断推进产品创新，提高客户投诉处理和售后服务水平，落实客户权益保护措施，积极保护知识产权和品牌名誉，健全信息安全管理体系，让消费者放心购物。产品质量管控及召回本公司严格遵守与业务有关的玩具国家标准，如《GB/T 26701-2011模型产品通用技术要求》《GB 6675-2014玩具安全》等，加强模型产品的通用技术要求。我们对产品质量严格把控，制定了《产品检验通用标准》《手办产品质量标准手册》《质检工作流程》《产品特采流程》等管理制度与检验标准，对生产流程中的每个环节进行全面监督，不断完善现有质量管理体系。VII.RESPONSIBLE OPERATIONSThe Company deepens responsibility management, adheres tocustomer-centricity and thoroughly implements the responsibilityculture to continue to provide customers with quality products andservices. We strictly comply with laws and regulations such as theProduct Quality Law of the People’s Republic of China(《中华人民共和国产品质量法》)andtheLaw of the People’s Republic of China onthe Protection of Consumer Rights and Interests(《中华人民共和国消费者权益保护法》). While being committed to ensuring great qualitycontrol, we continue to promote product innovation, improve customercomplaint handling and after-sales service, implement customer rightsprotection measures, actively protect intellectual property rights andbrand reputation, and improve information security managementsystem, so that consumers can do shopping at ease.Product Quality Control and RecallThe Company strictly abides by the national toy standards relatedto our operations, such as theGB/T 26701-2011 General TechnicalRequirements for Model Productsand theGB 6675-2014 Toys Safety,to strengthen general technical requirements for model products.We strictly control product quality and have formulated managementprocedures and inspection standards such as theGeneral ProductInspection Standards, theQuality Standard Manual for Action Figures,theQuality Inspection Workflowand theProduct Special ProcurementProcessto comprehensively supervise every stage in the productionprocess and continuously improve the existing quality managementsystem.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1322021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告In 2021, we have optimized the raw material selection and compliancetesting process of our products to strengthen quality control. Toensure product quality and safety, we choose packaging materials thatmeet national safety standards. Our supplier safety and compliancemanagement team is responsible for the safety control of raw materials,regularly sampling raw materials and sending them to a third-partytesting agency for environmental protection and safety testing andanalysis. For product compliance testing, we have employed SGS-CSTCStandards Technical Services Co., Ltd. (SGS), an internationally recognisedtesting agency, as the international testing business partner for ourproducts to assist in product safety and compliance testing and organizespecial training and seminars around product safety and compliancerequirements to further improve the Company’s quality managementlevel. The Company’s quality control team will periodically conduct on-site random inspections of all manufacturers, requiring manufacturersto strictly abide by our quality control guidelines and optimize thetechnique and production process of defect-prone products assessedby our after-sales department, so as to ensure that product quality andsafety meet the compliance requirements.We have formulated theProduct Recall Procedureand other systemsand processes. Once a product with potential safety hazards or anunqualified product is identified, the Company will recall all unqualifiedproducts for rework and scrap the products that cannot be reworked.In addition, warnings and reminders are printed on the packaging ofour products to protect the health and safety of the customers, such as“Small parts”,“Not for children under 3 years”,“This is collectible item.Recommended for ages 15 & up”, etc.In 2021, the Company did not recall any products due to product qualityproblems.2021年，为加强质量管控，我们对产品的原材料选择及合规性检测流程进行了优化。为保障产品质量与安全，我们选用符合国家安全标准的包装原材料，由供应商管理安规小组专门负责产品原材料的安全管控，定期对原材料进行抽检，送交第三方检测机构进行环保安全检测与分析。针对产品合规性检测，我们聘用国际公认检测机构通标标准技术服务有限公司(SGS)作为本公司产品的国际检测业务合作商，协助开展产品安规检测，并围绕产品安规要求组织专场培训与研讨会，进一步提升公司质量管理水平。公司质量控制团队则会定期对所有制造商进行临时现场检查，要求制造商严格遵守我们的质量控制准则，对售后部门评估出的易出现瑕疵产品的工艺及生产过程进行优化改进，确保产品质量安全满足合规要求。我们已制定《产品召回程序》等制度及流程，一旦发现存在安全隐患或不符合标准的产品，公司将对所有不合格产品进行返工处理，并统一报废不能返工的产品。此外，为保障客户健康与安全，我们的产品包装上均印有警告和提示文字，如「包装内含小零件，请勿吞食」「不适合3岁以下儿童使用」「本产品仅适用于15岁及以上人士」等文字。2021年，本公司未发生任何与产品质量相关的召回事件。
二零二一年年报ANNUAL REPORT 20211332021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Customer Complaint and Benefits ProtectionThe Company always takes customer satisfaction as the top priorityand listens to customers’demands. We strictly comply with the lawsand regulations such as theLaw of the People’s Republic of Chinaon the Protection of Consumer Rights and Interests(《中华人民共和国消费者权益保护法》), theMeasures for the Punishment of Actsagainst the Interest of Consumers(《侵害消费者权益行为处罚办法》),theInterim Measures for the Return without Reasons of CommoditiesPurchased Online within Seven Days(《网络购买商品七日无理由退货暂行办法》) and theProvisions on the Interdiction of Fraudulent PricingPractices(《禁止价格欺诈行为的规定》), and have formulated differentrules and regulations such as theStandard Operating Procedure forStores, theRegulation on Procedure of Return/Exchange Goods byCustomer Service and the Customer Complaints and Service SupervisionManagement Systemto standardize store operations, continuouslyoptimize customer service procedures to ensure customers’problemsare solved rapidly and effectively.We continue to improve and build an all-media service platform,whereby customers can communicate with the Company and providetheir opinions and suggestions via different channels, including 400hotlines, WeChat mini-program, Tmall online service and in-storecustomer service. We have publicized our after-sales handling policy tofully protect the rights and interests of the customers.客户投诉及权益保障本公司始终将客户满意放在首位，倾听客户诉求。我们严格遵守《中华人民共和国消费者权益保护法》《侵害消费者权益行为处罚办法》《网络购买商品七日无理由退货暂行办法》《禁止价格欺诈行为的规定》等法律法规，制定《店舖标准操作流程》《客服处理退换货流程规定》《客户投诉暨服务监督管理制度》等制度规定，规范门店运营，不断完善客户服务机制，保障客户问题能够得到快速有效的解决。我们持续完善建设全媒体服务平台，客户可以通过400官方热线、微信小程序、天猫在线、门店客户服务等多种渠道与公司交流沟通，反馈意见或建议。我们对售后处理政策进行了公示，全面保障客户权益。Training on product safety of Pop Mart泡泡玛特产品安规培训
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1342021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告We continue to pay attention to the problems, demands andsuggestions raised by customers, constantly improve the customercomplaint handling system, make timely handling of customercomplaints, respond to customer questions, and analyze the causes ofcomplaints and rectify the problems. Through customer satisfactionsurveys and other ways, we identify deficiencies in our services, andconstantly take steps to improve, while strengthening the managementand training for customer service staff and store employees to improvetheir service quality and efficiency. Once receiving a complaint, we willarrange a complaint handling officer as soon as possible to providesolutions against the demand of customers within a limited timeand follow up until the customer’s request is satisfactorily resolved.In case of industrial and commercial complaints, the Company willactively cooperate and report the results to the market supervisionadministration promptly.我们持续关注客户提出的问题、需求和建议，不断完善客户投诉处理体系，及时对客户投诉做出处理，响应客户提问，同时对投诉事件进行原因分析与问题整改。我们通过消费者满意度调查等形式识别服务中存在的不足，并持续调整改善，同时加强对客服人员及门店员工的管理与培训，提升其服务质量及效率。在接到投诉时，我们会第一时间安排投诉处理负责人，在限定的时间内针对客户需求提供解决方案，并对其进行追踪，保证客户诉求得到满意解决。若为工商投诉，公司会积极配合，将处理结果及时反馈至市场监督管理局。Key Performance Indicators for Product Responsibility产品责任关键绩效指标Indicators指标Data for 20212021年数据Total industrial and commercial complaints on products or services received (times)接获关于产品或服务的工商投诉总数（次）22,572Clearance rate of industrial and commercial complaints (%)工商投诉结案率(%)100%Percentage of total products sold or shipped that are subject torecall for safety and health reasons (%)已售或已运送产品总数中因安全与健康理由而须回收的百分比(%)0
二零二一年年报ANNUAL REPORT 20211352021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Customer Privacy and Information SecurityThe Company highly values customer privacy and information security.In strict compliance with laws and regulations and departmentalregulations such as theNetwork Security Law of the People’s Republicof China(《中华人民共和国网络安全法》), thePersonal InformationProtection Law of the People’s Republic of China(《中华人民共和国个人信息保护法》) and theMeasures for Determining the Illegal Collectionand Use of Personal Information by Apps(《App违法违规收集使用个人信息行为认定方法》), the Company has formulated theInformationSecurity Management System, theInformation Disclosure ManagementSystem, theInformation Security Training Manual, theData SecurityManagement Systemand other documents to establish a perfectinformation security management system.The Company has assigned a dedicated information technology and R&Dtechnology department, which is responsible for the management andsupervision of the Company’s information and data security. We protectthe information, data, applications, and terminal security with high-tech means such as encryption, intranet control, installation of anti-virussoftware and firewalls, while also regularly conducting special audits ondata security and information compliance to monitor the entire flowof customer data strictly. We clearly define the collection, transmission,storage, use, sharing, deletion, transferring and disclosure of corporatedata and users’personal data in theData Security Management System,and relevant policy requirements apply to all our business lines. Westrictly adhered to the principle of minimum collection to standardizethe collection and processing of customer personal information.For each category and level of data, different degrees of encryptionand authorization are carried out. If a department needs to use therelevant information, the department must use it within the specifiedscope after authorization. We also provide employees with trainingon confidentiality management of customer information regularly tofurther enhance their awareness of confidentiality through the sharingof warning cases and knowledge publicity.In the event of information or data leakage, the Company willimmediately delegate security specialists to trace the sources causinginformation leakage problems and fix them in a timely manner, assessthe amount of information leaked, the scope and extent of the leakageimpact, etc., and inform the data owner of the situation. We will alsoreport to the security management and supervision department ofthe Company for specifical analysis of the leakage, so as to formulateoptimized solutions, promote its implementations, and prevent therecurrence of similar events. There was no significant informationsecurity or customer privacy breach in 2021.客户隐私及信息安全本公司高度重视客户个人隐私与信息安全，严格遵守《中华人民共和国网络安全法》《中华人民共和国个人信息保护法》《App违法违规收集使用个人信息行为认定方法》等法律法规及部门规章，制定《信息安全管理制度》《信息披露管理制度》《信息安全培训手册》《数据安全管理制度》等制度文件，建立了完善的信息安全管理体系。本公司设有专门的信息科技与研发技术部门负责管理和监督公司的信息及数据安全。我们通过使用加密技术、内网控制、安装防毒软件及防火墙等科技手段，定期开展数据安全、信息合规等专项审计，严格监控客户数据流转全流程，保护信息、数据、应用程序及终端安全。我们在《数据安全管理制度》中对公司数据和用户个人数据的收集、传输、存储、使用、共享、删除、转让和披露等方面进行明确规定，相关政策要求适用于本公司所有业务，严格遵循最小化收集原则规范采集处理个人客户信息，并针对各个类目和级别的数据，进行不同程度的加密、授权等工作。若部门需要使用相关信息，必须经过授权，方可在规定范围内使用。我们亦定期为员工提供客户信息保密管理相关培训，通过警示案例分享及知识宣贯的形式，进一步加强员工的安全保密意识。如发生信息或数据泄露事件，本公司将第一时间指定安全专员追溯泄露的问题点并及时修复，评估泄露的数据量、影响范围、影响程度等，将情况告知数据所有者，同时，将上报至公司的安全管理层及监管部门，专项分析泄露事件发生的原因，制定优化方案并推进实施，杜绝类似事件再次发生。2021年本公司未发生重大信息安全和客户隐私泄露事件。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1362021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Intellectual Property and Brand ProtectionIn strict compliance with laws and regulations such as thePatent Lawof the People’s Republic of China(《中华人民共和国专利法》) and theCopyright Law of the People’s Republic of China(《中华人民共和国著作权法》), the Company has formulated theIntellectual Property andSoftware Management Measuresand established an integrated platformcovering the entire value chain of intellectual property operation. Weconstantly improve our intellectual property management system, raiseawareness of intellectual property protection among our employees,enhance brand protection, and take necessary measures in a timelymanner to deal with products or contents that involve infringement, soas to eliminate the occurrence of infringement.To minimize the risk of intellectual property infringement, theCompany strictly supervises all series of products on an ongoingbasis by registering intellectual property rights with the competentauthorities in a timely manner, conducting novelty searches, searchingfor intellectual property information, and carrying out relevant analysis.In 2021, the Company connected to the WeChat brand protectionplatform and opened a back-office management account to participatein independent monitoring and rights protection actively, and fullyimplemented intellectual property management. While protecting ourintellectual property rights, we also respect the intellectual propertyachievements of others. When we cooperate with artists and intellectualproperty providers and obtain intellectual property authorization froma third party, we require the third party to provide proof of originalityrelated to the intellectual property to strictly prevent the infringementand misappropriation of intellectual property rights.We have established a system to protect our rights. When collaboratingwith suppliers, we contract them with theConfidentiality Agreementand theAnnual Cooperation Frameworkto clarify the ownership ofthe product’s intellectual property rights, designing materials andmodules, and require suppliers’assurance of non-infringement onthe intellectual property rights and other legal rights. In the event ofmalicious registration or misappropriation of intellectual property rights,we will require relevant parties to stop infringing on the Company’srights and interests and correct improper behavior through online andoffline rights defense and will take measures to actively respond tosuch infringements, including reporting to authorities or requesting forindemnities, in serious situations.知识产权及品牌保护本公司严格遵守《中华人民共和国专利法》《中华人民共和国著作权法》等法律法规，制定《知识产权及软件管理办法》，建立了涵盖知识产权运营全价值链的一体化平台。我们不断完善知识产权管理体系，提高员工知识产权保护意识，加强品牌保护工作，及时采取必要措施处理涉及侵权的产品或内容，杜绝侵权事件的发生。为降低知识产权侵权风险，本公司通过及时向主管机构注册知识产权、定期开展查新工作、检索知识产权信息、开展相关分析等方式，持续对所有系列产品进行严格监管。2021年，本公司接通微信品牌维权平台，开通后台管理账号，积极参与自主监管和维权，全面落实知识产权管理工作。我们在重视自身知识产权保护的同时，也尊重他人的知识产权成果。当与艺术家及知识产权提供商合作并获得第三方给予的知识产权授权时，我们要求第三方必须提供知识产权相关的原创性证明，严防侵权或知识产权盗用事件发生。本公司已建立维权工作制度，在与供应商合作时，我们与供应商签署《保密协议书》及《年度合作框架协议》，明确产品的知识产权、设计文件及模具产权的归属，要求供应商保证不侵犯任何第三方的知识产权和其他合法权益。在恶意注册或知识产权盗用事件发生时，通过线上线下维权的方式要求相关方及时停止损害公司权益，并纠正不当行为，严重时采取行政举报或诉讼索赔等措施积极应对任何侵权行为。
二零二一年年报ANNUAL REPORT 20211372021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告We value and encourage technological innovation and inventionand promote the application of technological innovations. In 2021,we introduced an intellectual property platform in the front-end ofthe rights protection to effectively record draft drawings and vet itsownership in the process of creation, so as to actively protect ourown intellectual property rights. In terms of product design, we haveadopted NFC anti-counterfeit chip authentication and equipped identitycards in our“MEGA Collection Series”to provide a method for productauthenticity verification in the manner of technological identification toenhance brand recognition and implement brand protection.Advertisement and Trademark ManagementIn compliance with laws and regulations such as theAdvertising Lawof the People’s Republic of China(《中华人民共和国广告法》) and theTrademark Law of the People’s Republic of China(《中华人民共和国商标法》), the Company constantly strengthens the examination andregulation of advertisement and publicity, requiring advertising andpromotional content to be true, healthy, clear and understandable,and avoiding any false publicity or misleading advertising content andproduct descriptions.We identified possible risks of advertising violations in businessoperations and developed relevant countermeasures. We required anyexternal promotional information to be jointly reviewed by the businessand legal affairs departments and published only after confirming thatthe content is accurate, relevant to the facts and does not infringe onthe legal rights of others and does not violate terminology regulations.For advertisements in overseas regions, we required our overseaspartners to comply with our promotion standards and local laws andregulations in the promotion process to ensure the truthfulness andcompliance of promotional information. If the advertising or promotionalinformation does not conform to the actual situation and violates therelevant laws and regulations, we will immediately start the withdrawalprocess, stop the launch and make corrections.我们重视并鼓励技术创新及发明创造，推动技术创新成果的应用。2021年，我们在知识产权保护前端中引入知识产权确权平台，有效地对创作中的草稿图样进行记录和确权，积极保障自身知识产权。在产品设计上，我们在「MEGA珍藏系列」产品中加入了NFC防伪芯片认证并配备身份卡，为产品真伪鉴定提供科技识别方法，增强品牌辨识度，落实品牌保护工作。广告宣传与商标管理本公司遵守《中华人民共和国广告法》《中华人民共和国商标法》等法律法规，不断加强审核并规范广告及宣传推广内容，要求广告及宣传推广内容真实、健康、清晰、明白，避免出现任何虚假宣传、营销、误导消费者的广告宣传与产品说明。我们识别了业务经营中可能出现的广告宣传违规风险，并制定了相关应对措施。我们要求任何对外宣传资料需经过活动业务部门和法务部门的共同审核，在确认内容准确、贴切事实、不侵犯他人合法权益且未违反词汇用语规定后方可进行发布。针对公司在海外地区的广告宣传，我们要求海外合作方在推广过程中遵守公司的宣传规范和当地的法律法规，确保宣传内容真实合规。当广告或宣传内容出现不符合实际情况或违反相关法律法规时，我们将第一时间启动下架撤回流程，停止投放并做出纠正。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1382021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告In terms of trademark management, to better manage our intangibleassets, we have set clear requirements on the area, form, ratio, location,font and color of brand logos, and stipulated that all use of our products,LOGO and materials must be approved by the Company at relevantlevels. Meanwhile, we registered the trademarks of high-end productsin a timely manner, formulated trademark use norms and unified brandlogo, so as to maximize the compliant use of the brand logo and preventthe risk of the brand logo being sued for infringement.在商标管理方面，为了更好地管理公司无形资产，我们对品牌标识的出现区域、露出形式、出现比例、位置、字体、颜色等进行了明确要求，规定所有使用公司商品、LOGO、物料素材的情况均需通过公司相关层级审批。同时，我们对高端系列产品的商标及时注册，制定商标使用规范，统一品牌标识，最大化确保品牌标识的合规使用，规避品牌标识被诉侵权风险。Standardize the use of“MEGA Collection Series”product trademark and logo规范「MEGA珍藏系列」产品商标及LOGO使用八、反贪污管理本公司倡导诚信正直的企业文化，致力于营造廉洁的工作环境。我们遵守《中华人民共和国公司法》《中华人民共和国反洗钱法》《中华人民共和国反不正当竞争法》等相关法律法规，制定《反舞弊管理规定》《反洗钱工作管理制度》《合规管理制度》《礼品收受管理规定》《利益冲突管理制度》《离任审计管理制度》《信息保密管理制度》《员工行为规范管理制度》等相关管理制度，对任何形式的商业违法行为，如贪污、腐败、贿赂、勒索、欺诈及洗黑钱等行为坚持零容忍态度。我们亦与供应商及合作单位签署《阳光合作协议》，规范采购操作流程，打造阳光采购环境，全面加强公司的合规运营。VIII.ANTI-CORRUPTION MANAGEMENTThe Company advocates a corporate culture of integrity and honestyand is committed to creating a clean working environment. We complywith relevant laws and regulations, such as theCompany Law of thePeople’s Republic of China(《中华人民共和国公司法》), theAnti-MoneyLaundering Law of the People’s Republic of China(《中华人民共和国反洗钱法》) and theAnti-Unfair Competition Law of the People’sRepublic of China(《中华人民共和国反不正当竞争法》), and haveestablished relevant management systems including theAnti-FraudManagement Regulations, theAnti-Money Laundering ManagementSystem, theCompliance Management System, theGift AcceptanceManagement Regulations, theConflict of Interest Management System,theExit Audit Management System, theInformation ConfidentialityManagement Systemand theEmployee Code of Conduct ManagementSystem. We maintain a zero-tolerance attitude towards any formof business violations such as embezzlement, corruption, bribery,extortion, fraud and money laundering. We also sign theSunshineCooperation Agreementwith our suppliers and partners to standardizethe procurement operation process, create a transparent procurementenvironment and hence strengthen our compliance operation in allaspects.
二零二一年年报ANNUAL REPORT 20211392021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Promoting the Integrity CultureThe Company continues to strengthen the awareness of integrity amongall employees. We further promoted our compliance culture throughmorning meeting training, sharing cases of corporate violations, sendinggreeting cards on holidays and other forms, and prohibited directors andemployees from engaging in any illegal or unethical economic practicesand making profits from them. In 2021, we conducted regular integritytraining for our directors and all employees, with a single trainingsession of approximately 30 minutes for store managers in each regionof the retail center, and a special training session of approximately40 minutes for key departments, such as the Purchasing Departmentand the Operations Management Department, to raise awareness ofbusiness ethics and information confidentiality among our directorsand employees. We also designed a variety of posters with anti-fraudcontent, such as refusing to accept gifts and adhering to the principle ofinformation confidentiality, and posted them in our offices to promotethe integrity culture in our daily lives.Improving Compliant and Reporting MechanismThe Company encourages its employees to actively report the actualor suspected corruption, bribery and other improper acts that violateprofessional ethics. In 2021, we designated the Audit Department asthe official reporting department in charge of providing various internaland external reporting channels, including reporting hotlines, reportingmailboxes, official online reporting platform and letters. At the sametime, we developed a mechanism namely“Direct Channel for ourFriends (小伙伴直通车)”to strengthen the compliance management ofour stores and ensure smooth business feedback and disciplinary report.加强廉洁文化宣贯本公司持续加强全员廉洁意识宣贯，通过晨会培训、企业违规案例分享、节假日发送贺卡等形式，不断加强公司合规文化宣传，禁止董事及员工从事任何违法或不道德的经济行为并从中牟取利益。2021年，我们针对董事及全体员工定期开展廉洁专题培训，面向零售中心各大区店长开展单次培训时长约30分钟的培训宣贯，并对采购部、经营管理部等重点部门开展学时约40分钟的专项培训，提升董事及员工商业道德和信息保密意识。我们亦设计多款拒绝收礼、坚持信息保密原则等反舞弊内容的宣传海报，将其张贴于办公室内，在日常生活中宣扬廉洁文化。完善投诉举报机制本公司鼓励员工积极举报实际或疑似贪污、贿赂及其他违反职业道德的不正当行为。2021年，我们将审计部设为公司官方举报责任部门，为内外部人员提供多种举报途径，包括举报电话、举报邮箱、官网在线举报平台、信函等，同时，建立「小伙伴直通车」机制，加强门店合规管理，确保业务反馈与违纪举报途径畅通。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1402021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告We protect the whistleblowers whose relevant information is strictlykept confidential, to ensure the transmission of information aboutwhistleblowers and their report contents, effectively control theapplication scope of reporting information and prohibit any form ofretaliation against the whistleblowers. For the violations of relevantlaws and regulations as well as the Company rules, the Company, uponthe verification of relevant situations, will give employees disciplinarypunishment depending on the severity, including dismissal or reportingand sending to the judicial authority.In 2021, the Company joined the Enterprise Anti-Fraud Alliance and theTrust and Integrity Alliance to work together on the discussions aboutenterprise anti-fraud, explore common issues of anti-fraud, conductin-depth research on industry risk, hot spots and difficulties, so as tostrengthen the industry exchanges and internal corporate governance.During the Reporting Period, we did not have any major non-complianceor any case of corruption and fraud.我们对举报人进行保护，严格保密举报人相关信息，确保举报人及举报内容的信息传递，有效控制举报信息的适用范围，禁止对举报人任何形式的打击报复。对于违反相关法律法规及公司制度的行为，公司将在核实事件情况后视情节轻重给予员工纪律处分，包括解聘或报送司法机关处理。2021年，本公司加入企业反舞弊联盟和阳光诚信联盟，共同致力于企业反舞弊协作交流，探索反舞弊共性问题，深入研究行业风险、热点、难点，加强行业交流与企业内部治理。报告期内，我们未发生重大违规和贪污舞弊事件。Anti-corruption Training反贪污培训开展情况Indicators指标Data for 20212021年数据Number of concluded legal cases regarding corrupt practices (cases)已审结贪污诉讼案件数量（起）0Number of Directors participating in anti-corruption training (persons)参与反贪污培训董事的人数（人）5Number of employees participating in anti-corruption training (persons)参与反贪污培训员工的人数（人）1,800
二零二一年年报ANNUAL REPORT 20211412021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告IX. COMMUNITY INVESTMENT MANAGEMENTThe Company always keeps in mind the brand concept of“creatingtrends and delivering fineness”and is committed to a warm brand. Wehighly value and actively undertake corporate social responsibility byinvesting in ecological environmental protection, rural revitalization aswell as supporting aesthetics, education and other fields. Besides, weparticipate in community welfare-related activities in various forms,maintain communication and friendly relations with the surroundingcommunities, striving to be an outstanding corporate citizen andcreating value for society on an ongoing basis.Cash donation for 2021:Public auction for 2021:Approximately RMB10.5348 millionApproximately RMB361,100Case: Protecting ecological environment and practicing theconcept of sustainable developmentThe Company is deeply aware of the importance of protecting theecological environment. On 4 June 2021, DIMOO, the Company’s dreamambassador, co-branded Kiehl’s to launch the limited edition of pandacharity product and donated part of the proceeds from the two summercharity products to the waste harmless treatment and water purificationproject in the wild panda habitat. In addition, we practiced the conceptof sustainable development by launching charity products, so as topromote the harmonious coexistence between human and nature.九、社区投资管理本公司始终铭记「创造潮流，传递美好」的品牌理念，坚持做一个有温度的品牌。我们重视并积极承担企业社会责任，在生态环境保护、助力乡村振兴、支持美育教育等领域投入资源，通过多种形式参与社区公益相关活动，与周边社区保持沟通、友善相处，争做优秀企业公民，为社会持续创造价值。2021年现金捐赠：2021年公益拍卖：约1,053.48万元人民币约36.11万元人民币案例：保护生态环境，践行可持续发展理念本公司深刻意识到保护生态环境的重要性。2021年6月4日，本公司梦想大使DIMOO联名科颜氏推出熊猫公益限量版产品，并将两款夏日公益产品的部分收益捐赠于野生大熊猫栖息地垃圾无害化处理与水源净化项目，通过推出公益产品践行可持续发展理念，促进人与自然和谐共生。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1422021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Pop Mart beaver public welfare forest泡泡玛特河貍保护公益林In response to theKunming Declarationof the COP15 of theUnitedNations Convention on Biological Diversity, on 22 October 2021, on theoccasion of the launch of the DIMOO Forest Night series, we donatedRMB500,000 to the China Environmental Protection Foundation incollaboration with DIMOO designer Ayan, to build a Pop Mart beaverconservation public welfare forest for the conservation of endangeredspecies.为响应联合国《生物多样性公约》第十五次缔约方大会(COP15)《昆明宣言》，2021年10月22日，在DIMOO森林之夜系列产品发售之际，我们联合DIMOO设计师Ayan向中华环境保护基金会捐赠50万元人民币，建造泡泡玛特河貍保护公益林，保护濒危物种。案例：助力乡村振兴，推进地区产业发展本公司积极响应国家政策，支持乡村振兴。2021年6月14日，本公司与中国扶贫基金会善品公社平台合作举办了「浓情端午、责任消费」主题活动，定向采购20余万元人民币的脱贫地区农产品作为员工端午福利，通过责任消费的方式支持脱贫地区产业发展，助推脱贫增收。Case: Driving rural revitalization and promoting regionalindustrial developmentThe Company actively responds to the national policy and supportsrural revitalization. On 14 June 2021, the Company cooperated withthe Shanpin Gongshe (善品公社) platform of China Foundation forPoverty Alleviation to hold an activity with the theme being“ResponsibleConsumption at Dragon Boat Festival (浓情端午、责任消费)”, andpurchased over RMB200,000 of agricultural products from poverty-stricken areas as the welfare of Dragon Boat Festival for the staffs,supporting the industrial development of poverty-stricken areas throughresponsible consumption, thereby boosting the poverty alleviation andincome growth.
二零二一年年报ANNUAL REPORT 20211432021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告On 18 August 2021, the first cultural revitalization public welfareproject donated by the Company through the China Volunteer ServiceFoundation was officially launched in Mengjiazhuang Village, LiuzhangziTownship, Chengde County, Hebei Province. We donated RMB300,000to the village for the construction of cultural and creative sculptureworks and set up an educational fund to help local students fromindigent families complete their studies. Relying on the advantagesof creative culture, we help the construction of landmark cultural andentertainment industrial clusters to promote the development of localtourism and assist to create a livable and ecologically beautiful newcountryside.2021年8月18日，本公司通过中国志愿服务基金会捐赠建设的首个文化振兴公益项目于河北省承德县刘杖子乡孟家庄村正式启动。我们向该村捐款30万元人民币用于文创雕塑作品建设，并设立教育基金，帮助当地困难家庭学生完成学业，以创意文化优势为依托，助力地标性文娱产业聚集地建设，带动当地旅游业发展，协助打造宜居生态美丽新农村。Pop Mart’s activity themed by“Responsible Consumption at Dragon Boat Festival”泡泡玛特「浓情端午、责任消费」主题活动Pop Mart’s large-scale sculpture“Little Painter Molly”settled in Mengjiazhuang Village泡泡玛特大型雕塑「小画家茉莉」落户于孟家庄村
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1442021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Case: Supporting local education by carrying out aestheticeducation projectsThe Company actively supports local education and carries out anumber of aesthetic education projects to help children in mountainousareas and to develop aesthetic education in rural schools.In 2021, we officially launched the first brand public welfare project“POP MART Public Welfare Aesthetic Education Center”. Combinedwith the national policies on aesthetic education reform in rural, wedonated RMB360,000 to the China Foundation for Poverty Alleviationin the first batch to build two aesthetic education centers in JiangkouTown Central Primary School and Liangji Town Central Primary School,respectively, and to provide art packages to 14 rural schools in LiCounty, Longnan City, Gansu Province, therefore helping rural childrenin terms of educational resources and school supplies. We cooperatedwith the Ullens Center for Contemporary Arts (UCCA) Beijing Foundationto develop art courses, through online and offline teaching methods,to help teachers and students improve their abilities and qualities inaesthetic education, and to support the development of local education.案例：支持地方教育，开展美育教育项目本公司积极支持地方教育，开展多项美育教育项目帮扶山区儿童，助力乡村学校美育教育发展。2021年，我们正式启动第一个品牌公益项目「POP MART公益美育中心」，结合国家关于农村地区学校美育改革的政策，首批向中国扶贫基金会捐赠36万元人民币，在甘肃省陇南市礼县江口镇中心小学、梁集镇中心小学建设两所美育中心，为陇南市礼县14所乡村学校发放美术包裹，从教育资源、学习用品等多方面帮扶乡村儿童。我们联合北京尤伦斯艺术基金会开发艺术课程，通过线上、线下授课的方式，帮助老师和学生提升美育方面的能力及素养，支持地方教育发展。Public welfare aesthetic education activities carried out by Pop Mart泡泡玛特开展公益美育活动
二零二一年年报ANNUAL REPORT 20211452021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Case: Deepening school-enterprise cooperation to cultivateartistic and cultural talentsThe Company resolutely implements the policy of“Integrationof Industry and Education”of the 19th National Congress of theCommunist Party of China and has established and deepened school-enterprise cooperation with many universities and colleges acrossthe country. In January 2021, we donated RMB3 million to the PekingUniversity Education Foundation and co-founded the Research Centerfor Business and Arts with the Guanghua School of Management ofPeking University to promote talents training and industry developmentin the art and culture industry. In November, we made our first donationof RMB720,000 to the Communication University of China EducationFoundation to fund the talents training and specialty construction ofthe School of Animation and Digital Arts, Communication Universityof China, and support the development and academic exchanges ofChinese fashion trend research and trend creative design courses.Case: Focusing on public welfare and delivering beauty tothe societyThe Company deeply understands that the development and growthof an enterprise is inseparable from the support of all sectors of society,and always insists on striding forward on the road of delivering beautyto public welfare and provides care for individuals or groups in need. On1 June 2021, the Company and the Ai You Foundation jointly launchedthe“Childishness never dies”theme activity at Children’s Day to sendholiday gifts and warm companionship to nearly 1,000 hospitalizedchildren in 8 hospitals in Shanghai, Tianjin and other cities. We organizedstaff volunteers from Nanjing Branch to Nanjing Children’s Hospital forhelping the children being treated in the hospital adapt to the medicalscene and pass warmth to the children through diversified activities.案例：深化校企合作，培养艺术文化人才本公司坚决贯彻落实党的十九大「产教融合」的政策，与全国范围内多所高校建立并深化校企合作关系。2021年1月，我们向北京大学教育基金会捐赠300万元人民币，与北京大学光华管理学院共同成立商业与艺术研究中心，推动艺术文化产业人才培养及行业发展。11月，我们首笔向中国传媒大学教育基金会捐赠72万元人民币，用于资助中国传媒大学动画与数字艺术学院学生人才培养和专业建设，支持国潮文化研究、潮流创意设计课程的开发与学术交流。案例：聚焦社会公益，为社会传递美好本公司深刻理解企业的发展壮大离不开社会各界的支持，始终坚持在传递美好的公益之路上大步前行，为需要帮助的个人或团体提供关怀。2021年6月1日，本公司与爱佑慈善基金会携手发起「童心永不泯」六一主题活动，为上海、天津等城市8所医院的近千名住院孩子们送去节日礼物和温暖陪伴。我们组织南京分公司的员工志愿者们走进南京儿童医院，帮助在院治疗的孩子们适应医疗场景，通过丰富多彩的活动向孩子们传递温暖。Pop Mart and Ai You Foundation gave holiday gifts to hospitalized children泡泡玛特携手爱佑慈善基金会为住院儿童送上节日礼物
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1462021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Case: Launching a co-branding public welfare image to paytribute to the aerospace industryOn 16 October 2021, the crewed spaceship Shenzhou-13 wassuccessfully launched at the Jiuquan Satellite Launch Center in China.The Company and Shanghai ASES Spaceflight Technology Co., Ltd.jointly launched the public welfare image of“MEGA Collection Series1000% SPACE MOLLY Lunar Rock”, which was exhibited at the ChinaScience and Technology Museum and officially commenced pre-sale bylottery with a limited edition of 500. We donated all the proceeds from200“SPACE MOLLY Lunar Rock”public welfare image dolls embeddedwith rocket fragments to help the development of aerospace popularscience education.案例：推出联动公益形象，致敬航天事业2021年10月16日，神舟十三号载人飞船在中国酒泉卫星发射中心成功发射，本公司与上海埃依斯航天科技有限公司合作推出「MEGA珍藏系列1000% SPACE MOLLY月岩」公益形象，在中国科技馆展出并正式开启抽签预售，限量发行500体。我们将其中嵌入火箭碎片的200体「SPACE MOLLY月岩」公益形象所得收益全部捐出，用于助力航天科普教育事业发展。“SPACE MOLLY Lunar Rock”were exhibited at the China Science and Technology Museum「SPACE MOLLY月岩」在中国科技馆展出案例：支援灾情一线，向灾区传递希望作为优秀民族企业的一员，本公司亦在灾难发生时迅速出现在灾区第一线。2021年7月21日，河南郑州等地遭遇极端强降雨带来的自然灾害，公司董事会连夜召开紧急会议，第一时间向河南省慈善总会捐赠500万元人民币，用于支持郑州市、新乡市等地的防汛救灾工作。7月23日，我们向灾区派遣志愿者积极支援一线防汛抗洪工作，为灾区人民带来支持和希望，向灾区人民传递温暖与关怀。Case: Supporting the disaster front line and delivering hopeto disaster areasAs one of the outstanding national enterprises, the Company offeredits support immediately to the front-line work in disaster areas. On 21July 2021, several districts in Henan province, including Zhengzhou,encountered extremely heavy rainfall, and thus the Board of theCompany convened emergency meetings and made a first-timedonation of RMB5 million to the Henan Charity Federation to supportthe flood control and disaster relief work in Zhengzhou, Xinxiang andother districts. In addition, we sent volunteers to the disaster-hit areasto assist the front-line flood control and flood fighting work on 23 July,which helped bring support and hope to the victims and conveyedwarmth and care to them.
