泡泡玛特2024年简体中文版年报

泡泡玛特2024年简体中文版年报
二零二四年年报ANNUAL REPORT 202412Corporate 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38Biographies of Directors and Senior Management董事及高级管理层履历45Report of Directors董事会报告书81Corporate Governance Report企业管治报告1052024 Environmental, Social and Governance Report2024年环境、社会及管治报告180Independent Auditor’s Report独立核数师报告188Consolidated Statement of Profit or Loss andOther Comprehensive Income综合损益及其他全面收益表190Consolidated Balance Sheet综合资产负债表193Consolidated Statement of Changes in Equity综合权益变动表195Consolidated Statement of Cash Flows综合现金流量表197Notes to the Consolidated Financial Statements综合财务报表附注335Definition释义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（于2024年3月20日辞任）刘冉女士司德先生文德一先生（于2024年3月20日获委任）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 Tao(resigned on 20 March 2024)Ms. Liu RanMr. Si DeMr. Moon Duk Il(was appointed on 20 March 2024)Non-Executive DirectorsMr. Tu ZhengMr. He YuIndependent Non-Executive DirectorsMr. Zhang JianjunMr. Wu LianshengMr. Ngan King Leung GaryREMUNERATION COMMITTEEMr. Zhang Jianjun(Chairperson)Mr. Wu LianshengMr. Wang NingNOMINATION COMMITTEEMr. Wang Ning(Chairperson)Mr. Zhang JianjunMr. Wu LianshengAUDIT COMMITTEEMr. Wu Liansheng(Chairperson)Mr. Tu ZhengMr. Ngan King Leung GaryJOINT COMPANY SECRETARIESMr. Li HongxuanMs. Li Ching YiAUTHORISED REPRESENTATIVESMr. Wang NingMs. Li Ching Yi
二零二四年年报ANNUAL REPORT 20243CORPORATE 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 KONG19/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 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19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
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, ZhushikouDongcheng 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 & Wardwell10/F, 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）中国北京市东城区珠市口东大街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三号A香港会所大厦十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
二零二四年年报ANNUAL REPORT 20245CORPORATE 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202420232022202120202024年2023年2022年2021年2020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13,037,7496,301,0024,617,324 4,490,6512,513,471Gross profit毛利8,707,7653,864,0712,654,543 2,758,6241,594,108Operating profit经营溢利4,154,2721,230,646583,380 1,149,812718,783Profit before income tax除所得税前溢利4,365,8121,415,755639,529 1,171,191707,403Profit for the year年内溢利3,308,3451,088,771475,801 854,567523,312Profit attributable toowners of the Company本公司拥有人应占溢利3,125,4731,082,344475,660 854,339523,505Non-IFRS adjusted net profit非国际财务报告准则经调整纯利3,403,1621,190,519573,540 1,001,635590,506Gross profit margin毛利率66.8%61.3%57.5%61.4%63.4%Net profit margin纯利率25.4%17.3%10.3%19.0%20.8%Non-IFRS adjusted netprofit margin非国际财务报告准则经调整纯利率26.1%18.9%12.4%22.3%23.5%财务业绩摘要
二零二四年年报ANNUAL REPORT 20247FINANCIAL SUMMARY财务概要财务状况表摘要FINANCIAL POSITION HIGHLIGHTSAs at 31 December于12月31日202420232022202120202024年2023年2022年2021年2020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12,236,0817,683,4696,615,535 6,757,2896,255,900Total non-current assets总非流动资产2,634,5912,285,3941,964,527 1,566,337715,399Total assets总资产14,870,6729,968,8638,580,0628,323,6266,971,299Total current liabilities总流动负债3,370,0281,733,3011,130,747 1,092,706665,313Total non-current liabilities总非流动负债616,005455,180483,990 410,914174,984Total liabilities总负债3,986,0332,188,4811,614,7371,503,620840,297Equity attributable toowners of the Company本公司拥有人应占权益10,683,5057,769,9276,963,288 6,818,1826,129,374Non-controlling interests inequity非控股权益201,13410,4552,037 1,8241,628Total equity总权益10,884,6397,780,3826,965,3256,820,0066,131,002Total equity and liabilities总权益及负债14,870,6729,968,8638,580,0628,323,6266,971,299
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：过去一年，我们取得了令人振奋的成绩，国际化和集团化战略齐头并进，推动泡泡玛特IP全球影响力迅猛攀升。回顾过去一年，泡泡玛特营收、净利润再次突破历史新高，实现营收130.4亿元，同比增长106.9%，经调整净利润34.0亿元，同比增长185.9%。IP孵化与运营始终是推动泡泡玛特不断发展的核心驱动力，2024年集团旗下IP表现十分优异，首次实现THE MONSTERS、MOLLY、SKULLPANDA和CRYBABY四大IP营收过10亿元，13大IP营收破亿元。去年LABUBU爆火全球，推动THE MONSTERS收入突破30亿元，SKULLPANDA「温度」系列成为历史上最好的潮玩产品，CRYBABY成为最快进入10亿俱乐部的新IP。不同风格的IP在公司运营体系下走出了差异化发展路径，IP价值不断延展。我们相信，IP拥有跨越语言、穿越周期的力量，泡泡玛特已经成立15年，今年是LABUBU十周年，明年是MOLLY二十周年，我们向外界证明了我们具备持续打造爆款IP的能力，这让我们对集团未来发展充满信心。过去一年，我们积极推动海外业务布局，通过布局线下门店、线上渠道、举办行业展会和艺术家签售会等形式深化DTC战略，推动泡泡玛特品牌及IP认可度在全球范围内极速提升。我们在越南、印度尼西亚、菲律宾、意大利、西班牙五个国家开设了首家线下门店，并在法国卢浮宫、越南巴拿山乐园、英国牛津街、美国圣地亚哥等地成功开设了特色主题店与旗舰店，来自全球消费者的关注和喜爱让泡泡玛特真正有可能成为一个世界级文化消费类品牌。Dear Shareholders and Investors:Over the past year, we have achieved remarkable accomplishments, withour internationalization and corporation grouplization strategy advancing intandem, propelling the global influence of POP MART’s IP portfolio to surgedramatically. In the past year, both revenue and net profit of POP MARTreached unprecedented heights, generating revenue of RMB13.04 billionrepresenting an increase of 106.9% year-on-year, while adjusted net profitamounted to RMB3.4 billion with a growth of 185.9% year-on-year.IP incubation and operation remain the core engine driving POP MART’ssustained development. Throughout 2024, the Group’s IP portfolio deliveredexceptional performance, marking the revenue from the four IPs, namelyTHE MONSTERS, MOLLY, SKULLPANDA and CRYBABY, all surpassing RMB1billion for the first time, and the revenue from 13 major IPs exceedingRMB100 million. The global phenomenon of LABUBU in last year propelledthe revenue of THE MONSTERS beyond RMB3 billion, while SKULLPANDA’s“Temperature”series emerged as the most successful designer toy collectionin history. CRYBABY set a new benchmark as the fastest-growing IP to jointhe RMB1 billion revenue club. Diverse IP styles have cultivated distinctdevelopment trajectories within our operational ecosystem, enablingcontinuous expansion of IP value. We firmly believe in IP’s transcendentpower to overcome linguistic barriers and transcend temporal cycles. AsPOP MART celebrates its 15th anniversary, commemorates LABUBU’s 10thanniversary this year, and prepares for MOLLY’s 20th anniversary next year,we have demonstrated sustained capability in creating blockbuster IPs –a proven track record that reinforces our confidence in the Group’s futuregrowth.Over the past year, we have actively advanced our deployment in overseasbusiness, deepening our DTC strategy through various means includingoffline stores, online channels, and the organization of industry exhibitionsand artist signing events. These efforts have rapidly enhanced the globalrecognition of the POP MART brand and our IPs. We have opened our firstoffline stores in five countries, namely Vietnam, Indonesia, the Philippines,Italy, and Spain. Additionally, we have successfully launched specialty themedstores and flagship stores in iconic locations such as the Louvre in France, BaNa Hills Park in Vietnam, Oxford Street in the UK, and San Diego in the USA.The attention and affection from consumers worldwide have truly positionedPOP MART on the path to becoming a world-class cultural consumer brand.
二零二四年年报ANNUAL REPORT 20249CHAIRMAN’S STATEMENT董事长致辞The rapid development of our global business cannot be achieved withoutour steadfast implementation of the two core strategies of globalisationand conglomeration. In 2024, we have reorganized our business segmentswithin the Group: consumer products, services and experiences, and digitalentertainment. We aim to leverage these three major business areas toconnect hundreds of millions of consumers with diverse cultural backgroundsworldwide through our IPs, continuously innovating trendy consumptionexperiences. The year 2024 has also been dubbed as the“Plush Year”. For thefirst time, we have categorized our retail business into four major categories:figure toys, plush, MEGA, and other IP-related products and others. Amongthem, revenue from plush increased by 1,289% year-on-year, accounting for21.7% of our revenue, and delivering the breakout hit and biggest surpriseof the year. Through continuous innovation in our product categories,POP MART has demonstrated its robust product development capabilities.We believe that the Group’s IP-centric commercial ecosystem is graduallymaturing.Although our performance has been outstanding, we are more focusedon the invisible forces behind the numbers. In the past, we planted manyseeds, and today, these seeds are gradually sprouting and growing. Whileour innovative businesses, such as the theme park and building blocks, arestill small in scale, we believe that in the future, these seeds will grow intotowering trees and become the ideal we envision.Finally, I would like to extend my gratitude to all consumers, partners andinvestors for your long-time support and trust, and to all colleagues aroundthe globe for your hard work. Last year, the Company’s key phrase was“StriveUpwards and Look Outwards,”and moving forward, we will continue touphold the principle of“Growing Upwards.”I hope we can continue to worktogether, step by step, towards our goal of reaching one hundred billion, andI look forward to the day when we can truly become“the world’s Pop Mart.”Wang Ning, Chairman of the Board and CEO of Pop MartChairman of the Board and CEO of Pop MartWang Ning全球化业务的快速发展，离不开我们对国际化和集团化两大核心战略的坚定执行。2024年我们重新梳理了集团业务板块：消费品、服务与体验、数字娱乐。我们希望围绕这三大业务，用IP连接起全球数亿不同文化背景的消费人群，不断创新潮流消费体验。2024年也是「毛绒绒的一年」，我们首次将零售业务划分为四大品类：手办、毛绒、MEGA、衍生品及其他，其中毛绒同比增长1289%，收入占比21.7%，成为年度爆品和最大惊喜。通过品类的不断创新，泡泡玛特证明了自身强大的产品开发能力，我们相信，集团以IP为核心的商业生态系统正在逐渐成熟。虽然业绩表现优异，但我们更关心数据背后的隐形力量。过去，我们种下了许多种子，今天，这些种子一点一点发芽、成长。虽然乐园、积木等创新业务的体量尚小，但我们相信，未来这些种子也将长成一棵棵参天大树，长成我们理想的模样。最后，要感谢所有消费者、合作伙伴、投资人一如既往的支持与信任，感谢全球所有同事伙伴的辛勤付出。去年公司的年度关键词是「向上努力向外看」，未来我们依然会坚持「向上生长」。希望我们继续携手奋进，一步步向千亿目标努力，期待有一天能够真正成为「世界的泡泡玛特」。泡泡玛特董事长兼CEO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2024年，凭借各部门的高效协同、出色的IP运营能力，以及在产品品类拓展与创新方面的优秀表现，我们成功推出了多个经典IP的新品系列，还孵化出了多个全新的IP，这些新品备受粉丝的喜爱，同时我们持续为消费者提供高品质的产品与服务。这些举措进一步提升了泡泡玛特品牌在全球的知名度和美誉度，显著推动了销售业绩的增长，彰显出强大的品牌活力与市场竞争力。报告期内，我们的收入达到人民币13,037.7百万元，同比增长106.9%。通过持续改善顾客在全渠道的体验，不断提升运营效率和商品渠道差异化经营能力，由此带动了中国内地各渠道的销售增长，实现收入人民币7,972.1百万元，同比增长52.3%。与此同时，我们加大国际市场开拓力度并深入推进本土化运营策略，使得港澳台及海外业务保持高速增长态势，收入达到人民币5,065.7百万元，同比增长375.2%，占整体收入的38.9%。IP孵化与运营IP运营与创意设计是推动泡泡玛特持续发展的核心驱动力。我们通过在全球范围内发掘极具潜力的潮流艺术家和设计师，结合成熟的IP运营体系，成功打造出多个深受欢迎的潮流文化IP形象。同时，我们不断加大产品设计创新的投入力度，持续丰富产品品类，以满足不同粉丝群体的多样化需求，为全球消费者带来了更多快乐与惊喜。我们依托各IP的独特性制定差异化运营策略，在持续维持市场热度的同时，成功驱动销售业绩强劲增长，共有13个IP收入过亿。THEMONSTERS、MOLLY、SKULLPANDA和CRYBABY在2024年分别实现收入人民币3,040.7百万元、人民币2,093.2百万元、人民币1,308.3百万元和人民币1,164.9百万元。BUSINESS REVIEWIn 2024, through the efficient collaboration of various departments,exceptional IP operation capabilities, and remarkable achievements inproduct category expansion and innovation, we successfully launchedmultiple new product series based on classic IPs while incubating severalnew IPs that have garnered significant fan enthusiasm. At the same time,we remained committed to delivering high-quality products and servicesto consumers. These efforts have further elevated the global recognitionand reputation of Pop Mart’s brand, driving substantial sales growth andshowcasing our strong brand vitality and market competitiveness.During the Reporting Period, we recorded a revenue of RMB13,037.7 million,representing a year-on-year increase of 106.9%. By consistently improving thecustomers’omni-channel experience, enhancing the operational efficiencyand differentiated product channel management, we achieved sales growthacross all channels in Mainland China, generating revenue of RMB7,972.1million, representing a year-on-year increase of 52.3%. Simultaneously, weaccelerated our international market expansion and advanced our localizedoperations strategy, enabling our businesses in Hong Kong, Macao, Taiwan,and overseas markets to maintain rapid growth. Revenue from these regionsreached RMB5,065.7 million, representing a year-on-year increase of 375.2%and accounting for 38.9% of our total revenue.IP Incubation and OperationIP operation and creative design are the core drivers to promote PopMart’s sustainable growth. We explored highly-potential pop artists anddesigners worldwide and created popular pop culture IP images throughwell-established IP operation system. At the same time, we continued tostrengthen innovation in product designs and diversify product categoriesto meet the diverse needs of different fan groups and create more joy andsurprises for consumers around the world.We have implemented tailored operation strategies for each IP based onits unique characteristics, driving strong sales growth while sustaining theirmarket appeal. A total of 13 IPs recorded a revenue of over RMB100 million.In 2024, THE MONSTERS, MOLLY, SKULLPANDA and CRYBABY generatedrevenues of RMB3,040.7 million, RMB2,093.2 million, RMB1,308.3 million andRMB1,164.9 million, respectively.
二零二四年年报ANNUAL REPORT 202411MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析通过丰富多元的产品品类设计，以及乐园明星朋友互动表演等呈现形式，把THE MONSTERS从静态的潮玩手办，延伸拓展为能够搭配装扮的毛绒挂件，以及可互动的伙伴。THE MONSTERS的形象变得更加生动鲜活，其个性也越发丰满立体，强化了与粉丝的情感连接，加深了粉丝黏性。同时，得益于海外业务拓展、本地化产品设计以及IP运营，THE MONSTERS在全球迅速走红，进而赢得了全球粉丝的喜爱，相关收入实现了726.6%同比的大幅增长。MOLLY作为我们最具代表性的经典IP，始终展现出蓬勃旺盛的生命力。凭借持续不断的运营以及高端化策略，成功打造出经典MOLLY、SPACEMOLLY、ROYAL MOLLY、BABY MOLLY等基本形象，通过跨圈层的内容创新与多元产品组合，深化IP文化符号价值以满足不同粉丝群体的需求，相关收入仍然达成了105.2%的同比增长。SKULLPANDA延续多元化设计策略，依靠其独特的设计理念和持续创新的风格探索，专注于潮玩手办的设计与创作。经典系列「温度」的累计销量超过79.1万套，成为我们销量最高的单一系列。2024年推出的「漫相集」系列，灵感来源于超现实主义艺术，用带有奇幻色彩的设计语言将观者带入超现实的世界漫游，销量达到26.5万套，进而为粉丝带来更多元化的艺术与收藏体验，相关收入实现了27.7%的同比增长。CRYBABY是我们增长最快的新锐IP之一，CRYBABY的核心理念为「哭泣治愈」以及「每个人都有哭泣的时候（Everybody CriesSometimes！）」，旨在鼓励大家在宣泄情绪之后能够继续勇敢前行。它通过传递情绪自由这一精神内核，为粉丝提供情绪价值，引发情感共鸣。相关收入同比增速高达1,537.2%。Through diverse product category designs and interactive performancesfeaturing theme park mascots, THE MONSTERS has evolved beyond static popfigure toys into plush accessories with different costumes, and interactivecompanions. This transformation has made THE MONSTERS more vivid anddynamic, enriching their personalities and deepening emotional connectionswith fans, thereby increasing fan engagement. Meanwhile, driven byoverseas market expansion, localized product designs and IP operations, THEMONSTERS has rapidly gained global popularity and earned widespread fansupport worldwide, achieving a significant year-on-year growth of 726.6% inrelated revenue.As our most iconic classic IP, MOLLY continues to showcase strong vitality.Through continuous operations and premium positioning strategies, we havesuccessfully created the basic images such as Classic MOLLY, SPACE MOLLY,ROYAL MOLLY and BABY MOLLY. By integrating cross-community contentinnovations and diverse product offerings, we have reinforced the culturalvalue of the IP to cater to different fan groups, resulting in a year-on-yeargrowth of 105.2% in related revenue.SKULLPANDA maintains its diversified design strategy. It concentrateson designs and creation of pop figure toy by virtue of its unique designphilosophy and style exploration of continuous innovation. The classic series“Temperature”has achieved cumulative sales of over 791 thousand sets,making it our best-selling individual series. In 2024, the newly launchedseries,“Image of Reality”, draws inspiration from surrealist art, which immersesviewers in an otherworldly experience with its fantastical designs. This serieshas sold 265 thousand sets, offering fans a broader artistic and collectibleexperience and contributing to a year-on-year growth of 27.7% in relatedrevenue.CRYBABY is one of our fastest-growing emerging IPs, built on the coreconcept of“Healing Through Tears”and the belief that“Everybody CriesSometimes!”. It aims to encourage people to bravely move forward afterexpressing their emotions. By conveying the essence of emotional freedom,CRYBABY provides emotional value to fans and resonates deeply with them.As a result, it reached an impressive year-on-year increase of 1,537.2% inrelated revenue.
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2024年我们内部IP原创工作室PDC (Pop DesignCenter)旗下的HIRONO、Zsiga、Nyota、inosoul等都取得了出色的成绩。其中，HIRONO以极具辨识度的治愈设计语言构建起独特的精神图景，他的世界成为了许多粉丝的精神庇护所。我们在全球各大城市开设了小野IP生活方式类快闪店，店内除潮玩之外，还推出潮流服饰、艺术生活家居、收藏级绘画、雕塑等众多品类，全方位地展现了小野的世界，相关收入实现了106.9%的同比增长。Nyota作为2024年新推出的新晋IP，通过IP独特的恬淡气质以及差异化的风格定位，迅速吸引了众多粉丝的关注。星星人是我们24年新签约的IP，其设计理念是星星人诞生于黑暗之中，犹如点亮整个夜空的璀璨星辰。「Stars can’t shine without darkness」（星星只有在黑暗中才能闪耀），为那些依然怀揣童心的成年人营造出一个充满浪漫的童话世界，传递温暖与治愈的力量。我们依据这个插画风格的IP，设计出多种符合其特征的产品，如潮玩手办、毛绒等，这些产品深受粉丝的喜爱。我们持续对授权IP的范围进行探索并不断扩大，推出多种类型、风格各异的潮玩手办以及联名款产品，从而满足不同消费者的需求与兴趣。经由和动漫、游戏、电影等众多版权方开展合作，为粉丝们提供更多的选择并带来惊喜。与此同时，我们在不断拓展IP授权的地域范围，当前已经获取了大部分授权IP的全球授权，进而为全球消费者打造更为独特的潮玩体验。In 2024, the IPs of HIRONO, Zsiga, Nyota, inosoul and others under ourin-house IP originals studio PDC (Pop Design Center) achieved outstandingresults. In particular, HIRONO’s distinctive design language can create uniquespiritual picture, making his universe a spiritual sanctuary for many fans.We have set up Hirono IP lifestyle pop-up stores in major cities worldwide.These pop-up stores feature not only pop toys but also a wide range ofnew categories such as fashion clothing, artistic household, collections andpaintings, and peripheral products, offering a comprehensive and immersiveexperience of HIRONO’s universe, and achieving 106.9% year-on-year growthin related revenue. As a new IP launched in 2024, Nyota has quickly garneredsignificant attention from a wide fan base, which is attributable to its unique,serene aesthetic and distinctive style positioning.The Twinkle Twinkle (星星人), an IP we newly signed in 2024, was designedwith the concept that they were born in darkness, akin to the radiant starsthat illuminate the night sky. Its core spirit of“Stars can’t shine withoutdarkness”serves as a poignant reminder, creating a romantic fairy-tale worldfor adults who still harbor a childlike heart, conveying warmth and healingpower. Based on this illustration-style IP, we developed a variety of productsembodying its characteristics, such as fashion figure toys and plush products,which were warmly received and beloved by fans.We continued to explore and expand the scope of licensed IPs by launchinga series of pop garage kits and co-branded products in different types anddiversified styles to meet the needs and interests of different consumers.Through cooperation with various copyright owners of anime, games andmovies, we brought more choices and surprises to our fans. At the sametime, we continued to expand the territories of IP licensing, and alreadyobtained global licenses for most of our licensed IPs, bringing a more uniquepop toy experience to consumers around the world.
二零二四年年报ANNUAL REPORT 202413MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析2024年，毛绒产品实现收入人民币2,832.1百万元，占总营收的21.7%。其中，搪胶毛绒凭借搪胶工艺的运用使玩具面部表情更加生动传神，配合毛绒材质特有的柔软触感，成功打造出兼具视觉美感与触觉体验的现象级爆款产品。得益于产品出色的展示性与搭配功能，该系列在东南亚、北美等海外市场获得了广泛的市场认可与消费者青睐。在产品研发方面，我们始终以IP为核心，深入挖掘IP的文化内涵。通过精准把握不同IP的个性特征与精神内核，量身打造风格契合的毛绒产品线。这一策略不仅有效强化了粉丝与IP之间的情感纽带，更通过创新性的互动体验设计，成功吸引了多元化用户群体，显著提升了用户黏性。2024年是我们推出MEGA COLLECTION的第四年，品牌运营逐渐进入成熟阶段。MEGACOLLECTION体现着年轻一代多元且富有活力的审美与潮流观念，已成为潮玩收藏家们拥抱其热爱文化的典型代表。本年度，新品聚焦于文化破圈，我们持续把中国传统文化工艺融入潮玩，GRAND系列继续推出了MEGA ROYAL MOLLY400%嫣然入轧•瓷以及MEGA SPACE MOLLY1000%朱墨祥韵•漆，让全球的年轻人通过潮玩触摸到中国文化的当代脉搏。同时，我们不断挖掘全球优秀艺术家、版权IP和品牌，例如MEGA ROYAL MOLLY 1000%/400%梵高博物馆•杏花、MEGA SPACE MOLLY 400%三丽鸥家族系列、MEGA ROYAL MOLLY 1000%/400%黄宇兴－气泡、MEGA SPACE MOLLY 1000%陈粉丸等，这些产品将全球不同文化元素融入其中，引起全球潮玩收藏者的共鸣，充分利用跨界流量持续拓展用户群体。2024年，MEGA COLLECTION实现收入人民币1,683.8百万元，估比达到12.9%。In 2024, plush products achieved a revenue of RMB2,832.1 million,accounting for 21.7%% of our total revenue. Among them, the rotocastplush has become a phenomenon-level hit product that combines visualbeauty and tactile experience with the application of the rotocastingprocess that makes the facial expressions of the toy more vivid and lifelike,coupled with the unique soft touch of the plush material. Benefiting fromthe excellent display and matching functions of the product, this series haswon widespread market recognition and consumer favor in overseas marketssuch as Southeast Asia and North America. In terms of product researchand development, we always take IP as the core and deeply explore itscultural connotations. By accurately grasping the personality characteristicsand spiritual essence of different IPs, we tailor-made plush product linesthat match the corresponding styles. Such strategy not only enhances theemotional bond between fans and IPs, but also, through the innovativedesign of interactive experiences, successfully attracts a diverse user groupand significantly enhances user stickiness.2024 is the fourth year since we launched MEGA COLLECTION, and the brandoperation has gradually entered into a mature stage. It represents the younggeneration’s diversified and energetic aesthetic taste and trend vision, andhas already become a classic representative of the current trend collectorsembracing their favorite culture. During the year, our new products focusedon breaking through cultural boundaries. We have continuously integratedtraditional Chinese cultural craftsmanship into pop toys. The GRAND serieshas continued to launch products such as MEGA ROYAL MOLLY 400% YanranRu Ya • Porcelain (MEGA ROYAL MOLLY 400%嫣然入轧•瓷) and MEGA SPACEMOLLY 1000% Zhu Mo Xiang Yun • Lacquer (MEGA SPACE MOLLY 1000%朱墨祥韵•漆), enabling young people around the world to feel the contemporarypulse of Chinese culture through pop toys. At the same time, we have beenconstantly exploring outstanding global artists, copyrighted IPs and brands,such as MEGA ROYAL MOLLY 1000%/400% Van Gogh Museum • ApricotBlossoms (MEGA ROYAL MOLLY 1000%/400%梵古博物馆•杏花), MEGA SPACEMOLLY 400% Sanrio Family series (MEGA SPACE MOLLY 400%三丽鸥家族系列), MEGA ROYAL MOLLY 1000%/400% Huang Yuxing – Bubbles (MEGAROYAL MOLLY 1000%/400%黄宇兴－气泡), MEGA SPACE MOLLY 1000%Chen Fenwan (MEGA SPACE MOLLY 1000%陈粉丸), etc. These productsincorporate different cultural elements to resonate with pop toy collectorsglobally, making full use of cross-border traffic to continuously expand theuser base. In 2024, the MEGA COLLECTION achieved a revenue of RMB1,683.8million, accounting for 12.9% of our total revenue.
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2024年，我们上架了首款积木产品。该产品借助积木拼搭的形式，展现了IP的精神内核，不仅丰富了IP的呈现方式，还拓展了粉丝与IP互动体验的渠道，使粉丝能够更深入的了解我们IP背后的故事。在兼容传统积木体系的基础上，我们通过在工艺、材质、玩法等方面的创新，让我们的积木产品与市场上的常规积木有显著差异，从而并进一步扩大了粉丝群体。消费者触达－线下渠道2024年，我们于中国内地净增38家线下门店，门店数量从截至2023年12月31日的363家增至截至2024年12月31日的401家。2024年我们于中国内地净增110间机器人商店，机器人商店数量从截至2023年12月31日的2,190间增至截至2024年12月31日的2,300间。In 2024, we launched our first building block product. Through blockstacking, the product shows the spiritual core of our IPs. It not only enhancesthe ways in which the IPs are represented but also broadens the channels forfan interaction with IPs, enabling fans to explore the deeper narratives thatunderlie our IPs. On the basis of compatibility with the traditional buildingblock system, we have significantly differentiated our building block productsfrom the conventional building blocks in the market through innovations incraftsmanship, materials, gameplay, etc., thus further expanding the fan base.Consumer Access– Offline channelsIn 2024, we recorded a net increase of 38 physical stores in MainlandChina. The number of physical stores increased from 363 as of 31December 2023 to 401 as of 31 December 2024. In 2024, we recordeda net increase of 110 roboshops in Mainland China. The number ofroboshops increased from 2,190 as of 31 December 2023 to 2,300 as of31 December 2024.
二零二四年年报ANNUAL REPORT 202415MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析－线上渠道2024年，泡泡玛特抽盒机持续在场景化与娱乐化方面发力创新。为顾客提供更好玩、有趣的社交购买体验，提升商品运营能力，并结合节日营销玩法串联线下线上流量，有效扩大小程序访问规模。此外，泡泡玛特抽盒机不断推进精细化人群运营策略，实现新客质量及老客留存双重提升。抽盒机于2024年实现了人民币1,113.7百万元的收入，同比增速52.7%，突破了2022年所创下的历史销售记录。内容电商团队2024年重塑直播间定位，通过直播间演绎强化品牌表达，更加生动地传递给顾客IP和商品的情绪价值，吸引了大量新粉丝；构建了兴趣电商的差异化运营策略，成功实现毛绒等新品类的拓展以及新圈层获客。抖音平台2024年收入为人民币601.2百万元，同比增长了112.2%。天猫旗舰店2024年聚焦持续提升品牌新客规模、扩大店舖流量和提高客质，并在超级品牌活动月创造天猫玩具类目超品活动销售最高记录，全年业务步入高速增长通道，业绩超越2021年创下的历史销售峰值。2024年收入为人民币627.8百万元，同比增速达到95.0%，并荣获了6.18天猫潮流玩具榜和天猫玩具总榜销售额第一名。– Online channelsIn 2024, Pop Draw continued to focus on innovation in terms ofscenario and entertainment, providing customers with a more fun andrecreational social shopping experience. We also enhanced our productoperational capabilities and integrated holiday marketing campaigns toconnect offline and online traffic, thereby effectively boosting the scalesof visitors of mini program. Additionally, Pop Draw advanced its refineduser group operation strategies, achieving improvements in both newcustomer quality and existing customer retention. In 2024, revenue fromPop Draw amounted to RMB1,113.7 million, representing a year-on-yearincrease of 52.7%, breaking its historical sales record in 2022. Ourcontent-related e-commerce team redefined the positioning of livestreaming rooms in 2024. By leveraging live streaming to strengthenbrand expression, we vividly conveyed the emotional value of IPs andproducts to customers, attracting a large number of new fans. We alsoformulated a differentiated operation strategy of satisfying customer’spotential shopping interests, successfully expanding into new categoriessuch as plush and acquiring new customers. In 2024, the revenue fromDouYin amounted to RMB601.2 million, representing a year-on-yearincrease of 112.2%. The Tmall Flagship Store continuously focused onexpanding new customer base, increasing store traffic, and improvingcustomer quality in 2024. During the Super Brand Month (超级品牌活动月), the Tmall Flagship Store set a new sales record for Super BrandActivity (超品活动) in the Tmall toy category, maintaining rapid growththroughout the year and surpassing the historical sales peak in 2021.In 2024, the revenue from Tmall Flagship Store amounted to RMB627.8million, representing a year-on-year increase of 95.0%. It topped boththe Tmall Overall Toy Ranking (天猫玩具总榜) and the Tmall Pop ToyRanking (天猫潮流玩具) in terms of sales in the 618 shopping festival.
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－会员运营随着全渠道精细化会员运营的深入，通过持续创新不断改善终端的会员体验，提升重点商品效能，会员数字化规模快速扩大，截至2024年12月31日，中国内地累计注册会员总数从2023年12月31日的3,435.4万人增至4,608.3万人，新增注册会员1,172.9万人。2024年会员贡献销售额占比92.7%，会员复购率为49.4%1。－港澳台及海外渠道我们港澳台及海外业务持续推进DTC (DirectTo Customer)的发展战略。截至2024年12月31日，我们的港澳台及海外门店达到130家（含合营），机器人商店达到192台（含合营及加盟）。2024年，我们在越南、印度尼西亚、菲律宾、意大利、西班牙五个国家开设了首家线下门店，实现业务的快速拓展。同时，全球多地的地标性位置成功开设特色主题店与旗舰店，进一步增强国际影响力。2月，我们在泰国曼谷的Central Ladprao开设了CRYBABY主题店；5月，在越南的著名旅游景点巴拿山乐园开设古堡主题店；7月，在韩国明洞开设K-POP主题店。通过这些主题店的运营，消费者体验得到优化，对品牌的忠诚度有所提高，IP品牌的影响力也得以扩大。6月，在有「欧洲最繁忙商业街」之称的牛津街开设门店；7月，入驻巴黎卢浮宫，成为首个进驻该艺术殿堂的中国潮玩品牌；8月，圣地亚哥的首家门店UTC开业。这些举措让泡泡玛特在欧美地区实现品牌势能提升与市场覆盖范围拓展的双重突破。12024年，会员中购买过2次或以上的占比– Member operationWith continuous implementation of omni-channel refined memberoperation, and through continuous innovation and improving themembers’experience to enhance the marketing effectiveness of keyproducts, the scale of membership digitalization grew rapidly. As of 31December 2024, the total number of registered members in MainlandChina increased from 34.4 million as of 31 December 2023 to 46.1million. In particular, there were 11.7 million new registered members. In2024, the sales contributed by our members represented 92.7% of totalsales, with repeat purchase rate of our members of 49.4%.1– Hong Kong, Macao, Taiwan and overseas channelsThe implementation of our DTC (Direct To Customer) strategy forHong Kong, Macao, Taiwan and overseas business continued. As of31 December 2024, the number of our physical stores in Hong Kong,Macao, Taiwan and overseas was 130 (including those operated by jointventure), and the number of roboshops reached 192 (including thoseoperated by joint venture and roboshop partners).In 2024, we opened our first offline stores in five countries, i.e. Vietnam,Indonesia, the Philippines, Italy and Spain, marking a significant stepin our rapid business expansion. Meanwhile, we successfully openedthemed stores and flagship stores in landmarks worldwide, furtherstrengthening our international influence. In February, we opened astore themed CRYBABY in Central Ladprao, Bangkok, Thailand. In May,we opened a castle-themed store in Ba Na Hills Sun World, a famousscenic spot in Vietnam. In July, we opened a K-POP themed store inMyeongdong, South Korea. Through the operation of such themedstores, we have optimized the consumer experience, enhanced theirbrand loyalty, and expanded the influence of our IP brands. In June, weopened a store in the well-known most bustling hub – Oxford Street inUnited Kingdom. In July, we made history by becoming the first Chinesetrendy toy brand to establish a presence in the Louvre Museum inParis. In August, we opened our first store at UTC in San Diego. Theseinitiatives enabled Pop Mart to achieve a dual breakthrough in brandmomentum and market expansion across Europe and America.1Represents the proportion of members who purchase products twice or more in2024.
二零二四年年报ANNUAL REPORT 202417MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析与此同时，我们的海外电商团队依据不同国家的市场特点和电商平台特性，制定并实施了差异化运营策略。在东南亚，Shopee和Lazada平台覆盖多个国家。我们运用精细化营销与本地化服务策略，深入把握当地消费者需求，精准开展产品推广，获得了东南亚消费者的认可与好评。利用Amazon平台在欧美的巨大规模和物流能力，结合站内站外的推广策略，广泛触达当地用户，逐步提升品牌在欧美地区的影响力。于TikTok平台，我们紧跟全球内容电商与直播电商的潮流趋势，倾力打造高质量的内容生态，结合富有创意的直播活动吸引了大量年轻用户，以优质内容驱动销售，增进了品牌的曝光度与互动性。面向全球市场，我们持续推进品牌官网的建设与优化。从用户浏览、界面设计、产品展示到售后等环节，以用户需求为核心，全方位提升用户体验，塑造良好品牌形象。通过在不同平台、区域的这些举措，我们的品牌与产品影响力在全球范围内稳步增强，在国际市场上逐步拓展出更广阔的空间。主题乐园与IP体验及创新业务孵化我们建立了多产业链的IP商业化体系，持续加深粉丝与IP的情感连接，探索IP在价值实现路径上更多的可能性。泡泡玛特城市乐园于2023年9月正式开园。在开园后的一年半时间里，乐园持续对服务体验进行优化，着力构建IP深度沉浸氛围，打造沉浸式乐园体验。乐园致力于为全球粉丝展现泡泡玛特的独特魅力，持续以创新活动与优质服务，为游客创造价值与欢乐。Meanwhile, our overseas e-commerce team applied differentiated operatingstrategies for different countries and e-commerce platforms. Specifically,Shopee and Lazada focused on multiple countries in Southeast Asia, and wereceived favorable reviews from consumers there with refined marketingand localized service strategies to understand the needs of local consumersdeeply and carry out product promotion accurately. By leveraging Amazon’svast scale and logistics capabilities in Europe and America, combinedwith integrated on-platform and off-platform promotional strategies, weeffectively reached local users and gradually enhanced our brand’s influencein these regions. On TikTok, we embraced the global trends of content-drivene-commerce and live-streaming commerce, dedicating efforts to build ahigh-quality content ecosystem. Through creative live-streaming events,we attracted a large number of young users and drove sales with premiumcontent, thus increasing brand exposure and engagement. For the globalmarket, we continue to advance the development and optimization of ourofficial brand website. From user browsing, interface design, and productpresentation to after-sales services, we prioritize user needs to deliver acomprehensive and enhanced user experience, shaping a positive brandimage. Through these initiatives across different platforms and regions, ourbrand and product influence have steadily grown worldwide, which graduallyincreased our presence and opportunities in international markets.Theme Park and IP Experience and Innovative BusinessIncubationWe have established an IP commercialization system with a multi-industrychain, continuously deepening the emotional connection between fans andIPs, and exploring the potential of realizing the value of IP.POP LAND was officially opened in September 2023. In the year and a halfsince its opening, the park continuously optimized its service experienceand focused on creating an immersive atmosphere centered around its IPs,in a bid to provide visitors with an immersive park experience. The park isdedicated to showcasing the unique charm of Pop Mart to fans around theworld and continuing to create value and joy through innovative activitiesand high-quality services.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司18MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析我们持续加大了经典节目的每日演出频次、创排推出了新的演出节目，根据不同的节庆及假期推出了相应主题的装置及活动。2024年8月，MOLLY的甜品屋正式开业，其以独特的场景构造与鲜明的IP风格，迅速吸引大量关注，成为热门打卡点，在各大平台广泛传播，收获热烈市场反馈。同年9月，ZIMOMO大首领之舞借助自然流量跻身抖音挑战榜，有力呈现出IP突破圈层的传播效应。此后，该舞蹈多次收到园外活动邀请，进一步拓展了IP影响力范围。同年10月至12月期间，乐园策划推出了特色鲜明的万圣节和冬季主题活动。通过整合演艺内容、餐饮服务、甜品供应以及更新氛围美陈等举措，成功在传统旅游淡季实现客流量同比的大幅增长，充分展现出乐园运营策略的有效性与创新性。PTS国际潮流玩具展不断自我进化，逐步成为全球创作者展示创意的重要平台。2024年8月23日至25日，第二届海外PTS于新加坡再度举办。为期三天的展会现场人气爆棚，累计吸引了近3万名观众前来打卡，与来自世界各地的近百名艺术家汇聚在一起，共同沉浸于潮玩艺术的独特魅力之中。相较首届，第二届展会吸引了更多国内潮玩展商与艺术家踊跃参与，他们将国内潮玩领域的前沿动态与创新理念，毫无保留地分享给海外潮玩爱好者，促进了多元文化的交流碰撞。同年4月，PTS联合泡泡玛特城市乐园举办「2024 PTS北京国际潮玩节」，首次尝试由「潮玩展」转变为「潮玩节」，全新的嘉年华模式融合IP演艺、乐园体验、吃喝玩乐等内容，让观众从排队抢购模式的紧张氛围中「慢下来」；同年10月，PTS落地上海世博展览馆，首次将品牌展台区域升级为「泡泡街区」，营造统一的街区氛围，现场更有艺术家云集一堂、IP「明星」朋友空降互动、积木大赛、游戏嘉年华等大量互动。通过这一系列创新的举措，让观众体验到潮玩和IP带来的独特魅力，并实现了潮流产业的积淀与集聚。We have consistently increased the frequency of its classic dailyperformances, created and presented new shows, and launchedcommensurate themed installations and activities for various festivals andholidays. In August 2024, MOLLY’s Dessert House officially opened, quicklyattracting substantial attention with its unique scene design and distinctiveIP style and becoming a popular photo spot. It generated widespread buzzacross various platforms and received overwhelming market feedback. InSeptember 2024, ZIMOMO Dance leveraged organic traffic to rise in theDouyin challenge rankings, effectively demonstrating the cross-boundarycommunication of our IP. Subsequently, the dance received multipleinvitations for external events, further expanding the influence of our IP.From October to December 2024, the park planned and launched distinctiveHalloween and winter-themed events. By integrating performance content,dining services, dessert offerings, and refreshing atmospheric decorations,we successfully scored a significant year-on-year increase in visitor numbersduring the traditional off-peak travel season, demonstrating the effectivenessand innovation of our operational strategies.The POP TOY SHOW (PTS) continues to evolve into a significant platformfor global creators to showcase their creativity. From 23 to 25 August 2024,the second overseas PTS was held once again in Singapore. The three-dayevent was a huge success, attracting nearly 30,000 visitors who gathered toimmerse themselves in the unique charm of trendy toy art alongside nearlya hundred artists from around the world. Compared to the first session, thisone saw even greater participation from domestic trendy toy exhibitorsand artists, who enthusiastically shared the latest trends and innovativeideas from China’s trendy toy scene with overseas enthusiasts, fostering avibrant exchange of diverse cultures. In April, PTS collaborated with POPLAND to launch the“2024 PTS Beijing International Pop Toy Festival”, whichtransformed the traditional“Pop Toy Convention”to a comprehensive“PopToy Festival”for the first time. This new carnival-style event integrated IPperformances, theme park experiences, along with dining, entertainment,and other leisure activities, allowing attendees to“unwind”from the panicbuying. In October, PTS took place at the Shanghai World Expo ExhibitionCenter, where the brand exhibition area was upgraded for the first time to“Pop Street”, creating a unified atmosphere. The event featured a gathering ofartists, surprise appearances by IP“celebrities”, building block competitions,and a gaming carnival, among numerous interactive activities. Through theseinnovative initiatives, audiences experienced the unique allure of trendy toysand IPs, contributing to the accumulation and clustering of the trendy toyindustry.
二零二四年年报ANNUAL REPORT 202419MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析2024年我们举办了多次大型签售会、快闪店和作品展等活动，覆盖全球多个核心城市，持续深化IP运营与全球影响力。其中，旗下IP「THEMONSTERS」精灵天团中的LABUBU表现尤为亮眼，继上半年以「神奇泰国体验官」身份亮相后，该IP还受邀参与泰国风情节，与粉丝高频互动，进一步巩固了其作为中泰潮流文化纽带的核心地位。此外在HIRONO x小王子系列新品盲盒上市之际，HIRONO的艺术家LANG来到巴黎，在泡泡玛特法国Bercy Village门店举行了首场欧洲签售会，现场共邀请了百位粉丝与艺术家互动，推动IP触达消费者，这显示IP全球化战略成效显著，为潮玩文化出海注入持续动能。In 2024, we held a series of large-scale events, including autograph sessions,pop-up stores and art exhibitions, covering various core cities around theworld, to continue to deepen our IP operation and global influence. Amongthem, the performance of LABUBU, a character from our IP“THE MONSTERS”elf group was particularly impressive. Following its debut as the“MagicalThailand Experience Ambassador”in the first half of the year, the IP was alsoinvited to participate in the Thai-style plot and engage with fans frequently,further consolidating its core position as a bridge fostering exchangesbetween Chinese and Thai pop culture. In addition, on the occasion of thelaunch of the new blind box of the HIRONO x Little Prince series, HIRONO’sartist LANG came to Paris and held the first European autograph session atthe Bercy Village store of Pop Mart in France, where a total of one hundredfans were invited to interact with artists to promote IP to reach consumers,which shows that our IP globalization strategy has achieved remarkableresults and injected continuous momentum into the overseas expansion ofpop toy culture.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司20MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析财务回顾销售收入本集团收入从2023年的人民币6,301.0百万元上升到2024年的人民币13,037.7百万元，同比增长106.9%。根据渠道划分的收入本集团的收入来自于中国内地和港澳台及海外包括：(1)线下渠道；(2)线上渠道；及(3)批发渠道及其他。下表载列本公司2024年及2023年的按渠道划分的收入：FINANCIAL REVIEWSales RevenueRevenue of the Group increased from RMB6,301.0 million in 2023 toRMB13,037.7 million in 2024, representing a year-on-year increase of 106.9%.Revenue by channelsRevenue of the Group is generated in Mainland China and Hong Kong,Macao, Taiwan and overseas, including: (1) offline channels; (2) onlinechannels; and (3) wholesales channels and others. The following table setsout the Company’s revenue by channels in 2024 and 2023:For the year ended 31 December2024For the year ended 31 December2023截至2024年12月31日止年度截至2023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Mainland China中国内地Offline channels线下渠道4,526,27766.4%34.7%3,213,70663.0%51.0%Online channels线上渠道2,697,61964.1%20.7%1,524,57860.4%24.2%Wholesales and others批发及其他748,17847.8%5.7%496,61746.7%7.9%Total合计7,972,07463.9%61.1%5,234,90160.6%83.1%Hong Kong, Macao, Taiwan andoverseas港澳台及海外Offline channels线下渠道3,070,97172.3%23.6%640,28774.4%10.1%Online channels线上渠道1,455,16273.6%11.2%155,80573.5%2.5%Wholesales and others批发及其他539,54259.4%4.1%270,00937.6%4.3%Total合计5,065,67571.3%38.9%1,066,10164.9%16.9%Grand total总计13,037,74966.8%100.0%6,301,00261.3%100.0%
二零二四年年报ANNUAL REPORT 202421MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析(1)中国内地－线下渠道。线下收入由2023年的人民币3,213.7百万元增长到2024年的人民币4,526.3百万元，增长了40.8%，以下为线下渠道收入明细和城市分布：(1) Mainland China–Offline channels.Revenue from offline sales increased by 40.8%from RMB3,213.7 million in 2023 to RMB4,526.3 million in 2024.The table below sets forth a breakdown of revenue from offlinechannels and the city tier:For the year ended 31December 2024For the year ended 31December 2023截至2024年12月31日止年度截至2023年12月31日止年度RevenueProportionof revenueRevenueProportionof revenueChange收入收入占比收入收入占比收入变动RMB’000RMB’000人民币千元人民币千元Retail stores零售店3,827,86184.6%2,661,00982.8%43.9%Roboshops机器人商店698,41615.4%552,69717.2%26.4%Total合计4,526,277100.0%3,213,706100.0%40.8%Retail storesRoboshops零售店机器人商店For the year ended 31 DecemberFor the year ended 31 December截至12月31日止年度截至12月31日止年度20242023202420232024年2023年2024年2023年City tier城市等级NumberRevenueNumberRevenueNumberRevenueNumberRevenue数量收入数量收入数量收入数量收入(RMB’000)(RMB’000)(RMB’000)(RMB’000)（人民币千元）（人民币千元）（人民币千元）（人民币千元）First-tier cities2一线城市21251,495,9341201,100,240622201,050592147,838New first-tier cities3新一线城市31161,096,134105743,662694217,711672174,650Second-tier and other cities4二线及其他城市41601,235,793138817,107984279,655926230,209Total合计4013,827,8613632,661,0092,300698,4162,190552,6972Refer to first-tier cities in Mainland China, including Beijing, Shanghai, Guangzhouand Shenzhen3Refer to new first-tier cities in Mainland China, including Chengdu, Chongqing,Hangzhou, Wuhan, Xi’an, Zhengzhou, Qingdao, Changsha, Tianjin, Suzhou,Nanjing, Dongguan, Ningbo, Hefei and Wuxi4Refer to cities other than first-tier cities and new first-tier cities in Mainland China2指中国内地一线城市，包括北京、上海、广州和深圳3指中国内地新一线城市，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、宁波、合肥和无锡4指中国内地除去一线城市和新一线城市以外的城市
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－零售店。零售店销售收入从2023年的人民币2,661.0百万元增加到2024年的人民币3,827.9百万元，同比增长了43.9%，主要由於单店业绩的增长。2024年中国内地零售店开设情况：截至2024年12月31日比截至2023年12月31日的零售店数量净增了38家，截至2024年12月31日合计零售店401家。－机器人商店。机器人商店销售收入从2023年的人民币552.7百万元增加到2024年的人民币698.4百万元，同比增长了26.4%。2024年中国内地机器人商店开设情况：截至2024年12月31日比截至2023年12月31日的机器人商店数量净增了110间，截至2024年12月31日合计机器人商店2,300间。－线上渠道。线上收入由2023年的人民币1,524.6百万元增长到2024年的人民币2,697.6百万元，增长了76.9%。以下为线上渠道收入明细：–Retail stores.Revenue from retail store sales increased by 43.9%year-on-year from RMB2,661.0 million in 2023 to RMB3,827.9 millionin 2024, which is mainly attributed to the improved performance ofindividual stores. The status of retail stores of the Mainland China in2024: as of 31 December 2024, the number of retail stores recordeda net increase of 38 as compared to 31 December 2023. As of 31December 2024, there were a total of 401 retail stores.–Roboshops.Revenue from roboshop sales increased by 26.4%year-on-year from RMB552.7 million in 2023 to RMB698.4 millionin 2024. The status of roboshops of the Mainland China in 2024:as of 31 December 2024, the number of roboshops recorded anet increase of 110 as compared to 31 December 2023. As of 31December 2024, there were a total of 2,300 roboshops.–Online channels.Revenue from online sales increased by 76.9%from RMB1,524.6 million in 2023 to RMB2,697.6 million in 2024.The table below sets forth a breakdown of revenue from onlinechannels:For the year ended 31 December2024For the year ended 31 December2023截至2024年12月31日止年度截至2023年12月31日止年度RevenueProportionof revenueRevenueProportionof revenueIncrease收入收入占比收入收入占比收入增长RMB’000RMB’000人民币千元人民币千元Pop Draw泡泡玛特抽盒机1,113,74141.3%729,28047.8%52.7%Tmall flagship store天猫旗舰店627,78823.3%321,96621.1%95.0%DouYin抖音平台601,23122.3%283,31818.6%112.2%Other online channels其他线上渠道354,85913.1%190,01412.5%86.8%Total合计2,697,619100.0%1,524,578100.0%76.9%
二零二四年年报ANNUAL REPORT 202423MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析中国内地线上收入包括泡泡玛特抽盒机、天猫旗舰店、抖音平台以及其他线上渠道。其中，泡泡玛特抽盒机从2023年的人民币729.3百万元增长至2024年的人民币1,113.7百万元，增长了52.7%；天猫旗舰店收入从2023年的人民币322.0百万元增长至2024年的人民币627.8百万元，增长了95.0%；抖音平台从2023年的人民币283.3百万元增长到2024年的人民币601.2百万元，增长了112.2%。我们通过不断优化平台的运营效率，提升流量的转化，依靠丰富类别的产品吸引消费者的喜爱，实现收入的增长。－批发及其他。批发及其他收入从2023年的人民币496.6百万元增长到2024年的人民币748.2百万元，增长了50.7%，主要由于泡泡玛特城市乐园的收入增加。(2)港澳台及海外－线下渠道。线下收入由2023年的人民币640.3百万元上升到2024年的人民币3,071.0百万元，增长了379.6%，以下为线下渠道收入明细：Online revenue sources in Mainland China include Pop Draw, Tmallflagship store, DouYin and other online channels. In particular,revenue from Pop Draw increased by 52.7% from RMB729.3million in 2023 to RMB1,113.7 million in 2024; revenue from Tmallflagship store increased by 95.0% from RMB322.0 million in 2023to RMB627.8 million in 2024; revenue from DouYin increased by112.2% from RMB283.3 million in 2023 to RMB601.2 million in 2024.Increase in revenue from online sales is due to our continuousoptimization of the platform’s operational efficiency andimprovement in traffic conversion, as well as attracting consumerswith diverse products.–Wholesale and others.Revenue from wholesale and othersincreased by 50.7% from RMB496.6 million in 2023 to RMB748.2million in 2024, primarily due to the increase in revenue generatedfrom POP LAND.(2) Hong Kong, Macao, Taiwan and Overseas–Offline channels.Revenue from offline sales increased by 379.6%from RMB640.3 million in 2023 to RMB3,071.0 million in 2024.The table below sets forth a breakdown of revenue from offlinechannels:For the year ended 31 December 2024For the year ended 31 December 2023截至2024年12月31日止年度截至2023年12月31日止年度RevenueProportionof revenueRevenueProportionof revenueChange收入收入占比收入收入占比收入变动RMB’000RMB’000人民币千元人民币千元Retail stores零售店2,937,91095.7%582,90991.0%404.0%Roboshops机器人商店133,0614.3%57,3789.0%131.9%Total合计3,070,971100.0%640,287100.0%379.6%
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司24MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析零售店。零售店销售收入从2023年的人民币582.9百万元增长到2024年的人民币2,937.9百万元，同比增长了404.0%，主要由于我们不断拓展海外市场，店舖数量的增加和单店收入的增长。2024年港澳台及海外零售店舖开设情况：截至2024年12月31日比截至2023年12月31日的零售店数量净增了50家，截至2024年12月31日合计零售店120家。机器人商店。机器人商店销售收入从2023年的人民币57.4百万元增长到2024年的人民币133.1百万元，同比增长了131.9%。2024年港澳台及海外机器人商店开设情况：截至2024年12月31日比截至2023年12月31日的机器人商店数量净增了73家，截至2024年12月31日合计机器人商店172家。－线上渠道。线上收入由2023年的人民币155.8百万元增长到2024年的人民币1,455.2百万元，增长了834.0%。以下为线上渠道收入明细：Retail stores.Revenue from retail store sales increased by 404.0%year on year from RMB582.9 million in 2023 to RMB2,937.9 million in2024, which is mainly attributed to the increased number of storesas a result of our continuous expansion into oversea markets andsingle-store revenue growth. The status of retail stores of HongKong, Macao, Taiwan and overseas in 2024: as of 31 December2024, the number of retail stores recorded a net increase of 50 ascompared to 31 December 2023. As of 31 December 2024, therewere a total of 120 retail stores.Roboshops.Revenue from roboshop sales increased by 131.9%year on year from RMB57.4 million in 2023 to RMB133.1 millionin 2024. The status of roboshops of Hong Kong, Macao, Taiwanand overseas in 2024: as of 31 December 2024, the number ofroboshops recorded a net increase of 73 as compared to 31December 2023. As of 31 December 2024, there were a total of 172roboshops.–Online channels.Revenue from online sales increased by 834.0%from RMB155.8 million in 2023 to RMB1,455.2 million in 2024.The table below sets forth a breakdown of revenue from onlinechannels:For the year ended31 December 2024For the year ended31 December 2023截至2024年12月31日止年度截至2023年12月31日止年度RevenueProportionof revenueRevenueProportionof revenueIncrease收入收入占比收入收入占比收入增长RMB’000RMB’000人民币千元人民币千元Pop Mart official website泡泡玛特官方网站531,46036.5%39,47925.4%1,246.2%ShopeeShopee324,19722.3%42,88527.5%656.0%TikTok platformTikTok平台261,94318.0%4,4552.9%5,779.8%Other online channels其他线上渠道337,56223.2%68,98644.2%389.3%Total合计1,455,162100.0%155,805100.0%834.0%
二零二四年年报ANNUAL REPORT 202425MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析Online revenue sources in Hong Kong, Macao, Taiwan and overseasinclude Pop Mart official website, Shopee, TikTok platform andother online channels. Revenue from Pop Mart official websiteincreased by 1,246.2% from RMB39.5 million in 2023 to RMB531.5million in 2024. Revenue from Shopee increased by 656.0% fromRMB42.9 million in 2023 to RMB324.2 million in 2024; while revenuefrom TikTok platform increased 5,779.8% from RMB4.5 millionin 2023 to RMB261.9 million in 2024. Such increase is primarilydue to our continuous expansion into overseas countries andregions, enhanced localized operations, developing more onlineplatforms, and the growing brand influence, which have attractedmore consumers from Hong Kong, Macau, Taiwan and overseas topurchase our products.–Wholesales and others.Revenue from wholesales and others inHong Kong, Macao, Taiwan and overseas increased by 99.8% fromRMB270.0 million in 2023 to RMB539.5 million in 2024.Revenue from Hong Kong, Macao, Taiwan and Overseas byregions.Revenue from Hong Kong, Macao, Taiwan and Overseasincreased by 375.2% from RMB1,066.1 million in 2023 to RMB5,065.7million in 2024. Hong Kong, Macao, Taiwan and overseas are furtherdivided by region into Southeast Asia, East Asia and Hong Kong,Macao and Taiwan regions, North America, and Europe, Australiaand others. The table below sets forth a breakdown of revenue byregion (based on the geographic location of customers):For the year ended31 December 2024For the year ended31 December 2023截至2024年12月31日止年度截至2023年12月31日止年度RevenueProportionof revenueRevenueProportionof revenueIncrease收入收入占比收入收入占比收入增长RMB’000RMB’000人民币千元人民币千元Southeast Asia东南亚2,402,73247.4%334,15331.3%619.1%East Asia and Hong Kong,Macao and Taiwan regions东亚及港澳台地区1,385,66627.4%486,93245.7%184.6%North America北美723,02514.3%110,06410.3%556.9%Europe, Australia and others欧澳及其他554,25210.9%134,95212.7%310.7%Total合计5,065,675100%1,066,101100%375.2%港澳台及海外线上收入源包括泡泡玛特官方网站、Shopee、TikTok平台和其他线上渠道。泡泡玛特官方网站收入从2023年的人民币39.5百万元增长到2024年的人民币531.5百万元，增长了1,246.2%；Shopee收入从2023年的人民币42.9百万元增长到2024年的人民币324.2百万元，增长了656.0%；TikTok平台收入从2023年的人民币4.5百万元增长到2024年的人民币261.9百万元，增长了5,779.8%。增长主要由于我们不断拓展海外国家及地区，加强本土化运营，开发更多的线上平台，另外随着品牌影响力的加深，吸引了港澳台及海外更多的消费者购买我们的产品。－批发及其他。港澳台及海外批发及其他收入从2023年的人民币270.0百万元增长至2024年的人民币539.5百万元，增长了99.8%。按区域划分的港澳台及海外收入。港澳台及海外收入由2023年的人民币1,066.1百万元上升到2024年的人民币5,065.7百万元，增长了375.2%。港澳台及海外按照区域进一步划分为：东南亚、东亚及港澳台地区、北美和欧澳及其他，下表为按区域（基于客户的地理位置）划分的收入明细：
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司26MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析根据IP划分的收入泡泡玛特的自主产品是我们的主要商品类型，自主产品收入于截至2024年12月31日止年度占总收入的比例达到97.6%，自主产品从2023年的人民币5,858.0百万元增长到2024年的人民币12,721.5百万元，增长了117.2%。泡泡玛特的自主产品主要分为：艺术家IP和授权IP，以下为根据IP划分的收入明细：Revenue by IPsPop Mart proprietary products are our major product type. During the yearended 31 December 2024, revenue from proprietary products contributed97.6% of our total revenue. Revenue from proprietary products increased by117.2% from RMB5,858.0 million in 2023 to RMB12,721.5 million in 2024.Proprietary products of Pop Mart are mainly divided into: artist IPs andlicensed IPs, and below sets forth a breakdown of revenue by IPs:For the year ended 31 December截至12月31日止年度202420232024年2023年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Proprietary products自主产品12,721,50697.6%5,857,95793.0%Artist IPs艺术家IP11,120,84885.3%4,822,22676.5%THE MONSTERS THE MONSTERS3,040,66423.3%367,8715.8%MOLLY MOLLY2,093,17216.1%1,020,30516.2%SKULLPANDA SKULLPANDA1,308,26210.0%1,024,78816.3%CRYBABY CRYBABY1,164,8858.9%71,1491.1%DIMOO DIMOO909,5617.0%737,66611.7%HIRONO HIRONO726,5255.6%351,2015.6%Zsiga Zsiga244,5191.9%99,7771.6%HACIPUPU HACIPUPU224,2881.7%151,7582.4%Other artist IPs其他艺术家IP1,408,97210.8%997,71115.8%Licensed IPs授权IP1,600,65812.3%1,035,73116.5%External procurement and others外采及其他316,2432.4%443,0457.0%Total合计13,037,749100.0%6,301,002100.0%
二零二四年年报ANNUAL REPORT 202427MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析－艺术家IP。艺术家IP是本公司主要商品类型，主要包括THE MONSTERS、MOLLY、SKULLPANDA等IP。艺术家IP收入从2023年的人民币4,822.2百万元，上升至2024年的人民币11,120.8百万元，增长了130.6%，主要由于我们不断创新产品设计、丰富产品类别，以THE MONSTERS为代表的毛绒产品深受消费者的喜爱。2024年THE MONSTERS的产品收入较2023年增长了726.6%。－授权IP。授权IP产品收入从2023年的人民币1,035.7百万元，增长至2024年的人民币1,600.7百万元，增长了54.5%，主要由于我们不断加深与更多版权方的合作，推出了更多风格、类别的产品。根据产品类别划分的收入本公司的产品按照类别主要划分为：手办、毛绒、MEGA和衍生品及其他，以下为产品类别划分的收入明细：–Artist IPs.Artist IPs are the major product type of the Company,primarily including THE MONSTERS, MOLLY, SKULLPANDA and otherIPs. Revenue from artist IPs increased by 130.6% from RMB4,822.2million in 2023 to RMB11,120.8 million in 2024, primarily due to thefact that we continued to innovate our product design and enrich ourproduct categories, with plush products represented by THE MONSTERSbeing particularly beloved by consumers. In 2024, revenue from THEMONSTERS products increased by 726.6% as compared to 2023.–Licensed IPs.Revenue from licensed IPs increased by 54.5% fromRMB1,035.7 million in 2023 to RMB1,600.7 million in 2024, primarily dueto the fact that we continuously deepened our cooperation with morecopyright owners to launch more styles and types of products.REVENUE BY PRODUCT CATEGORYThe Company’s products are mainly categorized into figure toys, plush, MEGAand other IP-related products and others by category. The following setsforth the breakdown of revenue by product category:For the year ended31 December 2024For the year ended31 December 2023截至2024年12月31日止年度截至2023年12月31日止年度RevenueProportionof revenueRevenueProportionof revenueIncrease收入收入占比收入收入占比收入变动RMB’000RMB’000人民币千元人民币千元Figure toys手办6,936,08753.2%4,793,87276.1%44.7%Plush毛绒2,832,07821.7%203,8883.2%1,289.0%MEGAMEGA1,683,78012.9%684,27510.9%146.1%Other IP-related productsand others衍生品及其他1,585,80412.2%618,9679.8%156.2%Total合计13,037,749100.0%6,301,002100.0%106.9%
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At the product level, we kept introducing new products, enriching productofferings and enhancing product design capability. Revenue from figure toysincreased by 44.7% from RMB4,793.9 million in 2023 to RMB6,936.1 millionin 2024; revenue from plush increased by 1,289.0% from RMB203.9 million in2023 to RMB2,832.1 million in 2024; revenue from MEGA increased by 146.1%from RMB684.3 million in 2023 to RMB1,683.8 million in 2024; revenue fromother IP-related products and others increased by 156.2% from RMB619.0million in 2023 to RMB1,585.8 million in 2024.Costs of SalesOur costs of sales increased by 77.7% from RMB2,436.9 million in 2023 toRMB4,330.0 million in 2024, primarily due to (1) the increase in costs of goodsfrom RMB2,042.7 million in 2023 to RMB3,474.2 million in 2024, which wasmainly due to the increase in sales; and (2) the increase in costs in relationto design and license from RMB236.6 million in 2023 to RMB506.8 million in2024, which was mainly due to more IP licensing fees and product designfees as a result of the increase in the proportion of our proprietary productsand the increase in co-branded products.Gross ProfitOur gross profit increased by 125.4% from RMB3,864.1 million in 2023 toRMB8,707.8 million in 2024, primarily due to the increase in revenue andthe control of cost of sales. Our gross profit margin increased from 61.3%in 2023 to 66.8% in 2024, primarily due to (1) the increase in the proportionof revenue from Hong Kong, Macao, Taiwan and overseas, (2) continuousoptimization of cost control on the supply chain, and (3) the increase inthe proportion of our proprietary products and a gradual decrease in theproportion of products from external procurement.Distribution and Selling ExpensesOur distribution and selling expenses increased by 82.1% from RMB2,004.7million in 2023 to RMB3,650.5 million in 2024, among which, (1) employeebenefit expenses; and (2) lease related expenses accounted for higherproportions.我们不断在产品层面推陈出新，丰富产品品类，提升产品设计的能力。手办收入从2023年的人民币4,793.9百万元上升到2024年的人民币6,936.1百万元，增长了44.7%；毛绒收入从2023年的人民币203.9百万元上升到2024年的人民币2,832.1百万元，增长了1,289.0%；MEGA收入从2023年的人民币684.3百万元上升到2024年的人民币1,683.8百万元，增长了146.1%；衍生品及其他收入从2023年的人民币619.0百万元上升到2024年的人民币1,585.8百万元，增长了156.2%。销售成本销售成本由2023年的人民币2,436.9百万元上升到2024年的人民币4,330.0百万元，增长了77.7%，主要由于(1)商品成本由2023年的人民币2,042.7百万元增加到2024年的人民币3,474.2百万元，其主要原因为销售增长；及(2)设计及授权相关成本由2023年的人民币236.6百万元增加到2024年的人民币506.8百万元，主要由于自主产品占比增多，以及联名产品增加，需要支付更多的IP授权费以及产品设计费。毛利我们的毛利由2023年的人民币3,864.1百万元增长到2024年的人民币8,707.8百万元，增长了125.4%，主要由于我们的收入增长以及销售成本的控制。我们的毛利率由2023年的61.3%提升至2024年的66.8%，主要由于(1)港澳台及海外渠道收入占比的增加，(2)不断优化供应链端成本控制，及(3)自主产品占比提升，外采商品逐渐减少。经销及销售开支我们的经销及销售开支由2023年的人民币2,004.7百万元增长至2024年的人民币3,650.5百万元，增长了82.1%；其中(1)雇员福利开支；及(2)租赁相关开支占比较高。