二零二一年年报ANNUAL REPORT 20211472021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告The Company obtained several awards and honors due to itsoutstanding performance in social welfare during the year. OnSeptember 16, 2021, the Beijing Federation of Industry and Commercereleased the“1+4”lists of the 2021 Beijing Top 100 Private Enterprises(2021北京民营企业百强“1+4”榜单), the Company was selected as oneof the“Beijing Top 100 Private Enterprises in Social Responsibilities”(北京民营企业社会责任百强) for its initiatives in the fields ofenvironmental protection and rural revitalization. On 24 November, theCompany was awarded the“Outstanding Enterprise in Social Practice”(社会实践杰出企业) due to its“Rural Children’s Aesthetic EducationDevelopment Special Project”(乡村儿童美育教育发展专案) in the“Business for Good, Creating Sustainable Future Together – 2021 AnnualForum on Responsible Power of China Benefit Corporation”(商业向善，共创可持续未来——2021年中国益公司责任力年度论坛) organized byTencent News in Beijing. On 18 December, with the theme of“Fortuneand Responsibility – Value of Enterprise”(财富与责任——企业的价值),the 2021 China Top 500 Enterprises in Charity and the 5th Business andPhilanthropy Forum was held in Chongqing. The Company was grantedtwo awards, i.e.“2021 China Top 500 Enterprises in Charity”(2021中国企业慈善公益500强) and“2021 China Top 500 Enterprises in Donation forFlood Fighting”(2021中国企业抗洪捐赠500强).鉴于本年度在社会公益方面的突出表现，我们获得了多个奖项与殊荣。2021年9月16日，北京市工商联合会发布2021北京民营企业百强「1+4」榜单，本公司凭借在环境保护、乡村振兴等领域的积极举措入选「北京民营企业社会责任百强」。11月24日，由腾讯新闻主办的「商业向善，共创可持续未来——2021年中国益公司责任力年度论坛」在北京举行，本公司凭借「乡村儿童美育教育发展项目」，获得「社会实践杰出企业」荣誉称号。12月18日，以「财富与责任——企业的价值」为主题的2021中国企业慈善公益500强发布暨第五届中国企业慈善公益论坛在重庆举行，本公司荣获「2021中国企业慈善公益500强」及「2021中国企业抗洪捐赠500强」两大奖项。展望未来，本公司将继续发挥潮玩文化的凝聚力量，关注社会需求，积极参与社区发展建设，努力实现企业与广大利益相关方的协同发展，用实际行动回馈社会，为促进经济社会发展贡献力量。Looking forward to the future, the Company will continue to playthe cohesive power of popular trendy toy culture, pay attention tosocial demands and actively engage in community development soas to achieve joint development of the Company and its stakeholders,ultimately giving back to the society and make contributions to promotethe economic and social development.Pop Mart won the awards of“2021 China Top 500 Enterprises in Charity”(2021中国企业慈善公益500强) and“2021 China Top 500 Enterprises in Donation for Flood Fighting”(2021中国企业抗洪捐赠500强)泡泡玛特荣获「2021中国企业慈善公益500强」及「2021中国企业抗洪捐赠500强」奖项
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1482021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告ESG INDICATOR INDEXESG指标索引Content内容Section章节Mandatory Disclosure Requirements强制披露规定Governance Structure:管治架构：A statement from the board containing the following elements:由董事会发出的声明，当中载有下列内容：(i) a disclosure of the board’s oversight of ESG issues;(i)披露董事会对环境、社会及管治事宜的监管；(ii) the board’s ESG management approach and strategy, including the process used to evaluate,prioritise and manage material ESG-related issues (including risks to the issuer’s businesses); and(ii)董事会的环境、社会及管治管理方针及策略，包括评估、优次排列及管理重要的环境、社会及管治相关事宜（包括对发行人业务的风险）的过程；及(iii) how the board reviews progress made against ESG-related goals and targets with an explanationof how they relate to the issuer’s businesses.(iii)董事会如何按环境、社会及管治相关目标检讨进度，并解释它们如何与发行人业务有关连。Board Statement董事会声明A description of, or an explanation on, the application of the Reporting Principles (Materiality, Quantitative andConsistency) in the preparation of the ESG Report.描述或解释在编备环境、社会及管治报告时如何应用汇报原则（重要性、量化和一致性）。About this Report关于本报告A narrative explaining the reporting scope of the ESG Report and describing the process used to identify whichentities or operations are included in the ESG Report. If there is a change in the scope, the issuer should explainthe difference and reason for the change.解释环境、社会及管治报告的汇报范围，及描述挑选哪些实体或业务纳入环境、社会及管治报告的过程。若汇报范围有所改变，发行人应解释不同之处及变动原因。About this Report关于本报告
二零二一年年报ANNUAL REPORT 20211492021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Content内容Section章节“Comply or explain”Provisions「不遵守就解释」条文A. EnvironmentalA.环境范畴A1 EmissionsA1排放物General Disclosure一般披露Information on:有关废气及温室气体排放、向水及土地的排污、有害及无害废弃物的产生等的：(a) the policies; and(a)政策；及(b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to air andgreenhouse gas emissions, discharges into water and land, and generation of hazardous and non-hazardouswaste.(b)遵守对发行人有重大影响的相关法律及规例的资料。EnvironmentManagement环境管理KPI A1.1 The types of emissions and respective emissions data.关键绩效指标A1.1排放物种类及相关排放数据。EnvironmentKey PerformanceIndicators环境关键绩效指标KPI A1.2 Direct (Scope 1) and energy indirect (Scope 2) greenhouse gas emissions (in tonnes) and, whereappropriate, intensity (e.g. per unit of production volume, per facility).关键绩效指标A1.2直接（范围一）及能源间接（范围二）温室气体排放量（以吨计算）及（如适用）密度（如以每产量单位、每项设施计算）。EnvironmentKey PerformanceIndicators环境关键绩效指标KPI A1.3 Total hazardous waste produced (in tonnes) and, where appropriate, intensity(e.g. per unit of production volume, per facility).关键绩效指标A1.3所产生有害废弃物总量（以吨计算）及（如适用）密度（如以每产量单位、每项设施计算）。EnvironmentKey PerformanceIndicators环境关键绩效指标KPI A1.4 Total non-hazardous waste produced (in tonnes) and, where appropriate, intensity (e.g. per unit ofproduction volume, per facility).关键绩效指标A1.4所产生无害废弃物总量（以吨计算）及（如适用）密度（如以每产量单位、每项设施计算）。EnvironmentKey PerformanceIndicators环境关键绩效指标KPI A1.5 Description of emissions target(s) set and steps taken to achieve them.关键绩效指标A1.5描述所订立的排放量目标及为达到这些目标所采取的步骤。EnvironmentManagement环境管理KPI A1.6 Description of how hazardous and non-hazardous wastes are handled, and a description of reductiontarget(s) set and steps taken to achieve them.关键绩效指标A1.6描述处理有害及无害废弃物的方法，及描述所订立的减废目标及为达到这些目标所采取的步骤。EnvironmentManagement环境管理
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1502021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Content内容Section章节A2 Use of ResourcesA2资源使用General Disclosure一般披露Policies on the efficient use of resources, including energy, water and other raw materials.有效使用资源（包括能源、水及其他原材料）的政策。Note: Resources may be used in production, in storage, transportation, in buildings, electronic equipment, etc.注：资源可用于生产、储存、交通、楼宇、电子设备等。EnvironmentManagement环境管理KPI A2.1 Direct and/or indirect energy consumption by type (e.g. electricity, gas or oil) intotal (kWh in’000s) and intensity (e.g. per unit of production volume, per facility).关键绩效指标A2.1按类型划分的直接及╱或间接能源（如电、气或油）总耗量（以千个千瓦时计算）及密度（如以每产量单位、每项设施计算）。EnvironmentKey PerformanceIndicators环境关键绩效指标KPI A2.2 Water consumption in total and intensity (e.g. per unit of production volume, per facility).关键绩效指标A2.2总耗水量及密度（如以每产量单位、每项设施计算）。EnvironmentKey PerformanceIndicators环境关键绩效指标KPI A2.3 Description of energy use efficiency target(s) set and steps taken to achieve them.关键绩效指标A2.3描述所订立的能源使用效益目标及为达到这些目标所采取的步骤。EnvironmentManagement环境管理KPI A2.4 Description of whether there is any issue in sourcing water that is fit for purpose,water efficiency target(s) set and steps taken to achieve them.关键绩效指标A2.4描述求取适用水源上可有任何问题，以及所订立的用水效益目标及为达到这些目标所采取的步骤。EnvironmentManagement环境管理KPI A2.5 Total packaging material used for finished products (in tonnes) and, if applicable,with reference to per unit produced.关键绩效指标A2.5制成品所用包装材料的总量（以吨计算）及（如适用）每生产单位占量。EnvironmentKey PerformanceIndicators环境关键绩效指标
二零二一年年报ANNUAL REPORT 20211512021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Content内容Section章节A3 The Environment and Natural ResourcesA3环境及天然资源General Disclosure一般披露Policies on minimising the issuer’s significant impacts on the environment and natural resources.减低上市公司对环境及天然资源造成重大影响的政策。EnvironmentManagement环境管理KPI A3.1 Description of the significant impacts of activities on the environment and natural resources andthe actions taken to manage them.关键绩效指标A3.1描述业务活动对环境及天然资源的重大影响及已采取管理有关影响的行动。EnvironmentManagement环境管理A4 Climate ChangeA4气候变化General Disclosure一般披露Policies on identification and mitigation of significant climate-related issues which have impacted,and those which may impact, the issuer.识别及应对已经及可能会对发行人产生影响的重大气候相关事宜的政策。EnvironmentManagement环境管理KPI A4.1 Description of the significant climate-related issues which have impacted, and those which may impact,the issuer, and the actions taken to manage them.关键绩效指标A4.1描述已经及可能会对发行人产生影响的重大气候相关事宜，及应对行动。EnvironmentManagement环境管理B. SocialB.社会范畴B1 EmploymentB1雇佣General Disclosure一般披露Information on:有关薪酬及解雇、招聘及晋升、工作时数、假期、平等机会、多元化、反歧视以及其他待遇及福利的：(a) the policies; and(a)政策；及(b) compliance with relevant laws and regulations that have a significant impact on the issuer relating tocompensation and dismissal, recruitment and promotion, working hours, rest periods, equal opportunity,diversity, anti-discrimination, and other benefits and welfare.(b)遵守对发行人有重大影响的相关法律及规例的资料。Employment andLabor Standards雇佣及劳工准则KPI B1.1 Total workforce by gender, employment type (for example, full- or part-time),age group and geographical region.关键绩效指标B1.1按性别、雇佣类型（如全职或兼职）、年龄组别及地区划分的雇员总数。Employment andLabor Standards雇佣及劳工准则KPI B1.2 Employee turnover rate by gender, age group and geographical region.关键绩效指标B1.2按性别、年龄组别及地区划分的雇员流失比率。Employment andLabor Standards雇佣及劳工准则
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1522021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Content内容Section章节B2 Health and SafetyB2健康与安全General Disclosure一般披露Information on:有关提供安全工作环境及保障雇员避免职业性危害的：(a) the policies; and(a)政策；及(b) compliance with relevant laws and regulations that have a significant impact on the issuer relating toproviding a safe working environment and protecting employees from occupational hazards.(b)遵守对发行人有重大影响的相关法律及规例的资料。Employment andLabor Standards雇佣及劳工准则KPI B2.1 Number and rate of work-related fatalities occurred in each of the past threeyears including the reporting year.关键绩效指标B2.1过去三年（包括汇报年度）每年因工亡故的人数及比率。Employment andLabor Standards雇佣及劳工准则KPI B2.2 Lost days due to work injury.关键绩效指标B2.2因工伤损失工作日数。Employment andLabor Standards雇佣及劳工准则KPI B2.3 Description of occupational health and safety measures adopted, and how theyare implemented and monitored.关键绩效指标B2.3描述所采纳的职业健康与安全措施，以及相关执行及监察方法。Employment andLabor Standards雇佣及劳工准则
二零二一年年报ANNUAL REPORT 20211532021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Content内容Section章节B3 Development and TrainingB3发展及培训General Disclosure一般披露Policies on improving employees’knowledge and skills for discharging duties at work.Description of training activities.有关提升雇员履行工作职责的知识及技能的政策。描述培训活动。Note: Training refers to vocational training. It may include internal and external courses paid by the employer.注：培训指职业培训，可包括由雇主付费的内外部课程。Employment andLabor Standards雇佣及劳工准则KPI B3.1 The percentage of employees trained by gender and employee category(e.g. senior management, middle management).关键绩效指标B3.1按性别及雇员类别（如高级管理层、中级管理层）划分的受训雇员百分比。Employment andLabor Standards雇佣及劳工准则KPI B3.2 The average training hours completed per employee by gender and employee category.关键绩效指标B3.2按性别及雇员类别划分，每名雇员完成受训的平均时数。Employment andLabor Standards雇佣及劳工准则B4 Labor StandardsB4劳工准则General Disclosure一般披露Information on:有关防止童工或强制劳工的：(a) the policies; and(a)政策；及(b) compliance with relevant laws and regulations that have a significant impact on theissuer relating to preventing child and forced labor.(b)遵守对发行人有重大影响的相关法律及规例的资料。Employment andLabor Standards雇佣及劳工准则KPI B4.1 Description of measures to review employment practices to avoid child and forced labor.关键绩效指标B4.1描述检讨招聘惯例的措施以避免童工及强制劳工。Employment andLabor Standards雇佣及劳工准则KPI B4.2 Description of steps taken to eliminate such practices when discovered.关键绩效指标B4.2描述在发现违规情况时消除有关情况所采取的步骤。Employment andLabor Standards雇佣及劳工准则
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1542021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Content内容Section章节B5 Supply Chain ManagementB5供应链管理General Disclosure一般披露Policies on managing environmental and social risks of the supply chain.管理供应链的环境及社会风险政策。Supply ChainManagement供应链管理KPI B5.1 Number of suppliers by geographical region.关键绩效指标B5.1按地区划分的供应商数目。Supply ChainManagement供应链管理KPI B5.2 Description of practices relating to engaging suppliers, number of suppliers where thepractices are being implemented, and how they are implemented and monitored.关键绩效指标B5.2描述有关聘用供应商的惯例，向其执行有关惯例的供应商数目，以及相关执行及监察办法。Supply ChainManagement供应链管理KPI B5.3 Description of practices used to identify environmental and social risks along thesupply chain, and how they are implemented and monitored.关键绩效指标B5.3描述有关识别供应链每个环节的环境及社会风险的惯例，以及相关执行及监察方法。Supply ChainManagement供应链管理KPI B5.4 Description of practices used to promote environmentally preferable products andservices when selecting suppliers, and how they are implemented and monitored.关键绩效指标B5.4描述在拣选供应商时促使多用环保产品及服务的惯例，以及相关执行及监察方法。Supply ChainManagement供应链管理
二零二一年年报ANNUAL REPORT 20211552021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Content内容Section章节B6 Product ResponsibilityB6产品责任General Disclosure一般披露Information on:有关所提供产品和服务的健康与安全、广告、标签及私隐事宜以及补救方法的：(a) the policies; and(a)政策；及(b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to healthand safety, advertising, labelling and privacy matters relating to products and services provided and methodsof redress.(b)遵守对发行人有重大影响的相关法律及规例的资料。ResponsibleOperations责任经营KPI B6.1 Percentage of total products sold or shipped subject to recalls for safety and health reasons.关键绩效指标B6.1已售或已运送产品总数中因安全与健康理由而须回收的百分比。ResponsibleOperations责任经营KPI B6.2 Number of products and service related complaints received and how they are dealt with.关键绩效指标B6.2接获关于产品及服务的投诉数目以及应对方法。ResponsibleOperations责任经营KPI B6.3 Description of practices relating to observing and protecting intellectual property rights.关键绩效指标B6.3描述与维护及保障知识产权有关的惯例。ResponsibleOperations责任经营KPI B6.4 Description of quality assurance process and recall procedures.关键绩效指标B6.4描述质量检定过程及产品回收程序。ResponsibleOperations责任经营KPI B6.5 Description of consumer data protection and privacy policies,and how they are implemented and monitored.关键绩效指标B6.5描述消费者资料保障及私隐政策，以及相关执行及监察方法。ResponsibleOperations责任经营
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1562021 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2021年环境、社会及管治报告Content内容Section章节B7 Anti-corruptionB7反贪污General Disclosure一般披露Information on:有关防止贿赂、勒索、欺诈及洗黑钱的：(a) the policies; and(a)政策；及(b) compliance with relevant laws and regulations that have a significant impact on theissuer relating to bribery, extortion, fraud and money laundering.(b)遵守对发行人有重大影响的相关法律及规例的资料。Anti-corruptionManagement反贪污管理KPI B7.1 Number of concluded legal cases regarding corrupt practices brought against theissuer or its employees during the reporting period and the outcomes of the cases.关键绩效指标B7.1于汇报期内对发行人或其雇员提出并已审结的贪污诉讼案件的数目及诉讼结果。Anti-corruptionManagement反贪污管理KPI B7.2 Description of preventive measures and whistle-blowing procedures, and how theyare implemented and monitored.关键绩效指标B7.2描述防范措施及举报程序，以及相关执行及监察方法。Anti-corruptionManagement反贪污管理KPI B7.3 Description of anti-corruption training provided to directors and staff.关键绩效指标B7.3描述向董事及员工提供的反贪污培训。Anti-corruptionManagement反贪污管理B8 Community InvestmentB8社区投资General Disclosure一般披露Policies on community engagement to understand the needs of the communities where theissuer operates and to ensure its activities take into consideration the communities’interests.有关以社区参与来了解营运所在社区需要和确保其业务活动会考虑社区利益的政策。CommunityInvestmentManagement社区投资管理KPI B8.1 Focus areas of contribution (e.g. education, environmental concerns, labor needs, health, culture, sport).关键绩效指标B8.1专注贡献范畴（如教育、环境事宜、劳工需求、健康、文化、体育）。CommunityInvestmentManagement社区投资管理KPI B8.2 Resources contributed (e.g. money or time) to the focus area.关键绩效指标B8.2在专注范畴所动用资源（如金钱或时间）。CommunityInvestmentManagement社区投资管理
二零二一年年报ANNUAL REPORT 2021157INDEPENDENT AUDITOR’S REPORT独立核数师报告致泡泡玛特国际集团有限公司股东（于开曼群岛注册成立的有限公司）意见我们已审计的内容泡泡玛特国际集团有限公司（以下简称「贵公司」）及其附属公司（以下统称「贵集团」）列载于第165至300页的综合财务报表，包括：•于2021年12月31日的综合资产负债表；•截至该日止年度的综合损益及其他全面收益表；•截至该日止年度的综合权益变动表；•截至该日止年度的综合现金流量表；及•综合财务报表附注，包括主要会计政策概要及其他解释信息。我们的意见我们认为，该等综合财务报表已根据《国际财务报告准则》真实而中肯地反映了　贵集团于2021年12月31日的综合财务状况及其截至该日止年度的综合财务表现及综合现金流量，并已遵照香港《公司条例》的披露规定妥为拟备。To the Shareholders of POP MART INTERNATIONAL GROUP LIMITED(incorporated in the Cayman Islands with limited liability)OPINIONWhat we have auditedThe consolidated financial statements of POP MART INTERNATIONAL GROUPLIMITED (the“Company”) and its subsidiaries (the“Group”), which are set outon pages 165 to 300, comprise:• the consolidated balance sheet as at 31 December 2021;• the consolidated statement of profit or loss and other comprehensiveincome for the year then ended;• the consolidated statement of changes in equity for the year thenended;• the consolidated statement of cash flows for the year then ended; and• the notes to the consolidated financial statements, which includesignificant accounting policies and other explanatory information.Our opinionIn our opinion, the consolidated financial statements give a true and fair viewof the consolidated financial position of the Group as at 31 December 2021,and of its consolidated financial performance and its consolidated cash flowsfor the year then ended in accordance with International Financial ReportingStandards (“IFRSs”) and have been properly prepared in compliance with thedisclosure requirements of the Hong Kong Companies Ordinance.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司158INDEPENDENT AUDITOR’S REPORT独立核数师报告意见的基础我们已根据《国际审计准则》进行审计。我们在该等准则下承担的责任已在本报告核数师就审计综合财务报表承担的责任部分中作进一步阐述。我们相信，我们所获得的审计凭证能充足及适当地为我们的审计意见提供基础。独立性根据国际会计师职业道德准则理事会颁布的《国际会计师职业道德守则（包含国际独立性标准）》（以下简称「道德守则」），我们独立于　贵集团，并已履行道德守则中的其他职业道德责任。关键审计事项关键审计事项是根据我们的专业判断，认为对本期综合财务报表的审计最为重要的事项。这些事项是在我们审计整体综合财务报表及出具意见时进行处理的。我们不会对这些事项提供单独的意见。我们在审计中识别的关键审计事项是关于存货减值准备。BASIS FOR OPINIONWe conducted our audit in accordance with International Standards onAuditing (“ISAs”). Our responsibilities under those standards are furtherdescribed in the Auditor’s Responsibilities for the Audit of the ConsolidatedFinancial Statements section of our report.We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Codeof Ethics for Professional Accountants (including International IndependenceStandards) issued by the International Ethics Standards Board for Accountants(“IESBA Code”), and we have fulfilled our other ethical responsibilities inaccordance with the IESBA Code.KEY AUDIT MATTERSKey audit matters are those matters that, in our professional judgment, wereof most significance in our audit of the consolidated financial statementsof the current period. These matters were addressed in the context of ouraudit of the consolidated financial statements as a whole, and in forming ouropinion thereon, and we do not provide a separate opinion on these matters.Key audit matter identified in our audit is related to impairment provision forinventories.
二零二一年年报ANNUAL REPORT 2021159INDEPENDENT AUDITOR’S REPORT独立核数师报告关键审计事项（续）KEY AUDIT MATTERS(continued)Key Audit Matter关键审计事项How our audit addressed the Key Audit Matter我们的审计如何处理关键审计事项Impairment provision for inventories存货减值准备Refer to notes 2.12, 4(a) and 21 to the consolidated financialstatements.请参阅综合财务报表附注2.12、4(a)及21。As at 31 December 2021, the Group’s balance of grossinventories was RMB794 million, against which a provision ofRMB5 million was made.于2021年12月31日，　贵集团的总存货结余为人民币794百万元，并计提存货减值准备人民币5百万元。Inventories are stated at the lower of cost and net realisablevalue. Net realisable value is the estimated selling price inthe ordinary course of business less the estimated costs ofcompletion and the estimated costs necessary to make the sale.存货按成本和可变现净值两者中较低者列报。可变现净值是指在正常经营过程中的估计售价减去估计的完工成本和估计的销售所需成本。The estimation of impairment provision for inventories involvessignificant management judgment based on the considerationof key factors such as aging profile, future sales projection,estimated future selling prices and selling expenses of therespective inventories.存货的减值准备估计涉及管理层重大判断，该等判断需考虑库龄结构、未来销售预测、预估未来售价以及销售开支等关键因素。We considered this is a key audit matter because theimpairment assessment involved significant management’sjudgement.鉴于减值评估涉及管理层重大判断，我们认为这是一个关键审计事项。We have performed the following procedures to address thiskey audit matter:我们为处理这一关键审计事项执行了以下程序：• We assessed the inherent risk of material misstatement byconsidering the degree of estimation uncertainty and levelof other inherent risk factors;•我们考虑了估计的不确定性和其他固有风险因素的水准，以评估重大错报的固有风险；• We understood and evaluated management’s internalcontrol and assessment process of impairment provisionfor inventories and tested the key controls overmanagement’s estimation of impairment provision forinventories;•我们了解并评价了管理层对存货减值准备的内部控制和评估过程，测试了管理层对存货减值准备估计的关键控制；• We discussed with management and evaluated theappropriateness of the method and assumptions used inimpairment provision for inventories;•我们与管理层讨论并评估了存货减值准备所使用的方法和假设的适当性；• We evaluated the outcome of prior period assessmentof impairment provision for inventories to assess theeffectiveness of management’s estimation process;•我们对以前期间存货减值准备的评估结果进行了评价，以衡量管理层估计过程的有效性；
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司160INDEPENDENT AUDITOR’S REPORT独立核数师报告Key Audit Matter关键审计事项How our audit addressed the Key Audit Matter我们的审计如何处理关键审计事项• We tested the aging profile of inventories items on asample basis by checking to relevant documents includinggoods receipt notes;•通过与相关单据（包括收货单）核对，我们在抽样的基础上对存货的库龄结构进行了测试；• We compared the carrying amount of the inventories, ona sample basis, to their net realisable value through reviewof sales subsequent to the year end;•我们通过对年末以后的销售情况进行审查，在抽样的基础上将存货的账面价值与可变现净值进行了比较；• We assessed the reasonableness of methods andassumptions applied to the provisions by challengingmanagement’s future sales projection, estimated futureselling prices and selling expenses, with reference toindustry trend, approved budget developed based onhistorical data and actual sales subsequent to the year end;•我们通过质疑管理层的未来销售预测、未来销售价格和销售费用的估计（参考行业趋势）、根据历史资料制定的经审批预算及年结日后的实际销售，评估拨备方法和假设的合理性；• We checked the mathematical accuracy of the calculationof the provision for inventories;•我们检查了存货减值准备计算的准确性；• We observed the physical condition of inventories duringstocktake to identify if any inventories were damaged,or obsolete and inquired management if appropriateinventories provision has been made.•我们在存货盘点期间查看了存货的物理状况，以确定存货是否出现损坏或报废，并询问管理层是否已作出适当的存货减值准备。We found the assumptions adopted and judgment applied bymanagement in the determination of impairment provision forinventories were supported by the evidence we gathered.我们认为，管理层在确定存货减值准备时采用的假设和运用的判断均有据可依。KEY AUDIT MATTERS(continued)关键审计事项（续）
二零二一年年报ANNUAL REPORT 2021161INDEPENDENT AUDITOR’S REPORT独立核数师报告OTHER INFORMATIONThe directors of the Company are responsible for the other information. Theother information comprises all of the information included in 2021 annualreport of POP MART INTERNATIONAL GROUP LIMITED (the“Annual Report”)other than the consolidated financial statements and our auditor’s reportthereon. We have obtained some of the other information including theManagement Discussion and Analysis prior to the date of this auditor’s report.The remaining other information, including the Financial Summary, Report ofDirectors, Chairman’s Statement, Corporate Governance Report, Biographiesof Directors and Senior Management, Environmental, Social and GovernanceReport, is expected to be made available to us after that date.Our opinion on the consolidated financial statements does not cover theother information and we do not and will not express any form of assuranceconclusion thereon.In connection with our audit of the consolidated financial statements, ourresponsibility is to read the other information identified above and, in doingso, consider whether the other information is materially inconsistent with theconsolidated financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated.If, based on the work we have performed on the other information that weobtained prior to the date of this auditor’s report, we conclude that there isa material misstatement of this other information, we are required to reportthat fact. We have nothing to report in this regard.When we read the remaining other information to be included in the AnnualReport, if we conclude that there is a material misstatement therein, weare required to communicate the matter to the Audit Committee and takeappropriate action considering our legal rights and obligations.其他信息贵公司董事须对其他信息负责。其他信息包括刊载于泡泡玛特国际集团有限公司2021年年报（「年报」）内的所有信息，但不包括综合财务报表及我们的核数师报告。我们已取得部分其他信息，包括我们在本核数师报告日前取得的管理层讨论与分析。余下其他信息（包括财务概要、董事会报告、董事长致辞、企业管治报告、董事及高级管理层履历以及环境、社会及管治报告）预期会在本核数师报告日后取得。我们对综合财务报表的意见并不涵盖其他信息，我们既不也将不对该等其他信息发表任何形式的鉴证结论。结合我们对综合财务报表的审计，我们的责任是阅读上述的其他信息，在此过程中，考虑其他信息是否与综合财务报表或我们在审计过程中所了解的情况存在重大抵触或者似乎存在重大错误陈述的情况。基于我们对在本核数师报告日前取得的其他信息所执行的工作，如果我们认为其他信息存在重大错误陈述，我们需要报告该事实。在这方面，我们没有任何报告。当我们阅读年报内所载其余其他信息后，如果我们认为其中存在重大错误陈述，我们需要将有关事项与审计委员会沟通，并考虑我们的法律权利和义务后采取适当行动。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司162INDEPENDENT AUDITOR’S REPORT独立核数师报告董事及审计委员会就综合财务报表须承担的责任贵公司董事须负责根据《国际财务报告准则》及香港《公司条例》的披露规定拟备真实而中肯的综合财务报表，并对其认为为使综合财务报表的拟备不存在由于欺诈或错误而导致的重大错误陈述所需的内部控制负责。在拟备综合财务报表时，董事负责评估　贵集团持续经营的能力，并在适用情况下披露与持续经营有关的事项，以及使用持续经营为会计基础，除非董事有意将　贵集团清盘或停止经营，或别无其他实际的替代方案。审计委员会须负责监督　贵集团的财务报告过程。核数师就审计综合财务报表承担的责任我们的目标，是对综合财务报表整体是否不存在由于欺诈或错误而导致的重大错误陈述取得合理保证，并出具包括我们意见的核数师报告。我们仅向　阁下（作为整体）报告我们的意见，除此之外本报告别无其他目的。我们不会就本报告的内容向任何其他人士负上或承担任何责任。合理保证是高水平的保证，但不能保证按照《国际审计准则》进行的审计，在某一重大错误陈述存在时总能发现。错误陈述可以由欺诈或错误引起，如果合理预期它们单独或汇总起来可能影响综合财务报表使用者依赖综合财务报表所作出的经济决定，则有关的错误陈述可被视作重大。RESPONSIBILITIES OF DIRECTORS AND THE AUDITCOMMITTEE FOR THE CONSOLIDATED FINANCIALSTATEMENTSThe directors of the Company are responsible for the preparation of theconsolidated financial statements that give a true and fair view in accordancewith IFRSs and the disclosure requirements of the Hong Kong CompaniesOrdinance, and for such internal control as the directors determine isnecessary to enable the preparation of consolidated financial statements thatare free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements, the directors areresponsible for assessing the Group’s ability to continue as a going concern,disclosing, as applicable, matters related to going concern and using thegoing concern basis of accounting unless the directors either intend toliquidate the Group or to cease operations, or have no realistic alternative butto do so.The Audit Committee is responsible for overseeing the Group’s financialreporting process.AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OFTHE CONSOLIDATED FINANCIAL STATEMENTSOur objectives are to obtain reasonable assurance about whether theconsolidated financial statements as a whole are free from materialmisstatement, whether due to fraud or error, and to issue an auditor’sreport that includes our opinion. We report our opinion solely to you, as abody, and for no other purpose. We do not assume responsibility towardsor accept liability to any other person for the contents of this report.Reasonable assurance is a high level of assurance, but is not a guarantee thatan audit conducted in accordance with ISAs will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or errorand are considered material if, individually or in the aggregate, they couldreasonably be expected to influence the economic decisions of users takenon the basis of these consolidated financial statements.
二零二一年年报ANNUAL REPORT 2021163INDEPENDENT AUDITOR’S REPORT独立核数师报告AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OFTHE CONSOLIDATED FINANCIAL STATEMENTS(continued)As part of an audit in accordance with ISAs, we exercise professionaljudgment and maintain professional scepticism throughout the audit. Wealso:• Identify and assess the risks of material misstatement of the consolidatedfinancial statements, whether due to fraud or error, design and performaudit procedures responsive to those risks, and obtain audit evidencethat is sufficient and appropriate to provide a basis for our opinion. Therisk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error, as fraud may involve collusion,forgery, intentional omissions, misrepresentations, or the override ofinternal control.• Obtain an understanding of internal control relevant to the audit in orderto design audit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on the effectiveness ofthe Group’s internal control.• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made bythe directors.• Conclude on the appropriateness of the directors’use of the goingconcern basis of accounting and, based on the audit evidence obtained,whether a material uncertainty exists related to events or conditionsthat may cast significant doubt on the Group’s ability to continue asa going concern. If we conclude that a material uncertainty exists,we are required to draw attention in our auditor’s report to therelated disclosures in the consolidated financial statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions arebased on the audit evidence obtained up to the date of our auditor’sreport. However, future events or conditions may cause the Group tocease to continue as a going concern.核数师就审计综合财务报表承担的责任（续）在根据《国际审计准则》进行审计的过程中，我们运用了专业判断，保持了专业怀疑态度。我们亦：•识别和评估由于欺诈或错误而导致综合财务报表存在重大错误陈述的风险，设计及执行审计程序以应对这些风险，以及获取充足和适当的审计凭证，作为我们意见的基础。由于欺诈可能涉及串谋、伪造、蓄意遗漏、虚假陈述，或凌驾于内部控制之上，因此未能发现因欺诈而导致的重大错误陈述的风险高于未能发现因错误而导致的重大错误陈述的风险。•了解与审计相关的内部控制，以设计适当的审计程序，但目的并非对　贵集团内部控制的有效性发表意见。•评价董事所采用会计政策的恰当性及作出会计估计和相关披露的合理性。•对董事采用持续经营会计基础的恰当性作出结论。根据所获取的审计凭证，确定是否存在与事项或情况有关的重大不确定性，从而可能导致对　贵集团的持续经营能力产生重大疑虑。如果我们认为存在重大不确定性，则有必要在核数师报告中提请使用者注意综合财务报表中的相关披露。假若有关的披露不足，则我们应当发表非无保留意见。我们的结论是基于核数师报告日止所取得的审计凭证。然而，未来事项或情况可能导致　贵集团不能持续经营。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司164INDEPENDENT AUDITOR’S REPORT独立核数师报告核数师就审计综合财务报表承担的责任（续）•评价综合财务报表的整体列报方式、结构和内容，包括披露，以及综合财务报表是否中肯反映交易和事项。•就　贵集团内实体或业务活动的财务信息获取充足、适当的审计凭证，以便对综合财务报表发表意见。我们负责　贵集团审计的方向、监督和执行。我们为审计意见承担全部责任。除其他事项外，我们与审计委员会沟通了计划的审计范围、时间安排、重大审计发现等，包括我们在审计中识别出内部控制的任何重大缺陷。我们还向审计委员会提交声明，说明我们已符合有关独立性的相关专业道德要求，并与他们沟通有可能合理地被认为会影响我们独立性的所有关系和其他事项，以及在适用的情况下，用以消除对独立性产生威胁的行动或采取的防范措施。从与审计委员会沟通的事项中，我们确定哪些事项对本期综合财务报表的审计最为重要，因而构成关键审计事项。我们在核数师报告中描述这些事项，除非法律法规不允许公开披露这些事项，或在极端罕见的情况下，如果合理预期在我们报告中沟通某事项造成的负面后果超过产生的公众利益，我们决定不应在报告中沟通该事项。出具本独立核数师报告的审计项目合伙人是袁国新。罗兵咸永道会计师事务所执业会计师香港，2022年3月28日AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OFTHE CONSOLIDATED FINANCIAL STATEMENTS(continued)• Evaluate the overall presentation, structure and content of theconsolidated financial statements, including the disclosures, andwhether the consolidated financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.• Obtain sufficient appropriate audit evidence regarding the financialinformation of the entities or business activities within the Group toexpress an opinion on the consolidated financial statements. We areresponsible for the direction, supervision and performance of the groupaudit. We remain solely responsible for our audit opinion.We communicate with the Audit Committee regarding, among other matters,the planned scope and timing of the audit and significant audit findings,including any significant deficiencies in internal control that we identifyduring our audit.We also provide the Audit Committee with a statement that we havecomplied with relevant ethical requirements regarding independence, andto communicate with them all relationships and other matters that mayreasonably be thought to bear on our independence, and where applicable,actions taken to eliminate threats or safeguards applied.From the matters communicated with the Audit Committee, we determinethose matters that were of most significance in the audit of the consolidatedfinancial statements of the current period and are therefore the key auditmatters. We describe these matters in our auditor’s report unless lawor regulation precludes public disclosure about the matter or when, inextremely rare circumstances, we determine that a matter should not becommunicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits ofsuch communication.The engagement partner on the audit resulting in this independent auditor’sreport is Yuen Kwok Sun.PricewaterhouseCoopersCertified Public AccountantsHong Kong, 28 March 2022
二零二一年年报ANNUAL REPORT 2021165CONSOLIDATED STATEMENT OF PROFIT OR LOSSAND OTHER COMPREHENSIVE INCOME综合损益及其他全面收益表Year ended 31 December截至12月31日止年度202120202021年2020年NoteRMB’000RMB’000附注人民币千元人民币千元Revenue收益54,490,6512,513,471Cost of sales销售成本6(1,732,027)(919,363)Gross profit毛利2,758,6241,594,108Distribution and selling expenses经销及销售开支6(1,106,078)(630,069)General and administrative expenses一般及行政开支6(557,509)(279,967)(Provision for)/reversal of impairmenton financial assets金融资产减值（拨备）╱拨回(1,435)398Other income其他收入754,42545,420Other gains/(losses) - net其他收益╱（亏损）－净额81,785(11,107)Operating profit经营溢利1,149,812718,783Finance income财务收入928,6091,953Finance expenses财务开支9(21,246)(10,946)Finance income/(expenses) – net财务收入╱（开支）－净额97,363(8,993)Fair value changes of convertibleredeemable preferred shares可转换可赎回优先股的公平值变动33–(6,260)Share of profit of investmentsaccounted for using the equity method分占使用权益法入账的投资溢利1714,0163,873Profit before income tax除所得税前溢利1,171,191707,403Income tax expense所得税开支10(316,624)(184,091)Profit for the year年内溢利854,567523,312Profit for the year attributable to:以下应占年内溢利：– Owners of the Company－本公司拥有人854,339523,505– Non-controlling interests－非控股权益228(193)854,567523,312
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司166CONSOLIDATED STATEMENT OF PROFIT OR LOSSAND OTHER COMPREHENSIVE INCOME综合损益及其他全面收益表Year ended 31 December截至12月31日止年度202120202021年2020年NoteRMB’000RMB’000附注人民币千元人民币千元Other comprehensive loss其他全面亏损Items that may be reclassified to profit or loss可能重新分类至损益的项目– Currency translation differences－货币换算差额(12,629)(25,726)Items that will not be reclassified toprofit or loss将不会重新分类至损益的项目– Currency translation differences－货币换算差额(102,926)(13,050)Other comprehensive loss for the year,net of tax年内其他全面亏损，除税后(115,555)(38,776)Total comprehensive income for the year年内全面收益总额739,012484,536Total comprehensive income for the yearattributable to:以下应占年内全面收益总额：– Owners of the Company－本公司拥有人738,816484,604– Non-controlling interests－非控股权益196(68)739,012484,536Earnings per share for profit attributableto owners of the Company本公司拥有人应占溢利的每股盈利– Basic (expressed in RMB per share)－基本（以每股人民币元表示）120.620.44– Diluted (expressed in RMB per share)－摊薄（以每股人民币元表示）120.620.44The above consolidated statement of profit or loss and other comprehensiveincome should be read in conjunction with the accompanying notes.以上综合损益及其他全面收益表应与随附附注一并阅读。
二零二一年年报ANNUAL REPORT 2021167CONSOLIDATED BALANCE SHEET综合资产负债表As at 31 December于12月31日202120202021年2020年NoteRMB’000RMB’000附注人民币千元人民币千元Assets资产Non-current assets非流动资产Property, plant and equipment物业、厂房及设备13366,281238,325Intangible assets无形资产14134,03292,731Right-of-use assets使用权资产15609,517287,799Investments accounted for usingthe equity method使用权益法入账的投资1761,53950,380Financial assets at fair value throughprofit or loss按公平值计量且其变动计入损益的金融资产23328,68816,900Prepayments and other non-current assets预付款项及其他非流动资产2230,7276,177Deferred income tax assets递延所得税资产1835,55323,087Total non-current assets总非流动资产1,566,337715,399Current assets流动资产Trade receivables贸易应收款项19171,33478,334Other receivables其他应收款项20154,93990,781Inventories存货21788,829225,369Prepayments and other current assets预付款项及其他流动资产22353,580177,918Financial assets at fair value throughprofit or loss按公平值计入损益的金融资产2320,544–Restricted cash受限制现金243,3533,263Cash and cash equivalents现金及现金等价物245,264,7105,680,235Total current assets总流动资产6,757,2896,255,900Total assets总资产8,323,6266,971,299
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司168CONSOLIDATED BALANCE SHEET综合资产负债表As at 31 December于12月31日202120202021年2020年NoteRMB’000RMB’000附注人民币千元人民币千元Equity权益Share capital股本25923923Shares held for Share Award Scheme就股份奖励计划持有的股份26(15)(16)Other reserves其他储备275,023,5835,189,115Retained earnings保留盈利1,793,691939,352Equity attributable to owners ofthe Company本公司拥有人应占权益6,818,1826,129,374Non-controlling interests in equity非控股权益1,8241,628Total equity总权益6,820,0066,131,002Liabilities负债Non-current liabilities非流动负债License fees payables应付授权费3046,37127,934Lease liabilities租赁负债15364,543147,050Total non-current liabilities总非流动负债410,914174,984Current liabilities流动负债Trade payables贸易应付款项29266,098115,804License fees payables应付授权费3086,00458,880Other payables其他应付款项31266,902202,297Contract liabilities合约负债32119,62483,941Lease liabilities租赁负债15256,909144,724Current income tax liabilities即期所得税负债97,16959,667Total current liabilities总流动负债1,092,706665,313Total liabilities总负债1,503,620840,297Total equity and liabilities总权益及负债8,323,6266,971,299
二零二一年年报ANNUAL REPORT 2021169CONSOLIDATED BALANCE SHEET综合资产负债表The above consolidated balance sheet should be read in conjunction withthe accompanying notes.The financial statements on pages 165 to 300 were approved by the Board ofDirectors on 28 March 2022 and were signed on its behalf.Mr. Wang Ning王宁先生Executive Director & Chairman执行董事及主席以上综合资产负债表应与随附附注一并阅读。第165页至第300页的财务报表于2022年3月28日获董事会批准，并由下列董事代表签署：Mr. Si De司德先生Executive Director执行董事
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司170CONSOLIDATED STATEMENT OFCHANGES IN EQUITY综合权益变动表Attributable to owners of the CompanyNon-controllinginterestsTotal本公司拥有人应占SharecapitalShares heldfor ShareAwardSchemeOtherreservesRetainedearningsSubtotal股本就股份奖励计划持有的股份其他储备保留盈利小计非控股权益合计(Note 25)(Note 26)(Note 27)（附注25）（附注26）（附注27）NoteRMB’000RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000附注人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元Balance at 1 January 2021于2021年1月1日的结余923(16)5,189,115939,3526,129,3741,6286,131,002Comprehensive income全面收益Profit for the year年内溢利–––854,339854,339228854,567Other comprehensive income其他全面收益Currency translation difference货币换算差额––(115,523)–(115,523)(32)(115,555)Total comprehensive income全面收益总额––(115,523)854,339738,816196739,012Transaction with owners与拥有人的交易Dividends declared and paid宣派及派付的股息––(205,833)–(205,833)–(205,833)Share vested under the ShareAward Scheme根据股份奖励计划归属之股份28–1(1)––––Share-based compensationexpenses以股份为基础的报酬开支28––155,825–155,825–155,825Total transaction with owners与拥有人的交易总额–1(50,009)–(50,008)–(50,008)Balance at 31 December 2021于2021年12月31日的结余923(15)5,023,5831,793,6916,818,1821,8246,820,006
二零二一年年报ANNUAL REPORT 2021171CONSOLIDATED STATEMENT OFCHANGES IN EQUITY综合权益变动表Attributable to owners of the CompanyNon-controllinginterestsTotal本公司拥有人应占SharecapitalShares heldfor ShareAwardSchemeOtherreservesRetainedearningsSubtotal股本就股份奖励计划持有的股份其他储备保留盈利小计非控股权益合计(Note 25)(Note 26)(Note 27)（附注25）（附注26）（附注27）NoteRMB’000RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000附注人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元Balance at 1 January 2020于2020年1月1日的结余82–169,631423,068592,781–592,781Comprehensive income全面收益Profit/(loss) for the year年内溢利╱（亏损）–––523,505523,505(193)523,312Other comprehensive income其他全面收益Currency translation difference货币换算差额––(38,901)–(38,901)125(38,776)Total comprehensive income全面收益总额––(38,901)523,505484,604(68)484,536Transaction with owners与拥有人的交易Profit appropriation tostatutory reserves转拨至法定储备之溢利––7,221(7,221)–––Non-controlling interests arising onbusiness combination业务合并产生的非控股权益–––––1,6961,696Re-designation of ordinary sharesto preferred shares重新指定普通股为优先股25(3)–(499,658)–(499,661)–(499,661)Issuance of ordinary shares tothe then shareholders向当时股东发行普通股254–393,801–393,805–393,805Conversion of convertibleredeemable preferred sharesinto ordinary shares可转换可赎回优先股转换为普通股253–626,922–626,925–626,925Issuance of ordinary shares underRestricted Share Award Scheme根据限制性股份奖励计划发行普通股252(2)–––––Capitalisation issue资本化发行25733(14)(719)––––Issuance of new ordinary shares发行新普通股2589–4,409,110–4,409,199–4,409,199Issuance of ordinary shares uponexercise of over-allotment option超额配股权获行使后发行普通股2513–661,269–661,282–661,282Share issuance costs股份发行成本––(154,902)–(154,902)–(154,902)Dividends declared宣派股息––(384,659)–(384,659)–(384,659)Total transaction with owners与拥有人的交易总额841(16)5,058,385(7,221)5,051,9891,6965,053,685Balance at 31 December 2020于2020年12月31日的结余923(16)5,189,115939,3526,129,3741,6286,131,002The above consolidated statement of changes in equity should be read inconjunction with the accompanying notes.以上综合权益变动表应与随附附注一并阅读。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司172CONSOLIDATED STATEMENT OFCASH FLOWS综合现金流量表Year ended 31 December截至12月31日止年度202120202021年2020年NoteRMB’000RMB’000附注人民币千元人民币千元Cash flows from operating activities经营活动产生的现金流量Cash generated from operations经营所得现金35(a)1,042,075899,881Interest received已收利息28,6091,953Income tax paid已付所得税(291,587)(198,476)Net cash generated fromoperating activities经营活动所得现金净额779,097703,358Cash flows from investing activities投资活动产生的现金流量Increase in financial assets at fairvalue through profit or loss按公平值计入损益的金融资产增加(1,272,757)(247,400)Purchases of property, plant and equipment购买物业、厂房及设备(287,502)(175,984)Purchases of intangible assets购买无形资产(46,246)(47,608)Proceeds from disposal of financial assets atfair value through profit or loss处置按公平值计入损益的金融资产所得款项950,988281,653Investment income from financial assets at fairvalue through profit or loss按公平值计入损益的金融资产投资收入4,832–Dividends received from an associate收到一间联营公司股息2,074–Proceeds from sale of property, plant andequipment, intangible assets出售物业、厂房及设备、无形资产所得款项6092,713Investment in a joint venture于一家合营企业的投资–(4,475)Investment in an associate于一家联营公司的投资–(27,424)Cash acquired from business combination业务合并获得的现金–1,590Net cash used in investing activities投资活动所用现金净额(648,002)(216,935)
二零二一年年报ANNUAL REPORT 2021173CONSOLIDATED STATEMENT OFCASH FLOWS综合现金流量表Year ended 31 December截至12月31日止年度202120202021年2020年NoteRMB’000RMB’000附注人民币千元人民币千元Cash flows from financing activities融资活动产生的现金流量Payment of lease liabilities租赁负债付款15(220,126)(147,995)Dividends paid已付股息(208,834)(377,580)Payment for listing expenses上市开支付款(6,867)(154,902)Capital injection from the shareholdersof the Company本公司的股东注资–398,375Deemed distribution to the thenshareholders for purchasingthe Listing Business视作分派予当时股东以购买上市业务–(4,566)Proceeds from issuance of ordinaryshares发行普通股所得款项25–5,070,481Proceeds from issuance of convertibleredeemable preferred shares发行可转换可赎回优先股的所得款项33–86,561Net cash (used in)/generated fromfinancing activities融资活动（所用）╱所得现金净额(435,827)4,870,374Net (decrease)/increase in cash andcash equivalents现金及现金等价物（减少）╱增加净额(304,732)5,356,797Cash and cash equivalents atbeginning of the year年初的现金及现金等价物5,680,235324,614Exchange losses on cash andcash equivalents现金及现金等价物的汇兑亏损(110,793)(1,176)Cash and cash equivalents at end ofthe year年末的现金及现金等价物5,264,7105,680,235
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司174NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注1一般资料泡泡玛特国际集团有限公司（「本公司」）于2019年5月9日根据开曼群岛公司法第22章（1961年第3号法例，经综合及修订）在开曼群岛注册成立为获豁免有限公司。本公司注册办事处的地址为P.O. Box 309, UglandHouse, Grand Cayman, KY1-1104, CaymanIslands。本公司为投资控股公司，其附属公司主要于中华人民共和国（「中国」）及若干海外国家及地区从事潮流玩具的产品设计与开发及销售。本公司的最终控股公司为GWFHolding Limited（前称Grant Wang HoldingLimited），后者由王宁先生及其配偶杨涛女士控制。根据本公司全体股东（「股东」）于2020年11月23日通过的书面决议案，在本公司股份溢价账因根据全球发售发行新股而录得进账的情况下，授权本公司董事（「董事」）透过将112,128美元拨作资本而按面值向于2020年12月11日前一个营业日营业时间结束时名列本公司股东名册的人士配发及发行合共1,121,278,635股入账列为缴足每股面值0.0001美元的股份（「资本化发行」）。于2020年12月11日，本公司成功在香港联合交易所有限公司（「联交所」）主板上市。1 GENERAL INFORMATIONPOP MART INTERNATIONAL GROUP LIMITED (the“Company”) wasincorporated in the Cayman Islands on 9 May 2019 as an exemptedcompany with limited liability under the Companies Law (Cap. 22, Law 3of 1961 as consolidated and revised) of the Cayman Islands. The addressof the Company’s registered office is P.O. Box 309, Ugland House, GrandCayman, KY1-1104, Cayman Islands.The Company is an investment holding company and its subsidiaries areprincipally engaged in the product design and development and saleof pop toys in the People’s Republic of China (the“PRC”) and certainoverseas countries and regions. The ultimate holding company of theCompany is GWF Holding Limited (formerly known as Grant WangHolding Limited), which is controlled by Mr. Wang Ning and his spouse,Ms. Yang Tao.Pursuant to a written resolution of all shareholders of the Company (the“Shareholders”) passed on 23 November 2020, conditional upon theshare premium account of the Company being credit as a result of theissuance of new shares pursuant to the Global Offering, the directorsof the Company (the“Director”) were authorized to capitalize anamount of USD112,128 towards paying up in full at par of 1,121,278,635ordinary shares of USD0.0001 par value each for allotment and issue tothe persons whose names appear on the register of members of theCompany at the close of business on the business day preceding 11December 2020 (“Capitalization Issue”).On 11 December 2020, the Company has successfully listed on theMain Board of The Stock Exchange of Hong Kong Limited (the“StockExchange”).
二零二一年年报ANNUAL REPORT 2021175NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注1一般资料（续）除非另有说明，否则本综合财务报表以人民币（「人民币」）呈列。本综合财务报表已于2022年3月28日经董事会批准刊发。2重大会计政策概要本附注提供编制该等综合财务报表时所采纳的主要会计政策清单。除另有所指外，该等政策于所有呈列年度一直贯彻应用。财务报表乃为本集团（由本公司及其附属公司组成）编制。2.1编制基准(i)遵守国际财务报告准则及香港公司条例本集团综合财务报表乃根据国际会计准则理事会（「国际会计准则理事会」）颁布的所有适用国际财务报告准则（「国际财务报告准则」）及第622章香港公司条例（「香港公司条例」）的披露规定编制。(ii)历史成本法综合财务报表乃根据历史成本法编制，并根据按公平值计入损益的金融资产的重估（按公平值列账）作出修订。1 GENERAL INFORMATION(continued)These consolidated financial statements are presented in Renminbi(“RMB”), unless otherwise stated.These consolidated financial statements have been approved for issueby the Board of Directors on 28 March 2022.2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIESThis note provides a list of the significant accounting policies adoptedin the preparation of these consolidated financial statements. Thesepolicies have been consistently applied to all the year presented, unlessotherwise stated. The financial statements are for the Group consistingof the Company and its subsidiaries.2.1 Basis of preparation(i) Compliance with IFRS and HKCOThe consolidated financial statements of the Group have beenprepared in accordance with all applicable International FinancialReporting Standards (“IFRS”) issued by International AccountingStandards Board (“IASB”) and the disclosure requirements of theHong Kong Companies Ordinance (“HKCO”) Cap. 622.(ii) Historical cost conventionThe consolidated financial statements have been prepared underthe historical cost convention, as modified by the revaluation offinancial assets at fair value through profit or loss which are carriedat fair value.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司176NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.1编制基准（续）(iii)本集团采纳的新订及经修订准则本集团于2021年1月1日开始的年度报告期间首次应用下列准则及修订：国际财务报告准则第9号、国际会计准则第39号、国际财务报告准则第7号、国际财务报告准则第4号及国际财务报告准则第16号修订本利率基准改革－第2阶段本集团亦选择提早采纳下列修订：国际财务报告准则第16号修订本20 21年6月30日之后的与新型冠状病毒疫情相关的租金优惠上述修订并无对过往期间已确认金额造成任何影响，且预期将不会严重影响现有或未来期间。(iv)尚未采纳的新订准则及诠释若干已颁布的新会计准则、会计准则修订及诠释毋须于截至2021年12月31日止的报告期间强制生效，故本集团并未提早采纳。该等准则、修订及诠释预计不会在当期或未来报告期间对本集团以及对可预见的未来交易产生重大影响。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.1 Basis of preparation(continued)(iii) New and amended standards adopted by the GroupThe Group has applied the following amendments for the first timefor their annual reporting period commencing 1 January 2021:Amendments to IFRS 9, IAS 39,IFRS 7, IFRS 4 and IFRS 16Interest Rate BenchmarkReform –Phase 2The Group also elected to adopt the following amendments early:Amendment to IFRS 16COVID-19-Related RentConcessions beyond30 June 2021The amendments stated above did not have any impact on theamounts recognised in prior periods and are not expected tosignificantly affect the current or future periods.(iv) New standards and interpretations not yet adoptedCertain new accounting standards, amendments to accountingstandards and interpretations have been published but are notmandatory for 31 December 2021 reporting period and have notbeen early adopted by the Group. These standards, amendments orinterpretations are not expected to have a material impact on theGroup in the current or future reporting periods and on foreseeablefuture transactions.
二零二一年年报ANNUAL REPORT 2021177NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.2综合入账原则(i)附属公司附属公司为本集团控制的所有实体（包括结构实体）。倘本集团须承担或享有参与实体所获可变回报的风险及权利，且有能力透过其指导实体活动之权力影响该等回报时，则本集团对该实体拥有控制权。附属公司自控制权转入本集团之日起全面综合入账，自停止控制之日起取消综合入账。公司间交易、集团公司间交易的结余及未变现收益予以对销。除非交易提供所转让资产的减值证据，否则未变现亏损亦将予以对销。附属公司的会计政策已作出必要之更改，以确保与本集团所采纳的政策一致。于附属公司业绩及股权的非控股权益分别于综合损益及其他全面收益表、权益变动表及资产负债表单独列示。通过合约安排控制的附属公司本集团根据合约安排控制一家实体。本集团对结构实体的股权并无合法所有权。尽管如此，根据与结构实体的登记股东订立的合约安排，本公司及其他合法拥有的附属公司透过控制投票权、规管其财务及经营政策、委任或罢免其控制权力部门的大部分成员，以及于有关部门的会议上行使过半数投票权，从而控制结构实体。因此，本集团有权对结构实体行使权力、参与结构实体获得可变回报，因此作为本集团的控制结构实体呈列。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.2 Principles of consolidation(i) SubsidiariesSubsidiaries are all entities (including structured entities) overwhich the Group has control. The Group controls an entity whenthe Group is exposed to, or has rights to, variable returns fromits involvement with the entity and has the ability to affect thosereturns through its power to direct the activities of the entity.Subsidiaries are fully consolidated from the date on which controlis transferred to the Group. They are deconsolidated from the datethat control ceases.Inter-company transactions, balances and unrealised gains ontransactions between group companies are eliminated. Unrealisedlosses are also eliminated unless the transaction provides evidenceof an impairment of the transferred asset. Accounting policiesof subsidiaries have been changed where necessary to ensureconsistency with the policies adopted by the Group.Non-controlling interests in the results and equity of subsidiariesare shown separately in the consolidated statement of profit of lossand other comprehensive income, statement of changes in equityand balance sheet respectively.Subsidiary controlled through Contractual ArrangementsThere is an entity controlled by the Group under ContractualArrangements. The Group does not have legal ownership inequity of the structured entity. Nevertheless, under ContractualArrangement entered into with the Registered Shareholders ofthe structured entity, the Company and its other legally ownedsubsidiaries controlled the structured entity by way of controllingthe voting rights, governing its financial and operating policies,appointing or removing the majority of members of its controllingauthorities, and casting the majority of votes at meetings ofsuch authorities. Accordingly, the Group has rights to exercisepower over the structured entity, receives variable returns frominvolvement in the structured entity. As a result, it is presented as acontrolled structured entity of the Group.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司178NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.2综合入账原则（续）(ii)合营安排根据国际财务报告准则第11号合营安排，合营安排的投资分类为合营业务或合营企业。有关分类乃视乎每名投资者的合约权利及责任（而非合营安排的法律结构）而定。本集团已评估其合营安排的性质，并将该等合营安排厘定为合营企业。合营企业于合营企业的权益初始按成本于综合资产负债表确认后，使用权益法入账（见下文(iv)）。(iii)联营公司联营公司指本集团对其有重大影响力而无控制权或共同控制权的所有实体，通常情况乃本集团持有20%至50%表决权。于联营公司的投资初始按成本确认后，使用权益会计法入账（见下文(iv)）。于联营公司中以普通股形式的投资于联营公司中普通股形式的投资初始按成本确认后，使用权益会计法入账（见下文(iv)）。于联营公司中以附有优先权的普通股或可赎回优先股形式的投资于联营公司中以附带优先权的普通股或可赎回优先股形式的投资按公平值计量且其变动计入当期损益的金融资产入账（附注2.10）。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.2 Principles of consolidation(continued)(ii) Joint arrangementsUnder IFRS 11 Joint Arrangements investments in jointarrangements are classified as either joint operations or jointventures. The classification depends on the contractual rights andobligations of each investor, rather than the legal structure of thejoint arrangement. The Group has assessed the nature of its jointarrangements and determined them to be joint ventures.Joint venturesInterests in joint ventures are accounted for using the equitymethod (see (iv) below), after initially being recognised at cost inthe consolidated balance sheet.(iii) AssociatesAssociates are all entities over which the Group has significantinfluence but not control or joint control. This is generally thecase where the Group holds between 20% and 50% of the votingrights. Investments in associates are accounted for using theequity method of accounting (see (iv) below), after initially beingrecognised at cost.Investments in associates in the form of ordinary sharesInvestments in associates in the form of ordinary shares areaccounted for using the equity method of accounting (see (iv)below), after initially being recognised at cost.Investments in associates in the form of ordinary shares withpreferential rights or redeemable preferred sharesInvestments in associates in the form of ordinary shares withpreferential rights or convertible redeemable preferred shares areaccounted as financial assets measured at fair value through profitor loss (Note 2.10).
二零二一年年报ANNUAL REPORT 2021179NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.2综合入账原则（续）(iv)权益法根据权益会计法，投资初步按成本确认，其后进行调整以确认本集团在损益中分占被投资方的收购后损益，以及本集团在其他全面收益中分占被投资方的其他全面收益变动。已收或应收合营企业股息确认为投资账面值的减少。如本集团分占以权益入账投资亏损等于或超过其于实体中的权益（包括任何其他无抵押长期应收款项），本集团不会确认进一步亏损，除非其已产生责任或代表其他实体作出付款则例外。本集团与其合营企业间交易的未变现收益以本集团于该等实体的权益为限予以对销。除非交易提供所转移资产的减值证据，否则未变现亏损亦将予以对销。以权益入账被投资方的会计政策已作出必要之更改，以确保与本集团所采纳的政策一致。以权益入账投资的账面值按照附注2.10中所述的政策进行减值测试。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.2 Principles of consolidation(continued)(iv) Equity methodUnder the equity method of accounting, the investments areinitially recognised at cost and adjusted thereafter to recognise theGroup’s share of the post-acquisition profits or losses of the investeein profit or loss, and the Group’s share of movements in othercomprehensive income of the investee in other comprehensiveincome. Dividends received or receivable from joint ventures arerecognised as a reduction in the carrying amount of the investment.Where the Group’s share of losses in an equity-accountedinvestment equals or exceeds its interest in the entity, includingany other unsecured long-term receivables, the Group does notrecognise further losses, unless it has incurred obligations or madepayments on behalf of the other entity.Unrealised gains on transactions between the Group and its jointventures are eliminated to the extent of the Group’s interest inthese entities. Unrealised losses are also eliminated unless thetransaction provides evidence of an impairment of the assettransferred. Accounting policies of equity-accounted investees havebeen changed where necessary to ensure consistency with thepolicies adopted by the Group.The carrying amount of equity-accounted investments is tested forimpairment in accordance with the policy described in Note 2.10.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司180NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.2综合入账原则（续）(v)拥有权权益变动本集团将不会引致失去控制权的非控股权益交易视为与本集团权益持有人的交易。拥有权权益变动导致控股权益与非控股权益账面值之间之调整以反映彼等于附属公司之相对权益。非控股权益调整数额与任何已付或已收代价间之任何差额于本集团权益持有人应占权益中之单独储备项目内确认。倘本集团因丧失控制权、共同控制权或重大影响力而终止就投资合并入账或按权益入账，其于该实体之任何保留权益按其公平值重新计量，而账面值变动则于损益内确认。就随后入账列作于联营公司、合营企业或金融资产之保留权益而言，公平值成为初步账面值。此外，先前于其他综合收益内确认与该实体有关的任何金额按犹如本集团已直接出售有关资产或负债之方式入账。这可能代表先前在其他综合收益内确认之金额重新分类至损益或转拨至适用国际财务报告准则所指╱准许之另一权益类别。倘于一家合营企业或联营公司的拥有权权益减少但保留共同控制权或重大影响力，则先前于其他全面收益确认的金额仅有一定比例份额重新分类至损益（如适用）。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.2 Principles of consolidation(continued)(v) Changes in ownership interestsThe group treats transactions with non-controlling intereststhat do not result in a loss of control as transactions with equityowners of the group. A change in ownership interest results in anadjustment between the carrying amounts of the controlling andnon-controlling interests to reflect their relative interests in thesubsidiary. Any difference between the amount of the adjustmentto non-controlling interests and any consideration paid or receivedis recognised in a separate reserve within equity attributable toowners of the Group.When the group ceases to consolidate or equity account for aninvestment because of a loss of control, joint control or significantinfluence, any retained interest in the entity is remeasured to itsfair value with the change in carrying amount recognised in profitor loss. This fair value becomes the initial carrying amount for thepurposes of subsequently accounting for the retained interestas an associate, joint venture or financial asset. In addition, anyamounts previously recognised in other comprehensive income inrespect of that entity are accounted for as if the group had directlydisposed of the related assets or liabilities. This may mean thatamounts previously recognised in other comprehensive income arereclassified to profit or loss or transferred to another category ofequity as specified/permitted by applicable IFRSs.If the ownership interest in a joint venture or an associate isreduced but joint control or significant influence is retained, onlya proportionate share of the amounts previously recognised inother comprehensive income are reclassified to profit or loss whereappropriate.
二零二一年年报ANNUAL REPORT 2021181NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.3业务合并(a)共同控制下的业务合并共同控制下的业务合并指合并实体于合并前后由相同方控制且该控制权并非暂时性的合并。收购方将已付代价及已取得资产净值按账面值计量。资产净值账面值与已付代价账面值之差额于储备入账。业务合并应占的所有直接交易成本在综合损益及其他全面收益表入账。然而，就业务合并发行权益工具或债券产生之手续费、佣金及其他开支分别于权益工具及债券初步计量时入账。(b)非共同控制下的业务合并非共同控制下的业务合并使用收购会计法入账，而不论是否已收购权益工具或其他资产。就收购一家附属公司转让的代价包括：•所转让资产的公平值•所收购业务的前拥有人所产生的负债•本集团发行的股权•由或然代价安排产生的任何资产或负债之公平值；及•附属公司任何先前存在股权的公平值2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.3 Business combinations(a) Business combination under common controlBusiness combinations under common control refers tocombinations where combining entities are controlled by the sameparties before and after the combination and that control is nottransitory.The acquirer measures both the consideration paid and the netassets obtained at their carrying amounts. The difference betweenthe carrying amount of the net assets and carrying amount ofconsideration paid is recorded in reserve. All direct transactioncost attributable to the business combination is recorded in theconsolidated statement of profit or loss and other comprehensiveincome. However, the handling fees, commissions and otherexpenses incurred for the issuance of equity instruments orbonds for the business combination are recorded in the initialmeasurement of the equity instruments and bonds respectively.(b) Business combination not under common controlThe acquisition method of accounting is used to account forbusiness combinations not under common control, regardlessof whether equity instruments or other assets are acquired.The consideration transferred for the acquisition of a subsidiarycomprises the:• fair values of the assets transferred• liabilities incurred to the former owners of the acquiredbusiness• equity interests issued by the Group• fair value of any asset or liability resulting from a contingentconsideration arrangement, and• fair value of any pre-existing equity interest in the subsidiary
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司182NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.3业务合并（续）(b)非共同控制下的业务合并（续）于业务合并中收购的可识别资产以及承担的负债及或然负债初步按其于收购日期的公平值计量（少数例外情况除外）。本集团以公平值或非控股权益所占被收购实体的可识别资产净值之适当比例按逐项收购基准确认于被收购实体的任何非控股权益。收购相关成本于产生时支销。于：•所转让代价，•被收购实体的任何非控股权益金额，及•被收购实体的任何先前股权于收购日期的公平值超过所收购可识别资产净值的公平值部分入账列作商誉。倘该等金额低于所收购业务的可识别资产净值的公平值，则差额将直接于损益中确认为议价购买收益。如现金代价任何部分的结算被延期，则未来应付金额将按交换日的现值贴现。所用贴现率为实体的增量借款利率，即可资比较条款及条件下独立融资人可获得类似借贷的利率。或然代价分类为权益或金融负债。分类为金融负债的金额随后按公平值重新计量，公平值变动计入损益。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.3 Business combinations(continued)(b) Business combination not under common control(continued)Identifiable assets acquired and liabilities and contingent liabilitiesassumed in a business combination are, with limited exceptions,measured initially at their fair values at the acquisition date. TheGroup recognises any non-controlling interest in the acquiredentity on an acquisition-by-acquisition basis either at fair value or atthe non – controlling interest’s proportionate share of the acquiredentity’s net identifiable assets.Acquisition-related costs are expensed as incurred.The excess of the:• consideration transferred,• amount of any non-controlling interest in the acquired entity,and• acquisition-date fair value of any previous equity interest in theacquired entityover the fair value of the net identifiable assets acquired is recordedas goodwill. If those amounts are less than the fair value of thenet identifiable assets of the business acquired, the difference isrecognised directly in profit or loss as a gain on bargain purchase.Where settlement of any part of cash consideration is deferred, theamounts payable in the future are discounted to their present valueas at the date of exchange. The discount rate used is the entity’sincremental borrowing rate, being the rate at which a similarborrowing could be obtained from an independent financier undercomparable terms and conditions. Contingent consideration isclassified either as equity or a financial liability. Amounts classifiedas a financial liability are subsequently remeasured to fair value withchanges in fair value recognised in profit or loss.
二零二一年年报ANNUAL REPORT 2021183NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.3业务合并（续）(b)非共同控制下的业务合并（续）如业务合并分阶段进行，收购方之前在被收购方持有的权益于收购日期的账面值，按收购日期的公平值重新计量。重新计量产生的任何盈亏在损益中确认。2.4独立财务报表于附属公司之投资按成本扣除减值入账。成本包括投资的直接应占成本。附属公司的业绩在本集团账目内按已收股息及应收款项入账。倘自附属公司就有关投资所收取的股息超出宣派股息期间该附属公司的全面收益总额，或倘独立财务报表的投资账面值超出财务资料所示被投资方之资产净值（包括商誉）账面值，则须对该等附属公司的投资进行减值测试。2.5分部报告经营分部的呈报方式与提供予主要经营决策者（「主要经营决策者」）的内部报告的方式一致。主要经营决策者（负责分配资源及评估经营分部的表现）已被确认为本集团执行董事。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.3 Business combinations(continued)(b) Business combination not under common control(continued)If the business combination is achieved in stages, the acquisitiondate carrying value of the acquirer’s previously held equity interestin the acquiree is remeasured to fair value at the acquisitiondate. Any gains or losses arising from such remeasurement arerecognised in profit or loss.2.4 Separate financial statementsInvestments in subsidiaries are accounted for at cost less impairment.Cost includes direct attributable costs of investment. The results ofsubsidiaries are accounted for by the Group on the basis of dividendreceived and receivables.Impairment testing of the investments in subsidiaries is required uponreceiving a dividend from these investments if the dividend exceeds thetotal comprehensive income of the subsidiary in the period the dividendis declared or if the carrying amount of the investment in the separatefinancial statements exceeds the carrying amount in the financialinformation of the investee’s net assets including goodwill.2.5 Segment reportingOperating segments are reported in a manner consistent with theinternal reporting provided to the chief operating decision-makers(“CODM”). The CODM, who is responsible for allocating resources andassessing performance of the operating segments, has been identifiedas executive director of the Group.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司184NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.6外币换算(i)功能及呈列货币本集团各实体的财务报表中所列的项目均以实体营运所在的主要经济环境的货币计量（「功能货币」）。本公司的功能货币为美元（「美元」）及中国境外公司的功能货币为美元、港元（「港元」）或韩圜（「韩圜」）。综合财务资料以人民币（「人民币」）呈列，人民币为本公司及本集团之呈列货币。(ii)交易及结余以外币进行的交易采用交易日期的汇率换算为功能货币。结算该等交易产生的外汇盈亏，及以外币计值的货币性资产及负债以年末的汇率换算所产生的外汇盈亏一般于损益中确认。如该等外汇盈亏与合资格现金流量对冲及合资格净投资对冲有关，或归因于境外业务的部分净投资，则将其于权益中递延。与借款有关的外汇盈亏于综合损益及其他全面收益表内「财务开支－净额」呈列。所有其他外汇盈亏则于综合损益及其他全面收益表内「其他收益╱（亏损）－净额」呈列。以外币为单位按公平值计量之非货币性项目，按照确定公平值当日之汇率换算。按公平值列账的资产及负债之换算差额呈报为公平值收益或亏损之一部分。例如非货币性资产及负债（如按公平值计入损益的权益）的换算差额在损益中确认为公平值收益或亏损的一部分。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.6 Foreign currency translation(i) Functional and presentation currencyItems included in the financial statements of each of the Group’sentities are measured using the currency of the primary economicenvironment in which the entity operates (“the functionalcurrency”). The functional currency of the Company is UnitedStates Dollars (“USD”) and the functional currency of the companiesoutside of PRC is USD, Hong Kong Dollars (“HKD”) or South KoreaWon (“KRW”). The consolidated financial information is presented inRenminbi (“RMB”), which is the Company’s and Group’s presentationcurrency.(ii) Transactions and balancesForeign currency transactions are translated into the functionalcurrency using the exchange rates at the dates of the transactions.Foreign exchange gains and losses resulting from the settlement ofsuch transactions and from the translation of monetary assets andliabilities denominated in foreign currencies at year end exchangerates are generally recognised in profit or loss. They are deferred inequity if they relate to qualifying cash flow hedges and qualifyingnet investment hedges or are attributable to part of the netinvestment in a foreign operation.Foreign exchange gains and losses that relate to borrowings arepresented in the consolidated statement of profit or loss andother comprehensive income within“finance expenses – net”.All other foreign exchange gains and losses are presented in theconsolidated statement of profit or loss and other comprehensiveincome within“Other gains/(losses) - net”.Non-monetary items that are measured at fair value in a foreigncurrency are translated using the exchange rates at the date whenthe fair value was determined. Translation differences on assets andliabilities carried at fair value are reported as part of the fair valuegain or loss. For example, translation differences on non-monetaryassets and liabilities such as equities held at fair value through profitor loss are recognised in profit or loss as part of the fair value gainor loss.
二零二一年年报ANNUAL REPORT 2021185NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.6外币换算（续）(iii)集团公司功能货币与呈列货币不同的海外业务（均非超高通胀地区之货币）的业绩及财务状况按以下方式换算为呈列货币：•各资产负债表所呈列之资产及负债按结算日的收市汇率换算•各全面收益表之收入及开支按平均汇率换算（除非此数值并非该等交易日期适用汇率累计影响的合理约数，否则收入及开支将于交易日期换算），及•产生的所有汇兑差额将于其他全面收益内确认。于综合入账时，换算海外实体任何净投资以及借款及指定作该等投资之对冲的其他金融工具所产生的汇兑差额均于其他全面收益确认。当出售海外业务或偿还构成该净投资部分的任何借款，相关的汇兑差额重新分类至损益，作为出售收益或亏损的一部分。因收购海外业务而产生的商誉及公平值调整，均当作海外业务的资产及负债，并按收市汇率换算。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.6 Foreign currency translation(continued)(iii) Group companiesThe results and financial position of foreign operations (none ofwhich has the currency of a hyperinflationary economy) that havea functional currency different from the presentation currency aretranslated into the presentation currency as follows:• assets and liabilities for each balance sheet presented aretranslated at the closing rate at the date of that balance sheet• income and expenses for each statement of comprehensiveincome are translated at average exchange rates (unless this isnot a reasonable approximation of the cumulative effect of therates prevailing on the transaction dates, in which case incomeand expenses are translated at the dates of the transactions),and• all resulting exchange differences are recognised in othercomprehensive income.On consolidation, exchange differences arising from the translationof any net investment in foreign entities, and of borrowingsand other financial instruments designated as hedges of suchinvestments, are recognised in other comprehensive income. Whena foreign operation is sold or any borrowings forming part of thenet investment are repaid, the associated exchange differences arereclassified to profit or loss, as part of the gain or loss on sale.Goodwill and fair value adjustments arising on the acquisition of aforeign operation are treated as assets and liabilities of the foreignoperation and translated at the closing rate.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司186NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.7物业、厂房及设备物业、厂房及设备（在建工程除外）乃按历史成本减累计折旧及减值列账。历史成本包括收购项目的直接应占支出。后续成本仅在项目的相关未来经济利益很可能流入本集团，且项目的成本能可靠计量之情况下，方计入有关资产之账面值或确认为独立资产（如适用）。替换零件的账面值不予确认。所有其他维修及保养费在其产生的财政期间自综合损益及其他全面收益表扣除。物业、厂房及设备以直线法按以下估计可使用年期分配成本（扣除剩余价值）计算折旧：机器人商店售货机5年模具1.5至3年设备及其他5年租赁装修余下租期或可使用年期，以较短者为准资产的剩余价值及可使用年期于各结算日均会进行检讨，并在适当情况下作出调整。倘资产账面值高于其估计可收回金额，则会立即将该资产的账面值撇减至其可收回金额。出售的收益及亏损透过将所得款项与账面值比较而厘定，并于综合损益及其他全面收益表「其他收益╱（亏损）－净额」内确认。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.7 Property, plant and equipmentProperty, plant and equipment, other than construction in progress, arestated at historical cost less accumulated depreciation and impairment.Historical cost includes expenditures that are directly attributable to theacquisition of the items.Subsequent costs are included in the asset’s carrying amount orrecognised as a separate asset, as appropriate, only when it is probablethat future economic benefits associated with the item will flow to theGroup and the cost of the item can be measured reliably. The carryingamount of the replaced part is derecognised. All other repairs andmaintenance are charged in the consolidated statement of profit or lossand other comprehensive income during the financial period in whichthey are incurred.Depreciation on property, plant and equipment is calculated using thestraight-line method to allocate their cost, net of their residual values,over their estimated useful lives, as follows:Roboshop machines5 yearsMoulds1.5-3 yearsEquipment and others5 yearsLeasehold improvementShorter of remaining lease term or useful lifeThe assets’residual values and useful lives are reviewed, and adjusted ifappropriate, at each balance sheet date.An asset’s carrying amount is written down immediately to itsrecoverable amount if the asset’s carrying amount is greater than itsestimated recoverable amount.Gains and losses on disposals are determined by comparing theproceeds with the carrying amount and are recognised within“Othergains/(losses) - net”in the consolidated statement of profit or loss andother comprehensive income.
二零二一年年报ANNUAL REPORT 2021187NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.7物业、厂房及设备（续）在建工程指正在建设或有待安装的楼宇、厂房及╱或机械，并按成本减累计减值亏损列账。成本包括建造楼宇、厂房成本及机械、安装、测试及其他直接成本。在建工程暂不计提折旧准备，直至有关资产建成及可供拟定用途为止。2.8无形资产(i)商誉商誉按附注2.3所述计量。收购附属公司的商誉计入无形资产。商誉不予摊销，惟每年进行减值测试，或当有事件发生或情况变动显示可能出现减值时进行更频密减值测试，并按成本减去累计减值亏损列账。出售一间实体的收益及亏损包括有关所售实体商誉的账面值。商誉会被分配至现金产生单位以进行减值测试。有关分配乃对预期将从商誉产生的业务合并中获益的现金产生单位或现金产生单位组别作出。现金产生单位或现金产生单位组别乃就内部管理目的而于监察商誉的最低层次（即经营分部）识别。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.7 Property, plant and equipment(continued)Construction-in-progress represents buildings, plant and/or machineryunder construction or pending installation and is stated at cost lessaccumulated impairment losses. Cost includes the costs of constructionof buildings, the costs of plant and machinery, installation, testingand other direct costs. No provision for depreciation is made onconstruction-in-progress until such time as the relevant assets arecompleted and ready for intended use.2.8 Intangible assets(i) GoodwillGoodwill is measured as described in note 2.3. Goodwill onacquisitions of subsidiaries is included in intangible assets.Goodwill is not amortised but it is tested for impairment annually,or more frequently if events or changes in circumstances indicatethat it might be impaired and is carried at cost less accumulatedimpairment losses. Gains and losses on the disposal of an entityinclude the carrying amount of goodwill relating to the entity sold.Goodwill is allocated to cash-generating units for the purpose ofimpairment testing. The allocation is made to those cash-generatingunits or groups of cash-generating units that are expected tobenefit from the business combination in which the goodwill arose.The units or groups of units are identified at the lowest level atwhich goodwill is monitored for internal management purposes,being the operating segments.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司188NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.8无形资产（续）(ii)软件所购软件根据购买及使用特定软件所产生的成本予以资本化。(iii)知识产权（「IP产权」）所收购IP产权根据收购产生的成本予以资本化。该等IP产权具有有限的可使用年期，随后按成本减累计摊销及减值亏损列账。与购买IP产权有关且视乎销量而定的可变付款于触发该等付款的条件发生期间于损益确认。(iv)特许知识产权（「授权IP」）特许权按历史成本减累计摊销及累计减值亏损列账。特许权的历史成本按各特许权购买日期的固定最低付款的现值计量。与特许权有关且视乎销量而定的可变付款于触发该等付款的条件发生期间于损益确认。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.8 Intangible assets(continued)(ii) SoftwareAcquired software are capitalised on the basis of the costs incurredto acquire and bring to use the specific software.(iii) Intellectual property rights (“IP Rights”)Acquired IP rights are capitalised on the basis of the costs incurredto acquire. They have a finite useful life and are subsequentlycarried at cost less accumulated amortisation and impairmentlosses. Variable payments in relation to purchase of IP rights thatdepend on sales are recognised in profit or loss in the period inwhich the condition that triggers those payments occurs.(iv) Licensed intellectual properties (“Licensed IPs”)License rights are stated at historical cost less accumulatedamortisation and accumulated impairment losses. The historicalcosts of license rights are measured at the present values of thefixed minimum payments at the date of purchase of the respectivelicense rights. Variable payments in relation to license rights thatdepend on sales are recognised in profit or loss in the period inwhich the condition that triggers those payments occurs.
二零二一年年报ANNUAL REPORT 2021189NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.8无形资产（续）(v)研发成本研究成本于产生期间在损益中确认。仅当满足以下所有条件时，开发成本方予以资本化：•完成该软件使其可供使用在技术上可行•管理层有意完成该软件并使用或出售该软件•有能力使用或出售该软件•能证明该软件如何产生可能出现的未来经济利益•有足够的技术、财务及其他资源完成开发并可使用或出售该软件，及•该软件在开发期内应占支出能可靠地计量。不符合该等标准的其他开发成本于产生时支销。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.8 Intangible assets(continued)(v) Research and development costsResearch cost is recognised in profit or loss in the period in whichit is incurred. Development cost is capitalised only if all of thefollowing conditions are satisfied:• it is technically feasible to complete the software so that it willbe available for use• management intends to complete the software and use or sellit• there is an ability to use or sell the software• it can be demonstrated how the software will generateprobable future economic benefits• adequate technical, financial and other resources to completethe development and to use or sell the software are available,and• the expenditure attributable to the software during itsdevelopment can be reliably measured.Other development costs that do not meet those criteria areexpensed as incurred.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司190NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.8无形资产（续）(vi)摊销方法及期间本集团采用直线法将可使用年期有限的无形资产按以下期间摊销：软件5年IP产权10年授权IP2至10年本集团根据IP产权及授权IP可为本集团带来经济效益的估计年期估计该等资产的可使用年期。本集团估计主要IP的预期生命周期将超过十年。在与各项收购的IP产权有关的权利当中，商标的有效期为十年且于届满后可予重续，而各IP的专利自申请日期起计十年内有效。就收购的IP产权而言，可使用年期按IP的预期生命周期及十年（即IP产权的主要权利的有效期）中的较短者厘定。就授权IP而言，可使用年期按IP的预期生命周期及各授权协议的合约年期中的较短者厘定（附注4(b)）。2.9非金融资产减值可使用年期无限的无形资产不予摊销，并每年进行减值测试，或当有事件发生或情况变化显示其可能已减值时进行更频密减值测试。倘因事件发生或情况变化显示其他资产的账面值可能无法收回，则对其进行减值测试。减值亏损按资产账面值超过其可收回金额之部分予以确认。可收回金额为资产公平值减出售成本与使用价值两者中的较高者。就减值评估而言，资产按可单独识别现金流入（大体独立于其他资产或资产组别（现金产生单位）产生的现金流入）产生的最低水平予以分组。遭受减值的非金融资产（不包括商誉）于各报告期末检讨拨回减值的可能性。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.8 Intangible assets(continued)(vi) Amortisation methods and periodsThe Group amortises intangible assets with a limited useful lifeusing the straight-line method over the following periods:Software5 yearsIP rights10 yearsLicensed IPs2-10 yearsThe Group estimates the useful life of the IP rights and Licensed IPsbased on the estimated period during which such assets can bringeconomic benefit to the Group. The Group estimates the expectedlifecycle of major IPs will be more than 10 years. Among the rightsrelating to each of the acquired IP rights, trademark has a term ofvalidity of 10 years and is subject to renewal after its expiration,and patents for each IP are valid for 10 years from the date ofapplication. For acquired IP rights, the useful lives are determinedbased on the shorter of the expected lifecycle of the IPs, and 10years, being the term of validity of the major rights of the IP rights.For licensed IPs, the useful lives are determined based on shorterof the expected lifecycle of the IPs, and contractual term of therespective license agreements (Note 4(b)).2.9 Impairment of non-financial assetsIntangible assets that have an indefinite useful life are not subject toamortisation and are tested annually for impairment, or more frequentlyif events or changes in circumstances indicate that they might beimpaired. Other assets are tested for impairment whenever events orchanges in circumstances indicate that the carrying amount may notbe recoverable. An impairment loss is recognised for the amount bywhich the asset’s carrying amount exceeds its recoverable amount. Therecoverable amount is the higher of an asset’s fair value less costs ofdisposal and value in use. For the purposes of assessing impairment,assets are grouped at the lowest levels for which there are separatelyidentifiable cash inflows which are largely independent of the cashinflows from other assets or groups of assets (cash-generating units).Non-financial assets other than goodwill that suffered an impairmentare reviewed for possible reversal of the impairment at the end of eachreporting period.