二零二四年年报ANNUAL REPORT 202429MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析–Employee benefit expenses.Our employee benefit expensesincreased by 46.2% from 598.5 million in 2023 to RMB874.9 million in2024, primarily due to the increase in the number of sales personnelfrom 3,735 as of 31 December 2023 to 5,267 as of 31 December 2024,primarily for supporting the expansion of our retail stores and roboshopnetwork.–Lease related expenses.Lease related expenses, which includeddepreciation of right-of-use assets and expenses relating to short-termleases and variable leases not included in lease liabilities, increasedby 80.5% from RMB465.9 million in 2023 to RMB840.8 million in 2024,which was mainly due to (1) revenue from retail stores grew andcommission-related rentals increased accordingly, and (2) a net increasein the number of offline retail stores by 88 compared with that of 2023to cater for our business expansion in Mainland China, Hong Kong,Macao, Taiwan and overseas.General and Administrative ExpensesOur general and administrative expenses increased by 33.9% from RMB707.3million in 2023 to RMB947.1 million in 2024. Among them, employeebenefit expenses accounted for higher proportions, and the number of ouradministrative and development personnel increased from 1,110 as of 31December 2023 to 1,435 as of 31 December 2024.Other IncomeThe other income of the Group increased by 12.5% from RMB74.9 millionin 2023 to RMB84.3 million in 2024. Among them, (1) government grantsdecreased from RMB30.9 million in 2023 to RMB24.9 million in 2024, and (2)the revenue from IP license fee and other services increased from RMB43.0million in 2023 to RMB56.7 million in 2024.Operating ProfitAs a result of the above, the Group’s operating profit increased by 237.6%from RMB1,230.6 million in 2023 to RMB4,154.3 million in 2024.－雇员福利开支。雇员福利开支从2023年的人民币598.5百万元增长至2024年的人民币874.9百万元，增长了46.2%。主要由于我们的销售员工人数由截至2023年12月31日的3,735名员工增加到截至2024年12月31日的5,267名员工，主要用以支持我们扩张零售店及机器人商店网络。－租赁相关开支。租赁相关开支包括使用权资产折旧，以及未计入租赁负债的与短期租赁及可变租赁有关的开支，租赁相关开支从2023年的人民币465.9百万元增长到2024年的人民币840.8百万元，增长了80.5%。主要由于(1)零售店收入的增长，提成租金随之增加，及(2)线下零售店数量较2023年净增加了88间，来满足我们中国内地和港澳台及海外的业务扩张。一般及行政开支我们的一般及行政开支由2023年的人民币707.3百万元增长至2024年的人民币947.1百万元，增长了33.9%。其中占比较高的为雇员福利开支，我们的行政及开发人员由截至2023年12月31日的1,110名增加到截至2024年12月31日的1,435名员工。其他收入本集团的其他收入由2023年的人民币74.9百万元增长至2024年的人民币84.3百万元，增长了12.5%。其中(1)政府补助由2023年的人民币30.9百万元下降至2024年的人民币24.9百万元，及(2)IP授权及其他服务收入由2023年的人民币43.0百万元增长至2024年的人民币56.7百万元。经营溢利综上所述，本集团的经营溢利由2023年的人民币1,230.6百万元增长至2024年的人民币4,154.3百万元，增长了237.6%。
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Finance Income, NetOur finance income, net increased from RMB151.9 million in 2023 toRMB163.4 million in 2024, primarily due to the increase in our interestincome.Income Tax ExpenseOur income tax expense increased from RMB327.0 million in 2023 toRMB1,057.5 million in 2024 as a result of the increase in profit before incometax. Our effective tax rate increased from 23.1% in 2023 to 24.2% in 2024.Profit for the YearAs a result of the above, our profit for the year increased from RMB1,088.8million in 2023 to RMB3,308.3 million in 2024.Non-IFRS Financial IndicatorsTo supplement our financial information which are presented in accordancewith IFRS Accounting Standards, we use non-IFRS adjusted net profit asan additional financial measure, which is not required by, or presented inaccordance with IFRS Accounting Standards. We believe that this non-IFRSmeasure facilitates comparisons of operating performance from period toperiod and company to company by eliminating potential impacts of itemsthat our management does not consider to be indicative of our operatingperformance. We believe that this measure provides useful informationto investors and others in understanding and evaluating our consolidatedresults of operations in the same manner as they help our management.However, our presentation of non-IFRS adjusted net profit may not becomparable to a similarly titled financial measure presented by othercompanies. The use of this non-IFRS measure has limitations as an analyticaltool, and investors should not consider it in isolation from, or as substitute foranalysis of, our results of operations or financial condition as reported underIFRS Accounting Standards.财务收入净额我们的财务收入净额由2023年的人民币151.9百万元，增长到2024年的人民币163.4百万元，主要由于我们的利息收入增加。所得税开支我们的所得税开支由2023年的人民币327.0百万元增长至2024年的人民币1,057.5百万元，原因为我们的所得税前溢利增长。我们的实际税率由2023年的23.1%增加到2024年的24.2%。年内溢利由于上文所述，我们的年内溢利由2023年的人民币1,088.8百万元增长至2024年的人民币3,308.3百万元。非国际财务报告准则财务指标为补充我们根据国际财务报告会计准则呈列的财务资料，我们采用并非国际财务报告会计准则要求或并非按国际财务报告会计准则呈列的非国际财务报告准则经调整纯利，作为额外财务计量。我们认为该非国际财务报告准则计量通过免除管理层认为对我们经营表现没有指标作用的项目的潜在影响，有助于比较不同期间及不同公司的经营业绩。我们认为，该计量为投资者及其他人士提供了有用的资料，帮助彼等按其帮助管理层相同的方式了解及评估我们的综合经营表现。然而，我们对非国际财务报告准则经调整纯利的呈列可能与其他公司呈列的类似名称的财务计量不具有可比性。使用该非国际财务报告准则计量作为分析工具具有局限性，投资者不应单独考虑，或作为根据国际财务报告会计准则呈报的经营业绩或财务状况分析的替代。
二零二四年年报ANNUAL REPORT 202431MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析非国际财务报告准则经调整纯利未按照国际财务报告会计准则计算，因此视为非国际财务报告准则的财务指标，非国际财务报告准则经调整纯利指剔除以股份为基础的付款后的纯利，而非国际财务报告准则经调整纯利率指非国际财务报告准则经调整纯利除以收益。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 non-IFRS adjusted net profit has not been calculated in accordancewith the IFRS Accounting Standards, thus it is deemed as non-IFRS financialindicator. The non-IFRS adjusted net profit refers to the net profit afterexcluding share based payment, while the non-IFRS adjusted net profitmargin refers to the non-IFRS adjusted net profit divided by revenue. Thefollowing table set out the reconciliation of non-IFRS financial indicators ofthe Company for the respective years.Year ended 31December 2024Year ended 31December 2023截至2024年12月31日止年度截至2023年12月31日止年度(RMB’000)(RMB’000)（人民币千元）（人民币千元）Profit for the year年内溢利3,308,3451,088,771Adjustments调整项目Share-based payment以股份为基础的付款报酬94,817101,748Non-IFRS adjusted net profit非国际财务报告准则经调整纯利3,403,1621,190,519Non-IFRS adjusted net profit margin非国际财务报告准则经调整纯利率26.1%18.9%The management is of the view that share-based payment expenses arenon-cash items, which do not directly reflect our business operation. Hence,through eliminating the effects of such items on calculation of non-IFRSadjusted net profit, relevant operating performance can be better reflected,and it would be more convenient to compare operating performance indifferent years.我们管理层认为以股份为基础的付款开支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32MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析Current Assets, Financial Resources and Capital ExpendituresIn 2024, the Group adopted conservative and stable fund management andfinancial policies with regard to its overall business operations. The Groupmaintained the following resources to meet its working capital requirements:Current assets and current liabilitiesOur net current assets increased from RMB5,950.2 million as of 31 December2023 to RMB8,866.1 million as of 31 December 2024.Trade receivablesTrade receivables represent outstanding amounts receivable by us from ourcustomers in the ordinary course of business. Our trade receivables increasedfrom RMB321.3 million as of 31 December 2023 to RMB477.7 million as of 31December 2024. The increase was primarily due to the increase in receivablesfrom wholesales and other channels as a result of business expansion inHong Kong, Macao, Taiwan and overseas. Trade receivables turnover daysdecreased from 15 days in 2023 to 11 days as of 31 December 2024.InventoriesOur inventories comprise finished goods. Our inventories increased fromRMB904.7 million as of 31 December 2023 to RMB1,524.5 million as of 31December 2024. The increase was primarily due to the increase in productinventories to meet with the sales demands. Inventory turnover daysdecreased from 133 days in 2023 to 102 days as of 31 December 2024.Cash and cash equivalentsOur cash and cash equivalents primarily comprise cash at bank. Cash andcash equivalents increased from RMB2,077.9 million as of 31 December 2023to RMB6,109.0 million as of 31 December 2024, which was mainly due to theincrease in cash flows from operating activities in 2024.流动资产、财务资源及资本开支2024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2023年12月31日的人民币5,950.2百万元增加至截至2024年12月31日的人民币8,866.1百万元。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2023年12月31日的人民币321.3百万元增加至截至2024年12月31日的人民币477.7百万元，该等增加主要由于港澳台及海外业务扩张，批发等渠道应收账款增加。贸易应收款项周转天数从2023年的15天，下降到截至2024年12月31日的11天。存货我们的存货包括制成品。我们的存货由截至2023年12月31日的人民币904.7百万元增加至截至2024年12月31日的人民币1,524.5百万元。主要由于我们增加了我们的产品库存以满足销售需求。存货周转天数从2023年的133天下降到截至2024年12月31日的102天。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2023年12月31日的人民币2,077.9百万元增加至截至2024年12月31日的人民币6,109.0百万元，主要由于2024年经营活动产生的现金流增加。
二零二四年年报ANNUAL REPORT 202433MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析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2023年12月31日的人民币444.9百万元增加至截至2024年12月31日的人民币1,010.1百万元。贸易应付款项周转天数从2023年的53天增加至截至2024年12月31日的61天。银行借款截至2024年12月31日，本集团并无任何银行借款。资产抵押截至2024年12月31日，本集团并无任何资产抵押（2023年12月31日：无）。资产负债率资产负债率为总负债除以总资产乘以100%。截至2024年12月31日，本集团的资产负债率为26.8%，而截至2023年12月31日的资产负债率为22.0%。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。Trade payablesTrade payables primarily represent our obligation to pay for merchandisefrom suppliers in the ordinary course of business. Trade payables increasedfrom RMB444.9 million as of 31 December 2023 to RMB1,010.1 million as of31 December 2024. Trade payable turnover days increased from 53 days in2023 to 61 days as of 31 December 2024.Bank borrowingsAs of 31 December 2024, the Group did not have any bank borrowings.Pledge of AssetsThe Group did not have any pledged assets as of 31 December 2024 (31December 2023: nil).Gearing RatioThe gearing ratio is calculated by dividing total liabilities by total assets andthen multiplying by 100%. As of 31 December 2024, the Group’s gearing ratiowas 26.8% as compared with the gearing ratio of 22.0% as of 31 December2023.ContingencyWe are not currently involved in any material legal proceedings, nor are weaware of any pending or potential material legal proceedings involving us. Ifwe are involved in such material legal proceedings, we would record any lossor contingent liabilities when, based on information then available, it is likelythat a loss has been incurred and the amount of the loss can be reasonablyestimated.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司34MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析外汇风险管理本集团的附属公司在中国内地、港澳台及海外经营，面对若干货币敞口（主要有关美元、港元、新加坡元及欧元）引致的外汇风险。由于本集团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及负债不重大，故管理层认为业务并无任何重大外汇风险敞口。本集团并没有对冲外币波动，但是会紧密地监控有关情况，并在必要时采取措施以保证外汇风险在可控范围内。资本开支本集团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。下表载列本集团2023年以及2024年的资本开支情况：Foreign Exchange Risk ManagementAs the Group subsidiaries operate in Mainland China, Hong Kong, Macao,Taiwan and overseas, they are exposed to foreign exchange risk arisingfrom certain currency exposure (mainly related to US dollar, Hong Kongdollar, Singapore dollar and European dollar). Our management considersthat the business is not exposed to any significant foreign exchange risk asthe financial assets and liabilities of our Group denominated in currenciesother than the respective functional currencies of our operating entities areinsignificant. Although the Group does not hedge against foreign currencyfluctuation, we will keep a close eye on relevant developments and takemeasures when it is necessary to ensure the foreign exchange risk is undercontrol.Capital ExpendituresOur capital expenditures consist of purchases of property, plant andequipment and purchases of intangible assets. The table below sets forth theGroup capital expenditures in 2023 and 2024:For the year ended31 December 2024For the year ended31 December 2023截至2024年12月31日止年度截至2023年12月31日止年度(RMB’000)(RMB’000)（人民币千元）（人民币千元）Purchases of property, plant and equipment购置物业、厂房和设备372,668324,179Purchases of intangible assets购置无形资产144,02268,287Total合计516,690392,466
二零二四年年报ANNUAL REPORT 202435MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析人力资源截至2024年12月31日，我们共有6,702名员工，包括销售员工5,267名，行政及开发人员1,435名。截至2024年12月31日止年度，我们共发生员工成本（包括薪金、工资、津贴和福利）人民币1,462.4百万元。重大投资的未来计划截至2024年12月31日，我们并无持有任何重大投资。我们将继续广泛寻找潜在的策略性投资机会，并寻求可为本集团带来协同效应的潜在优质目标业务及资产。重大收购及出售截至2024年12月31日，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。Human ResourcesAs of 31 December 2024, we had a total of 6,702 employees, including5,267 sales personnel and 1,435 administrative and development personnel.During the year ended 31 December 2024, we incurred staff costs (includingremuneration, payrolls, allowances and benefits) of RMB1,462.4 million.Future Plans on Significant InvestmentsAs of 31 December 2024, we did not hold any significant investment.We will continue to seek for potential strategic investment opportunities, aswell as potential quality target operations and assets that can create synergyeffect to the Group.Material Acquisitions and DisposalsAs of 31 December 2024, we had not conducted any material acquisition ordisposal 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 that we will be able to design anddevelop products that will be popular with consumers, or that we will be ableto maintain the popularity of successful products; (ii) we may not realize thefull benefit of our licenses if the IPs we are granted license have less marketappeal than expected or if sales from the products that use those IPs arenot sufficient to satisfy the minimum guaranteed royalties; (iii) our businessdepends significantly on market recognition of our“Pop Mart”brand, andany damage to our brand, trademarks or reputation, or failure to effectivelypromote our brand, could materially and adversely impact our business andresults of operations; (iv) we use third-party manufactures to manufactureall of our Pop Mart brand products, and failure in product quality controlmay adversely affect our business; and (v) the slowdown in macro-economicgrowth may weaken the demand in our products which may have a certainnegative impact on the Company’s operating results.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司36MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析未来展望IP是我们业务的核心驱动力，我们依托创意产品、优质服务体验及多元娱乐形式，全方位满足消费者需求。从独具匠心的潮玩产品，到贴心周到的服务细节，再到丰富多彩的娱乐互动，为消费者带来美好、潮流与艺术享受，持续提升泡泡玛特的品牌价值，增强用户忠诚度，稳固市场领先地位，保持强劲竞争力。我们将全力聚焦于丰富IP类型，扩充IP资源库。在设计创新方面，始终坚守高品质水准，持续推出更多具有行业影响力的头部系列产品。同时，对IP开展持续性运营工作，强化消费者对IP的认知，深化粉丝与IP之间的情感纽带。不断拓宽潮玩品类及IP衍生品领域。进一步挖掘毛绒、MEGA、积木及衍生品等品类的潜在价值，同步不断优化完善相关工艺标准，以及产品的生产与发售流程，推动业务全方位升级。我们会持续扩张全球业务布局，重点拓展北美、东南亚及欧洲市场，通过在全球地标性位置开设线下门店，强化品牌体验与知名度。除第三方平台的加强外，我们还将进一步加大内容电商与官网投入，提升品牌影响力，扩大用户群体，为消费者提供深入的潮流文化体验。依托IP核心优势，我们计划深化与艺术家及跨领域品牌的合作，丰富产品矩阵并推动潮流文化跨界融合，通过精细化运营与数字化创新，持续推升全球潮流文化影响力。OutlookIP is the core driving force of our business. Through our innovative products,quality service experience and diverse forms of entertainment, we aimto meet consumer demands in an all-round way. By creating uniquepop toys with consummate craftsmanship, providing thoughtful servicesand organizing a variety of interactive entertainment activities, we striveto bring enjoyment of beauty, fashion and art to consumers, therebycontinuously increasing the brand value of Pop Mart, enhancing the loyaltyof users, consolidating our leading market position and maintaining strongcompetitiveness.We will make every effort to focus on enriching our IPs types and expandingour IPs base. In terms of design and innovation, we will uphold high-qualitystandards as always and introduce more products under the top seriesthat boast industry influence. Meanwhile, we will operate IPs continuouslythrough strengthening consumer perception of IPs and deepening theemotional connection between fans and IPs. We will continuously increasetypes of pop toys, expand areas of IP side products, and further explore thevalue of box products such as plush, MEGA, toy bricks and other IP-relatedproducts. At the same time, we will improve relevant technical standardsand the production and sales procedures of products, so as to promote thecomprehensive upgrading of our business.We will continue to expand our global business footprint, with a focus on theNorth America, Southeast Asia, and Europe markets. By developing physicalstores in globally iconic locations, we aim to enhance brand experienceand recognition. In addition to strengthening our presence on third-partyplatforms, we will further increase investment in content e-commerce andour official website to enhance brand influence, expand our user base, andprovide consumers with an in-depth pop culture experience. Leveragingcore IP advantages, we intend to strengthen cooperation with artists andbrands with diverse business presence, so as to enrich our product matrixand promote the cross-boundary integration of pop culture. Through refinedoperations and innovation in digitalization, we will also continuously improvethe global influence of pop culture.
二零二四年年报ANNUAL REPORT 202437MANAGEMENT DISCUSSION AND ANALYSIS管理层讨论与分析在潮流玩具文化推广方面，我们将通过更为丰富多元的途径持续发力，不断扩大对整个行业的影响力。为会员提供更多专属权益，增强粉丝黏性，提升粉丝对潮流文化的认同感以及对品牌的认知度。在持续深耕潮流玩具核心业务的进程中，我们将全力聚焦MEGA、POPBLOCKS、共鸣等新品牌的培育与拓展。借助乐园、饰品等新兴业务形态，为粉丝搭建更多深入了解IP的桥梁，丰富粉丝与IP互动的途径，以此加深粉丝与IP之间的情感纽带。我们致力于构建一个以IP为核心，更为完善且丰富多元的商业生态体系，推动本集团业务的全面升级与可持续发展。报告期间后事项于最后实际可行日期，本集团于报告期间后并无发生须进一步披露或调整的重大事项。We will continue to promote pop toy culture through more diversified meansfor enhancing our band influence on the whole industry continuously. Wewill provide more exclusive benefits for our privilege members, increasethe stickiness of fans, as well as enhance the cultural identity and brandawareness of fans.While further engaging in the pop toy business, we will continue to cultivateand expand new brands including MEGA, POPBLOCKS and GONG. Throughemerging businesses such as amusement parks and accessories, we will buildmore bridges for fans to gain a deeper understanding of our IPs and increasetheir ways to interact with IPs, so as to enhance the emotional connectionbetween fans and IPs. Moreover, we will construct a more sophisticatedand comprehensive business ecosystem with IP as its core, thereby drivingthe comprehensive upgrade and sustainable development of the Group’sbusiness.SUBSEQUENT EVENT AFTER REPORTING PERIODAs at the Latest Practicable Date, the Group has no significant eventsoccurred after the Reporting Period which require additional disclosures oradjustments.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司38BIOGRAPHIES 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，38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。王先生为副总裁杨涛女士的配偶。刘冉女士，37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。The biographical details of the Directors and senior management are set outas follows:EXECUTIVE DIRECTORSMr. Wang Ning (王宁), aged 38, 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 vice president.Ms. Liu Ran (刘冉), aged 37, 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.
二零二四年年报ANNUAL REPORT 202439BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高级管理层履历司德先生，36岁，本公司执行董事及联席首席运营官。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。文德一先生，46岁，本公司执行董事及联席首席运营官。文先生于2018年8月加入本集团，负责监察本公司港澳台及海外业务部。在此之前，文先生于2013年7月至2018年7月先后担任CJ CheilJedang Corporation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经理，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。文先生目前担任本公司若干主要附属公司及合营企业的董事，包括Pop Mart (Singapore)Holding Pte. Ltd.、POP MART SOUTH ASIA PTE.LTD.及POP MART (Thailand) CO., Ltd.。Mr. Si De (司德), aged 36, is our executive Director and co-chief operatingofficer. Mr. Si joined our Group in March 2015, and is responsible for theoperations of the Group and the overall business in mainland China. Mr. Sijoined our Group as the brand director and was promoted to vice presidentin 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).Mr. Moon Duk Il (文德一), aged 46, is our executive Director and co-chiefoperating officer. Mr. Moon joined our Group in August 2018, responsiblefor overseeing the Hong Kong, Macao, Taiwan and overseas businessdepartment of our Company. Prior to that, Mr. Moon served successively as aglobal business planning specialist, global business planning senior specialistand global business planning junior manager at the business developmentdepartment of CJ CheilJedang Corporation from July 2013 to July 2018, and amanager of the global strategy department of CJ ENM from January 2009 toMay 2013. From December 2004 to December 2008, Mr. Moon served at theplanning management 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.Mr. Moon is currently a director of certain principal subsidiaries and jointventures of our Company, including Pop Mart (Singapore) Holding Pte. Ltd.,POP MART SOUTH ASIA PTE. LTD., and POP MART (Thailand) CO., Ltd.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司40BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高级管理层履历非执行董事屠铮先生，47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，44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 47, 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 44, 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.
二零二四年年报ANNUAL REPORT 202441BIOGRAPHIES 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，58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，54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 58, 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 54, 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.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司42BIOGRAPHIES 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月至2023年5月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：600321）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, 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 (Stock Code:601696) from September 2018 to March 2021, and an independent directorof Rightway Holdings Co., Ltd. (正源控股股份有限公司), a company listedon the Shanghai Stock Exchange (Stock Code: 600321) form May 2020 toMay 2023. Mr. Wu has served as an independent director of Agricultural Bankof China Limited, a company listed on the Shanghai Stock Exchange (StockCode: 601288) and the Stock Exchange (Stock Code: 1288) since November2021.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.
二零二四年年报ANNUAL REPORT 202443BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高级管理层履历颜劲良先生，41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，38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。司德先生，36岁，本公司执行董事及联席首席运营官。有关其履历的详情，请参阅本节「执行董事」分节。文德一先生，46岁，本公司执行董事及联席首席运营官。有关其履历的详情，请参阅本节「执行董事」分节。杨涛女士，38岁，本公司副总裁。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IP运营、产品研发及Inner flow艺术机构。杨女士于2019年5月至2024年3月担任本公司执行董事。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。Mr. Ngan King Leung Gary (颜劲良), aged 41, 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 38, 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. Si De (司德), aged 36, is our executive Director and Co-Chief OperatingOfficer. For details of his biography, please see the sub-section headed“Executive Directors”in this section.Mr. Moon Duk Il (文德一), aged 46, is our executive Director and Co-ChiefOperating Officer. For details of his biography, please see the sub-sectionheaded“Executive Directors”in this section.Ms. Yang Tao (杨涛), aged 38, is our vice president. Ms. Yang joined ourGroup in October 2010 after completion of her master’s program, and is incharge of IP operation, product R&D and the Inner flow art organization ofour Company. Ms. Yang served as an executive director of the Company fromMay 2019 to March 2024.Ms. Yang received her bachelor’s degree in general studies 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.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司44BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高级管理层履历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。刘冉女士，37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。杨镜冰先生，46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。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。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.Ms. Liu Ran (刘冉), aged 37, is our executive Director and vice president.For details of her biography, please see the sub-section headed“ExecutiveDirectors”in this section.Mr. Yang Jingbing (杨镜冰), aged 46, 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.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.
二零二四年年报ANNUAL REPORT 202445REPORT 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2024年12月31日止年度之经审核综合财务报表。主要业务本公司是中国领先的潮流玩具公司，中国潮流玩具文化的开拓者及主要推广者。IP是我们业务的核心。我们建立了覆盖潮流玩具IP全产业链的综合运营平台，包括IP孵化与运营、潮流玩具与零售、主题乐园与体验、数字娱乐四大版块，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2024年12月31日止年度之业绩载于本年报第188至334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 2024.PRINCIPAL BUSINESSThe Company is a leading pop toy company, and a pioneer and keypromoter of pop toy culture in China. IP is at the core of our business. Wehave established an integrated operation platform covering the entireindustry chain of pop toy IPs, including four segments being IP incubationand operation, pop toys and retail, theme park and IP experience, and digitalentertainment, through which we light up the passion of fans and bringthem joy.RESULTSThe results of the Group for the year ended 31 December 2024 are set out inthe consolidated financial statements on pages 188 to 334 of this annual report.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.
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。根据第三次经修订及重述的组织章程细则，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2024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2024年12月31日止年度的末期股息每股已发行普通股人民币81.46分。拟派末期股息须待股东在将于2025年5月27日（星期二）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2025年6月4日（星期三）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2025年6月20日（星期五）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 results 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 third amended and restated Articles of Association,the Company in general meeting may declare dividends in any currency butno dividends shall exceed the amount recommended by the Board.As at 31 December 2024, 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 RMB81.46 centsper ordinary Share issued for the year ended 31 December 2024. Theproposed final dividend is subject to the consideration and approval by theShareholders at the forthcoming annual general meeting of the Company tobe held on Tuesday, 27 May 2025 (the“AGM”). The final dividend is payableto the Shareholders whose names are listed in the register of members of theCompany on Wednesday, 4 June 2025. Once approved by the AGM, the finaldividend is expected to be distributed on Friday, 20 June 2025.
二零二四年年报ANNUAL REPORT 202447REPORT 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及豁免。股东周年大会本公司股东周年大会将于2025年5月27日（星期二）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2025年5月22日（星期四）至2025年5月27日（星期二）（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2025年5月21日（星期三）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2025年6月2日（星期一）至2025年6月4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2025年5月30日（星期五）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 Tuesday, 27 May 2025. The noticeof the AGM will be published and dispatched to the Shareholders in duecourse in the manner as required by the Rules Governing the Listing ofSecurities on the Stock 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 Thursday, 22 May2025 to Tuesday, 27 May 2025, 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 Wednesday, 21 May2025.In order to determine the entitlement to the proposed final dividends, subjectto the approval of the Shareholders at the AGM, the register of members ofthe Company will be closed from Monday, 2 June 2025 to Wednesday, 4 June2025, both days inclusive, during which period no transfer of Shares of theCompany will be registered. In order to be qualified to obtain final dividends,all transfers accompanied by the relevant share certificates must be lodgedfor registration with the Company’s branch share registrar in Hong Kong,Computershare Hong Kong Investor Services Limited, at Shops 1712-1716,17th Floor Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong nolater than 4:30 p.m. on Friday, 30 May 2025.
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37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35页的「管理层讨论与分析」。环保政策及表现促进可持续、保护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2024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2024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2024年12月31日止年度及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2024年12月31日止年度及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》及上市规则附录C1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 37 of this annual report. Descriptionof the principal risks and uncertainties faced the Group can be found in the“Management Discussion and Analysis”on page 35 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 2024, 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 2024.LEGAL PROCEEDINGS AND COMPLIANCE WITHRELEVANT LAWS AND REGULATIONSWe 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 2024 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 2024 and up to the Latest PracticableDate, the Group had complied with the laws in all material respects, includingthe requirements under the Hong Kong Companies Ordinance (Chapter 622of the Laws of Hong Kong), the Listing Rules, the SFO and the CorporateGovernance Code (the“CG Code”) contained in Appendix C1 to the ListingRules for, among other things, the disclosure of information and corporategovernance.
二零二四年年报ANNUAL REPORT 202449REPORT 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2024年12月31日，我们共有6,702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。我们相信我们与雇员保持良好的工作关系，且我们于截至2024年12月31日止年度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 2024, we had a total of 6,702 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.We believe that we maintain a good working relationship with ouremployees, and we have not experienced any significant labor disputes orany difficulty in recruiting staff for our operations during the year ended 31December 2024 and up to the Latest Practicable Date.
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2024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2024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73.5%，向最大供应商作出的采购额则占35.1%。于截至2024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 2024, 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 2024, purchases from the Group’s fivelargest suppliers accounted for 73.5% of the Group’s total purchases andpurchases from the largest supplier accounted for 35.1%.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 2024 and up to the Latest Practicable Date.
二零二四年年报ANNUAL REPORT 202451REPORT OF DIRECTORS董事会报告书股本本公司股本于截至2024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2024年12月31日，本公司的已发行股本为1,342,943,150股股份。储备本集团截至2024年12月31日止年度期间的储备变动详情载于本年报第193至194页的综合权益变动表。可分派储备于2024年12月31日，本公司可向股东分派之储备约为人民币11,359,463,000元。有关更多详情，请参阅综合财务报表附注37。物业、厂房及设备本集团截至2024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14。充足公众持股量于截至2024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现有股东发售新股份。SHARE CAPITALDetails of movements in the share capital of the Company during the yearended 31 December 2024 are set out in note 25 to the consolidated financialstatements.As at 31 December 2024, the issued share capital of the Company was1,342,943,150 shares.RESERVESDetails of movements in the reserves of the Group during the year ended31 December 2024 are set out on pages 193 to 194 in the consolidatedstatement of changes in equity in this annual report.DISTRIBUTABLE RESERVESAs at 31 December 2024, the Company’s reserve available for distributionto shareholders amounted to approximately RMB11,359,463,000. For moredetails, please refer to note 37 to the consolidated financial statements.PROPERTY, PLANT AND EQUIPMENTDetails of movements in the property, plant and equipment of the Groupduring the year ended 31 December 2024 are set out in note 14 to theconsolidated financial statements.SUFFICIENCY OF PUBLIC FLOATDuring the year ended 31 December 2024 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 Association orthe laws of the Cayman Islands that would oblige the Company to offer newshares on a pro rata basis to the existing Shareholders.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司52REPORT OF DIRECTORS董事会报告书董事及高级管理层本公司于截至2024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 2024 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 Tao(resigned as Executive Directoron 20 March 2024)Vice President杨涛女士（于2024年3月20日辞任为执行董事）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 and Co-Chief Operating Officer司德先生执行董事及联席首席运营官Mr. Moon Duk Il(was appointed as ExecutiveDirector on 20 March 2024)Executive Director and Co-Chief Operating Officer文德一先生（于2024年3月20日获委任为执行董事）执行董事及联席首席运营官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. Si DeExecutive Director and Co-Chief Operating Officer司德先生执行董事及联席首席运营官Mr. Moon Duk IlExecutive Director and Co-Chief Operating Officer文德一先生执行董事及联席首席运营官Ms. Yang TaoVice President杨涛女士副总裁Ms. Liu RanExecutive Director and Vice President刘冉女士执行董事及副总裁Mr. Yang JingbingChief Financial Officer杨镜冰先生首席财务官
二零二四年年报ANNUAL REPORT 202453REPORT 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、司德先生及刘冉女士将轮值告退，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38至44页。董事的服务协议各执行董事王宁先生、刘冉女士及司德先生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。文德一先生已与本公司订立服务协议，任期自委任日期起计为期三年，并可根据其服务合约予以终止。服务合约将于届满时自动重续。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。服务合约将于届满时自动重续。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。任命书将于届满时自动重续。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,Mr. Si De and Ms. Liu Ran 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 38 to 44 of this annual report.SERVICE AGREEMENTS OF DIRECTORSEach of the executive Directors, namely Mr. Wang Ning, Ms. Liu Ran and Mr.Si De, has entered into a service agreement with the Company for a termof three years commencing from the Listing Date, which are subject totermination in accordance with their respective terms. Mr. Moon Duk Il hasentered into a service agreement with the Company for a term of three yearcommencing from his appointment, which are subject to termination inaccordance with his service contact. The service contract will be automaticallyrenewed upon expiration.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. The service contract willbe automatically renewed upon expiration.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 letter will be automatically renewed uponexpiration.
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。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2024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。董事资料变动于2024年3月20日，杨女士辞任本公司执行董事，以专注于知识产权营运及产品研发。同日，文德一先生获董事会委任为本公司执行董事。文先生已于2024年3月18日获取上市规则第3.09D条所述的法律意见，内容有关作为上市发行人董事适用的上市规则要求以及向联交所作出虚假声明或提供虚假信息的潜在后果，且彼确认已了解作为上市发行人董事的义务。除本报告所披露者外，概无其他董事及行政总裁资料的变动须根据上市规则第13.51B(1)条予以披露。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).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 December2024 and remain so as of the Latest Practicable Date.CHANGE OF INFORMATION OF DIRECTORSOn 20 March 2024, Ms. Yang resigned from her position as an executivedirector of the Company, in order to focus on IP operation and productR&D. On the same day, Mr. Moon Duk Il was appointed by the Board as anexecutive director of the Company.Mr. Moon has obtained the legal advice referred to in Rule 3.09D of theListing Rules as regards the requirements under the Listing Rules thatare applicable to him as a director of a listed issuer and the possibleconsequences of making a false declaration or giving false information to theStock Exchange on 18 March 2024, and he has confirmed he understood hisobligations as a director of a listed issuer.Save as disclosed in this report, there are no other changes to the Directors’and chief executive’s information as required to be disclosed pursuant toRule 13.51B(1) of the Listing Rules.
二零二四年年报ANNUAL REPORT 202455REPORT OF DIRECTORS董事会报告书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2024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附注：(1)于2024年12月31日，本公司合共已发行1,342,943,150股股份。字母「L」代表有关人士于股份的好仓。DIRECTORS’AND CHIEF EXECUTIVE’S INTERESTSAND SHORT POSITIONS IN SHARES, UNDERLYINGSHARES AND DEBENTURESAs at 31 December 2024, 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)信托的受益人及创办人；及受控法团权益(2)654,381,407 (L)48.73%Mr. Si De司德先生Beneficial owner and founder of a discretionary trust(3)实益拥有人及酌情信托创办人(3)10,338,126 (L)0.77%Mr. Tu Zheng屠铮先生Interest of controlled corporation(4)受控法团权益(4)11,910,000 (L)0.89%Mr. Moon Duk Il文德一先生Beneficial owner and interest of controlled corporation(5)实益拥有人及受控法团权益(5)1,319,618 (L)0.10%Notes:(1) As at 31 December 2024, the Company had issued 1,342,943,150 Shares in total.The letter“L”denotes the person’s long position in the Shares.
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(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 561,131,960 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 the soleshareholder. Mr. Wang Ning is therefore deemed to be interested in the 31,196,420Shares of our Company held by Tianjin Paqu Holding Limited under the SFO.Pop Mart Hehuo Holding Limited is a company with limited liability incorporatedunder the laws of BVI and holds 62,053,027 Shares in our Company. Mr. Wang Ningholds 40.96% of the issued share capital of Pop Mart Hehuo Holding Limited. Mr.Wang Ning therefore is deemed to be interested in the Shares held by Pop MartHehuo Holding Limited under the SFO.(3) 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 De (as settlor) for the benefit of Mr. Si De. Mr. Si De is deemed tobe interested in 8,833,075 Shares held by Sidsi holding Limited under the SFO. Mr.Si De is entitled to receive 609,851 award Shares granted to him under the Post-IPO Share Award Scheme and 895,200 Shares purchased by him.(4) 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 Partnership (LimitedPartnership) is owned as to 1% by Zhoushan Borchid Lizhi Enterprise ManagementPartnership (Limited Partnership), while Zhoushan Borchid Lizhi EnterpriseManagement Partnership (Limited Partnership) is owned as to 69% by Mr. TuZheng. Mr. Tu Zheng is therefore deemed to be interested in the 11,910,000shares in the Company held by Borchid Phoenix Holding Limited by virtue of theSFO.(5) Mr. Moon Duk Il directly holds 823,290 Shares of the Company. Justin MoonHolding Limited, an investment holding company incorporated under the laws ofBVI, is wholly owned by Mr. Moon Duk Il. Therefore, Mr. Moon Duk Il is deemed tobe interested in the 496,328 Shares held by Justin Moon Holding Limited underthe SFO.(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.为由王宁先生（作为委托人）以其本身为受益人设立的信托的受托人。根据《证券及期货条例》，王宁先生被视为于GWFHolding所持本公司561,131,960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 Holding Limited所持本公司31,196,420股股份中拥有权益。PopMart 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62,053,027股股份。王宁先生持有Pop Mart HehuoHolding Limited已发行股本的40.96%。根据《证券及期货条例》，王宁先生被视为于Pop Mart HehuoHolding Limited所持股份中拥有权益。(3) 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。根据《证券及期货条例》，司德先生被视为于Sidsiholding Limited持有的8,833,075股股份中拥有权益。司德先生有权收取根据根据首次公开发售后股份奖励计划向其授予的609,851股奖励股份及彼购买的895,200股股份。(4) 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 Partnership (Limited Partnership)拥有99.9%及0.1%。Suzhou Borchid Jichu VentureCapital Partnership (Limited Partnership)由Zhoushan Borchid Lizhi Enterprise ManagementPartnership (Limited Partnership)拥有1%，而Zhoushan Borchid Lizhi Enterprise ManagementPartnership (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11,910,000股股份中拥有权益。(5)文德一先生直接持有本公司823,290股股份。Justin Moon 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，并由文德一先生全资拥有。因此，根据《证券及期货条例》，文德一先生被视为于Justin Moon Holding Limited所持496,328股股份中拥有权益。
二零二四年年报ANNUAL REPORT 202457REPORT OF DIRECTORS董事会报告书除上文所披露者外，于2024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2024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附注：(1)于2024年12月31日，本公司合共已发行1,342,943,150股股份。字母「L」代表有关人士于股份的好仓。Save as disclosed above, as at 31 December 2024, 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 2024, to the best knowledge of the Directors and 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.) LimitedTrustee(2)受托人(2)561,131,960 (L)41.78%GWF Holding LimitedBeneficial owner(2)实益拥有人(2)561,131,960 (L)41.78%Notes:(1) As at 31 December 2024, the Company had issued 1,342,943,150 Shares in total.The letter“L”denotes the person’s long position in the shares.
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(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.为由王宁先生（作为委托人）以其本身为受益人设立的信托的受托人。根据《证券及期货条例》，王宁先生被视为于GWFHolding所持本公司561,131,960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 Holding Limited所持本公司31,196,420股股份中拥有权益。除上文所披露者外，于2024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2024年12月31日止年度，本公司并无发行任何债权证。(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 561,131,960 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 the31,196,420 Shares of our Company held by Tianjin Paqu Holding Limited underthe SFO.Save as disclosed above, as at 31 December 2024, 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 2024, no issuance of debentures wasmade by the Company.
二零二四年年报ANNUAL REPORT 202459REPORT 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2024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)(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。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 2024.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:(1) Beijing Pop Mart provides software development and other technical consultationservices in exchange for service fees from Paqu Huyu.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60REPORT OF DIRECTORS董事会报告书(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。(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.
二零二四年年报ANNUAL REPORT 202461REPORT OF DIRECTORS董事会报告书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.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。
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。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.
二零二四年年报ANNUAL REPORT 202463REPORT OF DIRECTORS董事会报告书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”).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.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」）。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。
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。•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。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.• 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.
二零二四年年报ANNUAL REPORT 202465REPORT OF DIRECTORS董事会报告书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.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.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。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。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司66REPORT OF DIRECTORS董事会报告书确认独立非执行董事已审视合约安排并确认(i)概无于报告期内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)于报告期内，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2024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2024年12月31日止年度葩趣互娱的收益及亏损净额分别约为人民币21.5百万元及人民币47.7百万元。根据合约安排，于2024年12月31日葩趣互娱的总资产及总负债分别约为人民币100.6百万元及人民币149.1百万元。本公司核数师于致董事会函件中确认，就上述持续关连交易而言：(i)未留意到任何事项导致彼等认为该等已披露持续关连交易尚未经董事会批准；(ii)未留意到任何事项导致彼等认为该等交易未在所有重大方面按照规管该等交易的相关协议而订立；及(iii)未留意到任何事项致使彼等认为葩趣互娱对其股权持有人所派付股息或所作其他分派其后并未转拨或转让予本集团。ConfirmationsOur Independent non-executive Directors have reviewed the ContractualArrangements and confirmed that (i) no transaction has been carriedout during the Reporting Period which have not been entered into inaccordance with the relevant provisions of the Contractual Arrangements;(ii) no dividends or other distributions have been made by Paqu Huyu tothe Relevant Shareholders which are not otherwise subsequently assignedor transferred to our Group; (iii) no new contract has been entered into,renewed or reproduced between our Group and Paqu Huyu during theReporting Period; and (iv) the Contractual Arrangements had been enteredinto in the ordinary and usual course of business of our Group, and are onnormal commercial terms and are fair and reasonable so far as our Groupis concerned, and in the interest of our Company and its Shareholders as awhole.No service fee was paid by Paqu Huyu to Beijing Pop Mart pursuant tothe Exclusive Consultation and Service Agreement for the year ended 31December 2024. The revenue and net loss of Paqu Huyu subject to theContractual Arrangements amounted to approximately RMB21.5 millionand RMB47.7 million for the year ended 31 December 2024, respectively.The total assets and total liabilities of Paqu Huyu subject to the ContractualArrangements amounted to approximately RMB100.6 million and RMB149.1million as at 31 December 2024, respectively.The auditor of the Company confirmed in a letter to the Board that, withrespect to the aforesaid continuing connected transactions:(i) nothing has come to their attention that causes them to believe that thedisclosed continuing connected transactions have not been approvedby the Board;(ii) nothing has come to their attention that causes them to believe thatthe transactions were not entered into, in all material respects, inaccordance with relevant agreements governing such transactions; and(iii) nothing has come to their attention that causes them to believe thatdividends or other distributions have been made by Paqu Huyu to theholders of the equity interests of Paqu Huyu which are not otherwisesubsequently assigned or transferred to the Group.
二零二四年年报ANNUAL REPORT 202467REPORT OF DIRECTORS董事会报告书RELATED PARTY TRANSACTIONDetails of the related party transactions carried out in the normal courseof business are set out in note 36 to the consolidated financial statements.Save as the related party transactions involving payment of remuneration tocertain Directors, which constitute continuing connected transactions fullyexempt from the connected transaction requirements under Rule 14A.76(1)or Rule 14A.95 of the Listing Rules, during the year ended 31 December 2024,none of these related party transactions constitutes a connected transactionor continuing connected transaction as defined under the Listing Rules. TheCompany has complied with the disclosure requirements under Chapter 14Aof the Listing Rules.CONTINUING DISCLOSURE OBLIGATIONSPURSUANT TO THE LISTING RULESSave as disclosed in this annual report, the Company does not have anydisclosure obligations under Rules 13.20, 13.21 and 13.22 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 December2024 or at the end of the year ended 31 December 2024.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 2024.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 2024 between the Companyand a person other than a Director or any person engaged in the full-timeemployment of the Company.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36。除涉及向若干董事支付薪酬的关联方交易根据上市规则第14A.76(1)条或第14A.95条构成获全面豁免遵守关连交易规定的持续关连交易外，于截至2024年12月31日止年度期间，概无该等关联方交易构成上市规则所界定的关连交易或持续关连交易。本公司已遵守上市规则第十四A章的披露规定。根据上市规则的持续披露责任除本年报所披露者外，本公司根据上市规则第13.20、13.21及13.22条并无任何披露责任。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2024年12月31日止年度期间或于截至2024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2024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2024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。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司68REPORT OF DIRECTORS董事会报告书董事的获准许弥偿条文有关董事及高级职员责任保险的获准许弥偿条文（定义见香港法例第622章公司条例）目前有效且于报告期内生效。于截至2024年12月31日止年度及直至最后实际可行日期期间，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。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2024年12月31日止年度，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 PROVISIONA permitted indemnity provision (as defined in the Companies Ordinance(Chapter 622 of the Laws of Hong Kong)) in relation to directors’and officers’liability insurance is currently in force and was in force during the ReportingPeriod.The 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 2024 and up to the LatestPracticable Date.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 2024, 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.
二零二四年年报ANNUAL REPORT 202469REPORT 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。董事及五名最高酬金人士于截至2024年12月31日止年度的酬金详情分别载于综合财务报表附注38和附注33。于截至2024年12月31日止年度期间，本集团并无向任何董事、过往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.Details of the emoluments of the Directors and five highest paid individualsfor the year ended 31 December 2024 are set out in note 38 and note 33 tothe consolidated financial statements, respectively. During the year ended 31December 2024, there were no emoluments paid by the Group to any of theDirectors, past Directors or the five highest paid individuals as an inducementto 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 2024(Number of SeniorManagement)截至2024年12月31日止年度（高级管理层人数）Year ended31 December 2023(Number of SeniorManagement)截至2023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）HKD1,000,001 to HKD1,500,0001,000,001港元至1,500,000港元1–HKD1,500,001 to HKD2,000,0001,500,001港元至2,000,000港元–2HKD2,000,001 to HKD2,500,0002,000,001港元至2,500,000港元21HKD2,500,001 to HKD3,000,0002,500,001港元至3,000,000港元2–HKD3,500,001 to HKD4,000,0003,500,001港元至4,000,000港元1–HKD6,500,001 to HKD7,000,0006,500,001港元至7,000,000港元–1HKD8,500,001 to HKD9,000,0008,500,001港元至9,000,000港元–1HKD10,000,001 to HKD10,500,00010,000,001港元至10,500,000港元–1
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」）有条件采纳并于2023年5月17日（「修订日期」）修订首次公开发售后股份奖励计划。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（「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2024年12月31日，首次公开发售后股份奖励计划的剩余期限约为五年零八个月。除另有指明外，本节所用词汇具有本公司日期为2023年4月24日之通函所界定的相同涵义。(a)计划的目的首次公开发售后股份奖励计划的目的为：(i)透过股份所有权、股息及就股份支付的其他分派及╱或提升股份价值令合资格人士的利益与本集团的利益一致；及(ii)鼓励并挽留合资格人士，以就本集团的长期增长及溢利作出贡献。(b)计划的参与者可能被选为首次公开发售后股份奖励计划参与者的合资格人士可为任何个人或公司实体（视情况而定），即(i)雇员参与者；(ii)关联实体参与者；及(iii)服务提供者中的任何一类，其经董事会或其代表全权酌情考虑后对本集团作出贡献或将作出贡献。倘有关个人所在地的法律法规不允许根据首次公开发售后股份奖励计划授予、接受或归属奖励，或董事会或其代表认为，为遵守所在地的适用法律法规将有关个人排除在外乃属必要或适宜，该等个人无权参与首次公开发售后股份奖励计划。POST-IPO SHARE AWARD SCHEMEThe Company conditionally adopted the Post-IPO Share Award Schemeon 24 July 2020 (the“Adoption Date”) and amended on 17 May 2023 (the“Amendment Date”). Our Company appointed Trident Trust Company (HK)Limited as the trustee (the“Trustee”) of the Post-IPO Share Award Schemeto administer the Post-IPO Share Award Scheme with respect to the grant ofany award by the Board (an“Award”) which may vest in the form of Shares(“Award Shares”) or the actual selling price of the Award Shares in cash inaccordance with the Post-IPO Share Award Scheme. As at 31 December 2024,the remaining life of the Post-IPO Share Award Scheme was approximatelyfive years and eight months. Unless otherwise stated, capitalized terms usedin this section shall have the same meanings as those defined in the circularof the Company dated 24 April 2023.(a) Purpose of the SchemeThe purpose of the Post-IPO Share Award Scheme are: (i) to align theinterests of Eligible Persons with those of the Group through ownershipof Shares, dividends and other distributions paid on Shares and/or theincrease in value of the Shares; and (ii) to encourage and retain eligiblepersons to make contributions to the long-term growth and profits ofthe Group.(b) Participant of the SchemeThe eligible persons who may be selected to become a participant ofthe Post-IPO Share Award Scheme are any individuals, or corporateentities (as the case may be) being any of (i) an Employee Participant; (ii)a Related Entity Participant; and (iii) a Service Provider, who the Board orits delegates considers, in its sole discretion, to have contributed or willcontribute to the Group. No individual who is resident in a place wherethe grant, acceptance or vesting of the Awards pursuant to the Post-IPOShare Award Scheme is not permitted under the laws and regulationsof such place or where, in the view of the Board or its delegates,compliance with applicable laws and regulations in such place makesit necessary or expedient to exclude such individual, shall be entitledto participate in the Scheme and such individual, shall be entitled toparticipate in the Post-IPO Share Award Scheme.
二零二四年年报ANNUAL REPORT 202471REPORT OF DIRECTORS董事会报告书(c) Scheme Limit and Service Provider SublimitThe Company shall not make any further grant of Award whichwill result in the aggregate number of Shares to be issued by theCompany in respect of all grants of options and awards made after theAmendment Date pursuant to the Post-IPO Share Award Scheme andany other schemes adopted by the Company (excluding options orawards lapsed in accordance with relevant scheme rules) to exceed 10%of the total issued and outstanding Shares as at the Amendment Dateunless Shareholders approve a further refreshment of the Scheme Limitor Shareholders’approval is obtained in compliance with the ListingRules.The Company shall not make any further grant of Awards to ServiceProviders which will result in the aggregate number of Shares to beissued by the Company in respect of all grants of options and awardsmade to Service Providers, after the Amendment Date pursuant to thePost-IPO Share Award Scheme and any other schemes adopted bythe Company (excluding options or awards lapsed in accordance withrelevant scheme rules) to exceed 1% of the total issued and outstandingShares as at the Amendment Date unless the Shareholders approve afurther refreshment of the Service Provider Sublimit or Shareholders’approval is obtained in compliance with the Listing Rules.As at the beginning and the end of the Reporting Period, the numberof Award Shares available for grant under the Post-IPO Share AwardScheme is 131,928,235 and 131,598,067 respectively, of which thenumber of Award Shares available for grant under the Service ProviderSublimit is 13,675,901 and 13,675,901, respectively.No new Shares may be issued in respect of Award Shares granted underthe Post-IPO Share Award Scheme during the year ended 31 December2024 as those Award Shares shall be funded by the Shares previouslyissued to and held by the Trustee. As at 31 December 2024, the totalnumber of Shares available for issue under the Post-IPO Share AwardScheme is 124,029,416, representing approximately 9.24% of the totalissued Shares.(c)计划限额及服务提供者分项限额除非股东批准进一步更新计划限额或根据上市规则取得股东批准，否则本公司不得进一步授予任何奖励，以致本公司就所有在修订日期后根据首次公开发售后股份奖励计划以及本公司采纳的任何其他计划授予的购股权及奖励（不包括根据相关计划规则失效的购股权或奖励）发行的股份总数超过修订日期已发行及发行在外股份总数的10%。除非股东批准进一步更新服务提供者分项限额或根据上市规则取得股东批准，否则本公司不得进一步授予服务提供者任何奖励，以致本公司就所有在修订日期后根据首次公开发售后股份奖励计划以及本公司采纳的任何其他计划授予服务提供者的购股权及奖励（不包括根据相关计划规则失效的购股权或奖励）发行的股份总数超过修订日期已发行及发行在外股份总数的1%。于报告期初及期末，根据首次公开发售后股份奖励计划可供授出的奖励股份数量分别为131,928,235股及131,598,067股，其中根据服务提供者分项限额可供授出的奖励股份数目分别为13,675,901股及13,675,901股。概无新股份会因根据首次公开发售后股份奖励计划于截至2024年12月31日止年度内授予的奖励股份而发行，因为该等奖励股份将由受托人持有的先前发行的股份拨付。于2024年12月31日，首次公开发售后股份奖励计划项下可供发行的股份总数为124,029,416股，约占已发行股份总数的9.24%。
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(d)个别限额倘根据首次公开发售后股份奖励计划及本公司采纳的任何其他计划向选定参与者授出任何奖励将导致于截至有关授出日期（包括该日）止12个月期间向有关人士授出的所有购股权及奖励（不包括根据相关计划规则失效的购股权或奖励）涉及的已发行及将予发行的股份数目合共超过本公司于相关期间已发行及发行在外的股份总数的1%，则有关授出须经股东于股东大会上另行批准，而有关选定参与者及其紧密联系人（或倘选定参与者为关连人士，则为联系人）须放弃投票。(e)授出奖励董事会或计划管理人可不时全权酌情决定以奖励函（「奖励函」）的方式向选定参与者（倘为董事会代表，则为向除本公司董事或高级职员以外的任何选定参与者）授出奖励。奖励函将列明授出日期、奖励涉及的奖励股份数目、归属标准及条件、归属日期以及董事会或计划管理人可能不时认为必要的有关其他详情。选定参与者就申请或接纳奖励毋须支付代价，并无有关付款或通知付款的期限或偿还用于有关用途的贷款的期限。(d) Individual LimitWhere any grant of Awards to a Selected Participant would resultin the Shares issued and to be issued in respect of all options andawards granted to such person, pursuant to the Post-IPO Share AwardScheme and any other schemes adopted by the Company (excludingoptions or awards lapsed in accordance with relevant scheme rules),in the 12-month period up to and including the date of such grantrepresenting in aggregate over 1% of the total issued and outstandingShares of the Company in issue at the relevant time, such grant mustbe separately approved by Shareholders in general meeting with suchSelected Participant and his/her close associates (or associates if theSelected Participant is a connected person) abstain from voting.(e) Grant of AwardThe Board or the Scheme Administrator may, from time to time, attheir absolute discretion, grant an Award to a selected participant (inthe case of the Board’s delegate(s), to any selected participant otherthan a Director or an officer of our Company) by way of an award letter(the“Award Letter”). The award letter will specify the grant date, thenumber of Award Shares underlying the Award, the vesting criteria andconditions, the vesting date and such other details as the Board or theScheme Administrator may consider necessary.No consideration is payable by the Selected Participant on application oracceptance of the Awards and there is no period within which paymentsor calls must or may be made or loans for such purposes must be repaid.