二零二一年年报ANNUAL REPORT 2021191NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.10投资及其他金融资产(a)分类本集团将其金融资产分类为以下计量类别：•其后按公平值（计入其他全面收益（「其他全面收益」）或损益）计量，及•按摊销成本计量。该分类取决于本集团管理金融资产的业务模式及现金流量的合约条款。对于以公平值计量的资产，其收益及亏损将计入损益或其他全面收益。对于非持作买卖的权益工具投资，其将取决于本集团于初步确认时是否作出不可撤销的选择，以将权益投资按公平值计入其他全面收益（「按公平值计入其他全面收益」）入账。本集团在及仅在其管理该等资产的业务模式发生变化时方将债务投资重新分类。(b)确认及终止确认常规买卖的金融资产于交易日期（即本集团承诺买卖该资产的日期）确认。当收取来自金融资产的现金流量的权利已届满或转让，且本集团已转移拥有权的绝大部分风险及回报时，金融资产即会终止确认。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.10Investments and other financial assets(a) ClassificationThe Group classifies its financial assets in the followingmeasurement categories:• those to be measured subsequently at fair value (eitherthrough other comprehensive income (“OCI”), or through profitor loss), and• those to be measured at amortised cost.The classification depends on the Group’s business model formanaging the financial assets and the contractual terms of the cashflows.For assets measured at fair value, gains and losses will eitherbe recorded in profit or loss or OCI. For investments in equityinstruments that are not held for trading, this will depend onwhether the Group has made an irrevocable election at the time ofinitial recognition to account for the equity investment at fair valuethrough other comprehensive income (“FVOCI”).The Group reclassifies debt investments when and only when itsbusiness model for managing those assets changes.(b) Recognition and derecognitionRegular way purchases and sales of financial assets are recognisedon trade-date, the date on which the Group commits to purchaseor sell the asset. Financial assets are derecognised when the rightsto receive cash flows from the financial assets have expired or havebeen transferred and the Group has transferred substantially all therisks and rewards of ownership.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司192NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.10投资及其他金融资产（续）(c)计量于初步确认时，本集团按金融资产的公平值加（就并非按公平值计入损益的金融资产而言）收购金融资产直接应占的交易成本计量金融资产。按公平值计入损益（「按公平值计入损益」）的金融资产的交易成本于损益内支销。当厘定具有嵌入式衍生工具的金融资产的现金流量是否仅为支付本金及利息时，需从其整体进行考虑。债务工具债务工具的后续计量取决于本集团管理资产的业务模式及资产的现金流量特性。本集团将其债务工具分类为以下两个计量类别：•摊销成本：为收回仅作为支付本金及利息的合约现金流量而持有的资产按摊销成本计量。其后按摊销成本计量且不属对冲关系一部分的债务投资之收益或亏损，会于资产终止确认或出现减值时于综合损益及其他全面收益表确认。该等金融资产的利息收入使用实际利率法计入利息收入。减值亏损于综合损益及其他全面收益表呈列为单独项目。•按公平值计入损益：未达摊销成本标准的资产或按公平值计入其他全面收益的金融资产乃按公平值计入损益计量。其后按公平值计入损益计量且不属对冲关系一部分的债务投资之收益或亏损于损益内确认，并于产生期间在综合损益及其他全面收益表内「其他收益╱（亏损）－净额」列报净额。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.10Investments and other financial assets(continued)(c) MeasurementAt initial recognition, the Group measures a financial asset at its fairvalue plus, in the case of a financial asset not at fair value throughprofit or loss, transaction costs that are directly attributable to theacquisition of the financial asset. Transaction costs of financial assetscarried at fair value through profit or loss (“FVPL”) are expensed inprofit or loss.Financial assets with embedded derivatives are considered in theirentirety when determining whether their cash flows are solelypayment of principal and interest.Debt instrumentsSubsequent measurement of debt instruments depends on theGroup’s business model for managing the asset and the cash flowcharacteristics of the asset. There are two measurement categoriesinto which the Group classifies its debt instruments:• Amortised cost: Assets that are held for collection ofcontractual cash flows where those cash flows represent solelypayments of principal and interest are measured at amortisedcost. A gain or loss on a debt investment that is subsequentlymeasured at amortised cost and is not part of a hedgingrelationship is recognised in the consolidated statement ofprofit of loss and other comprehensive income when theasset is derecognised or impaired. Interest income fromthese financial assets is included in interest income using theeffective interest rate method. Impairment losses are presentedas separate line item in consolidated statement of profit or lossand other comprehensive income.• Fair value through profit or loss: Assets that do not meetthe criteria for amortised cost or financial assets at fair valuethrough other comprehensive income are measured at fairvalue through profit or loss. A gain or loss on a debt investmentthat is subsequently measured at fair value through profit orloss and is not part of a hedging relationship is recognised inprofit or loss and presented net in the consolidated statementof profit of loss and other comprehensive income within“Othergains/(losses) - net”in the period in which it arises.
二零二一年年报ANNUAL REPORT 2021193NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.10投资及其他金融资产（续）(c)计量（续）权益工具本集团以公平值对所有权益工具进行后续计量。倘本集团管理层选择于其他全面收益呈列权益工具的公平值收益及亏损，则当终止确认该项投资后，不会将公平值收益及亏损其后重新分类至损益。当本集团收取派付的权利确立时，该等投资的股息继续于损益中确认为其他收益净额。按公平值计入损益的金融资产的公平值变动于综合损益及其他全面收益表的「其他收益╱（亏损）－净额」确认（倘适用）。对于按公平值计入其他全面收益计量的权益投资，其减值亏损（以及减值亏损拨回）不会与其他公平值变动分别列报。(d)减值本集团按前瞻性基准评估与其以摊销成本列账的债务工具相关的预期信贷亏损。所应用的减值方法取决于信贷风险是否显著增加。对于贸易应收款项，本集团应用国际财务报告准则第9号允许的简化方法，该方法要求于初始确认应收款项时确认预期全期亏损（详情请参阅附注3.1(b)）。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.10Investments and other financial assets(continued)(c) Measurement(continued)Equity instrumentsThe Group subsequently measures all equity instruments at fairvalue. Where the Group’s management has elected to present fairvalue gains and losses on equity instruments in OCI, there is nosubsequent reclassification of fair value gains and losses to profitor loss following the derecognition of the investment. Dividendsfrom such investments continue to be recognised in profit or lossas other gains, net when the Group’s right to receive payments isestablished.Changes in the fair value of financial assets at FVPL are recognisedin“Other gains/(losses) - net”in consolidated statement of profit orloss and other comprehensive income as applicable. Impairmentlosses (and reversal of impairment losses) on equity investmentsmeasured at FVOCI are not reported separately from other changesin fair value.(d) ImpairmentThe Group assesses on a forward looking basis the expected creditlosses associated with its debt instruments carried at amortisedcost. The impairment methodology applied depends on whetherthere has been a significant increase in credit risk.For trade receivables, the Group applies the simplified approachpermitted by IFRS 9, which requires expected lifetime losses to berecognised from initial recognition of the receivables, see Note3.1(b) for details.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司194NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.11抵销金融工具当有合法可强制执行权利抵销已确认金额，并有意按净额基准结算或同时变现资产和结算负债时，金融资产与负债可互相抵销，并在资产负债表呈报其净额。合法可强制执行权利不得依赖未来事件而定，而在一般业务过程中以及倘本集团或对手方一旦出现违约、无偿债能力或破产时，其必须为可强制执行。2.12存货存货以成本及可变现净值两者中的较低者列账。成本使用加权平均法厘定。购买存货的成本乃于扣除回扣及折扣后厘定，不包括借款成本。可变现净值为在日常经营过程中的估计售价减去估计的完工成本和估计的销售所需成本。2.13贸易应收款项贸易应收款项为在日常业务过程中就所售商品或所提供服务而应收客户的款项。如贸易及其他应收款项预期在一年或以内（如仍在正常业务经营周期中，则可更长时间）收回，其被分类为流动资产，否则分类为非流动资产。贸易应收款项初步按有关无条件代价金额确认，但当其包含重大融资部分时，则按公平值确认。本集团持有贸易应收款项之目的为收取合约现金流量，因此其后对其采用实际利率法按摊销成本计量。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.11Offsetting financial instrumentsFinancial assets and liabilities are offset and the net amount reported inthe balance sheet when there is a legally enforceable right to offset therecognised amounts and there is an intention to settle on a net basisor realise the asset and settle the liability simultaneously. The legallyenforceable right must not be contingent on future events and must beenforceable in the normal course of business and in the event of default,insolvency or bankruptcy of the Group or the counterparty.2.12InventoriesInventories are stated at the lower of cost and net realisable value. Costis determined using the weighted average method. Costs of purchasedinventory are determined after deducting rebates and discounts. Itexcludes borrowing costs. Net realisable value is the estimated sellingprice in the ordinary course of business less the estimated costs ofcompletion and the estimated costs necessary to make the sale.2.13Trade receivablesTrade receivables are amounts due from customers for goods sold orservices performed in the ordinary course of business. If collection oftrade and other receivables is expected in one year or less (or in thenormal operating cycle of the business if longer), they are classified ascurrent assets. If not, they are presented as non-current assets.Trade receivables are recognised initially at the amount of considerationthat is unconditional unless they contain significant financingcomponents, when they are recognised at fair value. The Group holdsthe trade receivables with the objective to collect the contractual cashflows and therefore measures them subsequently at amortised costusing the effective interest method.
二零二一年年报ANNUAL REPORT 2021195NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.13贸易应收款项（续）由于流动应收款项的短期性质，其账面值被认为与公平值相同。有关本集团减值政策及亏损拨备的计算之详情载于附注3.1(b).2.14现金及现金等价物于综合现金流量表中，现金及现金等价物包括手头现金、银行活期存款及其他原到期日为三个月或以内的高流动性短期投资。2.15股本及就股份奖励计划持有的股份普通股分类为权益。发行新股份直接应占增量成本在权益内列为所得款项（除税后）的扣减。就股份奖励计划持有的股份披露于「就股份奖励计划持有的股份」，且自权益扣除，直至股份归属或注销为止。2.16贸易应付款项该等金额指于财政年度结束前向本集团提供商品及服务的未支付负债。有关金额乃无抵押及通常于确认后180天内支付。贸易应付款项呈列为流动负债，除非付款于报告期后12个月内并无到期。贸易应付款项初步按公平值确认，其后采用实际利率法按摊销成本计量。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.13Trade receivables(continued)Due to the short-term nature of the current receivables, their carryingamount is considered to be the same as their fair value.Details about the Group’s impairment policies and the calculation of theloss allowance are provided in Note 3.1(b).2.14Cash and cash equivalentsIn the consolidated statement of cash flows, cash and cash equivalentsincludes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three monthsor less.2.15Share capital and shares held for Share Award SchemeOrdinary shares are classified as equity.Incremental costs directly attributable to the issuance of new shares areshown in equity as a deduction, net of tax, from the proceeds.Shares held for the Share Award Scheme are disclosed as“Shares heldfor Share Award Scheme”and deducted from equity until the shares arevested or cancelled.2.16Trade payablesThese amounts represent liabilities for goods and services providedto the Group prior to the end of financial year which are unpaid.The amounts are unsecured and are usually paid within 180 days ofrecognition. Trade payables are presented as current liabilities unlesspayment is not due within 12 months after the reporting period. Theyare recognised initially at their fair value and subsequently measured atamortised cost using the effective interest method.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司196NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.17应付授权费应付授权费按公平值初步入账，即以后各年固定最低定期付款之现值。其随后采用实际利率法按摊销成本减付款呈列。应付授权费产生之利息作为利息开支记入综合收益表。预期现金流量估计数变动于综合收益表中确认为经销成本。经修订预期现金流量利用原始有效利率贴现，以得出负债账面值。2.18合约负债本集团于商品的控制权被转移或服务获提供前已收到客户的代价时，会确认合约负债。2.19可转换可赎回优先股本公司发行的优先股在若干未来事件发生时可予赎回。该等工具亦附带转换选择权。本公司发行的可转换可赎回优先股的详情载于附注33。本集团将可转换可赎回优先股指定为按公平值计入损益的金融负债。该等股份初步按公平值确认。任何直接应占交易成本于综合损益及其他全面收益表中按财务成本确认。与本公司自身信贷风险有关的公平值变动部分于其他全面收益确认。与信贷风险有关计入其他全面收益的款项毋须循环计入损益，惟须于变现时转入保留盈利。与市场风险有关的公平值变动于损益确认。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.17License fees payableLicense fees payable are initially recorded at the fair value, whichrepresents the present value of the fixed minimum periodic payments tobe made in subsequent years. They are subsequently stated at amortisedcost using the effective interest method less payments made.Interests incurred on license fees payable are charged to theconsolidated income statement as interest expense. Changes in estimateof the expected cash flows are recognised as distribution costs in theconsolidated income statement. The revised expected cash flows arediscounted using the original effective rate to arrive at the carryingamount of the liability.2.18Contract liabilitiesA contract liability is recognised when the Group has receivedconsiderations from the customers before the control of the goodstransferred or the services rendered.2.19Convertible Redeemable preferred sharesPreferred shares issued by the Company are redeemable uponoccurrence of certain future events. These instruments are also attachedwith a conversion option. Details of the convertible redeemablepreferred shares issued by the Company are given in Note 33.The Group designated the convertible redeemable preferred shares asfinancial liabilities at FVPL. They are initially recognised at fair value. Anydirectly attributable transaction costs are recognised at finance costs inthe consolidated statement of profit or loss and other comprehensiveincome. The component of fair value changes relating to the Company’sown credit risk is recognised in OCI. Amounts recorded in OCI related tocredit risk are not subject to recycling in profit or loss but are transferredto retained earnings when realised. Fair value changes relating to marketrisk are recognised in profit or loss.
二零二一年年报ANNUAL REPORT 2021197NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.19可转换可赎回优先股（续）除非持有人可要求本公司于报告期末后12个月内赎回可转换可赎回优先股，否则可转换可赎回优先股分类为非流动负债。2.20即期及递延所得税期内所得税开支或抵免指就本期间应课税收入按各司法权区适用所得税税率应付的税项，并就暂时性差额及未动用税项亏损应占递延税项资产及负债变动作出调整。(a)即期所得税即期所得税支出根据本集团及其附属公司业务经营及产生应课税收入的所在国家于结算日已颁布或实质上已颁布的税务法例计算。管理层就适用税务法例诠释所规限的情况定期评估报税状况，并在适用情况下根据预期须向税务机关支付的税款作出拨备。(b)递延所得税递延所得税按资产及负债的税基与其在综合财务报表中的账面值之间产生的暂时性差额采用负债法悉数计提拨备。然而，若递延税项负债来自初步确认商誉，则不予确认。若递延所得税来自在交易（不包括业务合并）中对资产或负债的初步确认，而在交易时不影响会计或应课税损益，则亦不予以入账。递延所得税采用在报告期末前已颁布或实质上已颁布，并在有关递延所得税资产变现或递延所得税负债结算时预期将会应用的税率（及法例）而厘定。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.19Convertible Redeemable preferred shares(continued)Convertible redeemable preferred shares are classified as non-currentliabilities unless the holders can demand the Company to redeem theconvertible redeemable preferred shares within 12 months after the endof the reporting period.2.20Current and deferred income taxThe income tax expense or credit for the period is the tax payable onthe current period’s taxable income, based on the applicable income taxrate for each jurisdiction, adjusted by changes in deferred tax assets andliabilities attributable to temporary differences and to unused tax losses.(a) Current income taxThe current income tax charge is calculated on the basis of thetax laws enacted or substantively enacted at the balance sheetdate in the countries where the Group and its subsidiaries operateand generate taxable income. Management periodically evaluatespositions taken in tax returns with respect to situations in whichapplicable tax regulation is subject to interpretation. It establishesprovisions where appropriate on the basis of amounts expected tobe paid to the tax authorities.(b) Deferred income taxDeferred income tax is provided in full, using the liability method,on temporary differences arising between the tax bases of assetsand liabilities and their carrying amounts in the consolidatedfinancial statements. However, deferred tax liabilities are notrecognised if they arise from the initial recognition of goodwill.Deferred income tax is also not accounted for if it arises from initialrecognition of an asset or liability in a transaction other than abusiness combination that at the time of the transaction affectsneither accounting nor taxable profit or loss and does not give riseto equal taxable and deductible temporary differences. Deferredincome tax is determined using tax rates (and laws) that have beenenacted or substantively enacted by the end of the reporting periodand are expected to apply when the related deferred income taxasset is realised or the deferred income tax liability is settled.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司198NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.20即期及递延所得税（续）(b)递延所得税（续）递延税项资产仅于未来可能取得应课税款项而可动用该等暂时性差额及亏损时方会确认。倘本集团可控制暂时性差额的拨回时间及很有可能在可预见未来不会拨回有关差额的情况下，则不会就于境外业务投资的账面值与税基之间的暂时性差额确认递延税项负债及资产。当存在合法可强制执行权利以抵销即期税项资产及负债以及当递延税项结余与同一税务机关有关连时，会抵销递延税项资产及负债。倘有关实体拥有合法可强制执行权利以抵销且有意按净额基准进行结算或同时变现资产及结算负债，则抵销即期税项资产及税项负债。即期及递延税项于损益内确认，惟以与于其他全面收益或直接于权益内确认的项目相关者为限。就此而言，税项亦分别于其他全面收益或直接于权益内确认。2.21雇员福利(a)短期责任预期在雇员提供相关服务的期末后12个月内悉数清算的工资及薪金负债于截至报告期末就雇员服务予以确认，并按结算有关负债之预期所支付金额计量。负债于资产负债表内呈列为即期雇员福利责任。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.20Current and deferred income tax(continued)(b) Deferred income tax(continued)Deferred tax assets are recognised only if it is probable that futuretaxable amounts will be available to utilise those temporarydifferences and losses.Deferred tax liabilities and assets are not recognised for temporarydifferences between the carrying amount and tax bases ofinvestments in foreign operations where the Group is able tocontrol the timing of the reversal of the temporary differences andit is probable that the differences will not reverse in the foreseeablefuture.Deferred tax assets and liabilities are offset when there is a legallyenforceable right to offset current tax assets and liabilities andwhen the deferred tax balances relate to the same taxationauthority. Current tax assets and tax liabilities are offset where theentity has a legally enforceable right to offset and intends either tosettle on a net basis, or to realise the asset and settle the liabilitysimultaneously.Current and deferred tax is recognised in profit or loss, except to theextent that it relates to items recognised in other comprehensiveincome or directly in equity. In this case, the tax is also recognisedin other comprehensive income or directly in equity, respectively.2.21Employee benefits(a) Short-term obligationsLiabilities for wages and salaries that are expected to be settledwholly within 12 months after the end of the period in which theemployees render the related service are recognised in respect ofemployees’services up to the end of the reporting period and aremeasured at the amounts expected to be paid when the liabilitiesare settled. The liabilities are presented as current employee benefitobligations in the balance sheet.
二零二一年年报ANNUAL REPORT 2021199NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.21雇员福利（续）(b)养老保险、住房公积金、医疗保险及其他社会保险根据中国的规则及法规，本集团已安排中国雇员参与中国政府认可的界定供款计划，包括养老、医疗、住房及其他福利。根据有关规例，每月供款应由本公司的中国附属公司承担，并按雇员总薪金的百分比计算，但设有若干上限。该等计划的资产与本集团的资产分开，由中国政府管理的独立基金持有。本集团于支付上述供款后不再承担付款责任。本集团对上述计划的供款于产生时自综合损益及其他全面收益表扣除。2.22以股份为基础的报酬通过股份奖励计划将向雇员提供以股份为基础的报酬福利。有关计划的资料载于附注28。用以交换所授限制性股份而获得的服务的公平值确认为开支。将支销的总额乃参考于授出日期所授限制性股份的公平值厘定，包括任何市场表现条件，不包括任何服务及非市场表现归属条件的影响，以及包括任何非归属条件（倘适用）。所支销的总额于所有规定的归属条件均达成的归属期间确认。于各报告期末，本集团根据非市场归属条件修订其预期归属的股份数目的估计，其于综合损益及其他全面收益表确认修订原先估计的影响（如有），并对权益作出相应调整。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.21Employee benefits(continued)(b) Pension, housing funds, medical insurances and other socialinsurancesIn accordance with the rules and regulations in the PRC, the Grouphas arranged for its PRC employees to join defined contributionplans, including pension, medical, housing and other welfarebenefits, recognised by the PRC government. According to therelevant regulations, the monthly contributions that should beborne by the PRC subsidiaries of the Company are calculated basedon percentages of the total salary of employees, subject to a certainceiling. The assets of these plans are held separately from those ofthe Group in independent funds managed by the PRC government.The Group has no further payment obligations once the abovecontributions have been paid. The Group’s contributions to theseplans are charged in the consolidated statement of profit or lossand other comprehensive income as incurred.2.22Share-based compensationShare-based compensation benefits are provided to employees viaShare Award Scheme. Information relating to the schemes is set outin Note 28. The fair value of the services received in exchange for thegrant of the restricted shares is recognised as an expense. The totalamount to be expensed is determined by reference to the fair valueof the restricted shares granted as at grant date, including any marketperformance conditions, excluding the impacts of any service and non-market performance vesting conditions as well as including any non-vesting conditions, when applicable. The total amount expensed isrecognised over the vesting period, which is the period over which all ofthe specified vesting conditions are to be satisfied.At the end of each reporting period, the Group revises its estimatesof the number of shares that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision oforiginal estimates, if any, in the consolidated statement of profit or lossand other comprehensive income with a corresponding adjustment toequity.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司200NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.22以股份为基础的付款（续）当股份获行使时，所收取的所得款项于扣除任何直接应占交易成本后计入股本（面值）及股份溢价。2.23收益确认收益按已收或应收代价的公平值计量，表示就所提供商品或服务的应收款项，并于扣除折扣及相关营业税或增值税后列账。(a)商品销售－零售店销售及机器人商店销售本集团经营连锁零售店及机器人商店售货机以销售潮流玩具。当产品的控制权已转移至客户时确认商品销售收益。销售予终端客户的产品并无退货权。零售销售通常以现金、信用╱借记卡或通过在线支付平台结算。尽管大部分机器人商店售货机由本集团直接运营，若干机器人商店售货机乃由第三方机器人商店合作伙伴运营，在此情况下，本集团授权机器人商店合作伙伴运营机器人商店售货机以销售潮流玩具，为期两年。由于机器人商店合作伙伴并非主要负责履行承诺以向客户提供潮流玩具，并不承受存货风险及并无定价自主权，因此机器人商店合作伙伴在交易中担任本集团代理而非主事人。因此，机器人商店合作伙伴在商品被转让予客户前并无取得商品的控制权。收益于产品的控制权被转让予客户时确认，而支付予机器人商店合作伙伴的佣金则于「经销及销售开支」扣除。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.22Share-based compensation(continued)The proceeds received net of any directly attributable transaction costsare credited to share capital (nominal value) and share premium whenthe shares are exercised.2.23Revenue recognitionRevenue is measured at the fair value of the consideration received orreceivable, and represents amounts receivables for goods supplied orserviced provided, stated net of discounts and the relevant businesstaxes or value added taxes.(a) Sale of goods – retail store sales and roboshop salesThe Group operates a chain of retail stores and roboshop machinesfor selling pop toys. Revenue from sales of goods are recognisedwhen the control of the product has transferred to the customer.There was no right of return for the sales to the end customer.Retail sales are usually settled in cash, by credit/debit cards orthrough online payment platforms.Despite that a majority of roboshop machines are directly operatedby the Group, certain roboshop machines are operated by thirdparty roboshop partners where the Group grants roboshop partnersthe right to operate roboshop machines for selling pop toys fora period of two years. Roboshop partner acts as an agent of theGroup rather than the principal in the transaction since roboshoppartner is not primarily responsible for fulfilling the promise toprovide the pop toys to the customers, does not take inventory riskand has no pricing latitude. Hence roboshop partners do not obtainthe control of goods before they are transferred to the customer.Revenue is recognised when control of the products has transferredto the customer, and the commissions to roboshop partners ischarged to“distribution and selling expenses”.
二零二一年年报ANNUAL REPORT 2021201NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.23收益确认（续）(b)商品销售－线上销售潮流玩具亦通过自营在线平台或其他第三方电商平台出售，而收益于产品的控制权已转移至客户时（即客户接纳产品时）确认。该等销售的收益乃根据价格（扣除销售时的估计销售折扣）确认。交易以现金、信用╱借记卡或通过在线支付平台结算。第三方电商平台的佣金为获得合约的增量成本。本集团以实际权宜法将预期摊销期限为一年或以下的佣金在产生时支销。(c)商品销售－客户忠诚度计划本集团实行一项忠诚度计划，据此零售及在线客户通过积累购物积分，可在未来购物时享受折扣。奖励积分的合约责任于销售时确认。奖励积分被兑换或到期时，将确认奖励积分的收益。截至2021年止年度，积分于最初销售发生日期起每六个月结束时到期。合约负债将予以确认直至积分被兑换或到期为止。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.23Revenue recognition(continued)(b) Sale of goods – online salesPop toys are also sold through self-operated online platform orother third-party e-commercial platform and revenue is recognisedwhen the control of the products has transferred to the customer,which is the point of acceptance by the customers. Revenue fromthese sales are recognised based on the price, net of the estimatedsales discounts at the time of sale. Transactions are settled incash, by credit/debit cards or through online payment platforms.The commissions to the third party e-commercial platform is anincremental cost to obtaining a contract. The Group apply thepractical expedient to expense the commissions as incurred as theexpected amortisation period is one year or less.(c) Sale of goods—customer loyalty programmeThe Group operates a loyalty programme where retail and onlinecustomers accumulate points for purchases made which entitlethem to discounts on future purchases. A contract liability for theaward points is recognised at the time of the sale. Revenue fromthe award points is recognised when the points are redeemed orwhen they expire. During the year ended 2021, the points expire atthe end of each six months from the date on which the initial salesoccurs.A contract liability is recognised until the points are redeemed orexpired.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司202NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.23收益确认（续）(d)商品销售－批发在产品的控制权已转让（即产品交付予批发商之时），批发商可全权酌情决定渠道及价格以出售产品，且概无可能影响批发商接受产品的未履行责任时确认收益。产品交付至特定地点而过时及损失的风险已转移给批发商，以及批发商已根据销售合约接纳产品、接纳条款已失效或本集团有客观证据显示所有接纳的标准已达成，则始能作为交付。应收款项于货品交付时确认，原因为代价于该时间点成为无条件，仅须待时间推移便可收取到期付款。(e)展会收益本集团举办展会以令本集团及第三方品牌拥有人能够向客户销售潮流玩具。举办展会的收益包括销售展会门票、佣金收入及本集团产品的销售。就所售门票而言，收益于提供服务的会计期间确认。就佣金收入而言，收益于有关品牌拥有人销售商品后确认。就销售商品而言，收益于产品控制权被转让予客户时确认，请参阅上文附注2.23(a)。(f)授权费收入本集团向第三方授权角色以供于某期间内就有关产品使用。收入于合约期内按比例确认。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.23Revenue recognition(continued)(d) Sales of goods—wholesaleRevenue are recognised when control of the products hastransferred, being when products are delivered to the wholesaler,the wholesaler has full discretion over the channel and price to sellthe products, and there is no unfulfilled obligation that could affectthe wholesaler’s acceptance of the products. Delivery occurs whenthe products have been shipped to the specified location, the risksof obsolescence and loss have been transferred to the wholesaler,and either the wholesaler has accepted the products in accordancewith the sales contract, the acceptance provisions have lapsed, orthe Group has objective evidence that all criteria for acceptancehave been satisfied.As receivable is recognised when the goods are delivered as this isthe point in time that the consideration is unconditional becauseonly the passage of time is required before the payment is due.(e) Revenue from conventionsThe Group holds conventions that enable the Group and third-party brand owners to sell pop toys to the customers. Revenuefrom holding conventions includes selling convention tickets,commission income and sales of the Group’s products. For ticketssold, revenue is recognised in the accounting period in whichthe services are rendered. For commission income, revenue isrecognised upon sales of goods by the relevant brand owners.For sales of goods, revenue is recognised when the control of theproducts has transferred to the customer, see Note 2.23(a) above.(f) License fees incomeThe Group licenses characters to third parties on relevant productsfor a period. The income is recognised ratably in the contractualperiod.
二零二一年年报ANNUAL REPORT 2021203NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.24租赁租赁乃于租赁资产可供集团使用之日确认为使用权资产及相应负债。合约可能包含租赁及非租赁组成部分。本集团按照租赁及非租赁组成部分相应的独立价格，将合约代价分配至租赁及非租赁组成部分。然而，就本集团作为承租人的房地产租赁而言，其选择将租赁及非租赁组成部分入账为单一租赁组成部分，并无将两者区分。租赁条款乃单独磋商达致，当中包含各种不同的条款及条件。租赁协议并不强加任何契诺（于出租人持有的租赁资产中之抵押权益除外）。租赁资产不得用作借款的抵押。租赁产生的资产及负债初步以现值基准计量。租赁负债包括下列租赁付款的净现值：•固定付款（包括实质上的固定付款），减去任何应收租赁优惠•基于指数或利率的可变租赁付款，采用于开始日期的指数或利率初步计量•本集团于剩余价值担保下预计应付的金额•倘本集团合理确定行使购买选择权，则为该选择权的行使价，及•倘租期反映本集团行使该选择权，则为终止租赁的罚款付款。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.24LeasesLeases are recognised as a right-of-use asset and a correspondingliability at the date at which the leased asset is available for use by theGroup.Contracts may contain both lease and non-lease components. TheGroup allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However,for leases of real estate for which the Group is a lessee, it has elected notto separate lease and non-lease components and instead accounts forthese as a single lease component.Lease terms are negotiated on an individual basis and contain a widerange of different terms and conditions. The lease agreements do notimpose any covenants other than the security interests in the leasedassets that are held by the lessor. Leased assets may not be used assecurity for borrowing purposes.Assets and liabilities arising from a lease are initially measured on apresent value basis. Lease liabilities include the net present value of thefollowing lease payments:• fixed payments (including in-substance fixed payments), less anylease incentives receivable• variable lease payment that are based on an index or a rate, initiallymeasured using the index or rate as at the commencement date• amounts expected to be payable by the Group under residual valueguarantees• the exercise price of a purchase option if the Group is reasonablycertain to exercise that option, and• payments of penalties for terminating the lease, if the lease termreflects the Group exercising that option.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司204NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.24租赁（续）根据合理确定延期选择权支付的租赁付款亦计入负债计量之内。租赁付款采用租赁隐含的利率贴现。倘现时无法厘定该利率（本集团的租赁通常如此），则使用承租人的增量借款利率予以贴现，即个别承租人在类似经济环境中以类似条款、抵押及条件获得与使用权资产价值相近的资产所需借入资金而须支付的利率。为厘定增量借款利率，本集团：•使用累加法，首先就本集团所持有租赁的信贷风险（最近并无第三方融资）调整无风险利率，及•对租赁进行特定调整，例如期限、国家、货币及抵押。倘个别承租人可取得现成可观察的摊销贷款利率（通过最近的融资或市场数据），且付款情况与租赁相似，则集团实体将以该利率为起点厘定增量借款利率。本集团未来可能根据指数或利率增加可变租赁付款额，而有关指数或利率在生效前不会计入租赁负债。当根据指数或利率对租赁付款作出的调整生效时，租赁负债会根据使用权资产进行重新评估及调整。租赁付款于本金及财务成本之间作出分配。财务成本在租赁期间于损益扣除，藉以令各期间的负债余额的期间利率一致。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.24Leases(continued)Lease payments to be made under reasonably certain extension optionsare also included in the measurement of the liability.The lease payments are discounted using the interest rate implicit inthe lease. If that rate cannot be readily determined, which is generallythe case for leases in the Group, the lessee’s incremental borrowing rateis used, being the rate that the individual lessee would have to pay toborrow the funds necessary to obtain an asset of similar value to theright-of-use asset in a similar economic environment with similar terms,security and conditions.To determine the incremental borrowing rate, the Group:• uses a build-up approach that starts with a risk-free interest rateadjusted for credit risk for leases held by the Group, which does nothave recent third-party financing, and• makes adjustments specific to the lease, e.g. term, country, currencyand security.If a readily observable amortising loan rate is available to the individuallessee (through recent financing or market data) which has a similarpayment profile to the lease, then the group entities use that rate as astarting point to determine the incremental borrowing rate.The Group is exposed to potential future increases in variable leasepayments based on an index or rate, which are not included in the leaseliability until they take effect. When adjustments to lease paymentsbased on an index or rate take effect, the lease liability is reassessed andadjusted against the right-of-use asset.Lease payments are allocated between principal and finance cost. Thefinance cost is charged to profit or loss over the lease period so as toproduce a constant periodic rate of interest on the remaining balance ofthe liability for each period.
二零二一年年报ANNUAL REPORT 2021205NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.24租赁（续）使用权资产按成本计量，包括以下各项：•租赁负债的初始计量金额•于开始日期或之前的任何租赁付款减任何已收租赁优惠•任何初始直接成本，及•复原成本。使用权资产一般于资产可使用年期及租期（以较短者为准）按直线法折旧。倘本集团合理确定行使购买选择权，则使用权资产于相关资产的可使用年期内予以折旧。与短期设备及汽车租赁及所有低价值资产租赁相关的付款以直线法于损益中确认为开支。短期租赁指租期为12个月或以内的租赁。(a)可变租赁付款若干物业租赁包含可变付款条款，该等条款与店舖产生的销售相关联。对于若干同时包含固定及可变租赁付款条款的店舖，其租赁付款乃基于可变付款条款，比例介乎销售的9%至18%。可变付款条款的使用有多种原因，包括尽量减低新建商店的固定成本基础。依赖于销售的可变租赁付款在触发该等付款的条件发生的期间于损益中确认。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.24Leases(continued)Right-of-use assets are measured at cost comprising the following:• the amount of the initial measurement of lease liability• any lease payments made at or before the commencement dateless any lease incentives received• any initial direct costs, and• restoration costs.Right-of-use assets are generally depreciated over the shorter of theasset’s useful life and the lease term on a straight-line basis. If the Groupis reasonably certain to exercise a purchase option, the right-of-use assetis depreciated over the underlying asset’s useful life.Payments associated with short-term leases of equipment and vehiclesand all leases of low-value assets are recognised on a straight-line basisas an expense in profit or loss. Short-term leases are leases with a leaseterm of 12 months or less.(a) Variable lease paymentsSome property leases contain variable payment terms that arelinked to sales generated from a store. For certain stores includingfixed and variable rental payment terms, the lease payments are onthe basis of variable payment terms with percentages ranging from9% to 18% of sales. Variable payment terms are used for a varietyof reasons, including minimising the fixed costs base for newlyestablished stores. Variable lease payments that depend on salesare recognised in profit or loss in the period in which the conditionthat triggers those payments occurs.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司206NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.24租赁（续）(b)租赁修订当租期变动，用于厘定租赁付款的指数或利率变动或重新评估行使购买选择权后，租赁负债予以重新计量。相关使用权资产则作出相应调整。本集团已自2020年1月1日起追溯采纳国际财务报告准则第16号修订－与新型冠状病毒疫情相关的租金优惠。该修订提供一项可选择的实际权宜方法，容许承租人选择不评估与新型冠状病毒疫情相关的租金优惠是否属租赁修订。采纳这选项的承租人可按租金优惠并非租赁修订的相同方式入账合资格租金优惠。实际权宜方法仅适用于新型冠状病毒疫情直接导致且符合以下所有条件的租金优惠：a.租赁付款变动导致租赁的经修订代价与紧接变动前的租赁代价大致相同或较其为低；b.租赁付款减少仅会影响于2021年6月30日或之前到期的付款；及c.租赁的其他条款和条件并无实质性变化。本集团已于2021年6月30日之前提早追溯采纳国际财务报告准则第16号修订-与新型冠状病毒疫情相关的租金优惠，将政策适用扩大到2022年6月30日或之前到期的租赁付款。本集团就所有合资格与新型冠状病毒疫情相关的租金优惠采用实际权宜方法。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.24Leases(continued)(b) Modification of leaseA lease liability is remeasured upon a change in the leaseterm, changes in an index or rate used to determine the leasepayments or reassessment of exercise of a purchase option. Thecorresponding adjustment is made to the related right-of-useassets.The Group has adopted Amendment to IFRS 16 – Covid-19-Related Rent Concessions retrospectively from 1 January 2020. Theamendment provides an optional practical expedient allowinglessees to elect not to assess whether a rent concession relatedto COVID19 is a lease modification. Lessees adopting this electionmay account for qualifying rent concessions in the same way asthey would if they were not lease modifications. The practicalexpedient only applies to rent concessions occurring as a directconsequence of the COVID-19 pandemic and only if all of thefollowing conditions are met: a. the change in lease paymentsresults in revised consideration for the lease that is substantially thesame as, or less than, the consideration for the lease immediatelypreceding the change; b. any reduction in lease payments affectsonly payments due on or before 30 June 2021; and c. there is nosubstantive change to other terms and conditions of the lease.The Group has early adopted Amendment to IFRS 16 – Covid-19-Related Rent Concessions beyond 30 June 2021, which extendedthe practical expedient to lease payments that were due on orbefore 30 June 2022.The Group has applied the practical expedient to all qualifyingCOVID-19-related rent concessions.
二零二一年年报ANNUAL REPORT 2021207NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.25政府补贴倘能够合理确定本集团将收到政府补贴及本集团将符合所有附带条件，则政府补贴将按其公平值确认。有关开支的政府补贴将予递延，并在按配合拟补偿的开支所需期间内于损益确认或自相关开支中扣除。有关成本的政府补贴将予递延，并在按配合拟补偿的成本所需期间内于综合损益及其他全面收益表确认。2.26利息收入按公平值计入损益的金融资产所得利息收入计入「其他收益╱（亏损）－净额」。倘自为持作现金管理用途的金融资产赚取利息收入，利息收入则呈列为财务收入（请参阅下文附注9）。任何其他利息收入乃计入其他收入。利息收入的计算方法是将实际利率应用于金融资产的账面总值，但随后发生信贷减值的金融资产除外。对于信贷减值的金融资产，实际利率应用于金融资产的账面净值（经扣除亏损拨备）。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.25Government grantsGrants from the government are recognised at their fair value wherethere is a reasonable assurance that the grant will be received, and theGroup will comply with all attached conditions.Government grants relating to expenses are deferred and recognised inthe profit or loss or deducted against related expenses over the periodnecessary to match them with the expenses that they are intended tocompensate.Government grants relating to costs are deferred and recognised inthe consolidated statement of profit or loss and other comprehensiveincome over the period necessary to match them with the costs thatthey are intended to compensate.2.26Interest incomeInterest income from financial assets at FVPL is included in the“Othergains/(losses) - net”.Interest income is presented as finance income where it is earned fromfinancial assets that are held for cash management purposes, see Note 9below. Any other interest income is included in other income.Interest income is calculated by applying the effective interest rate tothe gross carrying amount of a financial asset except for financial assetsthat subsequently become credit-impaired. For credit-impaired financialassets the effective interest rate is applied to the net carrying amount ofthe financial asset (after deduction of the loss allowance).