二零二四年年报ANNUAL REPORT 202473REPORT OF DIRECTORS董事会报告书(f) Vesting PeriodThe Board or the Scheme Administrator may from time to time while thePost-IPO Share Award Scheme is in force and subject to all applicablelaws, determine such vesting criteria and conditions or periods for theAward to be vested hereunder, provided however that the vestingperiod for Awards shall not be less than 12 months, except that anyAwards granted to an Employee Participant may be subject to a shortervesting period, including where:(i) grants of“make whole”Awards to new Employee Participant toreplace awards or options such Employee Participants forfeitedwhen leaving their previous employers;(ii) grants to an Employee Participant whose employment is terminateddue to death or disability or event of force majeure;(iii) grants of Awards which are subject to fulfillment of performancetargets as determined in the conditions of his/her grant;(iv) grants of Awards the timing of which is determined byadministrative or compliance requirements not connected withthe performance of the relevant Employee Participant, in whichcase the Vesting Date may be adjusted to take account of the timefrom which the Award would have been granted if not for suchadministrative or compliance requirements;(v) grants of Awards with a mixed vesting schedule such that theAwards vest evenly over a period of 12 months; or(vi) grant of Awards with a total vesting period of more than 12 months,such as where the Awards may vest by several batches with the firstbatch to vest within 12 months of the grant date and the last batchto vest 12 months after the grant date.(g) Purchase PriceThe purchase price payable (if any) for the Award Shares will be statedin the Award Letter, to be determined by the Board or the SchemeAdministrator in accordance with the purpose of the Post-IPO ShareAward Scheme, taking into account (including but not limited to)the prevailing closing price of the Shares and profile of the selectedparticipant.(f)归属期董事会或计划管理人可在首次公开发售后股份奖励计划生效期间并在符合所有适用法律的情况下，不时决定计划项下待归属奖励的有关归属标准及条件或期限，惟奖励的归属期不得少于12个月，惟授予雇员参与者的任何奖励的归属期可更短，包括以下情况：(i)向新雇员参与者授出「补偿性」奖励，以取代有关雇员参与者离职时失去的奖励或购股权；(ii)授予因身故或残疾或不可抗力事件而被终止雇佣关系的雇员参与者；(iii)授出的奖励受达成其获授予的表现目标所限；(iv)授出奖励的时机由管理或合规要求厘定，与相关雇员参与者的表现无关，在该情况下，归属日期可参考奖励若非因有关管理或合规要求而本已授出的时间进行调整；(v)授出的奖励附带混合归属时间表，令奖励可在12个月期间内平均归属；或(vi)授出的奖励的总归属期超过12个月，例如，奖励可能分多批归属，第一批在授出日期12个月内归属，最后一批在授出日期的12个月后归属。(g)购买价奖励股份的应付购买价（如有）由董事会或计划管理人经计及（包括但不限于）股份当前收市价及选定参与者的条件后根据首次公开发售后股份奖励计划之目的厘定并于奖励函中列明。
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During the year ended 31 December 2024, the details of the changes inthe Award Shares granted under the Post-IPO Share Award Scheme areset out below:Number of Award Shares奖励股份数目RelevantParticipant相关参与者Number ofAwardSharesGranted授出奖励股份数目Grant Date授出日期Vesting Period归属期间As at1 January2024于2024年1月1日Grantedduring theReportingPeriod报告期间已授出Vestedduring theReportingPeriod报告期间已归属Lapsedduring theReportingPeriod报告期间已失效Cancelledduring theReportingPeriod报告期间已注销As at31 December2024于2024年12月31日Mr. Si De司德先生609,85121 April 20232023年4月21日Vested in tranches within 3 yearsupon the grant date授出日期后3年内分批次归属457,3880152,46300304,925Employees雇员2,683,3264 January 20212021年1月4日Vested in tranches within 4years upon the grant date授出日期后4年内分批次归属280,778 0239,916 39,8640998721,2901 April 20212021年4月1日Vested in tranches within 4years upon the grant date授出日期后4年内分批次归属73,766038,942 0 034,824763,2581 June 20212021年6月1日Vested in tranches within 4years upon the grant date授出日期后4年内分批次归属320,011 0156,802 12,236 0150,973160,7522 July 20212021年7月2日Vested in tranches within 4years upon the grant date授出日期后4年内分批次归属45,603022,804 0 022,799348,0584 October 20212021年10月4日Vested in tranches within 4years upon the grant date授出日期后4年内分批次归属164,054 084,244 0 079,810113,4893 January 20222022年1月3日Vested in tranches within 4years upon the grant date授出日期后4年内分批次归属44,836022,422 0 022,4141,303,7921 April 20222022年4月1日Vested in tranches within 4years upon the grant date授出日期后4年内分批次归属1,067,472 0406,691 37,465 0623,316102,1644 July 20222022年7月4日Vested in tranches within 4years upon the grant date授出日期后4年内分批次归属98,022046,942 18,637 032,443407,2774 July 20222022年7月4日Vested in tranches within 4years upon the grant date授出日期后4年内分批次归属234,702 0117,351 0 0117,351222,3793 October 20222022年10月3日Vested in tranches within 4years upon the grant date授出日期后4年内分批次归属214,436 082,070 0 0132,366102,90630 December 20222022年12月30日Vested in tranches within 4years upon the grant date授出日期后4年内分批次归属52,923 026,462 0 026,4613,679,08321 April 20232023年4月21日Vested in tranches within 4 yearsupon the grant date授出日期后4年内分批次归属2,724,4340803,699 15,246 01,905,48968,7097 July 20232023年7月7日Vested in tranches within 4 yearsupon the grant date授出日期后4年内分批次归属68,70900 0 068,7094,769,44518 October 20232023年10月18日Vested in tranches within 4 yearsupon the grant date授出日期后4年内分批次归属4,761,98101,391,667 499,936 02,870,378408,19421 March 20242024年3月21日Vested in tranches within 4 yearsupon the vesting commencementdate (i.e. January 15, 2024)自归属开始日期（即2024年1月15日）起4年内分批次归属0 408,1940 62,434 0345,760164,65926 April 20242024年4月26日Vested in tranches within 4 yearsupon the grant date自授出日期起4年内分批次归属0 164,6590 0 0164,659177,01320 July 20242024年7月20日Vested in tranches within 4 yearsupon the grant date授出日期后4年内分批次归属0177,01306,2100170,803159,3611 November 20242024年11月1日Vested in tranches within 4 yearsupon the grant date授出日期后4年内分批次归属0159,361010,3890148,972截至2024年12月31日止年度，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：
二零二四年年报ANNUAL REPORT 202475REPORT OF DIRECTORS董事会报告书Notes:(i) The purchase price of all Award Shares in the table above is nil.(ii) For Mr. Si De, the weighted average closing price of the Shares immediatelybefore the date on which the Award Shares were vested in 2024 wasHKD31.50 per Share.(iii) For employees of the Group, the weighted average closing price of theShares immediately before the date on which the Award Shares were vestedin 2024 was HKD43.81 per Share.(iv) The following grants were made during 2024:Relevant Participant相关参与者Grant Date授出日期Number of AwardShares Granted授出奖励股份数目Closing Price ofShares Immediatelybefore the Grant Date(HK$)于紧接授出日期前之股份收市价（港元）Fair Value ofAwards at the GrantDate per Award Share(HK$)每股奖励股份于授出日期的奖励公平值（港元）Employees雇员21 March 20242024年3月21日408,19424.7028.6526 April 20242024年4月26日164,65933.9533.8020 July 20242024年7月20日177,01341.6041.601 November 2024(iv)2024年11月1日(iv)159,36170.5071.50The grantees include a senior manager. For more details, please refer to theannouncements of the Company dated 21 March 2024, 26 April 2024, 20 July2024 and 1 November 2024, respectively.(v) All of the grants during the year ended 31 December 2024 were subject tofulfillment of certain individual performance targets stipulated in respectivegrant letters.(vi) Details of the valuation of the Award Shares during the year, including theaccounting standard and policy adopted for the Post-IPO Share AwardScheme, are set out in note 28 to the consolidated financial statements.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 2024.CHARITABLE DONATIONSThe donations made by the Group during the year ended 31 December 2024amounted to RMB0.9 million.附注：(i)上表中所有奖励股份的购买价为零。(ii)就司德先生而言，紧接奖励股份于2024年归属日期前的股份加权平均收市价为每股31.50港元。(iii)就本集团雇员而言，紧接奖励股份于2024年归属日期前的股份加权平均收市价为每股43.81港元。(iv)于2024年授出情况如下：承授人包括一名高级经理。有关更多详情，请参阅本公司日期分别为2024年3月21日、2024年4月26日、2024年7月20日及2024年11月1日的公告。(v)截至2024年12月31日止年度之所有授出须待各自授出函所订明之若干个人绩效目标获达成后方可作实。(vi)有关年内奖励股份估值（包括首次公开发售后股份奖励计划所采用的会计准则及政策）之详情载于综合财务报表附注28。股票挂钩协议除本年报所披露者外，截至2024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2024年12月31日止年度期间，本集团作出的捐款为人民币0.9百万元。
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PURCHASE, SALE OR REDEMPTION OF LISTEDSECURITIES OR SALE OF TREASURY SHARESDuring the year ended 31 December 2024, the Company repurchased a totalof 4,700,000 shares of the Company on the Stock Exchange at an aggregateconsideration of approximately HK$85,826,488. The repurchase was effectedfor the enhancement of shareholder value in the long term. The repurchasedshares were subsequently cancelled. Particulars of the shares repurchased areas follows:Month of Repurchase购回月份No. of SharesRepurchase购回股份数目Price Paid per Share每股支付AggregateConsideration(HK$)总代价（港元）Highest (HK$)最高价（港元）Lowest (HK$)最低价（港元）January1月3,890,00019.9617.0071,168,524February2月810,00018.4617.6214,657,964Total总计4,700,00085,826,488Save as disclosed above, during the year ended 31 December 2024, neitherthe Company nor any of its subsidiaries or consolidated affiliated entities haspurchased, sold or redeemed any of the Company’s listed securities or soldany treasury Shares (as defined under the Listing Rules). As at 31 December2024, the Company did not hold any treasury Shares (as defined under theListing Rules).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.购买、出售或赎回上市证券或出售库存股份于截至2024年12月31日止年度期间，本公司已于联交所购回合共4,700,000股本公司股份，总代价约85,826,488港元。购回旨在提高长远股东价值。购回股份其后已注销。购回股份的具体情况如下：除上文所披露者外，于截至2024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并无购入、出售或赎回本公司的上市证券或出售任何库存股份（定义见上市规则）。于2024年12月31日，本公司并未持有任何库存股份（定义见上市规则）。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」）。
二零二四年年报ANNUAL REPORT 202477REPORT OF DIRECTORS董事会报告书诚如招股章程所述，首次公开发售所得款项的拟定用途载列如下：As stated in the Prospectus, the intended uses of the IPO proceeds are setout below:Intended use of Net 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 of NetProceedsunutilized up to31 December2023直至2023年12月31日未动用的所得款项净额金额Amount of NetProceedsutilizedduring 12months ended31 December2024截至2024年12月31日止12个月已动用所得款项净额金额Amount ofNet Proceedsutilized up to31 December2024直至2024年12月31日已动用的所得款项净额金额Balance ofNet Proceedsunutilized as at31 December2024于2024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 consumer accesschannels 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$263.3 million263.3百万港元HK$263.3 million263.3百万港元HK$1,734.5 million1,734.5百万港元––(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$954.0 million954.0百万港元–(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$84.6 million84.6百万港元HK$84.6 million84.6百万港元HK$346.9 million346.9百万港元–(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$178.7 million178.7百万港元HK$178.7 million178.7百万港元HK$433.6 million433.6百万港元–(ii) To fund our potential investments in, acquisitions of andstrategic alliance with companies along the value chain of ourindustry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$1,249.3 million1,249.3百万港元–HK$311.8 million311.8百万港元HK$1,249.3 million1,249.3百万港元Before31 December20252025年12月31日之前(iii) To invest in technology initiatives to strengthen ourmarketing and fan engagement efforts, and to enhance thedigitalization 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$370.7 million370.7百万港元HK$177.2 million177.2百万港元HK$673.7 million673.7百万港元HK$193.5 million193.5百万港元(a) for talent recruitment用于人才招募HK$173.5 million173.5百万港元3.0%HK$62.4 million62.4百万港元HK$62.4 million62.4百万港元HK$173.5 million173.5百万港元––
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司78REPORT OF DIRECTORS董事会报告书Intended use of Net 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 of NetProceedsunutilized up to31 December2023直至2023年12月31日未动用的所得款项净额金额Amount of NetProceedsutilizedduring 12months ended31 December2024截至2024年12月31日止12个月已动用所得款项净额金额Amount ofNet Proceedsutilized up to31 December2024直至2024年12月31日已动用的所得款项净额金额Balance ofNet Proceedsunutilized as at31 December2024于2024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(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 management andmarketing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$242.0 million242.0百万港元HK$48.5 million48.5百万港元HK$153.4 million153.4百万港元HK$193.5 million193.5百万港元Before31 December20252025年12月31日之前(c) for optimizing our online marketing efforts, whichprimarily consist of strategically placed advertisement,icons, links and news feeds on third party promotionalplatforms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$66.3 million66.3百万港元HK$66.3 million66.3百万港元HK$346.8 million346.8百万港元––(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$722.9 million722.9百万港元HK$46.6 million46.6百万港元HK$364.4 million364.4百万港元HK$676.3 million676.3百万港元(a) for enhancing our ability to identify outstanding artists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$29.1 million29.1百万港元HK$29.1 million29.1百万港元HK$260.3 million260.3百万港元––(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$86.6 million86.6百万港元––
二零二四年年报ANNUAL REPORT 202479REPORT OF DIRECTORS董事会报告书Intended use of Net 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 of NetProceedsunutilized up to31 December2023直至2023年12月31日未动用的所得款项净额金额Amount of NetProceedsutilizedduring 12months ended31 December2024截至2024年12月31日止12个月已动用所得款项净额金额Amount ofNet Proceedsutilized up to31 December2024直至2024年12月31日已动用的所得款项净额金额Balance ofNet Proceedsunutilized as at31 December2024于2024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 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$693.8 million693.8百万港元HK$17.5 million17.5百万港元HK$17.5 million17.5百万港元HK$676.3 million676.3百万港元Before31 December20252025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––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 81 to104 of this annual report.AUDIT COMMITTEEThe Audit Committee, together with the management and the externalauditor, had reviewed the accounting policies and practices adopted by theGroup as well as the internal control matters, and had also reviewed theGroup’s consolidated financial statements for the year ended 31 December2024.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81至104页的企业管治报告。审核委员会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2024年12月31日止年度的综合财务报表。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司80REPORT OF DIRECTORS董事会报告书AUDITORThe consolidated financial statements of the Group for the ended 31December 2024 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, 26 March 2025核数师本集团截至2024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，并合资格应聘续任，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，2025年3月26日
二零二四年年报ANNUAL REPORT 202481CORPORATE 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C1所载企业管治守则的原则及守则条文，并于截至2024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。企业宗旨、文化及价值作为中国潮流玩具文化的开拓者及主要推广者，我们以「创造潮流，传递美好」为使命，希望为更多的顾客带来快乐与美好。我们的管理团队以身作则，在日常运营中践行「担当」、「协作」、「极致」、「创新」和「正直」的核心价值理念，提高团队凝聚力，激发团队活力，促使我们在设计上不断突破，以丰富的产品品类满足各类顾客的需求，并最终致力于实现「成为全球领先的潮流文化娱乐公司」的愿景。董事会致力于促进本集团上下共同践行核心价值理念，使其成为我们的企业文化根基，并将我们的使命贯彻于经营活动当中。本集团以稳健的管理体系、严谨的风险控制及有效的内部沟通为基础，积极实践我们的企业文化和价值，使本集团业务得以持续发展，为股东带来长远价值。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 C1 to the Listing Rules and compliedwith the applicable code provisions during the year ended 31 December2024, 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.CORPORATE PURPOSE, CULTURE AND VALUESAs a pioneer and key promoter of pop toy culture in China, we hope tobring happiness and joy to more customers with the mission of“To light uppassion and bring joy”. Our management team takes the lead to practice thecore values of“Responsibility”,“Cooperation”,“Perfection”,“Innovation”and“Integrity”in daily operations. By improving team cohesion and stimulatingteam vitality, we are enabled to make continuous breakthroughs in design,so as to meet the needs of various customers with rich product categories.Ultimately, we are committed to realizing our vision of“To be the world’sleading fashion culture and entertainment company”.The Board is committed to promoting the overall implementation of ourcore values across the Group, making them the foundation of our corporateculture and implementing our mission in our business activities. Based ona sound management system, rigorous risk control and effective internalcommunication, the Group actively practices our corporate culture andvalues, so that the Group’s business can continue to develop and bringlong-term value to shareholders.
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，以及确保本公司文化与其宗旨、价值观及策略一致。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。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。于报告期内及直至最后实际可行日期，董事会成员组成列示如下：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（于2024年3月20日辞任为执行董事）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及联席首席运营官文德一先生（于2024年3月20日获委任为执行董事）执行董事及联席首席运营官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BOARD OF DIRECTORSThe Board oversees the Group’s businesses, strategic decisions andperformance and takes decisions objectively in the best interest of theCompany as well as aligning the Company’s culture with its purpose, valueand strategy.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.Board CompositionThe Board currently comprises nine Directors, consisting of four executiveDirectors, two non-executive Directors and three independent non-executiveDirectors. During the Reporting Period and up to the Latest Practicable Date,the composition of the Board are listed as follows:NamePosition in the CompanyMr. Wang NingExecutive Director, Chairman of the Boardand Chief Executive OfficerMs. Yang Tao(resigned as Executive Directoron 20 March 2024)Executive Director and Vice PresidentMs. Liu RanExecutive Director and Vice PresidentMr. Si DeExecutive Director and Co-ChiefOperating OfficerMr. Moon Duk Il(was appointed as ExecutiveDirector on 20 March 2024)Executive Director and Co-ChiefOperating OfficerMr. Tu ZhengNon-executive DirectorMr. He YuNon-executive DirectorMr. Zhang JianjunIndependent non-executive DirectorMr. Wu LianshengIndependent non-executive DirectorMr. Ngan King Leung GaryIndependent non-executive Director
二零二四年年报ANNUAL REPORT 202483CORPORATE GOVERNANCE REPORT企业管治报告The 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.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.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企业管治守则第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。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。
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。独立观点董事会已制定机制，以确保可向董事会提供独立观点及意见。董事会确保至少任命三名独立非执行董事，且至少三分之一的董事会成员为独立非执行董事。此外，独立非执行董事将根据上市规则的规定及在实际可行的情况下获委任为董事会委员会成员，以确保可提供独立观点及意见。提名委员会就提名及委任独立非执行董事严格遵守上市规则所载的独立性评估标准，并获授权每年对独立非执行董事的独立性进行评估，以确保其能够持续作出独立判断。全体董事亦可获取独立专业意见，以履行其职能，费用由本公司承担。委任及重选董事各执行董事王宁先生、刘冉女士及司德先生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。文德一先生已与本公司订立服务协议，任期自委任日期起计为期三年，并可根据其服务合约予以终止。服务合约将于届满时自动重续。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.Independent ViewThe Board has established mechanisms to ensure independent viewsand input are available to the Board. The Board ensures the appointmentof at least three independent non-executive directors and at least one-third of its members being independent non-executive directors. Further,independent non-executive directors will be appointed to committeesof the Board as required under the Listing Rules and as far as practicableto ensure independent views and input are available. The NominationCommittee strictly adheres to the independence assessment criteria as setout in the Listing Rules with regard to the nomination and appointment ofindependent non-executive directors, and is mandated to assess annuallythe independence of independent non-executive directors to ensure thatthey can continually exercise independent judgement. All Directors may alsoobtain independent professional advice at the Company’s expense for carryout their functions.Appointment and Re-election of DirectorsEach of the executive Directors, namely Mr. Wang Ning, Ms. Liu Ran and Mr.Si De, has entered into a service agreement with the Company for a termof three years commencing from the Listing Date, which are subject totermination in accordance with their respective terms. Mr. Moon Duk Il hasentered into a service agreement with the Company for a term of three yearcommencing from his appointment, which are subject to termination inaccordance with his service contact. The service contract will be automaticallyrenewed upon expiration.
二零二四年年报ANNUAL REPORT 202485CORPORATE GOVERNANCE REPORT企业管治报告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。服务合约将于届满时自动重续。各独立非执行董事均已接获任命书，任期自上市日期起计为期三年，可由独立非执行董事或本公司发出不少于一个月书面通知终止。任命书将于届满时自动重续。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。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. The service contract will be automatically renewed upon expiration.Each of the independent non-executive Directors was engaged on a letterof appointment for a term of three years commencing from the Listing Date,which may be terminated by not less than one month’s notice in writingserved by either the independent non-executive Director or the Company.The appointment letter will be automatically renewed upon expiration.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86CORPORATE 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。
二零二四年年报ANNUAL REPORT 202487CORPORATE 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2024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2024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 2024, 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 2024are 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(resigned on 20 March 2024)杨涛女士（于2024年3月20日辞任）√√Ms. Liu Ran刘冉女士√√Mr. Si De司德先生√√Mr. Moom Duk II(was appointed on20 March 2024)文德一先生（于2024年3月20日获委任）√√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88CORPORATE 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 chairperson 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 2024, the Audit Committee held threemeetings, during which matters such as reviewing the annual financial resultsand report for the year ended 31 December 2023, reviewing the Group’sunaudited interim results for the six months ended 30 June 2024, discussingthe audit plan for the 2024 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 2024 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2024年12月31日止年度期间，审核委员会举行了三次会议，会议期间处理审阅截至2023年12月31日止年度之年度财务业绩及报告、审阅截至2024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2024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2024年12月31日止年度全年财务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。
二零二四年年报ANNUAL REPORT 202489CORPORATE 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及╱或批准上市规则第十七章所述有关股份计划的事宜。于截至2024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、政策、架构及其他有关事宜。于报告期间，概无上市规则第十七章下股份计划的有关事宜须经薪酬委员会审阅及╱或批准。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 chairperson 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 and/or approving matters relating toshare schemes under Chapter 17 of the Listing Rules.During the year ended 31 December 2024, the Remuneration Committeeheld one meeting, during which matters such as the remuneration packages,policy and structure of the Directors and senior management and otherrelated matters were discussed.During the Reporting Period, none of the matters relating to share schemesunder Chapter 17 of the Listing Rules shall be subject to review and/orapproval by the Remuneration Committee.
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不比企业管治守则所载者宽松。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2024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、评估独立非执行董事的独立性及检讨董事会多元化政策及提名政策。提名委员会认为已维持董事会多元化观点的适当平衡。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 chairperson 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 2024, 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, assessing in the independence of independent non-executiveDirectors and reviewing the diversity policy and nomination policy of theBoard were discussed. The Nomination Committee considered an appropriatebalance of diversity perspectives of the Board is maintained.
二零二四年年报ANNUAL REPORT 202491CORPORATE 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.The Board has adopted the Nomination Policy which sets out the nominationprocedures for selecting candidates for election as Directors of the Boardof the Group. The policy is adopted by the Board and administered by theNomination 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。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司92CORPORATE GOVERNANCE REPORT企业管治报告董事会候选人的遴选乃基于（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。董事会及员工多元化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。根据董事会多元化政策，本公司寻求透过考虑若干因素，包括但不限于专业经验、技能、知识、性别、年龄、文化及教育背景、种族及服务年限，实现董事会多元化。我们董事拥有均衡的知识技能组合，包括商业管理、财务、投资、审计及会计。目前，董事会认为其多元化视角保持适当平衡及提名委员会已在专业经验、技能、知识、性别、年龄及服务年限等方面制定可衡量目标，以落实董事会多元化政策。该等目标将不时检讨，以确保其适当性及确定在实现该等目标方面取得的进展。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 Nomination Policy and themeasurable objectives periodically, and as appropriate, to ensure thecontinued effectiveness of the Board.BOARD AND WORKFORCE DIVERSITYThe 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.Pursuant to the Board Diversity Policy, the Company seek to achieve Boarddiversity, through the consideration of a number of factors, including but notlimited to professional experience, skills, knowledge, gender, age, culture andeducation background, ethnicity and length of service. Our Directors havea balanced mix of knowledge and skills, including business management,finance, investment, auditing and accounting. At present, the Boardconsidered an appropriate balance of diversity perspectives of the Board ismaintained and the Nomination Committee has set measurable objectives (interms of professional experience, skills, knowledge, gender, age and length ofservice, etc.) to implement the Board Diversity Policy. Such objectives will bereviewed from time to time to ensure their appropriateness and the progressmade towards achieving those objectives will be ascertained.
二零二四年年报ANNUAL REPORT 202493CORPORATE GOVERNANCE REPORT企业管治报告于报告期内，董事会由九名董事组成，包括一名女性及八名男性，符合联交所性别多元化的规定。我们将在招聘员工时实施确保性别多元化的政策，以培养董事会的女性潜在继任者。此外，我们将实施全面计划，旨在识别及培训我们具有领导力及潜力的女性员工，目标是将彼等晋升至董事会。截至2024年12月31日，我们共有6,273名员工（包括全职员工及兼职工，不包含外包员工和实习生），其中1,783名为男性，4,490名为女性。雇员（包括高级管理层）男女性别比例约为10比25。本公司旨在达致更为均衡的性别比例，并以实现员工性别比例为目标。本公司并不知悉任何缓解因素或导致实现员工（包括高级管理层）性别多元化更具挑战性或偏离的情况。我们亦致力于采用类似方式促进本公司管理层（包括但不限于高级管理层）的多元化，以提升本公司企业管治的整体成效。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2024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。董事会会议及董事的出席记录于截至2024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。During the Reporting Period, the Board comprised nine members, includingone female Directors and eight male Directors, which is in line with thegender diversity requirements by the Stock Exchange. We will implementpolicies to ensure gender diversity when recruiting staff to develop a pipelineof female potential successors to the Board. Furthermore, we will implementcomprehensive programs aimed at identifying and training our female staffwho display leadership and potential, with the goal of promoting them tothe Board.As of 31 December 2024, we had 6,273 employees (including full-timeemployees and part-time employees and excluding outsourced employeesand interns), of which 1,783 were male and 4,490 were female. The genderratio in the workforce (including senior management) was approximately10 males to 25 females. The Company is aiming to achieve a more balancedgender ratio in the workforce and targets to achieve a gender ratio inthe workforce. The Company is not aware of any mitigating factor orcircumstances which make achieving gender diversity across the workforce(including senior management) more challenging or less relevant.We are also committed to adopting a similar approach to promote diversityof the management (including but not limited to the senior management) ofthe Company to enhance the effectiveness of corporate governance of theCompany as a whole.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 2024, 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.BOARD MEETINGS AND DIRECTORS’ATTENDANCERECORDSDuring the year ended 31 December 2024, 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.
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The attendance records of each Director at the Board and Board committeemeetings of the Company held during the year ended 31 December 2024 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)董事会会议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(resigned on 20 March 2024)杨涛女士（于2024年3月20日辞任）1/1N/A不适用N/A不适用N/A不适用N/A不适用Ms. 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4/4N/A不适用N/A不适用N/A不适用1/1Mr. Moon Duk II(was appointedon 20 March 2024)文德一先生（于2024年3月20日获委任）3/3N/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4/43/3N/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4/43/31/11/11/1Mr. Ngan King Leung Gary颜劲良先生4/43/3N/A不适用N/A不适用1/1Notices 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.于截至2024年12月31日止年度期间，各董事出席本公司董事会及董事委员会会议的记录载列如下：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，本公司一般会发出合理通知。
二零二四年年报ANNUAL REPORT 202495CORPORATE GOVERNANCE REPORT企业管治报告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。于报告期内，董事会主席在并无其他董事出席情况下与独立非执行董事举行一次会议。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。审核委员会协助董事会领导管理层并每半年审阅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。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.During the Reporting Period, the chairman of the Board met once withthe independent non-executive Directors without the presence of otherDirectors.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.The Audit Committee assists the Board in leading the management andbiannually reviews the design, implementation and monitoring of the riskmanagement and internal control systems. Heads of departments managerisks through identification, evaluation and mitigation of risk identified.
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.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.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。我们通过于组织架构中维持内部控制体系，致力维持业务的完整性。我们的内部控制及风险管理体系涵盖（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（「内部审核及合规部门」）对主要业务流程中的风险管理及内部控制体系的充分性及有效性进行审查。本公司已建立风险管理体系，并制定我们认为适合我们业务营运的相关政策及程序。
二零二四年年报ANNUAL REPORT 202497CORPORATE GOVERNANCE REPORT企业管治报告审计部对（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体系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2024年12月31日止年度的风险管理及内部控制体系，包括财务、营运及合规控制，并认为该等体系属有效、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。检举政策本公司已采取安排，以便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。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。内幕消息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。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 2024, 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.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 shall review such arrangement regularly and ensurethat proper arrangements are in place for fair and independent investigationof these matters and for appropriate follow-up action.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.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司98CORPORATE GOVERNANCE REPORT企业管治报告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C3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2024年12月31日止年度一直遵守标准守则。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。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2024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。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 C3 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 2024.The Company’s employees, who are likely to be in possession of unpublishedinside information of the Company, are also subject to the Model Code.DIRECTORS’RESPONSIBILITY IN RESPECT OFFINANCIAL STATEMENTSThe Directors acknowledge their responsibility for preparing the financialstatements of the Company for the year ended 31 December 2024.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.
二零二四年年报ANNUAL REPORT 202499CORPORATE GOVERNANCE REPORT企业管治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2024年12月31日止年度期间，就截至2024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5.3百万元。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2024年12月31日止年度期间，就截至2024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2.3百万元。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。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，本公司投资者关系副总监。李先生于2019年4月加入本集团，负责管理本公司的投资者关系部。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企业及受托人服务部高级经理。彼于公司秘书领域拥有逾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）及香港公司治理公会（前称香港特许秘书公会）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2024年12月31日止年度，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。截至本年度报告日期，本公司已接获联交所确认，李先生合资格根据上市规则担任公司秘书。本公司连同李先生将(i)持续检讨本公司的内部监控政策，以加强与联交所的及时沟通；(ii)增加检查企业管治合规情况的次数，以符合联交所的最新指引；及(iii)加强对公司秘书有关企业管治、内部监控及公司秘书责任等课题的培训。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 2024, the remuneration paid/payableto the external auditor of the Company for the provision of audit servicesfor the year ended 31 December 2024 amounted to RMB5.3 million. Theaudit services include statutory audits and reviews of the Group and certainsubsidiaries.During the year ended 31 December 2024, the remuneration paid/payable tothe external auditor of the Company in respect of non-audit services for theyear ended 31 December 2024 amounted to RMB2.3 million. The non-auditservices conducted by the external auditor mainly include tax and otherconsultation services.JOINT COMPANY SECRETARIESMr. Li Hongxuan (“Mr. Li”) and Ms. Li Ching Yi (“Ms. Li”) are the joint companysecretaries of the Company.Mr. Li, the depute director of investor relationship of the Company, joinedthe Group in April 2019 in charge of the management of investor relationshipdepartment of the Company. Prior to that, Mr. Li served as a senior associateof investment banking department of CSC Financial Co., Ltd. from December2014 to January 2019 and a senior associate of innovative financingdepartment of CSC Financial Co., Ltd. from February 2019 to March 2019.Ms. Li is a senior manager of the Listed & Fiduciary Corporate ServicesDepartment of Trident Corporate Services (Asia) Ltd., a global professionalservices firm. She has over 10 years of professional experience in companysecretarial field. Ms. Li is an associate member of The Chartered GovernanceInstitute (formerly known as The Institute of Chartered Secretaries andAdministrators) in the United Kingdom and The Hong Kong CharteredGovernance Institute (formerly known as The Hong Kong Institute ofChartered Secretaries). Ms. Li has assisted on the Company Secretarial mattersof the Company and has closely communicated with Mr. Li, who is theprimary corporate contact person of our Company.During the year ended 31 December 2024, each of Mr. Li and Ms. Li hasundertaken not less than 15 hours of relevant professional training. Asof the date of this annual report, we have received the Stock Exchange’sconfirmation that Mr. Li is qualified to act as a company secretary under theListing Rules. The Company together with Mr. Li will (i) continuously reviewthe Company’s internal control policy to strengthen timely communicationwith the Stock Exchange, (ii) increase the frequency of checking corporategovernance compliance to keep abreast of the latest guidance from theStock Exchange, and (iii) strengthen the trainings on company secretary ontopics relating to corporate governance, internal control and responsibility ofcompany secretary.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司100CORPORATE GOVERNANCE REPORT企业管治报告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。为使股东能在明确了解本集团的经营、业务及财务资料的基础上，以知情方式行使其权利，本公司已采纳股东沟通政策，以保持与股东及其他持份者有效沟通。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。除参与本公司股东大会外，有关本公司财务资料、企业管治常规、董事履历资料及其他事项的最新资料亦可于本公司网站(www.popmart.com)公开查阅。此外，股东及投资者可随时通过电子邮件(ir@popmart.com)与我们联系或向我们发送查询及疑虑。于截至2024年12月31日止年度期间，本公司已审阅股东沟通政策的落实及成效，包括设立多种股东沟通渠道及回应持份者质询，认为股东沟通政策已妥为执行及具成效。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. To enable our shareholders to exercise their rightsin an informed manner based on a good understanding of the Group’soperations, businesses and financial information, the Company adopted theshareholders communication policy to provide effective communication withthe Shareholders and other stakeholders.The Company endeavours to maintain an on-going dialogue withShareholders and in particular, through annual general meetings andother general meetings. The general meetings of the Company providea platform for communication between the Board and the Shareholders.The chairman of the Board as well as chairpersons of the Audit Committee,the Remuneration Committee and the Nomination Committee or, in theirabsence, other members of the respective committees, are available toanswer Shareholders’questions at general meetings. The external auditor ofthe Company is also invited to attend the annual general meetings of theCompany to answer questions about the conduct of audit, the preparationand content of the auditor’s report, the accounting policies and auditorindependence.Apart from participating in the Company’s general meeting, updates onthe Company’s financial information, corporate governance practices,biographical information of Directors and others are available for public onthe website of the Company (www.popmart.com). In addition, shareholdersand investors may at any time contact or send enquiries and concerns to usby email to ir@popmart.com.During the year ended 31 December 2024, the Company reviewed theimplementation and effectiveness of the shareholders communication policy,including the multiple communication channels for shareholders in placeand the steps taken to handle shareholders’enquiries, and considered thatthe shareholders communication policy has been properly implemented andeffective.
二零二四年年报ANNUAL REPORT 2024101CORPORATE GOVERNANCE REPORT企业管治报告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.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102CORPORATE 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 19/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（地址为香港德辅道中188号金龙中心19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。
二零二四年年报ANNUAL REPORT 2024103CORPORATE 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.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。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司104CORPORATE GOVERNANCE REPORT企业管治报告组织章程文件变动于2024年3月20日，董事会议决建议对于2020年11月23日采纳并于2023年5月17日修订的第二次经修订及重述大纲及细则作出若干修订。于2024年5月21日举行股东周年大会，以供股东批准（其中包括）对第二次经修订及重述大纲及细则的修订，并于同日采纳为第三次经修订及重述大纲及细则。除上文所披露者外，并未对大纲及细则作出任何修订。第三次经修订及重述大纲及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45至80页的「董事会报告书」。Change in Constitutional DocumentsOn 20 March 2024, the Board resolved to propose certain amendments tothe second amended and restated Memorandum and Articles which wasadopted on 23 November 2020 and amended on 17 May 2023. On 21 May2024, the annual general meeting was held for the Shareholders to approveamong others, the amendments to the second amended and restatedMemorandum and Articles and was adopted as third amended and restatedMemorandum and Articles on the same date.Save as disclosed above, no amendments have been made to theMemorandum and Articles. The third amended and restated Memorandumand Articles is available on the websites of the Company and the StockExchange.Dividend PolicyThe Company has adopted a dividend policy on payment of dividends, anddetails are provided in the“Report of Directors”on pages 45 to 80 of thisannual report.
二零二四年年报ANNUAL REPORT 20241052024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024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2024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（以下简称「香港联交所」）主板《上市规则》附录C2《环境、社会及管治报告守则》（以下简称「ESG报告守则」），并遵循其汇报原则汇报有关内容。汇报原则本报告回应并遵守以下原则：「重要性」：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，并依据其关注议题的重要性程度，在本报告中做有针对性的披露。「平衡」：本报告客观披露正面及负面信息，确保内容不偏不倚地反应本报告时间范围内的ESG表现。「量化」：本报告所披露的环境与社会层面数据均采用量化方式展现，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」：本报告的数据统计方法与往年保持一致，若存在可能影响与过往报告作有意义比较的变更，均已在对应位置进行了说明。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 2024. 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 Code(the“ESG Reporting Code”) in AppendixC2 to theListing Ruleson the Main Board of the Stock Exchange ofHong Kong Limited (the“Hong Kong Stock Exchange”), and is reportedbased on its reporting principles.Reporting PrinciplesThis report responds to and adheres to following principles:Materiality: This report has identified key stakeholders and theirESG issues of concern in the preparation process, and disclosedcorrespondingly based on the materiality of the issues of concern.Balance: This report has disclosed positive and negative informationin an objective manner to ensure that contents can reflect the ESGperformance during the reporting period of this report fairly.Quantitative: The environmental and social data disclosed in this reportare all presented in the form of quantitative data, accompanied by adescription of the relevant criteria, methodologies, assumptions and/or calculation tools used, as well as the source of the conversion factorsused for the key performance indicators (“KPIs”).Consistency: The statistical method in this report is consistent with thatof previous year. Where there are changes which may affect meaningfulcomparison with previous reports, these changes are described in thecorresponding sections.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1062024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Reporting PeriodThe reporting period of this report covered from 1 January 2024 to 31December 2024.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 has always placed great importance on ESG-relatedwork. We have established and continuously improved the ESGmanagement system to ensure the orderly progress of related work.The Board of Directors of the Company, as the highest responsible anddecision-making body for ESG issues, assumes full responsibility forreviewing and approving ESG strategies, policies, goals, major missionsand managing priorities. The Board listens to the reports on ESG-relatedmatters that have an impact on the business or operations, shareholders,and other stakeholders, regularly reviews ESG goals, and supervisesthe scientific establishment and smooth achievement of ESG goals.Under the leadership of the Board, the Company has established anESG management team and an ESG collaboration team. Through closecommunication and collaboration, they jointly promote the effectiveimplementation of ESG work.The Company attaches great importance to communication withinternal and external stakeholders. Leveraging on diversified channels,the Company conducts in-depth exchanges with all parties, listens toand understands the core concerns of all parties from multiple aspects,actively responds to their expectations and needs, and also widelyadopts constructive opinions and suggestions. On this basis, the Board,in combination with the external environment and the Company’sstrategy, reviews the assessment results of the importance of key ESGissues, guides the identification, assessment, and management of ESGrisks, reviews the formulation of ESG management strategies, the settingof ESG goals, and the performance in achieving these goals. Besides, theBoard further clarifies the core direction and key tasks of ESG governancework, and continuously consolidates the foundation for the Company’ssustainable development.This report aims to objectively disclose the progress and achievementsof the Company’s ESG works in 2024, and has been considered andapproved at the Board meeting on 26 March 2025.报告时间本报告时间范围为2024年1月1日至2024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、董事会声明本公司始终将ESG工作置于重要地位，我们建立并持续完善ESG管理体系，确保相关工作有序推进。本公司董事会作为ESG事宜的最高责任及决策机构，负责审阅并批准ESG战略、政策、目标、重点任务及管理优先事项，听取对业务或运作、股东与其他利益相关方产生影响的ESG相关事宜汇报，定期审查检视ESG目标，督导ESG目标的科学设立与顺利达成。在董事会领导下，公司成立ESG管理团队及ESG协同团队，通过紧密的沟通与协作，共同推动ESG工作的有效执行。本公司高度重视与内外部利益相关方的沟通，依托多元化渠道与各方开展深入交流，多方位倾听并理解各方的核心关切议题，积极回应其期望与需求，并广泛吸纳建设性意见和建议。在此基础上，董事会结合外部环境和公司战略，审议ESG关键议题的重要性评估结果，指导开展ESG风险识别、评估及管理工作，审议ESG管理策略的制定、ESG目标的设定及其达成进度方面的表现，进一步明确ESG治理工作的核心方向与重点任务，持续夯实公司可持续发展基础。本报告旨在客观披露本公司2024年ESG工作的进展与成效，并于2025年3月26日经由董事会会议审议通过。
二零二四年年报ANNUAL REPORT 20241072024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告III. ESG MANAGEMENT SYSTEMAs a globally leading trend culture and entertainment group, Pop Marttakes IP as its core and has built a full-link creative incubation andoperation platform for creators around the world. It provides consumerswith exciting products and services as well as wonderful entertainmentexperiences.We attach great importance to ESG-related matters in businessoperations and risk management, and continuously explore the organicintegration of the ESG concept with the Company’s development. Inthis process, we continuously optimize the ESG governance structure,strengthen the construction of ESG management capabilities, listen tothe demands of various stakeholders, and also adhere to the coordinateddevelopment of social value and corporate value, with an aim tocreating long-term value for consumers, the industry and society.ESG ConceptWith a vision of“become a leading global pop culture entertainmentcompany”, the Company incorporate ESG concept into each aspectin the business, to strive to build a low-carbon and sustainableglobal supply chain and product lifecycle management system. Interms of the environment, we increase investment in research anddevelopment of green materials and processes to reduce the carbonfootprint of products, improve resource utilization efficiency, andpromote the development of a circular economy. We actively respondto the challenges of climate change and strengthen our own climateadaptation capabilities. At the social level, we strictly control productquality, integrate elements of diversity, equality, and inclusion intoproduct research, development, and design, and make every effortto protect consumers’rights and interests. We convey the conceptof sustainable development to our partners and suppliers, and worktogether to create a green and healthy supply chain ecosystem. We alsoattach great importance to the well-being of our employees, providingthem with a safe, healthy and comfortable working environment.We continuously improve the employee training and developmentmechanism to help employees and the enterprise grow together.We continue to strengthen the implementation of anti-corruptionwork, striving to urge all employees to practice good business ethicsstandards. We actively fulfill our social responsibilities, attach importanceto aesthetic education and engage in public welfare undertakings, givingback to society through public welfare projects. We will continuouslystrengthen the implementation and practice of the ESG concept in theCompany’s operations, continuously improve our ESG managementcapabilities, establish long-term trust with global consumers, investors,and regulatory authorities, striving to become a model in global pop toyindustry.三、ESG管理体系作为全球领先的潮流文化娱乐集团，泡泡玛特以IP为核心，为全球创作者打造了全链路创意孵化与运营平台，给消费者提供令人心动的产品、服务及美好的娱乐体验。我们高度重视业务经营与风险管理中的ESG相关事宜，持续探索将ESG理念与企业发展的有机融合。在此过程中，我们持续优化ESG治理架构，强化ESG管理能力建设，倾听各利益相关方的诉求，坚持社会价值与公司价值的协同发展，致力于为消费者、行业和社会创造长效价值。ESG理念本公司以「成为全球领先的潮流文化娱乐公司」为公司愿景，将ESG理念深度融入业务全流程，着力构建低碳、可持续的全球供应链与产品生命周期管理体系。在环境方面，我们加大对绿色材料和工艺的研发投入，减少产品碳足迹，提升资源利用效率，促进循环经济发展；积极应对气候变化挑战，强化自身气候适应能力。在社会层面，我们严格把控产品质量，在产品研发设计中整合多元、平等与包容元素，全力保障消费者权益；向合作伙伴与供应商传递可持续发展理念，携手共同打造绿色健康供应链生态；高度重视员工福祉，为其提供安全、健康、舒适的工作环境，不断完善员工培训与发展机制，助力员工和企业的共同成长；持续强化执行反贪腐工作，力求督促全员践行良好的商业道德标准。我们积极履行社会责任，关注美育教育，投身公益事业，通过公益项目回馈社会。我们将不断加强ESG理念在公司运营中的落地与实践，持续提升ESG管理能力，与全球消费者、投资者及监管机构建立长期信任，努力成为全球潮流玩具行业中的标杆。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1082024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告ESG Governance StructureThe Company has established a three-level ESG governance structure ledby the Board, and jointly participated by the ESG management team andthe ESG collaboration team. The Board, as the highest responsible anddecision-making body, assumes the core responsibilities of formulatingthe Company’s overall ESG strategy and management guidelines. TheBoard oversees the implementation process of ESG goals, regularlyreviews ESG reports and related matters, and guides and supervises themanagement in carrying out specific tasks. The ESG management team,composed of the president office, the investor relationship department,and the public affairs department, is responsible for assisting the Boardin coordinating the implementation of strategies and goals. It monitorsand manages the progress of daily work and regularly reports theESG-related work to the Board. The ESG coordination team, consisting ofvarious functional departments, is tasked with cooperating with the ESGmanagement team to coordinate and execute relevant specific tasks, soas to ensure the effective implementation of all ESG matters.Communication with StakeholdersThe Company sets up regular and diverse communication channels forstakeholders, so as to ensure an efficient and smooth interaction withstakeholders and to fully understand their expectations and demandsin an active manner. Their opinions and suggestions will be fullyincorporated into ESG work planning and daily management. During theyear, we conducted extensive deep communication with stakeholdersincluding government and regulatory authorities, shareholders andinvestors, customers, employees, suppliers, communities, media, as wellas non-government organizations, and identify and actively respond tokey issues of concern to them.ESG管治架构本公司构建了由董事会领导，ESG管理团队以及ESG协同团队共同参与的三层管治架构。董事会作为最高责任与决策机构，承担制定公司整体ESG战略及管理方针的核心职责，监督ESG目标实施进程，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；ESG管理团队由总裁办、投资者关系部和公共事务部组成，负责协助董事会统筹战略及目标的落地实施，监督管理日常工作进展，定期向董事会汇报ESG工作情况；ESG协同团队由各职能部门组成，负责配合ESG管理团队统筹执行相关具体工作，确保各项ESG事宜有效落实。利益相关方沟通本公司建立常态化、多元化的利益相关方沟通渠道，与利益相关方保持高效顺畅的互动交流，充分了解利益相关方的期望与诉求，并将其意见与建议充分融入ESG工作规划及日常管理。本年度，我们与包括政府及监管机构、股东及投资者、客户、员工、供应商、社区、媒体及非政府组织等利益相关方开展广泛深入交流，对其所关注的主要事宜进行识别并给予积极回应。
二零二四年年报ANNUAL REPORT 20241092024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告StakeholdersMajor issues of concernMajor communication channels利益相关方主要关注事宜主要沟通途径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• Climate change•气候变化• 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• Seminars/exchanges•调研╱交流会• Meetings between government andcompany•政企座谈会Shareholders and investors股东及投资者• Rights and interests of shareholders•股东权益• Corporate performance•企业业绩• Corporate governance•企业管治• Risk control•风险管理• Climate change•气候变化• Annual general meetings•股东周年大会• Announcement of Results report andresults presentation•业绩报告、业绩发布会• Investor meetings and performanceroadshows•投资者会议及业绩路演• Official websites of the Hong KongStock Exchange and the Company athome and abroad•香港联交所╱公司境内外官网• Investor relations page and investoremails•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• Market research•市场调研• Official website of the Company•公司官网
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1102024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告StakeholdersMajor issues of concernMajor communication channels利益相关方主要关注事宜主要沟通途径Employees员工• Rights and interests of employees•员工权益• Remunerations and benefits•薪酬福利• Development and training•发展及培训• 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• Faithful cooperation•诚信合作• 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 development•社会发展• Aesthetic education•美育教育• Environmental protection•环境保护• School-enterprise building•校企共建• Participate in charity activities•参与公益活动• Communicate with communities andnon-governmental organizations•与社区及非政府组织开展交流Media媒体• Corporate development•企业发展• Product responsibility•产品责任• Corporate governance•企业管治• Information disclosure•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• Interviews on selected topics•选题采访
二零二四年年报ANNUAL REPORT 20241112024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Identification of Key IssuesIn compliance with“ESG Reporting Code”of Hong Kong Stock Exchange,the Company learns about the views and understanding of stakeholderson ESG issues.With the basis of the disclosure aspects as stipulated in the“ESGReporting Code”, combining our business characteristics anddevelopment trend in the industry and with reference to mainstreamreporting frameworks of Global Reporting Initiative (GRI) and mainstreamESG issues rating, the Company collected feedback from stakeholderson various ESG issues through the questionnaire during the year. Weidentified consumer reach, health and safety of employees, businessethics and etc., as the most concerned issues of stakeholders based onfeedback.关键议题识别本公司遵循香港联合交易所「ESG报告守则」规定，深化理解各利益相关方对ESG议题的看法与见地。本年度，我们以「ESG报告守则」中的披露层面为基础，立足公司业务特性与行业发展趋势，参考全球报告倡议组织(GRI)标准等国际主流报告框架，结合主流ESG评级关注议题，通过调研问卷的方式，深入了解利益相关方对各项ESG议题的反馈意见。基于问卷调研结果，我们识别出消费者触达、员工健康与安全、商业道德等议题为利益相关方重点关注的领域。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1122024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告The importance of ESG issues to stakeholders of the Company is set outin the diagram below:本公司ESG议题对利益相关方的重要性程度列示于下图：High importance高度重要性Moderate importance中度重要性Low importance一般重要性1Consumer reach消费者触达14IP incubation and operationIP孵化运营19Emission management排放物管理2Health and safety of employees员工健康与安全15ESG governanceESG治理20Resources utilization management资源使用管理3Business ethics商业道德16Carbon footprint management of products产品碳足迹管理21Community investment社区投资4Intellectual property protection知识产权保护17Innovative business incubation and investment创新业务孵化与投资5Human rights and labor management人权与劳工管理18Response to climate change气候变化应对6Product quality and supply chainmanagement产品质量与供应链管理7Diversity and equal opportunity多元化与平等机会8Promotion of tide culture潮玩文化推广9Cooperation with global artists全球艺术家挖掘10Customer complaint management客户投诉管理11Customer privacy and informationsecurity management客户隐私与信息安全管理12Risk control风险管理13Development and training of employees员工发展及培训Analysis matrix of substantive issues实质性议题分析矩阵189141723121564571110131618192021Importance to external stakeholders对外部利益相关方的重要性Importance to internal stakeholders对内部利益相关方的重要性High高High高Low低Low低Environmental issues环境议题Social issues社会议题Governance issues治理议题Industrial issues行业议题
二零二四年年报ANNUAL REPORT 20241132024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告IV. ENVIRONMENT MANAGEMENTThe Company adheres to green development strategy and practicallyfulfills its environmental protection obligations. In strict compliance torelevant environmental protection laws and regulations, such as theEnvironmental Protection Law of the People’s Republic of China(《中华人民共和国环境保护法》), theLaws of the People’Republic of Chinaon Prevention and Control of Water Pollution(《中华人民共和国水污染防治法》), theAtmospheric Pollution Prevention and Control Law ofthe 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 Law of the People’sRepublic of China(《中华人民共和国固体废物污染环境防治法》), andtheEnergy Saving Law of the People’s Republic of China(《中华人民共和国节约能源法》), and regulations of other countries or regions inwhich the Company operates, the Company improves environmentalmanagement system construction, promotes energy-saving andemission reduction measures, with the aim of minimizing the impact ofits activities on environment.Emission ManagementProactively fulfilling the main responsibility for environmental protection,we uphold green operations and continue to improve emissionsmanagement related policies and enhance environmental awareness ofour employees, so as to ensure that emission reduction measures are inline with corporate strategies.四、环境管理本公司贯彻绿色发展战略，切实履行环境保护义务，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，以及全球其他运营地所在国家或地区的管理条例，完善环境管理体系，推进节能减排，降低自身活动对环境的影响。排放物管理我们秉持绿色运营理念，持续优化排放物管理策略，提升员工环保意识，确保减排措施与企业战略规划紧密契合，积极履行环境保护主体责任。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1142024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Exhaust Management: We strictly comply with theEmission Standardsof Air Pollutants for Catering Industryin which we operate and controlthe emission concentration of air pollutants by requiring that exhaustgenerated from kitchens shall be discharged outside after the treatmentof exhaust hood with filter and greasy dirt purification device.Greenhouse Gas Emission Management: In terms of electricityconsumption management, combing characteristics of scenariosincluding working place, retail channel and land operation, weformulated targeted electricity saving measures and implementthem meticulously, extensively conduct awareness promotion of,and capacity construction of energy conservation and emissionreduction and reduce greenhouse gas emission indirectly generatedfrom purchased electricity; in terms of use of vehicles, we continueto improve the loading rate, promote the prior use of new energyvehicles for short-distance delivery, and optimize the delivery routesfor long-distance delivery by scientifically designating warehousesto distribute based on the destination, so as to shorten the totaltransportation distance and reduce the carbon emissions generatedduring the process of product delivery and transportation.Wastewater Management: We handle wastewater in compliance with thetreatment methods required by the nations and places where operationsare conducted. Wastewater and reclaimed water are discharged into themunicipal pipelines to minimize environmental impact.废气管理：我们严格遵循各运营地《餐饮业大气污染物排放标准》，控制大气污染物排放浓度，要求餐厨废气需经过排油烟罩及油烟净化装置过滤后达标排放。温室气体排放管理：在用电管理方面，我们结合办公场所、零售渠道、乐园运营等场景特点，针对性制定并精细化落实节电举措，广泛开展节能减排意识宣贯与能力建设，减少因外购电力间接产生的温室气体排放；在车辆使用方面，我们持续提升车辆装载率，短距离运输优先使用新能源车辆，优化长距离运输配送路线，根据配送地位置科学安排仓库配送，缩短运输总距离，减少产品出库及运输过程中产生的碳排放。废水管理：我们严格按照国家及运营所在地处理规定进行合规处置，废水、中水排放至市政管线，减少对环境的影响。
二零二四年年报ANNUAL REPORT 20241152024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Waste Management: We adhere to the waste classification andmanagement regulations in the operating regions. We conductpromotion and raise employee awareness on waste classification bysetting designated places for garbage recycling and encouragingemployees to implement garbage classification. For discarded electronicequipment, we organize centralized scrap recycling. Food waste isentrusted to professional third-party waste transfer companies forprocessing and is subject to the supervision of the local administrativeauthorities. Hazardous waste such as waste toner cartridges and inkcartridges are collected on-site by qualified suppliers for recycling orhandled by the property companies of the offices in which we arelocated in a centralized manner, ensuring safe and compliant disposal.We also encourage stores to extend the life span of ink cartridges andreduce the disposal frequency through methods like toner refilling. Forroboshops, we replace the old machines whose appearance scraps withbrand-new shells, and introduce plush machines, theme machines andconcept machines, to extend the life span of machines. Moreover, toreduce the generation of waste at the source, we actively implementa registration and quota management system for office suppliesdistribution, cultivating employees to develop a good habit of resourcesconservation. We also regularly organize activities such as internalpurchase events for old electronic equipment to promote recycling ofelectronic equipment and advance sustainable development togetherwith employees.Resource Utilization ManagementThe Company consistently upholds the principle of prioritizingconservation and continuously improves the efficient use of energyand resources. We actively respond to national energy conservationand consumption reduction requirements, continuously enhanceresource utilization efficiency, and reduce energy costs through theimplementation of diverse energy-saving and environmental protectionprojects. Targeted management measures for energy conservationand consumption reduction are adopted by combing characteristicsof different business scenarios such as office areas, physical stores,roboshops, warehouses, and POP LAND to achieve scientific and refinedgreen and low-carbon management.废弃物管理：我们遵守运营所在地区垃圾分类及管理条例，开展垃圾分类宣传，提高员工垃圾分类意识，设立专门的垃圾回收处，支持员工实施垃圾分类举措。对于报废的电子设备，统一组织报废回收。厨余垃圾委托给专业的第三方垃圾转运公司处理，同时接受属地行政主管部门的监管。针对废弃硒鼓、墨盒等有害废弃物，则由具备回收资质的原供货厂商上门回收或所在写字楼的物业公司统一处理，保障安全合规处置。我们鼓励门店通过加注墨粉等方法，延长墨盒使用寿命，降低废弃频率。在机器人商店运营中，我们将外观达到报废状态的旧机器更换全新外壳，推出毛绒机、主题机、概念机等，延长机器使用周期。此外，我们积极实行办公用品领用登记与定额管理制度，培养员工养成节约资源的良好习惯，从源头上降低废弃物产生。我们亦定期组织老旧电子设备内购会等活动，促进电子产品回收利用，携手员工共同推动可持续发展。资源使用管理本公司坚持节约优先的原则，持续优化能源与资源管理，积极响应国家节能降耗要求。通过推进多元化节能环保项目，不断提升资源使用效率，降低能源使用成本。我们结合办公区域、线下门店、机器人商店、仓储区域、泡泡玛特城市乐园等不同业务场景的特点，采取针对性节能降耗管理措施，实现科学、精细化的绿色低碳管理。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1162024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Office:We are committed to create a green office environment byimplementing management measures for electricity, water, paperconsumption, etc., to implement an environmentally friendly, efficient,and energy-saving office operational model.• Electricity Consumption Management:• Replace high energy-consuming equipment with energy-efficient new technologies and products to reduce energyconsumption of the Company;• Optimize temperature control scheme for air conditioningto improve the electricity consumption efficiency of airconditioning;• Continue to launch the“Green Pop Mart, Low Carbon Emission”energy-saving activity, and display its QR codes in the officearea for publicity and promotion. This aimed to encourageemployee to engage in green working practices such asturning off lights when not in use, utilizing double-sidedprinting, recycling cardboard. Employees can earn activitypoints by accomplishing low-carbon behaviors. Over the 12months of activity, a total of 6,226 low-carbon behaviors wereaccomplished, making contribution to resource conservation.• Water Consumption Management:• Assign dedicated personnel to conduct daily inspections andmaintenance management, regularly organize maintenancepersonnel to conduct comprehensive inspections of thedrainage system, and promptly identify and repair potentialissues;• Install additional water-saving faucets, require water dispensersuppliers to equip water-saving buckets in the pantry to collectclean discarded water and overnight water for watering plantsand cleaning floors, achieving the recycling of water resources;• Set water-saving goals, guide employees to develop water-saving habits, and firmly prevent water resource wastage suchas running, seeping, dripping, and leaking.办公区域：我们致力于打造绿色办公环境，通过用电、用水、用纸等管理措施，践行环保、高效、节能的办公运营模式。•用电管理：•淘汰高耗能设备，引进高效节电技术与产品，降低公司能源消耗；•优化空调控温方案，提升空调用电效率；•持续开展「绿色泡泡低碳减排」节能活动，在办公区域张贴活动二维码进行宣传推广，呼吁员工自觉养成关灯、双面打印、回收纸壳等绿色办公习惯。员工可以通过完成低碳行为赚取活动积分，在历时12个月的活动时长中，共达成6,226次低碳行为，为资源节约贡献力量。•用水管理：•由专人负责开展日常巡视与维护管理，定期组织维修人员对排水系统进行全面检查，及时发现并修复潜在问题；•增设节水龙头，要求直饮机供应商在茶水间配备节水桶，收集干净的废弃水、过夜水，用于浇花和清洁地面等，实现水资源的循环利用；•设定节水目标，引导员工养成节水习惯，坚决杜绝跑、冒、滴、漏等浪费水资源的情况发生。
二零二四年年报ANNUAL REPORT 20241172024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告• Paper Consumption Management:• Encourage employees to develop double-sided printing habitsand recycle office paper and cardboard;• Optimize gift packaging methods for staff by increasing theproportion of fabric packaging and reducing paper-basedpackaging;• Promote paperless operations, guide employees to useelectronic documents and electronic registration systems.In addition, during the selection process of office locations, weprioritize buildings that comply with green building standards.Currently, our leased office building in Shanghai has obtained thegreen building certification.Physical Store:We continuously optimize the management of electrical equipmentin stores and strictly control after-hours energy use. Duringnon-operating periods, only fire emergency lighting systems remainoperational, and all non-essential electrical equipment is turnedoff. Furthermore, we regularly recycle paper waste and vigorouslyimplement electronic invoices to effectively conserve resources.•用纸管理：•鼓励员工养成双面打印的习惯，回收办公室纸张和纸壳；•优化员工礼物包装方式，增加织物包装比例，减少纸质包装使用；•推进无纸化办公，引导员工使用电子文件及电子登记系统。此外，在办公地点的选址过程中，我们优先选择符合绿色建筑标准的楼宇。目前，我们位于上海的租赁办公楼已获得绿色建筑认证。线下门店：我们持续优化门店用电设备管理，严格管控营业时间外的能源使用。非营业时段仅保留消防应急照明系统运行，并关闭所有非必需的用电设备。此外，我们定期回收纸质废弃物，大力推行电子发票，有效节约资源。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1182024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Roboshop:We closely monitor the actual usage frequency of roboshop, scientificallyplan operating hours, and set automatic shutdown functions. Whenequipment is idle, the system automatically switches to low-energystandby mode. During non-operating hours, devices are automaticallypowered off to effectively reduce energy waste. Additionally, we furtherreduce energy consumption by adjusting equipment lighting brightnessand adopting low-power systems. We have eliminated paper distributionsheets and fully promoted the use of personal digital assistant (PDA)for order picking operations, expanding paperless workflows to reducepaper consumption. We regularly maintain machine consumables andallocate reusable consumables to other machines for continued use,minimizing resource waste. Furthermore, we continuously optimizedisplay methods in roboshop windows, gradually piloting full-screendisplays and universal props to replace traditional physical productdisplays, effectively reducing the replacement frequency of windowdisplays and the use of physical products, thereby conserving resourcesin manufacturing and logistics transportation.Warehouse:We have developed theWarehouse Energy Conservation Regulationsto clearly regulate the use of lighting and fans within the warehouse,requiring the rational use of electrical equipment based on actualneeds in different weather conditions and operational areas. Weenhance natural light utilization while promoting low-energy LEDenergy-saving lamps to gradually replace traditional lighting fixtures.We adopt paperless picking methods and integrate logistics waybillswith warehouse shipping orders to reduce paper consumption. In 2024,we saved a total of 687,700 sheets of paper through logistics waybillconsolidation, and Changshu Warehouse saved 6.68 million sheets of A5office paper through paperless picking. Additionally, we properly recycleand reuse packaging cartons, cardboard, and other materials, promotethe use of reusable pallets, reduce the consumption of softwood pallets,and drive resource circularity.机器人商店：我们密切监控机器人商店的实际使用频率，科学规划营业时间，并设置自动关机功能。当设备处于空闲状态时，系统将自动切换至低能耗的待机模式。在非营业时段，设备将自动关闭，有效减少能源浪费。我们亦通过调节设备灯光亮度和采用低功耗系统，进一步降低能耗。我们取消纸质配货单，全面推广使用掌上电脑(PDA)进行拣货操作，扩大无纸化作业范围，减少纸张消耗。我们定期维修机器耗材，并将可再次使用的耗材分配给其他机器继续使用，减少资源浪费。此外，我们持续优化机器人商店橱窗的展示方式，逐步试点采用全画面展示、通用道具替代传统实物产品展示，有效降低橱窗实物产品的更换频率及实物产品的使用，节约实物产品的制作及物流运输资源。仓储区域：我们已制定《仓库能耗节约规定》，明确规范库区照明及风扇设备的使用要求，根据不同天气条件和作业区域的实际需求，合理安排用电设备使用，在提高自然光线利用率的同时，推进低能耗LED节能灯的使用，以逐步替代传统灯具。我们采用无纸化拣选方式，整合物流面单与仓库出货单，减少纸张使用。2024年，我们通过物流面单融合的方式共节约用纸68.77万张，常熟仓通过无纸化拣选共节约A5办公纸668万张。此外，我们妥善回收及再利用包装纸箱、卡板等材料，推广可循环托盘的使用，减少软木托盘的用量，推动资源循环使用。
二零二四年年报ANNUAL REPORT 20241192024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告POP LAND:POP LAND is an urban renovation project. Adhering to the principles ofenvironmental protection, cherishing natural resources, and improvingenergy efficiency, we carried out reconstruction and updates on themain structure of the original building to avoid large-scale demolitionand construction, thereby reducing negative impacts on the surroundingenvironment and natural resources. The park’s outdoor rainwaterdrainage system is designed to a high standard with a three-yearrecurrence interval1, ensuring effective drainage under extreme weatherconditions by channeling rainwater into rivers or infiltrating it into greenareas. We place high priority on protecting existing vegetation andavoiding damage to large trees and other plants.POP LAND implements diversified measures in cooling, heating,water use, and lighting to ensure operational efficiency and energyconservation, fully executing green operations.• Cooling and heating: The park utilizes a renewable air source heatpump system for cooling and heating, equipped with variablerefrigerant flow air-conditioning systems. By using electricity insteadof fossil fuels, smoke-free emissions are achieved. The coolingand heating source and air-conditioning terminal equipment areinstalled with automatic control devices that support remote start/stop, monitoring, alarm triggering, and data logging functions.System efficiency is optimized through operational unit quantitycontrol and frequency conversion control. In addition, the air-conditioning system adopts temperature-difference air supplyto reduce airflow volume, further lowering energy consumption.All energy efficiency indexes of the cooling and heating sourceunits are better than the requirements of the currentGB 50189-2015 Design Standard for Energy Efficiency of Public Buildingsandthe current energy efficiency limit values of the relevant nationalstandards, which ensures that the system is energy-efficient andenergy-saving;1One extreme rainfall matching the designed drainage system will occur everythree years on average.泡泡玛特城市乐园：泡泡玛特城市乐园是城市更新旧改项目。我们秉持环境保护、珍视自然资源、提高能源利用效率的原则，在原有建筑的主体结构上进行改造与更新，避免大规模拆建，减少对周边环境与天然资源的负面影响。乐园室外雨水排水系统设计采用三年重现期1的高标准，将雨水被引流至河道或回渗至绿化区域，确保在极端天气情况下实现有效排水，实现水资源的合理利用。我们高度重视对现有植被的保护，避免对大型树木等植被的破坏。泡泡玛特城市乐园在供冷供热、用水、照明等方面多措并举，保障运营的高效与节能，贯彻绿色运营。•供冷供热方面：乐园使用可再生的空气源热泵系统进行制冷和制热，并配备变制冷剂流量空调系统。通过电力的使用代替化石能源，实现无烟排放。空调的冷热源设备及末端设备均配备自控装置，支持远程启停、监测、报警、记录功能，并通过运行台数控制与变频控制优化系统运行效率。此外，系统采用温差送风的方式以减少送风量，进一步降低空调机组能耗。冷、热源机组的能效指标均优于现行《GB 50189-2015公共建筑节能设计标准》的规定以及现行有关国家标准能效限定值的要求，保障系统高效节能；1平均每三年才会遇到一次与设计排水系统相匹配的极端降雨事件。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1202024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告• Lighting: The park strictly complies with national and industrystandards in lighting design to ensure a highly energy-efficientsystem. The lighting power density (LPD) in all areas strictlycomplies with the requirements ofGB 50034-2013 Standard forLighting Design of Buildings, the nightscape lighting limits fullyadhere toJGJ/T 163-2008 Code for Lighting Design of UrbanNightscapeand the energy efficiency of all light sources and ballastsused by the part meets or exceeds the energy-saving evaluationthresholds of corresponding standards. Straight-tube fluorescentlamps, compact fluorescent lamps with high power factors and lowharmonics, and LED light sources are extensively adopted across thepark. High-energy-consumption lighting methods such as indirectlighting or diffuse reflective ceilings are strictly avoided, effectivelyreducing power consumption while enhancing lighting quality;• Water using: The park uses corrosion-resistant and durable pipes,fittings, valves and other components in the water supply system toreduce water wastage due to leakage of system pipes; and adoptshighly efficient water-saving irrigation methods for landscapingwatering to effectively reduce the use of water resources.In addition, the Company also focuses on the R&D and managementof green packaging materials. We integrate the concept of greenenvironmental protection and low-carbon into the entire productlifecycle, including product design, production, packaging, logistics, andscraping. We comprehensively evaluate the environmental protectionattributes and energy-saving demands of products, constantly optimizethe application of packaging materials, reduce environmental impacts,and implement the green and environmental protection concept.•照明方面：乐园在照明设计方面严格遵循国家和行业标准，确保照明系统高效节能。各场所的照明功率密度值(LPD)均符合《GB 50034-2013建筑照明设计标准》规定，夜景照明限值严格遵守《JGJ/T 163-2008城市夜景照明设计规范》要求。此外，乐园所使用的光源和镇流器能效均不低于相应节能评价值。园区内广泛采用直管荧光灯、高功率因数及低谐波的紧凑型荧光灯及LED等光源，避免使用间接照明或漫反射发光顶棚等高能耗照明方式，在提升照明效果的同时，有效降低电力消耗；•用水方面：乐园在给水系统中采用耐腐蚀、耐久性能好的管材、管件、阀门等零件，减少因系统管道损漏导致的水资源浪费；采用高效的节水灌溉方式进行绿化浇洒，有效减少水资源使用。此外，本公司高度重视绿色包装材料的研发和管理，我们将绿色环保和低碳理念贯穿于产品的全生命周期的各个环节，包括产品设计、生产、包装、物流及报废。我们全面评估产品的环保属性与节能降耗需求，持续优化包装材料的应用，减少对环境的影响，落实绿色环保理念。
二零二四年年报ANNUAL REPORT 20241212024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Case: Launching a“Carbon-Neutral”Cultural Gift Box toPromote Green ConsumptionIn June 2024, we collaborated with Envision Technology Group to launch acarbon-neutral cultural gift box, which includes a“DIMOO Classic Replica”series figurine. POP MART’s POP GIFT cultural team meticulously recreatedEnvision’s Galileo Wind Turbine, Smart Energy Storage System, and GreenCharging Robot into miniature collectibles. Consumers can admire andinteract with these world-leading“zero-carbon”devices on their desks or inthe palms of their hands, deepening their understanding and connectionto eco-conscious culture through tactile engagement. In respect of productdesign, our design philosophy centers on a“zero-carbon”ethos by attachingmore functions and value to the gift box. During the manufacturing ofproducts, we utilizes low-carbon and degradable materials and mergesthe outer packaging of the gift box with the logistics box, which not onlyimproves the aesthetic and functional value of products, but also reducesunnecessary consumables used during transportation. After taking out of thefigurine and EPE foam, the gift box can be a display box by providing storageand display functions, in a view to avoid single-use packaging and reducewaste generation.This gift box product has undergone cradle-to-gate carbon footprintaccounting through Envision’s Ark Carbon Management System, achievingcarbon neutrality by writing off equivalent Verified Carbon Units (VCUs) underthe Verified Carbon Standard (VCS), with certification validated and releasedthrough carbon-neutral verification procedures. We aim to communicatesustainability ethos through such innovative designs, pioneering social trendof low-carbon consumption.案例：推出「碳中和」文创礼盒，传递绿色消费理念2024年6月，我们与远景科技集团合作推出碳中和文创礼盒，礼盒内附有一款「DIMOO经典复刻」系列手办。泡泡玛特文创礼物POP GIFT团队将远景的伽利略风机、智慧储能系统、绿色充电机器人复刻成迷你手办，消费者可以在桌面、手心随时欣赏、把玩全球领先的「零碳」设备，了解并感受蕴含的环保文化。在产品设计上，我们以「零碳」为核心，赋予礼盒更多的功能和价值。在产品的生产过程中，我们选择低碳可降解材料，并将礼盒外包装与物流盒合二为一，既提升了产品的美观性与功能性，又减少了运输过程中非必要耗材使用。将礼盒内的手办和珍珠棉取出后，礼盒可以作为展示盒，提供收纳与展示功能，避免用后即弃，减少废弃物的产生。该礼盒产品基于远景方舟碳管理系统进行碳足迹核算，完成产品「生命周期摇篮到大门」碳足迹核算，通过注销等量国际核证碳减排标准(VCS)和核证减排量(VCUs)，并根据碳中和核查程序认证发布。我们希望通过此类创新产品，向消费者传递可持续理念，引导低碳消费成为社会潮流。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1222024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Case: Promoting the Cycle Use of Materials to AchieveEfficient Low-Carbon OperationDuring the year, we constantly implemented optimization on logisticspackaging management by properly recovering and reusing packagingcartons and pallets while utilizing more reusable pallets to phase outsoftwood pallets. We reused recyclable pallets to effectively reduceresource waste and reduce the negative impact on the environment.During 2024, we used recyclable pallets for 341,637 times, achieving a592-ton reduction in carbon emissions compared to single-use softwoodpallets, to promote the Company’s green and low-carbon development.Case: Establishing the POP MART Innovation MaterialHub to Pioneer Sustainable CraftsmanshipLocated in Dongguan, Guangdong, the POP Innovative Material Hubsets up six specialized zones, namely New Technology and MaterialCollection Zone, Use of Technology and Material Exhibition Zone,Environmental Protection and Sustainable Development ExhibitionZone, Project and Technology Case Exhibition Zone, TechnologicalProcess Exhibition Zone, Patent Licence Exhibition Zone, showcasing ouravant-garde advancements in pop toy artistry, material development,and green manufacturing. We endeavor to bring consumers moreamazing visual effects as well as improve production efficiency andproduct yield by developing new production techniques, therebyreducing environmental footprint. New Materials, new productiontechniques and new technologies will give more inspirations to artistsand bring more ideas to life.案例：推进物料循环使用，助力低碳高效运营本年度，我们持续优化物流包装管理，妥善回收及再利用包装纸箱、卡板等材料，推广可循环托盘的使用，减少软木托盘的用量。我们将可循环托盘多次循环利用，有效减少资源浪费，降低对环境带来的负面影响。2024年，仓库与工厂共计使用可循环托盘341,637次，相比一次性软木托盘降低碳排放约592吨，促进公司绿色低碳发展。案例：打造泡泡创新材料馆，探索前沿绿色工艺泡泡创新材料馆位于广东东莞，馆内设有新工艺与材料收集区、工艺与材料运用展示区、环保可持续专区、工程工艺案例展示区、工艺流程展示区、专利证书展示区六大区域，集中呈现了我们在潮玩工艺、材料开发以及绿色环保等领域的前沿探索。我们希望通过开发新工艺，为消费者带来更惊艳的视觉效果，提升生产效率与产品良品率，减少对环境带来的负面影响，通过新材料、新工艺和新技术，为艺术家们注入全新灵感，助力更多创意落地生根。
二零二四年年报ANNUAL REPORT 20241232024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告案例：创新「液态流胶」工艺，推动绿色低碳生产「液态流胶」是一种创新的绿色低碳生产工艺，我们通过采用混啤工艺替代传统喷涂工艺，从源头实现低碳环保升级。该工艺可直接一次注塑成型，无需喷涂，在提升产品外观效果的同时，显著减少挥发性有机物(VOCs)排放，并通过工艺简化降低整体生产能耗，进一步减少碳足迹。此外，该工艺亦可替代传统的水转印技术，在实现塑胶表面纹理美观层次感的同时，减少表面处理工序，降低水转印工艺中膜纸的消耗，有效减少资源浪费。目前，该工艺已成功应用于「SKULLPANDA「邸语」观中景」系列，助力产品线的球体及底座生产环节，有效推动产业链协同减污降碳，促进公司实现可持续发展。Case: Innovating the“Liquid Flowing Adhesive”Process toPromote Green and Low-Carbon ProductionThe“liquid flowing adhesive”is an innovative green and low-carbonproduction process. We replace the traditional spraying process with amixed brewing process, achieving a low-carbon and environmentallyfriendly upgrade from the source. This process allows for direct one-stepinjection molding without the need for spraying. While enhancing theappearance of products, it significantly reduces the emission of volatileorganic compounds (VOCs). By simplifying the process, it also reducesthe overall production energy consumption, further minimizing thecarbon footprint. In addition, this process can also replace the traditionalwater transfer printing technology. While achieving an aesthetic andlayered texture on the plastic surface, it reduces the surface treatmentprocedures, cuts down the consumption of film paper generated in thewater transfer printing process, and effectively reduces resource waste.Currently, this process has been successfully applied in the productionof the spheres and bases in the product line of the“SKULLPANDA‘Mansion Whisper’View in the Landscape”series, effectively promotingthe coordinated reduction of pollution and carbon emissions in theindustrial chain and facilitating the Company’s sustainable development.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1242024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告案例：实现包装优化升级，践行绿色低碳转型本年度，我们持续对产品包装进行优化升级。在材料循环利用方面，我们在「SKULLPANDA「邸语」观中景」系列产品中采用100%可回收材料的坑纸替代原有PET塑料包装，提升包装可回收性，降低对石油基材料的依赖。通过优化设计，我们有效减小纸盒包装体积，单个纸盒包装体积较塑料包装减少30.7%，进一步推动产品包装的减量化及可循环利用。在产品外包装LOGO方面，我们为版权印定制研发了高清晰分辨率的模内晒字工艺，取代传统的钢板移印油墨，在保持产品美观的同时，减少油墨使用，降低生产过程中的VOCs排放，实现绿色印刷。此次包装升级系统性响应了「双碳」目标、消费者责任及供应链韧性，标志着公司从「合规驱动」向「价值创造」的ESG战略转型。Case: Achieving Packaging Optimization and Upgrade toPractice Green and Low-Carbon TransformationDuring the year, we have continuously optimized and upgraded ourproduct packaging. In terms of material recycling, for the products inthe“SKULLPANDA‘Mansion Whisper’View in the Landscape”series, wehave adopted corrugated paper made of 100% recyclable materials toreplace the original PET plastic packaging, enhancing the packaging’srecyclability and decreasing the reliance on petroleum-based materials.Through optimized design, we have effectively reduced the volumeof the carton packaging. The volume of a single carton packaginghas decreased by 30.7% compared to the plastic packaging, furtherpromoting the reduction and recyclability of product packaging.Regarding the LOGO on the product outer packaging, we have custom-developed an in-mold lettering process with high-definition resolutionfor the copyright print, replacing the traditional steel plate pad printingink. While maintaining the product’s aesthetic appeal, this reduces theuse of ink and decreases the VOCs emissions during the productionprocess, achieving green printing. This packaging upgrade systematicallyresponds to the“dual carbon”goal, consumer responsibility, and supplychain resilience, marking the Company’s ESG strategic transformationfrom“compliance-driven”to“value creation”.