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司208NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.27股息就于报告期末或之前已宣派股息但于报告期末并未分派之任何股息金额（经适当授权及不再由实体酌情决定）作出拨备。2.28每股盈利(i)每股基本盈利每股基本盈利按：•本公司拥有人应占溢利（不包括普通股以外的任何服务权益成本）•除以财政年度内发行在外普通股加权平均数计算，并就年内已发行普通股（不包括库存股）的红股因素进行调整。(ii)每股摊薄盈利每股摊薄盈利调整厘定每股基本盈利所用之数字以计及：•与潜在摊薄普通股相关的利息及其他融资成本的除所得税后影响，及•假设所有潜在摊薄普通股获转换后将予发行的额外普通股加权平均数。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.27DividendsProvision is made for the amount of any dividend declared, beingappropriately authorised and no longer at the discretion of the entity, onor before the end of the reporting period but not distributed at the endof the reporting period.2.28Earnings per share(i) Basic earnings per shareBasic earnings per share is calculated by dividing:• the profit attributable to owners of the Company, excludingany costs of servicing equity other than ordinary shares• by the weighted average number of ordinary sharesoutstanding during the financial year, adjusted for bonuselements in ordinary shares issued during the year andexcluding treasury shares.(ii) Diluted earnings per shareDiluted earnings per share adjusts the figures used in thedetermination of basic earnings per share to take into account:• the after income tax effect of interest and other financing costsassociated with dilutive potential ordinary shares, and• the weighted average number of additional ordinary sharesthat would have been outstanding assuming the conversion ofall dilutive potential ordinary shares.
二零二一年年报ANNUAL REPORT 2021209NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理3.1财务风险因素本集团的活动使其面临各种财务风险，主要是信贷风险及流动资金风险。本集团的整体风险管理计划著重于金融市场的不可预测性，力求将对本集团财务业绩的潜在不利影响降至最低。3 FINANCIAL RISK MANAGEMENT3.1 Financial risk factorsThe Group’s activities expose it to a variety of financial risks, primarilythe credit risk and liquidity risk. The Group’s overall risk managementprogramme focuses on the unpredictability of financial markets andseeks to minimise potential adverse effects on the Group’s financialperformance.RiskExposure arising fromMeasurement风险风险敞口产生于计量方式Market risk – foreignexchangeFinancial assets and liabilities denominated in foreigncurrency different from its functional currency.Cash flow forecastingSensitivity analysis市场风险－外汇以与其功能货币不同的外币计值的金融资产及负债。现金流量预测敏感性分析Credit riskCash and cash equivalents, restricted cash, financial assetsat FVPL, trade receivables and other receivables.Aging analysis Credit ratings信贷风险现金及现金等价物、受限制现金、按公平值计入损益的金融资产、贸易应收款项及其他应收款项。账龄分析信贷评级Liquidity riskFinancial liabilitiesRolling cash flow forecasts流动资金风险金融负债滚动现金流量预测(a) Market risk(i) Foreign exchange riskThe Group’s businesses are principally conducted in RMB,which is exposed to foreign currency risk with respect totransactions denominated in currencies other than RMB.Foreign exchange risk arises from recognised assets andliabilities and net investments in foreign operations. The Groupdid not enter into any forward contract to hedge its exposureto foreign currency risk for the year ended 31 December 2021and 2020.(a)市场风险(i)外汇风险本集团的业务主要以人民币进行，因而面临以人民币以外货币计值交易的外币风险。已确认的资产及负债以及于境外业务的投资净额均会产生外汇风险。截至2021年及2020年12月31日止年度，本集团概无订立任何远期合约以对冲其外币风险敞口。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司210NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.1财务风险因素（续）(a)市场风险（续）(i)外汇风险（续）风险敞口本集团于2021年12月31日的外币风险敞口（以人民币元列示）如下：3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(a) Market risk(continued)(i) Foreign exchange risk(continued)ExposureThe Group’s exposure to foreign currency risk as 31 December2021, expressed in RMB was as follows:31 December 202131 December 20202021年12月31日2020年12月31日USDHKDUSDHKD美元港元美元港元RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元Cash and cash equivalents现金及现金等价物311,810444,4794,6052,383,429Financial assets at fair valuethrough profit or loss按公平值计入损益的金融资产–20,544––License fees payables应付授权费(13,719)(21,986)(5,574)(7,167)SensitivityAs shown in the table above, the Group is primarily exposed tochanges in USD/RMB and HKD/RMB exchange rates.Impact on post tax profit对除税后溢利的影响For the year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元USD/RMB exchange rate – increase 10%美元兑人民币汇率－上升10%22,357(73)USD/RMB exchange rate – decrease 10%美元兑人民币汇率－下降10%(22,357)73HKD/RMB exchange rate – increase 10%港元兑人民币汇率－上升10%33,228178,220HKD/RMB exchange rate – decrease 10%港元兑人民币汇率－下降10%(33,228)(178,220)敏感度如上表所示，本集团主要面临美元兑人民币汇率及港元兑人民币汇率变动。
二零二一年年报ANNUAL REPORT 2021211NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.1财务风险因素（续）(a)市场风险（续）(ii)现金流量及公平值利率风险固定利率的金融资产及负债使本集团面临公平值利率风险，而浮动利率的金融资产及负债使本集团面临现金流量利率风险。本集团的收入及经营现金流量基本上独立于市场利率的变化，因为本集团并无重大资产╱负债产生重大利息。本集团目前并无对冲利率风险。(b)信贷风险信贷风险来自现金及现金等价物、按公平值计入损益的金融资产以及来自批发及零售客户的信贷风险，包括未偿还的贸易及其他应收款项。(i)风险管理信贷风险按组别基准管理，惟有关应收账款结余的信贷风险除外。各当地实体负责于提供标准付款及交付条款及条件前管理及分析其各自新客户的信贷风险。本集团仅允许具有良好信贷记录之客户进行赊购。本集团概无任何重大信贷风险集中。现金及银行结余、按公平值计入损益的金融资产、贸易应收款项以及其他应收款项之账面值乃指本集团就金融资产面临的最高信贷风险。3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(a) Market risk(continued)(ii) Cash flow and fair value interest rate riskFinancial assets and liabilities at fixed rates expose the Groupto fair value interest-rate risk while financial assets and liabilitiesat floating rates expose the Group to cash flow interest raterisk.The Group’s income and operating cash flows are substantiallyindependent of changes in market interest rates as the Grouphas no material assets/liabilities bearing significant interest.The Group currently does not hedge its exposure to interestrate risk.(b) Credit riskCredit risk arises from cash and cash equivalent, financial assets atFVPL as well as credit exposures to wholesale and retail customersincluding outstanding trade and other receivables.(i) Risk managementCredit risk is managed on group basis, except for credit riskrelating to accounts receivable balances. Each local entity isresponsible for managing and analysing the credit risk for eachof their new clients before standard payment and deliveryterms and conditions are offered. The Group’s credit salesare only made to customers with appropriate credit history.The Group has no significant concentration of credit risk. Thecarrying amounts of cash and bank balances, financial assetsat FVPL, trade receivables and other receivables represent theGroup’s maximum exposure to credit risk in relation to financialassets.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司212NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.1财务风险因素（续）(b)信贷风险（续）(i)风险管理（续）于2021年及2020年12月31日，所有银行存款乃存放于国有或具声誉的商业银行（均为并无重大信贷风险的高信贷质素的金融机构）或由其管理。就零售及在线销售而言，贸易应收款项主要包括信用卡应收款项及第三方付款平台应收款项。本集团管理层认为信贷风险有限，原因为在途存款由高信贷质素的金融机构或其他第三方持有。该等金融机构及第三方近期并无过往违约记录，有关贸易应收款项本身信贷风险较低。对于应收批发商的贸易应收款项，管理层根据彼等财务状况、过往经验、基于销售付款情况的预期亏损率以及其他因素来评估该等批发商的信贷风险质素。本集团设有适当政策以确保信贷条款授予可靠的批发商。本集团过往收回的应收款项并未超出其入账拨备，故董事认为已就不可收回的应收款项作出充分拨备。3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(b) Credit risk(continued)(i) Risk management(continued)As at 31 December 2021 and 2020, all the bank depositsare deposited in or managed by state-owned or reputablecommercial banks which are all high-credit-quality financialinstitutions without significant credit risk.For retail and online sales, trade receivables mainly includecredit card receivables and receivables from third-partypayment platform receivables. The management of the Groupbelieves the credit risk is limited because the deposits in transitwas held by high-credit-quality financial institutions or otherthird parties. There has been no recent history of default inrelation to these financial institutions and third parties, thecredit risk inherent in such trade receivables is low.For trade receivables due from wholesalers, the managementassesses the credit risk quality of the wholesalers based ontheir financial positions, past experience, expected loss ratesbased on the payment profiles of sales and other factors. TheGroup has policies in place to ensure credit terms are grantedto reliable wholesalers. The Group’s historical experience incollection of receivables falls within recorded allowances andthe directors are of the opinion that adequate provision foruncollectible receivables has been made.
二零二一年年报ANNUAL REPORT 2021213NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.1财务风险因素（续）(b)信贷风险（续）(ii)金融资产减值本集团拥有两种类型的金融资产，彼等符合国际财务报告准则第9号的新预期信贷亏损模式。•贸易应收款项，及•其他应收款项尽管现金及现金等价物以及受限制现金亦须遵守国际财务报告准则第9号的减值规定，惟已识别的减值亏损并不重大。贸易应收款项本集团采用国际财务报告准则第9号的简化方法计量预期信贷亏损，该方法对所有应收账款使用全期预期亏损拨备。为了计量预期信贷亏损，应收账款已根据共同的信贷风险特征及逾期天数进行分组。预期亏损率乃基于一段时间内的销售付款情况以及该期间内的相应历史信贷亏损而得出。历史亏损率会作出调整，以反映有关影响客户结算应收款项能力的宏观经济因素的当前及前瞻性资料。3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(b) Credit risk(continued)(ii) Impairment of financial assetsThe Group has two types of financial assets that are subject toIFRS 9’s new expected credit loss model.• trade receivables, and• other receivablesWhile cash and cash equivalents and restricted cash arealso subject to the impairment requirements of IFRS 9, theidentified impairment loss was immaterial.Trade receivablesThe Group applies the IFRS 9 simplified approach to measureexpected credit losses which uses a lifetime expected lossallowance for all account receivables. To measure the expectedcredit losses, account receivables have been grouped based onshared credit risk characteristics and the days past due.The expected loss rates are based on the payment profilesof sales over a period and the corresponding historical creditlosses experienced within this period. The historical loss ratesare adjusted to reflect current and forward-looking informationon macroeconomic factors affecting the ability of thecustomers to settle the receivables.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司214NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.1财务风险因素（续）(b)信贷风险（续）(ii)金融资产减值（续）贸易应收款项（续）在此基础上，按以下方法厘定贸易应收款项于2021年及2020年12月31日作出的亏损拨备：2021年12月31日2020年12月31日贸易应收款项于并无合理收回预期时撇销。并无合理收回预期的迹象包括（其中包括）债务人未能与本集团达成还款计划，以及于逾期超过180天的期间内未能作出合约付款。贸易应收款项的减值亏损在经营溢利内列为减值亏损净额。随后收回的先前撇销金额计入同一项目。3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(b) Credit risk(continued)(ii) Impairment of financial assets(continued)Trade receivables (continued)On that basis, the loss allowance as at 31 December 2021 and2020 was determined as follows for trade receivables：31 December 2021Provision on collective basis0-90 days91-180 daysOver180 daysTotal按集体基准拨备0至90天91至180天180天以上总计Lifetime expected creditloss rate全期预期信贷亏损率0.53%5.11%100.00%1.83%Gross carrying amount总账面值162,25010,4761,802174,528Loss allowance亏损拨备(857)(535)(1,802)(3,194)31 December 2020Provision on collective basis0-90 days91-180 daysOver180 daysTotal按集体基准拨备0至90天91至180天180天以上总计Lifetime expected creditloss rate全期预期信贷亏损率1.12%1.04%100.00%2.81%Gross carrying amount总账面值67,73611,4771,38680,599Loss allowance亏损拨备(760)(119)(1,386)(2,265)Trade receivables are written off when there is no reasonableexpectation of recovery. Indicators that there is no reasonableexpectation of recovery include, amongst others, the failure ofa debtor to engage in a repayment plan with the Group, anda failure to make contractual payments for a period of greaterthan 180 days past due.Impairment losses on trade receivables are presented asnet impairment losses within operating profit. Subsequentrecoveries of amounts previously written off are creditedagainst the same line item.
二零二一年年报ANNUAL REPORT 2021215NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.1财务风险因素（续）(b)信贷风险（续）(ii)金融资产减值（续）其他应收款项其他应收款项主要包括租赁按金。本集团管理层定期根据历史结算记录及过往经验对其他应收款项的可收回性进行统一评估以及个别评估。本集团使用违约概率（「违约概率」）、违约风险敞口（「违约风险敞口」）及违约损失率（「违约损失率」）计量信贷风险。这与国际财务报告准则第9号项下计量预期信贷亏损（「预期信贷亏损」）所用方法类似。•初始确认时未发生信贷减值的其他应收款项被分类为「阶段1」且本集团会持续监控其信贷风险。预期信贷亏损按12个月基准计量。•倘于初始确认后发现信贷风险大幅增加（具体而言，当债务人的合约付款逾期一天以上），金融工具被移至「阶段2」，但仍未被视为已发生信贷减值。预期信贷亏损按整个存续期基准计量。•倘金融工具发生信贷减值（具体而言，当债务人的合约付款逾期90天以上），则金融工具被移至「阶段3」。预期信贷亏损按整个存续期基准计量。3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(b) Credit risk(continued)(ii) Impairment of financial assets(continued)Other receivablesOther receivables mainly include deposits for lease. Themanagement of the Group makes periodic collectiveassessments as well as individual assessment on therecoverability of other receivables based on historicalsettlement records and past experiences. The Group measurescredit risk using Probability of Default (“PD”), Exposure atDefault (“EAD”) and Loss Given Default (“LGD”). This is similarto the approach used for the purposes of measuring ExpectedCredit Loss (“ECL”) under IFRS 9.• Other receivables that are not credit-impaired on initialrecognition are classified in‘Stage 1’and have their creditrisk continuously monitored by the Group. The expectedcredit loss is measured on a 12-month basis.• If a significant increase in credit risk (specifically, whenthe debtor is more than 1 day past due on its contractualpayments) since initial recognition is identified, thefinancial instrument is moved to‘Stage 2’but is not yetdeemed to be credit-impaired. The expected credit loss ismeasured on lifetime basis.• If the financial instrument is credit-impaired (specifically,when the debtor is more than 90 days past due on itscontractual payments), the financial instrument is thenmoved to‘Stage 3’. The expected credit loss is measuredon lifetime basis.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司216NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(b) Credit risk(continued)(ii) Impairment of financial assets(continued)Other receivables (continued)In view of the history of cooperation with the debtors andcollection from them, the management of the Group believesthat all of the Group’s other receivables are classified in Stage 1as at 31 December 2021 and 2020, and the credit risk inherentin the Group’s outstanding other receivables is not significant.The average loss rate applied as at the 31 December 2021 and2020 were 1.13% and 1.37% respectively.Net impairment losses on financial assets recognised in profitor lossYear ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Impairment losses:减值亏损：Impairment losses on trade receivables贸易应收款项减值亏损929–Impairment losses on other receivables其他应收款项减值亏损506270Reversal of previous impairment losses ontrade receivables拨回先前贸易应收款项减值亏损–(668)Provision for/(reversal of) impairmenton financial assets金融资产减值拨备╱（拨回）1,435(398)3财务风险管理（续）3.1财务风险因素（续）(b)信贷风险（续）(ii)金融资产减值（续）其他应收款项（续）鉴于过往曾与债务人合作及向债务人收款，本集团管理层认为，本集团所有其他应收款项于2021年及2020年12月31日均分类为阶段1，而本集团未偿还之其他应收款项固有的信贷风险并不重大。于2021年及2020年12月31日，平均亏损率分别为1.13%及1.37%。于损益内确认金融资产的减值亏损净额
二零二一年年报ANNUAL REPORT 2021217NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.1财务风险因素（续）(c)流动资金风险本集团旨在维持足够的现金及现金等价物。由于相关业务的动态性质，本集团的财务部透过维持足够的现金及现金等价物来维持资金的灵活性。现金流量预测由本集团财务部进行。本集团财务部监控本集团流动资金需求的滚动预测，以确保其有足够的现金来满足运营需求以及对其他方的负债。下表根据结算日至合约到期日的剩余期限，将本集团的金融负债按照有关到期日分组进行分析。表中披露的金额为合约未贴现现金流量。3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(c) Liquidity riskThe Group aims to maintain sufficient cash and cash equivalents.Due to the dynamic nature of the underlying business, the Group’sfinance department maintains flexibility in funding by maintainingadequate cash and cash equivalents.Cash flow forecasting is performed by the finance department ofthe Group. The finance department of the Group monitors rollingforecasts of the Group’s liquidity requirements to ensure it hassufficient cash to meet operational needs as well as the liabilities toother parties.The table below analyses the Group’s financial liabilities intorelevant maturity groupings based on the remaining period at thebalance sheet date to the contractual maturity date. The amountsdisclosed in the table are the contractual undiscounted cash flows.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司218NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.1财务风险因素（续）(c)流动资金风险（续）3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(c) Liquidity risk(continued)Less than1 yearBetween1 and2 yearsBetween2 and5 yearsMore than5 yearsTotalcontractualcash flowsCarryingamount少于一年一至两年两至五年五年以上合约现金流量总额账面值RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元As at 31 December 2021于2021年12月31日Trade payables贸易应付款项266,098–––266,098266,098License fees payables应付授权费86,00428,90918,8064,935138,654132,375Other payables (excludingwages, salaries andother employee benefitand tax payables)其他应付款项（不包括工资、薪金及其他雇员福利以及应付税项）161,939–––161,939161,939Lease liabilities租赁负债290,090213,760194,131–697,981621,452Total总计804,131242,669212,9374,9351,264,6721,181,864As at 31 December 2020于2020年12月31日Trade payables贸易应付款项115,804–––115,804115,804License fees payables应付授权费58,88014,10019,1505,13497,26486,814Other payables (excludingwages, salaries andother employee benefitand tax payables)其他应付款项（不包括工资、薪金及其他雇员福利以及应付税项）131,520–––131,520131,520Lease liabilities租赁负债154,947103,31649,434–307,697291,774Total总计461,151117,41668,5845,134652,285625,912
二零二一年年报ANNUAL REPORT 2021219NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3 FINANCIAL RISK MANAGEMENT(continued)3.2 Capital managementThe Group’s objectives when managing capital are to safeguard theGroup’s ability to continue as a going concern in order to providereturns for owners of the Group and to maintain an optimal capitalstructure to enhance owners’value in the long term.The Group monitors capital on the basis of the gearing ratio. This ratiois calculated as net debt divided by total capital. Net debt is calculatedas total borrowings less cash and cash equivalents. Total capital iscalculated as‘equity’as shown in the balance sheet plus net debt. As at31 December 2021 and 31 December 2020, the Group has no net debt.3.3 Fair value estimationThis section explains the judgements and estimates made indetermining the fair values of the financial instruments that arerecognised and measured at fair value in the financial statements.To provide an indication about the reliability of the inputs used indetermining fair value, the Group has classified its financial instrumentsinto the three levels prescribed under the accounting standards. Anexplanation of each level follows underneath the table.(a) Financial assets and liabilities(i) Fair value hierarchyThis section explains the judgements and estimates made indetermining the fair values of the financial instruments thatare recognised and measured at fair value in the financialstatements. To provide an indication about the reliability of theinputs used in determining fair value, the Group has classifiedits financial instruments into the three levels prescribed underthe accounting standards. An explanation of each level followsunderneath the table.3财务风险管理（续）3.2资本管理本集团管理资本之目的为维持其持续经营的能力，以便为本集团拥有人提供回报，并维持最佳的资本架构以提高拥有人的长期价值。本集团按照资本负债率监控资本。该比率按债务净额除以总资金计算。债务净额按借款总额减去现金及现金等价物计算。总资金按资产负债表所示「权益」加债务净额计算。于2021年12月31日及2020年12月31日，本集团并无债务净额。3.3公平值估计本节阐释厘定于财务报表内按公平值确认及计量的金融工具之公平值时所作判断及估计。为得出厘定公平值所用输入数据的可靠性指标，本集团已根据会计准则规定将其金融工具分类为三层。各层级之说明如下表所示。(a)金融资产及负债(i)公平值层级本节阐释厘定于财务报表内按公平值确认及计量的金融工具之公平值时所作判断及估计。为得出厘定公平值所用输入数据的可靠性指标，本集团已根据会计准则规定将其金融工具分类为三层。各层级之说明如下表所示。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司220NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.3公平值估计（续）(a)金融资产及负债（续）(i)公平值层级（续）3 FINANCIAL RISK MANAGEMENT(continued)3.3 Fair value estimation(continued)(a) Financial assets and liabilities(continued)(i) Fair value hierarchy(continued)Level 1Level 2Level 3Total层级1层级2层级3总计RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元As at 31 December 2021于2021年12月31日Financial assets at fair valuethrough profit or loss按公平值计入损益的金融资产– In vestment in associatesmeasured at FVPL－按公平值计入损益的联营公司投资––207,763207,763– Private equity fund investments－私募股权基金投资––95,63695,636– Other unlisted investments－其他非上市投资––25,28925,289– Listed equity securities-stock－上市股本证券–股票20,544––20,544Total总计20,544–328,688349,232As at 31 December 2020于2020年12月31日Financial assets at fair valuethrough profit or loss按公平值计入损益的金融资产– In vestment in an associatemeasured at FVPL－按公平值计入损益的联营公司投资––16,90016,900Total总计––16,90016,900
二零二一年年报ANNUAL REPORT 2021221NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.3公平值估计（续）(a)金融资产及负债（续）(i)公平值层级（续）本集团采用估值方法分析以公平值列账的金融工具。不同的层级定义如下：层级1：在活跃市场买卖的金融工具（如公开交易之衍生工具及股本证券）之公平值乃基于报告期末的市场报价。本集团持有的金融资产使用的市场报价为当前买入价。该等工具列入层级1中。层级2：并非于活跃市场买卖的金融工具（如场外衍生工具）之公平值乃采用估值技术厘定，该等估值技术尽量使用可观察市场数据而极少依赖于实体的特定估计。倘计算工具之公平值所需的全部重大输入数据均为可观察数据，则该工具列入层级2中。层级3：如一项或多项重大输入数据并非根据可观察市场数据得出，则该工具列入层级3中。私募股本基金、其他非上市投资及按公平值计入损益的联营公司投资属于该种情况。有关本集团使用层级3输入数据进行公平值计量之金融资产及金融负债之进一步详情，见下文附注3.3(a)(ii)。3 FINANCIAL RISK MANAGEMENT(continued)3.3 Fair value estimation(continued)(a) Financial assets and liabilities(continued)(i) Fair value hierarchy(continued)The Group analyses the financial instruments carried at fairvalue by valuation method. The different levels have beendefined as follow:Level 1: The fair value of financial instruments traded in activemarkets (such as publicly traded derivatives, and equitysecurities) is based on quoted market prices at the end of thereporting period. The quoted market price used for financialassets held by the Group is the current bid price. Theseinstruments are included in level 1.Level 2: The fair value of financial instruments that are nottraded in an active market (for example, over-the-counterderivatives) is determined using valuation techniques whichmaximise the use of observable market data and rely aslittle as possible on entity-specific estimates. If all significantinputs required to fair value an instrument are observable, theinstrument is included in level 2.Level 3: If one or more of the significant inputs is not basedon observable market data, the instrument is included in level3. This is the case for private equity fund investment, otherunlisted investments and investment in associates measured atfair value through profit or loss. Further details of the Group’sfinancial assets and financial liabilities that are measure at fairvalue using level 3 inputs are given in Note 3.3(a)(ii) below.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司222NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.3公平值估计（续）(a)金融资产及负债（续）(ii)使用重大不可观察输入数据进行公平值计量（层级3）下表列报层级3项目于截至2021年12月31日及2020年12月31日止期间的变动：3 FINANCIAL RISK MANAGEMENT(continued)3.3 Fair value estimation(continued)(a) Financial assets and liabilities(continued)(ii) Fair value measurements using significant unobservableinputs (Level 3)The following table presents the changes in level 3 items forthe periods ended 31 December 2021 and 31 December 2020:Investment inassociatesmeasuredat FVPLOtherunlistedinvestmentsPrivateequity fundinvestmentsInvestment inWealthManagementProducts(“WMPs”)Total按公平值计入损益计量的联营公司投资其他非上市投资私募股本基金投资理财产品（「理财产品」）投资总计RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元Opening balance at 1 January 2021于2021年1月1日的年初余额16,900–––16,900Purchase of financial assets at FVPL购入按公平值计入损益的金融资产187,17623,57495,000896,7951,202,545Disposal of financial assets at FVPL处置按公平值计入损益的金融资产–––(912,594)(912,594)Change in fair value公平值变动3,6871,71563615,79921,837Closing balance at 31 December 2021于2021年12月31日的年末结余207,76325,28995,636–328,688* includes unrealised gains recognised in profit orloss attributable to balances held at the end of thereporting period*包括于损益中确认的报告期末持有结余应占未变现收益3,6871,715636–6,038
二零二一年年报ANNUAL REPORT 2021223NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.3公平值估计（续）(a)金融资产及负债（续）(ii)使用重大不可观察输入数据进行公平值计量（层级3）（续）3 FINANCIAL RISK MANAGEMENT(continued)3.3 Fair value estimation(continued)(a) Financial assets and liabilities(continued)(ii) Fair value measurements using significant unobservableinputs (Level 3)(continued)Investment inan associatemeasured atFVPLOtherunlistedinvestmentsPrivateequity fundinvestmentsInvestment inWealthManagementProducts(“WMPs”)Total按公平值计入损益计量的一家联营公司投资其他非上市投资私募股本基金投资理财产品（「理财产品」）投资总计RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元Opening balance at 1 January 2020于2020年1月1日的年初余额–––50,00050,000Purchase of financial assets at FVPL购入按公平值计入损益的金融资产16,900––230,500247,400Disposal of financial assets at FVPL处置按公平值计入损益的金融资产–––(281,653)(281,653)Change in fair value公平值变动–––1,1531,153Closing balance at 31 December 2020于2020年12月31日的年末结余16,900–––16,900* includes unrealised gains recognised inprofit or loss attributable to balances heldat the end of the reporting period*包括于损益中确认的报告期末持有结余应占未变现收益–––––
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司224NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.3公平值估计（续）(a)金融资产及负债（续）(iii)估值技术、输入数据及与公平值的关系层级3之估值工具主要包括按公平值计入损益计量的联营公司投资、非上市股本证券投资及私募股本基金投资。由于该等工具并无于活跃市场进行买卖，其公平值透过采用多种可适用估值技术（包括贴现现金流量法及市场法等）厘定。下表概述使用层级3进行公平值计量之重大不可观察输入数据之定量资料：3 FINANCIAL RISK MANAGEMENT(continued)3.3 Fair value estimation(continued)(a) Financial assets and liabilities(continued)(iii) Valuation techniques, inputs and relationships to fairvalueThe valuation of the level 3 instruments mainly includedinvestments in associates measured at fair value through profitor loss, investments in unlisted equity securities, and privateequity fund investments. As these instruments are not tradedin an active market, their fair values have been determinedby using various applicable valuation techniques, includingdiscounted cash flows and market approach etc..The following table summarises the quantitative informationabout the significant unobservable inputs used in level 3 fairvalue measurements:Description描述Fair valueValuationTechniques估值技术Significant unobservableinputs重大不可观察输入数据Range of inputsRelationship of unobservableinputs to fair value不可观察输入数据与公平值的关系公平值输入数据范围As at 31 DecemberAs at 31 December于12月31日于12月31日20212020202120202021年2020年2021年2020年RMB’000RMB’000人民币千元人民币千元Private equity fundinvestments私募股本基金投资95,636–Net asset value (1)资产净值(1)N/A as quantitativeunobservable inputsare not developedby the Group不适用（因定量不可观察输入数据并非由本集团制定）N/A不适用N/A不适用N/A不适用Investments in associatesmeasured at FVPL按公平值计入损益计量的于联营公司的投资18,54016,900Income approach (2)收益(2)Weighted average costof capital (“WACC”)加权平均资本成本18.00%18.00%Increased or decreased WACC by 10% wouldapproximately decrease or increasethe fair value by RMB774,000(31 December 2020: RMB1,226,000)加权平均资本成本增加或减少10%，公平值将减少或增加约人民币774,000元（2020年12月31日：人民币1,226,000元）Terminal growth rate终期增长率2.50%3.00%Increased or decreased terminal growthrate by 10% would approximately increaseor decrease the fair value by 138,000(31 December 2020: 98,000)终期增长率上升或下降10%，公平值将增加或减少约人民币138,000元（2020年12月31日：人民币98,000元）Revenue growth rate收入增长率5.60%-103.80%8.60%-175.4%Increased or decreased revenue growthrate by 10% would approximately increaseor decrease the fair value by RMB138,000(31 December 2020: RMB512,000)收入增长率上升或下降10%，公平值将增加或减少约人民币138,000元（2020年12月31日：人民币512,000元）
二零二一年年报ANNUAL REPORT 2021225NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.3公平值估计（续）(a)金融资产及负债（续）(iii)估值技术、输入数据及与公平值的关系（续）3 FINANCIAL RISK MANAGEMENT(continued)3.3 Fair value estimation(continued)(a) Financial assets and liabilities(continued)(iii) Valuation techniques, inputs and relationships to fairvalue(continued)Description描述Fair valueValuationTechniques估值技术Significant unobservableinputs重大不可观察输入数据Range of inputsRelationship of unobservableinputs to fair value不可观察输入数据与公平值的关系公平值输入数据范围As at 31 DecemberAs at 31 December于12月31日于12月31日20212020202120202021年2020年2021年2020年RMB’000RMB’000人民币千元人民币千元189,223–Back-solvefrom recenttransactionprice marketmultiplemethod (3)自近期交易价格倒推市场倍数法(3)Conversion/redemption/liquidationprobability转换╱赎回╱清盘的可能性N/A不适用N/A不适用The higher probabilityof conversion withcorrespondingly lowerprobability ofliquidation andredemption, thelower the fair value.转换的可能性越高，清盘及赎回的可能性越低，公平值越低。Subtotal小计207,76316,900Other unlistedinvestments (4)其他非上市投资(4)25,289–Market approach市场法Price to sales(“PS”)、Discount for lack ofmarketability(“DLOM”)市销率、缺乏适销性的折让率PS: 2.3DLOM: 24%市销率：2.3缺乏适销性的折让率：24%N/A不适用Increased or decreasedPS by 10% wouldapproximatelyincrease or decreasethe fair value byRMB1,107,000 (31December 2020: N/A)Increased ordecreased DLOM by10% would approximatelydecrease or increase the fairvalue by RMB348,000(31 December 2020: N/A)市销率上升或下降10%，公平值将增加或减少约人民币1,107,000元（2020年12月31日：不适用）缺乏适销性的折让率上升或下降10%，公平值将减少或增加约人民币348,000元（2020年12月31日：不适用）
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司226NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.3公平值估计（续）(a)金融资产及负债（续）(iii)估值技术、输入数据及与公平值的关系（续）(1)本集团根据私募股权基金的资产净值（相关资产及负债按基金普通合伙人所报的公平值计量）厘定于报告日期私募股权基金投资的公允估值。(2)对于按公平值计入损益的于一间联营公司的投资，由于投资并非于活跃市场买卖，其公平值乃采用估值技术厘定，并属公平值层级3。投资主要按现金流贴现法估值。截至2021年12月31日止年度期间，非上市投资的公平值并无重大变动。(3)部分按公平值计入损益的于联营公司的投资的公平值采用自近期交易价格倒推计算。在此模型下，金融工具的公平值乃按近期有关非上市公司股权交易中的隐含股权价值厘定。(4)对于其他非上市投资。公平值采用市场法厘定，重大不可观察输入数据包括估值倍数（即市销率及缺乏适销性的折让率）。管理层参考可比公司各自的倍数厘定估值倍数，其中已就市场参与者于估计该等投资的公平值时会考虑的缺乏适销性作出调整。4关键会计估计及判断我们根据过往经验及其他因素（包括在有关情况下对未来事件作出相信属合理之预期）持续评估估计及判断。本集团就未来作出有关估计及假设。顾名思义，该等会计估计甚少与有关实际结果相同。有重大风险可能导致于下个财政年度内须对资产及负债之账面值作出重大调整之估计及假设讨论如下。3 FINANCIAL RISK MANAGEMENT(continued)3.3 Fair value estimation(continued)(a) Financial assets and liabilities(continued)(iii) Valuation techniques, inputs and relationships to fairvalue(continued)(1) The Group determines the fair valuation of its private equity fundinvestments as at the reporting date based on the net asset valuesof the private equity funds with underlying assets and liabilitiesmeasured at fair value as reported by the general partners of thefunds.(2) For investment in an associate measured at fair value throughprofit or loss, as the investment is not traded in an active market,its fair values is determined by using valuation techniques andis within level 3 of the fair value hierarchy. The investment isprimarily valued based on cash flow discounted method. Thereis no significant change in fair value of the unlisted investmentduring the year ended 31 December 2021.(3) The fair values of certain investment in associates measured at fairvalue through profit or loss are calculated using the Back-solvefrom recent transaction price. In this model, the fair value of thefinancial instruments is determined by the implied equity valuederived from a recent transaction in the respective unlistedcompany’s equity.(4) For other unlisted investments, the fair values are determinedby using the market approach and the significant unobservableinputs include the valuation multiple, being price to sales(the“PS”) and discount for lack of marketability (the“DLOM”).Management determines the valuation multiples with reference tothe respective multiples of comparable companies, as adjusted bythe lack of marketability that market participants would considerwhen estimating the fair value of these investments.4 CRITICAL ACCOUNTING ESTIMATES ANDJUDGMENTSEstimates and judgments are continually evaluated and are based onhistorical experience and other factors, including expectations of futureevents that are believed to be reasonable under the circumstances.The Group makes estimates and assumptions concerning the future.The resulting accounting estimates will, by definition, seldom equalthe related actual results. The estimates and assumptions that have asignificant risk of causing a material adjustment to the carrying amountsof assets and liabilities within the next financial year are discussedbelow.