二零二四年年报ANNUAL REPORT 20241252024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Environment and Natural ResourcesThe Company highly values the protection of the environment andnatural resources. In our business development and daily operation,the Company has actively responded to national policies of energyconservation and environmental protection, promoted the conceptof environmental protection, fulfilled the low-carbon operation mode,and minimised the impact on the environment and natural resources,thereby enhancing our green competitiveness.Given our operation features, the Company has rather little influence onthe environment and natural resources. In 2024, we have not discoveredany significant event of pollution and impact on the environment andnatural resources in our operation.Response to Climate ChangeAmidst the intensifying global attention to climate change, asa responsible enterprise, we have taken proactive measures toadvance climate actions. The Company profoundly understands theimpact of climate change on its business operations and societyand has proactively identified and assessed climate-related risks andopportunities and systematically formulated response measures toimprove the climate-related management system and optimize themanagement mechanism, thereby improving the Company’s climatechange adaptability and business resilience.During the year, based on the existing risk management system, wecontinued to identify and analyse climate-related change risks to ensurea comprehensive understanding of climate risks in each departmentthrough communication and collaboration with various departments.We accordingly formulated and improved management strategies andcountermeasures against climate risks to enhance the Company’s overallclimate-related risk management capabilities.环境及天然资源本公司高度重视环境及天然资源的保护工作，在公司业务发展及日常运营中，坚定贯彻国家节能环保政策，积极倡导绿色环保理念，践行低碳运营模式，最大程度减少对环境及天然资源的影响，增强企业的绿色竞争力。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。2024年，我们在经营中未发生对环境及天然资源造成重大污染和影响的事项。应对气候变化在全球高度重视气候变化的背景下，作为一家负责任的企业，我们主动采取应对措施，推进气候行动。本公司深刻理解气候变化对自身业务运营及社会的影响，主动识别与评估气候相关风险与机遇，系统制定应对措施，持续完善气候相关管理体系建设，优化管理机制，提高公司气候变化适应能力与业务韧性。本年度，我们依托公司现行风险管理体系，持续开展对气候相关风险的梳理与分析，通过与各部门沟通协作，确保各部门全面理解气候相关风险，并据此制定和完善气候相关风险的管理策略与应对措施，提升公司整体的气候相关风险管理能力。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1262024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告The major climate-related risks and opportunities identified, as well ascountermeasures implemented against climate change by the Company, areas follows:本公司识别的主要气候相关风险、机遇以及制定的应对措施如下：TypesClimate-relatedrisks/opportunitiesDescription ofrisks/opportunitiesCountermeasures类型气候相关风险╱机遇风险╱机遇描述应对措施Physical risks物理风险Acute weather risks急性天气风险The occurrence of extremeweather, such as rainstorms,typhoons and snowstorms maycause damage to the health andsafety of staff and property ofthe Company.暴雨、台风、暴雪等极端天气的发生，可能使公司人员健康与安全及公司财产受损。Develop emergency plans in line withdifferent situations, strengthen the collectionof extreme weather warning informationand issue weather alerts in advance, andestablish efficient mechanism of disasterrelief, regularly assess measures for disasterprevent ion, reserve emergency supplies,such as umbrellas and raincoats, adjustoperation hours and working ways whennecessary, identify possible asset losses,and purchase necessary staff and propertyinsurance.根据不同情况精准制定应急预案，加强极端天气预警信息的收集与提示，建立高效应急救灾机制；定期评估防灾措施，储备雨伞、雨衣等应急物资，根据实际情况灵活调整运营时间及办公方式；识别潜在资产损失风险，购买必要的人员与财产保险。
二零二四年年报ANNUAL REPORT 20241272024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告TypesClimate-relatedrisks/opportunitiesDescription ofrisks/opportunitiesCountermeasures类型气候相关风险╱机遇风险╱机遇描述应对措施Extreme weather such asrainstorms, typhoons andsnowstorms may cause PopMart interruptions in transportoperations.暴雨、台风、暴雪等极端天气的发生可能导致运输中断的风险。Continuously improve the environmentof warehouse hardware facilities, enhancethe business operation and emergencyresponse capabilities of warehouses,establish an integrated logistics andtransportation system covering conventionaland emergency logistics and transportation,communicate with logistics serviceproviders and adjust the work plan in atimely manner as extreme weather occurs,and use emergency logistics transportationmethods such as air or rail transportationwhen necessary, improve the mechanism foridentifying and predicting extreme weather,and regularly assess the impact of badweather on product transportation to takerisk-preventing measures in advance.持续优化仓库硬件设施，提升仓库业务操作能力及应急响应水平；建立覆盖常规物流运输与紧急物流运输的一体化物流运输体系，在极端天气发生时，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；完善极端天气识别与预判机制，定期评估恶劣天气对产品运输的影响，提前做好风险防范措施。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1282024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告TypesClimate-relatedrisks/opportunitiesDescription ofrisks/opportunitiesCountermeasures类型气候相关风险╱机遇风险╱机遇描述应对措施Chronic weather risks慢性天气风险Continuous hot weather maylead visitors and employees ofPOP LAND to suffer heatstrokeoutdoors; strong wind andcold weather may lead to thedecrease of visitors of POP LAND.持续高温天气导致泡泡玛特城市乐园游客、员工在户外中暑的风险；大风、寒冷天气导致泡泡玛特城市乐园游客数量下降的风险。Formulate emergency plans for thecontinuous hot weather during thesummer, issue weather alerts in advancewhen extreme weather occurs, and takeprecautionary measures, including but notlimited to enabling tourists to be accessibleto ticket refunds or postponed visit,providing first aid knowledge concerningheat stroke to doctors in the park, reservingmedicines to alleviate heat stroke at parkservices; placing ice machines in the park;and placing spraying cooling facilitiesin outdoor places where people gather.Optimize the construction of venues andfacilities for cold and strong wind weather toprovide a warmer environment for visitors;flexibly adjust the schedule of activitiesaccording to the weather conditions, andincrease the frequency of indoor activities.针对暑期持续高温天气制定应急预案，加强极端天气预警提示，采取防范措施，包括但不限于为游客提供退票或延期游玩的选择；为园区医生提供中暑相关的急救知识；在园区服务处储备缓解中暑情况的药品；在园区安置制冰机；在户外人员聚集处安置喷雾降温设施等。针对寒冷大风天气，优化建筑场馆和设施建设，为游客提供更温暖的环境；根据天气情况灵活调整活动安排，增加室内活动的举办频率。
二零二四年年报ANNUAL REPORT 20241292024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告TypesClimate-relatedrisks/opportunitiesDescription ofrisks/opportunitiesCountermeasures类型气候相关风险╱机遇风险╱机遇描述应对措施Transformation risks转型风险Risk of policies andlaws and regulations政策及法律法规风险Regulatory authorities graduallyimprove the disclosurerequirements for informationrelated to climate change. Thegovernment also accelerates theintroduction of green and low-carbon transformation policies.Failure to follow up on policiesor meet relevant disclosurerequirements may result inregulatory inquiries or warnings.监管机构逐步完善气候相关信息披露要求，政府亦加速推进绿色低碳转型政策，企业若未能及时适应政策变革或未达到相关披露要求，将面临监管机构的问询或警示。Closely follow up on the new policiesissued by the country in response toclimate change, energy conservation andenvironmental protection, ecologicalprotection and other relevant fields, analyzethe impact of relevant policies on theCompany, and develop correspondingmanagement measures and responsemethods; further improve the climatechange management system, strengthencommunication with regulatory authorities,and improve the transparency of informationdisclosure.密切关注国家在应对气候变化、节能环保、生态保护等相关领域发布的新政策，分析相关政策对公司的潜在影响，制定相应管理措施及应对措施；进一步优化气候变化管理体系，加强与监管部门的沟通协作，提升信息披露透明度。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1302024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告TypesClimate-relatedrisks/opportunitiesDescription ofrisks/opportunitiesCountermeasures类型气候相关风险╱机遇风险╱机遇描述应对措施Market risk市场风险The concept of green, low-carbon, and sustainableconsumption is becomingincreasingly popular, andcustomers are paying moreattention to the impact of theirproducts on the environmentand the Company’s measuresto address climate change.Failure to grasp relevant trendsin a timely manner may lead tocustomer loss; climate changemay lead to higher energy prices,thereby increasing logistics costs.绿色、低碳、可持续消费理念逐步盛行，客户更加关注产品的环境影响，关注公司在应对气候变化方面的措施，未能及时把握相关趋势可能导致客户流失；气候变化可能导致能源价格上涨，从而增加物流成本。Focus on customers’expectations for green,low-carbon, and sustainable products,ensure timely and accurate disclosure ofinformation on response to climate changechallenges, innovate green product designs,track the newest development trend ofgreen market, promote the transformationand upgrading of products, and graduallyoptimize the transportation plan by settingup a reasonable transportation route andincreasing the proportion of the use of newenergy vehicles.聚焦客户对产品在绿色、低碳、可持续等方面的期望，确保及时、准确地披露应对气候变化挑战的信息，创新绿色产品设计，紧跟绿色市场发展动态，推动产品的转型升级；逐步优化运输方案，设置合理运输路线，增加新能源车辆的使用比例。Technology risk技术风险Technical bottlenecks and failureto make a breakthrough inenvironmental protection andlow carbon technology couldresult in green products laggingbehind the industry peers.遇到技术瓶颈，无法攻克环保低碳技术，导致绿色产品落后于同业。Recruit top experts, increase investment intechnology research and development aswell as enhance technological capabilities.招聘顶尖专家人才，加大技术研发的投入，提升技术实力。
二零二四年年报ANNUAL REPORT 20241312024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告TypesClimate-relatedrisks/opportunitiesDescription ofrisks/opportunitiesCountermeasures类型气候相关风险╱机遇风险╱机遇描述应对措施Reputation risk声誉风险Poor performance in addressingclimate change could lead toa loss of confidence amongstakeholders in the Company.在应对气候变化方面表现欠佳，导致各利益相关方对本公司失去信心。Regularly evaluate the Company’ssustainable development strategy andmake timely adjustments according tothe current situation; enhance employees’awareness of climate change and fosteremployees’awareness and sense of purposeto adopt more positive actions; strengthencommunication with stakeholders andlisten to their opinions and suggestions forcontinuous improvement.定期评估本公司的可持续发展战略，根据现状及时做出调整；提升员工对气候变化的认知水平，培养员工意识和使命感，以采用更积极的行动；强化利益相关方沟通，倾听其意见与建议，以便不断改进。Opportunities机遇Green operation绿色运营Advance enterprises’transformation to net zero low-carbon emission.促进企业向净零低碳转型。Develop strategic plans for new energytransportation; adopt more environmentallyfriendly transport modes; increase newenergy transportation technology andequipment; further integrate supply chainresources to create a green supply chain.制定新能源运输战略规划；采用更环保的运输方式；增加新能源运输技术与设备；进一步整合供应链资源，打造绿色供应链。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1322024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告TypesClimate-relatedrisks/opportunitiesDescription ofrisks/opportunitiesCountermeasures类型气候相关风险╱机遇风险╱机遇描述应对措施Green products绿色产品Urge enterprises to invest in anddevelop and innovate on greenproducts and green packagingmaterials, so as to open up newmarkets.促进企业投资和研发创新绿色产品及绿色包装材料，开辟新市场。Focus on the R&D and application of greenproducts and green materials; increaseinvestment in the R&D of technology,optimize production processes, and enhancegreen innovation capabilities; activelyidentify market demands, accurately locategreen products, and promote successfulproducts or cases to the entire product line;strengthen green product certification andpublicity.专注于绿色产品、绿色材料的研发与应用；加大技术研发投入，优化生产工艺，提升绿色创新能力；积极洞察市场需求，精准定位绿色产品，将成功产品或案例推广至全线产品；加强绿色产品认证与宣传推广。Resources andcooperation资源与合作Promote cooperation withindustry or other professionalorganizations and create moreopportunities.促进与行业内或其他专业机构合作，带来更多合作机会。Actively explore diversified cooperationopportunities and broaden cooperationchannels; strengthen close ties withindustry organizations to achieve moreextensive resource sharing and collaborativedevelopment; establish a network ofcooperative relationships, promotecooperation and resource integrationthrough technical support, and achievemutual benefit and win-win results.积极探索多元化的合作机遇，拓宽合作渠道；加强与行业组织的密切联系，实现更广泛的资源共享与协同发展；建立合作关系网络，通过技术扶持，推动合作与资源整合，实现互利共赢。
二零二四年年报ANNUAL REPORT 20241332024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Environmental GoalsTo actively responds to China’s“Carbon Peaking and Carbon Neutrality”goal, the Company quantitatively manage its own carbon footprintthrough scientific means and continuously track the environmentalmanagement process. During the year, we reviewed the progresstowards our environmental goals, and the details of this progress areoutlined below:环境目标本公司积极响应国家「双碳」目标，通过科学化手段量化管理自身碳足迹，持续跟踪环境管理进程。本年度，我们对环境目标的进展情况进行检讨，相关环境目标的进展情况如下：GoalsProgress目标进展情况Emission reductiongoalBy the end of 2030, the greenhouse gasemissions (Scope 1 and 2)(1)of the Companywill reach a carbon dioxide emission peak.The relevant work was advanced in an orderly manner.This included the establishment of a unified calculationstandard for emissions, the advocacy of the low-carbonconcept in the daily business operations, and theimplementation of emission reduction measures.减排目标截至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。有序推进相关工作，包括确立统一的排放物计算标准，在日常业务运营中倡导低碳理念及落实减排举措。Waste reduction goalBy the end of 2030, reduce the use of single-use plastics in product packaging(2).Continuously optimize and upgrade productpackaging, promote recyclability, and contributeto carbon reduction and efficiency improvementthroughout the entire supply chain.减废目标截至2030年底，产品包装减少一次性塑料的使用(2)。持续优化升级产品包装，推动可循环利用，助力全链路减碳增效。Energy-saving goalBy the end of 2025, office electricityconsumption per capita will be reduced by10% as compared with that of 2020.Continuously strengthen the management of electricityconsumption, strictly control energy consumption,and take measures such as energy conservation andconsumption reduction to promote the progress of thegoals.节能目标截至2025年底，人均办公耗电量较2020年减少10%。持续加强用电管理，严格把控能源消耗，采取节能降耗等措施推动目标进展。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、柴油产生的温室气体排放；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。(2)本公司《2023年环境、社会及管治报告》披露的减废目标为，截至2023年底，至少40%的线下门店普及可循环物流箱的使用。2024年，本公司已达成该目标。本年度，综合考虑本公司业务发展情况，我们对该目标进行了更新，并经董事会审议批准后完成修订。Note:(1) Scope 1 covers the emission of greenhouse gases directly produced by thebusinesses that are owned or controlled by the Company, such as greenhousegas emissions from the consumption of petrol and diesel by official businessvehicles; Scope 2 covers the emission of greenhouse gases indirectly producedby electricity generation, heating, cooling and steam internally consumed by theCompany, either purchased or acquired.(2) The waste reduction goal disclosed in the 2023 Environmental, Social andGovernance Report of the Company is that by the end of 2023, at least 40% of theoffline stores should popularize the use of recyclable of logistics boxes. In 2024,the Company has achieved this target. During the year, taking into account theCompany’s business development, we updated this goal and revised it upon theapproval of the Board of Directors.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1342024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Environment Key Performance Indicators(1)The 2024 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 theMainland China, and POP LAND, whereas the rest will be included as andwhen appropriate in the future.GoalsProgress目标进展情况Water-saving goalBy the end of 2025, office water consumptionper capita will be reduced by 10% as comparedwith that of 2020.Continuously strengthen water resource managementthrough measures such as posting water-savingsignage, conducting regular inspections andmaintenance of water facilities, and implementingwater conservation retrofits to achieve oursustainability goals.节水目标截至2025年底，人均办公耗水量较2020年减少10%。持续加强水资源管理，通过张贴节水标识、坚持日常用水设施的巡视与维护管理、推进节水改造等措施，推动目标实现。环境关键绩效指标(1)本公司2024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内地主要办公区、运营门店及泡泡玛特城市乐园，其余运营场所未来将适时加入统计范围。Emission(2)排放物(2)IndicatorsData for 2024指标2024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）7,407.59Direct GHG emission (Scope 1) (tons)直接温室气体排放量（范围一）（吨）58.44Petrol汽油19.12Natural gas天然气39.32
二零二四年年报ANNUAL REPORT 20241352024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Emission(2)排放物(2)IndicatorsData for 2024指标2024年数据Indirect GHG emission (Scope 2) (tons)间接温室气体排放量（范围二）（吨）7,349.15Purchased electricity外购电力7,349.15Total GHG emission (Scope 1 and 2) per million revenue (tons/RMB millions)每百万元收入温室气体排放量（范围一及范围二）（吨╱百万元）0.57Total hazardous wastes (tons)(4)有害废弃物总量（吨）(4)0.55Total hazardous wastes per million revenue (tons/RMB millions)每百万元收入有害废弃物总量（吨╱百万元）0.00004Total non-hazardous wastes (tons)(5)无害废弃物总量（吨）(5)475.68Total non-hazardous wastes per million revenue (tons/RMB millions)每百万元收入无害废弃物总量（吨╱百万元）0.04注：(1)因业务发展需要，2024年本公司新增部分门店且泡泡玛特城市乐园首次披露全年运营期数据，故能源消耗总量、无害废弃物总量、制成品所用包装物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。(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《关于发布2022年电力二氧化碳排放因子的公告》及政府间气候变化专门委员会(IPCC)刊发的《IPCC 2006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生活垃圾、电子产品废弃物及废弃纸张。生活垃圾由物业统一处理，我们依据国务院发布的《第一次全国污染源普查城镇生活源产排污系数手册》对生活垃圾数据进行估算；电子废弃物由有资质的专业公司负责处理；废弃纸张包括A3复印纸、A4复印纸及热敏纸，由物业统一处理。Notes:(1) Due to business development needs, the Company increased certain storesin 2024, and the annual operation data of POP LAND was disclosed for thefirst time. Therefore, the total energy consumption, total non-hazardouswaste, total packaging materials for finished products and total GHGemission have increased overall as compared 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.(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 theReleaseof 2022 Electricity Carbon Dioxide Emission Factorsissued by the Ministry ofEcology and Environment of the People’s Republic of China, and the2006IPCC Guidelines for National Greenhouse Gas Inventories (2019 Revision)issued by the Intergovernmental Panel on Climate Change (IPCC).(4) Hazardous wastes generated from the Company’s operation mainly includewaste toner cartridges, waste ink cartridges, waste toner powder for officeprinting devices, and the replacement or disposal of which are handled byprinting service suppliers or qualified professional companies.(5) Non-hazardous wastes generated from the Company’s operation mainlyinclude domestic waste, electronic waste, and waste paper. Domestic wasteis uniformly handled by the property management companies. We estimatethe data of domestic waste in accordance with theEmission CoefficientManual for Urban Domestic Sources in the First National Pollution SourceCensusissued by the State Council. Electronic waste is handled by qualifiedprofessional companies. Waste paper, including A3 copying paper, A4copying paper and thermal paper, which are also uniformly handled by theproperty management.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1362024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Energy and Resources Consumption能源及资源消耗IndicatorsData for 2024指标2024年数据Total energy consumption (MWh)(1)能源消耗总量（兆瓦时）(1)13,964.98Direct energy consumption (MWh)直接能源消耗量（兆瓦时）269.21Petrol汽油74.70Natural gas天然气194.51Indirect energy consumption (MWh)间接能源消耗量（兆瓦时）13,695.78Purchased electricity(2)外购电力(2)13,695.78Energy consumption per million revenue (MWh/RMB millions)每百万元收入能源消耗量（兆瓦时╱百万元）1.07Water consumption (tons)(3)耗水量(3)4,485.84Water consumption per million revenue (tons/RMB millions)每百万元收入耗水量（吨╱百万元）0.34Total packaging materials for finished products (tons)(4)制成品所用包装物总量（吨）(4)13,703.69Total packaging materials for finished products per million revenue (tons/RMB millions)每百万元收入耗用制成品包装物量（吨╱百万元）1.05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、天然气和公车耗油。(2)广州办公区电费包含在物业费中，外购电力消耗量尚不能单独计量，故本报告期内，外购电力未包含广州办公区的数据。(3)除公司在北京、上海、新乡办公区及泡泡玛特城市乐园外，其余办公区及运营门店用水为物业控制，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，耗水量及耗水强度仅统计了北京、上海、新乡办公区以及泡泡玛特城市乐园的数据。泡泡玛特城市乐园于2023年9月投入运营，2023年披露数据包含施工期数据，故耗水量数据整体较上年度有所减少。我们的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。(4)包装物主要包括塑料包装袋、纸箱、纸盒及手提纸袋。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, natural gas and petrol consumptionfor vehicles.(2) Electricity charges for Guangzhou office areas are included in propertymanagement fees, and the consumption of purchased electricity cannot yetbe measured separately, therefore, data for Guangzhou office areas is notincluded in the purchased electricity for the reporting period.(3) Except for the Company’s Beijing, Shanghai, Xinxiang office areas and POPLAND, the office water usage in other office areas and operating storesis managed by their respective property management companies. Watercharges are included in property management fees, and water usage cannotyet be measured separately. Hence, during the reporting period, only datafrom Beijing, Shanghai, Xinxiang office areas and POP LAND is collected forwater consumption and water consumption intensity. POP LAND was putinto operation in September 2023. The data disclosed in 2023 included thedata during the construction period. Therefore, the overall data of officewater consumption has decreased compared with that of the previous year.Our office water is sourced from municipal pipeline network, thus there is noobstacles in securing water supply.(4) Packaging materials mainly include plastic packaging bag, carton, paper boxand paper bag.
二零二四年年报ANNUAL REPORT 20241372024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告五、雇佣及劳工准则本公司将人才视为企业可持续发展的核心资源，不断优化人才管理体系，制定多元化人才发展策略，拓宽人才引进渠道，提供多样化的激励机制及福利关怀，致力于为员工创造健康、安全的工作环境，全面保障员工合法权益，实现与员工的共同成长。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》等运营所在国家或地区的相关法律法规及管理条例，制定《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，对员工招聘、雇佣、薪酬、福利、晋升、解聘、劳动安全、工作时数、平等机会、多元化、反歧视等方面做出明确规定。我们每年对上述各项制度进行更新及修订，确保劳动关系合法合规。在海外人才招聘方面，我们引入国际化招聘平台，根据不同国家业务发展特点，灵活采用多渠道方式招聘当地员工，强化人事管理工作。我们积极营造多元、平等、包容的工作环境，在录用、工资、待遇、培训机会、工作安排、晋升、处分、解雇等方面充分保障员工权益。我们坚决抵制任何形式的歧视行为，包括但不限于因种族、社会阶级、国籍、性别、性取向、年龄、外貌、宗教信仰、婚姻状况、身体情况等因素对员工进行骚扰或区别对待，确保每位员工都能获得应有的尊严与尊重。V. EMPLOYMENT AND LABOR STANDARDSThe Company regards talent as the core resource for the sustainabledevelopment of the enterprise. We continuously optimize the talentmanagement system, formulate diversified talent developmentstrategies, broaden the channels for talent recruitment, providediverse incentive mechanisms and welfare care, and are committedto creating a healthy and safe working environment for employees.We comprehensively protect the legitimate rights and interests ofemployees and strive to achieve common growth with them.Employment ManagementThe Company strictly complies with relevant laws, regulations andmanagement regulations of the countries or regions where we operate,such as theLabor Law of 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 ofChina(《中华人民共和国劳动合同法》). We have formulated personnelmanagement systems, including theHuman Resources ManagementSystem, theAttendance Management System, theProbationManagement System, theBusiness Trip Management System, theExpatriate Management System, and theVocation Management System,etc. These systems standardize labor relations in accordance with thelaw and make clear provisions on aspects such as employee recruitment,employment, compensation, benefits, promotion, dismissal, labor safety,working hours, equal opportunities, diversity, and anti-discrimination.We update and revise the above systems every year to ensure thatlabor relations are legal and compliant. In terms of overseas talentrecruitment, we have introduced international recruitment platforms.According to the characteristics of business development in differentcountries, we flexibly adopt multiple channels to recruit local employees,strengthening personnel management work.We actively create a diverse, equal and inclusive working environment,fully protecting employees’rights and interests in aspects such asrecruitment, salary, benefits, training opportunities, work arrangements,promotion, disciplinary actions, and dismissal. We firmly oppose anyform of discriminatory behavior, including but not limited to harassmentor differential treatment of employees due to factors such as race, socialclass, nationality, gender, sexual orientation, age, appearance, religiousbelief, marital status, physical condition, etc., ensuring that everyemployee can receive due dignity and respect.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1382024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告We abide by the internationally recognized human rights policieselaborated in the United Nations’Universal Declaration of Human Rights,International Covenants on Human Rights, and the core conventionsof the International Labour Organization. In accordance with laws andregulations such as theLaw of the People’s Republic of China on theProtection of Minors(《中华人民共和国未成年人保护法》) and theRegulations on the Prohibition of Child Labor(《禁止使用童工规定》),any illegal employment practices such as the employment of childlabour and forced labour are strictly prohibited. During the recruitmentprocess, we rigorously examine the identity documents of applicants.We conduct a double verification of the document information throughthe human resources management system, and the human resourcesdepartment conducts a secondary check at the onboarding approvalstage. Once the employment of child labour is detected, we willimmediately halt their work, verify their identity, contact their guardians,and assist them in safely returning to their place of origin. We respectthe wishes of our employees and arrange working hours reasonably. Itis strictly prohibited to use means such as violence, threats, or illegalrestriction of personal freedom to force employees to work. Once anyviolations of forced labour are found, we will deal with them seriously inaccordance with the law to safeguard the equal and free labour rights ofour employees. In 2024, there were no cases of child labour employmentor forced labour in the Company.我们遵循联合国《世界人权宣言》《国际人权公约》和国际劳工组织核心公约所阐述的国际公认人权政策，根据《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，严禁雇佣童工、强迫劳动等任何违法用工行为。在招聘时，我们严格审查应聘者的身份证件，通过人力资源管理系统对证件信息进行双重核验，并在入职审批阶段由人力资源部进行二次把控。一旦发现雇佣童工的情况，我们将立即停止其工作，查验身份并联系其监护人，协助其安全返回原居住地。我们尊重员工意愿，合理安排工作时间，严禁使用暴力、威胁或非法限制人身自由等手段强迫员工劳动。一旦发现存在强迫劳动的违规行为，我们将依法严肃处理，保障员工平等自由的劳动权利。2024年，本公司未发生雇佣童工或强迫劳动的情况。
二零二四年年报ANNUAL REPORT 20241392024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告We continuously strengthen democratic management and establishand maintain harmonious and democratic labour relations. Allemployees of the Company have the right to freely establish andparticipate in the Employee Representative Committee and engage incollective bargaining in accordance with the law. We have establishedorganizations such as the Trade Union, the Party Committee, andthe Women’s Federation Committee. In the daily human resourcesmanagement and system optimization, we invite employees toparticipate in discussions, fully listen to their opinions, and adoptreasonable suggestions to ensure the democratic and transparentdecision-making process. We constantly optimize the employeecommunication mechanism, providing employees with variouscommunication channels to express their demands, such as the“BubbleVoice Recorder”platform, public email, QR code scanning, and the HRservice desk. The“Bubble Voice Recorder”platform allows employeesto ask questions anonymously or publicly, facilitating their feedback onmatters related to daily work, work atmosphere, career development,employee benefits, and internal supervision. The public email, QR code,and HR service desk support communication in both Chinese andEnglish, meeting the communication needs of different employees. Weconduct employee satisfaction surveys, analyze employees’demandsand suggestions based on the survey results, and formulate targetedimprovement plans.We continue to optimize our recruitment strategy to attract outstandingtalents from diverse countries, regions, cultural backgrounds, genders,and age groups. As of 31 December 2024, the Company has a total of6,273 employees in mainland China, Hong Kong, Macau, Taiwan andoverseas regions.我们持续加强民主管理，构建维护和谐民主的劳动关系。公司全体员工依法享有自由成立和参加员工代表委员会、参与集体谈判的权利。我们成立了工会、党委、妇联委员会等组织，并在日常人事管理和制度优化中邀请员工参与商讨，充分倾听员工想法并采纳合理建议，确保决策过程的民主透明。我们不断优化员工沟通机制，为员工提供「泡泡留声机」平台、公共邮箱、扫描二维码、HR服务台等多种沟通渠道表达诉求。其中，「泡泡留声机」平台支持员工匿名或公开提问，方便员工就工作日常、氛围体验、职业发展、员工福利及内部监察等相关事宜进行反馈；公共邮箱、二维码及HR服务台支持中英双语沟通，满足不同员工的沟通需求。我们进行员工满意度调查，并根据调查结果分析员工的诉求和建议，制定针对性改进方案。我们持续优化招聘策略，广泛吸引不同国家、地区、文化背景、性别和年龄的优秀人才。截至2024年12月31日，本公司在中国内地、港澳台及海外地区共有6,273名员工。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1402024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Employment2员工雇佣情况2IndicatorsAs of 31 December 2024指标截至2024年12月31日By gender (persons)Male按性别（人）男1,783Female女4,490By employment type (persons)Full-time按类别（人）全职5,692Part-time兼职581By age (persons)Under age 30 (excluding)按年龄（人）30岁（不含）以下4,024Age 30 to 50 (excluding)30岁至50岁（不含）2,242Above age 50 (including)50岁（含）以上7By geographical region (persons)Mainland China按地区（人）中国内地4,947Hong Kong, Macao, Taiwan and overseas港澳台及海外地区1,3262 The statistics of employment cover the Company’s regular employees and part-time employees and do not include outsourced employees and interns.2员工雇佣情况统计范围涵盖本公司正式员工及兼职工，不包含外包员工和实习生。
二零二四年年报ANNUAL REPORT 20241412024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Employee Turnover Rate3员工流失率情况3IndicatorsAs of 31 December 2024指标截至2024年12月31日Employee turnover rate (%)员工流失率(%)32.60%By gender (%)Male按性别(%)男28.36%Female女34.26%By age (%)Under age 30 (excluding)按年龄(%)30岁（不含）以下40.04%Age 30 to 50 (excluding)30岁至50岁（不含）18.18%Above age 50 (including)50岁（含）以上44.44%By geographical region (%)Mainland China按地区(%)中国内地32.30%Hong Kong, Macao, Taiwan and overseas港澳台及海外34.22%关爱员工本公司遵循《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，构建具有市场竞争力的薪酬福利体系，通过多元化员工活动增强员工的幸福感、归属感与认同感，打造有温度、负责任的雇主品牌形象。3 The employee turnover rate represents the turnover rate of employees whovoluntarily resign, and the statistics cover the Company’s regular employees andpart-time employees and do not include outsourced employees and interns.3员工流失率情况为主动离职的员工流失比率，统计范围涵盖本公司正式员工及兼职工，不包含外包员工和实习生。Employees CaringIn accordance with laws and regulations such as theSocial InsuranceLaw 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 Housing Provident Fund(《住房公积金管理条例》), the Company have established a competitiveremuneration and welfare system, and enhanced employees’happiness,sense of belonging, and sense of identity through diverse employeeactivities. This effort is to build an employer brand image that is warmand responsible.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1422024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告In terms of remuneration package, we have established a comprehensiveremuneration system that ensures regular salary payments andcontributions to the five insurances and housing provident funds (五险一金). We also provide employees with incentives such as cateringand transportation allowance, performance bonus, quarterly incentive,year-end bonus, seniority bonus, and a 13th-month salary. For ouroverseas employees, we implement remuneration policies compliantwith local regulations and market standards. Additionally, we haveintroduced an equity incentive plan that encompasses employees atvarious levels, allowing them to share the dividends from the Company’sgrowth. Furthermore, we incorporate the performance of executives insustainable development into our long-term incentive plans, so as topromote the Company’s sustainable growth through equity incentives.In respect of employee benefits, we provide statutory benefits to allemployees in accordance with local laws and regulations and localizethe Company’s benefits. Statutory benefits include social insurance,housing provident funds, and various statutory holidays. The Company’sbenefits include supplementary commercial insurance for employees,health check-ups, seniority leave, birthday gifts, anniversary gifts,company anniversary gifts, marriage gifts, maternity benefits, ChineseNew Year red packets, team-building activities, club activities, and familyday events. We provide various benefits such as maternity allowances,full-paid maternity leave, and transitional work arrangements for femaleemployees returning from maternity leave, effectively safeguarding theirlegal rights and interests. For expatriate employees, we respect theirlocal culture and holiday arrangements, organize relevant activities andprovide budget support for them.We continuously optimize our work hour management by scientificallyplanning working hours for employees and advocating for efficientwork models, so as to safeguard employees’adequate rest and vacationentitlements and help them achieve a work-life balance. The Companyadheres to a principle of not encouraging overtime; however, in specialcircumstances where overtime is necessary, we provide options forcompensatory leave or overtime pay in accordance with the law, toeffectively safeguard employees’legal rights and interests.在薪酬待遇方面，我们已建立完善的薪酬制度，为员工定期发放工资、缴纳五险一金，并提供餐饮及交通补贴、绩效分配、季度激励、年终奖金、司龄奖金、十三薪等奖励。针对海外员工，我们制定符合当地法规及市场水平的薪酬政策。我们还推出了涵盖不同层级员工的股权激励计划，让员工能够分享公司成长带来的红利。此外，我们将高管在可持续发展方面的绩效表现纳入长期激励计划，通过股权激励推动公司可持续发展。在员工福利方面，我们依据各地法律法规将法定福利覆盖全体员工，并使公司福利向本地化倾斜。法定福利包括社会保险、公积金、各类法定节假日假期等；公司福利包括员工补充商业保险、体检、年资假、生日礼品、周年礼品、司庆礼品、结婚礼金、生育礼金、春节开工红包、团建、社团活动以及家庭日活动等。我们为生育女性员工提供生育津贴、全薪育儿假、产后返岗过渡性工作安排等福利，切实维护女性员工的合法权益。针对外籍员工，我们尊重其所在地文化及节假日安排，为相关员工安排活动并提供预算支持。我们持续优化工时管理，科学规划员工工作时间，倡导高效工作模式，确保员工享有充分的休息和休假权益，帮助员工达到工作与生活的平衡。公司秉持不鼓励加班的原则，如因特殊情况确需加班，我们将依法提供调休或支付加班薪酬的选择，切实保障员工合法权益。
二零二四年年报ANNUAL REPORT 20241432024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告We established the Pop Mart labor union to provide all-round care foremployees. The labor union plans outreach activities on significantoccasions like International Women’s Day. It regularly organizesvarious cultural and sports activities, such as spring walks, badmintontournaments, community mural painting, hiking, and movie outings,and provide venues and financial support to enrich employees’leisurelives and protect their physical and mental well-being. In 2024, on thebasis of the existing policies, the labor union further formulated theTrialMeasures for Comforting Pop Mart’s Current Labor Union Members withMajor Illnesses. The scope of those eligible for comfort was expanded toinclude current labor union members of the Company and their familymembers. In the past year, we provided condolence funds to a totalof 19 employees with serious illnesses. This has greatly boosted theemployees’courage to fight against diseases and overcome difficulties,allowing them to truly feel the warmth and support of the Company.Health and SafetyThe Company always prioritizes employees’health and safety. Instrict compliance with laws and regulations such as thePreventionand Control of Occupational Diseases Law of the People’s Republicof China(《中华人民共和国职业病防治法》), theRegulation on theAdministration 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 has established a comprehensive safety managementsystem that covers all employees, to create a safe and healthy workingenvironment.我们成立泡泡玛特工会，为员工提供全方位关怀。工会在三八妇女节等重要节日策划慰问活动，定期组织春季健步走、羽毛球赛、社区公益墙绘、徒步爬山、观看电影等文体兴趣活动，并提供场地及经费支持，旨在丰富员工业余生活，保障员工身心健康。2024年，工会在现行政策基础上进一步制定了《泡泡玛特在职工会会员患重大疾病抚慰办法（试行）》，将抚慰对象拓展至公司在职工会会员及其家庭成员。过去一年，我们共计为大病员工发放慰问金19人次，极大鼓舞了员工抗病克难的勇气，让其切身感受到公司的温暖与支持。健康安全本公司始终将员工的健康与安全置于首位，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，建立健全覆盖全体员工的安全管理体系，为员工营造安全、健康的工作环境。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1442024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告We take various measures to ensure employees’occupational healthand safety. We require that new store property owner pass safetyqualification certifications to ensure that the working environmentmeets health and safety standards, and we conduct regular safetyinspections of work areas. In our operational offices, we provideemployees with personal protective equipment such as hard hats,safety shoes, gloves, and goggles, as well as medical supplies includingmasks, thermometers, medications, and first aid kits. We emphasizesafety precautions during new employee orientation training andconduct specialized safety and health training for different positions.Regular emergency evacuation drills and fire drills are organized,along with Red Cross first aid training to equip employees to handleemergencies. Additionally, we continually upgrade physical examination,supplemental medical insurance, and high-end medical insuranceplans for employees, and partner with quality service providers. TheCompany strictly protects employees’personal health information, andphysical examination reports and supplemental medical reimbursementinformation are accessible only to the employees themselves.我们采取多种措施保障员工职业健康与安全。我们要求新设门店物业方必须通过安全资质认证，确保工作环境符合安全健康标准，并定期对工作区域进行安全检查。在办公运营场所，我们为员工配备安全帽、安全鞋、防护手套、护目镜等劳动防护用品，以及口罩、温度计、药品、急救医疗包等医疗物资。我们在新员工入职培训中强调安全注意事项，针对不同岗位开展专项安全与健康培训，定期组织应急疏散演练和消防演习，并开展红十字急救培训指导员工应对突发状况。此外，我们不断升级员工体检、补充医疗保险、高端医疗保险方案，甄选优质供应商为员工提供服务。本公司严格保密员工个人健康信息，体检报告和补充医疗报销信息仅限员工本人获取。
二零二四年年报ANNUAL REPORT 20241452024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告We place great importance on the mental health of employees andassist employees in managing psychological stress. We continue todevelop an Employee Assistance Program (EAP4) with our partnersthrough the“Pop Mart Heart-to-Heart Center”, an employee mentalhealth project, by inviting professional psychologists to provide online orin-person one-on-one psychological counseling services to meet diverseemployee needs. We strengthened the promotion of health knowledgeby regularly distributing micro-publications on mental health andorganizing psychological counseling training, to help employees identifyabnormal symptoms such as occupational diseases and occupationalcontraindications early, thereby troubleshooting potential occupationalhealth and safety hazards.In 2024, the data related to the occupational and health safety of theemployees of the Company in mainland China is as follows:4 EAP: Employee Assistance Programs.5 The statistics of occupational health and safety cover the Company’s regularemployees and part-time employees and do not include outsourced employeesand interns.我们重视员工的心理健康，帮助员工疏解心理压力，继续与合作伙伴开展员工帮助计划（EAP4），通过「泡泡心驿」员工心理健康项目，邀请专业心理医生为员工提供线上或线下一对一心理咨询服务，满足不同员工的心理辅导需求。我们加强健康知识宣贯，定期向全员推送心理健康知识微刊，组织心理疏导培训，帮助员工尽早发现职业病、职业禁忌症等异常情况，排查职业健康安全隐患。2024年，本公司中国内地员工职业与健康安全相关数据如下：Occupational Health and Safety5职业健康与安全5IndicatorsData for 2022Data for 2023Data for 2024指标2022年数据2023年数据2024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）1621Number of lost days due to work injury (days)因工伤损失工作日数（天）22886144 EAP：Employee Assistance Programs，员工帮助计划。5职业健康与安全数据统计范围涵盖本公司正式员工及兼职工，不包含外包员工和实习生。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1462024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Development and TrainingThe Company places great emphasis on talent development andprovide employees with a clear and transparent career developmentpath and promotion channels. We continuously update and optimizeour employee training system, and offer diverse training programsto comprehensively support talent growth and assist employees toenhance their professional skills and realize their self-worth.We designed scientific career development paths for employeesaccording to the characteristics and needs of different businessdepartments, and established a dual-track promotion mechanismfor both management and professional roles. We continuouslyimplemented a talent inventory appraisal mechanism that applies to allemployees, in which dual supervisors and direct superiors periodicallyconduct a comprehensive evaluation of employees’performance, ability,attitude and other multidimensions. Through promotion replies andqualification reviews for respective job levels, we determine whetheremployees meet the requirements for promotion and higher positionstandards. Our promotion evaluations for employees are not confined tofixed cycles; instead, we adopt a competency-based approach to identifyoutstanding talents. If organizational adjustments or underperformanceoccur, we prioritize providing employees with a Personal ImprovementPlan (PIP) training program. If the underperformance remains, we offernew job opportunities through an internal transfer process to helpemployees improve their work performance.发展培训本公司高度关注人才发展，为员工提供清晰透明的职业发展路径和晋升渠道，持续更新优化员工培训体系，通过多元化培训课程，全方位促进人才健康成长，助力员工实现工作能力及自我价值的提升。我们根据不同业务部门特点及需求，为员工提供科学的职业发展路径，设立管理与专业双通道晋升机制。我们持续推行适用于全体员工的人才盘点考核机制，由双主管或直接上级定期对员工的业绩、能力、态度等多维度进行综合评价，通过晋升答辩和所处职级的任职资格考核，决定员工是否符合晋升要求并达到更高职位标准。我们对员工晋升评估考察不局限于固定周期，以能力为导向甄别优秀人才。若存在公司组织调整或员工表现不佳的情况，我们将优先为其提供个人绩效提升管理计划(PIP)培训支持。若效果仍不理想，我们将通过内部转岗流程为员工提供新的岗位机会，协助其改善工作情况。
二零二四年年报ANNUAL REPORT 20241472024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告We continuously refine a development and training system that coversall employees. TheHuman Resources Management Systemclearlydefines the principles of employee training and personal development.We introduce personalized training programs tailored to differentpositions and levels, covering corporate culture, professional skills,personal career planning and development, to strengthen our talentpipeline. We have established POP MART UNIVERSITY as a platform fortalent cultivation and corporate culture development. In alignment withbusiness growth needs, we innovate training methodologies throughstructured courses and diversified training activities to meet employees’diverse learning demands. By collaborating with universities, enterprisesand institutions, we introduce external lecturers to share cutting-edgeknowledge and industry insights, providing continuous momentum forthe Company’s long-term development. Furthermore, we have improvedthe overseas dispatch mechanism that supports global mobility acrossmultiple countries and regions, enabling employees to understand andlearn from different cultures, thereby becoming global talents with aninternational perspective. We also provide allowances for employeesobtaining internal certifications, and offer professional books and studymaterials. For employees pursuing external professional certificationsand professional degrees, we have established dedicated policies toencourage them to acquire credentials such as the Project ManagementProfessional (PMP) certification or business school qualifications. Uponsuccessful certification or degree completion, we offer financial support,including tuition subsidies and exam fee reimbursements.In 2024, the total number of training hours participated by employeesof the Company in mainland China reached approximately 56,491 hours,of which, employees of office function line: 23,505 hours, employeesof stores: 17,442 hours and employees of roboshops: 15,544 hours. Thetraining performance of employee is set out below:我们持续优化覆盖全体员工的发展与培训体系，在《人力资源管理制度》明确规定员工培训和个人发展的原则，针对不同岗位和层级推出个性化培训项目，涵盖企业文化、职业技能、个人职业规划与发展等多方面内容，巩固人才梯队建设。我们设立泡泡玛特大学(POP MART UNIVERSITY)作为人才培养和企业文化建设的平台，围绕业务发展需求持续创新培养方式，通过系统化课程设计和多元化培训活动满足不同员工的学习需求，与高校、企业等机构合作，引入外部讲师分享前沿知识与行业洞见，为公司长期发展注入持续动力。同时，我们完善海外派遣机制，支持全球多国家地区互相派遣，帮助员工了解和学习不同文化，成为具备国际化视野的全球化人才。我们为员工考取内部资质认证发放津贴支持，提供专业书籍教材资源，并为考取外部资质认证和专业学位的员工制定专门政策，鼓励其考取项目管理专业人士资格认证(PMP)、商学院等资质，并在其完成认证或学位后提供学费补贴、考证费用报销等经济支持。2024年，本公司中国内地员工参与培训总时长约56,491小时。其中，办公职能线员工参与培训总时长为23,505小时，门店员工参与培训总时长为17,442小时，机器人商店员工参与培训总时长为15,544小时。员工受训情况如下：
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1482024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Training Performance of Employees of Office Function Line办公职能线员工受训情况IndicatorPercentage ofemployees trained(%)Average traininghours (hours)指标受训百分比(%)受训平均时数（小时）By genderMale按性别男95.08%10.05Female女94.95%9.84By categoryManagement按类别管理层100%48.00Non-management非管理层94.84%8.79Training Performance of Employees of Retail Operating Line零售运营线员工受训情况IndicatorPercentage ofemployees trained(%)Average traininghours (hours)指标受训百分比(%)受训平均时数（小时）By genderMaleStores按性别男门店100%6.25Roboshops机器人商店100%66.07FemaleStores女门店100%6.25Roboshops机器人商店100%18.00By categoryManagementStores按类别管理层门店100%6.25Roboshops机器人商店100%18.29Non-managementStores非管理层门店100%6.25Roboshops机器人商店100%72.27
二零二四年年报ANNUAL REPORT 20241492024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告六、供应链管理本公司持续推进责任供应链建设，制定《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》等管理制度，明确供应商准入与审核、选择与使用、绩效评估等管理规范，致力于与供应商及合作伙伴建立稳定互惠的友好关系，共同推动供应链可持续发展。本公司已建立严格的供应商准入、评估和退出机制，定期对供应商进行合规性考察与审核，确保供应链的可靠性和稳定性。我们成立具备丰富行业经验的供应商管理团队，并由采购部、工程部、品质部、质量管理部及生产管理部负责人组建供应商验厂团队，确保供应商在质量和安全方面严格遵守相关法规和标准，促进长期合作关系稳固发展。供应商准入本公司供应商准入流程涵盖采购寻源、资质审核、现场审核审批、联合验厂及准入五个关键阶段。在筛选供应商时，我们组建专业的独立寻源团队开展全面尽职调查，重点关注供应商在环境和社会责任方面的表现，包括在能源消耗、碳排放、废弃物处理、环境污染防治、劳工权益保护、职业健康与安全以及社区参与等关键领域的履行能力。通过《供应商合作申请表》，我们对供应商的各项指标进行综合评估与打分，优先选择评分较高、综合实力强、拥有第三方认证的供应商。VI. SUPPLY CHAIN MANAGEMENTThe Company continuously advances the development of a responsiblesupply chain by formulating management policies such as theSupplierManagement System, theDocumentation on Standardized Operation forProcurement Department, theNon-product Procurement ManagementSystem, and theNon-product Supplier Management System. Thesesystems clearly define regulations for supplier admission, evaluation,selection, usage, and performance assessment. We are committed tofostering stable and mutually beneficial relationships with suppliers andpartners to promote the sustainable development of the supply chain.The Company has established a strict supplier admission, evaluationand dismissal mechanism. By conducting regular complianceassessments and audits on suppliers, we ensure the reliability andstability of the supply chain. We have formed a supplier managementteam with extensive industry experience. Additionally, we have set upa well-experienced supplier management team, as well as a supplierinspection team that is comprised of relevant responsible personnelfrom procurement department, engineering department, qualityassurance department, quality management department and productionmanagement department to ensures that suppliers strictly adhere torelevant laws and standards regarding quality and safety, and thusfostering stable and long-term partnerships.Supplier AccessThe Company’s process of supplier access includes five key stages,i.e., sourcing, qualification review, onsite review and approval, jointinspection and admission. During supplier selection, we establish aprofessional independent sourcing team to conduct comprehensive duediligence, with a particular focus on suppliers’environmental and socialresponsibility performance. This includes their capacity in key areassuch as energy consumption, carbon emissions, waste management,environmental pollution control, labor rights protection, occupationalhealth and safety, and community engagement. Through theSupplierCooperation Application Form, we conduct a comprehensive evaluationand scoring of suppliers based on multiple criteria, and priority willbe given to those with high scores, strong overall capabilities andthird-party certifications.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1502024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告During the supplier admission assessment, we evaluate key factors suchas production facilities, production capacity, technological strength, R&Dcapabilities, quality control, and infrastructure. We also conduct rigorousreviews on environmental protection, resource conservation, safetymanagement, and corporate sustainability. Suppliers are required tocomply with relevant laws and regulations, including theAtmosphericPollution Prevention and Control Law of the People’s Republic ofChina(《中华人民共和国大气污染防治法》), theSolid Waste PollutionPrevention and Control Law 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 theWater PollutionPrevention and Control Law of the People’s Republic of China(《中华人民共和国水污染防治法》). Additionally, they must submit environmentalimpact reports, pollutant discharge permits, and other necessarydocuments to meet our strict admission standards. Furthermore, oursupplier audits incorporate third-party certification and assessmentresults, such as the International Council of Toy Industries (ICTI) Codeof Business Practices, the Disney International Labor Standards (DisneyILS), the Sedex Member Ethical Trade Audit (SMETA) and the BusinessSocial Compliance Initiative (BSCI), which will serve as critical criteria insupplier sourcing. Currently, a total of 7 suppliers cooperated with theCompany have obtained the certification of ICTI and 25 have obtainedthe certification of Disney. Suppliers such as Danny Toys (Longchuan)Co., Ltd. have obtained certifications such as Global Security Verification(GSV6), Global Recycled Standard (GRS7), Forest Stewardship Council(FSC8), etc.We pay attention to the code of conduct of cooperative suppliersand require them to sign theCooperation Framework Agreement ofProduction and Processingannually. This agreement explicitly mandatesthat suppliers prohibit child labor, eliminate gender discrimination,protect female employees’rights, allow employees to take sick leave,and provide employees with necessary labor protection equipment.We impose clear requirements for labor rights protection. Supplierswith significant risks or potential hazards are strictly excluded from ourcooperation network to uphold the highest supply chain standards.6 GSV: Global Security Verification, that is the global security verification.7 GRS: Global Recycled Standard, that is the global recycled standard.8 FSC: Forest Stewardship Council, namely the forest management committee.在供应商准入考核中，我们综合评估供应商的生产场所、生产能力、技术实力、研发实力、品质控制以及硬件设施等关键要素，对环境保护、资源节约、安全管理及企业可持续发展等维度进行严格审核。我们要求供应商遵守《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防治法》等法律法规，并提交环境影响报告书、排污许可证等相关文件，严格落实准入标准。此外，我们在供应商审核中纳入第三方机构的认证与审核结果，将国际玩具业协会(ICTI)商业行为守则认证、迪士尼社会责任验厂(Disney ILS)、Sedex会员道德贸易审核(SMETA)、商界社会责任倡议(BSCI)审核等作为供应商寻源的重要依据。目前，本公司合作供应商中，共有7家获得国际玩具业协会认证，25家获得迪士尼资质认证。丹尼玩具（龙川）有限公司等供应商获得全球安全验证(GSV6)、全球回收标准(GRS7)、森林管理委员会(FSC8)等认证。我们重视合作供应商的行为准则，每年与供应商签署《生产加工合作框架协议》。协议要求供应商禁止使用童工、杜绝性别歧视、保障女性员工权益、允许员工请休病假，为员工提供必要的劳保防护用品等条件，对供应商的劳工权益保护提出明确要求。对于存在重大风险或潜在隐患的供应商，我们坚决将其排除在合作范围外，以维护供应链的高标准要求。6 GSV：Global Security Verification，全球安全验证。7 GRS：Global Recycled Standard，全球回收标准。8 FSC：Forest Stewardship Council，森林管理委员会。
二零二四年年报ANNUAL REPORT 20241512024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Daily Management of SuppliersWe attach great importance to the daily management of suppliers.Based on the supplier management list, we pay attention to andsupervise the continuity of implementation of all our cooperativesuppliers. Through monthly, semi-annual and annual evaluations, weconduct regular performance assessments and hierarchical managementof the suppliers in our database. We continuously optimize the SupplierRelationship Management System (SRM) to achieve online managementof the entire life cycle of suppliers, and implement differentiated rewardand punishment measures according to the supplier levels.We strengthen the ESG risk management, informatization and digitalconstruction of the supply chain, and encourage suppliers to improvetheir sustainable development performance. For suppliers that performexcellently in aspects such as environmental protection and employeecare, we provide additional rewards. For suppliers with risks or problems,we issue rectification notices in a timely manner and require them tocomplete the rectification of unqualified indicators within three months.For suppliers that fail the rectification inspection or have serious illegaland irregular behaviors, we immediately terminate the cooperativerelationship and eliminate them. In addition, we regularly providesuppliers with training in sustainable development, social responsibilityand other aspects to ensure that suppliers have a full understanding ofour policies and systems. We encourage suppliers to use clean energyand guide suppliers to practice green behaviors.供应商日常管理我们重视对供应商的日常管理，依据供应商管理名单，关注和监督所有合作供应商的实施持续性，并通过月度、半年度及年度评估的方式，对在库供应商进行定期绩效考核与分级管理。我们持续优化供应商关系管理系统(SRM)，实现对供应商的全生命周期线上管理，并依据供应商级别实施差异化奖惩措施。我们强化供应链ESG风险管理和信息化、数字化建设，鼓励供应商提升可持续发展表现。对于在环境保护、员工关怀等方面表现优异的供应商，给予额外奖励；对于存在风险或问题的供应商，及时出具整改通知，并要求其在三个月内完成不合格指标的整改；对于整改检验未通过或存在严重违法违规行为的供应商，立即终止合作关系并将其淘汰。此外，我们定期为供应商提供可持续发展、社会责任等方面的培训，确保供应商充分了解我们的政策制度，鼓励供应商使用清洁能源，引导供应商践行绿色行为。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1522024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Green ProcurementThe Company attaches great importance to the sustainabledevelopment performance of suppliers and is committed to building agreen supply chain. During the procurement process, we give priority toproducts that strictly comply with environmental protection standardsthroughout the entire life cycle of the product, have little or no harmto the ecological environment, and feature high-efficiency resourceutilization and low energy consumption. We require suppliers to followthe principle of minimizing environmental damage in their productionactivities. To further advance the environmental protection process,we have established a raw material white list mechanism. We strictlymanage the white list and promptly remove unqualified suppliers fromthe white list according to their actual performance, ensuring that allsuppliers within the white list mechanism have a sound environmentalprotection system. In addition, we have established a new technologydepartment and actively cooperate with suppliers to promote thedevelopment and use of environmentally friendly materials. In 2024, allcategories of packaging materials in our supply chain have obtained theFSC certification.As of 31 December 2024, the number and distribution of the Company’ssuppliers are as follows:绿色采购本公司高度重视供应商的可持续发展表现，致力于构建绿色供应链。在采购过程中，我们优先选择在产品全生命周期中严格遵守环保标准、对生态环境影响较小或无害、资源利用高效且能源消耗低的产品，要求供应商在生产活动中遵循最小化环境损害原则。为进一步推动环保进程，我们建立原材料白名单机制，严格管控白名单名录，根据供应商实际表现及时将不合格的供应商从白名单中剔除，确保白名单机制内的供应商均为环保体系健全的供应商。此外，我们建立新工艺部门，积极与供应商合作推动环保材料的开发与使用。2024年，我们的供应链全品类包装材料均获得FSC认证。截至2024年12月31日，本公司供应商数量及分布地区如下：Number and Distribution of Suppliers9供应商数量及分布情况9IndicatorsAs of 31 December 2024指标截至2024年12月31日By geographical region (number)Mainland China按地区（个）中国内地13,022Hong Kong, Macau, Taiwan and overseas港澳台及海外170Total (number)总计（个）13,1929 The statistical scope of suppliers covers the number of suppliers and businesspartners that have been registered in the Company’s OA system and havecompleted the admission review.9供应商统计范围涵盖本公司在OA系统中录入并完成准入审核的供客商数量。