二零二一年年报ANNUAL REPORT 2021227NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注4关键会计估计及判断（续）(a)存货减值拨备存货的减值拨备估计涉及管理层的重大判断，该等判断需考虑相关存货的账龄结构、未来销售预测、预估未来售价及销售开支等关键因素。管理层于每个结算日重新评估存货减值拨备的该等预测。(b)授权IP及IP产权的可使用年期本集团拥有授权IP及IP产权，主要用于设计及销售潮流玩具。根据合约及预期的经济利益，本集团估计该等授权IP及IP产权的可使用年期为两至十年。然而，实际的可使用年期可能短于或长于管理层的估计，其取决于市场竞争情况。定期检讨可能导致可使用年期发生变动，从而导致未来期间的摊销开支变动。(c)当期和递延所得税日常业务过程中存在若干不能确定最终税项的交易及计算。本集团根据对是否需要缴付额外税项的估计确认负债。倘该等事宜的最终税务结果有别于初步入账的金额，则有关差额将于作出有关厘定期内的所得税开支及递延税项拨备中反映。另外，未来所得税资产的变现取决于本集团未来年度产生充足应课税收入的能力，以使用所得税优惠及税项亏损结转。未来盈利能力偏离估计或所得税税率的偏离将造成对未来所得税资产及负债的价值进行调整，这可能对所得税开支产生重大影响。支付予本公司中国大陆附属公司外国投资者的股息须按10%税率缴纳预扣税。本集团定期评估自中国大陆附属公司作出分派的需要。就此而言，预扣税将于分派股息的期间或就预期于未来进行分派的未分派股息计提拨备。4 CRITICAL ACCOUNTING ESTIMATES ANDJUDGMENTS(continued)(a) Impairment provision for inventoriesThe estimation of impairment provision for inventories involvessignificant management judgment based on the consideration ofkey factors such as aging profile, future sales projection, estimatedfuture selling prices and selling expenses of the respective inventories.Management reassesses these estimations of impairment provision forinventories at each balance sheet date.(b) Useful lives of Licensed IPs and IP rightsThe Group has Licensed IPs and IP rights that are primarily used todesign and sell pop toys. The Group estimates the useful life of theseLicensed IPs and IP rights to be 2-10 years based on the contract andexpected economic benefit. However, the actual useful life may beshorter or longer than management’s estimate, depending on themarket competition. Periodic review could result in a change in usefullives and therefore amortisation expense in future periods.(c) Current and deferred income taxesThere are certain transactions and calculations for which the ultimate taxdetermination is uncertain during the ordinary course of business. TheGroup recognises liabilities based on estimates of whether additionaltaxes will be due. Where the final tax outcome of these matters isdifferent from the amounts that were initially recorded, such differenceswill be reflected in the income tax expense and deferred tax provisionsin the period in which such determination is made. In addition, therealisation of future income tax assets is dependent on the Group’sability to generate sufficient taxable income in future years to utiliseincome tax benefits and tax loss carry-forwards. Deviations of futureprofitability from estimates or in the income tax rate would result inadjustments to the value of future income tax assets and liabilities thatcould have a significant effect on the income tax expenses.Dividends derived from the Company’s subsidiaries in mainland Chinato foreign investors are subject to withholding tax at the rate of 10%.The Group regularly assesses its needs to make distributions out of itssubsidiaries in mainland China. In this regard, withholding tax will beprovided in the period in which dividends are distributed or on theundistributed profits to the extent they are expected to be distributed infuture.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司228NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注5收益及分部资料管理层根据主要经营决策者审阅的用于制定战略决策的报告来确定经营分部。本集团的收益、开支、资产、负债及资本支出主要归因于向外部客户销售潮流玩具，其被视为一个分部。本集团的主要市场是中国，其向海外客户的销售贡献不到总收益的10%。因此，并未呈列地域资料。按业务线划分的收益明细如下：5 REVENUE AND SEGMENT INFORMATIONManagement determines the operating segments based on the reportsreviewed by the CODM that are used to make strategic decisions. TheGroup’s revenue, expenses, assets, liabilities and capital expenditureare primarily attributable to the sales of pop toys to external customers,which are considered as one segment. The Group’s principal market isthe PRC and its sales to overseas customers contributed to less than10% of the total revenue. Accordingly, no geographical information ispresented.Breakdown of revenue by business lines is as follows:Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Revenue from contracts with customers客户合约收益Revenue from online sales线上销售收益1,879,189951,875Revenue from retail store sales零售店销售收益1,673,3861,002,054Revenue from roboshop sales机器人商店销售收益469,803328,679Revenue from wholesales批发收益444,817207,386Revenue from conventions展会收益23,45623,477Total总计4,490,6512,513,471
二零二一年年报ANNUAL REPORT 2021229NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注5收益及分部资料（续）(i)所有原始合约的期限均为一年或以下，或者根据所发生的时间计费。在国际财务报告准则第15号允许的情况下，分配至该等未达成合约的交易价未予披露。(ii)当本集团在交易中担任代理及并不承担存货风险或拥有产品定价的自主权时，第三方品牌产品于本集团的零售店及本集团所举办的展会上的委托销售所产生的若干收益按净额基准确认。截至2021年及2020年12月31日止年度，并无与单一客户的交易产生的收益占本集团总收益10%或以上。5 REVENUE AND SEGMENT INFORMATION(continued)Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Revenue收益Point-in-time于某个时间点4,490,6512,505,509Over-time(i)于一段时间(i)–7,962Total总计4,490,6512,513,471Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Revenue收益Revenue recognised on a gross basis按总额基准确认收益4,490,6512,511,843Revenue recognised on a net basis (ii)按净额基准确认收益(ii)–1,628Total总计4,490,6512,513,471(i) All original contracts are for periods of one year or less or are billed based ontime incurred. As permitted under IFRS 15, the transaction price allocated tothese unsatisfied contracts is not disclosed.(ii) Certain revenue generated from consignment sales of third-party brandproducts in the Group’s retail store and at the conventions hosted by theGroup is recognised on a net basis when the Group acts as an agent in thetransactions and does not take inventory risk or have latitude in establishingprices for the products.For the years ended 31 December 2021 and 2020, no revenue derivedfrom transactions with a single customer represent 10% or more of theGroup’s total revenue.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司230NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注6按性质划分的开支6 EXPENSES BY NATUREYear ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Cost of inventories included in cost of sales计入销售成本的存货成本1,445,001748,452Employee benefit expenses (Note 34)雇员福利开支（附注34）669,725242,963Depreciation of right-of-use assets (Note 15)使用权资产折旧（附注15）221,698142,940Depreciation on property, plant and equipment(Note 13)物业、厂房及设备折旧（附注13）161,83466,682Advertising and marketing expenses广告及营销开支157,55292,171Transportation and logistics expenses运输及物流开支141,259110,061E-commerce platform service charges电商平台服务费123,89581,262Design and license fees设计及授权费104,67462,721Expenses relating to short-term leases andvariable leases not included in lease liabilities未计入租赁负债的与短期租赁及可变租赁有关的开支86,31843,620Amortisation of intangible assets (Note 14)无形资产摊销（附注14）51,47036,221Taxes and surcharges税金及附加费30,68020,634Cost of moulds with useful lives within one year使用年限为一年内的模具成本17,1557,460Commissions to roboshop partners支付予机器人商店合作伙伴的佣金6,67413,179Auditor’s remuneration核数师酬金6,2503,150– Audit services－审计服务4,5003,000– Non-audit services－非审计服务1,750150Impairment of inventory存货减值1,3182,095Listing expenses上市开支–44,024Convention cost展会成本–18,408Expense relating to re-designation of ordinaryshares to preferred shares (Note 33)重新指定普通股为优先股有关开支（附注33）–16,910Others其他170,11176,446Total总计3,395,6141,829,399
二零二一年年报ANNUAL REPORT 2021231NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注7其他收入(i)有关金额指政府补贴，与对当地经济增长作出贡献而自当地政府收到的收入有关。该等补贴于收到后于综合损益及其他全面收益表确认。概无与该等补贴有关的未达成条件或或然事项。8其他收益╱（亏损）－净额7 OTHER INCOMEYear ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元License fees income授权费收入37,65618,695Government grants (i)政府补贴(i)15,35326,412Promotion service fees推广服务费740–Others其他676313Total总计54,42545,420(i) The amounts represent government grants related to income which arereceived from the local government for the contribution to the localeconomic growth. These grants are recognised in consolidated statement ofprofit or loss and other comprehensive income upon the receipt. There areno unfulfilled conditions or contingencies relating to these grants.8 OTHER GAINS/(LOSSES) - NETYear ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Changes in fair value of financial instrumentsat fair value through profit or loss (Note 23)按公平值计入损益的金融工具公平值变动（附注23）15,2621,153Donation捐款(10,896)(11,527)Exchange loss汇兑亏损(3,302)(1,655)Others其他721922Total总计1,785(11,107)
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司232NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注9财务收入╱（开支）－净额10所得税开支(a)开曼群岛及英属维京群岛所得税本公司根据开曼群岛公司法于开曼群岛注册成立为获豁免有限公司，根据开曼群岛现行法律，本公司无须缴纳开曼群岛所得税。根据英属维京群岛现行法律，根据英属维京群岛商业公司法注册成立或注册的集团实体获豁免缴纳英属维京群岛所得税。9 FINANCE INCOME/(EXPENSES) – NETYear ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Finance income财务收入– Interest income－利息收入28,6091,953Finance expenses财务开支– In terest expenses on lease liabilities and licensefees payables－租赁负债及应付授权费利息开支(21,246)(10,946)Finance income/(expenses) -net财务收入╱（开支）－净额7,363(8,993)10 INCOME TAX EXPENSEYear ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Current income tax即期所得税329,090190,959– Hong Kong profits tax－香港利得税734,104– The Mainland China corporate income tax－中国大陆企业所得税329,017186,855Deferred income tax (Note 18)递延所得税（附注18）(12,466)(6,868)Income tax expense所得税开支316,624184,091(a) Cayman Island and BVI Income TaxThe Company was incorporated in the Cayman Islands as an exemptedcompany with limited liability under the Companies Law of the CaymanIslands and is not subject to the Cayman Island income tax pursuant tothe current laws of the Cayman Islands. The group entity incorporated orregistered under the Business Companies Act of BVI are exempted fromBVI income tax pursuant to the current laws of the BVI.
二零二一年年报ANNUAL REPORT 2021233NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注10所得税开支（续）(b)香港利得税根据两级制利得税税率制度，合资格集团实体的首2百万港元溢利将按8.25%的税率征税，而2百万港元以上的溢利将按16.5%的税率征税。不符合两级制利得税税率制度的集团实体的溢利将继续按统一税率16.5%征税。截至2021年12月31日止年度，本集团已就估计应课税溢利按16.5%的税率计提香港利得税拨备（2020年：16.5%）。(c)中国大陆企业所得税（「企业所得税」）本集团就中国大陆业务的所得税拨备根据截至2021年12月31日止年度的估计应课税溢利按25%（截至2020年12月31日止年度：25%）的税率计算，并基于中国大陆的现行法例、诠释及惯例而定。集团实体已获中国大陆税务机关授予小规模纳税实体的若干税收优惠，据此在各自司法权区经营的附属公司有权享受税收优惠。(d)中国大陆预扣税（「预扣税」）根据适用的中国大陆税收法规，在中国大陆成立的公司就于2008年1月1日之后产生的溢利向外国投资者分派的股息通常须缴纳10%的预扣税。倘于香港注册成立的外国投资者满足中国大陆与香港之间订立的双边税务条约安排项下的条件及规定，则相关的预扣税税率将为5%。截至2021年12月31日，本集团在中国大陆注册成立的附属公司的未分配盈利总额为人民币1,715,409,000元（截至2020年12月31日：人民币935,668,000元）。董事认为，该等附属公司不大可能于可预见的将来分配该等盈利，并且本公司有能力控制该等附属公司分配盈利的时间。因此，尽管存在该等保留盈利的应课税暂时性差额，但并未于综合财务报表确认任何递延所得税负债。10 INCOME TAX EXPENSE(continued)(b) Hong Kong Profits TaxUnder the two-tiered profits tax rates regime, the first HK$2 million ofprofits of the qualifying group entities will be taxed at 8.25%, and profitsabove HK$2 million will be taxed at 16.5%. The profits of the groupentities not qualifying for the two-tiered profits tax rates regime willcontinue to be taxed at a flat rate 16.5%. Hong Kong profits tax has beenprovided at the rate of 16.5% on the Group’s estimated assessable profitfor the year ended 31 December 2021 (2020: 16.5%).(c) Mainland China Corporate Income Tax (“CIT”)The income tax provision of the Group in respect of operations inthe mainland China has been calculated at the tax rate of 25% on theestimated assessable profit for the years ended 31 December 2021 (theyear ended 31 December 2020: 25%), based on the existing legislation,interpretations and practices in respect thereof.A group entity has been granted certain tax concessions to smallscale entities by tax authorities in the mainland China whereby thesubsidiaries operating in the respective jurisdictions are entitled to taxconcessions.(d) Mainland China Withholding Tax (“WHT”)According to the applicable mainland China tax regulations, dividendsdistributed by a company established in the mainland China to a foreigninvestor with respect to profit derived after 1 January 2008 are generallysubject to a 10% WHT. If a foreign investor incorporated in Hong Kongmeets the conditions and requirements under the double taxation treatyarrangement entered into between the mainland China and Hong Kong,the relevant withholding tax rate will be 5%.As at 31 December 2021, the aggregate undistributed earnings ofthe Group’s subsidiaries incorporated in the mainland China areRMB1,715,409,000 (as at 31 December 2020: RMB935,668,000). In theopinion of the directors, it is not probable that these subsidiaries willdistribute such earnings in the foreseeable future, and that the Companyhas the ability to control the timing of the distribution from thesesubsidiaries. Accordingly, despite an assessable temporary difference onsuch retained earnings exists, no deferred income tax liability has beenrecognised in the consolidated financial statements.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司234NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注10所得税开支（续）本集团的实际税收费用与根据中国大陆法定所得税税率25%计算的金额之间的对账如下：(i)截至2021年12月31日止年度期间，不可扣税开支主要包括以股份为基础的报酬开支人民币147,068,000元（2020年：无）（附注34）。截至2020年12月31日止年度，不可扣税开支主要包括与重新指定普通股为优先股有关的开支人民币16,910,000元（附注33）及可转换可赎回优先股的公平值变动人民币6,260,000元（附注33），该等两项均于本公司综合损益及其他全面收益表内确认且不可扣税。10 INCOME TAX EXPENSE(continued)The reconciliation between the Group’s actual tax charges and theamount which is calculated based on the statutory income tax rate of25% in the mainland China is as follows:Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Profit before income tax除所得税前溢利1,171,191707,403Tax calculated at applicable tax rates of 25%按适用税率25%计算的税项292,798176,851Tax loss for which no deferred income tax assetis recognised未确认递延所得税资产的税项亏损4401,246Share of profit of investments accounted forusing equity method分占使用权益法入账的投资溢利(3,504)(968)Expenses not deductible for taxation purposes(i)不可扣税开支(i)35,8687,653Impact of different tax rate不同税率的影响(8,978)(691)Taxation charge税收费用316,624184,091(i) During the year ended 31 December 2021, expenses not deductible fortaxation purposes mainly include the Share-based compensation expensesof RMB147,068,000, (2020: nil) (Note 34).During the year ended 31 December 2020, expenses not deductible fortaxation purposes mainly include the expense relating to re-designation ofordinary shares to preferred shares of RMB16,910,000 (Note 33) and the fairvalue changes of convertible redeemable preferred shares of RMB6,260,000(Note 33), both of which are recognised in the Company’s consolidatedstatement of profit or loss and other comprehensive income and are notdeductible for taxation purposes.
二零二一年年报ANNUAL REPORT 2021235NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注11股息根据于2021年6月1日通过的决议案，本公司股东批准派付截至2020年12月31日止年度末期股息每股本公司普通股人民币14.94分，合共人民币205,833,000元（扣除就股份奖励计划持有的股份应占股息人民币3,687,000元）。于截至2021年12月31日止年度期间，已派付股息金额合共人民币208,834,000元，包括于截至2020年止年度已派付末期股息人民币202,473,000元及于截至2020年6月30日止六个月已派付中期股息人民币6,361,000元。于2021年12月31日，未付股息余下结余合共人民币10,596,000元已于综合财务报表其他应付款项入账。董事会建议就截至2021年12月31日止年度派付末期股息每股本公司已发行普通股人民币15.24分。根据截至本综合财务报表批准日期本公司已发行股本总数计合共为人民币213,655,000元。倘于派息记录日期前本公司已发行股本总数有所变动，则股息将按每股分派而分派总额将相应调整。建议派付股息须由本公司股东（「股东」）在将于2022年6月1日举行的应届股东周年大会（「股东周年大会」）上批准后，方可作实，而股息将根据中国人民银行于2022年6月1日所报的人民币兑港元官方汇率以港元支付。待股东批准后，有关股息将于2022年6月23日向于2022年6月10日名列本公司股东名册的股东派付。拟派股息并未于综合财务业绩中反映为应付股息，而将反映为截至2022年12月31日止年度的拨入可分派储备。11 DIVIDENDSPursuant to a resolution passed on 1 June 2021, the shareholders ofthe Company approved a final dividend of RMB14.94 cents per ordinaryshare of the Company, amounting to RMB205,833,000 (which are netof the dividend of RMB3,687,000 attributable to the shares held forShare Award Scheme) for the year ended 31 December 2020. Duringthe year ended 31 December 2021, the dividends paid amounted toRMB208,834,000, including RMB202,473,000 paid for the final dividendfor the year ended 2020 and RMB6,361,000 paid for the interim dividendfor the six months ended 30 June 2020.As at 31 December 2021, the remaining balance of unpaid dividendsamounting to RMB10,596,000 was recorded in other payables in theconsolidated financial statements.The Board recommended the payment of a final dividend of RMB15.24cents per ordinary share of the Company issued for the year ended 31December 2021, representing an aggregate amount of RMB213,655,000based on the total issued share capital of the Company as of the dateof approval of this consolidated financial statements. In the event ofchange in the total issued share capital of the Company before therecord date for dividend payment, dividends will be distributed pershare and the total distribution amount will be adjusted accordingly.The proposed dividend payment is subject to the approval by theshareholders of the Company (the“Shareholders”) at the forthcomingannual general meeting (the“AGM”) to be held on 1 June 2022 and ispayable in Hong Kong Dollars based on the official exchange rate ofRenminbi against Hong Kong Dollars as quoted by the People’s Bank ofChina on 1 June 2022. Upon Shareholders’approval, such dividend willbe paid on 23 June 2022 to the Shareholders whose names shall appearon the register of members of the Company on 10 June 2022.The proposed dividend is not reflected as a dividend payable inthe consolidated financial statements, but will be reflected as anappropriation of distributable reserves for the year ending 31 December2022.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司236NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注12每股盈利于附注1所披露在2020年12月11日进行的资本化发行完成后，就截至2020年12月31日止年度每股基本及摊薄盈利的普通股加权平均数已追溯调整。(a)每股基本盈利每股基本盈利按截至2021年及2020年12月31日止年度，本集团拥有人应占溢利除以已发行普通股加权平均数减就股份奖励计划持有的股份之差计算。12 EARNINGS PER SHAREFollowing the completion of the Capitalization Issue on 11 December2020 as disclosed in Note 1, the weighted average number of ordinaryshares for the purpose of basic and diluted earnings per share for theyear ended 31 December 2020 has been retrospectively adjusted.(a) Basic earnings per shareBasic earnings per share is calculated by dividing the profit attributableto owners of the Group by the weighted average number of ordinaryshares in issue less shares held for Share Award Scheme during the yearended 31 December 2021 and 2020.Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Profit attributable to owners of the Company(RMB’000)本公司拥有人应占溢利（人民币千元）854,339523,505Weighted average number of ordinary shares inissue less shares held for ShareAward Scheme (Thousands)已发行普通股加权平均数减就股份奖励计划所持股份之差（千股）1,377,9541,194,709Basic earnings per share(expressed in RMB per share)每股基本盈利（以每股人民币元表示）0.620.44
二零二一年年报ANNUAL REPORT 2021237NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注12每股盈利（续）(b)每股摊薄盈利截至2021年12月31日及2020年12月31日止年度每股摊薄盈利的计算载列如下：12 EARNINGS PER SHARECONTINUED(b) Dilute earnings per shareThe calculation of diluted earnings per share for the years ended 31December 2021 and ended 31 December 2020 is set out below:Year ended 31 December截至12月31日止年度202120202021年2020年Profit attributable to owners ofthe Company (RMB’000)本公司拥有人应占溢利（人民币千元）854,339523,505Adjustment for fair value changes on redeemableand convertible preferred shares (RMB’000)就可赎回及可转换优先股公平值变动调整（人民币千元）–6,260Profit used to determine diluted earningsper share (RMB’000)用于厘定每股摊薄盈利的溢利（人民币千元）854,339529,765Weighted average number of ordinary shares inissue less shares held for ShareAward Scheme (in thousands)已发行普通股加权平均数减股份奖励计划所持股份之差（千股）1,377,9541,194,709Adjustment for调整– Restricted Shares granted and assumed vested(in thousands)－已授出及假设已归属受限制股份（千股）873–– assumed conversion of convertible redeemablepreferred shares (in thousands)－假设转换可转换可赎回优先股（千股）–16,514Weighted average number of shares for dilutedearnings per shares (in thousands)每股摊薄盈利股份加权平均数（千股）1,378,8271,211,223Dilute earnings per share(expressed in RMB per share)每股摊薄盈利（以每股人民币元表示）0.620.44
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司238NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注12每股盈利（续）(b)每股摊薄盈利（续）截至2021年12月31日止年度，每股摊薄盈利乃以假设所有具摊薄影响的潜在普通股获转换后调整发行在外普通股的加权平均数计算。本公司具潜在摊薄影响的普通股包含根据首次公开发售后股份奖励计划已授予及假设已归属的股份。就首次公开发售后股份奖励计划而言，计算时乃根据首次公开发售后股份奖励计划项下授予的发行在外股份（「受限制股份」）所附认购权的货币价值，厘定可按公平值（按本公司股份的年内平均市价厘定）购买的股份数目。根据上述方法计得的股数与假设行使受限制股份所发行的股数比较。截至2020年12月31日止年度，每股摊薄盈利乃根据经就可赎回及可转换优先股公平值变动调整后本公司拥有人应占年内溢利及就可转换可赎回优先股获兑换调整后发行在外普通股的加权平均数计算。12 EARNINGS PER SHARE(continued)(b)Dilute earnings per share(continued)For the year ended 31 December 2021, diluted earnings per share iscalculated by adjusting the weighted average number of ordinary sharesoutstanding to assume conversion of all dilutive potential ordinaryshares. The Company’s potentially dilutive ordinary shares comprisedshares which may be granted and assumed vested under the Post-IPOShare Award Scheme. A calculation is done to determine the numberof shares that could have been acquired at fair value (determined asthe average annual market price of the Company’s shares) based on themonetary value of the subscription rights attached to the outstandingshares granted under the Post-IPO Share Award Scheme (defined asthe“Restricted Shares”). The number of shares calculated as above iscompared with the number of shares that would have been issuedassuming the exercise of the Restricted Shares.For the year ended 31 December 2020, diluted earnings per share iscalculated based on the profit for the year attributable to owners ofthe Company after adjustment for fair value changes on redeemableand convertible preferred shares and the weighted average numberof ordinary shares outstanding after adjustment for conversion ofconvertible redeemable preferred shares.
二零二一年年报ANNUAL REPORT 2021239NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注13物业、厂房及设备13 PROPERTY, PLANT AND EQUIPMENTRoboshopmachinesMouldsEquipmentand othersLeaseholdimprovementConstruction-in-progressTotal机器人商店售货机模具设备及其他租赁装修在建工程总计RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元As at 31 December 2020于2020年12月31日Cost成本66,11095,18720,494146,944–328,735Accumulateddepreciation累计折旧(14,467)(20,312)(5,161)(50,470)–(90,410)Net book amount账面净值51,64374,87515,33396,474–238,325Year ended31 December 2021截至2021年12月31日止年度Opening net bookamount年初账面净值51,64374,87515,33396,474–238,325Additions添置20,87882,22513,355166,5567,388290,402Depreciation charge折旧费用(13,469)(74,770)(4,424)(69,171)–(161,834)Disposal出售––(118)(494)–(612)Closing net bookamount年末账面净值59,05282,33024,146193,3657,388366,281As at 31 December2021于2021年12月31日Cost成本86,988151,96333,046305,2077,388584,592Accumulateddepreciation累计折旧(27,936)(69,633)(8,900)(111,842)–(218,311)Net book amount账面净值59,05282,33024,146193,3657,388366,281
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司240NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注13物业、厂房及设备（续）13 PROPERTY, PLANT AND EQUIPMENT(continued)RoboshopmachinesMouldsEquipmentand othersLeaseholdimprovementConstruction-in-progressTotal机器人商店售货机模具设备及其他租赁装修在建工程总计RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元As at 31 December2019于2019年12月31日Cost成本42,42935,74713,82461,212–153,212Accumulateddepreciation累计折旧(4,759)(9,758)(2,514)(30,265)–(47,296)Impairment减值–(2,357)–––(2,357)Net book amount账面净值37,67023,63211,31030,947–103,559Year ended 31December 2020截至2020年12月31日止年度Opening net bookamount年初账面净值37,67023,63211,31030,947–103,559Additions添置23,68172,9296,27799,938–202,825Acquisition of asubsidiary收购一间附属公司––605––605Depreciation charge折旧费用(9,708)(19,862)(2,724)(34,388)–(66,682)Disposal出售–(1,824)(150)(23)–(1,997)Currency translationdifference货币换算差额––15––15Closing net bookamount年末账面净值51,64374,87515,33396,474–238,325As at 31 December2020于2020年12月31日Cost成本66,11095,18720,494146,944–328,735Accumulateddepreciation累计折旧(14,467)(20,312)(5,161)(50,470)–(90,410)Net book amount账面净值51,64374,87515,33396,474–238,325
二零二一年年报ANNUAL REPORT 2021241NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注13物业、厂房及设备（续）(a)物业、厂房及设备折旧已自综合损益及其他全面收益表扣除，如下所示：13 PROPERTY, PLANT AND EQUIPMENT(continued)(a)Depreciation on property, plant and equipment has beencharged to the consolidated statement of profit or loss and othercomprehensive income as follows:Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Cost of sales销售成本74,77019,862Distribution and selling expenses经销及销售开支82,64044,953General and administrative expenses一般及行政开支4,4241,867161,83466,682
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司242NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注14无形资产14 INTANGIBLE ASSETSLicensed IPs(Note a)IP rightsSoftwareGoodwillTotal授权IP（附注a）IP产权软件商誉总计RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元At 31 December 2020于2020年12月31日Cost成本120,48119,4253,616112143,634Accumulated amortisation累计摊销(40,699)(8,335)(1,582)–(50,616)Impairment减值(287)–––(287)Closing net book amount年末账面净值79,49511,0902,03411292,731Year ended 31 December 2021截至2021年12月31日止年度Opening net book amount年初账面净值79,49511,0902,03411292,731Additions添置85,3602387,394–92,992Amortisation charge摊销费用(46,587)(3,379)(1,504)–(51,470)Currency translation difference货币换算差额(210)––(11)(221)Closing net book amount年末账面净值118,0587,9497,924101134,032At 31 December 2021于2021年12月31日Cost成本205,84119,66311,010101236,615Accumulated amortisation累计摊销(87,496)(11,714)(3,086)–(102,296)Impairment减值(287)–––(287)Closing net book amount年末账面净值118,0587,9497,924101134,032
二零二一年年报ANNUAL REPORT 2021243NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注14无形资产（续）14 INTANGIBLE ASSETS(continued)Licensed IPs(Note a)IP rightsSoftwareGoodwillTotal授权IP（附注a）IP产权软件商誉总计RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元At 31 December 2019于2019年12月31日Cost成本25,0605,5612,586–33,207Accumulated amortisation累计摊销(12,554)(834)(912)–(14,300)Impairment减值(287)–––(287)Closing net book amount年末账面净值12,2194,7271,674–18,620Year ended 31 December 2020截至2020年12月31日止年度Opening net book amount年初账面净值12,2194,7271,674–18,620Additions添置95,42013,8641,030113110,427Amortisation charge摊销费用(28,050)(7,501)(670)–(36,221)Currency translation difference货币换算差额(94)––(1)(95)Closing net book amount年末账面净值79,49511,0902,03411292,731At 31 December 2020于2020年12月31日Cost成本120,48119,4253,616112143,634Accumulated amortisation累计摊销(40,699)(8,335)(1,582)–(50,616)Impairment减值(287)–––(287)Closing net book amount年末账面净值79,49511,0902,03411292,731
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司244NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注14无形资产（续）附注：(a)有关金额指本集团根据有关授权协议取得的独家及非独家授权。于初步确认后，授权IP按固定最低付款的现值确认，相应金额确认为应付授权费（附注30）。(b)无形资产摊销已自综合损益及其他全面收益表扣除，如下所示：15租赁(a)资产负债表内确认之金额资产负债表列示以下与租赁有关的金额：14 INTANGIBLE ASSETS(continued)Notes:(a)The amounts represent the exclusive and non-exclusive license rightsobtained by the Group in accordance with the respective licenseagreements. Upon initial recognition, the Licensed IPs are recognised atthe present values of the fixed minimum payments with the correspondingamounts recognised as license fees payables (Note 30).(b) Amortisation of intangible assets has been charged to the consolidatedstatement of profit or loss and other comprehensive income as follows:Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Cost of sales销售成本49,96635,551General and administrative expenses一般及行政开支1,50467051,47036,22115 LEASES(a) Amounts recognised in the balance sheetThe balance sheet shows the following amounts relating to leases:As at December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Right-of-use assets使用权资产Offices and warehouses办公室及仓库111,81442,902Retail stores零售店497,703244,897609,517287,799Lease liabilities租赁负债Current流动256,909144,724Non-current非流动364,543147,050621,452291,774
二零二一年年报ANNUAL REPORT 2021245NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注15 LEASES(continued)(a) Amounts recognised in the balance sheet(continued)Movements on the Group’s right-of-use assets are as follow:Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元At 1 January于1月1日Cost成本452,745306,204Accumulated depreciation累计折旧(164,946)(127,266)Opening net book amount年初账面净值287,799178,938Year ended 31 December截至12月31日止年度Opening net book amount年初账面净值287,799178,938Additions添置550,196252,556Depreciation charge折旧费用(221,698)(142,940)Disposal出售(6,780)(755)Closing net book amount年末账面净值609,517287,799At 31 December于12月31日Cost成本742,777452,745Accumulated depreciation累计折旧(133,260)(164,946)Closing net book amount年末账面净值609,517287,79915租赁（续）(a)资产负债表内确认之金额（续）本集团使用权资产的变动如下：
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司246NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注15租赁（续）(b)损益及其他全面收益表确认之金额综合财务报表列示以下与租赁有关的金额：截至2021年12月31日止年度，本集团附有该等可变租赁合约之所有门店的销售增长10%，将使租赁付款总额增加约人民币14,314,000元（截至2020年12月31日止年度：人民币9,612,994元）。15 LEASES(continued)(b) Amounts recognised in the statement of profit or loss andother comprehensive incomeThe consolidated financial statements show the following amountsrelating to leases:Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Depreciation charge of right-of-use assets使用权资产折旧费用Offices and warehouses办公室及仓库34,14921,793Retail stores零售店187,549121,147221,698142,940Interest expenses利息开支21,18610,946Expense relating to short-term leases(included in distribution and selling expensesand administrative expenses)短期租赁之有关开支（计入经销及销售开支以及行政开支）42,3418,335Expense relating to variable lease payments notincluded in lease liabilities (included indistribution and selling expenses)未计入租赁负债的可变租赁付款之有关开支（计入经销及销售开支）43,97735,285The cash outflow for leases as operating activities租赁作为经营活动之现金流出88,12640,027The cash outflow for leases as financing activities租赁作为融资活动之现金流出220,126147,995A 10% increase in sales across all stores in the Group with such variablelease contracts would increase total lease payments by approximatelyRMB14,314,000 for the year ended 31 December 2021 (for the yearended 31 December 2020: RMB9,612,994).
二零二一年年报ANNUAL REPORT 2021247NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注16于附属公司的投资(a)附属公司16 INVESTMENT IN SUBSIDIARIES(a)SubsidiariesOwnership interest heldby the Group本集团持有的拥有权权益Ownership interestheld by non-controllinginterests非控股权益持有之拥有权权益Company name公司名称Country/place and date ofestablishment/incorporation成立╱注册成立国家╱地点及日期Kind of legal entity法定实体类型Authorisedcapital法定股本At 31 December于12月31日At 31 December于12月31日Principal activities/place of operation主要业务╱经营地点20212020202120202021年2020年2021年2020年Directly held直接持有Pop Mart (BVI) Holding LimitedPop Mart (BVI) Holding LimitedThe British Virgin Islands (“BVI”),10 May 2019英属维京群岛，2019年5月10日Limited liability company有限责任公司USD 50,00050,000美元100%100%––Investment holding/BVI投资控股╱英属维京群岛Indirectly held间接持有Pop Mart (Hong Kong) Holding LimitedPop Mart (Hong Kong) Holding Limited（「Pop Mart Hong Kong」）Hong Kong, 27 May 2019香港，2019年5月27日Limited liability company有限责任公司HKD 11港元100%100%––Investment holding/Hong Kong投资控股╱香港Beijing Pop Mart Cultural & Creative Corp.,Ltd. (“Beijing Pop Mart”)北京泡泡玛特文化创意有限公司（「北京泡泡玛特」）The PRC, 20 October 2010中国，2010年10月20日Limited liability company有限责任公司RMB 115,456,278人民币115,456,278元100%100%––Design and sales ofpop toys/The PRC设计及销售潮流玩具╱中国Beijing Paqu Technology Co., Ltd.北京葩趣科技有限公司The PRC, 21 April 2016中国，2016年4月21日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Technology development/The PRC技术开发╱中国Tianjin Pop Mart Cultural CommunicationCo., Ltd.天津泡泡玛特文化传播有限公司The PRC, 29 November 2016中国，2016年11月29日Limited liability company有限责任公司RMB 5,000,000人民币5,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Shanghai Paqu Commerce Co., Ltd.上海葩趣贸易有限公司The PRC, 21 September 2017中国，2017年9月21日Limited liability company有限责任公司RMB 2,000,000人民币2,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司248NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注16于附属公司的投资（续）(a)附属公司（续）Ownership interest heldby the Group本集团持有的拥有权权益Ownership interestheld by non-controllinginterests非控股权益持有之拥有权权益Company name公司名称Country/place and date ofestablishment/incorporation成立╱注册成立国家╱地点及日期Kind of legal entity法定实体类型Authorisedcapital法定股本At 31 December于12月31日At 31 December于12月31日Principal activities/place of operation主要业务╱经营地点20212020202120202021年2020年2021年2020年Directly held直接持有Beijing Pop Mart Trading Co., Ltd.北京泡泡玛特商贸有限公司The PRC, 11 October 2017中国，2017年10月11日Limited liability company有限责任公司RMB 5,000,000人民币5,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Pop Mart Hong Kong Limited泡泡玛特香港有限公司Hong Kong, 27 January 2017香港，2017年1月27日Limited liability company有限责任公司HKD 1,000,0001,000,000港元100%100%––Overseas operations andsales of pop toys/Hong Kong海外营运及销售潮流玩具╱香港Beijing Silai Art Design Co., Ltd(formerly known as Beijing Pop MartInternational Trading Co., Ltd.)北京偲徕艺术设计有限公司（前称为北京泡泡玛特国际贸易有限公司）The PRC, 26 April 2019中国，2019年4月26日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Overseas operations andsales of pop toys/The PRC海外营运及销售潮流玩具╱中国Beijing Paquhuyu Technology Co., Ltd北京葩趣互娱科技有限公司The PRC, 8 March 2016中国，2016年3月8日Limited liability company有限责任公司RMB 10,000,000人民币10,000,000元––––Internet technologyservices/The PRC互联网技术服务╱中国Shenzhen Pop Mart Trading Co., Ltd.深圳泡泡玛特贸易有限公司The PRC, 31 October 2017中国，2017年10月31日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Chengdu Pop Mart Trading Co., Ltd.成都泡泡玛特贸易有限公司The PRC, 22 November 2017中国，2017年11月22日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Chongqing Paqu Trading Co., Ltd.重庆葩趣贸易有限公司The PRC, 23 November 2017中国，2017年11月23日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Beijing Paqu Trading Co., Ltd.北京葩趣贸易有限公司The PRC, 29 December 2017中国，2017年12月29日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国16 INVESTMENT IN SUBSIDIARIES(continued)(a)Subsidiaries(continued)
二零二一年年报ANNUAL REPORT 2021249NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注16于附属公司的投资（续）(a)附属公司（续）Ownership interest heldby the Group本集团持有的拥有权权益Ownership interestheld by non-controllinginterests非控股权益持有之拥有权权益Company name公司名称Country/place and date ofestablishment/incorporation成立╱注册成立国家╱地点及日期Kind of legal entity法定实体类型Authorisedcapital法定股本At 31 December于12月31日At 31 December于12月31日Principal activities/place of operation主要业务╱经营地点20212020202120202021年2020年2021年2020年Directly held直接持有Shenyang Paqu Trading Co., Ltd.沈阳葩趣商贸有限公司The PRC, 1 March 2018中国，2018年3月1日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Zhengzhou Pop Mart Trading Co., Ltd.郑州泡泡玛特贸易有限公司The PRC, 4 April 2018中国，2018年4月4日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Qingdao Pop Mart Trading Co., Ltd.青岛泡泡玛特贸易有限公司The PRC, 17 April 2018中国，2018年4月17日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Jiangxi Paqu Trading Co., Ltd.江西葩趣贸易有限公司The PRC, 1 May 2020中国，2020年5月1日Limited liability company有限责任公司RMB 2,000,000人民币2,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Changchun Pop Mart Trading Co., Ltd.长春泡泡玛特贸易有限公司The PRC, 15 April 2020中国，2020年4月15日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Fuzhou Paqu Trading Co., Ltd.福州葩趣贸易有限公司The PRC, 25 March 2020中国，2017年3月25日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Haerbin Paqu Trading Co., Ltd.哈尔滨葩趣商贸有限公司The PRC, 10 April 2020中国，2020年4月10日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Tianjin Paqu Cultural Media Co., Ltd.天津葩趣文化传播有限公司The PRC, 27 March 2020中国，2020年3月27日Limited liability company有限责任公司RMB 5,000,000人民币5,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Xiamen Paqu Trading Co., Ltd.厦门葩趣贸易有限公司The PRC, 14 April 2020中国，2020年4月14日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Wuhan Pop Mart Trading Co., Ltd.武汉泡泡玛特贸易有限公司The PRC, 17 December 2019中国，2019年12月17日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国16 INVESTMENT IN SUBSIDIARIES(continued)(a)Subsidiaries(continued)
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司250NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注16于附属公司的投资（续）(a)附属公司（续）16 INVESTMENT IN SUBSIDIARIES(continued)(a)Subsidiaries(continued)Ownership interest heldby the Group本集团持有的拥有权权益Ownership interestheld by non-controllinginterests非控股权益持有之拥有权权益Company name公司名称Country/place and date ofestablishment/incorporation成立╱注册成立国家╱地点及日期Kind of legal entity法定实体类型Authorisedcapital法定股本At 31 December于12月31日At 31 December于12月31日Principal activities/place of operation主要业务╱经营地点20212020202120202021年2020年2021年2020年Indirectly held间接持有Guangzhou Pop Mart Trading Co., Ltd.广州泡泡玛特贸易有限公司The PRC, 06 May 2020中国，2020年5月6日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Dalian Pop Mart Trading Co., Ltd.大连泡泡玛特贸易有限公司The PRC, 13 April 2020中国，2020年4月13日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Shandong Paqu Trading Co., Ltd.山东葩趣贸易有限公司The PRC, 24 October 2019中国，2019年10月24日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Guiyang Pop Mart Trading Co., Ltd.贵阳泡泡玛特葩趣贸易有限公司The PRC, 10 January 2020中国，2020年1月10日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Xian Pop Mart Trading Co., Ltd.西安泡泡玛特贸易有限公司The PRC, 25 December 2019中国，2019年12月25日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Changsha Paqu Trading Co., Ltd.长沙葩趣商贸有限公司The PRC, 02 January 2020中国，2020年1月2日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Taiyuan Pop Mart Trading Co., Ltd.太原泡泡玛特贸易有限公司The PRC, 23 March 2020中国，2020年3月23日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Pop Mart Korea Co., Ltd. (Pop Mart Korea)Pop Mart Korea Co., Ltd. (Pop Mart Korea)South Korea, 11 July 2019韩国，2019年7月11日Limited liability company有限责任公司KRW 1,500,000,0001,500,000韩圆80%80%20%20%Sales of pop toys/South Korea销售潮流玩具╱韩国Foshan Pop Mart Trading Co., Ltd.佛山玛特葩趣商贸有限公司The PRC, 7 December 2020中国，2020年12月7日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Yunnan Paqu Trading Co., Ltd.云南葩趣贸易有限公司The PRC, 4 September 2020中国，2020年9月4日Limited liability company有限责任公司RMB 1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国
二零二一年年报ANNUAL REPORT 2021251NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注16于附属公司的投资（续）(a)附属公司（续）16 INVESTMENT IN SUBSIDIARIES(continued)(a)Subsidiaries(continued)Ownership interest heldby the Group本集团持有的拥有权权益Ownership interestheld by non-controllinginterests非控股权益持有之拥有权权益Company name公司名称Country/place and date ofestablishment/incorporation成立╱注册成立国家╱地点及日期Kind of legal entity法定实体类型Authorisedcapital法定股本At 31 December于12月31日At 31 December于12月31日Principal activities/place of operation主要业务╱经营地点20212020202120202021年2020年2021年2020年Indirectly held间接持有Anhui Pop Mart Trading Co., Ltd.安徽泡泡玛特贸易有限公司The PRC,15 June 2021中国，2021年6月15日Limited liability company有限责任公司RMB5,000,000人民币5,000,000元100%–––Sales of pop toys/The PRC销售潮流玩具╱中国Beijing Longtengjiamao Trading Co., LtdBeijing Longtengjiamao Trading Co., LtdThe PRC,12 February 2021中国，2021年2月12日Limited liability company有限责任公司RMB2,000,000人民币2,000,000元100%–––Sales of pop toys/The PRC销售潮流玩具╱中国Beijing Pop Mart ParadiseManagement Co.,Ltd.北京泡泡玛特乐园管理有限公司The PRC,18 August 2021中国，2021年8月18日Limited liability company有限责任公司RMB10,000,000人民币10,000,000元100%–––Playground/The PRC游乐场/中国Dongguan Pop Mart Trading Co., Ltd.东莞泡泡玛特贸易有限公司The PRC,26 January 2021中国，2021年1月26日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%–––Sales of pop toys/The PRC销售潮流玩具╱中国Gansu Paqu Trading Co., Ltd.甘肃葩趣贸易有限公司The PRC,17 May 2021中国，2021年5月17日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%–––Sales of pop toys/The PRC销售潮流玩具╱中国Guangxi Nanning Paqu Trading Co.,Ltd.广西南宁葩趣贸易有限公司The PRC, 11 August 2021中国，2021年8月11日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%–––Sales of pop toys/The PRC销售潮流玩具╱中国Hangzhou Pop Mart Trading Co., Ltd.杭州泡泡玛特贸易有限公司The PRC, 29 April 2021中国，2021年4月29日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%–––Sales of pop toys/The PRC销售潮流玩具╱中国Ningbo Wanxinhuigui Investment Co.,Ltd.Ningbo Wanxinhuigui Investment Co.,Ltd.The PRC, 13 September 2021中国，2021年9月13日Limited liability company有限责任公司RMB100,000,000人民币100,000,000元100%–––Investment/The PRC投资/中国Pop Investment Holding Limited泡泡投资控股有限公司The BVI, 9 March 2021英属维京群岛，2021年3月9日Limited liability company有限责任公司USD50,00050,000美元100%–––Investment/The BVI投资/英属维京群岛Pop Mart (Canada) Co., Ltd.Pop Mart (Canada) Co., Ltd.Canada, 11 January 2021加拿大，2021年1月11日Limited liability company有限责任公司CAD11加元100%–––Sales of pop toys/Canada销售潮流玩具╱加拿大