二零二四年年报ANNUAL REPORT 20241532024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告七、产品责任管理本公司将责任文化全面融入业务流程，以实际行动彰显对客户的高度责任感。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，把质量放在首位，优化售后服务，为客户带来优质便捷的体验。我们积极维护客户权益，完善信息安全管理体系，秉持负责任的营销原则，强化商标与知识产权管理，全方位塑造值得信赖的品牌形象。产品质量管控及召回本公司坚守质量底线，建立并持续完善产品质量管理体系建设，严格遵守《T/CPQSC010-2024鉴赏收藏用潮流玩偶及类似用途产品》《T/CPQS C011-2023鉴赏收藏用潮流玩偶及类似用途产品挥发性有机物(VOC)安全限量及测试方法》《GB 6675-2014玩具安全》等与业务有关的玩具国家标准，精进模型产品技术，不断提升产品质量管控水平。我们制定《产品质量检测检验规范》《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，有效管理和监督生产流程，并获得全球首张潮流玩具FSC认证证书。在产品设计阶段，我们注重产品结构安全性，通过严格的产品结构安全评估和开发测试验证，确保产品研发符合高标准。在产品生产阶段，我们提升生产自动化水平，减少人为因素对产品质量的影响，并对来料、注塑、喷油、装配等关键环节进行严格质量把控，规范产品包装标识，确保生产过程及工艺符合国家「三废」排放环保标准。我们建立质量控制点，加强对关键工序的监控与检测，及时发现并纠正质量问题。在产品销售阶段，我们针对手办类产品制定瑕疵外观评判标准，优化常见瑕疵工艺环节，持续提升产品整体质量和客户满意度。VII. PRODUCT LIABILITY MANAGEMENTThe Company comprehensively integrates the culture of responsibilityinto our business processes, demonstrating a high sense of responsibilitytowards our customers through practical actions. We strictly abide bylaws and regulations such as theProduct Quality Law of the People’sRepublic of China(《中华人民共和国产品质量法》), and theLaw ofthe People’s Republic of China on the Protection of Consumers Rightsand Interests(《中华人民共和国消费者权益保护法》). We prioritizeproduct quality, optimize after-sales services, and provide customerswith a high-quality and convenient experience. We actively safeguardcustomers’rights and interests, improve the information securitymanagement system, uphold the principle of responsible marketing,strengthen the management of trademarks and intellectual propertyrights, and comprehensively build a trustworthy brand image.Product Quality Control and RecallThe Company adheres to the quality baseline, establishes andcontinuously improves its product quality management system,and strictly complies with the national standards of toys related toour business, such asT/CPQS C010-2024 Fashion figures and similarproducts for appreciation and collection,T/CPQS C011-2023 Fashionfigures and similar products for appreciation and collection – Limitationand test methods of volatile organic compounds (VOC),GB 6675-2014Toys Safety, and other national standards. The Company continuouslyimproves the technology of its model products and enhances itsproduct quality control level.We have formulated management systems and inspection standards,such as theProduct Quality Testing Inspection Specification, theQualityStandard Manual for Action Figures, theQuality Inspection Workflowandthe Product Special Procurement Process, which ensure the effectivesupervision and management of all aspects of the production process,and obtained the world’s first FSC certification for trendy toys. In theproduct design stage, we focus on the structural safety of the productsand ensure the high standard of product research and developmentthrough the product structural safety assessment and developmenttesting verification. In the product production stage, we enhance thelevel of production automation to reduce the impact of human factorson product quality, and strictly control key processes such as sourcing,injection molding, oil spraying, and assembly. We also standardizeproduct packaging labeling to ensure that the production processand production process meet the national environmental protectionstandards regarding the“three wastes”emissions. We have establishedquality control points, strengthened the monitoring and testing ofkey processes, and promptly identified and corrected quality issues.In the product sales stage, we have developed defective appearanceevaluation standards for action figure products, optimized commondefective process steps, and continuously improved the overall qualityof products and customer satisfaction.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1542024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告In 2024, we upgraded and adjusted theProduct Quality TestingInspection Specification, clarifying the quality inspection and testingstandards for pop collectible figurines, theme parks, GONG, andderivatives. We also added requirements for aspects such as clothing,accessories, packaging materials, supplier audits, and (white list) catalogsto ensure that our products meet national and industry standards andcomply with global laws and regulations. We further specified the limitstandards for migratable elements, plasticizers, packaging waste, heavymetals, etc. in product and accessory materials, refined the testingprocess, and strengthened the training and assessment of testingpersonnel to provide consumers with a safer and higher-quality productexperience.In terms of product recalls, our company has formulated relevantsystems and processes such as theProduct Recall Procedureto clearlystandardize product recall operations. We have established a dedicatedQA team for product quality risk monitoring, which is responsible forregularly sampling and inspecting the production process, raw materials,and finished products, and has established an emergency plan. Oncea quality problem is discovered, we immediately assess it according tothe grading standards of severity. For high-risk quality problems, weimmediately notify the production department to stop the operation ofthe relevant production line and suspend shipments. For products thatmay have quality problems and have already been produced, we isolatethem. For products that can be repaired, we carry out rework, and forproducts that cannot be reworked, we uniformly scrap them to ensurethat they will not enter the market. While handling the emergency,we conduct in-depth investigations into the root causes of the qualityproblems and formulate effective solutions. We will only resume theoperation of the production line and product sales after confirming thatthe quality problems have been completely resolved.We continually optimise our product packaging labels. The packaging ofour products is printed with warnings and reminders including productinformation, instructions, safety use and maintenance matters, such as“Not for children under 3 years old”,“EU’s CE certification for productsafety”,“UKCA marking and environmental logo”,“Derivative or blindbox (non-toy) button batteries & coin batteries”,“France’s Triman logofor environmental packaging design”,“FSC logo for product packagingand cardboard boxes”,“EU’s directive to promote recovery of wasteelectrical and electronic equipment (WEEE)”and other logos and relateddimensional requirements, to warn customers to correctly use, handle ordispose of our products.2024年，我们升级调整《产品质量检测检验规范》，明确潮流收藏手办、乐园、共鸣及衍生品的质量检测与检验标准，并增加对服装、饰品、包装材料、供应商审核及（白名单）名录等方面的要求，确保产品符合国家和行业标准且满足全球法律法规要求。我们进一步明确产品及配件材料中可迁移元素、增塑剂、包装废弃物及重金属等限量标准，细化检测流程，强化检测人员培训与考核，为消费者提供更安全、优质的产品体验。在产品召回方面，本公司制定《产品召回程序》等相关制度和流程，明确规范产品召回操作。我们设立专门的产品质量风险监测QA小组，负责定期对生产流程、原材料、成品进行抽检，并建立应急方案。一旦发现质量问题，我们立即按照严重程度分级标准进行评估。对于高风险质量问题，我们立即通知生产部门停止相关生产线运作并暂停发货；对于已生产出的可能存在质量问题的产品，进行隔离处理；对于其中可以修复的产品，采取返工处理；对于无法返工的产品，统一进行报废处置，确保其不会流向市场。在应急处理的同时，我们深入调查质量问题根源，并制定有效解决方案，在确定质量问题得到彻底解决后，才会恢复生产线运作与产品销售。我们不断优化产品包装标识，在产品包装上印有产品信息、说明、安全使用和保养事项等警告和提示文字，如「产品不适合3岁以下儿童使用标识」「欧盟产品安全认证CE、英国UKCA标志及环保标识」「衍生品或盲盒（非玩具）纽扣电池&硬币电池」「法国包装环保设计Triman标识」「产品包装和纸箱FSC标识」「欧盟WEEE报废的电子电气设备指令」等标识及相关尺寸要求，警示客户正确使用、处置或处理我们的产品。
二零二四年年报ANNUAL REPORT 20241552024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告In order to enhance our employees’awareness of production qualityand production skills, and reduce the incidence of quality problems andsafety accidents, we continue to promote the construction of a qualityculture. In 2024, we conducted 15 training sessions on product qualityand safety standards for internal employees and 123 training sessionsfor factories. The trainings covered the introduction of overseas textilechemical regulations, the introduction of European general productregulations, the introduction of domestic textile and apparel regulatorydetails, etc., so as to enhance our employees’understanding of theinternational and domestic laws and regulations, and to provide a solidguarantee for the steady improvement of product quality.In 2024, the Company did not recall any products due to product safetyand health issues or product quality problems.Protection of Customers’Rights and InterestsThe Company, adhering customer-oriented approach, continues tostrengthen the management of service quality and improves thelevel of service quality, in bid to protect the rights and interests ofcustomers. We strictly comply with the laws and regulations such astheConsumer Rights and Interests Protection Law of the People’sRepublic of China(《中华人民共和国消费者权益保护法》), theMeasuresfor the Punishment of Acts Infringing upon the Rights and Interestsof Consumers(《侵害消费者权益行为处罚办法》), and theInterimMeasures for the Handling of Complaints and Reports by MarketSupervision and Administration(《市场监督管理投诉举办处理暂行办法》). In addition, we continue to optimize our rules and regulationssuch as theStandard Operating Procedure for Stores, thePre-upgradeProcessing Mechanism, theCustomer Service Handling Regulations forOmni-channel After-sales IssuesandAfter-Sales Service Policy. In 2024,we updated the above four regulations. We strengthened the after-saleservice policy and monitor after-sale abnormal nodes for productcategories such as building blocks, cards and apparel. In addition, weestablished additional complaint handling channels, optimised theprocess of identifying public opinion keywords, and perfected theconnection mechanism between the first-line customer service andthe major customer complaints handling group, so as to improve theefficiency and accuracy of customer service handling and enhance theexperience of our customers.为增强员工的产品质量意识与生产技能水平，降低质量问题与安全事故的发生率，我们持续推进质量文化建设。2024年，我们开展内部员工产品质量安全规范培训15次，工厂端培训123次。培训内容覆盖海外纺织品化学法规介绍、欧洲通用产品法规介绍、国内纺织品服装类监管细则介绍等方面，加强员工对国际国内法规的理解，为稳步提升产品质量提供坚实保障。2024年，本公司未发生与产品安全健康问题或质量相关的召回事件。客户权益保障本公司坚持以客户为导向，持续加强服务质量管理，提升服务质量水平，全力维护客户权益。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》《市场监督管理投诉举报处理暂行办法》等法律法规，持续优化《店舖标准操作流程》《预升级处理机制》《全渠道售后问题客服处理规范》《售后服务政策》等制度规定。2024年，我们对上述四项制度进行更新，强化售后积木、卡牌、服饰等产品类售后服务政策与售后异常节点监测，增设投诉处理渠道，优化舆情关键词识别流程，完善一线客服与重大客诉组对接机制，提升客服处理效率与精准度，提升客户体验。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1562024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告We continue to optimize our customer complaint handling system toreduce the risk of customer complaints. We have set up“ConsumerProtection Channel”QR codes in our stores, which allow customers toaccess customer service directly after scanning the code, thus realizingfast complaint handling. For platform complaints, we have taken stockof 24 customer complaint portals, including WeChat, Alipay and boxmachines, and formulated a clear handling process and responsespecifications to respond to customer requests in a timely manner. Forpark complaints, we set up a customer service team to work closelywith regulatory and administrative departments, so as to efficientlyhandle customer complaints. For event complaints, we connect withthe operation team in advance, anticipate and test possible problems,establish a connection mechanism for unusual problems, output aunified solution, and record and quantitatively analyze major incidents.In overseas markets, we have launched customer service support onplatforms such as Shopee, AliExpress, and TikTok, achieving a 24-hourresolution rate of more than 96% through chat tools; we have deployedintelligent robots to quickly respond to and resolve simple user issues,and automatically transfer complex issues to human customer service.Customers can also contact customer service online or by email, and thecustomer service team will contact the overseas operation and logisticsteam to respond in real time, to ensure that problems are solved in atimely manner, and to enhance customer satisfaction.我们持续优化客户投诉处理体系，降低客诉风险。我们在门店中设置「消费者权益保护通道」二维码，客户扫码后可直接接入客服，实现投诉快速处理。针对平台客诉，我们盘点微信、支付宝、抽盒机等24个客诉入口，制定清晰的处理流程和回复规范，及时响应客户诉求。针对乐园客诉，我们成立乐园客服小组，与监管部门、行政主管部门紧密合作，高效处理客诉事件。针对活动客诉，我们提前对接运营团队，预判并测试可能出现的问题，建立异常问题对接机制，输出统一解决方案，并对重大事故进行记录和量化分析。在海外市场，我们新增虾皮（Shopee)、速卖通（AliExpress)、TikTok等平台的客服支持，通过聊天工具实现24小时解决率96%以上；增设智能机器人，快速响应并解决简单用户问题，复杂问题自动流转至人工客服处理。客户亦可通过在线或邮件方式联系客服，客服团队联动海外运营及物流团队实时响应，确保问题及时得到解决，全力提升客户满意度。Key Performance Indicators for Product Responsibility产品责任关键绩效指标IndicatorsData for 2024指标2024年数据Total market regulatory complaints on products or services received (times)接获关于产品或服务的市场监管投诉总数（次）10,822Clearance rate of market regulatory complaints (%)市场监管投诉结案率(%)100Percentage of total products sold or shipped that are subject to recall 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
二零二四年年报ANNUAL REPORT 20241572024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Customer Privacy and Information SecurityThe Company attaches great importance to the privacy and informationsecurity of our customers and protects their legitimate rights andinterests in all aspects. In strict compliance with laws and regulationsand departmental regulations such as theCybersecurity Law of thePeople’s Republic of China(《中华人民共和国网络安全法》), thePersonal Information Protection Law of the People’s Republic of China(《中华人民共和国个人信息保护法》), theMeasures for the Managementof Information Classified Security Protection(《信息安全等级保护管理办法》) and theMeasures for Determining the Illegal Collection and Useof 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 theManagement Systemfor Cybersecurity Alerts and Incident Reporting, theRegister Systemfor Information System Classified Security Protection, theInformationSecurity Management System, theData Security ManagementSystem, theUser Privacy Agreement of Pop Mart, theMember ServiceAgreement of Pop Martand theMinor Privacy Agreement of Pop Martand other rules and regulations. We closely monitor the requirementsfor user information protection issued by the Ministry of Industry andInformation Technology of the People’s Republic of China, the Officeof the Central Cyberspace Affairs Commission, and China ConsumersAssociation to ensure that our terms and conditions are in compliancewith the latest laws and regulations, and we remind users to read andconfirm the updated contents through pop-ups and other forms, inorder to fully safeguard the customers’right to information.We have established a dedicated information technology and R&Dtechnology department responsible for the management andsupervision of information and data security, and set up a networksecurity and informatization leadership team to coordinate informationsecurity-related work. We have strengthened our information securityprotection capability and avoided the risk of information leakagethrough technological means such as underlying encryption technology,anti-identification technology, intranet control, anti-virus software andfirewalls, etc. We regularly conduct compliance audits and informationsecurity tests. Moreover, we carry out at least one external and oneinternal audit on information security annually, and promptly rectify anyproblems identified during the internal and external audits.客户隐私及信息安全本公司高度重视客户的隐私与信息安全，全方位保障客户合法权益。我们严格遵守《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》《信息安全等级保护管理办法》《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《网络安全预警与事件报备管理制度》《信息系统安全等级保护备案制度》《信息安全管理制度》《数据安全管理制度》《泡泡玛特用户隐私协议》《泡泡玛特会员服务协议》《泡泡玛特未成年人隐私协议》等制度文件。我们密切关注中华人民共和国工业和信息化部、中央网络安全和信息化委员会办公室、中国消费者协会等部门发布的用户信息保护相关要求，确保公司条款符合最新法律法规要求，并通过弹窗等形式提醒用户阅读并确认更新内容，充分保障客户知情权。我们设立专门的信息科技与研发技术部门负责信息及数据安全的管理和监督，并成立网络安全和信息化领导小组，统筹信息安全相关工作。我们通过底层加密技术、反识别技术、内网控制、防病毒软件、防火墙等科技手段，强化信息安全防护能力，规避信息泄露风险。我们定期开展合规性审核和信息安全测试，针对信息安全每年至少进行一次外部和一次内部审计，并及时整改内审与外审过程中发现的问题。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1582024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告In terms of information and data collection, we undertake in theUser Privacy Agreement of Pop Martto adhere to the principle ofminimum collection, to clearly regulate the collection of users’personalinformation, and to strictly prohibit the collection of users’personalinformation from third parties without authorization. We will neverprovide any personal information to a third party without the consentof users, or improperly dispose of it by selling, renting out and sharing.We fully respect users’right to choose by authorizing them to access,correct, delete their personal information and cancel their account atany time. Furthermore, we will purge the user’s personal data within thepromised timeframe after we receive the user’s statement that he/she/it will no longer use our services. We have publicized the privacy policyin our WeChat Mini Program to ensure that the requirements of therelevant policy are applicable to all businesses within the Company, withan aim to provide the maximum degree of protection for informationsecurity of users.In terms of information and data processing, we clearly define thecollection, transmission, storage, use, sharing, deletion, transferringand disclosure of corporate data and users’personal data in theDataSecurity Management System. Following the principle of“prohibitingkeeping unless necessary”, we handle users’privacy informationcarefully and require core service providers with access to customertransaction information to sign confidentiality agreements to ensurethat their staff strictly comply with data security and privacy protectionrequirements. In the data analysis process, we encrypt the sensitiveinformation of customers and identify customers only through theirID numbers in Pop Mart to prevent information leakage at the source.The screenshots of our customer service system are embedded withemployee ID watermarks, and all transmitted data are highly encryptedand monitored by the operation and maintenance team in real timeto ensure the stability and security of the system. In terms of authoritymanagement, we accurately configure the minimum system authorityaccording to the needs of the post, and implement hierarchicalauthority management. Operations such as data viewing and exportmust be approved based on the principle of“necessity”. The accountsof departing employees will be deactivated immediately and relevantpermissions will be withdrawn in advance to reduce the risk of customerdata leakage.在信息数据收集方面，我们在《泡泡玛特用户隐私协议》承诺遵循最小化收集原则，明确规范用户个人信息的收集要求，严禁在未经授权的情况下从第三方收集用户个人信息。未经用户本人同意，严禁将任何个人信息提供给第三方，或以出售、出租、分享等方式进行不当处置。我们充分尊重用户的选择权，授权用户可以随时访问、更正、删除其个人信息和注销账户。我们将在收到用户不再使用我方服务的声明后，于承诺时间内清理其个人数据。我们已在微信小程序中公示隐私政策，确保相关政策要求适用于公司所有业务，最大程度保障用户信息安全。在信息数据处理方面，我们通过《数据安全管理制度》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、转让及披露等环节进行明确规定。我们遵循「非必要不储存」原则，谨慎处理用户隐私信息，并要求接触客户交易信息的核心服务商签署保密协议，确保其工作人员严格遵守数据安全和隐私保护要求。在数据分析环节，我们对客户敏感信息进行加密处理，仅通过泡泡玛特ID号码识别客户身份，从源头防止信息泄露。我们的客服系统截图均嵌入员工工号水印，所有传输数据均经过高强度加密处理，并由运维团队实时监控，保障系统的稳定性与安全性。在权限管理上，我们根据岗位需求精准配置最小系统权限，实施权限分层管理。数据查看与导出等操作均需基于「必要性」原则进行审批，离职员工账号即时停用，相关权限提前收回，以降低客户数据泄露风险。
二零二四年年报ANNUAL REPORT 20241592024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告We have formulated emergency response plans for information ordata leaks and other emergency incidents, and comprehensivelystrengthened information security protection capabilities throughmulti-level protection technologies such as Web Application Firewall(WAF) and security encryption gateway. We cooperate with third-partyinstitutions to monitor the risk of data leakage in real time. In case of aleak incident, we will immediately arrange security personnel to tracethe source of the problem, comprehensively evaluate and solve theproblem, and promptly report to the Company’s security managementand supervision departments to analyze the root cause of the problemand formulate and implement corrective measures to prevent similarincidents from happening again. We carry out emergency drills at leasttwice a year, covering potential threat scenarios such as network failures,network attacks and information leakage, so as to continuously optimizeour information security emergency response capabilities.In overseas regions, we have established sound information securityprotection measures and systems. We collaborate with professionalthird-party teams to implement compliance planning work in light ofthe potential security threats and regulatory requirements in overseasmarkets, ensuring the security and compliance of our overseas businesssystems. We also have a professional legal team. The Data ProtectionOfficer (DPO) takes the lead as the person in charge to carry out taskssuch as the review of privacy protection agreements and the in-depthinterpretation of relevant overseas regulations.我们已制定信息或数据泄密等紧急事件的应急响应方案，通过Web应用防火墙(WAF)、安全加密网关等多层次防护技术，全面强化信息安全防护能力。我们与第三方机构合作，实时监控数据泄露风险。一旦发生泄露事件，我们将立即安排安全人员追踪问题来源，全面评估并修复问题，同时迅速上报至公司安全管理层及监管部门，分析问题根源并制定落实整改措施，杜绝类似事件再次发生。我们每年至少开展两次应急演练，涵盖网络故障、网络攻击、信息泄露等潜在威胁场景，不断优化信息安全应急处置能力。在海外地区，我们设有完善的信息安全保护措施及制度。我们与专业的第三方团队合作，结合海外市场可能面临的安全威胁与监管要求实施合规规划工作，保障海外业务系统的安全与合规。我们亦配备专业法务团队，由数据保护安全官(DPO)作为负责人牵头开展对隐私保护协议的审核、海外相关法规的深度解读等工作。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1602024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Intellectual Property and Brand ProtectionIn strict compliance with laws and regulations such as thePatentLaw of the People’s Republic of China(《中华人民共和国专利法》),theCopyright Law of the People’s Republic of China(《中华人民共和国著作权法》), theTrademark Law of the People’s Republic of China(《中华人民共和国商标法》) andMeasures for the Supervision overand Administration of Product Anti-counterfeiting(《产品防伪监督管理办法》), the Company has formulated management systems andmechanisms such as theIntellectual Property and Software ManagementMeasures. We continue to strengthen the protection of intellectualproperty rights, optimize the application process of trademarks,copyrights and patents, and improve the level of brand protection,thereby comprehensively building an intellectual property protectionsystem.We actively protect our intellectual property rights, and professionalmanagers are responsible for trademark registration, copyrightregistration and patent application. We clarify the intellectual propertyapplication process, protection measures and infringement responsemechanisms, and monitor core intellectual property rights throughregular search and information retrieval and offline inspections toensure that they are effectively protected. We continue to strengtheninternal and external review and supervision, and once we find anyclues of infringement, we will quickly take necessary measures tocrack down on malicious registration, piracy and other infringements,and if necessary, protect our legitimate rights and interests throughadministrative or criminal means. In addition, we continue to optimizethe trademark registration process, provide solutions for trademarks withlow registration success and cannot be modified, and refine the processinformation.知识产权与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》《中华人民共和国商标法》《产品防伪监督管理办法》等法律法规，制定《知识产权及软件管理办法》等管理制度和机制。我们持续加强知识产权保护工作，优化商标、著作权及专利的申请流程，提升品牌保护水平，全面构建知识产权保护体系。我们积极维护自身知识产权，由专业管理人员负责商标注册、著作权登记和专利申请。我们明确知识产权申请流程、保护措施及侵权应对机制，并通过定期查新、检索信息及线下巡查等手段，对核心知识产权进行监测，确保其得到有效保护。我们持续加强内外部审查与监督，一旦发现侵权线索，将迅速采取必要措施，严厉打击恶意注册、盗版等侵权行为，必要时通过行政或刑事手段维护合法权益。此外，我们不断优化商标注册流程，针对成功率低且无法修改的商标提供解决方案，细化流程信息。
二零二四年年报ANNUAL REPORT 20241612024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告我们尊重他人知识产权成果，持续完善商品、LOGO、物料素材使用的审核流程，确保所有品牌标识的使用均通过公司审批，并对其出现区域、露出形式、出现比例、位置、字体、颜色等提出明确要求。在涉及使用字体、图片等与版权相关的易发生侵权的场景和需求时，我们主动获取相关许可，并定期开展侵权检查或审核。在品牌形象设计过程中，我们与合作方签署相关协议，强化对知识产权的保护，在许可条件和范围内对相关元素进行使用，减小侵权风险。在海外知识产权保护方面，我们在重点国家严格执行知识产权保护与举报流程，联动当地同事对售假行为进行举报、处理与打击，依据侵权行为严重程度进行分级处理。我们通过海外官网及全球化电商平台公示公司知识产权权属，并在泡泡玛特全球官网( www.popmart.com )的「知识产权保护」模块公布投诉举报邮箱，接收客户提供的侵权线索，共同打击侵权行为。截至2024年12月31日，本公司拥有1,608项著作权、1,218项商标10和45项专利11。其中，2024年共登记327项著作权，申请470项商标和7项专利。2024年，我们共鉴别伪造授权函10余件，下架境外售卖侵权网站域名5个，提起侵权诉讼案件3起，并成功在海关拦截侵权产品超130万个，全力维护公司知识产权及合作伙伴的创作成果。10指已注册未被撤销或提交注册申请未驳回的商标数量。11指已授予权利未被撤销或已提交申请未驳回的专利（发明、实用新型、外观专利）数量。We respect the intellectual property achievements of others bycontinuously improving the review process for the use of products,logos and materials to ensure that all brand logos are approved for useby the Company, and proposing clear requirements for the area wherethey appear, the form of exposure, the proportion of the appearance,the position, the font and the color. When involving the use of fonts,images, and other copyright-related scenarios and needs that are proneto infringement, we take the initiative to obtain relevant licenses, andregularly conduct infringement inspections or audits. In the processof brand image design, we sign relevant agreements with partnersto enhance the protection of intellectual property, and use relevantelements within the license conditions and scope to reduce the risk ofinfringement.In terms of overseas intellectual property protection, we strictlyimplement intellectual property protection and reporting proceduresin key countries, coordinate with local colleagues to report, deal withand crack down on counterfeit sales, and conduct graded treatmentaccording to the severity of infringement. We publicize the intellectualproperty rights of the Company through overseas official websites andglobal e-commerce platforms, and publicize the mailbox for complaintsand reports on the“Intellectual Property Protection”module of theglobal official website of Pop Mart (www.popmart.com) to receiveinfringement clues from customers and jointly combat infringement.As of 31 December 2024, the Company owned 1,608 copyrights, 1,218trademarks10and 45 patents11, of which 327 copyrights were registeredand 470 trademarks and 7 patents were applied for in 2024. In 2024,we identified more than 10 forged authorization letters, took downthe domain names of 5 overseas websites selling infringing products,initiated 3 infringement lawsuits, and successfully intercepted over 1.3million infringing products at customs, making every effort to safeguardthe Company’s intellectual property and the creative achievements ofour partners.10 Refers to the number of trademarks whose registration has not been revoked orwhose application for registration has not been rejected.11 Refers to the number of patents (inventions, utility models and appearancepatents) for which the rights granted have not been revoked or the applicationssubmitted have not been rejected.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1622024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Marketing and Advertisement 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》), theCompany adheres to the principle of responsible marketing, and hasestablished clear policies and usage standards in advertising design,material selection, and placement publicity, etc.. With a focus on brandpositioning, the Company standardizes its advertising to ensure thatthere is no concealment, exaggeration and deception in advertising, andeliminate false publicity.In order to ensure the compliance and authenticity of advertising andmarketing content, we continue to strengthen the audit of advertisingand marketing materials and develop countermeasures against potentialnon-compliance risks. In the advertising design and material selection,we require that the advertising title, label, detail page, etc. shall not useextreme words or illegal terms suspected of defrauding consumers, andpromptly modify expressions that do not conform to facts or violatelaws and regulations, so as to prevent false publicity from misleadingconsumers. We require all publicity documents to be reviewed jointlyby multiple departments in advance to confirm accuracy, authenticityand non-infringement before being released. For offline marketingactivities, we have established a rigorous management system andreview mechanism to review text, pictures, videos and other materials inon-site activities. We also regularly monitor the advertisements that havebeen placed, and if we find that the content of the advertisements orpromotions is inconsistent with the facts or violates laws and regulations,we will take appropriate measures to resolve them promptly.With the continuous expansion of overseas business, we requireoverseas partners to strictly abide by local laws and regulations and theCompany’s publicity norms in the promotion process. The Company’sheadquarters formulates a global unified advertising standard andreview process, and the regional legal team reviews and implementsit in accordance with local laws and regulations to ensure that thepromotional content is authentic, compliant and in line with localcultural norms. In addition, we regularly organize marketing anddesign personnel to learn about advertising laws and regulations andthe Company’s rules and regulations, and share industry case studiesand points to note, so as to enhance their awareness of responsiblemarketing.营销与广告宣传管理本公司秉持负责任营销原则，遵守《中华人民共和国广告法》等法律法规，在广告设计、素材选取、投放宣传等环节均制定明确的政策与使用标准，聚焦品牌定位，规范广告宣传，确保广告宣传无隐瞒、夸大、欺骗等行为，杜绝虚假宣传。为保障广告及营销内容合规真实，我们持续强化对广告及营销物料的审核，并针对潜在违规风险制定应对措施。在广告设计和素材选取时，我们要求广告标题、标签、详情页等不得使用极限词汇或涉嫌欺诈消费者的违规用语，及时修改不符合事实或违反法律法规的表述，杜绝虚假宣传、误导消费者。我们要求所有宣传文案提前交由多部门联合审核，确认内容准确、真实且不侵犯他人权益后方可发布。对于线下营销活动，我们建立严格的管理制度和送审机制，审查现场活动中的文字、图片、视频等素材。我们亦定期对已投放的广告进行监测，一旦发现广告或宣传内容与事实不符或违反法律法规，将迅速采取相应措施予以解决。随着海外业务不断拓展，我们要求海外合作方在推广过程中严格遵守当地法律法规与公司宣传规范，由公司总部制定全球统一的广告宣传标准和审核流程，各区域法务团队结合当地法规要求进行审核与落地，确保宣传内容真实、合规、且符合当地文化规范。此外，我们定期组织市场营销和设计人员学习广告宣传相关法律法规及公司规章制度，分享行业案例和注意事项，加强员工的负责任营销意识。
二零二四年年报ANNUAL REPORT 20241632024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告VIII. ANTICORRUPTION MANAGEMENTAnti-corruption management is crucial to the compliance andsustainable operation of a business. The Company strictly complieswith the laws and regulations of the place where it operates, such astheCompany Law of the People’s Republic of China(《中华人民共和国公司法》), theAnti-Money Laundering Law of the People’s Republicof China(《中华人民共和国反洗钱法》), theAnti-Unfair CompetitionLaw of the People’s Republic of China(《中华人民共和国反不正当竞争法》), and has established relevant management systems including theAnti-Embezzlement Management Measures, theAnti-Money LaunderingManagement System, theGift Acceptance Management Regulations,theConflict of Interest Management System and the Employee Code ofConduct ManagementSystemto standardize the integrity managementrequirements, clearly define red lines for violations and correspondinghandling mechanisms, and rigorously combat any illegal, non-compliant,or improper conduct by internal employees and external partners.We consistently conduct risk assessments for corruption andmisconduct, covering domestic operational locations such as Beijing,Dongguan, Shenzhen, Shanghai, and Yangzhou, as well as overseasoperational regions including South Korea, the United States, France,the United Kingdom, and Thailand. We have publicly disclosed ourAnti-Embezzlement and Internal Audit Systemon our official website,outlining policies against bribery and corruption. Additionally, wereleased the2024 Anti-Fraud Work Brief, which provides detailed insightsinto the regular anti-fraud and business ethics reviews conducted, alongwith the outcomes of confirmed corruption cases. During the reportingperiod, there were no concluded corruption lawsuits filed against thecompany or its employees.We highly emphasis the cooperation on compliance with our partners.We expect continuous communication on compliance requirements tobuild an honest, trustworthy, transparent business environment togetherwith our partners. We sign theSunshine Cooperation Agreementwithour suppliers and partners, which require them to comply with the lawsand regulations applicable to where they operate, and prohibit any formof economic transactions with company employees or their relativesand forbid implying, offering, or lending any high-value assets. We givepreference to partners who actively report irregularities and supportaudit investigations.八、反贪污管理反贪污管理对企业合规与可持续运营至关重要。本公司严格遵守《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》等运营所在地的法律法规，制定《反舞弊管理规定》《反洗钱工作管理制度》《礼品收受管理规定》《利益冲突管理制度》《员工行为规范管理制度》等合规管理制度，规范廉洁管理要求，明确违规红线及处理机制，严厉打击内部员工和外部合作伙伴的任何违法违规或不正当行为。我们持续开展贪污腐败风险评估工作，覆盖北京、东莞、深圳、上海、扬州等国内运营地点，以及韩国、美国、法国、英国、泰国等海外运营地区。我们通过官网公开披露《反舞弊与内部审计制度》，明确反贿赂、反贪污等政策要求，并发布《2024年反舞弊工作总结》，详细披露定期开展的反舞弊及商业道德审查情况及查实的贪污腐败案件处理结果。本报告期内，未发生对公司或员工提出并已审结的贪污诉讼案件。我们高度重视与合作伙伴的合规协同，持续传递廉洁合规要求，与合作伙伴共建诚信、透明的商业环境。我们与供应商及合作单位签署《阳光合作协议》，要求其遵守运营所在地的法律法规，禁止与公司员工及其亲属发生任何形式的经济往来，严禁暗示、提供或出借任何高价值有价资产。对于积极举报违规行为、支持审计调查的合作伙伴，我们优先考虑与其合作。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1642024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Compliant and Reporting ManagementThe Company encourages employees, suppliers, and other partnersto mutually supervise and report any behavior that violates businessethics, working together to uphold a fair and integrity-driven businessenvironment. We provide internal and external personnel with avariety of online and offline reporting channels, both anonymous andidentifiable, including bilingual channels such as telephone, mailboxes,websites, letters, QR code for posters,“Sunshine Bubble”, Feishu (飞书),“Bubble Phonograph”and“Direct Channel for our Friends (小伙伴直通车)”. We also assign specialists to carry out investigations. Once thereport is verified, it will be handled according to the severity of the caseand, if necessary, will be transferred to the judicial authorities to pursuelegal responsibility of relevant personnel, in order to firmly protect theinterests and reputation of the Company.We attach importance to the confidentiality of whistleblowers andhave specified detailed procedures for complaints and reporting in ourInternal Audit Management System, and established a whistleblowerprotection mechanism. We are committed to maintaining strictconfidentiality regarding the identity of whistleblowers and the contentof their reports, limiting the dissemination of such information to ensureprotection. We also clearly prohibit any form of retaliation against thewhistleblower, including but not limited to obstruction, harassment,insults, defamation, threat, intimidation or assault and in case of anyof such behaviors identified, relevant responsible individuals shall bepunished severely, and we reserve the right to pursue legal liabilityagainst them.投诉举报管理本公司鼓励员工、供应商及其他合作伙伴相互监督，对违反商业道德的行为进行举报，共同维护廉洁公正的商业环境。通过开放电话、邮箱、网页、信函、海报二维码、「阳光泡泡」飞书订阅号，以及「泡泡留声机」「小伙伴直通车」等举报渠道，我们为内外部人员提供中英双语、线上线下多种实名及匿名举报途径，并设立专门部门进行调查。一旦查实举报内容，我们将依据情节轻重采取相应措施，必要时移交司法机关追究其法律责任，坚决维护公司利益与声誉。我们重视举报人的安全保护，在《内部审计管理制度》中详细规定投诉与举报流程，建立举报人保护机制。我们承诺对举报人信息和举报内容严格保密，限制举报信息传播范围，明确禁止任何形式的打击报复行为，包括但不限于阻挠、骚扰、侮辱、诽谤、威胁、恐吓或人身伤害。一经发现，我们将严肃处理相关责任人，并保留追究其法律责任的权利。
二零二四年年报ANNUAL REPORT 20241652024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Anti-corruption TrainingThe Company places a strong emphasis on fostering a culture ofintegrity. We require all new employees to undergo business ethicstraining, which includes anti-corruption education, and we continuouslyreinforce compliance awareness across the organization throughsystematic training resources and communication initiatives. In 2024,we released a bilingual (Chinese and English) edition of theSunshineBubble Handbook, which covers whistleblowing management systems,red lines for violations, and historical case studies of misconduct,providing employees with clear behavioral guidelines for adheringto business ethics. Based on resolved cases of misconduct, weproduced 46 bilingual educational videos on integrity and complianceto strengthen the dissemination of a culture of integrity. Bilingualposters promoting integrity were displayed in office areas to enhanceemployees’compliance awareness. Additionally, the“Sunshine Bubble”subscription account on Feishu (飞书), published 12 related articles,accumulating over 48,000 views. We distributed company-wide surveyquestionnaire on integrity and compliance requirements to gatheremployees’understanding and needs regarding the integrity culture andoptimized our integrity initiatives based on the feedback. Furthermore,we conducted integrity training and awareness activities for key clientdistributors and over 70 suppliers, sending Spring Festival greeting cardsto nearly 200 suppliers to advocate for a no-gift policy. These integrityeducation initiatives and anti-corruption training programs covered alldirectors, middle and senior management, and full-time and part-timeemployees, achieving a 100% training coverage rate.反贪污培训本公司注重廉洁文化建设，要求所有新入职员工均需接受包含廉洁教育在内的商业道德培训，并通过系统化培训资源及宣贯举措持续强化全员合规意识。2024年，我们发布中英双语版《阳光泡泡手册》，涵盖举报管理制度、违规红线及历年违规案例等内容，为员工遵守商业道德提供行为指引；基于已处理的违规案例，创作46部廉洁合规主题的中英双语宣传视频，强化廉洁文化传播；在办公区域布设中英双语廉洁宣传海报，提升员工合规意识；「阳光泡泡」飞书订阅号共发布12篇相关文章，累计阅读量超过4.8万次；通过发放廉洁合规需求全员调研问卷收集员工对廉洁文化的认知和需求，并根据反馈结果优化廉洁工作；针对大客户经销商及70余家供应商开展廉洁培训与宣贯活动，向近200家供应商发送春节贺卡以倡导不送礼品的廉洁要求。这些廉洁教育宣贯及反贪污培训覆盖全体董事、中高层管理人员和所有全职与兼职员工，培训覆盖率达100%。Key Performance Indicators for Anti-corruption反贪污关键绩效指标IndicatorsData for 2024指标2024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）4Number of employees participating in anti-corruption training (persons)参与反贪污培训员工的人数（人）6,600
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1662024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告IX. COMMUNITY INVESTMENT MANAGEMENTAdhering to the brand concept of“creating trends and deliveringfineness”, and leveraging our strengths in creative culture, we activelyfulfill our corporate social responsibilities and strive to promote culturaldissemination and enhance social well-being. We collaborate closelywith government entities, industry organizations, clients, partners,and other stakeholders to initiate cross-brand partnerships, fosterharmonious and compassionate communities, and achieve mutualprosperity for both our brand and society.Case: the Brand Charity Project of“POP MART CharityAesthetic Education Center”We continue to promote the brand charity project of“POP MART CharityAesthetic Education Center”. Through a tripartite model of“hardware+ curriculum + activities,”we provide schools in underdevelopedregions with dedicated spaces for aesthetic education, along withsupporting educational resources and curricula. This initiative transformsaesthetic education centers into vibrant hubs for the disseminationand creation of beauty in rural areas, fostering the development ofaesthetic education for children in these communities. During theyear, we completed the construction of six aesthetic education centersin Zhuozi County, Horqin Left Rear Banner, and Chahar Right RearBanner in the Inner Mongolia Autonomous Region, benefiting morethan 1,500 students. As of the end of the reporting period, a total of 13aesthetic education centers under this project have been establishednationwide. Through the continuous implementation of activities suchas art demonstration courses, teacher training programs, and summercamps, a model of 5 standard courses has been established, and nearly athousand student works have been produced in total.九、社区投资管理本公司坚守「创造潮流，传递美好」的品牌理念，充分发挥创意文化优势，积极履行企业社会责任，推动文化传播与社会福祉提升。我们与政府、行业组织、客户、合作伙伴等利益相关方紧密协作，开展品牌跨界联动，共建和谐友爱社区，实现品牌与社会的共同繁荣。案例：「POP MART公益美育中心」品牌公益项目我们持续推进「POP MART公益美育中心」品牌公益项目，通过「硬件+课程+活动」三位一体模式，为欠发达地区学校提供美育教育实施场所，并提供美育课程教育资源配套支持，让美育中心成为乡村美育传播美、创造美的美好空间，助力乡村儿童美育发展。本年度，我们在内蒙古自治区卓资县、科左后旗及察右后旗完成6所美育中心建设，惠及超过1,500名学生。截至报告期末，该项目已在全国落成13间美育中心，通过持续开展艺术示范课程、教师培训、夏令营等活动建立了5节标准课程模型，累计产出近千幅学生作品。
二零二四年年报ANNUAL REPORT 20241672024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告案例：第四届中国国际消费品博览会2024年4月，我们参展第四届中国国际消费品博览会（以下简称「消博会」），成为「消博会官方IP合作伙伴」。在此次展会中，我们展出了包括生肖限定龙吟献瑞系列、泡泡玛特北京礼物限定款联名礼盒、MEGAROYAL MOLLY 400%常沙娜•敦煌、环球功夫熊猫系列手办等多款产品，在兴趣消费领域为消费者带来潮流文化体验。同时，我们还与消博会「英国馆」联动，特别展出与英国知名波普艺术家Philip Colbert合作的「1000% SPACE MOLLY×PHILIP COLBERT」艺术家联名款产品，深受英国消费者喜爱，推动中国潮玩文化走向世界。案例：MOLLY中国传统文化巡回之旅2024年8月，我们发布了「MOLLY中国传统文化巡回之旅」项目，并推出该项目的首款产品：拳韵咏春。未来3年，我们将每年推出与传统文化和非遗相关的联名产品，并将捐赠产品售卖的部分资金用于支持非遗传承人和项目保护工作，持续赋能传统文化的创新传承，向全球粉丝传播中国故事。Case: The 4th China International Consumer Products ExpoIn April 2024, we participated in the 4th China International ConsumerProducts Expo (the“Consumer Expo”) and became the“Official IPPartner of the Consumer Expo”. At this exhibition, we displayed a varietyof products, including the Chinese Zodiac Limited Long Yin Xian Ruiseries, the limited joint gift box of POP MART Beijing Gifts,“MEGAROYAL MOLLY 400% Chang Shana • Dunhuang”, and the UniversalKung Fu Panda series figurines, bringing trendy cultural experiences toconsumers in the field of interest consumption. At the same time, wealso collaborated with the“British Pavilion”of the Consumer Expo andspecially exhibited the co-branded product“1000% SPACE MOLLY×PHILIP COLBERT”in cooperation with the well-known British pop artistPhilip Colbert. This product was deeply loved by British consumers andpromoted the spread of Chinese trendy toy culture around the world.Case: MOLLY’s Tour of Chinese Traditional CultureIn August 2024, we launched the“MOLLY’s Tour of Chinese TraditionalCulture”project and released the first product of this project – MOLLYPLAYING Wing Chun. In the next three years, we will launch co-brandedproducts related to traditional culture and intangible cultural heritageevery year, and donate part of the funds from the sales of these productsto support intangible cultural heritage inheritors and project protectionwork, continuously empower the innovative inheritance of traditionalculture, and spread Chinese stories to fans around the world.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1682024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Case: Wuzhen Theatre Festival Charity LivestreamThe Company has always been committed to promoting and developingart education for teenagers, empowering rural revitalization throughcharity livestreams. In October 2024, we continued our collaborationwith the Wuzhen Theatre Festival for a charity livestream, during whichwe donated seven units each of the“MEGA LABUBU 1000% Sketch”and“MEGA SPACE MOLLY 400% Panda”. Leveraging our brand influenceand the artistic value of the MEGA series, the charity products garneredsignificant attention and enthusiastic participation from viewers, sellingout quickly after being listed on the livestream. We donated the entireproceeds of RMB51,086 from the livestream sale to the Wuzhen TheatreFestival Charity Common Prosperity Fund (乌镇戏剧节慈善共富基金),specifically for drama education programs benefiting teenagers andchildren in remote areas, and to provide long-term support for emergingyoung artists and art teachers who are spreading aesthetic education inunderdeveloped regions.Case: The China Intangible Cultural Heritage ExpoIn October 2024, we participated in the 8th China Intangible CulturalHeritage Expo. We set up a themed booth named“New Rhymesof Tradition, New Trends of Intangible Cultural Heritage”on site,showcasing a number of trendy toy IP products integrated withintangible cultural heritage elements. Among them,“MEGA SPACEMOLLY 400% Hidden Gold without Trace • Wood”was crafted incollaboration with inheritors of intangible cultural heritage techniques,using the ancient gold inlay technique dating back to the Shang andZhou dynasties. It demonstrates an innovative combination of traditionalcraftsmanship and modern design, allowing people to experience thecharm of traditional culture through trendy toy products and injectingnew vitality into the inheritance and dissemination of China’s intangiblecultural heritage.案例：乌镇戏剧节公益直播本公司始终关注青少年艺术教育的普及与发展，通过公益直播的形式赋能乡村振兴建设。2024年10月，我们与乌镇戏剧节公益直播延续合作，在直播中捐赠了「MEGALABUBU 1000%素描」和「MEGA SPACEMOLLY 400%熊猫」各7体。凭借我们的品牌影响力和MEGA系列的艺术价值，公益产品受到观众们的高度关注与踊跃参与，在直播上架后迅速售罄。我们将本次直播销售所得的人民币51,086元款项全部捐赠至乌镇戏剧节慈善共富基金，专项用于偏远地区青少年儿童的戏剧公益教育，并为成长期的青年艺术创作者及在欠发达地区传播美育的艺术教师们提供长期支持。案例：中国非物质文化遗产博览会2024年10月，我们参与了第八届中国非物质文化遗产博览会，在现场设置了「传统新韵，非遗新潮」主题展位，展示了多款融合非遗元素的潮玩IP产品。其中，「MEGASPACE MOLLY 400%藏金无痕•木」是我们与非遗技艺传承人合作，采用源于商周时期的古法错金技艺制作而成，展现了传统工艺与现代设计的创新结合，让人们从潮玩产品中感受传统文化的魅力，为中国非遗文化的传承与传播注入新活力。
二零二四年年报ANNUAL REPORT 20241692024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Case:“MEGA SPACE MOLLY 400% Yin Hai Sheng Hua • Xi”Art AuctionThe Company has broadened its horizons to overseas regions,promoting the development and progress of the cultural and artindustry through charitable auctions and other means. In November2024, we successfully auctioned“MEGA SPACE MOLLY 400% Yin HaiSheng Hua • Xi”(MEGA SPACE MOLLY 400%银海生花•锡) at the Phillipsauction, which was sold for HK$95,250 (approximately RMB88,700). Wedonated the entire proceeds from this auction to the Foundation for TheArts and Social Enterprise, a Singaporean charity, to specifically supportthe“UTOPIA Reimagined (Series III)”program, with an aim to encourageartists to explore and interpret innovative concepts, promoting the closeintegration of pop toy culture with social art through practical actions,and endowing pop toy products with more warmth and social value.Case: The 7th China International Import ExpoIn November 2024, we participated in the consumer goods exhibitionarea of the 7th China International Import Expo, showcasing trendy toyIPs such as MOLLY, THE MONSTERS, and PUCKY, as well as a series ofproducts developed based on these IPs, presenting a comprehensivedisplay of contemporary high-quality trendy lifestyle. At the same time,for the first time, we centrally exhibited limited products such as THEMONSTERS limited edition from the Louvre in Europe, DIMOO limitededition from Australia, CRYBABY limited edition from Thailand in Asia,and DIMOO limited edition from the North American market. Thisreflects our achievements in IP extension and localized operation in theprocess of globalization, and promotes the exchange between Chinesetrendy toy culture and the international market.案例：「MEGA SPACE MOLLY 400%银海生花•锡」艺术拍卖本公司将视野拓宽至海外地区，通过慈善拍卖等方式，推动文化艺术行业的发展进步。2024年11月，我们在富艺斯拍卖会上成功拍卖了「MEGA SPACE MOLLY 400%银海生花•锡」，最终以95,250港元（约人民币8.87万元）成交。我们将本次拍卖所得款项全数捐赠至新加坡慈善机构—艺术与社会企业基金会(Foundation for The Arts and SocialEnterprise)，专项支持「UTOPIA Reimagined（系列III）」计划，鼓励艺术家探索和诠释创新概念，以实际行动推动潮玩文化与社会艺术紧密融合，赋予潮玩产品更多温度和社会价值。案例：第七届中国国际进口博览会2024年11月，我们参加第七届中国国际进口博览会消费品展区，展示了MOLLY、THEMONSTERS、PUCKY等潮玩IP，以及基于这些IP开发的一系列产品，全方位展现了当代高品质潮流生活方式。同时，我们首次集中展出来自欧洲的卢浮宫THE MONSTERS限定、澳洲的DIMOO限定、亚洲的泰国CRYBABY限定和北美市场的DIMOO限定产品，体现了我们在IP延展以及在全球化进程中的本地化运营方面的成果，促进了中国潮玩文化与国际市场的交流。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1702024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Case: The Intangible Cultural Heritage“EngravedDecoration”Technique of Jingdezhen CeramicsIn December 2024, we jointly launched the“MEGA ROYAL MOLLY400% Yan Yan Ru Zha • Porcelain”product with Jingdezhen Ceramics.We innovatively adopted the intangible cultural heritage“engraveddecoration”technique to reproduce the finesse and characteristics ofthe traditional technique on ROYAL MOLLY. Through the combinationof intangible cultural heritage and trendy toys, we present the essenceof ancient techniques with trendy toy IPs, helping the inheritance anddevelopment of ceramic culture in modern society.Case:“POP Blood Giver Campaign”Blood Donation Drivein ThailandThe Company has established a charitable partnership withorganizations such as the Thai Red Cross Society to actively supporthumanitarian actions and promoting the implementation of publicwelfare and charitable projects. Together with the Thai Red CrossSociety, we launched multiple seasons of the“POP Blood GiverCampaign”blood donation drive. Pop Mart blind boxes were presentedas tokens of gratitude to Thai citizens who voluntarily participated inblood donation. The number of participants reached a new historicalhigh, effectively alleviating the problem of blood shortage in Thailandand further enhancing our brand image in terms of social responsibility.In recognition of our outstanding performance in social responsibilitythis year, the Company has received multiple honors and awards. In May2024, Pop Mart was honored with the“New Benchmarks in the GlobalCommunication Power of Chinese Brands”for 2024. In November 2024,Pop Mart was granted the“Global Talent Magnet Employer”award byLinkedIn, and ranked among the“30&30 Brands”in the second ForbesChina • Go-International Series Selection. In the same month, Pop Martwas selected as a“Pioneer Enterprise for Supporting Rural Education andConveying Social Care”by the China Foundation for Rural Developmentfor 2024.案例：景德镇陶瓷非遗「扒花」工艺2024年12月，我们与景德镇陶瓷共同推出「MEGA ROYAL MOLLY 400%嫣胭入轧•瓷」产品，创新采用非物质文化遗产「扒花」工艺，在ROYAL MOLLY上重现传统技艺的精细与特色。我们通过非遗与潮玩相结合的形式，用潮玩IP呈现古老技艺精粹，助力陶瓷文化在现代社会中的传承与发展。案例：泰国「POP Blood GiverCampaign」献血活动本公司与泰国红十字会等组织建立慈善合作伙伴关系，积极支持人道主义行动，推进公益慈善项目的开展。我们与泰国红十字会发起多季「POP Blood Giver Campaign」献血活动，为自愿参与献血的泰国公民赠予泡泡玛特盲盒以示感谢，参与人数创下历史新高，有效缓解了泰国血液短缺的问题，进一步提升社会责任品牌形象。鉴于本年度在社会责任方面的卓越表现，本公司荣获多项荣誉与奖项。2024年5月，泡泡玛特荣获2024中国品牌全球传播力「新势能」奖。2024年11月，泡泡玛特荣获领英中国2024「全球人才吸引力雇主」大奖，在第二届福布斯中国•出海全球化系列评选中荣膺「出海全球化旗舰品牌TOP30」。同月，泡泡玛特被中国乡村发展基金会评选为2024「助力乡村教育，传递社会关爱」先锋企业。
二零二四年年报ANNUAL REPORT 20241712024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Looking forward to the future, the Company will continue to leveragethe influence and social value of tide play culture, continuously increaseinvestment in the community, and integrate our brand philosophy andpractical actions into all sectors of society, conveying more positivity toconsumers, the industry, and the broader community.展望未来，本公司将继续发挥潮玩文化的影响力和社会价值，持续加大社区投入，积极履行企业社会责任，将品牌理念与实际行动融入社会各界，向消费者、行业和社会传递更多美好。Pop Mart was granted the“Global Talent Magnet Employer”award by LinkedIn in 2024泡泡玛特荣获领英中国2024「全球人才吸引力雇主」大奖2024 Forbes China • Go-InternationalSeries Selection: 30&30 Brands2024福布斯中国•出海全球化系列评选「出海全球化旗舰品牌TOP30」Pop Mart was honored with the“New Benchmarks in theGlobal Communication Power of Chinese Brands”for 2024泡泡玛特荣获2024中国品牌全球传播力「新势能」奖Recognized as a“Pioneer Enterprise in Supporting RuralEducation and Conveying Social Care”by the ChinaFoundation for Rural Development for 2024中国乡村发展基金会2024「助力乡村教育，传递社会关爱」先锋企业
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1722024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告THE INDEX OF THE HONG KONG STOCK EXCHANGEESG REPORTING CODE香港联交所ESG报告守则索引Subject Areas, Aspects, General Disclosures and KPIsSection主要范畴、层面、一般披露及关键绩效指标章节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 andmanage 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 explanation of howthey 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ESG ManagementSystemESG管理体系Reporting Principles汇报原则A description of, or an explanation on, the application of the following Reporting Principles in the preparationof 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：Materiality: The ESG report should disclose: (i) the process to identify and the criteria for the selection ofmaterial ESG factors; (ii) if a stakeholder engagement is conducted, a description of significant stakeholdersidentified, and the process and results of the issuer’s stakeholder engagement.重要性：环境、社会及管治报告应披露：(i)识别重要环境、社会及管治因素的过程及选择这些因素的准则；(ii)如发行人已进行持份者参与，已识别的重要持份者的描述及发行人持份者参与的过程及结果。Quantitative: Information on the standards, methodologies, assumptions and/or calculation tools used andsource of conversion factors used, for the reporting of emissions/energy consumption (where applicable)should be disclosed.量化：有关汇报排放量╱能源耗用（如适用）所用的标准、方法、假设及╱或计算工具的资料，以及所使用的转换因素的来源应予披露。Consistency: The issuer should disclose in the ESG report any changes to the methods or KPIs used, or anyother relevant factors affecting a meaningful comparison.一致性：发行人应在环境、社会及管治报告中披露统计方法或关键绩效指标的变更（如有）或任何其他影响有意义比较的相关因素。About this Report关于本报告
二零二四年年报ANNUAL REPORT 20241732024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Subject Areas, Aspects, General Disclosures and KPIsSection主要范畴、层面、一般披露及关键绩效指标章节Reporting Boundary汇报范围A narrative explaining the reporting boundaries of the ESG report and describing the process used to identifywhich entities or operations are included in the ESG report. If there is a change in the scope, the issuer shouldexplain the 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A.EnvironmentalA.环境Aspect A1: Emissions层面A1：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 nonhazardouswaste.(b)遵守对发行人有重大影响的相关法律及规例的资料。Note: Air emissions include NOX, SOX, and other pollutants regulated under national laws and regulations.注：废气排放包括氮氧化物、硫氧化物及其他受国家法律法规及规例规管的污染物。Greenhouse gases include carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons andsulphur hexafluoride.温室气体包括二氧化碳、甲烷、氧化亚氮、氢氟碳化合物、全氟化碳及六氟化硫。Hazardous wastes are those defined by national regulations.有害废弃物指国家规例所界定者。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 ofproduction 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
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1742024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Subject Areas, Aspects, General Disclosures and KPIsSection主要范畴、层面、一般披露及关键绩效指标章节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Aspect A2: Use of Resources层面A2：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) in total (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 efficiencytarget(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 perunit 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
二零二四年年报ANNUAL REPORT 20241752024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Subject Areas, Aspects, General Disclosures and KPIsSection主要范畴、层面、一般披露及关键绩效指标章节Aspect A3: The Environment and Natural Resources层面A3：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.减低发行人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 and theactions 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Aspect A4: Climate Change层面A4：气候变化General Disclosure一般披露Policies on identification and mitigation of significant climate-related issues which have impacted, and thosewhich 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 mayimpact, 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Employment and Labour Practices雇佣及劳工常规Aspect B1: Employment层面B1：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
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1762024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Subject Areas, Aspects, General Disclosures and KPIsSection主要范畴、层面、一般披露及关键绩效指标章节KPI B1.1 Total workforce by gender, employment type (for example, full – or part-time), age group andgeographical 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Aspect B2: Health and Safety层面B2：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 three years including thereporting 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 they are implemented andmonitored.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Aspect B3: Development and Training层面B3：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 trainingactivities.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
二零二四年年报ANNUAL REPORT 20241772024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Subject Areas, Aspects, General Disclosures and KPIsSection主要范畴、层面、一般披露及关键绩效指标章节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Aspect B4: Labor Standards层面B4：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 the issuer relating topreventing 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Operating Practices运营惯例Aspect B5: Supply Chain Management层面B5：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 the practices arebeing 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
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1782024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Subject Areas, Aspects, General Disclosures and KPIsSection主要范畴、层面、一般披露及关键绩效指标章节KPI B5.3 Description of practices used to identify environmental and social risks along the supply chain, andhow 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 and services whenselecting 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Aspect B6: Product Responsibility层面B6：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。ProductResponsibilityManagement产品责任管理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。ProductResponsibilityManagement产品责任管理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。ProductResponsibilityManagement产品责任管理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。ProductResponsibilityManagement产品责任管理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。ProductResponsibilityManagement产品责任管理KPI B6.5 Description of consumer data protection and privacy policies, and how they are implemented andmonitored.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。ProductResponsibilityManagement产品责任管理
二零二四年年报ANNUAL REPORT 20241792024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT2024年环境、社会及管治报告Subject Areas, Aspects, General Disclosures and KPIsSection主要范畴、层面、一般披露及关键绩效指标章节Aspect B7: Anti-corruption层面B7：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 the issuer 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-corruption反贪污管理KPI B7.1 Number of concluded legal cases regarding corrupt practices brought against the issuer or itsemployees 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-corruption反贪污管理KPI B7.2 Description of preventive measures and whistle-blowing procedures, and how they are implementedand 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-corruption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-corruption反贪污管理Aspect B8: Community Investment层面B8：社区投资General Disclosure一般披露Policies on community engagement to understand the needs of the communities where the issuer operatesand 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
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司180INDEPENDENT AUDITOR’S REPORT独立核数师报告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 188 to 334, comprise:• the consolidated balance sheet as at 31 December 2024;• 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, comprising materialaccounting policy information 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 2024,and of its consolidated financial performance and its consolidated cash flowsfor the year then ended in accordance with IFRS Accounting Standards andhave been properly prepared in compliance with the disclosure requirementsof the Hong Kong Companies Ordinance.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188至334页的综合财务报表，包括：•于2024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，包括重大会计政策信息及其他解释信息。我们的意见我们认为，该等综合财务报表已根据《国际财务报告会计准则》真实而中肯地反映了贵集团于2024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。
二零二四年年报ANNUAL REPORT 2024181INDEPENDENT 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。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.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司182INDEPENDENT AUDITOR’S REPORT独立核数师报告关键审计事项（续）我们在审计中识别的关键审计事项是关于存货减值准备。KEY AUDIT MATTERS(continued)The key audit matter identified in our audit is related to impairment provisionfor inventories.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 2.1(g), 4(a) and 22 to the consolidated financialstatements.请参阅综合财务报表附注2.1(g)、4(a)及22。As at 31 December 2024, the Group’s balance of grossinventories was RMB1,556 million, against which a provision ofRMB32 million was made.于2024年12月31日，贵集团的总存货结余为人民币1,556百万元，并计提存货减值准备人民币32百万元。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；
二零二四年年报ANNUAL REPORT 2024183INDEPENDENT AUDITOR’S REPORT独立核数师报告关键审计事项（续）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 toapproved budget developed based on historical data andactual 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; and•我们检查了存货减值准备计算的准确性；及• 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)
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司184INDEPENDENT AUDITOR’S REPORT独立核数师报告其他信息贵公司董事须对其他信息负责。其他信息包括所有包含在泡泡玛特国际集团有限公司2024年年报（「年报」）除综合财务报表及我们的核数师报告外的信息。我们在本核数师报告日前已取得部分其他信息包括管理层讨论与分析。余下的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、社会及管治报告及将包括在年报内的其他部分，将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。当我们阅读该等将包括在年报内余下的其他信息后，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。OTHER INFORMATIONThe directors of the Company are responsible for the other information. Theother information comprises all of the information included in 2024 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.
二零二四年年报ANNUAL REPORT 2024185INDEPENDENT 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《国际财务报告会计准则》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 IFRS Accounting Standards and the disclosure requirements of the HongKong Companies Ordinance, and for such internal control as the directorsdetermine is necessary to enable the preparation of consolidated financialstatements that are free from material misstatement, whether due to fraud orerror.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.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司186INDEPENDENT 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）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。•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。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.• 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.
二零二四年年报ANNUAL REPORT 2024187INDEPENDENT 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）•计划和执行集团审计，以获取关于贵集团内实体或业务单位财务信息的充足和适当的审计凭证，以对综合财务报表形成审计意见提供基础。我们负责指导、监督和覆核为集团审计而执行的审计工作。我们为审计意见承担总体责任。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蔡明仁。罗兵咸永道会计师事务所执业会计师香港，2025年3月26日AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OFTHE CONSOLIDATED FINANCIAL STATEMENTS(continued)• Plan and perform the group audit to obtain sufficient appropriateaudit evidence regarding the financial information of the entities orbusiness units within the Group as a basis for forming an opinion on theconsolidated financial statements. We are responsible for the direction,supervision and review of the audit work performed for purposes of thegroup audit. 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 Choi Ming Yan Brian.PricewaterhouseCoopersCertified Public AccountantsHong Kong, 26 March 2025
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司188CONSOLIDATED 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202420232024年2023年NoteRMB’000RMB’000附注人民币千元人民币千元Revenue收益613,037,7496,301,002Cost of sales销售成本7(4,329,984)(2,436,931)Gross profit毛利8,707,7653,864,071Distribution and selling expenses经销及销售开支7(3,650,464)(2,004,706)General and administrative expenses一般及行政开支7(947,093)(707,300)Provision for impairment losseson financial assets金融资产减值亏损拨备(3,446)(745)Other income其他收入884,28874,900Other (losses)/gains – net其他（亏损）╱收益－净额9(36,778)4,426Operating profit经营溢利4,154,2721,230,646Finance income财务收入10212,335184,217Finance expenses财务开支10(48,983)(32,337)Finance income – net财务收入－净额10163,352151,880Share of profit of investments accountedfor using the equity method分占使用权益法入账的投资溢利1848,18833,229Profit before income tax除所得税前溢利4,365,8121,415,755Income tax expense所得税开支11(1,057,467)(326,984)Profit for the year年内溢利3,308,3451,088,771Profit attributable to:以下应占溢利：– Owners of the Company－本公司拥有人3,125,4731,082,344– Non-controlling interests－非控股权益182,8726,4273,308,3451,088,771
二零二四年年报ANNUAL REPORT 2024189CONSOLIDATED 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202420232024年2023年NoteRMB’000RMB’000附注人民币千元人民币千元Other comprehensive income其他全面收益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25,8373,962Items 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126,31471,144Other comprehensive income for the year,net of tax年内其他全面收益，除税后152,15175,106Total comprehensive income for the year年内全面收益总额3,460,4961,163,877Total 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3,269,8171,157,468– Non-controlling interests－非控股权益190,6796,4093,460,4961,163,877Earnings 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）132.360.81– Diluted (expressed in RMB per share)－摊薄（以每股人民币元表示）132.350.81The 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。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司190CONSOLIDATED BALANCE SHEET综合资产负债表As at 31 December于12月31日202420232024年2023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14739,378653,278Intangible assets无形资产15135,400115,888Right-of-use assets使用权资产16927,558726,053Investments accounted for using theequity method使用权益法入账的投资18136,783107,001Financial assets at fair value throughprofit or loss按公平值计入损益的金融资产23411,880471,769Prepayments and other receivables预付款项及其他应收款项21136,563127,989Deferred income tax assets递延所得税资产19147,02983,416Total non-current assets总非流动资产2,634,5912,285,394Current assets流动资产Trade receivables贸易应收款项20477,723321,337Inventories存货221,524,521904,708Prepayments and other receivables预付款项及其他应收款项21576,594467,561Financial assets at fair value throughprofit or loss按公平值计入损益的金融资产2311,4348,415Restricted cash受限制现金2425,64918,159Term deposits with initial term overthree months and within one year初步为期三个月以上及一年以内的定期存款243,511,1433,885,362Cash and cash equivalents现金及现金等价物246,109,0172,077,927Total current assets总流动资产12,236,0817,683,469Total assets总资产14,870,6729,968,863
二零二四年年报ANNUAL REPORT 2024191CONSOLIDATED BALANCE SHEET综合资产负债表As at 31 December于12月31日202420232024年2023年NoteRMB’000RMB’000附注人民币千元人民币千元Equity权益Share capital股本25882885Shares held for share award scheme就股份奖励计划持有的股份26(9)(12)Other reserves其他储备274,280,5274,438,448Retained earnings保留盈利6,402,1053,330,606Equity attributable to ownersof the Company本公司拥有人应占权益10,683,5057,769,927Non-controlling interests in equity非控股权益201,13410,455Total equity总权益10,884,6397,780,382Liabilities负债Non-current liabilities非流动负债License fees payables应付授权费3014,53614,807Lease liabilities租赁负债16601,469425,954Deferred income tax liabilities递延所得税负债19–14,419Total non-current liabilities总非流动负债616,005455,180Current liabilities流动负债Trade payables贸易应付款项291,010,109444,944License fees payables应付授权费30341,835179,393Other payables其他应付款项31904,274514,841Contract liabilities合约负债32188,577112,143Borrowing借款34(c)-15,058Lease liabilities租赁负债16363,092351,799Current income tax liabilities即期所得税负债562,141115,123Total current liabilities总流动负债3,370,0281,733,301Total liabilities总负债3,986,0332,188,481Total equity and liabilities总权益及负债14,870,6729,968,863
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司192CONSOLIDATED BALANCE SHEET综合资产负债表以上综合资产负债表应与随附附注一并阅读。第188页至第334页的综合财务报表于2025年3月26日获董事会批准，并由下列董事代表签署：The above consolidated balance sheet should be read in conjunction withthe accompanying notes.The consolidated financial statements on pages 188 to 334 were approvedby the Board of Directors on 26 March 2025 and were signed on its behalf by:Mr. Wang Ning王宁先生Mr. Si De司德先生Executive Director & Chairman执行董事及主席Executive Director执行董事
二零二四年年报ANNUAL REPORT 2024193CONSOLIDATED STATEMENT OF CHANGES 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 2024于2024年1月1日的结余885(12)4,438,4483,330,6067,769,92710,4557,780,382Comprehensive income全面收益Profit for the year年内溢利–––3,125,4733,125,473182,8723,308,345Other comprehensive income其他全面收益Currency translation difference货币换算差额––144,344–144,3447,807152,151Total comprehensive income全面收益总额––144,3443,125,4733,269,817190,6793,460,496Transaction with owners与拥有人的交易Purchase of own shares回购自身股份25, 27––(78,031)–(78,031)–(78,031)Cancellation of shares注销股份25, 27(3)–3––––Appropriation to statutory reserves拨入法定储备––53,974(53,974)–––Dividends declared宣派的股息––(373,025)–(373,025)–(373,025)Share vested under the share awardscheme根据股份奖励计划归属的股份28–3(3)––––Share-based compensation expenses以股份为基础的报酬开支28––94,817–94,817–94,817Total transaction with owners与拥有人的交易总额(3)3(302,265)(53,974)(356,239)–(356,239)Balance at 31 December 2024于2024年12月31日的结余882(9)4,280,5276,402,10510,683,505201,13410,884,639
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司194CONSOLIDATED STATEMENT OF CHANGES 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 2023于2023年1月1日的结余908(14)4,693,0432,269,3516,963,2882,0376,965,325Comprehensive income全面收益Profit for the year年内溢利–––1,082,3441,082,3446,4271,088,771Other comprehensive income其他全面收益Currency translation difference货币换算差额––75,124–75,124(18)75,106Total comprehensive income全面收益总额––75,1241,082,3441,157,4686,4091,163,877Transaction with owners与拥有人的交易Purchase of own shares回购自身股份25, 27––(333,709)–(333,709)–(333,709)Cancellation of shares注销股份25, 27(23)–23––––Non-controlling interests arisingon newly established andacquired subsidiaries新成立及收购的附属公司产生的非控股权益–––––5,2715,271Acquisition of non-controllinginterests on a subsidiary收购一间附属公司非控股权益––(1,551)–(1,551)(3,262)(4,813)Appropriation to statutory reserves拨入法定储备––21,089(21,089)–––Dividends declared宣派的股息––(117,317)–(117,317)–(117,317)Share vested under the shareaward scheme根据股份奖励计划归属之股份28–2(2)––––Share-based compensation expenses以股份为基础的报酬开支28––101,748–101,748–101,748Total transaction with owners与拥有人的交易总额(23)2(329,719)(21,089)(350,829)2,009(348,820)Balance at 31 December 2023于2023年12月31日的结余885(12)4,438,4483,330,6067,769,92710,4557,780,382The 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。
二零二四年年报ANNUAL REPORT 2024195CONSOLIDATED STATEMENT OF CASH FLOWS综合现金流量表Year ended 31 December截至12月31日止年度202420232024年2023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34(a)5,415,4532,143,208Interest received已收利息227,247109,457Income tax paid已付所得税(688,480)(262,069)Net cash generated fromoperating activities经营活动所得现金净额4,954,2201,990,596Cash flows from investing activities投资活动产生的现金流量Increase in financial assets at fair value throughprofit or loss按公平值计入损益的金融资产增加3.3(a)(4,351,977)(812,601)Purchases of property, plant and equipment购买物业、厂房及设备(372,668)(324,179)Purchases of intangible assets购买无形资产(144,022)(68,287)Proceeds from disposal of financial assets at fairvalue through profit or loss处置按公平值计入损益的金融资产所得款项3.3(a)4,386,142810,236Dividends received from joint ventures and anassociate收到合营企业及一间联营公司股息18,0018,860Proceeds 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34(b)5,424866Acquisition of subsidiaries, net of cash acquired收购附属公司，扣除收购现金–6,491Placement of term deposits with initial termsover three months and within one year存入初步为期三个月以上及一年以内的定期存款(4,945,685)(8,528,257)Redemption of term deposits with initial termsover three months and within one year赎回初步为期三个月以上及一年以内的定期存款5,413,7429,140,811Net cash generated from investing activities投资活动产生现金净额8,957233,940
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司196CONSOLIDATED STATEMENT OF CASH FLOWS综合现金流量表Year ended 31 December截至12月31日止年度202420232024年2023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16,34(c)(505,104)(384,999)Repayment of borrowing偿还借款34(c)(15,058)–Dividends paid已付股息34(c)(378,015)(121,609)Payments for purchase of own shares回购自身股份付款25(78,031)(333,709)Advance received from non-controlling interestin relation to capital injection in a non-wholly owned subsidiary就注资一间非全资附属公司向非控股权益收取的垫款17(a)(iv)17,705–Consideration paid in relation to acquisition ofnon-controlling interests on a subsidiary就收购一间附属公司非控股权益支付的代价–(4,813)Capital injection from non-controlling interestson a newly established subsidiary非控股权益就新成立附属公司注资–3,573Net cash used in financing activities融资活动所用现金净额(958,503)(841,557)Net increase in cash and cash equivalents现金及现金等价物增加净额4,004,6741,382,979Cash and cash equivalents atbeginning of the year年初的现金及现金等价物2,077,927685,314Exchange gains on cash and cash equivalent现金及现金等价物的汇兑收益26,4169,634Cash and cash equivalents at endof the year年末的现金及现金等价物6,109,0172,077,927The above consolidated statement of cash flows should be read inconjunction with the accompanying notes.以上综合现金流量表应与随附附注一并阅读。
二零二四年年报ANNUAL REPORT 2024197NOTES 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。本公司及其附属公司（统称「本集团」）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GWF Holding Limited（前称为Grant Wang Holding Limited），由王宁先生及其配偶杨涛女士控制。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。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2025年3月26日经董事会批准刊发。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. The Company andits subsidiaries (together, the“Group”) are principally engaged in theproduct design and development and sale of pop toys in the People’sRepublic of China (the“PRC”) and certain overseas countries and regions.The ultimate holding company of the Company is GWF Holding Limited(formerly known as Grant Wang Holding Limited), which is controlled byMr. Wang Ning and his spouse, Ms. Yang Tao.On 11 December 2020, the Company has successfully listed on theMain Board of The Stock Exchange of Hong Kong Limited (the“StockExchange”).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 26 March 2025.
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 SUMMARY OF ACCOUNTING POLICIESThe accounting policies adopted in the preparation of theseconsolidated financial statements are set out below. These policies havebeen consistently applied to all the year presented, unless otherwisestated. The consolidated financial statements are for the Groupconsisting of the Company and its subsidiaries.2.1 Summary of material accounting policies(a) Basis of preparation(i) Compliance with IFRS Accounting Standards and thedisclosure requirements of HKCOThe consolidated financial statements of the Group have beenprepared in accordance with IFRS Accounting Standards andthe disclosure requirements of the Hong Kong CompaniesOrdinance (“HKCO”) Cap. 622. IFRS Accounting Standardscomprise the following authoritative literature:• IFRS Accounting Standards,• IAS Standards, and• Interpretations developed by the IFRS InterpretationsCommittee (IFRIC Interpretations) or its predecessorbody, the Standing Interpretations Committee (SICInterpretations).(ii) Historical cost conventionThe consolidated financial statements have been preparedunder the historical cost convention, as modified by therevaluation of financial assets at fair value through profit or losswhich are carried at fair value.2会计政策概要编制本综合财务报表时所采纳的会计政策载列如下。除另有所指外，该等会计政策于所有呈列年度一直贯彻应用。综合财务报表乃为本集团（由本公司及其附属公司组成）所编制。2.1重大会计政策概要(a)编制基准(i)遵守国际财务报告会计准则及香港公司条例的披露规定本集团的综合财务报表乃根据国际财务报告会计准则及第622章香港公司条例（「香港公司条例」）的披露规定所编制。国际财务报告会计准则包括以下权威文献：•国际财务报告会计准则，•国际会计准则，及•国际财务报告准则诠释委员会制定的诠释（国际财务报告准则诠释委员会诠释）或其前身机构常设诠释委员会制定的诠释（常设诠释委员会诠释）。(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。
二零二四年年报ANNUAL REPORT 2024199NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(a) Basis of preparation(continued)(iii) Amended standards adopted by the GroupThe Group has applied the following amended standards forthe first time for the annual reporting period commencing 1January 2024:Amendments to IAS 1Classification of Liabilities asCurrent or Non-currentAmendments to IAS 1Non-current Liabilities withCovenantsAmendments to IFRS 16Lease Liability in a Sale andLeasebackAmendments to IAS 7and IFRS 7Supplier Finance ArrangementsThe amended standards listed above did not have any materialimpact on the amounts recognised in prior periods and are notexpected to significantly affect the current or future periods.(iv) New and amended standards and annual improvementsnot yet adoptedThe following new and amended accounting standards andannual improvements have been published which are notmandatory for 31 December 2024 reporting period and havenot been early adopted by the Group:2会计政策概要（续）2.1重大会计政策概要（续）(a)编制基准（续）(iii)本集团采纳的经修订准则本集团于2024年1月1日开始的年度报告期间首次应用下列经修订准则：国际会计准则第1号修订负债分类为流动或非流动国际会计准则第1号修订附带契诺的非流动负债国际财务报告准则第16号修订售售后回租中的租赁负债国际会计准则第7号及国际财务报告准则第7号修订供应商融资安排上述经修订准则对过往期间确认的金额并无任何影响，预计不会对当前或未来期间产生重大影响。(iv)尚未采纳的新订及经修订准则以及年度改进以下新订及经修订会计准则以及年度改进于2024年12月31日之报告期内已颁布但并非强制执行，且并未获本集团提早采纳：
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 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(a) Basis of preparation(continued)(iv) New and amended standards and annual improvementsnot yet adopted(continued)Effective date生效日期Amendments to IAS 21 – Lack of Exchangeability1 January 2025国际会计准则第21号修订－缺乏可兑换性2025年1月1日Amendments to IFRS 9 and IFRS 7 -Amendments to theClassification and Measurement of Financial Instruments1 January 2026国际财务报告准则第9号及国际财务报告准则第7号修订－金融工具分类及计量的修订2026年1月1日Annual Improvements to IFRS AccountingStandards—Volume 111 January 2026国际财务报告会计准则的年度改进－第11卷2026年1月1日IFRS 18,‘Presentation and Disclosure in Financial Statements’1 January 2027国际财务报告准则第18号「财务报表的呈列和披露」2027年1月1日IFRS 19,‘Subsidiaries without PublicAccountability: Disclosures’1 January 2027国际财务报告准则第19号「非公共受托责任附属公司的披露」2027年1月1日These new and amended accounting standards and annualimprovements are not expected to have a material impacton the Group in the current or future reporting periods andon foreseeable future transactions, except that the adoptionof IFRS 18 upon its effective date is expected to have certainpervasive impact on the presentation and disclosures of theGroup’s financial statements as described below.2会计政策概要（续）2.1重大会计政策概要（续）(a)编制基准（续）(iv)尚未采纳的新订及经修订准则以及年度改进（续）该等新订及经修订会计准则及年度改进预计不会对本集团当前或未来的报告期间以及可预见未来的交易产生重大影响，惟于生效日期采纳国际财务报告准则第18号则预期会对本集团财务报表的呈列及披露产生下文所述的若干普遍影响。
二零二四年年报ANNUAL REPORT 2024201NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(a)编制基准（续）(iv)尚未采纳的新订及经修订准则以及年度改进（续）国际财务报告准则第18号将取代国际会计准则第1号财务报表的呈列，引入新规定以助实现类近实体的财务表现可比性及向使用者提供更多相关资料及透明度。尽管国际财务报告准则第18号将不会影响财务报表项目的确认或计量，但预计其将普遍影响呈列及披露，尤其是与综合损益及其他全面收益表有关的影响，以及在财务报表范围内提供管理层界定的绩效计量。管理层目前正评估应用新准则对本集团综合财务报表的具体影响。根据初步的总体评估，已确定以下潜在影响：•尽管采纳国际财务报告准则第18号对本集团的净利润并无影响，惟本集团预期将综合损益及其他全面收益表内的收入及开支项目按新类别分类将影响经营溢利的计算及报告。根据本集团进行的总体影响评估，以下项目可能会影响经营溢利：o目前合计于经营溢利内「其他（亏损）╱收益－净额」项下的若干项目（例如按公平值计入损益的金融资产的公平值变动）须在经营溢利内呈列。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(a) Basis of preparation(continued)(iv) New and amended standards and annual improvementsnot yet adopted(continued)IFRS18willreplaceIAS1Presentationoffinancialstatements,introducingnewrequirementsthatwillhelptoachievecomparabilityofthefinancialperformanceofsimilarentitiesandprovidemorerelevantinformationandtransparencytousers.EventhoughIFRS18willnotimpacttherecognitionormeasurementofitemsinthefinancialstatements,itsimpactsonpresentationanddisclosureareexpectedtobepervasive,inparticularthoserelatedtotheconsolidatedstatementofprofitorlossandothercomprehensiveincomeandprovidingmanagement-definedperformancemeasureswithinthefinancialstatements.ManagementiscurrentlyassessingthedetailedimplicationsofapplyingthenewstandardontheGroup’sconsolidatedfinancialstatements.Fromthehigh-levelpreliminaryassessmentperformed,thefollowingpotentialimpactshavebeenidentified:• Although the adoption of IFRS 18 will have no impact onthe Group’s net profit, the Group expects that groupingitems of income and expenses in the consolidatedstatement of profit or loss and other comprehensiveincome into the new categories will impact how operatingprofit is calculated and reported. From the high-levelimpact assessment that the Group has performed, thefollowing items might potentially impact operating profit:o Certain items (e.g. change in fair value of financialassets at fair value through profit or loss) currentlyaggregated in the line item“other (losses)/gains –net”in operating profit need to be presented belowoperating profit.
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会计政策概要（续）2.1重大会计政策概要（续）(a)编制基准（续）(iv)尚未采纳的新订及经修订准则以及年度改进（续）o目前合计于经营溢利内「其他（亏损）╱收益－净额」项下的汇兑差额或须分拆，部分外汇收益或亏损将于经营溢利之下呈列，而余下则于经营溢利之下呈列。•主要财务报表上呈报的项目可能会因应采用「有用结构概要」概念及合计及分拆原则加强而出现变动。此外，由于商誉将须在资产负债表中单独列示，本故集团将把商誉与其他无形资产分开，并在资产负债表中单独呈列。•由于披露重大资料的规定维持不变，本集团预期目前于附注内披露的资料不会有重大变动；然而，加强合计╱分拆原则可能会改变资料分类方式。此外，对于以下方面将有重大的新披露规定：o管理层界定的绩效计量（非国际财务报告准则经调整纯利）；o于综合损益及其他全面收益表的经营类别中按功能呈列的项目开支性质明细－只有若干性质的开支须列出相关明细；及2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(a) Basis of preparation(continued)(iv) New and amended standards and annual improvementsnot yet adopted(continued)o Foreign exchange differences currently aggregated inthe line item“other (losses)/gains – net”in operatingprofit might need to be disaggregated, with someforeign exchange gains or losses presented inoperating profit and the remaining presented belowoperating profit.• The line items presented on the primary financialstatements might change as a result of the applicationof the concept of“useful structured summary”and theenhanced principles on aggregation and disaggregation.In addition, since goodwill will be required to beseparately presented in the balance sheet, the Group willdisaggregate goodwill and other intangible assets andpresent them separately in the balance sheet.• The Group does not expect there to be a significantchange in the information that is currently disclosed inthe notes because the requirement to disclose materialinformation remains unchanged; however, the way inwhich the information is grouped might change as a resultof the enhanced aggregation/disaggregation principles. Inaddition, there will be significant new disclosures requiredfor:o management-defined performance measures (non-IFRS adjusted net profit);o a break-down of the nature of expenses for line itemspresented by function in the operating category ofthe consolidated statement of profit or loss and othercomprehensive income – this break-down is onlyrequired for certain nature expenses; and
二零二四年年报ANNUAL REPORT 2024203NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(a)编制基准（续）(iv)尚未采纳的新订及经修订准则以及年度改进（续）o就首个应用国际财务报告准则第18号的年度期间而言，综合损益及其他全面收益表表各项目的对账（按应用国际财务报告准则第18号呈列的重列金额对比先前应用国际会计准则第1号呈列的金额）。•从现金流量表角度而言，已收利息及已付利息的呈列方式将改变。已收利息将呈列为投资现金流量，与目前作为经营现金流量的一部分呈列不同。本集团将自强制生效日期2027年1月1日起应用新准则，并须追溯应用。因此，将根据国际财务报告准则第18号重列截至2026年12月31日止财政年度的比较资料。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(a) Basis of preparation(continued)(iv) New and amended standards and annual improvementsnot yet adopted(continued)o for the first annual period of application of IFRS 18,a reconciliation for each line item in the statementof consolidated statement of profit or loss andother comprehensive income between the restatedamounts presented by applying IFRS 18 and theamounts previously presented applying IAS 1.• From a cash flow statement perspective, there will bechanges to how interest received and interest paid arepresented. Interest received will be presented as investingcash flows, which is a change from current presentation aspart of operating cash flows.TheGroupwillapplythenewstandardfromitsmandatoryeffectivedateof1January2027.Retrospectiveapplicationisrequired,andsothecomparativeinformationforthefinancialyearending31December2026willberestatedinaccordancewithIFRS18.
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会计政策概要（续）2.1重大会计政策概要（续）(b)综合账目及权益会计处理原则(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、综合权益变动表及综合资产负债表单独列示。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(b) Principles of consolidation and equity accounting(i) SubsidiariesSubsidiaries are all entities (including structured entities) overwhich the Group has control. The Group controls an entitywhen the Group is exposed to, or has rights to, variable returnsfrom its involvement with the entity and has the ability toaffect those returns through its power to direct the activitiesof the entity. Subsidiaries are fully consolidated from thedate on which control is transferred to the Group. They aredeconsolidated from the date that control ceases.Inter-company transactions, balances and unrealised gainson transactions between group companies are eliminated.Unrealised losses are also eliminated unless the transactionprovides evidence of an impairment of the transferred asset.Accounting policies of subsidiaries have been changed wherenecessary to ensure consistency with the policies adopted bythe Group.Non-controlling interests in the results and equity ofsubsidiaries are shown separately in the consolidatedstatement of profit of loss and other comprehensive income,consolidated statement of changes in equity and consolidatedbalance sheet respectively.
二零二四年年报ANNUAL REPORT 2024205NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(b)综合账目及权益会计处理原则（续）(i)附属公司（续）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，本公司透过一家其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。(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。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(b) Principles of consolidation and equity accounting(continued)(i) Subsidiaries(continued)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, through one of its legallyowned subsidiaries, controlled the structured entity by wayof controlling the voting rights, governing its financial andoperating policies, appointing or removing the majority ofmembers of its controlling authority, and casting the majorityof votes at meetings of such authority. Accordingly, the Grouphas rights to exercise power over the structured entity, receivesvariable returns from involvement in the structured entity. Asa result, it is presented as a controlled structured entity of theGroup.(ii) Joint arrangementsUnder IFRS 11 Joint Arrangements investments in jointarrangements are classified as either joint operations or jointventures. The classification depends on the contractual rightsand obligations of each investor, rather than the legal structureof the joint arrangement. The Group has assessed the natureof its joint arrangements and determined them to be jointventures.
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会计政策概要（续）2.1重大会计政策概要（续）(b)综合账目及权益会计处理原则（续）(ii)合营安排（续）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)）。于联营公司中以附带优先权的普通股或可转换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转换可赎回优先股形式的投资按公平值计入损益计量的金融资产入账（附注2.1(f)及附注23）。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(b) Principles of consolidation and equity accounting(continued)(ii) Joint arrangements(continued)Joint venturesInterests in joint ventures are accounted for using the equitymethod (see (iv) below), after initially being recognised at costin the 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 thevoting rights.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 convertible redeemable preferred sharesInvestments in associates in the form of ordinary shareswith preferential rights or convertible redeemable preferredshares are accounted as financial assets measured at fair valuethrough profit or loss (Note 2.1(f) and Note 23).
二零二四年年报ANNUAL REPORT 2024207NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(b)综合账目及权益会计处理原则（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。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2.1(e)中所述的政策进行减值测试。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(b) Principles of consolidation and equity accounting(continued)(iv) Equity methodUnder the equity method of accounting, the investments areinitially recognised at cost and adjusted thereafter to recognisethe Group’s share of the post-acquisition profits or losses of theinvestee in profit or loss, and the Group’s share of movementsin other comprehensive income of the investee in othercomprehensive income. Dividends received or receivable fromjoint ventures are recognised as a reduction in the carryingamount of the investment.Where the Group’s share of losses in an equity-accountedinvestment equals or exceeds its interest in the entity,including any other unsecured long-term receivables, theGroup does not recognise further losses, unless it has incurredobligations or made payments on behalf of the other entity.Unrealised gains on transactions between the Group and itsjoint ventures and associates are eliminated to the extent ofthe Group’s interest in these entities. Unrealised losses arealso eliminated unless the transaction provides evidence ofan impairment of the asset transferred. Accounting policiesof equity-accounted investees have been changed wherenecessary to ensure consistency with the policies adopted bythe Group.The carrying amount of equity-accounted investments is testedfor impairment in accordance with the policy described inNote 2.1(e).
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会计政策概要（续）2.1重大会计政策概要（续）(b)综合账目及权益会计处理原则（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公司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，先前于其他全面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全面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会计准则所指╱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 ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(b) Principles of consolidation and equity accounting(continued)(v) Changes in ownership interestsThe Group treats transactions with non-controlling intereststhat do not result in a loss of control as transactions withequity owners of the Group. A change in ownership interestresults in an adjustment between the carrying amounts ofthe controlling and non-controlling interests to reflect theirrelative interests in the subsidiary. Any difference between theamount of the adjustment to non-controlling interests andany consideration paid or received is recognised in a separatereserve within equity attributable to owners of the Company.When the Group ceases to consolidate or equity accountfor an investment because of a loss of control, joint controlor significant influence, any retained interest in the entityis remeasured to its fair value with the change in carryingamount recognised in profit or loss. This fair value becomesthe initial carrying amount for the purposes of subsequentlyaccounting for the retained interest as an associate, jointventure or financial asset. In addition, any amounts previouslyrecognised in other comprehensive income in respect of thatentity are accounted for as if the group had directly disposedof the related assets or liabilities. This may mean that amountspreviously recognised in other comprehensive income arereclassified to profit or loss or transferred to another categoryof equity as specified/permitted by applicable IFRS AccountingStandards.If the ownership interest in a joint venture or an associate isreduced but joint control or significant influence is retained,only a proportionate share of the amounts previouslyrecognised in other comprehensive income are reclassified toprofit or loss where appropriate.
二零二四年年报ANNUAL REPORT 2024209NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(c)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」）。综合财务报表以人民币（「人民币」）呈列，人民币为本公司及本集团之呈列货币。本公司的主要附属公司在中国内地（「中国内地」）注册成立，该等附属公司以人民币为其功能货币。部分附属公司可能以其他货币作为其功能货币，例如美元、港元（「港元」）、新加坡元（「新元」）、泰铢（「泰铢」）、韩元（「韩元」）、澳门元（「澳门元」）、印尼盾（「印尼盾」）、澳元（「澳元」）、新台币（「新台币」）、英镑（「英镑」）、日圆（「日圆」）及欧元（「欧元」）。(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「财务收入－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（亏损）╱收益－净额」呈列。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(c) Foreign currency translation(i) Functional and presentation currencyItems included in the financial statements of each of theGroup’s entities are measured using the currency of theprimary economic environment in which the entity operates(“the functional currency”). The Company’s functional currencyis United States Dollars (“USD”). The consolidated financialstatements are presented in Renminbi (“RMB”), which isthe Company’s and the Group’s presentation currency. TheCompany’s primary subsidiaries are incorporated in themainland of the PRC (“Mainland China”) and these subsidiariesconsider RMB as their functional currency. Some subsidiariesmay have other currency as their functional currency, such asUSD, Hong Kong Dollars (“HKD”), Singapore Dollar (“SGD”), ThaiBaht (“THB”), South Korean Won (“KRW”), Macao Pataca (“MOP”),Indonesian Rupiah (“IDR”), Australian Dollar (“AUD”), NewTaiwan Dollar (“TWD”), Great Britain Pounds (“GBP”), JapaneseYen (“JPY”) and Euro (“EUR”).(ii) Transactions and balancesForeign currency transactions are translated into the functionalcurrency using the exchange rates at the dates of thetransactions. Foreign exchange gains and losses resulting fromthe settlement of such transactions and from the translationof monetary assets and liabilities denominated in foreigncurrencies at year end exchange rates are generally recognisedin profit or loss. They are deferred in equity if they relate toqualifying cash flow hedges and qualifying net investmenthedges or are attributable to part of the net investment in aforeign operation.Foreign exchange gains and losses that relate to borrowingsare presented in the consolidated statement of profit or lossand other comprehensive income within“finance income –net”. All other foreign exchange gains and losses are presentedin the consolidated statement of profit or loss and othercomprehensive income within“other (losses)/gains – net”.
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2会计政策概要（续）2.1重大会计政策概要（续）(c)外币换算（续）(ii)交易及结余（续）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金融资产）的换算差额在损益中确认为公平值收益或亏损的一部分。(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•各损益及其他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。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(c) Foreign currency translation(continued)(ii) Transactions and balances(continued)Non-monetary items that are measured at fair value in a foreigncurrency are translated using the exchange rates at the datewhen the fair value was determined. Translation differences onassets and liabilities carried at fair value are reported as part ofthe fair value gain or loss. For example, translation differenceson non-monetary assets and liabilities such as financial assetsat fair value through profit or loss are recognised in profit orloss as part of the fair value gain or loss.(iii) Group companiesThe results and financial position of foreign operations (noneof which has the currency of a hyperinflationary economy)that have a functional currency different from the presentationcurrency are translated into the presentation currency asfollows:• assets and liabilities for each balance sheet presented aretranslated at the closing rate at the date of that balancesheet• income and expenses for each statement of profit orloss and other comprehensive income are translated ataverage exchange rates (unless this is not a reasonableapproximation of the cumulative effect of the ratesprevailing on the transaction dates, in which caseincome and expenses are translated at the dates of thetransactions), and• all resulting exchange differences are recognised in othercomprehensive income.
二零二四年年报ANNUAL REPORT 2024211NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(c)外币换算（续）(iii)集团公司（续）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。(d)无形资产(i)商誉商誉按附注39(o)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 ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(c) Foreign currency translation(continued)(iii) Group companies(continued)On consolidation, exchange differences arising from thetranslation of any net investment in foreign entities, andof borrowings and other financial instruments designatedas hedges of such investments, are recognised in othercomprehensive income. When a foreign operation is sold orany borrowings forming part of the net investment are repaid,the associated exchange differences are reclassified to profit orloss, as part of the gain or loss on sale.Goodwill and fair value adjustments arising on the acquisitionof a foreign operation are treated as assets and liabilities of theforeign operation and translated at the closing rate.(d) Intangible assets(i) GoodwillGoodwill is measured as described in Note 39(o). Goodwillon acquisitions of subsidiaries is included in intangible assets.Goodwill is not amortised but it is tested for impairmentannually, or more frequently if events or changes incircumstances indicate that it might be impaired and is carriedat cost less accumulated impairment losses. Gains and losseson the disposal of an entity include the carrying amount ofgoodwill relating to the entity sold.Goodwill is allocated to cash-generating units for the purposeof impairment testing. The allocation is made to thosecash-generating units or groups of cash-generating unitsthat are expected to benefit from the business combinationin which the goodwill arose. The units or groups of units areidentified at the lowest level at which goodwill is monitored forinternal management purposes, being the operating segments.
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2会计政策概要（续）2.1重大会计政策概要（续）(d)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」）授权IP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。特许权按历史成本减累计摊销及累计减值亏损列账。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 ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(d) Intangible assets(continued)(ii) SoftwareAcquired software are capitalised on the basis of the costsincurred to acquire and bring to use the specific software.(iii) Intellectual property rights (“IP Rights”)Acquired IP rights are capitalised on the basis of the costsincurred to acquire. They have a finite useful life and aresubsequently carried at cost less accumulated amortisation andimpairment losses. Variable payments in relation to purchase ofIP rights that depend on sales are recognised in profit or loss inthe period in which the condition that triggers those paymentsoccurs.(iv) Licensed intellectual properties (“Licensed IPs”)The historical costs of licensed IP rights are measured at thepresent values of the fixed minimum payments at the date ofpurchase of the respective license rights. License rights arestated at historical cost less accumulated amortisation andaccumulated impairment losses. Variable payments in relationto license rights that depend on sales are recognised in profitor loss in the period in which the condition that triggers thosepayments occurs.
二零二四年年报ANNUAL REPORT 2024213NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(d)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 ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(d) Intangible assets(continued)(v) Research and development costsResearch cost is recognised in profit or loss in the period inwhich it is incurred. Development cost is capitalised only if allof the following conditions are satisfied:• it is technically feasible to complete the software so that itwill be available for use• management intends to complete the software and use orsell it• 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 tocomplete the development and to use or sell the softwareare 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214NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(d)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于以下期间摊销：软件5年IP产权10年授权IP2-10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 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(d) 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 andLicensed IPs based on the estimated period during whichsuch assets can bring economic benefit to the Group. TheGroup estimates the expected lifecycle of major IPs will bemore than 10 years. Among the rights relating to each of theacquired IP rights, trademark has a term of validity of 10 yearsand is subject to renewal after its expiration, and patents foreach IP are valid for 10 years from the date of application. Foracquired IP rights, the useful lives are determined based on theshorter of the expected lifecycle of the IPs, and 10 years, beingthe term of validity of the major rights of the IP rights. Forlicensed 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)).
二零二四年年报ANNUAL REPORT 2024215NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(e)非金融资产减值可使用年期无限的商誉及无形资产不予摊销，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。(f)投资及其他金融资产(i)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。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(e) Impairment of non-financial assetsGoodwill and intangible assets that have an indefinite useful life arenot subject to amortisation and are tested annually for impairment,or more frequently if events or changes in circumstances indicatethat they might be impaired. Other assets are tested for impairmentwhenever events or changes in circumstances indicate that thecarrying amount may not be recoverable. Impairment losses arerecognised for the amount by which the asset’s carrying amountexceeds its recoverable amount. The recoverable amount is thehigher of an asset’s fair value less costs of disposal and value in use.For the purposes of assessing impairment, assets are grouped at thelowest levels for which there are separately identifiable cash inflowswhich are largely independent of the cash inflows from other assetsor groups of assets (cash-generating units). Non-financial assetsother than goodwill that suffered an impairment are reviewed forpossible reversal of the impairment at the end of each reportingperiod.(f) Investments and other financial assets(i) ClassificationThe Group classifies its financial assets in the followingmeasurement categories:• those to be measured subsequently at fair value (eitherthrough other comprehensive income (“OCI”), or throughprofit or loss), and• those to be measured at amortised cost.
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2会计政策概要（续）2.1重大会计政策概要（续）(f)投资及其他金融资产（续）(i)分类（续）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。(ii)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 ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(f) Investments and other financial assets(continued)(i) Classification(continued)The classification depends on the Group’s business model formanaging the financial assets and the contractual terms of thecash flows.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 thetime of initial recognition to account for the equity investmentat fair value through other comprehensive income (“FVOCI”).The Group reclassifies debt instruments when and only whenits business model for managing those assets changes.(ii) Recognition and derecognitionRegular way purchases and sales of financial assets arerecognised on trade-date, the date on which the Groupcommits to purchase or sell the asset. Financial assets arederecognised when the rights to receive cash flows from thefinancial assets have expired or have been transferred and theGroup has transferred substantially all the risks and rewards ofownership.
二零二四年年报ANNUAL REPORT 2024217NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(f)投资及其他金融资产（续）(iii)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。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(f) Investments and other financial assets(continued)(iii) MeasurementAt initial recognition, the Group measures a financial assetat its fair value plus, in the case of a financial asset not at fairvalue through profit or loss, transaction costs that are directlyattributable to the acquisition of the financial asset. Transactioncosts of financial assets carried at fair value through profit orloss (“FVPL”) are expensed in profit or loss.Financial assets with embedded derivatives are considered intheir entirety when determining whether their cash flows aresolely payment of principal and interest.Debt instrumentsSubsequent measurement of debt instruments depends on theGroup’s business model for managing the asset and the cashflow characteristics of the asset. There are three measurementcategories into which the Group classifies its debt instruments:• Amortised cost: Assets that are held for collection ofcontractual cash flows where those cash flows representsolely payments of principal and interest are measuredat amortised cost. A gain or loss on a debt instrumentthat is subsequently measured at amortised cost andis not part of a hedging relationship is recognised inthe consolidated statement of profit of loss and othercomprehensive income when the asset is derecognisedor impaired. Interest income from these financial assetsis included in interest income using the effective interestrate method. Impairment losses are presented as separateline item in consolidated statement of profit or loss andother comprehensive income.
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2会计政策概要（续）2.1重大会计政策概要（续）(f)投资及其他金融资产（续）(iii)计量（续）债务工具（续）•按公平值计入其他全面收益：持作收回合约现金流量及出售金融资产之资产，倘该等资产之现金流量仅指支付本金及利息，则按公平值计入其他全面收益计量。账面值之变动乃计入其他全面收益，惟于损益确认之减值收益或亏损、利息收入及外汇收益及亏损之确认除外。金融资产终止确认时，先前于其他全面收益确认之累计收益或亏损自权益重新分类至损益并于「其他（亏损）╱收益－净额」内确认。该等金融资产之利息收入乃按实际利率法计入财务收入。外汇收益及亏损于「其他（亏损）╱收益－净额」呈列，而减值开支于损益及其他全面收益中按个别项目单独呈列。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(f) Investments and other financial assets(continued)(iii) Measurement(continued)Debt instruments(continued)• FVOCI: Assets that are held for collection of contractualcash flows and for selling the financial assets, where theassets’cash flows represent solely payments of principaland interest, are measured at FVOCI. Movements inthe carrying amount are taken through OCI, except forthe recognition of impairment gains or losses, interestincome and foreign exchange gains and losses, whichare recognised in profit or loss. When the financial assetis derecognised, the cumulative gain or loss previouslyrecognised in OCI is reclassified from equity to profit orloss and recognised in“other (losses)/gains – net”. Interestincome from these financial assets is included in financeincome using the effective interest rate method. Foreignexchange gains and losses are presented in“other (losses)/gains – net”, and impairment expenses are presented asseparate line item in the statement of profit or loss andother comprehensive income.
二零二四年年报ANNUAL REPORT 2024219NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(f)投资及其他金融资产（续）(iii)计量（续）债务工具（续）•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（亏损）╱收益－净额」列报净额。权益工具•本集团以公平值对所有权益投资进行后续计量。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（亏损）╱收益－净额」。权益投资减值亏损（以及减值亏损拨回）不会与其他公平值变动分别列报。•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（亏损）╱收益－净额」确认。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(f) Investments and other financial assets(continued)(iii) Measurement(continued)Debt instruments(continued)• FVPL: Assets that do not meet the criteria for amortisedcost or financial assets at FVOCI are measured at FVPL.A gain or loss on a debt instrument that is subsequentlymeasured at FVPL and is not part of a hedging relationshipis recognised in profit or loss and presented net inthe consolidated statement of profit of loss and othercomprehensive income within“other (losses)/gains – net”in the period in which it arises.Equity instruments• The Group subsequently measures all equity investmentsat fair value. Where the Group’s management haselected to present fair value gains and losses on equityinvestments in OCI, there is no subsequent reclassificationof fair value gains and losses to profit or loss followingthe derecognition of the investment. Dividends from suchinvestments continue to be recognised in profit or lossas“other (losses)/gains – net”when the Group’s right toreceive payments is established. Impairment losses (andreversal of impairment losses) on equity investmentsmeasured at FVOCI are not reported separately from otherchanges in fair value.• Changes in the fair value of financial assets at FVPLare recognised in“other (losses)/gains – net”in theconsolidated statement of profit or loss and othercomprehensive income.
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2会计政策概要（续）2.1重大会计政策概要（续）(f)投资及其他金融资产（续）(iv)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)）。(g)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业务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。(h)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 ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(f) Investments and other financial assets(continued)(iv) ImpairmentThe Group assesses on a forward looking basis the expectedcredit losses associated with its debt instruments carried atamortised cost. The impairment methodology applied dependson whether there has been a significant increase in credit risk.For trade receivables, the Group applies the simplifiedapproach permitted by IFRS 9, which requires expectedlifetime losses to be recognised from initial recognition of thereceivables, see Note 3.1(b) for details.(g) InventoriesInventories are stated at the lower of cost and net realisable value.Cost is determined using the weighted average method. Costs ofpurchased inventory are determined after deducting rebates anddiscounts. It excludes borrowing costs. Net realisable value is theestimated selling price in the ordinary course of business less theestimated costs of completion and the estimated costs necessary tomake the sale.(h) Trade receivablesTrade receivables are amounts due from customers for goodssold or services performed in the ordinary course of business. Ifcollection of trade and other receivables is expected in one yearor less (or in the normal operating cycle of the business if longer),they are classified as current assets. If not, they are presented asnon-current assets.Trade receivables are recognised initially at the amount ofconsideration that is unconditional unless they contain significantfinancing components, when they are recognised at fair value. TheGroup holds the trade receivables with the objective to collect thecontractual cash flows and therefore measures them subsequentlyat amortised cost using the effective interest method.
二零二四年年报ANNUAL REPORT 2024221NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(h)贸易应收款项（续）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)。(i)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。(j)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。(i)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。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(h) Trade receivables(continued)Details about the Group’s impairment policies and the calculationof the loss allowance are provided in Note 3.1(b).(i) Contract liabilitiesA contract liability is recognised when the Group has receivedconsiderations from the customers before the control of the goodstransferred or the services rendered.(j) Current and deferred income taxThe income tax expense or credit for the period is the tax payableon the current period’s taxable income, based on the applicableincome tax rate for each jurisdiction, adjusted by changes indeferred tax assets and liabilities attributable to temporarydifferences and to unused tax losses.(i) 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 subsidiariesoperate and generate taxable income. Managementperiodically evaluates positions taken in tax returns withrespect to situations in which applicable tax regulation issubject to interpretation. It establishes provisions whereappropriate on the basis of amounts expected to be paid tothe tax authorities.
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2会计政策概要（续）2.1重大会计政策概要（续）(j)即期及递延所得税（续）(ii)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且不会产生相等应课税及可扣税暂时性差额，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。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。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(j) Current and deferred income tax(continued)(ii) Deferred income taxDeferred income tax is provided in full, using the liabilitymethod, on temporary differences arising between the taxbases of assets and liabilities and their carrying amounts inthe consolidated financial statements. However, deferredtax liabilities are not recognised if they arise from the initialrecognition of goodwill. Deferred income tax is also notaccounted for if it arises from initial recognition of an asset orliability in a transaction other than a business combination thatat the time of the transaction affects neither accounting nortaxable profit or loss and does not give rise to equal taxableand deductible temporary differences. Deferred income tax isdetermined using tax rates (and laws) that have been enactedor substantively enacted by the end of the reporting periodand are expected to apply when the related deferred incometax asset is realised or the deferred income tax liability issettled.Deferred tax assets are recognised only if it is probable thatfuture taxable amounts will be available to utilise thosetemporary differences and losses.Deferred tax liabilities and assets are not recognised fortemporary differences between the carrying amount and taxbases of investments in foreign operations where the Groupis able to control the timing of the reversal of the temporarydifferences and it is probable that the differences will notreverse in the foreseeable future.
二零二四年年报ANNUAL REPORT 2024223NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(j)即期及递延所得税（续）(ii)递延所得税（续）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。(k)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增值税后列账。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(j) Current and deferred income tax(continued)(ii) Deferred income tax(continued)Deferred tax assets and liabilities are offset when there isa legally enforceable right to offset current tax assets andliabilities and when the deferred tax balances relate to thesame taxation authority. Current tax assets and tax liabilitiesare offset where the entity has a legally enforceable right tooffset and intends either to settle on a net basis, or to realisethe asset and settle the liability simultaneously.Current and deferred tax is recognised in profit or loss, exceptto the extent that it relates to items recognised in othercomprehensive income or directly in equity. In this case, thetax is also recognised in other comprehensive income ordirectly in equity, respectively.(k) Revenue recognitionRevenue is measured at the fair value of the consideration receivedor receivable, and represents amounts receivables for goodssupplied or serviced provided, stated net of discounts and therelevant value added taxes.
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2会计政策概要（续）2.1重大会计政策概要（续）(k)收益确认（续）(i)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。(ii)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。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(k) Revenue recognition(continued)(i) Sale of goods – retail store sales and roboshop salesThe Group operates a chain of retail stores and roboshopmachines for selling pop toys. Revenue from sales of goods arerecognised when the control of the product has transferred tothe customer. There was no right of return for the sales to theend customer. Retail sales are usually settled in cash, by credit/debit cards or through online payment platforms.(ii) Sale of goods – online salesPop toys are also sold through self-operated online platformsor other third-party e-commercial platforms and revenue isrecognised when the control of the products has transferredto the customer, which is the point of acceptance by thecustomers. Revenue from these sales are recognised basedon the price, net of the estimated sales discounts at thetime of sale. Transactions are settled by credit/debit cards orthrough online payment platforms. The commissions to thethird party e-commercial platforms are incremental costs toobtain contracts. The Group applies the practical expedientto expense the commissions as incurred as the expectedamortisation period is one year or less.
二零二四年年报ANNUAL REPORT 2024225NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(k)收益确认（续）(iii)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。本集团将奖励积分作为授予奖励积分的销售交易（「最初销售」）的单独履约义务入账。就最初销售已收或应收代价的公平值在奖励积分（基于考虑破损的独立销售价格，计入合约负债）及所售产品之间分配。奖励积分被兑换或到期时，将确认奖励积分的收益。截至2024年及2023年止年度，大部分奖励积分于最初销售发生后12个月内到期。(iv)商品销售－批发在货物的控制权已转让时确认销售。控制被认为在产品已交付给批发商的时间点转让，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。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，以及批发商已接纳产品，则始能作为交付。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(k) Revenue recognition(continued)(iii) Sale of goods—customer loyalty programmeThe Group operates a loyalty programme where retail andonline customers accumulate award points for purchases madewhich entitle them to discounts on future purchases. TheGroup accounts for award points as a separate performanceobligation of the sales transactions in which they are granted(the“initial sale”). The fair value of the consideration receivedor receivable in respect of the initial sale is allocated betweenthe award points (based on the stand-alone selling priceconsidering breakage), which is credited to contract liabilities,and the products sold. Revenue from the award points isrecognised when they are redeemed or expired. During theyears ended 2024 and 2023, the majority of award pointsexpire within no more than 12 months following the initialsales occur.(iv) Sales of goods—wholesaleSales are recognised when control of the goods has transferred.Control is considered to be transferred at the point in timewhen the products have been delivered to the wholesaler, thewholesaler has full discretion over the channel and price to sellthe products, and there is no unfulfilled obligation that couldaffect the wholesaler’s acceptance of the products. Deliveryhas occurred when the products have been shipped to thespecific location, the risks of obsolescence and loss have beentransferred to the wholesaler, and the wholesaler has acceptedthe goods.