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司252NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注16于附属公司的投资（续）(a)附属公司（续）16 INVESTMENT IN SUBSIDIARIES(continued)(a)Subsidiaries(continued)Ownership interest heldby the Group本集团持有的拥有权权益Ownership interestheld by non-controllinginterests非控股权益持有之拥有权权益Company name公司名称Country/place and date ofestablishment/incorporation成立╱注册成立国家╱地点及日期Kind of legal entity法定实体类型Authorisedcapital法定股本At 31 December于12月31日At 31 December于12月31日Principal activities/place of operation主要业务╱经营地点20212020202120202021年2020年2021年2020年Indirectly held间接持有POP MART MACAU LIMITEDPOP MART MACAU LIMITEDMACAU, 22 November 2021澳门，2021年11月22日Limited liability company有限责任公司MOP 25,00025,000澳门元100%–––Sales of pop toys/MACAU销售潮流玩具╱澳门POP MART NEW ZEALAND LIMITEDPOP MART NEW ZEALAND LIMITEDNew Zealand, 3 November 2021新西兰，2021年11月3日Limited liability company有限责任公司NZD11新西兰元100%–––Sales of pop toys/NEW ZEALAND销售潮流玩具╱新西兰POP MART UK LIMITEDPOP MART UK LIMITEDUK,31 August 2021英国，2021年8月31日Limited liability company有限责任公司GBP1010英镑100%–––Sales of pop toys/UK销售潮流玩具╱英国Pop Mart USA Inc.Pop Mart USA Inc.The USA,27 August 2021美国，2021年8月27日Limited liability company有限责任公司USD2020美元100%–––Sales of pop toys/USA销售潮流玩具╱美国POP MART OCEANIA PTY LIMITEDPOP MART OCEANIA PTY LIMITEDAustralia,17 August 2021澳大利亚，2021年8月17日Limited liability company有限责任公司AUD1,260,0001,260,000澳元60%–40%–Sales of pop toys/Australia销售潮流玩具╱澳大利亚Pop Mart (Singapore) Holding PTE. LtdPop Mart (Singapore) Holding PTE. LtdSingapore, 14 December 2021新加坡，2021年12月14日Limited liability company有限责任公司SGD1,000,0001,000,000新加坡元100%–––Sales of pop toys/Singapore销售潮流玩具╱新加坡Qinghai Paqu Trading Co.,Ltd.青海葩趣贸易有限公司The PRC,23 July 2021中国，2021年7月23日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%–––Sales of pop toys/The PRC销售潮流玩具╱中国Shanghai Paqu Cultural & Creative Corp., Ltd.上海葩趣文化传播有限公司The PRC,21 May 2021中国，2021年5月21日Limited liability company有限责任公司RMB10,000,000人民币10,000,000元100%–––Sales of pop toys/The PRC销售潮流玩具╱中国Shanghai Paqu Technology Co.,Ltd.上海葩趣科技有限公司The PRC,4 November 2021中国，2021年11月4日Limited liability company有限责任公司RMB10,000,000人民币10,000,000元100%–––Exhibition Business/The PRC展览业务╱中国Shijiazhuang Paqu Trading Co., Ltd.石家庄葩趣贸易有限公司The PRC,11 June 2021中国，2021年6月11日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%–––Sales of pop toys/The PRC销售潮流玩具╱中国Wulumuqi Pop Mart Trading Co., Ltd.乌鲁木齐泡泡玛特贸易有限公司The PRC,14 October 2021中国，2021年10月14日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%–––Sales of pop toys/The PRC销售潮流玩具╱中国
二零二一年年报ANNUAL REPORT 2021253NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注16 INVESTMENT IN SUBSIDIARIES(continued)(a)Subsidiaries(continued)None of the subsidiaries had issued any debt securities at the end of the year.(b) Non-controlling interestsThe total non-controlling interests as at 31 December 2021 amountedto RMB1,824,000 (As at 31 December 2020: RMB1,628,000). No subsidiaryhas non-controlling interests that are material to the Group.(c)The English name of the subsidiaries are direct translation or translationof their Chinese name.17 INVESTMENTS ACCOUNTED FOR USING THEEQUITY METHOD202120202021年2020年RMB’000RMB’000人民币千元人民币千元Opening balance as at 1 January于1月1日的年初余额50,38022,101Additional investments额外投资–29,241Derecognition resulting from businesscombination业务合并导致的终止确认–(2,374)Elimination of profit撇销溢利(5,043)(2,863)Share of profit for the year分占年内溢利19,0596,736Dividends from an associate来自一间联营公司的股息(2,073)–Currency translation difference货币换算差额(784)(2,461)Ending balance as at 31 December于12月31日的年末余额61,53950,38016于附属公司的投资（续）(a)附属公司（续）概无任何附属公司于年末发行任何债务证券。(b)非控股权益于2021年12月31日，非控股权益为人民币1,824,000元（于2020年12月31日：人民币1,628,000元）。概无附属公司拥有对本集团属重大的非控股权益。(c)附属公司英文名为彼等中文名的直接翻译或翻译。17使用权益法入账的投资
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司254NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注17 INVESTMENTS ACCOUNTED FOR USING THEEQUITY METHOD(continued)Details of the Group’s joint ventures and associate as at 31 December2021 and 2020 are as follows:Company name公司名称Place of business/country ofincorporation营业地点╱注册成立国家% of ownership interest占所有权权益的百分比Principal activities主营业务Nature of therelationship关系性质Measurementmethod计量方法Carrying amounts of theinvestment投资账面值As at 31 December于12月31日As at 31 December于12月31日20212020202120202021年2020年2021年2020年RMB’000RMB’000人民币千元人民币千元Nanjing Golden Eagle Pop MartCo., Ltd. (“Nanjing Pop Mart”)南京金鹰泡泡玛特有限公司（「南京泡泡玛特」）The PRC中国52%52%Sales of pop toys销售潮流玩具Joint Venture合营企业Equity method权益法28,31319,443POP MART SOUTH ASIA PTE. LTD.(“Singapore Pop”)POP MART SOUTH ASIA PTE. LTD.(“Singapore Pop”)Singapore新加坡50%50%Sales of pop toys销售潮流玩具Joint Venture合营企业Equity method权益法2,6232,790Pop Mart Japan, Inc.(“Japan Pop”)Pop Mart Japan, Inc.（「Japan Pop」）Japan日本60%60%Sales of pop toys销售潮流玩具Joint Venture合营企业Equity Method权益法1,355975How2work LimitedHow2work LimitedHong Kong香港25%25%Design and salesof pop toys设计及销售潮流玩具Associate联营公司Equity method权益法29,24827,17217使用权益法入账的投资（续）于2021年及2020年12月31日，本集团的合营企业及联营公司详情如下所示：
二零二一年年报ANNUAL REPORT 2021255NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注17 INVESTMENTS ACCOUNTED FOR USING THEEQUITY METHOD(continued)(i) Summarised balance sheets of a material investmentaccounted for using the equity methodNanjing Pop Mart南京泡泡玛特As at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Current assets流动资产Cash and cash equivalents现金及现金等价物31,12112,941Other current assets其他流动资产30,01733,604Total current assets总流动资产61,13846,545Non-current assets非流动资产76,04963,177Current liabilities流动负债Financial liabilities (excluding trade andother payables)金融负债（不包括贸易及其他应付款项）20,05540,107Other current liabilities其他流动负债18,40318,197Total current liabilities总流动负债38,45858,304Non-current liabilities非流动负债45,24018,849Net assets资产净值53,48932,56917使用权益法入账的投资（续）(i)使用权益法入账的重大投资的资产负债表概要
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司256NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注17 INVESTMENTS ACCOUNTED FOR USING THEEQUITY METHOD(continued)(i) Summarised balance sheets of a material investmentaccounted for using the equity method(continued)Reconciliation of above summarized financial information presentedto carrying amounts of the Group’s share of interests in a materialinvestment accounted for using the equity method:Nanjing Pop Mart南京泡泡玛特As at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Opening net assets年初资产净值32,56925,175Profit for the year年内溢利20,9207,394Closing net assets年末资产净值53,48932,569Group’s share in %本集团所占百分比52%52%Group’s share in amounts本集团所占金额27,81416,936Goodwill商誉4,0494,049Elimination of unrealised profit撇销未变现溢利(3,550)(1,542)Carrying amount账面值28,31319,44317使用权益法入账的投资（续）(i)使用权益法入账的重大投资的资产负债表概要（续）上文呈列的财务资料概要与本集团分占使用权益法入账的重大投资的账面值对账如下：
二零二一年年报ANNUAL REPORT 2021257NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注17 INVESTMENTS ACCOUNTED FOR USING THEEQUITY METHOD(continued)(ii) Summarised statements of profit or loss and othercomprehensive income of a material investment accountedfor using the equity methodNanjing Pop Mart南京泡泡玛特Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Revenue收益281,488147,491Depreciation and amortisation折旧及摊销(15,305)(14,558)Other cost and expenses其他成本及开支(238,436)(122,134)Income tax expense所得税开支(6,827)(3,405)Profit and total comprehensive incomefor the year年内溢利及全面收益总额20,9207,394Dividends received from a material accountedfor using the equity method已收使用权益法入账重大投资的股息––17使用权益法入账的投资（续）(ii)使用权益法入账的重大投资的损益及其他全面收益表概要
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司258NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注17 INVESTMENTS ACCOUNTED FOR USING THEEQUITY METHOD(continued)(iii) Individually immaterial investments accounted for usingthe equity methodThe information below reflects the amounts presented in the financialstatements of the investments accounted for using the equity methodafter alignment with accounting policies of the Group.Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Aggregate carrying amount of individually immaterialinvestments accounted for using the equity method使用权益法入账的个别不重大投资的账面总值33,22630,937Aggregate amounts of the Group’s share of profitfor the year本集团分占年内溢利总额Profit for the year年内溢利8,1812,891Other comprehensive loss for the year年内其他全面亏损(784)(2,461)Total Comprehensive income for the year年内全面收益总额7,39743018 DEFERRED INCOME TAXAs at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Deferred income tax assets:递延所得税资产：– to be recovered within 12 months－将于12个月内收回20,08112,752– to be recovered after more than 12 months－将于超过12个月后收回15,47210,33535,55323,08717使用权益法入账的投资（续）(iii)使用权益法入账的个别不重大投资以下资料反映与本集团的会计政策调整一致后使用权益法入账的投资于财务报表中列示的金额。18递延所得税
二零二一年年报ANNUAL REPORT 2021259NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注18 DEFERRED INCOME TAX(continued)(a) Deferred tax assetsThe balance of deferred tax assets comprises temporary differencesattributable to:As at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Lease liabilities租赁负债155,36372,802Tax losses税项亏损23,94212,088Accrued expenses应计开支6,3288,180Impairment loss减值亏损2,5731,967Total deferred tax assets递延税项资产总值188,20695,037Set-off of deferred tax liabilities in relationto right-of-use assets (b)就使用权资产抵销递延税项负债(b)(152,653)(71,950)Net deferred tax assets递延税项资产净值35,55323,08718递延所得税（续）(a)递延税项资产递延所得税资产结余包括暂时性差额，其归因于：
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司260NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注18 DEFERRED INCOME TAX(continued)(a) Deferred tax assets(continued)The movement is deferred income tax assets during the period, withouttaking into consideration the offsetting of the balances within the sametax jurisdiction, is as following:ImpairmentlossTax lossesLeaseliabilitiesAccruedexpensesTotal减值亏损税项亏损租赁负债应计开支总计RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元As at 1 January 2021于2021年1月1日1,96712,08872,8028,18095,037Credited to the consolidated statementof profit or loss and othercomprehensive income于综合损益及其他全面收益表计入60611,85482,561(1,852)93,169As at 31 December 2021于2021年12月31日2,57323,942155,3636,328188,206As at 1 January 2020于2020年1月1日2,1326,66645,8493,91158,558Credited/(charged) to the consolidatedstatement of profit or loss and othercomprehensive income于综合损益及其他全面收益表计入╱（扣除）(165)5,42226,9534,26936,479As at 31 December 2020于2020年12月31日1,96712,08872,8028,18095,037The Group only recognises deferred income tax assets for cumulativetax losses if it is probable that future taxable amounts will be availableto utilize those tax losses. Management will continue to assess therecognition of deferred income tax assets in future reporting periods.As of 31 December 2021, the Group did not recognise deferred incometax assets of RMB440,000 (2020: RMB1,246,000) in respect of cumulativetax losses amounting to RMB1,760,000 (2020: RMB4,984,000). These taxlosses will expire from 2022 to 2026.18递延所得税（续）(a)递延税项资产（续）未计入同一税务司法权区内的结余冲销后期内递延所得税资产的变动如下：本集团仅于很可能有未来应课税金额可动用税项亏损时就累计税项亏损确认递延所得税资产。管理层将继续评估未来报告期间的递延所得税资产确认情况。截至2021年12月31日，本集团并无就累计税项亏损人民币1,760,000元（2020年：人民币4,984,000元）确认递延所得税资产人民币440,000元（2020年：人民币1,246,000元）。该等税项亏损将于2022年至2026年到期。
二零二一年年报ANNUAL REPORT 2021261NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注18 DEFERRED INCOME TAX(continued)(b) Deferred tax liabilitiesThe balance of deferred tax liabilities comprises temporary differencesattributable to:As at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Right-of-use assets使用权资产152,65371,950Set off of deferred tax assets in relation toright-of-use assets就使用权资产抵销递延税项资产(152,653)(71,950)Net deferred tax liabilities递延税项负债净额––The movement in deferred income tax liabilities during the year ended31 December 2021 is as follows:Right-of-use assets使用权资产RMB’000人民币千元As at 1 January 2021于2021年1月1日71,950Debited to the consolidated statement of profit or loss andother comprehensive income于综合损益及其他全面收益表扣除80,703As at 31 December 2021于2021年12月31日152,653As at 1 January 2020于2020年1月1日42,339Debited to the consolidated statement of profit or loss andother comprehensive income于综合损益及其他全面收益表扣除29,611As at 31 December 2020于2020年12月31日71,95018递延所得税（续）(b)递延税项负债递延税项负债结余包括暂时性差额，其归因于：截至2021年12月31日止年度期间，递延所得税负债于年度的变动如下：
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司262NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注19贸易应收款项(a)就来自零售店销售、机器人商店销售及线上销售的贸易应收款项而言，该等款项通常以现金、信用卡╱借记卡或通过线上支付平台结算。就批发交易而言，贸易应收款项于销售合约协定的信贷期内结算。大部分该等批发商的信贷期为30至90天。拥有良好历史及长期关系的若干客户获授最多180天的延长优惠信贷期。19 TRADE RECEIVABLESAs at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Trade receivables (a)贸易应收款项(a)– Third parties－第三方120,27361,311– Related parties (Note 37(e))－关联方（附注37(e)）54,25519,288Subtotal小计174,52880,599Less: provision for impairment allowance (b)减：计提减值准备(b)(3,194)(2,265)Total trade receivables贸易应收款项总额171,33478,334(a) For trade receivables from retail store sales, roboshop sales andonline sales, the amounts are usually settled in cash, by credit/debit cards or through online payment platforms. For wholesaletransactions, trade receivables are settled within the credit terms asagreed in sales contracts. The majority of these wholesalers are withcredit terms of 30 to 90 days. Certain customers with good historyand long-term relationship are extended preferential credit terms ofup to 180 days.
二零二一年年报ANNUAL REPORT 2021263NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注19贸易应收款项（续）(a)（续）按发票日期的贸易应收款项的账龄分析如下：(b)本集团采用国际财务报告准则第9号简化方法计量预期信贷亏损，该预期信贷亏损对所有贸易应收款项均使用全期预期亏损拨备。附注3.1提供有关拨备计算的详情。有关贸易应收款项的减值以及本集团面临的信贷风险、外币风险及利率风险之资料，请参阅附注3.1。贸易应收款项的减值拨备变动如下：19 TRADE RECEIVABLES(continued)(a)(continued)An aging analysis of the trade receivables based on invoice date isas follows:As at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Within 3 months3个月以内162,25067,7363 months to 6 months3个月至6个月10,47611,477Over 6 months6个月以上1,8021,386Total总计174,52880,599(b)The Group applies the IFRS 9 simplified approach to measureexpected credit losses which use a lifetime expected loss allowancefor all trade receivables. Note 3.1 provides for details about thecalculation of the allowance.Information about the impairment of trade receivables and theGroup exposure to credit risk, foreign currency risk and interest raterisk can be found in Note 3.1.Movements in allowance for impairment of trade receivables is asfollows:Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元As at 1 January于1月1日2,2652,933Provision for/(reversal of) impairmentallowance计提╱（拨回）减值拨备929(668)As at 31 December于12月31日3,1942,265
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司264NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注19贸易应收款项（续）(c)贸易应收款项以下列货币计价：(d)所有贸易应收款项的账面值均与公平值相若。20其他应收款项19 TRADE RECEIVABLES(continued)(c) Trade receivables are denominated in the following currencies:As at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元RMB人民币148,08877,430KRW韩圜23,246470HKD港元–434171,33478,334(d) All trade receivables’carrying amounts approximate fair values.20 OTHER RECEIVABLESAs at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Deposits for lease租赁按金139,16383,778Recoverable value-added tax and other taxes可收回增值税及其他税项4,8861,100Advance to employees向雇员提供垫款3,8163,755Others其他8,8393,407Less: allowance for impairment of otherreceivables减：其他应收款项之减值拨备(1,765)(1,259)Total总计154,93990,781
二零二一年年报ANNUAL REPORT 2021265NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注20 OTHER RECEIVABLES(continued)Movements in allowance for impairment of other receivables is asfollows:Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元As at 1 January于1月1日1,259989Provision for impairment allowance减值拨备506270As at 31 December于12月31日1,7651,259As at 31 December 2021 and 2020, the fair values of other receivablesapproximated their carrying amounts.21 INVENTORIESAs at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Merchandise (a)商品(a)794,209229,431Less: provision for impairment (b)减：减值拨备(b)(5,380)(4,062)Total总计788,829225,369(a) The cost of goods recognised as cost of sales amounted to approximatelyRMB1,445,001,000 and RMB748,452,000, for the years ended 31 December2021 and 2020, respectively.(b) Provision for impairment was recognised for the amount by which thecarrying amount of inventories exceeds its net realisable value and wasrecorded in“cost of sales”in the consolidated statement of profit or loss andother comprehensive income. The provision for impairment of inventoryamount to RMB1,318,000 and RMB2,095,000, for the years ended 31December 2021 and 2020, respectively.20其他应收款项（续）其他应收款项减值拨备的变动如下：于2021年及2020年12月31日，其他应收款项的公平值与其账面值相若。21存货(a)截至2021年及2020年12月31日止年度，确认为销售成本的商品成本分别约为人民币1,445,001,000元及人民币748,452,000元。(b)就存货之账面值超出其可变现净值的金额确认减值拨备，并计入综合损益及其他全面收益表的「销售成本」。截至2021年及2020年12月31日止年度，存货减值拨备分别为人民币1,318,000元及人民币2,095,000元。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司266NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注22 PREPAYMENTS AND OTHER ASSETSAs at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Prepayments for inventories预付存货款项194,46888,939Prepayments for design fees预付设计费款项100,00156,215Prepayment for property, plant and equipment预付物业、厂房及设备款项30,7276,177Prepayments for advertising andmarketing expense预付广告及市场费16,98010,959Prepayments for short-term leases andproperty management fees预付短期租赁款项及物业管理费12,1485,795Deductible value-added input tax可扣减增值进项税3,1911,450Others其他26,79214,560384,307184,095Less: non-current portion减：非流动部分(30,727)(6,177)Prepayments and other current assets –current portion预付款项及其他流动资产－流动部分353,580177,91822预付款项及其他资产
二零二一年年报ANNUAL REPORT 2021267NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注23 FINANCIAL ASSETS AT FAIR VALUE THROUGHPROFIT OR LOSSAs at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Current assets流动资产– Listed equity securities-stock (a)－上市股本证券－股票(a)20,544–Non-current assets非流动资产– Investment in associates measured at FVPL (b)－按公平值计入损益的于联营公司的投资(b)207,76316,900– Private equity fund investments－私募股权基金投资95,636–– Other unlisted investments (c)－其他非上市投资(c)25,289–Subtotal小计328,68816,900Total总计349,23216,900(a) The fair values of the listed securities are determined based on the closingprices quoted in active markets. They are accounted for using their fair valuesbased on quoted market prices (level 1: quoted price (unadjusted) in activemarkets) without any deduction for transaction costs.(b) During the year ended 31 December 2021, the Group has invested in certainunlisted companies. The Group exercises significant influence over theseassociated companies by virtue of its right to appoint director to the boardof directors of these investees. In addition, the Group has the right to requireand demand investees to redeem all of the shares held by the Group atguaranteed predetermined amount upon redemption events which areout of control of the investees. Hence these investments are accounted foras debt instruments and are recognised as financial assets measured at fairvalue through profit or loss.23按公平值计入损益的金融资产(a)上市证券公平值乃根据活跃市场所报收市价厘定。上市证券按基于市场报价（层级1：活跃市场报价（未经调整））的公平值入账，未扣除任何交易成本。(b)截至2021年12月31日止年度期间，本集团投资于若干非上市公司。本集团因其有权委任该等被投资方董事会的董事，对该等联营公司拥有重大影响力。此外，本集团有权在发生被投资方无法控制的赎回事件时，要求被投资方以预先厘定的保证金额赎回本集团持有的全部股份。因此，该等投资入账作债务工具及确认为按公平值计入损益的金融资产。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司268NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注23 FINANCIAL ASSETS AT FAIR VALUE THROUGHPROFIT OR LOSS(continued)(c) During the year ended 31 December 2021, the Group acquiredapproximately 3% and 4.3% equity interest in two unlisted companies withtotal consideration of RMB22,074,000 and of RMB1,500,000 respectively. TheGroup do not have significant influence of these two investees and theseinvestments are recognised as financial assets measured at fair value throughprofit or loss.(d) Amounts recognised in profit or lossYear ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Fair value change on listed equity securities-stock上市股本证券－股票的公平值变动(6,575)–Fair value change in associates measured at FVPL按公平值计入损益的联营公司公平值变动3,687–Fair value change on other unlisted investments其他非上市投资的公平值变动1,715–Fair value change on private equity fund investments私募股权基金投资的公平值变动636–Fair value change on WMPs理财产品的公平值变动15,7991,153Total总计15,2621,15323按公平值计入损益的金融资产（续）(c)截至2021年12月31日止年度期间，本集团收购两家非上市公司约3%及4.3%的股权，总代价分别为人民币22,074,000元及人民币1,500,000元。本集团对该两个被投资方并无重大影响力，该等投资确认为按公平值计入损益的金融资产。(d)于损益确认的金额
二零二一年年报ANNUAL REPORT 2021269NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注24 CASH AND CASH EQUIVALENTSAs at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Cash at banks and cash in hand银行现金及手头现金Denominated in计值货币– USD－美元4,284,5842,587,475– HKD－港元485,2382,463,315– RMB－人民币491,504630,376– KRW－韩圜6,7372,332Less:减：Restricted cash受限制现金– pledged for letter of credits－就信用证作抵押(3,353)(3,263)Cash and cash equivalents现金及现金等价物5,264,7105,680,235The conversion of RMB denominated balances into foreign currenciesand the remittance of such foreign currencies denominated bankbalances and cash out of the PRC are subject to relevant rules andregulations of foreign exchange control promulgated by the PRCgovernment.24现金及现金等价物将人民币计值的结余兑换成外币，以及将该等外币计价的银行结余及现金汇出中国，必须遵守中国政府颁布的外汇管制的有关规则及规例。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司270NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注25股本本公司普通股及优先股的详情如下：25 SHARE CAPITALDetails of the Company’s ordinary shares and preferred shares are asfollows:Number ofordinarysharesNominalvalue ofordinarysharesNominalvalue ofordinarysharesNumber ofpreferredsharesNominalvalue ofpreferredsharesNominalvalue ofpreferredshares普通股数目普通股面值普通股面值优先股数目优先股面值优先股面值USD’000RMB'000USD’000RMB'000千美元人民币千元千美元人民币千元As at 1 January 2020于2020年1月1日115,456,2781282–––Issuance of ordinary shares to the thenshareholders (b)向当时股东发行普通股(b)6,076,64614–––Issuance of preferred shares (c)发行优先股(c)–––610,718––Re-designation of ordinary shares toconvertible redeemable preferred shares (c)重新指定普通股为可转换可赎回优先股(c)(3,664,310)–(3)3,664,310–3Conversion of convertible redeemablepreferred shares into ordinary shares (c)将可转换可赎回优先股转换为普通股(c)4,275,028–3(4,275,028)–(3)Issuance of ordinary shares under Post-IPOShare Award Scheme (d)根据首次公开发售后股份奖励计划发行普通股(d)2,442,873–2–––Capitalisation issue (e)资本化发行(e)1,121,278,635112733–––Issuance of ordinary shares upon GlobalOffering (f)全球发售时发行普通股(f)135,715,2001489–––Issuance of ordinary shares upon exerciseof over-allotment option (f)超额配股权获行使后发行普通股(f)20,357,200213–––At 31 December 2020于2020年12月31日1,401,937,550141923–––As at 1 January 2021 and 31 December 2021于2021年1月1日及2021年12月31日1,401,937,550141923–––
二零二一年年报ANNUAL REPORT 2021271NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注25 SHARE CAPITAL(continued)(a) The Company was incorporated on 9 May 2019 with an authorised sharecapital of US$50,000 divided into 500,000,000 ordinary shares of US$0.0001each.From May 2019 to September 2019, the Company issued an aggregated of115,456,278 ordinary shares to the shareholders for a total consideration ofUSD24,516,000 (equivalent to approximately RMB173,122,000), includingUSD12,000 (equivalent to approximately RMB82,000) recorded in sharecapital and USD24,504,000 (equivalent to approximately RMB173,040,000) inshare premium respectively.(b) On 31 October 2019, the Company entered into a share subscriptionagreement with certain shareholders in respect of the issuance of 6,076,646shares for a total consideration of USD56 million. The issuance of shareswas completed in March and April 2020, and the total consideration ofUSD55,809,000 (equivalent to approximately RMB393,805,000) had beenreceived, including USD608 (equivalent to approximately RMB4,000)recorded in share capital and USD55,808,000 (equivalent to approximatelyRMB393,801,000) in share premium respectively.(c) Pursuant to the resolution of the extraordinary general meeting ofthe shareholders of the Company on 31 January 2020, the authorisedshare capital of the Company of USD50,000, which originally consists of500,000,000 ordinary shares of USD0.0001 par value each, was varied andreclassified by dividing the 500,000,000 shares as follows:(i) 495,724,972 ordinary shares of USD0.0001 par value each, of which111,791,968 shares are issued; and(ii) 4,275,028 preferred shares (“Series A Preferred Shares”) re-designatedand re-classified from ordinary shares at the par value of US$0.0001each on a one-for-one basis, which include 3,664,310 shares re-designated and re-classified from ordinary shares in issue and 610,718shares re-designated and re-classified from authorised but unissuedordinary shares.The re-designation of 3,664,310 existing ordinary shares wereaccounted for as repurchase of ordinary shares and issuance ofconvertible redeemable preferred shares to the respective shareholders,recorded as a debit to share capital of USD366 (equivalent toapproximately RMB3,000 as rounded to the nearest thousand) to reflectthe repurchase of ordinary shares. The difference between the parvalue and fair value of 3,664,310 ordinary shares was RMB499,658,000,recorded as a debit to share premium in the consolidated statement ofchanges in equity for the year ended 31 December 2020.(iii) On 20 June 2020, all of the 4,275,028 Series A Preferred Shares wereconverted into ordinary shares of the Company. The fair value of theSeries A Preferred Shares before conversion were USD88,408,000(equivalent to RMB626,925,000), of which an amount of USD428(equivalent to approximately RMB3,000 as rounded to the nearestthousand) was recorded in share capital and the remaining amount ofRMB626,922,000 was recorded in share premium in the consolidatedstatement of changes in equity for the year ended 31 December 2020.25股本（续）(a)本公司于2019年5月9日注册成立，法定股本为50,000美元，分为500,000,000股每股面值0.0001美元的普通股。自2019年5月至2019年9月，本公司向股东发行合共115,456,278股普通股，总代价为24,516,000美元（相当于约人民币173,122,000元），包括计入股本的12,000美元（相当于约人民币82,000元）及计入股份溢价的24,504,000美元（相当于约人民币173,040,000元）。(b)于2019年10月31日，本公司就发行6,076,646股股份与若干股东订立了股份认购协议，总代价为56百万美元。股份发行已于2020年3月及4月完成，及已收到总代价55,809,000美元（相当于约人民币393,805,000元），包括计入股本的608美元（相当于约人民币4,000元）及计入股份溢价的55,808,000美元（相当于约人民币393,801,000元）。(c)根据本公司股东于2020年1月31日举行的股东特别大会的决议案，本公司的法定股本50,000美元（原先包括500,000,000股每股面值0.0001美元的普通股）已通过分为500,000,000股股份而变更及重新分类如下：(i) 495,724,972股每股面值0.0001美元的普通股，其中111,791,968股已发行；及(ii)按一股换一股基准将每股面值0.0001美元的普通股重新指定及重新分类为4,275,028股优先股（「A系列优先股」），包括自已发行普通股重新指定及重新分类的3,664,310股股份及自法定但未发行普通股重新指定及重新分类的610,718股股份。重新指定3,664,310股现有普通股按向有关股东购回普通股及发行可转换可赎回优先股入账，录得股本支销366美元（相当于约人民币3,000元，约整至最接近的千位数）以反映购回普通股。3,664,310股普通股的账面值与公平值之间的差额为人民币499,658,000元，于截至2020年12月31日止年度于综合权益变动表作为股份溢价借项扣除。(iii)于2020年6月20日，全部4,275,028股A系列优先股转换为本公司普通股。于转换前，A系列优先股的公平值为88,408,000美元（相当于人民币626,925,000元），其中金额428美元（相当于约人民币3,000元，约整至最接近的千位数）于股本入账及余下金额人民币626,922,000元于截至2020年12月31日止年度综合权益变动表内的股份溢价入账。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司272NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注25 SHARE CAPITAL(continued)(d) On 24 July 2020, the board of directors of the Company approved to issue2,442,873 ordinary shares of the Company to the Share Award Trust fornil consideration in related to Post-IPO Share Award Scheme. The aboveissuance of shares was completed on 28 July 2020, and the shares held bythe Share Award Trust will be recorded as“Shares held for Share AwardScheme”and deducted from share premium until the RSU are vested orcancelled. The shares under the Post-IPO Share Award Scheme have beenadjusted to 24,428,730 after the capitalisation issue on 11 December 2020.(e) Capitalisation issueAs disclosed in Note 1, 1,121,278,635 ordinary shares of USD0.0001 par valueeach were issued and USD112,128 (equivalent to RMB733,372) were creditedto share capital, of which 21,985,857 ordinary shares (representing sharecapital RMB14,380) were held for Share Award Scheme (Note 26).(f) Issuance of new ordinary shares to public upon Global OfferingAs disclosed in Note 1, the total gross proceeds from the Global Offeringwere approximately HKD6,008,787,000 (equivalent to approximatelyRMB5,070,481,000), of which USD15,607 (equivalent to approximatelyRMB102,079) was credited to share capital, HKD6,008,666,000 (equivalent toapproximately RMB5,070,379,000) was credited to share premium. The shareissuance costs relating to the Global Offering amounted to RMB154,902,000were recorded in share premium.25股本（续）(d)于2020年7月24日，本公司董事会批准以零代价向股份奖励信托发行2,442,873股本公司普通股，用于首次公开发售后股份奖励计划的相关事宜。上述股份发行已于2020年7月28日完成，股份奖励信托持有的股份将列账为「就股份奖励计划持有的股份」，并从股份溢价中扣除，直至受限制股份单位归属或注销。于2020年12月11日资本化发行后，首次公开发售后股份奖励计划下的股份数量已调整为24,428,730股。(e)资本化发行诚如附注1所披露，本公司已发行1,121,278,635股每股面值0.0001美元的普通股，并将112,128美元（相当于人民币733,372元）计入股本，其中就股份奖励计划持有21,985,857股普通股（占股本人民币14,380元）（附注26）。(f)于全球发售时向公众人士发行新普通股诚如附注1所披露，全球发售所得款项总额约为6,008,787,000港元（相当于约人民币5,070,481,000元），其中15,607美元（相当于约人民币102,079元）已计入股本，而6,008,666,000港元（相当于约人民币5,070,379,000元）已计入股份溢价。与全球发售有关的股份发行成本为人民币154,902,000元，已计入股份溢价。
二零二一年年报ANNUAL REPORT 2021273NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注26 SHARES HELD FOR SHARE AWARD SCHEMEAs atDecember2021As atDecember2020As atDecember2021As atDecember2020于2021年12月31日于2020年12月31日于2021年12月31日于2020年12月31日SharesSharesRMBRMB股份股份人民币人民币Shares held for Share Award Schemeof US$0.0001 each就股份奖励计划所持每股0.0001美元的股份23,265,95924,428,73015,33416,087These shares are held by the Group’s Share Award Trust for the purposeof issuing shares under the Group’s Share Award Scheme (see Note 28for further information). Under the Post-IPO Share Award Scheme, theCompany issued 2,442,873 ordinary shares of the Company to the ShareAward Trust for nil consideration in 2020. The shares under the Post-IPO Share Award Scheme have been changed to 24,428,730 after thecapitalisation issue on 11 December 2020 (see Note 25(d) for furtherinformation).Numberof sharesRMBDetails详情股份数量人民币Balance at 1 January 2020于2020年1月1日的结余––Shares issued to the Share Award Scheme发行予股份奖励计划的股份2,442,8731,707Capitalisation issue资本化发行21,985,85714,380Balance at 31 December 2020于2020年12月31日的结余24,428,73016,087Shares vested under the Share Award Scheme (Note 28)根据股份奖励计划归属的股份（附注28）(1,162,771)(753)Balance at 31 December 2021于2021年12月31日的结余23,265,95915,33426就股份奖励计划持有的股份本集团的股份奖励信托持有的该等股份目的为根据本集团的股份奖励计划发行股份（进一步详情见附注28）。根据首次公开发售后股份奖励计划，本公司于2020年以零代价向股份奖励信托发行2,442,873股公司普通股。于2020年12月11日资本化发行后，首次公开发售后股份奖励计划下的股份数量已变为24,428,730股（进一步详情见附注25(d)）。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司274NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注27 OTHER RESERVES(a) Other reserves movement of the GroupSharepremiumCapitalreservesStatutoryreservesTranslationreservesShare-basedcompensationreservesTotal股份溢价资本储备法定储备汇兑储备以股份为基础的付款储备总计RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元As at 1 January 2021于2021年1月1日12,551,545(7,382,159)57,727(37,998)–5,189,115Currency translation difference货币换算差额–––(115,523)–(115,523)Dividends declared宣派股息(205,833)––––(205,833)Share vested under the Share Award Scheme根据股份奖励计划归属之股份71,551–––(71,552)(1)Share-based compensation expenses以股份为基础的报酬开支––––155,825155,825Balance at 31 December 2021于2021年12月31日的结余12,417,263(7,382,159)57,727(153,521)84,2735,023,583As at 1 January 2020于2020年1月1日7,500,381(7,382,159)50,506903–169,631Currency translation difference货币换算差额–––(38,901)–(38,901)Profit appropriation to statutory reserves (i)转拨至法定储备之溢利(i)––7,221––7,221Re-designation of ordinary shares to convertibleredeemable preferred shares (Note 25(c))重新指定普通股为可转换可赎回优先股（附注25(c)）(499,658)––––(499,658)Issuance of ordinary shares to the thenshareholders (Note 25(b))向当时股东发行普通股（附注25(b)）393,801––––393,801Conversion of convertible redeemable preferredshares into ordinary shares (Note 25(c))将可转换可赎回优先股转换为普通股（附注25(c)）626,922––––626,922Capitalisation issue (Note 25(e))资本化发行（附注25(e)）(719)––––(719)Issuance of new ordinary shares (Note 25(f))发行新普通股（附注25(f)）4,409,110––––4,409,110Issuance of ordinary shares upon exercise ofover-allotment option (Note 25(f))超额配股权获行使后发行普通股（附注25(f)）661,269––––661,269Share issuance costs (Note 25(f))股份发行成本（附注25(f)）(154,902)––––(154,902)Dividends declared宣派股息(384,659)––––(384,659)Balance at 31 December 2020于2020年12月31日的结余12,551,545(7,382,159)57,727(37,998)–5,189,11527其他储备(a)本集团的其他储备变动
二零二一年年报ANNUAL REPORT 2021275NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注27 OTHER RESERVES(continued)(a) Other reserves movement of the Group(continued)(i) Statutory reservesIn accordance with the relevant laws and regulations of the PRC,when distributing the net profit of each year, the Group shall setaside 10% of its profit after income tax (based on the PRC statutoryfinancial statements and after offsetting accumulated losses fromprior years) for the statutory surplus reserve fund (except where thereserve balance has reached 50% of the paid-in capital).Statutory reserve can be used to make up for the loss or increasethe paid-in capital after approval from the appropriate authorities.28 SHARE-BASED COMPENSATION(a) Share Award SchemeThe Company adopted the restricted share unit (the“RSU”) long termincentive plan (the“Post-IPO Share Award Scheme”) on 24 July 2020with a duration of 10 years commencing from the adoption date. Theobjective of the Scheme is to align the interests of selected participantswith those of the Group and to encourage and retain selectedparticipants to make contributions to the long-term growth and profitsof the Group.Under the scheme, Pop Mart Partner Limited (the“Share Award Trust”)was established in British Virgin Islands on 7 May 2020. As the financialand operational policies of the Share Award Trust are governed by theGroup, and the Group benefits from the Share Award Trust’s activities,the Share Award Trust is consolidated in the Group’s financial statementsas a special purpose entity.The aggregate number of RSU will not exceed 10% shares withoutshareholders’approval subject to an annual limited of 5% of the totalnumber of issued shares as at the date of adoption.27其他储备（续）(a)本集团的其他储备变动（续）(i)法定储备根据中国相关法律及法规的规定，分配各年度纯利时，根据中国法定财务报表并冲减往年的累计亏损后，本集团应提取其除所得税后溢利的10%作为法定盈余储备金（惟储备结余已达到实缴资本的50%则除外）。获得主管当局审批后，法定储备可用于弥补亏损或增加实缴资本。28以股份为基础的报酬(a)股份奖励计划本公司于2020年7月24日采纳受限制股份单位（「受限制股份单位」）长期激励计划（「首次公开发售后股份奖励计划」），自采纳日期起为期10年。该计划之目的乃使选定参与者的利益与本集团利益保持一致，鼓励及挽留选定参与者为本集团长远增长及溢利作出贡献。根据该计划，Pop Mart Partner Limited（「股份奖励信托」）于2020年5月7日在英属维京群岛成立。由于股份奖励信托的财务及运营政策受本集团管理，且本集团从股份奖励信托的活动中受益，故股份奖励信托于本集团财务报表综合入账为特殊目的实体。在未经股东批准下，受限制股份单位数目合共不得超过10%的股份，并受于采纳日期已发行股份总数5%的年度限额规限。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司276NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注28以股份为基础的报酬（续）(a)股份奖励计划（续）于2020年7月24日，本公司董事会批准以零代价向股份奖励信托发行2,442,873股本公司普通股，用于首次公开发售后股份奖励计划的相关事宜。上述股份发行已于2020年7月28日完成，股份奖励信托持有的受限制股份单位列账为「就股份奖励计划持有的股份」，并从权益中扣除，直至受限制股份单位归属或注销。于2020年12月11日资本化发行后，首次公开发售后股份奖励计划下的股份数量已变为24,428,730股。根据首次公开发售后股份奖励计划，于2021年1月4日、2021年3月29日、2021年3月31日、2021年4月1日、2021年6月1日、2021年7月2日及2021年10月4日，本集团向选定参与者分别授出2,804,789个受限制股份单位、184,409个受限制股份单位、104,925个受限制股份单位、730,925个受限制股份单位、763,258个受限制股份单位、174,170个受限制股份单位及372,591个受限制股份单位。上述已授出受限制股份单位归属时间表各有不同，包括：•若干受限制股份单位于授出日期即时全面归属；•若干受限制股份单位于授出日期后第78日以单一批次归属；•若干受限制股份单位于授出日期后第90日以单一批次归属；•若干受限制股份单位的归属时间表约为300日，当中50%已授出受限制股份单位于授出日期后第90日归属，而余下50%已授出受限制股份单位则于整个归属期到期时归属；28 SHARE-BASED COMPENSATION(continued)(a) Share Award Scheme(continued)On 24 July 2020, the board of directors of the Company approved toissue 2,442,873 ordinary shares of the Company to the Share Award Trustfor nil consideration in related to Post-IPO Share Award Scheme. Theabove issuance of shares was completed on 28 July 2020, and the RSUheld by the Share Award Trust was recorded as“Shares held for ShareAward Scheme”and deducted from equity until the RSU are vestedor cancelled. The number of shares under the Post-IPO Share AwardScheme have been changed to 24,428,730 after the capitalisation issueon 11 December 2020.Pursuant to the Post-IPO Share Award Scheme, on 4 January 2021, 29March 2021, 31 March 2021,1 April 2021, 1 June 2021, 2 July 2021 and 4October 2021 the Group granted 2,804,789 RSUs, 184,409 RSUs, 104,925RSUs, 730,925 RSUs, 763,258 RSUs 174,170 RSUs and 372,591 RSUsrespectively to the selected participants.The above granted RSUs have various vesting schedules including:• Certain RSUs shall be fully vested immediately on the grant date;• Certain RSUs shall vest in a single tranche on the 78th day followingthe grant date;• Certain RSUs shall vest in a single tranche on the 90th day followingthe grant date;• Certain RSUs have vesting schedules of approximately 300 days,with 50% of granted RSUs vested on the 90th day following thegrant date, and the remaining 50% of granted RSUs vested uponthe maturity of the entire vesting period;
二零二一年年报ANNUAL REPORT 2021277NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注28以股份为基础的报酬（续）(a)股份奖励计划（续）•若干受限制股份单位的归属时间表约为4年，当中50%已授出受限制股份单位于授出日期第二个周年日归属，25%已授出受限制股份单位于授出日期第三个周年日归属，而余下25%已授出受限制股份单位则于授出日期第四个周年日归属；•若干受限制股份单位的归属时间表约为45个月，当中25%已授出受限制股份单位于授出日期后第9个月末归属，而余下75%已授出受限制股份单位则于余下36个月归属期内分3期等额授出；及•若干受限制股份单位的归属时间表为4年，当中25%已授出受限制股份单位于归属期间授出日期的每个周年日归属。除上述已授予雇员的受限制股份单位外，于2021年3月29日，本集团透过股份奖励信托向一名第三方卖方转让184,409股本公司普通股，作为收购若干资产的代价。交易入账为以股份为基础付款交易，据此，已购入资产于转让日期按本公司股份市值确认（为人民币8,791,000元），而相应金额分别入账为「就股份奖励计划持有的股份」及「股份溢价」进账项。于截至2021年12月31日止年度，上述交易的条款未进行修订。为评估达成服务条件的可能性，截至每个报告期均会进行评估。以股份为基础的报酬开支其后将予以调整，以反映原有估计的修订。一旦达成各受限制股份单位的归属条件，受限制股份单位将被视为以零对价正式及有效向选定参与者发行，且不受转让限制。奖励股份公平值按本公司股份于授出日期的市值厘定，作为本集团雇员福利开支计入损益。截至2021年12月31日止年度，计入损益的总额为人民币147,068,000元（截至2020年12月31日止年度：无）。28 SHARE-BASED COMPENSATION(continued)(a) Share Award Scheme(continued)• Certain RSUs have vesting schedules of 4 years, with 50% of grantedRSUs vested on the second anniversary of the grant date, 25% ofgranted RSUs vested on the third anniversary of the grant date,and the remaining 25% of granted RSUs vested on the fourthanniversary of the grant date;• Certain RSUs have vesting schedules of approximately 45 months,with 25% of granted RSUs vested by the end of the 9th monthfollowing the grant date, and the remaining 75% of granted RSUsvested in 3 equal installments over the remaining vesting period of36 months; and• Certain RSUs have vesting schedules of 4 years, with 25% of grantedRSUs vested on every anniversary of the grant date over the vestingperiod.Besides the above RSUs granted to employees, on 29 March 2021, theGroup transferred 184,409 ordinary shares of the Company via the RSUTrust to a third-party vendor, as part of the consideration for purchasingof certain assets. The transaction is accounted for as share-basedpayment transaction, under which the purchased assets are recognisedat the market value of the Company’s shares on the date of transfer(which amounted to RMB8,791,000), with the corresponding amountrecorded as a credit to“shares held for share award scheme”and“sharepremium”respectively. During the year ended 31 December 2021, thereis no modification on the terms of the above transaction.Evaluations are made as of each reporting period to assess the likelihoodof service conditions being met. Share-based compensation expensesare then adjusted to reflect the revision of original estimates. Oncethe vesting conditions of the respective RSUs are met, the RSUs areconsidered duly and validly issued to the selected participants at nilconsideration, and free of restrictions on transfer.The fair value of awarded shares, based on the market value of theCompany’s shares on the grant date, is charged to profit or loss asemployee benefit expenses of the Group. The total amount charged toprofit or loss was RMB147,068,000 during the year ended 31 December2021 (31 December 2020: nil).