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2会计政策概要（续）2.1重大会计政策概要（续）(k)收益确认（续）(iv)商品销售－批发（续）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。(v)其他收益其他收益主要来自在本集团经营的游乐园及本集团举办的展会上销售商品及提供服务。就商品销售而言，收益于产品的控制权已转移至客户时确认，请参阅上文附注2.1(k)(i)。就提供服务（包括销售门票及其他服务）而言，收益于提供有关服务及客户同时获得并耗用本集团所提供的利益时确认。(l)租赁租赁乃于租赁资产可供本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。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(k) Revenue recognition(continued)(iv) Sales of goods—wholesale(continued)A receivable is recognised when the goods are delivered,since this is the point in time when the consideration isunconditional because only the passage of time is requiredbefore the payment is due.(v) Revenue from othersRevenue from others mainly arises from sales of goods andprovision of services in the amusement park operated by theGroup and at the conventions hosted by the Group. For sales ofgoods, revenue is recognised when the control of the productshas transferred to the customer, see Note 2.1(k)(i) above. Forprovision of services, including tickets sold and other services,revenue is recognised when the relevant services are renderedand the customer simultaneously receives and consumes thebenefits provided by the Group.(l) LeasesLeases are recognised as a right-of-use asset and a correspondingliability at the date at which the leased asset is available for use bythe Group.Contracts may contain both lease and non-lease components. TheGroup allocates the consideration in the contract to the lease andnon-lease components based on their relative stand-alone prices.However, for leases of real estate for which the Group is a lessee, ithas elected not to separate lease and non-lease components andinstead accounts for these as a single lease component.
二零二四年年报ANNUAL REPORT 2024227NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(l)租赁（续）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 ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(l) Leases(continued)Lease terms are negotiated on an individual basis and contain awide range of different terms and conditions. The lease agreementsdo not impose any covenants other than the security interests inthe leased assets that are held by the lessor. Leased assets may notbe used as security for borrowing purposes.Assets and liabilities arising from a lease are initially measured on apresent value basis. Lease liabilities include the net present value ofthe following lease payments:• fixed payments (including in-substance fixed payments), lessany lease incentives receivable• variable lease payment that are based on an index or arate, initially measured using the index or rate as at thecommencement date• amounts expected to be payable by the Group under residualvalue guarantees• the exercise price of a purchase option if the Group isreasonably certain to exercise that option, and• payments of penalties for terminating the lease, if the leaseterm reflects the Group exercising that option.
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2会计政策概要（续）2.1重大会计政策概要（续）(l)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。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，借以令各期间的负债余额的期间利率一致。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(l) Leases(continued)Lease payments to be made under reasonably certain extensionoptions are also included in the measurement of the liability.The lease payments are discounted using the interest rate implicitin the lease. If that rate cannot be readily determined, which isgenerally the case for leases in the Group, the lessee’s incrementalborrowing rate is used, being the rate that the individual lesseewould have to pay to borrow the funds necessary to obtain anasset of similar value to the right-of-use asset in a similar economicenvironment 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 interestrate adjusted for credit risk for leases held by the Group, whichdoes not have recent third-party financing, and• makes adjustments specific to the lease, e.g. term, country,currency and security.The Group is exposed to potential future increases in variable leasepayments based on an index or rate, which are not included inthe lease liability until they take effect. When adjustments to leasepayments based on an index or rate take effect, the lease liability isreassessed and adjusted against the right-of-use asset.Lease payments are allocated between principal and finance cost.The finance cost is charged to profit or loss over the lease period soas to produce a constant periodic rate of interest on the remainingbalance of the liability for each period.
二零二四年年报ANNUAL REPORT 2024229NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.1重大会计政策概要（续）(l)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。(i)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 ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(l) Leases(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 commencementdate less any lease incentives received• any initial direct costs, and• restoration costs.Right-of-use assets are generally depreciated over the shorter ofthe asset’s useful life and the lease term on a straight-line basis. Ifthe Group is reasonably certain to exercise a purchase option, theright-of-use asset is depreciated over the underlying asset’s usefullife.Payments associated with short-term leases of equipment andvehicles and all leases of low-value assets are recognised on astraight-line basis as an expense in profit or loss. Short-term leasesare leases with a lease term of 12 months or less.(i) Variable lease paymentsSome property leases contain variable payment terms thatare linked to sales generated from a store. For certain storesincluding fixed and variable rental payment terms, thelease payments are on the basis of variable payment termswith percentages ranging from 9% to 18% of sales. Variablepayment terms are used for a variety of reasons, includingminimising the fixed costs base for newly established stores.Variable lease payments that depend on sales are recognised inprofit or loss in the period in which the condition that triggersthose payments occurs.
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2会计政策概要（续）2.1重大会计政策概要（续）(m)以股份为基础的报酬通过首次公开发售后股份奖励计划（「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，不包括任何服务及非市场表现归属条件的影响（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。当股份归属时，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（计入综合资产负债表的其他储备）。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.1 Summary of material accounting policies(continued)(m) Share-based compensationShare-based compensation benefits are provided to employeesvia the Post-IPO share award scheme (the“Share Award Scheme”).Information relating to the scheme is set out in Note 28. The fairvalue of the services received in exchange for the grant of therestricted shares is recognised as an expense. The total amountto be expensed is determined by reference to the fair value of therestricted shares granted as at grant date, excluding the impactsof any service and non-market performance vesting conditions,when applicable. The total amount expensed is recognised over thevesting period, which is the period over which all of the specifiedvesting 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 onthe non-market vesting conditions. It recognises the impactof the revision of original estimates, if any, in the consolidatedstatement of profit or loss and other comprehensive income with acorresponding adjustment to equity.The proceeds received net of any directly attributable transactioncosts are credited to share capital (nominal value) and sharepremium (included in other reserves in the consolidated balancesheet) when the shares are vested.
二零二四年年报ANNUAL REPORT 2024231NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2会计政策概要（续）2.2其他会计政策除上述重大会计政策外，本集团在编制综合财务报表时还采用其他会计政策。其他会计政策摘要见附注39。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：市场风险（包括外汇风险及现金流量╱公平值利率风险）、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。2 SUMMARY OF ACCOUNTING POLICIES(continued)2.2 Other accounting policiesBesides the material accounting policies as described above, the Grouphas also adopted other accounting policies in the preparation of theseconsolidated financial statements. See Note 39 for the summary of otheraccounting policies.3 FINANCIAL RISK MANAGEMENT3.1 Financial risk factorsThe Group’s activities expose it to a variety of financial risks: market risks(including foreign exchange risks and cash flow/fair value interest raterisks), 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 foreign currencydifferent from its functional currency.Cash flow forecasting;Sensitivity 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, term deposits, financialassets at FVPL, trade receivables and other receivables.Aging analysis;Credit ratings;Diversification ofinvestments infinancial assets at FVPL信贷风险现金及现金等价物、受限制现金、定期存款、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、按公平值计入损益的金融资产投资多元化Liquidity riskFinancial liabilitiesRolling cash flow forecasts流动资金风险金融负债滚动现金流量预测
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3财务风险管理（续）3.1财务风险因素（续）(a)市场风险(i)外汇风险本公司的交易以功能货币美元呈列及结算。本集团的附属公司在中国内地、香港、澳门、台湾及海外开展业务，面临不同货币（主要为美元及港元）的外汇风险。因此，外汇风险主要来自本集团在中国内地的附属公司从香港、澳门、台湾及海外的交易对手收取或接收外币，或支付或偿付外币时所确认的资产及负债，以及本集团在香港、澳门、台湾及海外的附属公司从中国内地或其他不同地区或国家的交易对手收取或接收外币，或支付或偿付外币时所确认的资产及负债。截至2024年及2023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。风险敞口本集团于2024年及2023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(i) Foreign exchange riskThe transactions of the Company are denominated andsettled in its functional currency, USD. The Group’s subsidiariesoperate in Mainland China, Hong Kong, Macao, Taiwan andoverseas, and they are exposed to foreign exchange risk arisingfrom various currency exposures, primarily with respect to USDand HKD. Therefore, foreign exchange risk primarily arose fromrecognised assets and liabilities in the Group’s subsidiaries inMainland China when receiving or to receive foreign currenciesfrom, or paying or to pay foreign currencies to counter partiesin Hong Kong, Macao, Taiwan and overseas, and recognisedassets and liabilities in the Group’s subsidiaries in Hong Kong,Macao, Taiwan and overseas when receiving or to receiveforeign currencies from, or paying or to pay foreign currenciesto counter parties in Mainland China or other different regionsor countries. The Group did not enter into any forward contractto hedge its exposure to foreign currency risk for the yearsended 31 December 2024 and 2023.ExposureThe Group’s exposure to foreign currency risk as 31 December2024 and 2023, expressed in RMB was as follows:31 December 20242024年12月31日USDHKDSGDEUR美元港元新加坡元欧元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115,88211,39812,04929,776Financial assets at fair valuethrough profit or loss按公平值计入损益的金融资产–11,434––License fees payables应付授权费(25,811)(9,436)–(65)
二零二四年年报ANNUAL REPORT 2024233NOTES 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（续）3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(a) Market risk(continued)(i) Foreign exchange risk(continued)Exposure(continued)31 December 20232023年12月31日USDHKDSGDEUR美元港元新加坡元欧元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101,8124,866–6,961Financial assets at fair valuethrough profit or loss按公平值计入损益的金融资产–8,415––License fees payables应付授权费(33,425)(45,390)–(125)
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）敏感度如下表所示，本集团主要面临美元兑人民币汇率、港元兑人民币汇率、新加坡元兑人民币汇率及欧元兑人民币汇率变动。(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。3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(a) Market risk(continued)(i) Foreign exchange risk(continued)SensitivityAs shown in the table below, the Group is primarily exposedto changes in USD/RMB, HKD/RMB, SGD/RMB and EUR/RMBexchange 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202420232024年2023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%6,7555,129USD/RMB exchange rate – decrease 10%美元兑人民币汇率－下降10%(6,755)(5,129)HKD/RMB exchange rate – increase 10%港元兑人民币汇率－上升10%1,005(2,408)HKD/RMB exchange rate – decrease 10%港元兑人民币汇率－下降10%(1,005)2,408SGD/RMB exchange rate – increase 10%新加坡元兑人民币汇率－上升10%904–SGD/RMB exchange rate – decrease 10%新加坡元兑人民币汇率－下降10%(904)–EUR/RMB exchange rate – increase 10%欧元兑人民币汇率－上升10%2,228513EUR/RMB exchange rate – decrease 10%欧元兑人民币汇率－下降10%(2,228)(513)(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.
二零二四年年报ANNUAL REPORT 2024235NOTES 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)信贷风险信贷风险来自现金及现金等价物、受限制现金、定期存款、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。就贸易应收款项而言，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、受限制现金、定期存款、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。于2024年及2023年12月31日，几乎所有银行存款乃存放于国有或具声誉的国内或国际商业银行（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。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。3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(b) Credit riskCredit risk arises from cash and cash equivalent, restricted cash,term deposits, financial assets at FVPL as well as credit exposuresto wholesale and retail customers including outstanding trade andother receivables.(i) Risk managementCredit risk is managed on group basis. For trade receivables,each local entity is responsible for managing and analysingthe credit risk for each of their new clients before standardpayment and delivery terms and conditions are offered.The Group’s credit sales are only made to customers withappropriate credit history. The Group has no significantconcentration of credit risk. The carrying amounts of cash andbank balances, restricted cash, term deposits, financial assetsat FVPL, trade receivables and other receivables represent theGroup’s maximum exposure to credit risk in relation to financialassets.As at 31 December 2024 and 2023, substantially all of thebank deposits are deposited in or managed by state-ownedor reputable domestic and international commercial bankswhich are all high-credit-quality financial institutions withoutsignificant credit risk.For retail and online sales, trade receivables mainly includecredit card receivables and receivables from third-partypayment platforms. The management of the Group believesthe credit risk is limited because the deposits in transit washeld by high-credit-quality financial institutions or other thirdparties. There has been no recent history of default in relationto these financial institutions and third parties, the credit riskinherent in such trade receivables is low.
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）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。本集团亦面临按公平值计入损益的金融资产的信贷风险。报告期末的最大风险敞口为附注23中列出的该等投资的账面价值。(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、受限制现金以及初始期限超过三个月但于一年内的定期存款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。3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(b) Credit risk(continued)(i) Risk management(continued)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.The Group is also exposed to credit risk in relation to financialassets measured at FVPL. The maximum exposure at theend of the reporting period is the carrying amount of theseinvestments as set out in Note 23.(ii) Impairment of financial assetsThe Group has two types of financial assets that are subject tothe expected credit loss model.• trade receivables, and• other receivablesWhile cash and cash equivalents, restricted cash and termdeposits with initial term over three months and within oneyear are also subject to the impairment requirements of IFRS 9,the identified impairment losses were immaterial.
二零二四年年报ANNUAL REPORT 2024237NOTES 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，贸易应收款项已根据共同的信贷风险特征及逾期天数进行分组。预期亏损率乃基于十二个月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。在此基础上，按以下方法厘定贸易应收款项于2024年及2023年12月31日作出的亏损拨备：2024年12月31日3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(b) Credit risk(continued)(ii) Impairment of financial assets(continued)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, trade receivables have been grouped based onshared credit risk characteristics and the days past due.The expected loss rates are based on the payment profiles ofsales over a period of twelve months and the correspondinghistorical credit losses experienced within this period. Thehistorical loss rates are adjusted to reflect current andforward-looking information on macroeconomic factorsaffecting the ability of the customers to settle the receivables.On that basis, the loss allowance as at 31 December 2024 and2023 was determined as follows for trade receivables:31 December 2024Provision 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0.79%8.97%100.00%1.83%Gross carrying amount总账面值472,5579,7524,329486,638Loss allowance亏损拨备(3,711)(875)(4,329)(8,915)468,8468,877–477,723468,8468,877-477,723
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）2023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)31 December 2023Provision 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0.48%9.41%100.00%2.23%Gross carrying amount总账面值311,48512,5234,648328,656Loss allowance亏损拨备(1,493)(1,178)(4,648)(7,319)309,99211,345–321,337309,99211,345-321,337Trade 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.
二零二四年年报ANNUAL REPORT 2024239NOTES 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 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240NOTES 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（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2024年及2023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2024年及2023年12月31日，所采用的平均亏损率分别为1.21%及1.09%。于损益内确认金融资产的减值亏损净额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 2024 and 2023, and the credit risk inherentin the Group’s outstanding other receivables is not significant.The average loss rate applied as at the 31 December 2024 and2023 were 1.21% and 1.09% respectively.Net impairment losses on financial assets recognised in profitor lossYear ended 31 December截至12月31日止年度202420232024年2023年RMB’000RMB’000人民币千元人民币千元Impairment losses:减值亏损：Provision for expected credit lossallowance for trade receivables贸易应收款预期信贷亏损拨备1,59628Provision for expected credit lossallowance for other receivables其他应收款项预期信贷亏损拨备1,850717Provision for expected credit lossallowance for financial assets金融资产预期信贷亏损拨备3,446745
二零二四年年报ANNUAL REPORT 2024241NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注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.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。
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3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(c) Liquidity risk(continued)Less than 1yearBetween 1and 2 yearsBetween 2and 5 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 2024于2024年12月31日Trade payables贸易应付款项1,010,109–––1,010,1091,010,109License fees payables应付授权费341,83513,2853,460728359,308356,371Other payables (excludingwages, salaries and otheremployee benefit and taxpayables)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）599,866–––599,866599,866Lease liabilities租赁负债400,547261,186296,108107,1391,064,980964,561Total总计2,352,357274,471299,568107,8673,034,2632,930,907As at 31 December 2023于2023年12月31日Trade payables贸易应付款项444,944–––444,944444,944License fees payables应付授权费180,83011,2964,260728197,114194,200Other payables (excludingwages, salaries and otheremployee benefit and taxpayables)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）309,376–––309,376309,376Borrowing借款15,093–––15,09315,058Lease liabilities租赁负债386,387219,157212,56562,046880,155777,753Total总计1,336,630230,453216,82562,7741,846,6821,741,3313财务风险管理（续）3.1财务风险因素（续）(c)流动资金风险（续）
二零二四年年报ANNUAL REPORT 2024243NOTES 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 2024, the Group has no net debt. See Note 34(c) for thereconciliation of net cash for the year ended 31 December 2024 and2023.3.3 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.(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本计算。债务净额按借款总额减去现金及现金等价物计算。总资本按资产负债表所示「权益」加债务净额计算。于2024年12月31日，本集团并无债务净额。有关截至2024年及2023年12月31日止年度现金净额的对账，请参阅附注34(c)。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。(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244NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注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 2024于2024年12月31日Financial assets at FVPL按公平值计入损益的金融资产– Investment in associatesmeasured at FVPL－按公平值计入损益计量的联营公司投资––189,222189,222– Other unlisted investments－其他非上市投资––41,59741,597– Private equity fund investments－私募股权基金投资––181,061181,061– Listed equity securities-stock－上市股本证券－股票11,434––11,434Total总计11,434–411,880423,314As at 31 December 2023于2023年12月31日Financial assets at FVPL按公平值计入损益的金融资产– Investment in associatesmeasured at FVPL－按公平值计入损益计量的联营公司投资––227,477227,477– Other unlisted investments－其他非上市投资––48,13348,133– Private equity fund investments－私募股权基金投资––196,159196,159– Listed equity securities-stock－上市股本证券－股票8,415––8,415Total总计8,415–471,769480,1843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）
二零二四年年报ANNUAL REPORT 2024245NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注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.There were no transfers between the levels of fair valuehierarchy during this year.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。私募股权基金投资、其他非上市投资及按公平值计入损益计量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)。年内公平值层级之间并无转移。
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 years ended 31 December 2024 and 31 December 2023:Investmentin associatesmeasured atFVPLOther unlistedinvestmentsPrivateequity fundinvestmentsInvestmentin WealthManagementProducts(“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权基金投资理财产品（「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 2024于2024年1月1日的年初余额227,47748,133196,159–471,769Acquisitions收购–––4,351,9774,351,977Disposals出售––(8,573)(4,377,569)(4,386,142)Change in fair value公平值变动(38,255)(6,536)(6,525)25,592(25,724)Closing balance at 31 December 2024于2024年12月31日的年末结余189,22241,597181,061–411,880Opening balance at 1 January 2023于2023年1月1日的年初余额231,80845,355181,871–459,034Acquisitions收购––20,000792,601812,601Disposals出售––(719)(809,517)(810,236)Change in fair value公平值变动(4,331)2,778(4,993)16,91610,370Closing balance at 31 December 2023于2023年12月31日的年末结余227,47748,133196,159–471,769* includes unrealised (losses)/gains recognised inprofit or loss attributable to balances held at theend 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（亏损）╱收益2024 2024年(38,255)(6,536)(6,525)–(51,316)2023 2023年(4,331)2,778(4,993)–(6,546)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2024年12月31日及2023年12月31日止年度的变动：
二零二四年年报ANNUAL REPORT 2024247NOTES 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、其他非上市投资及私募股权基金投资。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 FVPL, other unlistedinvestments and private equity fund investments. As theseinstruments are not traded in an active market, their fair valueshave been determined by using various applicable valuationtechniques, including discounted cash flows and marketapproach etc..The following table summarises the quantitative informationabout the significant unobservable inputs used in level 3 fairvalue measurements:Description描述Fair valueValuation Techniques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20242023202420232024年2023年2024年2023年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Investments in associates measuredat FVPL按公平值计入损益计量的于联营公司的投资178,649199,829Market Approach (1)市场法(1)Price to sales (“PS”)、Enterprise value to sales(EV/S)、Discount for lackof marketability (“DLOM”)市销率、企业价值与销售额比率、缺乏适销性的折让率PS: 0.69-2.56EV/S: 0.44-3.22DLOM: 20.0%-40.0%市销率：0.69-2.56企业价值与销售额比率：0.44-3.22缺乏适销性的折现率：20.0%-40.0%PS: 0.84-3.39EV/S: 0.34-3.48DLOM: 21.0%-32.0%市销率：0.84-3.39企业价值与销售额比率：0.34-3.48缺乏适销性的折现率：21.0%-32.0%The higher the PS or EV/S, the higher the fairvalueThe higher the DLOM, the lower the fair value市销率或企业价值与销售额比率越高，公平值越高缺乏适销性的折现率越高，公平值越低Weighted average cost ofcapital (“WACC”)加权平均资本成本18.00%18.00%The higher the WACC, the lower the fair value加权平均资本成本越高，公平值越低10,57317,322Income approach (2)收益法(2)Terminal growth rate终期增长率2.00%2.00%The higher the revenue growth rate or theterminal growth rate, the higher the fairvalue收入增长率或终期增长率越高，公平值越高
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）Description描述Fair valueValuation Techniques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20242023202420232024年2023年2024年2023年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Revenue growth rate收入增长率6.8%-38.1%2.2%-66.2%-10,326Back-solve from recenttransaction price marketmultiple method (3)自近期交易价格倒推市场倍数法(3)Conversion/redemption/liquidation probability转换╱赎回╱清盘的可能性N/A不适用N/A不适用The higher probability of conversion withcorrespondingly lower probability ofliquidation and redemption, the lower thefair 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。Subtotal189,222227,477小计Other unlisted investment其他非上市投资41,59748,133Market Approach (1)市场法(1)PS、DLOM市销率、缺乏适销性的折让率PS: 0.69-1.47DLOM: 15%-25%市销率：0.69-1.47缺乏适销性的折让率：15%-25%PS: 0.84-1.62DLOM: 20%-25%市销率：0.84-1.62缺乏适销性的折让率：20%-25%The higher the PS, the higher the fair valueThe higher the DLOM, the lower the fair value市销率越高，公平值越高缺乏适销性的折让率越高，公平值越低Private equity fund investments私募股权基金投资181,061196,159Net asset value (4)资产净值(4)N/A不适用N/A不适用N/A不适用N/A不适用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)
二零二四年年报ANNUAL REPORT 2024249NOTES 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)按公平值计入损益的联营公司的若干投资及其他非上市投资的公平值乃使用市场法厘定，可观察及不可观察输入数据包括市场倍数及缺乏市场流通性的折让。(2)按公平值计入损益的于一间联营公司的投资的公平值乃使用贴现现金流量法厘定，而不可观察输入数据主要包括对预期未来现金流量及贴现率的假设。(3)于2023年12月31日，按公平值计入损益的于一间联营公司的投资的公平值乃使用最近交易价格倒推市场倍数法计算。在该方法中，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)本集团根据基金普通合伙人所汇报的私募股权基金资产净值以及按公平值计量之相关资产及负债，厘定其私募股权基金投资于2024年及2023年12月31日的公平估值。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 fair values of certain investments in associates measured atFVPL and other unlisted investment are determined by usingthe market approach and the combination of observable andunobservable inputs include market multiples and discount forlack of marketability.(2) The fair value of investment in an associate measured at FVPLis determined by using the discounted cash flow method andunobservable inputs mainly include assumptions of expectedfuture cash flows and discount rate.(3) As at 31 December 2023, the fair value of investment in anassociate measured at FVPL was calculated using the Back-solvefrom recent transaction price market multiple method. In thismodel, the fair value was determined by the implied equityvalue derived from a recent transaction in the respective unlistedcompany’s equity.(4) The Group determines the fair valuation of its private equity fundinvestments as at the 31 December 2024 and 2023 based on thenet asset values of the private equity funds with underlying assetsand liabilities measured at fair value as reported by the generalpartners of the funds.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.
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)金融资产的公平值未在活跃市场交易的金融资产的公平值采用估值法厘定。这些方法包括使用市场法、现金流贴现模型、近期投资的价格及相关私募股权基金提供的资产净值等。在可行的情况下，模型使用可观察到的数据。本团主要根据报告期末的市场情况，判断选择各种方法并做出假设。详情请参阅附注3.3。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) Fair value of financial assetsThe fair value of financial assets that are not traded in active markets isdetermined using valuation techniques. These techniques include theuse of market approach, discounted cash flow model, price of recentinvestments, and the net assets value provided by the respective privateequity funds, etc. To the extent practical, models use observable data.The Group uses its judgement to select a variety of methods and makeassumptions that are mainly based on market conditions existing at theend of the reporting period. For details, please refer to Note 3.3.
二零二四年年报ANNUAL REPORT 2024251NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注4关键会计估计及判断（续）(d)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。支付予本公司中国内地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内地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)(d) 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 inforeseeable future.
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5分部资料本集团主要于中国内地和中国内地以外的其他国家及地区（包括香港、澳门、台湾及若干海外国家及地区（统称「港澳台及海外」））从事玩具的品牌开发、设计及销售。主要经营决策者（「主要经营决策者」）审阅本集团的内部报告，以评估表现及分配资源。管理层根据该等报告厘定经营分部。于2024年12月31日及截至该日止年度，本集团有两个可呈报分部：•中国内地业务；及•港澳台及海外业务。主要经营决策者主要根据收入及分部业绩来评估经营分部的表现。外部客户向主要经营决策者呈报其收入作为分部收入计量，即各分部来自客户的收入。分部业绩指各分部所赚取的经营溢利，不计及若干未分配项目，主要包括本集团总部、IP部、研发部、IT部和共享服务中心应占若干开支。由于主要经营决策者并不使用分部资产及分部负债资料以分配资源予经营分部或评估其表现，故并无向主要经营决策者单独提供此资料。5 SEGMENT INFORMATIONThe Group is principally engaged in brand development, design andsales of toys in Mainland China and other countries and regions outsideMainland China, including Hong Kong, Macao, Taiwan and certainoverseas countries (collectively,“Hong Kong, Macao, Taiwan andoverseas”). The chief operating decision makers (“CODM”) reviews theGroup’s internal reporting in order to assess performance and allocateresources. Management has determined the operating segments basedon these reports.As at 31 December 2024 and for the year then ended, the Group hadtwo reportable segments:• The Mainland China operations; and• Hong Kong, Macao, Taiwan and overseas operations.The CODM assesses the performance of the operating segments mainlybased on revenue and segment results. The revenue from externalcustomers reported to CODM is measured as segment revenue, which isthe revenue derived from customers in each segment. Segment resultsrepresent the operating profit earned by each segment excluding certainunallocated items which mainly include certain expenses attributable toheadoffice, IP department, R&D department, IT department and sharedservice center of the Group.There were no separate segment assets and segment liabilitiesinformation provided to the CODM as CODM does not use thisinformation to allocate resources to or evaluate the performance of theoperating segments.
二零二四年年报ANNUAL REPORT 2024253NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注5分部资料（续）向主要经营决策者提供的截至2024年12月31日止年度及截至2023年12月31日止年度之可呈报分部的分部业绩以及综合损益及其他全面收益表中载列的其他项目分别如下：5 SEGMENT INFORMATION(continued)The segment results and other items included in the consolidatedstatement of profit or loss and other comprehensive income providedto the CODM for the reportable segments for the years ended 31December 2024 and the year ended 31 December 2023, respectively areas follows:Year ended 31 December截至12月31日止年度202420232024年2023年TheMainlandChinaoperationsHong Kong,Macao,Taiwan andoverseasoperationsTotalTheMainlandChinaoperationsHong Kong,Macao,Taiwan andoverseasoperationsTotal中国内地业务港澳台及海外业务总计中国内地业务港澳台及海外业务总计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Revenue from external customers来自外部客户的收入7,972,0745,065,67513,037,7495,234,9011,066,1016,301,002Segment results分部业绩2,637,3531,814,0904,451,4431,239,503191,5561,431,059Unallocated expenses and other gains/losses未分配费用及其他收益╱亏损(297,171)(200,413)Finance income – net财务收入－净额163,352151,880Share of profit of investments accounted forusing the equity method分占使用权益法入账的投资溢利48,18833,229Profit before income tax除所得税前溢利4,365,8121,415,755Income tax expense所得税开支(1,057,467)(326,984)Profit for the year年内溢利3,308,3451,088,771Significant non-cash expenses重大非现金开支Depreciation on property, plant and equipment物业、厂房及设备折旧249,83836,643286,481220,79112,500233,291Depreciation of right-of-use assets使用权资产折旧345,305107,013452,318313,79234,598348,390Amortisation of intangible assets无形资产摊销101,20522,819124,02479,6147,27086,884
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5分部资料（续）于2024年及2023年12月31日，有关本集团非流动资产（按公平值计入损益的金融资产及递延税项资产除外）的资料按资产地理位置呈列如下：6收益按业务线划分的收益明细如下：5 SEGMENT INFORMATION(Continued)As at 31 December 2024 and 2023, information about the Group’snon-current assets (other than financial assets at fair value throughprofit or loss and deferred tax assets) which is presented based ongeographical location of the assets, is as follow:As at 31 December于12月31日202420232024年2023年RMB’000RMB’000人民币千元人民币千元The Mainland China operations中国内地业务1,478,5861,434,042Hong Kong, Macao, Taiwan and overseas operations港澳台及海外业务597,096296,1676 REVENUEBreakdown of revenue by business lines is as follows:Year ended 31 December截至12月31日止年度202420232024年2023年RMB’000RMB’000人民币千元人民币千元Revenue from the Mainland China operations来自中国内地业务的收益Revenue from retail store sales零售店销售收益3,827,8612,661,009Revenue from online sales线上销售收益2,697,6191,524,578Revenue from roboshop sales机器人商店销售收益698,416552,697Revenue from wholesales and others批发及其他收益748,178496,617Subtotal小计7,972,0745,234,901Revenue from Hong Kong, Macao, Taiwan andoverseas operations来自港澳台及海外业务的收益Revenue from retail store sales零售店销售收益2,937,910582,909Revenue from online sales线上销售收益1,455,162155,805Revenue from roboshop sales机器人商店销售收益133,06157,378Revenue from wholesales and others批发及其他收益539,542270,009Subtotal小计5,065,6751,066,101Total总计13,037,7496,301,002
二零二四年年报ANNUAL REPORT 2024255NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注6收益（续）截至2024年及2023年12月31日止年度，并无由单一客户的交易产生的收益占本集团总收益10%或以上。6 REVENUE(continued)Year ended 31 December截至12月31日止年度202420232024年2023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12,948,2726,278,843Over-time随时间89,47722,159Total总计13,037,7496,301,002For the years ended 31 December 2024 and 2023, 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256NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注7 EXPENSES BY NATUREYear ended 31 December截至12月31日止年度202420232024年2023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3,474,2132,042,672Employee benefit expenses (Note 33)雇员福利开支（附注33）1,462,4061,048,487Commissions and E-commerce platformservice charges佣金及电商平台服务费614,399279,986Advertising and marketing expenses广告及营销开支567,630269,650Depreciation of right-of-use assets (Note 16)使用权资产折旧（附注16）452,318348,390Depreciation on property, plant andequipment (Note 14)物业、厂房及设备折旧（附注14）286,481233,291Expenses relating to short-term leases andvariable leases not included in leaseliabilities (Note 16)未计入租赁负债的与短期租赁及可变租赁有关的开支（附注16）457,906185,893Transportation and logistics expenses运输及物流开支543,180169,803Design and license fees设计及授权费393,499156,921Amortisation of intangible assets (Note 15)无形资产摊销（附注15）124,02486,884Taxes and surcharges税金及附加费117,01045,047Cost of moulds with useful lives within one year使用年限为一年内的模具成本48,50526,138Impairment of inventory (Note 22)存货减值（附注22）14,4328,016Auditor’s remuneration核数师酬金7,6436,030– Audit services－审计服务5,3005,100– Non-audit services－非审计服务2,343930Others其他363,895241,729Total总计8,927,5415,148,9377按性质划分的开支
二零二四年年报ANNUAL REPORT 2024257NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注8 OTHER INCOMEYear ended 31 December截至12月31日止年度202420232024年2023年RMB’000RMB’000人民币千元人民币千元Income from license fee and other services授权费及其他服务收入56,66243,008Government grants (i)政府补贴(i)24,92530,909Others其他2,701983Total总计84,28874,900(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 the consolidatedstatement of profit or loss and other comprehensive income upon thereceipt. There are no unfulfilled conditions or contingencies relating to thesegrants.9 OTHER (LOSSES)/GAINS – NETYear ended 31 December截至12月31日止年度202420232024年2023年RMB’000RMB’000人民币千元人民币千元Changes in fair value of financialinstruments at FVPL (Note 23)按公平值计入损益的金融工具公平值变动（附注23）(23,382)6,111Exchange (losses)/gains汇兑（亏损）╱收益(16,053)1,501Donation捐款(865)(2,654)Losses on disposal of leasehold improvementand other equipments处置租赁装修及其他设备的亏损(655)(2,540)Net gains on termination of leases终止租赁的净收益2,8212,364Others其他1,356(356)Total总计(36,778)4,4268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。9其他（亏损）╱收益－净额
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10 FINANCE INCOME – NETYear ended 31 December截至12月31日止年度202420232024年2023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212,335184,217Finance expenses财务开支– Interest expenses on lease liabilities－租赁负债利息开支(42,628)(30,754)– Others－其他(6,355)(1,583)Finance income -net财务收入－净额163,352151,88011 INCOME TAX EXPENSEYear ended 31 December截至12月31日止年度202420232024年2023年RMB’000RMB’000人民币千元人民币千元Current income tax即期所得税1,135,499330,124Deferred income tax递延所得税(78,032)(3,140)Income tax expense所得税开支1,057,467326,984(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 incorporatedor registered under the Business Companies Act of BVI are exemptedfrom BVI income tax pursuant to the current laws of the BVI.10财务收入－净额11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。
二零二四年年报ANNUAL REPORT 2024259NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注11 INCOME TAX EXPENSE(continued)(b) Income tax for Hong Kong, Macao, Taiwan and overseasoperations(i) Hong Kong Profits TaxUnder the two-tiered profits tax rates regime, the first HK$2 millionof profits of the qualifying group entities will be taxed at 8.25%,and profits above HK$2 million will be taxed at 16.5%. The profits ofthe Group entities not qualifying for the two-tiered profits tax ratesregime will continue to be taxed at a flat rate 16.5%. Hong Kongprofits tax has been provided at the rate of 16.5% on the Group’sestimated assessable profit for the year ended 31 December 2024(2023: 16.5%).(ii) Thailand income taxThe group entity incorporated in Thailand is subject to corporateincome tax at tax rate of 20% on the assessable profits for the yearended 31 December 2024 (2023: 20%).(iii) Other jurisdictionsTaxes on taxable profits in other jurisdictions have been calculatedat the rates of tax prevailing in the countries and regions in whichthe Group operates, based on existing legislation, interpretationsand practices in respect thereof.(c) Mainland China Corporated 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 2024 (2023:25%), based on the existing legislation, interpretations and practices inrespect thereof.During the years ended 31 December 2024 and 2023, certain groupentities have been granted certain tax concessions to small scale entitiesby tax authorities in the Mainland China whereby the subsidiariesoperating in the respective jurisdictions are entitled to tax concessions.11所得税开支（续）(b)来自港澳台及海外业务的所得税(i)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2024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（2023年：16.5%）。(ii)泰国所得税于泰国注册成立的集团实体须就截至2024年12月31日止年度的应课税溢利按20%的税率缴纳企业所得税（2023年：20%）。(iii)其他司法权区于其他司法权区的应课税溢利的税项乃按本集团经营所在国家及地区的现行税率计算，并基于该等国家及地区的现行法例、诠释及惯例而定。(c)中国内地企业所得税（「企业所得税」）本集团就中国内地业务的所得税拨备根据截至2024年12月31日止年度的估计应课税溢利按25%的税率（2023年：25%）计算，并基于中国的现行法例、诠释及惯例而定。截至2024年及2023年12月31日止年度，若干集团实体已获中国内地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。
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11 INCOME TAX EXPENSE(continued)(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 2024, the aggregate undistributed earnings ofthe Group’s subsidiaries incorporated in the Mainland China areRMB5,685,934,000 (as at 31 December 2023: RMB2,649,591,000). 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.(e)The Organisation for Economic Co-operation and Development (“OECD”)Pillar Two rules apply to multinational enterprises that have consolidatedrevenues (which, as defined by the OECD, include any form of incomeand are therefore not limited to revenue recognised in accordance withIFRS 15) of EUR750 million in at least two out of the last four years. As at31 December 2024, the Group is not within the scope of the OECD PillarTwo model rules and therefore has no related current tax exposure.The Group will be within the scope of the OECD Pillar Two modelrules starting from the year ending 31 December 2025. Pillar Twolegislation was enacted in certain jurisdictions in which some of theGroup’s overseas subsidiaries are incorporated, and has/will come intoeffect from 1 January 2024 or 1 January 2025 respectively. Under thelegislation, the Group will be liable to pay a top-up tax (if any) for thedifference between the Global Anti-Base Erosion Proposal (‘GloBE’)effective tax rate for each jurisdiction which the group entities operateand the 15% minimum rate.11所得税开支（续）(d)中国内地预扣税（「预扣税」）根据适用的中国内地税收法规，在中国内地成立的公司就于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内地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%。于2024年12月31日，本集团在中国内地注册成立的附属公司的未分配盈利总额为人民币5,685,934,000元（于2023年12月31日：人民币2,649,591,000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。(e)经济合作与发展组织（「OECD」）支柱二立法适用于过去四年中至少两年的合并收益达到750百万欧元的跨国企业（根据OECD的定义，包括任何形式的收入，因此不限于根据国际财务报告准则第15号确认的收益）。截至2024年12月31日，本集团不属于OECD支柱二立法范本的范围，因此并无相关当期税务风险。本集团将自截至2025年12月31日止年度起属于OECD支柱二立法范本的范围。支柱二法例已于本集团部分海外附属公司注册成立的若干司法权区颁布，并分别已╱将于2024年1月1日或于2025年1月1日生效。根据该法例，本集团须就集团实体经营所在的各司法权区的全球反税基侵蚀建议（「GloBE」）实际税率与最低税率15%之间的差额支付补足税（如有）。
二零二四年年报ANNUAL REPORT 2024261NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注11所得税开支（续）(e)（续）本集团目前正评估二立法法例生效时对集团构成的风险。基于应用法例及计算GloBE收入的复杂性，已颁布或实质上已颁布的法例的定量影响尚无法合理估计。因此，即使对于会计实际税率高于15%的实体，仍可能存在二立法税务影响。本集团的实际税收费用与根据中国内地法定所得税税率25%计算的金额之间的对账如下：11 INCOME TAX EXPENSE(continued)(e)(continued)The Group is currently in the process of assessing its exposure tothe Pillar Two legislation for when it comes into effect. Due to thecomplexities in applying the legislation and calculating GloBE income,the quantitative impact of the enacted or substantively enactedlegislation is not yet reasonably estimable. Therefore, even for thoseentities with an accounting effective tax rate above 15%, there may stillbe Pillar Two tax implications.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202420232024年2023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4,365,8121,415,755Tax calculated at applicable tax rate of 25%按适用税率25%计算的税项1,091,453353,939Effect of different tax rates in other jurisdictions其他司法权区不同税率的影响(14,228)(2,072)Tax loss for which no deferred incometax asset is recognised未确认递延所得税资产的税项亏损144756Share of profit of investments accounted forusing equity method分占使用权益法入账的投资溢利(12,047)(8,307)Expenses not deductible for taxation purposes不可扣税开支41,25326,077Income not subject to tax无须课税收入(49,108)(43,409)Taxation charge税收费用1,057,467326,984
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12股息于2024年派付的股息总额为人民币373,025,000元或每股人民币28.21分（2023年：人民币117,317,000元或每股人民币8.70分）（扣除就股份奖励计划持有的股份应占股息人民币4,763,000元（2023年：人民币1,678,000元））。董事会建议就截至2024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81.46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算，相当于合共为人民币1,093,916,000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。拟派股息并未于综合财务报表中反映为应付股息，而将反映为截至2025年12月31日止年度的拨入可分派储备。13每股盈利(a)每股基本盈利每股基本盈利乃根据截至2024年及2023年12月31日止年度，本公司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所持股份及本公司购回以注销之股份之差而计算得出。12 DIVIDENDSThe total dividends paid in 2024 amounted to RMB373,025,000 orRMB28.21 cents per share (2023: RMB117,317,000 or RMB8.70 centsper share) (which are net of the dividend of RMB4,763,000 (2023:RMB1,678,000) attributable to the shares held for the Share AwardScheme).The Board recommended the payment of a final dividend of RMB81.46cents per ordinary share of the Company issued for the year ended 31December 2024, representing an aggregate amount of RMB1,093,916,000based 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 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 December2025.13 EARNINGS PER SHARE(a) Basic earnings per shareBasic earnings per share is calculated by dividing the profit attributableto owners of the Company by the weighted average number of ordinaryshares in issue less shares held for Share Award Scheme and sharesrepurchased by the Company for cancellation during the years ended 31December 2024 and 2023.Year ended 31 December截至12月31日止年度202420232024年2023年Profit attributable to owners of the Company(RMB’000)本公司拥有人应占溢利（人民币千元）3,125,4731,082,344Weighted average number of ordinary shares inissue less shares held for Share Award Schemeand shares repurchased by the Company forcancellation (in thousands)已发行普通股加权平均数减就股份奖励计划所持股份及本公司购回以注销之股份之差（千股）1,326,5411,338,035Basic earnings per share (expressed in RMB pershare)每股基本盈利（以每股人民币元表示）2.360.81
二零二四年年报ANNUAL REPORT 2024263NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注13每股盈利（续）(b)每股摊薄盈利截至2024年12月31日及2023年12月31日止年度每股摊薄盈利的计算载列如下：截至2024年及2023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股份奖励计划已授予及假设已归属的股份。计算时乃根据股份奖励计划授予的已发行股份（定义为「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。13 EARNINGS PER SHARE(continued)(b)Dilute earnings per shareThe calculation of diluted earnings per share for the years ended 31December 2024 and ended 31 December 2023 is set out below:Year ended 31 December截至12月31日止年度202420232024年2023年Profit attributable to owners of theCompany (RMB’000)本公司拥有人应占溢利（人民币千元）3,125,4731,082,344Profit 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）3,125,4731,082,344Weighted average number of ordinaryshares in issue less shares held for ShareAward Scheme and shares repurchased bythe Company for cancellation (in thousands)已发行普通股加权平均数减股份奖励计划所持股份及本公司购回以注销之股份之差（千股）1,326,5411,338,035Adjustment for调整– Restricted Shares granted and assumedvested (in thousands)－已授出及假设已归属受限制股份（千股）5,5392,471Weighted 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）1,332,0801,340,506Dilute earnings per share (expressed inRMB per share)每股摊薄盈利（以每股人民币元表示）2.350.81For the years ended 31 December 2024 and 2023, diluted earningsper share is calculated by adjusting the weighted average numberof ordinary shares outstanding to assume conversion of all dilutivepotential ordinary shares. The Company’s potentially dilutive ordinaryshares comprised shares which may be granted and assumed vestedunder the Share Award Scheme. A calculation is done to determinethe number of shares that could have been acquired at fair value(determined as the average annual market price of the Company’sshares) based on the monetary value of the subscription rights attachedto the outstanding shares granted under the Share Award Scheme(defined as the“Restricted Shares”). The number of shares calculated asabove is compared with the number of shares that would have beenissued assuming the exercise of the Restricted Shares.
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14物业、厂房及设备14 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 2023于2023年12月31日Cost成本106,487271,58058,409777,0714711,214,018Accumulated depreciation累计折旧(63,185)(152,773)(25,134)(319,648)–(560,740)Net book amount账面净值43,302118,80733,275457,423471653,278Year ended 31 December 2024截至2024年12月31日止年度Opening net book amount年初账面净值43,302118,80733,275457,423471653,278Additions添置14,761119,68327,986189,62826,620378,678Depreciation charge折旧费用(21,115)(103,458)(12,692)(149,216)–(286,481)Disposal出售(2,521)(116)(429)(2,926)–(5,992)Currency translation difference货币换算差额268–180(553)–(105)Closing net book amount年末账面净值34,695134,91648,320494,35627,091739,378As at 31 December 2024于2024年12月31日Cost成本114,989212,73385,261920,03727,0911,360,111Accumulated depreciation累计折旧(80,294)(77,817)(36,941)(425,681)–(620,733)Net book amount账面净值34,695134,91648,320494,35627,091739,378
二零二四年年报ANNUAL REPORT 2024265NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注14物业、厂房及设备（续）14 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 December 2022于2022年12月31日Cost成本99,009196,70543,071414,41666,952820,153Accumulated depreciation累计折旧(45,199)(91,505)(16,716)(217,382)–(370,802)Impairment for fixed assets固定资产减值–––(467)–(467)Net book amount账面净值53,810105,20026,355196,56766,952448,884Year ended 31 December 2023截至2023年12月31日止年度Opening net book amount年初账面净值53,810105,20026,355196,56766,952448,884Additions添置11,26093,65515,850118,150200,875439,790Transfer转拨–––267,356(267,356)–Depreciation charge折旧费用(19,185)(80,002)(8,545)(125,559)–(233,291)Disposal出售(2,560)(46)(406)––(3,012)Currency translation difference货币换算差额(23)–21909–907Closing net book amount年末账面净值43,302118,80733,275457,423471653,278As at 31 December 2023于2023年12月31日Cost成本106,487271,58058,409777,0714711,214,018Accumulated depreciation累计折旧(63,185)(152,773)(25,134)(319,648)–(560,740)Net book amount账面净值43,302118,80733,275457,423471653,278
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14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：14 PROPERTY, PLANT AND EQUIPMENT(continued)(a)Depreciation on property, plant and equipment has been charged tothe consolidated statement of profit or loss and other comprehensiveincome as follows:Year ended 31 December截至12月31日止年度202420232024年2023年RMB’000RMB’000人民币千元人民币千元Cost of sales销售成本103,45880,002Distribution and selling expenses经销及销售开支174,908145,735General and administrative expenses一般及行政开支8,1157,554286,481233,291
二零二四年年报ANNUAL REPORT 2024267NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注15无形资产15 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 2023于2023年12月31日Cost成本326,80124,44028,288103379,632Accumulated amortisation累计摊销(232,774)(15,612)(15,358)–(263,744)Closing net book amount年末账面净值94,0278,82812,930103115,888Year ended 31 December 2024截至2024年12月31日止年度Opening net book amount年初账面净值94,0278,82812,930103115,888Additions添置134,5292,5005,842–142,871Amortisation charge摊销费用(111,874)(1,436)(10,714)–(124,024)Disposal出售(36)–(51)–(87)Currency translation difference货币换算差额585–176(9)752Closing net book amount年末账面净值117,2319,8928,18394135,400At 31 December 2024于2024年12月31日Cost成本355,18826,94234,35094416,574Accumulated amortisation累计摊销(237,957)(17,050)(26,167)–(281,174)Closing net book amount年末账面净值117,2319,8928,18394135,400
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15无形资产（续）15 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 2022于2022年12月31日Cost成本283,41124,44022,018104329,973Accumulated amortisation累计摊销(161,033)(13,981)(8,165)–(183,179)Impairment减值(287)–––(287)Closing net book amount年末账面净值122,09110,45913,853104146,507Year ended 31 December 2023截至2023年12月31日止年度Opening net book amount年初账面净值122,09110,45913,853104146,507Additions添置50,342–6,304–56,646Amortisation charge摊销费用(78,054)(1,631)(7,199)–(86,884)Disposal出售(394)–––(394)Currency translation difference货币换算差额42–(28)(1)13Closing net book amount年末账面净值94,0278,82812,930103115,888At 31 December 2023于2023年12月31日Cost成本326,80124,44028,288103379,632Accumulated amortisation累计摊销(232,774)(15,612)(15,358)–(263,744)Closing net book amount年末账面净值94,0278,82812,930103115,888
二零二四年年报ANNUAL REPORT 2024269NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注15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：16租赁(a)资产负债表内确认之金额以下金额在综合资产负债表中确认：15 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202420232024年2023年RMB’000RMB’000人民币千元人民币千元Cost of sales销售成本113,31079,685General and administrative expenses一般及行政开支10,7147,199124,02486,88416 LEASES(a) Amounts recognised in the balance sheetThe following amounts are recognised in the consolidated balancesheet:As at December于12月202420232024年2023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92,64592,319Retail stores零售店754,605542,481POP LAND泡泡玛特城市乐园80,30891,253927,558726,053Lease liabilities租赁负债Current流动363,092351,799Non-current非流动601,469425,954964,561777,753
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16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：16 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202420232024年2023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1,235,8901,146,056Accumulated depreciation and impairment累计折旧及减值(509,837)(444,429)Opening net book amount年初账面净值726,053701,627Year ended 31 December截至12月31日止年度Opening net book amount年初账面净值726,053701,627Additions添置699,560407,785Depreciation charge折旧费用(452,318)(357,043)Lease termination租赁终止(45,737)(26,316)Closing net book amount年末账面净值927,558726,053At 31 December于12月31日Cost成本1,491,1151,235,890Accumulated depreciation and impairment累计折旧及减值(563,557)(509,837)Closing net book amount年末账面净值927,558726,053
二零二四年年报ANNUAL REPORT 2024271NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注16租赁（续）(b)损益及其他全面收益表确认之金额以下金额于综合损益及其他全面收益表中确认：16 LEASES(continued)(b) Amounts recognised in the statement of profit or loss andother comprehensive incomeThe following amounts are recognised in the consolidated statement ofprofit or loss and other comprehensive income:Year ended 31 December截至12月31日止年度202420232024年2023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69,24172,581Retail stores零售店373,554275,024POP LAND泡泡玛特城市乐园9,523785452,318348,390Interest expenses利息开支42,62830,754Expense relating to short-term leases(included in distribution and sellingexpenses and 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）140,51472,590Expense relating to variable lease paymentsnot included in lease liabilities (includedin distribution 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）317,392113,303The cash outflow for leases as operating activities租赁作为经营活动之现金流出424,926175,516The cash outflow for leases as financing activities租赁作为融资活动之现金流出505,104384,999
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16租赁（续）(b)损益及其他全面收益表确认之金额（续）本集团已租赁各种办公室、仓库、零售店及泡泡玛特城市乐园。租赁合约的固定期限一般为1至5年。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，惟租赁资产不得用作借款的抵押。就若干零售店的租赁合约而言，其包含基于销售量的可变租赁付款的条款，使本集团须承担可变租赁付款。截至2024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55,042,000元（截至2023年12月31日止年度：人民币10,755,000元）。16 LEASES(continued)(b) Amounts recognised in the statement of profit or loss andother comprehensive income(continued)The Group leases various offices, warehouses, retail stores and POPLAND. Rental contracts are typically made for fixed periods of 1 to 5years. Lease terms are negotiated on an individual basis and contain awide range of different terms and conditions. The lease agreements donot impose any covenants, but leased assets may not be used as securityfor borrowing purposes.For certain lease contracts of retail stores, there are terms about variablelease payments that based on the sales volume, which expose the Groupto variable lease payments. A 10% increase in sales across all storesin the Group with such variable lease contracts would increase totallease payments by approximately RMB55,042,000 for the year ended 31December 2024 (for the year ended 31 December 2023: RMB10,755,000).