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司278NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注28 SHARE-BASED COMPENSATION(continued)(a) Share Award Scheme(continued)Movements in the awarded shares are as follow:Years ended at 31 December截至12月31日止年度202120202021年2020年Averagefair valueper shareNumber ofsharesAveragefair valueper shareNumber ofshares每股平均公平值股份数目每股平均公平值股份数目(RMB)(Thousands)(RMB)(Thousands)（人民币元）（千股）（人民币元）（千股）Opening balance as at 1 January于1月1日的年初结余––––Granted授出69.845,135––Vested归属72.41(1,163)––Forfeited失效74.33(147)––Ending balance as at 31 December于12月31日的年末结余68.863,825––28以股份为基础的报酬（续）(a)股份奖励计划（续）奖励股份变动如下：
二零二一年年报ANNUAL REPORT 2021279NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注29 TRADE PAYABLESAs at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Merchandise payables商品应付款项266,098115,804The credit terms of merchandise payables granted by the suppliers areusually current to 180 days. At 31 December 2021 and 2020, the aginganalysis of the merchandise payables based on invoice date is as follows:As at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Within 30 days30天以内99,60631,35530 to 90 days30至90天122,44444,73690 to 180 days90至180天19,44720,604Over 180 days180天以上24,60119,109Total总计266,098115,80429贸易应付款项供应商授出的商品应付款项的信贷期通常为即期至180天。于2021年及2020年12月31日，基于发票日期的商品应付款项的账龄分析如下：
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司280NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注30 LICENSE FEES PAYABLESAs at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元License fees payables应付授权费132,37586,814Less: non-current portion减：非即期部分(46,371)(27,934)Current portion即期部分86,00458,880As disclosed in Note 14(a), the Group entered into various licenseagreements with artists to obtain exclusive and non-exclusive LicensedIPs. Pursuant to the license agreements, fixed minimum payments arepayable in tranches during the contracted term while variable paymentsthat depend on sales are payable in the period in which the conditionthat triggers those payments occurs.30应付授权费诚如附注14(a)所披露，本集团与艺术家订立若干授权协议，以取得独家及非独家授权IP。根据授权协议，固定最低付款须于合约期内分期支付而基于销量的可变付款须于触发该等付款的条件发生的期间内支付。
二零二一年年报ANNUAL REPORT 2021281NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注30 LICENSE FEES PAYABLES(continued)Movement in license fees payables during the year is analysed as follows:RMB’000人民币千元As at 1 January 2021于2021年1月1日86,814Additions添置190,272Payment of license fees支付授权费(144,501)Adjustment for exchange difference汇兑差额调整(210)As at 31 December 2021于2021年12月31日132,375As at 1 January 2020于2020年1月1日16,495Additions添置149,735Payment of license fees支付授权费(79,322)Adjustment for exchange difference汇兑差额调整(94)As at 31 December 2020于2020年12月31日86,814As at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Analysis of license fees payables:应付授权费分析：Non-current非流动46,37127,934– the first to second year－第一至第二年26,6746,487– the second to fifth year－第二至第五年16,34618,009– more than five years－五年以上3,3513,438Current即期86,00458,880The license fees payables are mainly denominated in RMB, USD and HKD.The maturity profile of the Group’s license fees based on contractualundiscounted cash flows is disclosed in Note 3.1(c).30应付授权费（续）应付授权费于年内的变动分析如下：应付授权费主要以人民币、美元及港元计值。本集团基于合约未贴现现金流量的授权费到期情况于附注3.1(c)披露。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司282NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注31 OTHER PAYABLESAs at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Wages, salaries and other employee benefits工资、薪金及其他雇员福利77,42342,218Accrual expenses应计开支56,44131,599Payable for leasehold improvement应付租赁装修款项54,57327,123Other tax payables应付其他税项27,54028,559Payables to merchants on conventions应付展会商户款项11,0943,064Dividend payable应付股息10,5967,079Payables for short-term and variable rentalexpense应付短期及可变租金开支款项7,47911,181Deposits payable应付押金4,1989,714Payables for listing fees应付上市费用–25,716Others其他17,55816,044Total总计266,902202,297As at 31 December 2021 and 2020, the carrying amounts of otherpayables are considered to approximate their fair values, due to theirshort-term nature.31其他应付款项于2021年及2020年12月31日，由于其他应付款项具短期性质，其账面值被视为与其公平值相若。
二零二一年年报ANNUAL REPORT 2021283NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注32 CONTRACT LIABILITIESAs at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Online sales线上销售76,08251,042Customer loyalty programme客户忠诚度计划31,24021,803Wholesales批发8,2955,037License income授权收入4,0076,059119,62483,941(i) During the year ended 2021 and 2020, the points expire at the endof each six months from the date on which the initial sales occur.Revenue recognised in relation to contract liabilities balance at thebeginning of the year:Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Credited to the consolidated statement ofprofit or loss and other comprehensiveincome计入综合损益及其他全面收益表82,83926,30332合约负债(i)截至2021年及2020年止年度，积分于最初销售发生当日起计每六个月完结时到期。就年初合约负债结余确认的收益：
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司284NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注33 CONVERTIBLE REDEEMABLE PREFERREDSHARESPursuant to the resolution of the extraordinary general meeting ofthe shareholders of the Company on 31 January 2020, the authorisedshare capital of the Company of USD50,000, which originally consists of500,000,000 ordinary shares of USD0.0001 par value each, was varied andreclassified by dividing the 500,000,000 shares as follows:(i) 495,724,972 ordinary shares of USD0.0001 par value each, of which111,791,968 shares are issued; and(ii) 4,275,028 preferred shares (“Series A Preferred Shares”) re-designated and re-classified from ordinary shares at the par valueof US$0.0001 each on a one-for-one basis, which include 3,664,310shares re-designated and re-classified from ordinary shares in issue(the“Transferred Shares”) and 610,718 shares re-designated and re-classified from authorised but unissued ordinary shares.On 31 January 2020, the Company, the shareholders in respect of theTransferred Shares and LVC Amusement LP (the“Investor”) enteredinto a share purchase agreement (the“Share Purchase Agreement”),pursuant to which the shareholders in respect of the Transferred Sharestransferred 3,664,310 Series A Preferred Shares to the Investor, for a totalconsideration of USD75,000,000.On the same date, the Company, together with certain subsidiaries,entered into a shares subscription agreement (the“Share SubscriptionAgreement”) with the Investor, pursuant to which the Company allottedand issued 610,718 Series A Preferred Shares to the Investor, at a price ofUSD20.4677 per share for a total consideration of USD12,500,000.The transactions under the Share Purchase Agreement and the ShareSubscription Agreement were completed on 31 January 2020 (the“IssueDate”).33可转换可赎回优先股根据本公司股东于2020年1月31日举行的股东特别大会的决议案，本公司的法定股本50,000美元（原先包括500,000,000股每股面值0.0001美元的普通股）已通过分为500,000,000股股份而变更及重新分类如下：(i) 495,724,972股每股面值0.0001美元的普通股，其中111,791,968股已发行；及(ii)按一股换一股基准将每股面值0.0001美元的普通股重新指定及重新分类为4,275,028股优先股（「A系列优先股」），包括自已发行普通股重新指定及重新分类的3,664,310股股份（「转让股份」）及自法定但未发行普通股重新指定及重新分类的610,718股股份。于2020年1月31日，本公司、转让股份的股东及LVC Amusement LP（「投资人」）订立股份购买协议（「股份购买协议」），据此，转让股份的股东向投资人转让3,664,310股A系列优先股，总代价为75,000,000美元。于同日，本公司连同若干附属公司与投资人订立股份认购协议（「股份认购协议」），据此，本公司向投资人按每股20.4677美元的价格配发及发行610,718股A系列优先股，总代价为12,500,000美元。股份购买协议及股份认购协议项下的交易已于2020年1月31日（「发行日期」）完成。
二零二一年年报ANNUAL REPORT 2021285NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注33 CONVERTIBLE REDEEMABLE PREFERREDSHARES(continued)(a) Dividends rightsThe investor of Series A Preferred Shares are entitled to receivedividends, out of any assets legally available, as and if declared bythe Board. Such distributions shall not be cumulative. To the extentany dividend is declared and paid, such dividend shall be paidratably to all shareholders on an as-converted basis.(b) Conversion featureThe Preferred Shares shall be automatically converted into fully-paid, non-assessable Ordinary Shares, based in the then-effectiveapplicable conversion price for such shares: (i) immediately prior tothe closing of an IPO or (ii) (A) on the date specified on the writtenrequest for such conversion from the investors (calculated on anas converted basis) with respect to the conversion of the Series APreferred Shares.IPO means the Company’s first underwritten public offering ofits Ordinary Shares and listing on an internationally recognizedsecurities exchange (for the avoidance of doubt, excluding“NEEQ”in the PRC).33可转换可赎回优先股（续）(a)股息权利A系列优先股投资者有权于及倘董事会宣派股息时，收取自任何合法可用资产拨付的股息。有关分派不得累计。倘宣派及派付任何股息，有关股息将按犹如已转换的基准按比例派付予全体股东。(b)转换特征优先股应在下列时间按当时生效的适用股份转换价格自动转换为缴足且无需课税的普通股：(i)紧接首次公开发售截止前或(ii)(A)投资者（按犹如已转换基准计算）就转换A系列优先股所发出的书面转换请求中列明的日期。首次公开发售指本公司首次包销公开发售其普通股并于国际认可的证券交易所上市（为免生疑，不包括中国的「新三板」）。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司286NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注33 CONVERTIBLE REDEEMABLE PREFERREDSHARES(continued)(c) Redemption featureUpon the written request of each majority holder of the SeriesA Preferred Shares, the Company shall redeem all or any portionof the Series A Preferred Shares. Upon the earlier to occur of(i) the Company has not completed an IPO following the fifth(5th) anniversary of the Closing, or (ii) any material breach of anyTransaction Agreement by the Company and its subsidiaries orMr.Wang Ning and GWF Holding Limited.(d) Voting rightsEach Series A Preferred Shares has voting rights equivalents to thenumber of ordinary shares into which such Preferred shares couldbe then convertible.The Group monitors Series A Preferred shares on a fair value basiswhich is in accordance with the risk management strategy and doesnot bifurcate any embedded derivatives from the host instrumentsand designates entire instruments as financial liabilities at FVPL withthe changes in the fair value recorded in the consolidated incomestatements.RMB’000人民币千元As at 1 January 2020于2020年1月1日–Issuance of Series A Preferred Shares发行A系列优先股602,665Change in fair value公平值变动6,260Currency translation differences货币换算差额18,000Redemption of Series A Preferred Shares赎回A系列优先股(626,925)As at 31 December 2020于2020年12月31日–As disclosed in Note 25, on 20 June 2020, all of the 4,275,028 Series APreferred Shares were converted into ordinary shares of the Company.33可转换可赎回优先股（续）(c)赎回特征于A系列优先股的各主要持有人书面请求时，本公司须赎回全部或任何部分A系列优先股。于发生以下事件时（以较早者为准）：(i)本公司自交割的第五(5)周年后尚未完成首次公开发售；或(ii)本公司及其附属公司或王宁先生及GWFHolding Limited严重违反任何交易协议。(d)投票权每股A系列优先股拥有相当于有关优先股当时可转换的普通股数目的投票权。本集团按照风险管理策略基于公平值监察A系列优先股，不将任何嵌入式衍生工具与主工具分开，而是将整份工具指定为按公平值计入损益的金融负债，且公平值变动计入综合收益表。诚如附注25所披露，于2020年6月20日，全部4,275,028股A系列优先股转换为本公司普通股。
二零二一年年报ANNUAL REPORT 2021287NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注34 WAGES, SALARIES AND OTHER EMPLOYEEBENEFITSYear ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Salaries, bonuses and allowances工资、花红及津贴479,356239,745Contributions to pension plans (a)退休金计划供款(a)43,3013,218Share-based compensation expenses (Note 28)以股份为基础的报酬开支（附注28）147,068–669,725242,963(a) Contributions to pension plansEmployees of the Group companies in the PRC are required toparticipate in a defined contribution retirement scheme administeredand operated by the local municipal government. The Group contributesfunds which are calculated on fixed percentage of the employees’salary(subject to a floor and cap) as set by local municipal governments toeach scheme locally to fund the retirement benefits of the employees.The Group has no other obligations for the payment of retirement andother post-retirement benefits of employees or retirees other than thedefined contribution payments as disclosed above.34工资、薪金及其他雇员福利(a)退休金计划供款本集团中国公司的雇员须参加由当地市政府管理及运作的定额供款退休金计划。本集团向当地各计划供款（按当地市政府设定的雇员薪金的固定百分比（设有下限及上限）计算），为雇员的退休福利提供资金。除上文所披露作界定供款外，本集团并无其他向雇员或退休人士支付退休金及其他退休后福利的责任。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司288NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注34 WAGES, SALARIES AND OTHER EMPLOYEEBENEFITS(continued)(b) Five highest paid individualsThe five individuals whose emoluments were the highest in the Groupfor the years ended 31 December 2021 including 1 director whoseemoluments are reflected in the analysis shown in Note 40 (2020: 2). Theemoluments payables to the remaining 4 (2020: 3) individuals during theyear ended 31 December 2021 are as follows:Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Salaries,bonuses and allowances工资、花红及津贴7,7934,057Contributions to pension plans退休金计划供款24919Share-based compensation expenses以股份为基础的报酬开支3,952–11,9944,076The emoluments fell within the following bands:Year ended 31 December截至12月31日止年度202120202021年2020年Emolument bands (in HKD)酬金范围（以港元计）HKD 0 to HKD1,000,0000港元至1,000,000港元––HKD 1,000,001 to HKD1,500,0001,000,001港元至1,500,000港元–3HKD 1,500,001 to HKD2,000,0001,500,001港元至2,000,000港元––HKD 2,000,001 to HKD2,500,0002,000,001港元至2,500,000港元2–HKD 2,500,001 to HKD3,000,0002,500,001港元至3,000,000港元––HKD 3,000,001 to HKD3,500,0003,000,001港元至3,500,000港元1–HKD 3,500,001 to HKD4,000,0003,500,001港元至4,000,000港元––HKD 4,000,001 to HKD4,500,0004,000,001港元至4,500,000港元––HKD 4,500,001 to HKD5,000,0004,500,001港元至5,000,000港元––HKD 5,000,001 to HKD5,500,0005,000,001港元至5,500,000港元1–34工资、薪金及其他雇员福利（续）(b)五名最高酬金人士截至2021年12月31日止年度，本集团酬金最高的五名人士中分别包括一名（2020年：两名）董事，其酬金反映在附注40所示分析中。截至2021年12月31日止年度期间，应付予其余四名（2020年：三名）人士的酬金如下：酬金属于以下范围：
二零二一年年报ANNUAL REPORT 2021289NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注35 NOTES TO THE CONSOLIDATED STATEMENTOF CASH FLOWS(a) Reconciliation of profit before income tax to net cash flowsgenerated from operations:Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Profit before income tax除所得税前溢利1,171,191707,403Adjustments for:就以下各项作出调整：Fair value gains from financial assetsat FVPL (Note 23)按公平值计入损益的金融资产的公平值收益（附注23）(15,262)(1,153)Fair value gain changes on convertibleredeemable preferred shares (Note 33)可转换可赎回优先股的公平值变动（附注33）–6,260Expense related to re-designation ordinaryshares to preferred shares (Note 33)重新指定普通股为优先股有关开支（附注33）–16,910Share-based compensation expenses以股份为基础的报酬开支147,068–Share of results of joint ventures andassociates (Note 17)分占合营企业及联营公司业绩（附注17）(14,016)(3,873)Depreciation of property, plant andequipment (Note 13)物业、厂房及设备折旧（附注13）161,83466,682Amortisation of intangible assets (Note 14)无形资产摊销（附注14）51,47036,221Loss on disposal of property, plant andequipment, intangible assets处置物业、厂房及设备和无形资产的亏损316Gain on disposal of right-of-use assets处置使用权资产的收益–102Depreciation of right-of-use assets (Note 15)使用权资产折旧（附注15）221,698142,940Provision for/(reversal of) impairmenton financial assets金融资产减值拨备╱（拨回）1,435(398)Impairment losses on inventory (Note 21)存货减值亏损（附注21）1,3182,095Finance (income)/expense, net (Note 9)财务（收入）╱开支净额（附注9）(7,363)8,993Foreign exchange gains or loss外汇损益2,6131,270Changes in working capital:营运资金变动：Inventories存货(564,778)(130,329)Trade receivables贸易应收款项(93,928)(31,715)Other receivables其他应收款项(64,756)(38,886)Prepayments and other current assets预付款项及其他流动资产(190,447)(53,742)Trade payables贸易应付款项157,80671,610Other payables其他应付款项40,50650,701Contract liabilities合约负债35,68348,774Cash generated from operations经营活动产生的现金1,042,075899,88135综合现金流量表附注(a)除所得税前溢利与经营活动产生的现金流量净额之对账：
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司290NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注35综合现金流量表附注（续）(b)处置物业、厂房及设备所得款项：(c)债务净额对账35 NOTES TO THE CONSOLIDATED STATEMENTOF CASH FLOWS(continued)(b) Proceeds from disposal of property, plant and equipment:Year ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Net book amount (Note 13)账面净值（附注13）6121,997Loss on disposal of property, plant andequipment处置物业、厂房及设备的亏损(3)(16)6091,981(c) Net debt reconciliationAs at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Cash and cash equivalents现金及现金等价物5,264,7105,680,235Lease liabilities – due within 1 year租赁负债－一年以内到期(256,909)(144,724)Lease liabilities – due after 1 year租赁负债－一年后到期(364,543)(147,050)Net cash现金净额4,643,2585,388,461
二零二一年年报ANNUAL REPORT 2021291NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注35综合现金流量表附注（续）(c)债务净额对账（续）35 NOTES TO THE CONSOLIDATED STATEMENTOF CASH FLOWS(continued)(c) Net debt reconciliation(continued)Cash and cashequivalentsLease liabilitiesNet cash现金及现金等价物租赁负债现金净额RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元Net cash as at 1 January 2021于2021年1月1日的现金净额5,680,235(291,774)5,388,461Cash flows现金流量(304,732)220,126(84,606)Addition – leases liabilities增加－租赁负债–(528,618)(528,618)Interests accrued for leases liabilities租赁负债之应计利息–(21,186)(21,186)Foreign exchange adjustments外汇调整(110,793)–(110,793)Net cash as at 31 December 2021于2021年12月31日的现金净额5,264,710(621,452)4,643,258Net cash as at 1 January 2020于2020年1月1日的现金净额324,614(183,398)141,216Cash flows现金流量5,356,797147,9955,504,792Addition – leases liabilities增加－租赁负债–(245,425)(245,425)Interests accrued for leases liabilities租赁负债之应计利息–(10,946)(10,946)Foreign exchange adjustments外汇调整(1,176)–(1,176)Net cash as at 31 December 2020于2020年12月31日的现金净额5,680,235(291,774)5,388,461
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司292NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注36承诺(a)资本承诺37关联方交易若一方有能力直接或间接控制另一方，或在作出财务及经营决策时对另一方发挥重大影响，即视为有关联。倘所涉各方受共同控制，则亦视为有关联。泡泡玛特的主要管理层成员及其近亲成员亦被视为关联方。下列交易乃于泡泡玛特日常业务过程中进行，并根据于有关期间共同协定的条款厘定。36 COMMITMENTS(a) Capital commitmentsAs at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Contractual but not provided for已订约但未拨备– Property, plant and equipment－物业、厂房及设备–16,008– Acquiring investments measured at fair valuethrough profit or loss－收购按公平值计量且其变动计入损益的投资78,750–78,75016,00837 RELATED PARTY TRANSACTIONSParties are considered to be related if one party has the ability, directlyor indirectly, control the other party or exercise significant influenceover the other party in making financial and operation decisions. Partiesare also considered to be related if they are subject to common control.Members of key management and their close family member of Popmartare also considered as related parties.The following transactions were carried out in the ordinary course ofPopmart’s business and were determined based on mutually agreedterms during the Relevant Periods.Names of the major related partiesNature of relationship主要关联方名称关系的性质Mr. Wang NingExecutive director of the Group王宁先生本集团执行董事Nanjing Pop MartJoint venture南京泡泡玛特合营企业Pop Mart JapanJoint venturePop Mart Japan合营企业POP MART SOUTH ASIA PTE.LTDJoint venturePOP MART SOUTH ASIA PTE.LTD合营企业Singapore PopJoint ventureSingapore Pop合营企业How2work LimitedAssociateHow2work Limited联营企业
二零二一年年报ANNUAL REPORT 2021293NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注37关联方交易（续）与关联方进行的重大交易：(a)销售商品予(b)购买商品自(c)获得服务自37 RELATED PARTY TRANSACTIONS(continued)Significant transactions with related parties:(a) Sales of goods toYear ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Joint ventures合营企业210,04097,008(b) Purchase of goods fromYear ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元An associate联营企业13,45216,309(c) Receive Service fromYear ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Associates联营企业5,4587,895
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司294NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注37 RELATED PARTY TRANSACTIONS(continued)Significant transactions with related parties:(continued)(d) Key management compensationYear ended 31 December截至12月31日止年度202120202021年2020年RMB’000RMB’000人民币千元人民币千元Salaries and other benefits薪金及其他福利6,2136,181Contributions relating to social insurance,housing fund and retirement scheme社保、住房公积金及退休计划相关供款372167Bonus花红1,084839Share-based compensation expenses以股份为基础的报酬开支11,803–19,4727,18737关联方交易（续）与关联方进行的重大交易：（续）(d)关键管理人员薪酬
二零二一年年报ANNUAL REPORT 2021295NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注37关联方交易（续）与关联方进行的重大交易：（续）(e)与关联方的重大年结日结余：37 RELATED PARTY TRANSACTIONS(continued)Significant transactions with related parties:(continued)(e) Significant year-end balances with related parties:As at 31 December于12月31日202120202021年2020年RMB’000RMB’000人民币千元人民币千元Assets资产Trade receivables贸易应收款项Joint ventures合营企业54,25519,288Other receivables其他应收款项Joint ventures合营企业3,1152,108Prepayments预付款项An associate一家联营公司16,7146,952Trade payables贸易应付款项Associates联营公司1,5551,396License fees payables应付授权费Associates联营公司9,96611,935Other Payables其他应付款项A Joint venture一家合营企业27,417–
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司296NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注38或有事件于2020年8月28日，北京泡泡玛特接获一份日期为2020年8月19日的法院传票，内容有关金鹰国际商贸集团（中国）有限公司（「金鹰国际」）（作为股东）代表南京泡泡玛特于江苏省南京市中级人民法院向北京泡泡玛特提起的申索，指称（其中包括）北京泡泡玛特违反日期为2014年4月29日由金鹰国际、王宁先生及北京泡泡玛特当时的其他股东订立的投资合作协议。根据申索，金鹰国际要求(i)北京泡泡玛特应停止于若干专属地区经营申索店舖；及(ii)北京泡泡玛特应向南京泡泡玛特返还为数约人民币117.2百万元的款项，即北京泡泡玛特于截至2019年12月31日止年度自于专属地区经营申索店舖获得的所指称毛利。于2021年6月17日，上述案件进行首次庭审，主要程序为收集及核证金鹰国际及本集团提供的进一步资料。该案件还需继续开庭以协助法院查清事实。直至本综合财务报表批准日期，上述案件仍在审理当中。概无就该项申索于截至2021年及2020年12月31日止年度综合财务报表确认任何拨备，原因是本公司的中国大陆法律顾问告知，金鹰国际提出的申索并无依据、申索被判定金鹰国际胜诉的可能性极低，本集团来自申索的风险极小且申索将不会对本集团的业务及财务表现造成重大不利影响。38 CONTINGENCYOn 28 August 2020, Beijing Pop Mart received a court summonsdated 19 August 2020 in relation to a claim brought by Golden EagleInternational Retail Group (China) Co., Ltd. (“Golden Eagle International”)as a shareholder on behalf of Nanjing Pop Mart at the Jiangsu NanjingIntermediate People’s Court against Beijing Pop Mart, alleging, amongothers, that Beijing Pop Mart had breached an investment cooperationagreement dated 29 April 2014 which was entered into among GoldenEagle International, Mr. Wang Ning and other then shareholders ofBeijing Pop Mart. Pursuant to the claim, Golden Eagle Internationalclaimed that (i) Beijing Pop Mart should cease to operate the claimedstores in certain exclusive areas; and (ii) Beijing Pop Mart should returnan amount of approximately RMB117.2 million to Nanjing Pop Mart,which represents the alleged gross profits obtained by Beijing Pop Martfor the year ended 31 December 2019 from operating the claimed storesin the exclusive areas.On 17 June 2021, the first hearing of the above case was held, andthe major proceedings were the collection and verification of furtherinformation provided by Golden Eagle International and the Group. Upto the date of approval of this consolidated financial statements, theabove case is still in process.No provision in relation to this claim has been recognised in theconsolidated financial statements for the years ended 31 December 2021and 2020, as the Mainland China legal adviser of the Company advisedthat the claim brought by Golden Eagle International is groundless,the likelihood that the claim will be decided in favour of Golden EagleInternational is very low, the risk exposure of the Group from the claimis minimal and the claim will not have a material adverse impact on theGroup’s operations and financial performance.
二零二一年年报ANNUAL REPORT 2021297NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注39本公司的资产负债表及其他储备变动本公司资产负债表39 BALANCE SHEET AND OTHER RESERVEMOVEMENT OF THE COMPANYBalance sheet of the CompanyAs at31 December2021As at31 December2020于2021年12月31日于2020年12月31日RMB’000RMB’000人民币千元人民币千元Assets资产Non-current assets非流动资产Investment accounted for using the equity method使用权益法入账的投资29,24827,173Investments in subsidiaries于附属公司的投资6,898,5766,904,266Total non-current assets总非流动资产6,927,8246,931,439Current assets流动资产Financial assets at fair value through profit or loss按公平值计入损益的金融资产20,544–Other receivables其他应收款项231,7184,219Cash and cash equivalents现金及现金等价物4,414,8614,965,721Total current assets总流动资产4,667,1234,969,940Total assets总资产11,594,94711,901,379Equity权益Share capital股本923923Shares held for Share Award Scheme就股份奖励计划持有的股份(15)(16)Other reserves (a)其他储备(a)11,592,42211,922,641Accumulated deficit累计亏绌(8,978)(29,251)Total equity总权益11,584,35211,894,297Liabilities负债Current liabilities流动负债Other payables其他应付款项10,5957,082Total current liabilities总流动负债10,5957,082Total liabilities总负债10,5957,082Total equity and liabilities总权益及负债11,594,94711,901,379The balance sheet of the Company was approved by the Board ofDirectors on 28 March 2022 and was signed on its behalf:Mr. Wang Ning王宁先生Mr. Si De司德先生本公司资产负债表已获董事会于2022年3月28日批准并由下列董事代表董事会签署：
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司298NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注39本公司的资产负债表及其他储备变动（续）附注(a)本公司的其他储备变动39 BALANCE SHEET AND OTHER RESERVEMOVEMENT OF THE COMPANY(continued)Note (a) Other reserve movement of the CompanySharepremiumTranslationreservesShare-basedcompensationreservesTotal股份溢价汇兑储备以股份为基础的报酬储备总计RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元As at 1 January 2021于2021年1月1日12,556,653(634,012)–11,922,641Currency translation difference货币换算差额–(276,581)–(276,581)Dividends declared宣派股息(209,462)––(209,462)Share vested under the Share AwardScheme根据股份奖励计划归属之股份71,551–(71,552)(1)Share-based compensation expenses以股份为基础的报酬开支––155,825155,825Balance at 31 December 2021于2021年12月31日的结余12,418,742(910,593)84,27311,592,422As at 1 January 2020于2020年1月1日7,500,381(118,657)–7,381,724Currency translation difference货币换算差额–(515,355)–(515,355)Re-designation of ordinary shares toconvertible redeemable preferredshares (Note 25(c))重新指定普通股为可转换可赎回优先股（附注25(c)）(499,658)––(499,658)Issuance of ordinary shares to the thenshareholders (Note 25(b))向当时股东发行普通股（附注25(b)）393,801––393,801Conversion of convertible redeemablepreferred shares into ordinary shares(Note 25(c))将可转换可赎回优先股转换为普通股（附注25(c)）626,922––626,922Capitalisation issue (Note 25(e))资本化发行（附注25(e)）(719)––(719)Issuance of new ordinary shares(Note 25(f))发行新普通股（附注25(f)）4,409,110––4,409,110Issuance of ordinary shares uponexercise of over-allotment option(Note 25(f))超额配股权获行使后发行普通股（附注25(f)）661,269––661,269Share issuance costs (Note 25(f))股份发行成本（附注25(f)）(149,794)––(149,794)Dividends declared宣派股息(384,659)––(384,659)Balance at 31 December 2020于2020年12月31日的结余12,556,653(634,012)–11,922,641
二零二一年年报ANNUAL REPORT 2021299NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注40董事福利及权益(a)董事酬金40 BENEFITS AND INTERESTS OF DIRECTORS(a) Directors’remunerationDirector’sfeeSalaries andallowancesBonusEmployee’scontribution toa retirementbenefitschemeShare-basedcompensationexpensesTotal董事袍金工资及津贴花红雇员对退休福利计划作出之供款以股份为基础的报酬开支总计RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元Directors’remuneration duringthe year ended 31 December2021 is as follows:截至2021年12月31日止年度期间的董事酬金如下：Directors董事Mr. Wang Ning (i)王宁先生(i)–9487753–1,078Mr. Si De (ii)司德先生(ii)–1,29517353–1,521Ms. Liu Ran (i)刘冉女士(i)–9147753–1,044Ms. Yang Tao (i)杨涛女士(i)–7646257–883Mr. Tu Zheng (i)屠铮先生(i)––––––Mr. He Yu (i)何愚先生(i)––––––Mr. Wu Liansheng (iii)吴联生先生(iii)125––––125Mr. Zhang Jianjun (iii)张建君先生(iii)125––––125Mr. Yan Jinliang (iii)颜劲良先生(iii)123––––123Directors’remuneration duringthe year ended 31 December2020 is as follows:截至2020年12月31日止年度的董事酬金如下：Directors董事Mr. Wang Ning (i)王宁先生(i)–1,0071114–1,122Mr. Si De (ii)司德先生(ii)–1,0041804–1,188Ms. Liu Ran (i)刘冉女士(i)–747904–841Ms. Yang Tao (i)杨涛女士(i)–729834–816Mr. Tu Zheng (i)屠铮先生(i)––––––Mr. He Yu (i)何愚先生(i)––––––Mr. Wu Liansheng (iii)吴联生先生(iii)9––––9Mr. Zhang Jianjun (iii)张建君先生(iii)9––––9Mr. Yan Jinliang (iii)颜劲良先生(iii)9––––9
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司300NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注40董事福利及权益（续）(a)董事酬金（续）(i)王宁先生、杨涛女士、刘冉女士、屠铮先生及何愚先生于2019年5月获委任为本公司董事。(ii)司德先生于2019年6月获委任为本公司董事。(iii)吴联生先生、张建君先生及颜劲良先生于2020年12月获委任为本公司董事。(b)董事概无放弃任何酬金，而本集团亦无向其任何董事支付酬金作为加入本集团或于加入本集团后的奖励或作为董事离职补偿。(c)董事退休福利概无任何董事就管理本公司或其附属公司事务而提供之其他服务获支付或应收取退休福利。(d)董事离职福利年内概无就提前终止委任向董事支付补偿金。(e)提供予第三方以提供董事服务的代价概无就担任本公司董事提供服务向该等董事的前雇主作出付款。(f)有关以董事、董事之受控制法团及关连实体为受益人之贷款、准贷款及其他交易之资料于往绩记录期间，概无以董事、董事之受控制法团及关连实体为受益人之贷款、准贷款或其他交易。(g)董事在交易、安排或合约中的重大权益并无有关本集团业务而本集团作为其中一方且本集团董事于其中（不论直接或间接）拥有重大权益的重大交易、安排及合约（于年底或于年内任何时间存续）。40 BENEFITS AND INTERESTS OF DIRECTORS(continued)(a) Directors’remuneration(continued)(i) Mr. Wang Ning, Ms. Yang Tao, Ms. Liu Ran, Mr. Tu Zheng and Mr. HeYu were appointed as directors of the Company in May 2019.(ii) Mr. Si De was appointed as director of the Company in June 2019.(iii) Mr. Wu Liansheng, Mr. Zhang Jianjun and Mr. Yan Jinliang wasappointed as director of the Company in December 2020.(b)No director waived any emoluments and no emoluments were paidby the Group to any of the directors of the as an inducement to joinor upon joining the Group or as a compensation for loss of office asdirector.(c) Directors’retirement benefitsNo retirement benefits were paid to or receivable by any directors inrespect of their other services in connection with the management ofthe affairs of the or its subsidiaries undertaken.(d) Directors’termination benefitsNo payment was made to directors as compensation for the earlytermination of the appointment during the year.(e) Consideration provided to third parties for makingavailable directors’servicesNo payment was made to the former employer of directors for makingavailable the services of them as a director of the Company.(f) Information about loans, quasi-loans and other dealingsin favour of directors, controlled bodies corporate by andconnected entities with such directorsThere are no loans, quasi-loans and other dealings in favour of directors,controlled bodies corporate by and connected entities with suchdirectors during the Track Record Period.(g) Directors’material interests in transactions, arrangementsor contractsNo significant transactions, arrangements and contracts in relation to theGroup’s business to which the Group was a party and in which a directorof the Group had a material interest, whether directly or indirectly,subsisted at the end of the year or at any time during the year.
avatar
为何
读万卷书，写千篇文，投十只股，得一生富。
文章
131
标签
416
分类
13
搜一搜 价格与价值
公告
期待与您一起慢慢变富——不仅是财富的增长，更是认知的丰富和心灵的丰盈。
最新文章
『洋河013』净利腰斩+分红变脸+总裁换帅三连暴击
『洋河013』净利腰斩+分红变脸+总裁换帅三连暴击
『陕煤004』推算2025年归母净利与2026年买卖价格
『陕煤004』推算2025年归母净利与2026年买卖价格
【股票063】“熊市擒牛，牛市避雷”选股三板斧
【股票063】“熊市擒牛，牛市避雷”选股三板斧
[总结2025]跑赢指数，但操作全是“败笔”
[总结2025]跑赢指数，但操作全是“败笔”
[总结2025]在不确定的世界里，阅读是确定的事
[总结2025]在不确定的世界里，阅读是确定的事
分类
标签
轮盘 速度 核心 亏损 神探 电梯 陕煤 计划 年均值 预测 资源 项目 交易日 比值 思想 技术 年度 音视频 含税 商誉 罪恶 獐子 存期 胜率 所有权 股神 业务 天分 估值 古井贡 先生 互联网 投资 方式 装机 票据 成品 高价 模型 原浆
归档
网站信息
文章数目 :
131
本站总字数 :
142.1k
本站访客数 :
本站总浏览量 :
最后更新时间 :