二零二四年年报ANNUAL REPORT 2024273NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注17于附属公司的投资(a)附属公司17 INVESTMENT IN SUBSIDIARIES(a)SubsidiariesCompany nameCountry/place and date ofestablishment/incorporationKind of legal entityIssued and fullypaid ordinaryshare capital/registered capitalOwnership interestheld by the GroupOwnership interestheld by noncontrolling interestsPrincipal activities/place ofoperation本集团持有的拥有权权益非控股权益持有之拥有权权益At 31 DecemberAt 31 December于12月31日于12月31日2024202320242023公司名称成立╱注册成立国家╱地点及日期法定实体类型已发行及缴足普通股股本╱注册资本2024年2023年2024年2023年主要业务╱经营地点Directly held直接持有Pop Mart (BVI) Holding LimitedThe British Virgin Islands (“BVI”), 10May 2019Limited liability companyUSD3,829,051100%100%––Investment holding/BVIPop Mart (BVI) Holding Limited英属维京群岛（「英属维京群岛」），2019年5月10日有限责任公司3,829,051美元投资控股╱英属维京群岛Indirectly held间接持有Beijing Pop Mart Cultural & CreativeCorp., Ltd. (“Beijing Pop Mart”) (i)The PRC, 20 October 2010Limited liability companyRMB200,000,000100%100%––Design and sales of pop toys/ThePRC北京泡泡玛特文化创意有限公司（「北京泡泡玛特」）(i)中国，2010年10月20日有限责任公司人民币200,000,000元设计及销售潮流玩具╱中国Beijing Paquhuyu Technology Co., Ltd(“Beijing Paquhuyu”) (ii)The PRC, 8 March 2016Limited liability companyRMB10,000,000––––Internet technology services/ThePRC北京葩趣互娱科技有限公司（「北京葩趣互娱」）(ii)中国，2016年3月8日有限责任公司人民币10,000,000元互联网技术服务╱中国Beijing Paqu Technology Co., Ltd.The PRC, 21 April 2016Limited liability companyRMB1,000,000100%100%––Technology development/The PRC北京葩趣科技有限公司中国，2016年4月21日有限责任公司人民币1,000,000元技术开发╱中国Tianjin Pop Mart CulturalCommunication Co., Ltd.The PRC, 29 November 2016Limited liability companyRMB5,000,000100%100%––Sales of pop toys/The PRC天津泡泡玛特文化传播有限公司中国，2016年11月29日有限责任公司人民币5,000,000元销售潮流玩具╱中国Pop Mart Hong Kong LimitedHong Kong, 27 January 2017Limited liability companyHKD1,000,000100%100%––Overseas operations and sales ofpop toys/Hong KongPop Mart Hong Kong Limited香港，2017年1月27日有限责任公司1,000,000港元海外营运及销售潮流玩具╱香港Shanghai Paqu Commerce Co., Ltd.The PRC, 21 September 2017Limited liability companyRMB2,000,000100%100%––Sales of pop toys/The PRC上海葩趣贸易有限公司中国，2017年9月21日有限责任公司人民币2,000,000元销售潮流玩具╱中国Beijing Pop Mart Trading Co., Ltd.The PRC, 11 October 2017Limited liability companyRMB5,000,000100%100%––Sales of pop toys/The PRC北京泡泡玛特商贸有限公司中国，2017年10月11日有限责任公司人民币5,000,000元销售潮流玩具╱中国Shenzhen Pop Mart Trading Co., Ltd.The PRC, 31 October 2017Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC深圳泡泡玛特贸易有限公司中国，2017年10月31日有限责任公司人民币1,000,000元销售潮流玩具╱中国
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司274NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注Company nameCountry/place and date ofestablishment/incorporationKind of legal entityIssued and fullypaid ordinaryshare capital/registered capitalOwnership interestheld by the GroupOwnership interestheld by noncontrolling interestsPrincipal activities/place ofoperation本集团持有的拥有权权益非控股权益持有之拥有权权益At 31 DecemberAt 31 December于12月31日于12月31日2024202320242023公司名称成立╱注册成立国家╱地点及日期法定实体类型已发行及缴足普通股股本╱注册资本2024年2023年2024年2023年主要业务╱经营地点Indirectly held间接持有Chengdu Pop Mart Trading Co., Ltd.The PRC, 22 November 2017Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC成都泡泡玛特贸易有限公司中国，2017年11月22日有限责任公司人民币1,000,000元销售潮流玩具╱中国Chongqing Paqu Trading Co., Ltd.The PRC, 23 November 2017Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC重庆葩趣贸易有限公司中国，2017年11月23日有限责任公司人民币1,000,000元销售潮流玩具╱中国Beijing Paqu Trading Co., Ltd.The PRC, 29 December 2017Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC北京葩趣贸易有限公司中国，2017年12月29日有限责任公司人民币1,000,000元销售潮流玩具╱中国Shenyang Paqu Trading Co., Ltd.The PRC, 1 March 2018Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC沈阳葩趣商贸有限公司中国，2018年3月1日有限责任公司人民币1,000,000元销售潮流玩具╱中国Zhengzhou Pop Mart Trading Co., Ltd.The PRC, 4 April 2018Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC郑州泡泡玛特贸易有限公司中国，2018年4月4日有限责任公司人民币1,000,000元销售潮流玩具╱中国Qingdao Pop Mart Trading Co., Ltd.The PRC, 17 April 2018Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC青岛泡泡玛特贸易有限公司中国，2018年4月17日有限责任公司人民币1,000,000元销售潮流玩具╱中国Beijing Silai Art Design Co., LtdThe PRC, 26 April 2019Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC北京偲徕艺术设计有限公司中国，2019年4月26日有限责任公司人民币1,000,000元销售潮流玩具╱中国Pop Mart (Hong Kong) Holding LimitedHong Kong, 27 May 2019Limited liability companyHKD1100%100%––Investment holding/Hong KongPop Mart (Hong Kong) Holding Limited香港，2019年5月27日有限责任公司1港元投资控股╱香港Pop Mart Korea Co., Ltd.South Korea, 11 July 2019Limited liability companyKRW 1,500,000,000100%100%––Sales of pop toys/South KoreaPop Mart Korea Co., Ltd.韩国，2019年7月11日有限责任公司1,500,000,000韩圆销售潮流玩具╱韩国Shandong Paqu Trading Co., Ltd.The PRC, 24 October 2019Limited liability companyRMB3,000,000100%100%––Sales of pop toys/The PRC山东葩趣贸易有限公司中国，2019年10月24日有限责任公司人民币3,000,000元销售潮流玩具╱中国Xian Pop Mart Trading Co., Ltd.The PRC, 25 December 2019Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC西安泡泡玛特贸易有限公司中国，2019年12月25日有限责任公司人民币1,000,000元销售潮流玩具╱中国Wuhan Pop Mart Trading Co., Ltd.The PRC, 17 December 2019Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC武汉泡泡玛特贸易有限公司中国，2019年12月17日有限责任公司人民币1,000,000元销售潮流玩具╱中国17 INVESTMENT IN SUBSIDIARIES(continued)(a) Subsidiaries(continued)17于附属公司的投资（续）(a)附属公司（续）
二零二四年年报ANNUAL REPORT 2024275NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注Company nameCountry/place and date ofestablishment/incorporationKind of legal entityIssued and fullypaid ordinaryshare capital/registered capitalOwnership interestheld by the GroupOwnership interestheld by noncontrolling interestsPrincipal activities/place ofoperation本集团持有的拥有权权益非控股权益持有之拥有权权益At 31 DecemberAt 31 December于12月31日于12月31日2024202320242023公司名称成立╱注册成立国家╱地点及日期法定实体类型已发行及缴足普通股股本╱注册资本2024年2023年2024年2023年主要业务╱经营地点Indirectly held间接持有Guiyang Pop Mart Trading Co., Ltd.The PRC, 10 January 2020Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC贵阳泡泡玛特葩趣贸易有限公司中国，2020年1月10日有限责任公司人民币1,000,000元销售潮流玩具╱中国Changsha Paqu Trading Co., Ltd.The PRC, 02 January 2020Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC长沙葩趣商贸有限公司中国，2020年1月2日有限责任公司人民币1,000,000元销售潮流玩具╱中国Taiyuan Pop Mart Trading Co., Ltd.The PRC, 23 March 2020Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC太原泡泡玛特贸易有限公司中国，2020年3月23日有限责任公司人民币1,000,000元销售潮流玩具╱中国Fuzhou Paqu Trading Co., Ltd.The PRC, 25 March 2020Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC福州葩趣贸易有限公司中国，2020年3月25日有限责任公司人民币1,000,000元销售潮流玩具╱中国Tianjin Paqu Cultural Media Co., Ltd.The PRC, 27 March 2020Limited liability companyRMB5,000,000100%100%––Sales of pop toys/The PRC天津葩趣文化传播有限公司中国，2020年3月27日有限责任公司人民币5,000,000元销售潮流玩具╱中国Haerbin Paqu Trading Co., Ltd.The PRC, 10 April 2020Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC哈尔滨葩趣商贸有限公司中国，2020年4月10日有限责任公司人民币1,000,000元销售潮流玩具╱中国Dalian Pop Mart Trading Co., Ltd.The PRC, 13 April 2020Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC大连泡泡玛特贸易有限公司中国，2020年4月13日有限责任公司人民币1,000,000元销售潮流玩具╱中国Xiamen Paqu Trading Co., Ltd.The PRC, 14 April 2020Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC厦门葩趣贸易有限公司中国，2020年4月14日有限责任公司人民币1,000,000元销售潮流玩具╱中国Changchun Pop Mart Trading Co., Ltd.The PRC, 15 April 2020Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC长春泡泡玛特贸易有限公司中国，2020年4月15日有限责任公司人民币1,000,000元销售潮流玩具╱中国Jiangxi Paqu Trading Co., Ltd.The PRC, 21 May 2020Limited liability companyRMB2,000,000100%100%––Sales of pop toys/The PRC江西葩趣贸易有限公司中国，2020年5月21日有限责任公司人民币2,000,000元销售潮流玩具╱中国Guangzhou Pop Mart Trading Co., Ltd.The PRC, 06 May 2020Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC广州泡泡玛特贸易有限公司中国，2020年5月6日有限责任公司人民币1,000,000元销售潮流玩具╱中国17 INVESTMENT IN SUBSIDIARIES(continued)(a) Subsidiaries(continued)17于附属公司的投资（续）(a)附属公司（续）
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Company nameCountry/place and date ofestablishment/incorporationKind of legal entityIssued and fullypaid ordinaryshare capital/registered capitalOwnership interestheld by the GroupOwnership interestheld by noncontrolling interestsPrincipal activities/place ofoperation本集团持有的拥有权权益非控股权益持有之拥有权权益At 31 DecemberAt 31 December于12月31日于12月31日2024202320242023公司名称成立╱注册成立国家╱地点及日期法定实体类型已发行及缴足普通股股本╱注册资本2024年2023年2024年2023年主要业务╱经营地点Indirectly held间接持有POP MART UK CORPORATION LTDUK, 23 June 2020Limited liability companyGBP 10100%100%––Sales of pop toys/UKPOP MART UK CORPORATION LTD英国，2020年6月23日有限责任公司10英镑销售潮流玩具╱英国POP MART JAPAN INC.Japan, 1 July 2020Limited liability companyJPY 30,000,00060%60%40%40%Sales of pop toys/JapanPOP MART JAPAN INC.日本，2020年7月1日有限责任公司30,000,000日元销售潮流玩具╱日本Yunnan Paqu Trading Co., Ltd.The PRC, 4 September 2020Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC云南葩趣贸易有限公司中国，2020年9月4日有限责任公司人民币1,000,000元销售潮流玩具╱中国Foshan Pop Mart Trading Co., Ltd.The PRC, 7 December 2020Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC佛山泡泡玛特贸易有限公司中国，2020年12月7日有限责任公司人民币1,000,000元销售潮流玩具╱中国Pop Mart (Canada) Co., Ltd.Canada, 11 January 2021Limited liability companyCAD 1100%100%––Sales of pop toys/CanadaPop Mart (Canada) Co., Ltd.加拿大，2021年1月11日有限责任公司1加元销售潮流玩具╱加拿大Dongguan Pop Mart Trading Co., Ltd.The PRC,26 January 2021Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC东莞泡泡玛特贸易有限公司中国，2021年1月26日有限责任公司人民币1,000,000元销售潮流玩具╱中国Beijing Pop Mart Technology Co., Ltd.The PRC,12 February 2021Limited liability companyRMB2,000,000100%100%––Sales of pop toys/The PRC北京泡泡玛特科技有限公司中国，2021年2月12日有限责任公司人民币2,000,000元销售潮流玩具╱中国Pop Investment Holding LimitedThe BVI, 9 March 2021Limited liability companyUSD50,000100%100%––Investment/The BVIPop Investment Holding Limited英属维京群岛，2021年3月9日有限责任公司50,000美元投资╱英属维京群岛Hangzhou Pop Mart Trading Co., Ltd.The PRC, 29 April 2021Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC杭州泡泡玛特贸易有限公司中国，2021年4月29日有限责任公司人民币1,000,000元销售潮流玩具╱中国Gansu Paqu Trading Co., Ltd.The PRC,17 May 2021Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC甘肃葩趣贸易有限公司中国，2021年5月17日有限责任公司人民币1,000,000元销售潮流玩具╱中国17 INVESTMENT IN SUBSIDIARIES(continued)(a) Subsidiaries(continued)17于附属公司的投资（续）(a)附属公司（续）
二零二四年年报ANNUAL REPORT 2024277NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注Company nameCountry/place and date ofestablishment/incorporationKind of legal entityIssued and fullypaid ordinaryshare capital/registered capitalOwnership interestheld by the GroupOwnership interestheld by noncontrolling interestsPrincipal activities/place ofoperation本集团持有的拥有权权益非控股权益持有之拥有权权益At 31 DecemberAt 31 December于12月31日于12月31日2024202320242023公司名称成立╱注册成立国家╱地点及日期法定实体类型已发行及缴足普通股股本╱注册资本2024年2023年2024年2023年主要业务╱经营地点Indirectly held间接持有Shanghai Paqu Cultural & CreativeCorp., Ltd.The PRC, 21 May 2021Limited liability companyRMB10,000,000100%100%––Sales of pop toys/The PRC上海葩趣文化创意有限公司中国，2021年5月21日有限责任公司人民币10,000,000元销售潮流玩具╱中国Shijiazhuang Paqu Trading Co., Ltd.The PRC, 11 June 2021Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC石家庄葩趣贸易有限公司中国，2021年6月11日有限责任公司人民币1,000,000元销售潮流玩具╱中国Anhui Pop Mart Trading Co., Ltd.The PRC, 15 June 2021Limited liability companyRMB5,000,000100%100%––Sales of pop toys/The PRC安徽泡泡玛特贸易有限公司中国，2021年6月15日有限责任公司人民币5,000,000元销售潮流玩具╱中国Qinghai Paqu Trading Co., Ltd.The PRC, 23 July 2021Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC青海葩趣贸易有限公司中国，2021年7月23日有限责任公司人民币1,000,000元销售潮流玩具╱中国Guangxi Nanning Paqu TradingCo., Ltd.The PRC, 11 August 2021Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC广西南宁葩趣贸易有限公司中国，2021年8月11日有限责任公司人民币1,000,000元销售潮流玩具╱中国POP MART OCEANIA PTY LIMITEDAustralia, 17 August 2021Limited liability companyAUD 1,260,000100%100%––Sales of pop toys/AustraliaPOP MART OCEANIA PTY LIMITED澳大利亚，2021年8月17日有限责任公司1,260,000澳元销售潮流玩具╱澳大利亚Beijing Pop Mart Paradise ManagementCo., Ltd.The PRC, 18 August 2021Limited liability companyRMB10,000,000100%100%––Playground/The PRC北京泡泡玛特乐园管理有限公司中国，2021年8月18日有限责任公司人民币10,000,000元游乐场╱中国Pop Mart USA Inc.The USA, 27 August 2021Limited liability companyUSD20100%100%––Sales of pop toys/USAPop Mart USA Inc.美国，2021年8月27日有限责任公司20美元销售潮流玩具╱美国POP MART UK LIMITEDUK, 31 August 2021Limited liability companyGBP 10100%100%––Sales of pop toys/UKPOP MART UK LIMITED英国，2021年8月31日有限责任公司10英镑销售潮流玩具╱英国Ningbo Wanxinhuigui InvestmentCo., Ltd.The PRC, 13 September 2021Limited liability companyRMB100,000,000100%100%––Investment/The PRC宁波玩心回归投资有限公司中国，2021年9月13日有限责任公司人民币100,000,000元投资╱中国Wulumuqi Pop Mart Trading Co., Ltd.The PRC, 14 October 2021Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC乌鲁木齐泡泡玛特贸易有限公司中国，2021年10月14日有限责任公司人民币1,000,000元销售潮流玩具╱中国POP MART NEW ZEALAND LIMITEDNew Zealand, 3 November 2021Limited liability companyNZD 1100%100%––Sales of pop toys/NEW ZEALANDPOP MART NEW ZEALAND LIMITED新西兰，2021年11月3日有限责任公司1新西兰元销售潮流玩具╱新西兰17 INVESTMENT IN SUBSIDIARIES(continued)(a) Subsidiaries(continued)17于附属公司的投资（续）(a)附属公司（续）
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Company nameCountry/place and date ofestablishment/incorporationKind of legal entityIssued and fullypaid ordinaryshare capital/registered capitalOwnership interestheld by the GroupOwnership interestheld by noncontrolling interestsPrincipal activities/place ofoperation本集团持有的拥有权权益非控股权益持有之拥有权权益At 31 DecemberAt 31 December于12月31日于12月31日2024202320242023公司名称成立╱注册成立国家╱地点及日期法定实体类型已发行及缴足普通股股本╱注册资本2024年2023年2024年2023年主要业务╱经营地点Indirectly held间接持有Shanghai Paqu Technology Co., Ltd.The PRC, 4 November 2021Limited liability companyRMB1,000,000100%100%––Exhibition Business/The PRC上海葩趣科技有限公司中国，2021年11月4日有限责任公司人民币1,000,000元展览业务╱中国POP MART MACAU LIMITEDMACAU, 22 November 2021Limited liability companyMOP 25,000100%100%––Sales of pop toys/MACAUPOP MART MACAU LIMITED澳门，2021年11月22日有限责任公司25,000澳门元销售潮流玩具╱澳门Pop Mart (Singapore) Holding PTE. LtdSingapore, 14 December 2021Limited liability companySGD 6,080,001100%100%––Overseas operations and sales ofpop toys/SingaporePop Mart (Singapore) Holding PTE. Ltd新加坡，2021年12月14日有限责任公司6,080,001新元海外营运及销售潮流玩具╱新加坡Nanjing Paqu Cultural & Creative Corp.,Ltd.The PRC, 4 January 2022Limited liability companyRMB1,000,000100%100%––Customer service/The PRC南京葩趣文化创意有限公司中国，2022年1月4日有限责任公司人民币1,000,000元客户服务╱中国POP MART SINGAPORE PTE.LTD.Singapore, 6 January 2022Limited liability companySGD 4,000,000100%100%––Yet to commence operations/SingaporePOP MART SINGAPORE PTE.LTD.新加坡，2022年1月6日有限责任公司4,000,000新元尚未开始营运╱新加坡Beijing Yifu Trading Co., LtdThe PRC, 19 January 2022Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC北京一幅商贸有限公司中国，2022年1月19日有限责任公司人民币1,000,000元销售潮流玩具╱中国POP MART Americas Inc.USA, 27 January 2022Limited liability company–100%100%––Sales of pop toys/USAPOP MART Americas Inc.美国，2022年1月27日有限责任公司–销售潮流玩具╱美国POP MART KOREA Holdings CO., LTD.South Korea, 24 February 2022Limited liability companyKRW3,100,000,000100%100%––Sales of pop toys/South KoreaPOP MART KOREA Holdings CO., LTD.韩国，2022年2月24日有限责任公司3,100,000,000韩圆销售潮流玩具╱韩国Shanghai Lingzuo Cultural & CreativeCorp., Ltd.The PRC, 18 April 2022Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC上海零作文化创意有限公司中国，2022年4月18日有限责任公司人民币1,000,000元销售潮流玩具╱中国Hainan Pop Mart Trading Co., LTDThe PRC, 21 April 2022Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC海南泡泡玛特商贸有限公司中国，2022年4月21日有限责任公司人民币1,000,000元销售潮流玩具╱中国POP MART TAIWAN Co., LTDTAIWAN, 6 May 2022Limited liability companyTWD6,000,00060%60%40%40%Sales of pop toys/TAIWANPOP MART TAIWAN Co., LTD台湾，2022年5月6日有限责任公司6,000,000新台币销售潮流玩具╱台湾17 INVESTMENT IN SUBSIDIARIES(continued)(a) Subsidiaries(continued)17于附属公司的投资（续）(a)附属公司（续）
二零二四年年报ANNUAL REPORT 2024279NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注Company nameCountry/place and date ofestablishment/incorporationKind of legal entityIssued and fullypaid ordinaryshare capital/registered capitalOwnership interestheld by the GroupOwnership interestheld by noncontrolling interestsPrincipal activities/place ofoperation本集团持有的拥有权权益非控股权益持有之拥有权权益At 31 DecemberAt 31 December于12月31日于12月31日2024202320242023公司名称成立╱注册成立国家╱地点及日期法定实体类型已发行及缴足普通股股本╱注册资本2024年2023年2024年2023年主要业务╱经营地点Indirectly held间接持有Hangzhou Resonance MagicTechnology Co., Ltd.The PRC, 17 August 2022Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC杭州共鸣魔法科技有限公司中国，2022年8月17日有限责任公司人民币1,000,000元销售潮流玩具╱中国POP MART FRANCE SASUFRANCE, 6 September 2022Limited liability companyEUR 1,000,000100%100%––Sales of pop toys/FRANCEPOP MART FRANCE SASU法国，2022年9月6日有限责任公司1,000,000欧元销售潮流玩具╱法国POP MART MALAYSIA SDN BHDMALAYSIA, 18 January 2023Limited liability companyMYR 2,000,000100%100%––Sales of pop toys/MALAYSIAPOP MART MALAYSIA SDN BHD马来西亚，2023年1月18日有限责任公司2,000,000马来西亚令吉销售潮流玩具╱马来西亚Neimenggu Paqu Trading Co., LtdThe PRC, 7 April 2023Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC内蒙古葩趣贸易有限公司中国，2023年4月7日有限责任公司人民币1,000,000元销售潮流玩具╱中国POP MART VIETNAM CO., LTDVIETNAM, 19 May 2023Limited liability companyUSD100,000100%100%––Sales of pop toys/VIETNAMPOP MART VIETNAM CO.,LTD越南，2023年5月19日有限责任公司100,000美元销售潮流玩具╱越南POP MART (THAILAND) COMPANYLIMITED (“Pop Mart Thailand”) (iv)THAILAND, 29 June 2023Limited liability companyTHB 42,000,00049%49%51%51%Sales of pop toys/THAILANDPOP MART (THAILAND) COMPANYLIMITED（「Pop Mart Thailand」）(iv)泰国，2023年6月29日有限责任公司42,000,000泰铢销售潮流玩具╱泰国Beijing Fushangfushang TechnologyCo., LtdThe PRC, 10 July 2023Limited liability companyRMB1,000,000100%100%––Sales of pop toys/The PRC北京福赏福赏科技有限公司中国，2023年7月10日有限责任公司人民币1,000,000元销售潮流玩具╱中国Beijing Limian Space Art and CultureCo., Ltd.The PRC, 24 July 2023Limited liability companyRMB1,000,000100%100%––Exhibition Business/The PRC北京里面空间艺术文化有限公司中国，2023年7月24日有限责任公司人民币1,000,000元展览业务╱中国POP MART ITALY S.R.L.ITALY, 9 August 2023Limited liability companyEUR 10,000100%100%––Sales of pop toys/ITALYPOP MART ITALY S.R.L.意大利，2023年8月9日有限责任公司10,000欧元销售潮流玩具╱意大利Xinxiang Pop Mart Cultural & CreativeCorp., Ltd.The PRC, 28 August 2023Limited liability companyRMB1,000,000100%100%––Customer service/The PRC新乡泡泡玛特文化创意有限公司中国，2023年8月28日有限责任公司人民币1,000,000元客户服务╱中国17 INVESTMENT IN SUBSIDIARIES(continued)(a) Subsidiaries(continued)17于附属公司的投资（续）(a)附属公司（续）
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Company nameCountry/place and date ofestablishment/incorporationKind of legal entityIssued and fullypaid ordinaryshare capital/registered capitalOwnership interestheld by the GroupOwnership interestheld by noncontrolling interestsPrincipal activities/place ofoperation本集团持有的拥有权权益非控股权益持有之拥有权权益At 31 DecemberAt 31 December于12月31日于12月31日2024202320242023公司名称成立╱注册成立国家╱地点及日期法定实体类型已发行及缴足普通股股本╱注册资本2024年2023年2024年2023年主要业务╱经营地点Indirectly held间接持有Pop Mart Netherlands B.V.Netherlands, 29 September 2023Limited liability companyEUR 100,000100%100%––Sales of pop toys/NetherlandsPop Mart Netherlands B.V.荷兰，2023年9月29日有限责任公司100,000欧元销售潮流玩具╱荷兰Shanghai Paquhuyu Technology Co.,Ltd (“Shanghai Paquhuyu”)(ii)The PRC, 25 October 2023Limited liability companyRMB10,000,000––––Internet technologyservices/The PRC上海葩趣互娱科技有限公司（「上海葩趣互娱」）(ii)中国，2023年10月25日有限责任公司人民币10,000,000元互联网技术服务╱中国PT Pop Mart Indonesia (iii)Indonesia, 25 January 2024Limited liability companyIDR110,000,000100%NA–NASales of pop toys/IndonesiaPT Pop Mart Indonesia (iii)印尼，2024年1月25日有限责任公司110,000,000印尼卢比不适用不适用销售潮流玩具╱印尼Pop Mart Germany GmbH (iii)Germany, 28 May 2024Limited liability companyEUR 700,000100%NA–NASales of pop toys/GermanyPop Mart Germany GmbH (iii)德国，2024年5月28日有限责任公司700,000欧元不适用不适用销售潮流玩具╱德国Pop Mart Spain S.L. (iii)Spanish, 26 November 2024Limited liability companyEUR 3000100%NA–NASales of pop toys/SpanishPop Mart Spain S.L. (iii)西班牙，2024年11月26日有限责任公司3000欧元不适用不适用销售潮流玩具╱西班牙POP MART MIDDLE EAST TRADING L.L.C(iii)Middle east, 27 August 2024Limited liability companyUAE 2,500,000100%NA–NAYet to commence operations/UAEPOP MART MIDDLE EAST TRADING L.L.C(iii)中东，2024年8月27日有限责任公司2,500,000阿联酋迪拉姆不适用不适用尚未开始营运╱阿拉伯联合酋长国Liaoning Pop Mart Cultural & CreativeCo., Ltd (iii)The PRC, 11 April 2024Limited liability companyRMB5,000,000100%NA–NASales of pop toys/The PRC辽宁泡泡玛特文化创意有限公司(iii)中国，2024年4月11日有限责任公司人民币5,000,000元不适用不适用销售潮流玩具╱中国Tibet Paqu Trading Co., Ltd (iii)The PRC, 6 May 2024Limited liability companyRMB1,000,000100%NA–NASales of pop toys/The PRC西藏葩趣贸易有限公司(iii)中国，2024年5月6日有限责任公司人民币1,000,000元不适用不适用销售潮流玩具╱中国Sichuan Pop Mart Cultural & CreativeCo., Ltd (iii)The PRC, 20 May 2024Limited liability companyRMB5,000,000100%NA–NASales of pop toys/The PRC四川泡泡玛特文化创意有限公司(iii)中国，2024年5月20日有限责任公司人民币5,000,000元不适用不适用销售潮流玩具╱中国Beijing Pop Mart Gift Cultural & CreativeCo., Ltd (iii)The PRC, 8 July 2024Limited liability companyRMB1,000,000100%NA–NADesign and sales of pop toys/ThePRC北京泡泡玛特文化创意有限公司(iii)中国，2024年7月8日有限责任公司人民币1,000,000元不适用不适用设计及销售潮流玩具╱中国POP MART EASYFUN TECHNOLOGY PTE.LTD. (iii)Singapore, 27 December 2024Limited liability companySGD 200,000100%NA–NAYet to commence operations/SingaporePOP MART EASYFUN TECHNOLOGY PTE.LTD. (iii)新加坡，2024年12月27日有限责任公司200,000新元不适用不适用尚未开始营运╱新加坡17 INVESTMENT IN SUBSIDIARIES(continued)(a) Subsidiaries(continued)17于附属公司的投资（续）(a)附属公司（续）
二零二四年年报ANNUAL REPORT 2024281NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注17 INVESTMENT IN SUBSIDIARIES(continued)(a) Subsidiaries(continued)(i) This subsidiary is a wholly foreign owned enterprises with limitedliability established in Mainland China.(ii) The Company does not have directly or indirectly legal ownershipin equity of Beijing Paquhuyu. Nevertheless, under certaincontractual arrangements entered into with the registered ownersof Beijing Paquhuyu, the Company, through one of its legallyowned subsidiaries, control Beijing Paquhuyu by way of controllingthe voting rights, governing its financial and operating policies,appointing or removing the majority of the management ofthe controlling authorities, and casting the majority of votes atmeetings of such authorities. Accordingly, the Group has rights toexercise power over Beijing Paquhuyu, receives variable returnsfrom its involvement in Beijing Paquhuyu, and has the ability toaffect those returns through its power over Beijing Paquhuyu. As aresult, Beijing Paquhuyu and its subsidiary, Shanghai Paquhuyu, arepresented as structured entities of the Company.(iii) Registered during the year ended 31 December 2024.(iv) Management has concluded that the Group controls Pop MartThailand as the Group is entitled to a majority of the voting rightsin the shareholders’meeting as well as the board of directors ofPop Mart Thailand where, according to the articles of association, asimple majority votes is required to determine the matters relatingto the relevant activities of Pop Mart Thailand.17于附属公司的投资（续）(a)附属公司（续）(i)该附属公司为在中国内地成立的外商独资有限责任企业。(ii)本公司并无直接或间接于北京葩趣互娱权益中拥有合法拥有权。尽管如此，根据与北京葩趣互娱登记拥有人订立的若干合约安排，本公司及其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管理层成员，以及于有关部门的会议上行使过半数投票权，从而控制北京葩趣互娱。因此，本集团有权对北京葩趣互娱行使权力、参与北京葩趣互娱获得可变回报、且有能力透过其对北京葩趣互娱之权力影响该等回报。因此，北京葩趣互娱及其附属公司上海葩趣互娱作为本公司的结构实体呈列。(iii)截至2024年12月31日止年度登记。(iv)管理层得出结论，本集团对Pop MartThailand有控制权，因为本集团有权在Pop Mart Thailand的股东大会以及董事会中拥有多数表决权，而根据组织章程细则，确定与Pop Mart Thailand相关活动有关的事项需要简单多数票通过。
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17于附属公司的投资（续）(a)附属公司（续）(iv)（续）根据Pop Mart Thailand于2024年11月4日的股东决议案，本集团及其中一名非控股股东同意分别向Pop MartThailand额外注资114.84百万泰铢及83.16百万泰铢。在2024年12月31日前，Pop Mart Thailand已收到与此次注资有关的预付款合计174.8百万泰铢，其中，从非控股权益收取的预付款83.16百万泰铢（相当于约人民币17.7百万元）于2024年12月31日的综合资产负债表的其他应付款项入账（附注31）。注资于2025年3月完成，随后PopMart Thailand的资本从42百万泰铢增加至240百万泰铢，本集团在Pop MartThailand的所有权权益从49%增加至56.425%。与此同时，在注资完成后，本集团于2025年3月自其中一名非控股股东购买Pop Mart Thailand的1.575%所有权权益。股份购买完成后，本集团在Pop Mart Thailand的所有权权益从56.425%增加至58%。(v)概无附属公司于年末发行任何债务证券。17 INVESTMENT IN SUBSIDIARIES(continued)(a) Subsidiaries(continued)(iv) (continued)Pursuant to the shareholders’resolution of Pop Mart Thailanddated 4 November 2024, the Group and one of the non-controllingshareholders agreed to inject additional capital of THB114.84 millionand THB83.16 million in Pop Mart Thailand, respectively. Pop MartThailand had received advance payments in an aggregate amountof THB174.8 million in relation to the capital injection prior to 31December 2024, among which the advance payment received fromnon-controlling interest amounting to THB83.16 million (equivalentto approximately RMB17.7 million) was recorded in other payables(Note 31) in the consolidated balance sheet as at 31 December2024. The capital injection was completed in March 2025, uponwhich the capital of Pop Mart Thailand had increased from THB42million to THB240 million, and the Group’s ownership interest inPop Mart Thailand had increased from 49% to 56.425%. At thesame time, following the completion of the capital injection, theGroup purchased 1.575% ownership interest in Pop Mart Thailandfrom one of the non-controlling shareholders in March 2025. Uponcompletion of the share purchase, the Group’s ownership interestin Pop Mart Thailand had increased from 56.425% to 58%.(v)None of the subsidiaries had issued any debt securities at the endof the year.
二零二四年年报ANNUAL REPORT 2024283NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注17于附属公司的投资（续）(b)非控股权益于2024年12月31日，非控股权益总额为人民币201,134,000元（于2023年12月31日：人民币10,455,000元）。概无附属公司拥有对本集团属重大的非控股权益。(c)附属公司英文名为直接翻译。18使用权益法入账的投资于2024年12月31日，管理层认为本集团合营企业及联营公司个别而言对本集团不属重大。于合营企业及联营公司投资的账面值变动（包括本集团个别不重要合营企业及联营公司的合计资料）如下：17 INVESTMENT IN SUBSIDIARIES(continued)(b)Non-controlling interestsThe total non-controlling interests as at 31 December 2024 amountedto RMB201,134,000 (As at 31 December 2023: RMB10,455,000). Nosubsidiary has non-controlling interests that are material to the Group.(c) The English name of the subsidiaries are direct translation.18 INVESTMENTS ACCOUNTED FOR USING THEEQUITY METHODManagement is of the view that none of the Group’s joint ventures andassociates is individually material to the Group as at 31 December 2024.The movements of the carrying amount of investments in joint venturesand associates (which also includes the aggregate information of theGroup’s individually immaterial joint ventures and associates) are asfollows:202420232024年2023年RMB’000RMB’000人民币千元人民币千元Opening balance as at 1 January于1月1日的年初结余107,00183,333Elimination of downstream profit下游溢利对销(2,016)(1,361)Share of profit for the year分占年内溢利48,18833,229Dividends from joint ventures and an associate来自合营企业及一间联营公司的股息(18,001)(8,860)Currency translation difference货币换算差额1,611660Ending balance as at 31 December于12月31日的年末余额136,783107,001
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18使用权益法入账的投资（续）于2024年及2023年12月31日，本集团的合营企业及联营公司详情如下所示：18 INVESTMENTS ACCOUNTED FOR USING THEEQUITY METHOD(continued)Details of the Group’s joint ventures and associate as at 31 December2024 and 2023 are as follows:Company namePlace ofbusiness/country ofincorporation% of ownership interestPrincipalactivitiesNature of therelationshipMeasurementmethodCarrying amounts of the investment占所有权权益的百分比投资账面值As at 31 DecemberAs at 31 December于12月31日于12月31日2024202320242023公司名称营业地点╱注册成立国家2024年2023年主营业务关系性质计量方法2024年2023年RMB’000RMB’000人民币千元人民币千元Nanjing Golden Eagle Pop MartCo., Ltd. (“Nanjing Pop Mart”)The PRC52%52%Sales of pop toysJoint VentureEquity method44,26947,909南京金鹰泡泡玛特商贸有限公司（「南京泡泡玛特」）中国52%52%销售潮流玩具合营企业权益法POP MART SOUTH ASIA PTE. LTD.(“Singapore Pop”)Singapore50%50%Sales of pop toysJoint VentureEquity method52,15921,471POP MART SOUTH ASIA PTE. LTD.（「Singapore Pop」）新加坡50%50%销售潮流玩具合营企业权益法How2work LimitedHong Kong25%25%Design and salesof pop toysAssociateEquity method20,83522,434How2work Limited香港25%25%设计及销售潮流玩具联营公司权益法DANNI TOYS (LONGCHUAN) CO.,LTD. (“Danni”) (i)The PRC10%10%Manufacture of toysAssociateEquity method19,52015,187丹尼玩具（龙川）有限公司（「丹尼」）(i)中国10%10%制造玩具联营公司权益法(i) Although the Group’s shareholding in Danni is less than 20%, theGroup is able to exercise significant influence over Danni by virtueof its contractual right to appoint director to the board of directorsof Danni under its Articles of Association.(i)尽管本集团于丹尼的股权少于20%，但根据其组织章程细则，本集团可透过其合约权利于丹尼董事会委派董事，能够对丹尼施加重大影响。
二零二四年年报ANNUAL REPORT 2024285NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注19递延所得税(a)递延税项资产递延税项资产结余包括暂时性差额，其归因于：19 DEFERRED INCOME TAX(a) Deferred tax assetsThe balance of deferred tax assets comprises temporary differencesattributable to:As at 31 December于12月31日202420232024年2023年RMB’000RMB’000人民币千元人民币千元Lease liabilities租赁负债241,140194,438Tax losses税项亏损40,16356,725Impairment losses减值亏损11,2926,762Accrued expenses, unrealised profit onintra-group sales and others应计开支、集团间销售未变现溢利及其他102,2188,260Total deferred tax assets递延税项资产总值394,813266,185Set-off of deferred tax liabilities (b)抵销递延税项负债(b)(247,784)(182,769)Net deferred tax assets递延税项资产净值147,02983,416As at 31 December于12月31日202420232024年2023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121,90059,432– to be recovered after more than 12 months－将于超过12个月后收回25,12923,984147,02983,416
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19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：19 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 follow:ImpairmentlossesTax lossesLeaseliabilitiesAccruedexpenses,unrealisedprofit onintra-groupsales andothersTotal减值亏损税项亏损租赁负债应计开支、集团间销售未变现溢利及其他总计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 2024于2024年1月1日6,76256,725194,4388,260266,185Credited/(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）4,530(16,562)46,70293,958128,628As at 31 December 2024于2024年12月31日11,29240,163241,140102,218394,813As at 1 January 2023于2023年1月1日4,61763,066185,2834,275257,241Credited/(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）2,145(6,341)9,1553,9858,944As at 31 December 2023于2023年12月31日6,76256,725194,4388,260266,185The 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. Asof 31 December 2024, the Group did not recognise deferred income taxassets of RMB145,000 (2023: RMB1,090,000) in respect of cumulative taxlosses amounting to RMB580,000 (2023: RMB4,360,000). These tax losseswill expire from 2025 to 2029.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2024年12月31日，本集团并无就累计税项亏损人民币580,000元（2023年：人民币4,360,000元）确认递延所得税资产人民币145,000元（2023年：人民币1,090,000元）。该等税项亏损将于2025年至2029年到期。
二零二四年年报ANNUAL REPORT 2024287NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注19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：19 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202420232024年2023年RMB’000RMB’000人民币千元人民币千元Right-of-use assets使用权资产231,889182,769Fair value changes of investments in financial assets金融资产投资公平值变动15,89514,419Total deferred tax liabilities递延税项负债总额247,784197,188Set off of deferred tax liabilities抵销递延税项负债(247,784)(182,769)Net deferred tax liabilities递延税项负债净额–14,419As at 31 December于12月31日202420232024年2023年RMB’000RMB’000人民币千元人民币千元Deferred income tax liabilities:递延所得税负债：– to be settled within 12 months－将于12个月内结算–2,104– to be settled after more than 12 months－将于12个月后结算–12,315–14,419
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19递延所得税（续）(b)递延税项负债（续）截至2024年及2023年12月31日止年度期间，递延所得税负债的变动如下：19 DEFERRED INCOME TAX(continued)(b) Deferred tax liabilities(continued)The movement in deferred income tax liabilities during the year ended31 December 2024 and 2023 is as follows:Right-of-useassetsFair valuechanges ofinvestments infinancial assetsTotal使用权资产金融资产投资公平值变动总计RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元As at 1 January 2024于2024年1月1日182,76914,419197,188Debited to the consolidated statement ofprofit or loss and other comprehensive income于综合损益及其他全面收益表扣除49,1201,47650,596As at 31 December 2024于2024年12月31日231,88915,895247,784As at 1 January 2023于2023年1月1日176,26415,120191,384Debited/(credited) to the consolidated statement ofprofit or loss and other comprehensive income于综合损益及其他全面收益表扣除╱（计入）6,505(701)5,804As at 31 December 2023于2023年12月31日182,76914,419197,188
二零二四年年报ANNUAL REPORT 2024289NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注20贸易应收款项20 TRADE RECEIVABLESAs at 31 December于12月31日202420232024年2023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442,605237,437– Related parties (Note 36(e))－关联方（附注36(e)）44,03391,219Subtotal小计486,638328,656Less: provision for impairment allowance (b)减：减值拨备(b)(8,915)(7,319)Total trade receivables贸易应收款项总额477,723321,337(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.(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。
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20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：20 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202420232024年2023年RMB’000RMB’000人民币千元人民币千元Within 3 months3个月以内472,557311,4853 months to 6 months3个月至6个月9,75212,523Over 6 months6个月以上4,3294,648Total总计486,638328,656(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202420232024年2023年RMB’000RMB’000人民币千元人民币千元As at 1 January于1月1日7,3197,291Provision for impairment allowance减值拨备1,59628As at 31 December于12月31日8,9157,319(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，该方法对所有贸易应收款项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。有关贸易应收款项减值以及本集团面临的信贷风险、外汇风险及利率风险的资料，请参见附注3.1。贸易应收款项的减值拨备变动如下：
二零二四年年报ANNUAL REPORT 2024291NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注20贸易应收款项（续）(c)贸易应收款项以下列货币计值：20 TRADE RECEIVABLES(continued)(c) Trade receivables are denominated in the following currencies:As at 31 December于12月31日202420232024年2023年RMB’000RMB’000人民币千元人民币千元RMB人民币221,489173,058TWD新台币75,21230,436HKD港元48,48144,124USD美元36,1914,273SGD新元25,39621,811JPY日元21,37923,060IDR印尼盾17,163–Others其他32,41224,575477,723321,337(d) Due to the short-term nature of the trade receivables, their carryingamounts are considered to be reasonable approximations of theirfair values.(d)由于贸易应收款项的短期性质，其账面值被视为与其公平值合理相若。
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21预付款项及其他应收款项21 PREPAYMENTS AND OTHER RECEIVABLESAs at 31 December于12月31日202420232024年2023年RMB’000RMB’000人民币千元人民币千元Deposits for lease (i)租赁按金(i)282,842248,841Prepayments for design fees预付设计费款项100,578118,394Prepayments for inventories预付存货款项97,21879,342Recoverable value-added tax and other taxes可收回增值税及其他税项85,74833,364Prepayments for advertising and marketing expense预付广告及市场费24,36915,632Prepayments for short-term leases andproperty management fees预付短期租赁及物业管理费款项28,66325,625Staff advances and other payments for employees雇员预付款及其他雇员付款16,70514,108Prepayment for property, plant and equipment预付物业、厂房及设备款项10,4498,465Others其他66,58551,779总计Total总计713,157595,550Less: prepayments and other receivables-non-current portion减：预付款项及其他应收款项－非流动部分Deposits for lease (i)租赁按金(i)(126,114)(119,524)Prepayment for property, plant and equipment预付物业、厂房及设备款项(10,449)(8,465)(136,563)(127,989)Prepayments and other receivables-current portion预付款项及其他应收款项－流动部分576,594467,561(i) The deposits for leases are mainly denominated in RMB, KRW, HKD,THB, GBP and USD.(i)租赁按金主要以人民币、韩元、港元、泰铢、英镑及美元计值。
二零二四年年报ANNUAL REPORT 2024293NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注21预付款项及其他应收款项（续）其他应收款项减值拨备的变动如下：21 PREPAYMENTS AND 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202420232024年2023年RMB’000RMB’000人民币千元人民币千元As at 1 January于1月1日2,8852,168Provision for impairment allowance减值拨备1,850717As at 31 December于12月31日4,7352,885For the current portion of other receivables, the carrying amounts areconsidered to be reasonable approximations of their fair values, due totheir short-term nature.由于其他应收款项流动部分的短期性质，其账面值被视为与其公平值合理相若。
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22存货22 INVENTORIESAs at 31 December于12月31日202420232024年2023年RMB’000RMB’000人民币千元人民币千元Merchandise (a)商品(a)1,556,041921,796Less: provision for impairment (b)减：减值拨备(b)(31,520)(17,088)Total总计1,524,521904,708(a) The cost of goods recognised as cost of sales amounted toapproximately RMB3,474,213,000 and RMB2,042,672,000, for theyears ended 31 December 2024 and 2023, respectively.(b) Provision for impairment was recognised for the amount by whichthe carrying amount of inventories exceeds its net realisable valueand was recorded in“cost of sales”in the consolidated statementof profit or loss and other comprehensive income. The provisionfor impairment of inventory amount to RMB14,432,000 andRMB8,016,000 for the years ended 31 December 2024 and 2023,respectively.(a)截至2024年及2023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3,474,213,000元及人民币2,042,672,000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2024年及2023年12月31日止年度，存货减值拨备分别为人民币14,432,000元及人民币8,016,000元。
二零二四年年报ANNUAL REPORT 2024295NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注23按公平值计入损益的金融资产23 FINANCIAL ASSETS AT FAIR VALUE THROUGHPROFIT OR LOSSAs at 31 December于12月31日202420232024年2023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)11,4348,415Non-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)189,222227,477– Other unlisted investments (c)－其他非上市投资(c)41,59748,133– Private equity fund investments－私募股权基金投资181,061196,159Subtotal小计411,880471,769Total总计423,314480,184
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23按公平值计入损益的金融资产（续）(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)于2024年12月31日，本集团投资于若干非上市公司。本集团因其有合约权利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，优先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。(c)本集团对该等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)按公平值计入损益的金融资产主要以人民币计值。(e)于损益确认的金额23 FINANCIAL ASSETS AT FAIR VALUE THROUGHPROFIT OR LOSS(continued)(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) As at 31 December 2024, the Group has invested in certain unlistedcompanies. The Group exercises significant influence over these associatedcompanies by virtue of its contractual right to appoint director to the boardof directors of these investees. In addition, the Group has the preferentialright pursuant to which the investees may be required to redeem the sharesheld by the Group at guaranteed predetermined amount upon certainevents which are out of control of the investees. Hence these investmentsare accounted for as debt instruments and are recognised as financial assetsmeasured at FVPL.(c) The Group does not have significant influence over these investees andthese investments are recognised as financial assets measured at FVPL.(d) The financial assets at fair value through profit or loss are mainlydenominated in RMB.(e) Amounts recognised in profit or lossYear ended 31 December截至12月31日止年度202420232024年2023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2,342(4,259)Fair value change investment in associatesmeasured at FVPL按公平值计入损益的于联营公司的投资公平值变动(38,255)(4,331)Fair value change on other unlisted investments其他非上市投资的公平值变动(6,536)2,778Fair value change on private equity fund investments私募股权基金投资的公平值变动(6,525)(4,993)Fair value change on WMPs理财产品的公平值变动25,59216,916Total总计(23,382)6,111
二零二四年年报ANNUAL REPORT 2024297NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注24现金及现金等价物24 CASH AND CASH EQUIVALENTSAs at 31 December于12月31日202420232024年2023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4,664,3774,199,104– RMB－人民币3,016,1121,345,767– THB－泰铢514,55943,546– HKD－港元482,848101,443– SGD－新元256,26354,753– JPY－日元108,88213,118– EUR－欧元105,02313,235– AUD－澳元100,80074,106– MOP－澳门币75,67638,672– KRW－韩元73,03344,432– TWD－新台币58,60724,884– GBP－英镑49,6227,534– IDR－印尼盾44,720–– Others－其他95,28720,854Less:减：Restricted cash受限制现金– pledged for letter of credits－就信用证作抵押(25,649)(18,159)Term deposits with initial terms over threemonths and within one year (i)初始期限超过三个月但于一年内的定期存款(i)(3,511,143)(3,885,362)Cash and cash equivalents现金及现金等价物6,109,0172,077,927(i) As at 31 December 2024, the balance includes the accrued interests forterm deposits with initial terms over three months and within one yearsamounting to RMB125,874,000 (as at 31 December 2023: RMB140,786,000).The effective interest rate of these term deposits ranges from 4.41%-5.25%per annum for the year ended 31 December 2024 (2023: 2.03%-5.52%).The conversion of RMB denominated balances into foreign currenciesand the remittance of such foreign currencies denominated bankbalances and cash out of Mainland China are subject to relevant rulesand regulations of foreign exchange control promulgated by thegovernment.(i)于2024年12月31日，结余包括初始期限超过三个月但于一年内的定期存款的应计利息人民币125,874,000元（2023年12月31日：人民币140,786,000元）。截至2024年12月31日止年度，该等定期存款的实际年利率为4.41%至5.25%（2023年：2.03%至5.52%）。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内地，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298NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注25股本及库存股法定：25 SHARE CAPITAL AND TREASURY SHARESAuthorised:Number ofordinary sharesNominal valueof ordinaryshares普通股数目普通股面值USD’000千美元Ordinary shares of US$0.0001 each每股普通股0.0001美元On 1 January 2023, 31 December 2023 and 31December 2024于2023年1月1日、2023年12月31日及2024年12月31日5,000,000,000500Movements in issued and fully paid ordinary shares are as follows:Number ofordinarysharesNominal valueof ordinarysharesNominal valueof ordinarysharesNumber oftreasurysharesCarrying value oftreasury shares(included in otherreserves) (Note 27)普通股数目普通股面值普通股面值库存股数目库存股账面值（计入其他储备）（附注27）USD’000RMB’000RMB’000千美元人民币千元人民币千元At 1 January 2023于2023年1月1日1,380,540,550139908(12,950,400)(186,395)Purchase of own shares (i)购买自身股份(i)–––(19,947,000)(333,709)Cancellation of repurchased shares (ii)注销购回之股份(ii)(32,297,400)(3)(23)32,297,400509,636At 31 December 2023于2023年12月31日1,348,243,150136885(600,000)(10,468)Purchase of own shares (i)购买自身股份(i)–––(4,700,000)(78,031)Cancellation of repurchased shares (ii)注销购回之股份(ii)(5,300,000)(0.5)(3)5,300,00088,499At 31 December 2024于2024年12月31日1,342,943,150135882––(i) During the year ended 31 December 2024, the Company acquired4,700,000 ordinary shares of the Company (2023: 19,947,000ordinary shares) through purchases on the open market. Thetotal amount paid to acquire the shares during the year wasHKD85,826,000 (equivalent to approximately RMB78,031,000) (2023:HKD370,688,000 (equivalent to approximately RMB333,709,000)).已发行及缴足普通股变动如下：(i)于截至2024年12月31日止年度，本公司透过公开市场购买购入4,700,000股本公司普通股（2023年：19,947,000股普通股）。年内为购入股份而支付的总金额为85,826,000港元（相当于约人民币78,031,000元）（2023年：370,688,000港元（相当于约人民币333,709,000元））。
二零二四年年报ANNUAL REPORT 2024299NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注25股本及库存股（续）截至2024年12月31日止年度，购回股份的具体情况如下：25 SHARE CAPITAL AND TREASURY SHARES(continued)Particulars of the shares repurchased during the year ended 31December 2024 are as follows:Month of Repurchase购回月份No. of SharesRepurchasePrice Paid per ShareAggregateConsideration(HKD)购回每股支付总代价（港元）股份数目Highest (HKD)Lowest (HKD)最高价（港元）最低价（港元）January1月3,890,00019.9617.0071,168,524February2月810,00018.4617.6214,657,964Total总计4,700,00085,826,488(ii) During the year ended 31 December 2024, the Company cancelled5,300,000 repurchased shares. As a result, the Company recognised adebit to share capital of USD530 (equivalent to RMB3,766), a debit toshare premium (included in other reserves) of RMB88,496,000 and acredit to treasury shares (included in other reserves) of RMB88,499,000(Note 27).During the year ended 31 December 2023, the Company cancelled32,297,000 repurchased shares. As a result, the Company recogniseda debit to share capital of USD3,000 (equivalent to approximatelyRMB23,000), a debit to share premium (included in other reserves)of RMB509,613,000 and a credit to treasury share (included in otherreserves) of RMB509,636,000 (Note 27).(ii)于截至2024年12月31日止年度，本公司注销5,300,000股购回之股份。因此，本公司确认股本支销530美元（相当于人民币3,766元）、股份溢价支销（计入其他储备）人民币88,496,000元及库存股入账（计入其他储备）人民币88,499,000元（附注27）。于截至2023年12月31日止年度，本公司注销32,297,000股购回之股份。因此，本公司确认股本支销3,000美元（相当于约人民币23,000元）、股份溢价支销（计入其他储备）人民币509,613,000元及库存股入账（计入其他储备）人民币509,636,000元（附注27）。
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）。26 SHARES HELD FOR SHARE AWARD SCHEMEAs at 31December2024As at 31December2023As at 31December2024As at 31December2023于2024年12月31日于2023年12月31日于2024年12月31日于2023年12月31日SharesSharesRMBRMB股份股份人民币元人民币元Shares held for Share Award Scheme ofUS$0.0001 each就股份奖励计划所持每股0.0001美元的股份14,781,51118,384,5769,37411,936These 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).Number ofsharesRMBDetails详情股份数量人民币元Balance at 1 January 2023于2023年1月1日的结余20,663,76213,524Shares vested under the Share Award Scheme(Note 28)根据股份奖励计划归属的股份（附注28）(2,279,186)(1,588)Balance at 31 December 2023于2023年12月31日的结余18,384,57611,936Shares vested under the Share Award Scheme(Note 28)根据股份奖励计划归属的股份（附注28）(3,603,065)(2,562)Balance at 31 December 2024于2024年12月31日的结余14,781,5119,37426就股份奖励计划持有的股份
二零二四年年报ANNUAL REPORT 2024301NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注27其他储备(a)本集团的其他储备变动27 OTHER RESERVES(a) Other reserves movement of the GroupSharepremiumCapitalreservesStatutoryreservesTranslationreservesShare-basedcompensationreservesTreasurysharesTotal股份溢价资本储备法定储备汇兑储备以股份为基础的报酬储备库存股总计RMB’000RMB’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人民币千元As at 1 January 2024于2024年1月1日11,304,842(7,383,710)78,816332,576116,392(10,468)4,438,448Currency translation difference货币换算差额–––144,344––144,344Dividends declared宣派股息(373,025)–––––(373,025)Appropriation to statutory reserves拨入法定储备––53,974–––53,974Purchase of own shares (Note 25)回购自身股份（附注25）–––––(78,031)(78,031)Cancellation of repurchased shares(Note 25)注销回购股份（附注25）(88,496)––––88,4993Share vested under the Share AwardScheme根据股份奖励计划归属的股份101,338–––(101,341)–(3)Share-based compensation expenses以股份为基础的报酬开支––––94,817–94,817Balance at 31 December 2024于2024年12月31日的结余10,944,659(7,383,710)132,790476,920109,868–4,280,527As at 1 January 2023于2023年1月1日11,844,909(7,382,159)57,727257,452101,509(186,395)4,693,043Currency translation difference货币换算差额–––75,124––75,124Dividends declared宣派股息(117,317)–––––(117,317)Acquisition of non-controlling interestson a subsidiary收购一间附属公司非控股权益–(1,551)––––(1,551)Appropriation to statutory reserves拨入法定储备––21,089–––21,089Purchase of own shares (Note 25)回购自身股份（附注25）–––––(333,709)(333,709)Cancellation of repurchased shares(Note 25)注销回购股份（附注25）(509,613)––––509,63623Share vested under the Share AwardScheme根据股份奖励计划归属的股份86,863–––(86,865)–(2)Share-based compensation expenses以股份为基础的报酬开支––––101,748–101,748Balance at 31 December 2023于2023年12月31日的结余11,304,842(7,383,710)78,816332,576116,392(10,468)4,438,448
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司302NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注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本公司于2020年7月24日采纳股份奖励计划，自采纳日期起为期10年。股份奖励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。根据股份奖励计划，Pop Mart PartnerLimited（「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（「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。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 COMPENSATIONThe Company adopted the Share Award Scheme on 24 July 2020with a duration of 10 years commencing from the adoption date. Theobjective of the Share Award Scheme is to align the interests of selectedparticipants with those of the Group and to encourage and retainselected participants to make contributions to the long-term growthand profits of the Group.Under the Share Award Scheme, Pop Mart Partner Limited (the“ShareAward Trust”) was established in British Virgin Islands on 7 May 2020.As the financial and operational policies of the Share Award Trust aregoverned by the Group, and the Group benefits from the Share AwardTrust’s activities, the Share Award Trust is consolidated in the Group’sfinancial statements as a special purpose entity.The aggregate number of restricted share unit (the“RSU”) will notexceed 10% shares without shareholders’approval subject to an annuallimited of 5% of the total number of issued shares as at the date ofadoption.
二零二四年年报ANNUAL REPORT 2024303NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注28以股份为基础的报酬（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，股份奖励计划下的股份数量已变为24,428,730股。根据股份奖励计划，本集团向选定参与者（包括本集团雇员及第三方供应商）授出受限制股份单位，并附有下文所述的各种归属时间表及条件。各受限制股份单位的归属条件一经达致，受限制股份单位将被视为按零代价正式及有效发行予选定参与者，且概无转让限制。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于授出日期后第300日以单一批次归属；•若干受限制股份单位于授出日期后第365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3年，当中35%已授出受限制股份单位于授出日期后第300日归属，50%已授出受限制股份单位于首次归属点后一年归属，余下15%已授出受限制股份单位则于第二次归属点后一年归属；28 SHARE-BASED COMPENSATION(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 AwardTrust for nil consideration in relation to the 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 Share Award Schemehave been changed to 24,428,730 after the capitalisation issue on 11December 2020.Pursuant to the Share Award Scheme, the Group has granted RSUsto selected participants which include employees of the Group andthird-party vendors with various vesting schedules and conditions asdescribed below. Once the vesting conditions of the respective RSUsare met, the RSU are considered duly and validly issued to the selectedparticipants at nil consideration, and free of restrictions on transfer.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 shall vest in a single tranche on the 300th dayfollowing the grant date;• Certain RSUs shall vest in a single tranche on the 365th dayfollowing the grant date;• Certain RSUs have vesting schedules of approximately 3 years, with35% of granted RSUs vested 300 days after the grant date, 50% ofgranted RSUs vested one year after the first vesting point, and theremaining 15% of granted RSUs vested one year after the secondvesting point;
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司304NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注28以股份为基础的报酬（续）•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；•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期等额归属；•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；•若干受限制股份单位的归属时间表约为47个月，当中50%已授出受限制股份单位于授出日期后第23个月末归属，而余下50%已授出受限制股份单位则于余下24个月归属期内分2期等额归属；•若干受限制股份单位的归属时间表为3年，当中25%已授出受限制股份单位于授出日期的首个周年日归属，50%已授出受限制股份单位于授出日期的第二个周年日归属，而余下25%已授出受限制股份单位于授出日期的第三个周年日归属；及•若干受限制股份单位的归属时间表为3年，当中25%已授出受限制股份单位于授出日期即时全面归属，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期等额归属。为评估达成归属条件的可能性，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。28 SHARE-BASED COMPENSATION(continued)• 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;• 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;• Certain RSUs have vesting schedules of 4 years, with 25% of grantedRSUs vested on every anniversary of the grant date over the vestingperiod;• Certain RSUs have vesting schedules of approximately 47 months,with 50% of granted RSUs vested by the end of the 23th monthfollowing the grant date, and the remaining 50% of granted RSUsvested in 2 equal installments over the remaining vesting period of24 months.• Certain RSUs have vesting schedules of 3 years, with 25% ofgranted RSUs vested on the first anniversary of the grant date, 50%of granted RSUs vested on the second anniversary of the grantdate, and the remaining 25% of granted RSUs vested on the thirdanniversary of the grant date; and• Certain RSUs have vesting schedules of 3 years, with 25% of grantedRSUs shall be fully vested immediately on the grant date, and theremaining 75% of granted RSUs vested in 3 equal installments overthe remaining vesting period of 36 months;Evaluations are made as of each reporting period to assess the likelihoodof vesting conditions being met. Share-based compensation expensesare then adjusted to reflect the revision of original estimates.
二零二四年年报ANNUAL REPORT 2024305NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注28以股份为基础的报酬（续）已授出受限制股份单位数目及相关公平值变动如下：28 SHARE-BASED COMPENSATION(continued)Movements in the number of RSUs granted and related fair value are asfollow:Years ended at 31 December截至12月31日止年度202420232024年2023年Average fairvalue pershareNumberof sharesAverage fairvalue pershareNumberof shares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24.6310,60943.124,343Granted授出36.0990919.218,758Vested归属28.03(3,603)38.1(2,279)Forfeited失效26.66(702)34.43(213)Ending balance as at 31 December于12月31日的年末结余24.187,21324.6310,609There were no RSUs expired during the year ended 31 December 2024and 2023.The fair value of the granted RSUs was calculated based on the marketprice of the Company’s shares at the respective grant date.As the Group will receive employment or service of these employees inexchange for the grant of RSUs, share-based compensation expensesin respect of the employee services received is to be recognised asexpenses over the vesting period. The total amount to be expensed isdetermined by the fair value of the RSUs and taking into account thenumber of RSUs that are expected to be vested. The total expensescharged to the profit and loss for RSUs granted to the Group’s employeesunder the Share Award Scheme are RMB94,817,000 during the yearended 31 December 2024 (31 December 2023: RMB101,748,000).截至2024年及2023年12月31日止年度，概无受限制股份单位已到期。已授出受限制股份单位的公平值乃根据本公司股份于各自授出日期的市价计算。由于本集团将授出受限制股份单位以换取该等雇员的雇佣或服务，有关雇员服务收取的以股份为基础的报酬开支将于归属期确认为开支。将予支销的总金额按受限制股份单位的公平值厘定，且已考虑预期将归属的受限制股份单位数目。截至2024年12月31日止年度，根据股份奖励计划就向本集团雇员授出的受限制股份单位自损益扣除的开支总额为人民币94,817,000元（2023年12月31日：人民币101,748,000元）。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司306NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注28以股份为基础的报酬（续）本集团透过股份奖励信托向若干第三方供应商授出部分受限制股份单位，作为收购资产的部分代价，且于各自授出日期随即悉数归属。上述交易入账为以股份为基础的付款交易，据此，受限制股份单位的公平值确认为收购资产的部分成本原值。截至2024年12月31日，就根据股份奖励计划向本集团第三方供应商授出的受限制股份单位确认为资产的总金额为人民币13,325,000元（2023年12月31日：人民币13,325,000元）。29贸易应付款项28 SHARE-BASED COMPENSATION(continued)The Group granted some RSUs via the Share Award Trust to certainthird-party vendors as part of consideration of purchased assets, whichhave been fully vested immediately on the respective grant date.The above transactions are accounted for as share-based paymenttransactions, under which the fair value of the RSUs are recognised aspart of the original cost of purchased assets. As of 31 December 2024,total amounts recognised as assets for RSUs granted to the Group’sthird-party vendors under the Share Award Scheme are RMB13,325,000(31 December 2023: RMB13,325,000).29 TRADE PAYABLESAs at 31 December于12月31日202420232024年2023年RMB’000RMB’000人民币千元人民币千元Merchandise payables商品应付款项1,010,109444,944The credit terms of merchandise payables granted by the suppliers areusually current to 180 days. The carrying amounts of trade payables areconsidered to be reasonable approximations of their fair values, due totheir short-term nature.At 31 December 2024 and 2023, the aging analysis of the merchandisepayables based on invoice date is as follows:As at 31 December于12月31日202420232024年2023年RMB’000RMB’000人民币千元人民币千元Within 30 days30天以内589,043224,49430 to 90 days30至90天370,583150,22690 to 180 days90至180天18,45226,907Over 180 days180天以上32,03143,317Total总计1,010,109444,944The trade payables are mainly denominated in RMB.供应商授予的商品应付款项的信贷期通常为即期至180天。由于贸易应付款项具短期性质，其账面值可被合理地视为与其公平值相若。于2024年及2023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：贸易应付款项主要以人民币计值。
二零二四年年报ANNUAL REPORT 2024307NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注30应付授权费30 LICENSE FEES PAYABLESAs at 31 December于12月31日202420232024年2023年RMB’000RMB’000人民币千元人民币千元License fees payables应付授权费356,371194,200Less: non-current portion减：非即期部分(14,536)(14,807)Current portion即期部分341,835179,393As disclosed in Note 15(a), the Group entered into various licenseagreements with artists to obtain Licensed IPs. Pursuant to the licenseagreements, fixed minimum payments are payable in tranches duringthe contracted term while variable payments that depend on salesare payable in the period in which the condition that triggers thosepayments occurs.As at 31 December于12月31日202420232024年2023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非即期– the first to second year－第一至第二年11,70310,271– the second to fifth year－第二至第五年2,3824,085– more than five years－五年以上45145114,53614,807Current即期341,835179,393The 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).如附注15(a)所披露，本集团与艺术家订立若干授权协议，以取得授权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。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308NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注31其他应付款项31 OTHER PAYABLESAs at 31 December于12月31日202420232024年2023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214,847126,769Accrued sales and marketing expenses应计销售及营销开支167,45860,045Logistics fees物流费用150,11739,211Payable for leasehold improvement应付租赁装修款项144,870142,333Other tax payables应付其他税项89,56178,696Payables for short-term and variable rental expense应付短期及可变租金开支60,65624,638Advance received from non-controlling interest inrelation to capital injection in a non-wholly ownedsubsidiary (Note 17(a)(iv))就注资一间非全资附属公司向非控股权益收取的垫款（附注17(a)(iv)）17,705–Deposits payable应付押金7,86711,979Others其他51,19331,170Total总计904,274514,841As at 31 December 2024 and 2023, the carrying amounts of otherpayables are considered to be reasonable approximations of their fairvalues, due to their short-term nature.于2024年及2023年12月31日，由于其他应付款项具短期性质，其账面值可被合理地视为与其公平值相若。
二零二四年年报ANNUAL REPORT 2024309NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注32合约负债32 CONTRACT LIABILITIESAs at 31 DecemberAs at 1 January于12月31日于1月1日2024202320232024年2023年2023年RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元Online sales线上销售102,52549,35239,731Customer loyalty programme (i)客户忠诚度计划(i)63,44426,27122,077Wholesales批发11,00030,50418,518License income授权收入11,6086,0168,471188,577112,14388,797(i) During the years ended 2024 and 2023, the majority of award pointsexpire within no more than 12 months following the initial salesoccur.(ii) The Group applied the practical expedient of not to disclosethe transaction price allocated to the unsatisfied performanceobligations as contract terms less than 12 months.(iii) The increase in contract liabilities in 2024 was mainly due to theincrease in advances received from online sales and the increaseof fair value of the consideration received allocated to customerloyalty programme, mainly as a result of the increase in revenueduring the current reporting period.Revenue and other income recognised in relation to contract liabilitiesbalance at the beginning of the year:Year ended 31 December截至12月31日止年度202420232024年2023年RMB’000RMB’000人民币千元人民币千元Credited to the consolidated statement of profitor loss and other comprehensive income计入综合损益及其他全面收益表106,34582,797(i)于2024年度及2023年度内，大多数奖励积分会于最初销售发生后的不超过12个月内到期。(ii)本集团应用实际权宜方法，不披露分配至合约期限少于12个月的未完成履约责任的交易价格。(iii) 2024年合约负债的增加，主要是由于从线上销售所收到的预收款项增加，以及分配至客户忠诚度计划的已收代价的公平值增加（主要是由于本报告期内收入增加）。就年初合约负债结余确认的收益及其他收入：
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司310NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注33工资、薪金及其他雇员福利33 WAGES, SALARIES AND OTHER EMPLOYEEBENEFITSYear ended 31 December截至12月31日止年度202420232024年2023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1,265,428861,248Contributions to pension plans (a)退休金计划供款(a)102,16185,491Share-based compensation expenses (Note 28)以股份为基础的报酬开支（附注28）94,817101,7481,462,4061,048,487(a) Contributions to pension plansEmployees of the Group companies in Mainland China 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.Refer to Note 39(i)(ii) for the Group’s contribution to pension plans invarious countries and regions other than Mainland China.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.(a)退休金计划供款本集团中国内地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。关于本集团对中国内地以外的各个国家和地区的退休金计划供款，请参阅附注39(i)(ii)。除上文所披露作界定供款者外，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。
二零二四年年报ANNUAL REPORT 2024311NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注33工资、薪金及其他雇员福利（续）(b)五名最高酬金人士截至2024年12月31日止年度，本集团酬金最高的五名人士中包括两名董事（2023年：一名），其酬金反映在附注38所示分析中。截至2024年12月31日止年度，应付予其余三名（2023年：四名）人士的酬金如下：33 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 2024 included 2 directors (2023: 1director) whose emoluments is reflected in the analysis shown in Note38. The emoluments payables to the remaining 3 (2023: 4) individualsduring the year ended 31 December 2024 are as follows:Year ended 31 December截至12月31日止年度202420232024年2023年RMB’000RMB’000人民币千元人民币千元Salaries and allowances工资及津贴5,9415,376Bonuses花红1,9411,332Contributions to pension plans退休金计划供款199255Share-based compensation expenses以股份为基础的报酬开支13,73124,99121,81231,954The emoluments fell within the following bands:Year ended 31 December截至12月31日止年度202420232024年2023年Emolument bands (in HKD)酬金范围（以港元计）HKD5,500,001 to HKD6,000,0005,500,001港元至6,000,000港元1–HKD6,500,001 to HKD7,000,0006,500,001港元至7,000,000港元–1HKD7,500,001 to HKD8,000,0007,500,001港元至8,000,000港元1–HKD8,500,001 to HKD9,000,0008,500,001港元至9,000,000港元–1HKD9,000,001 to HKD9,500,0009,000,001港元至9,500,000港元–1HKD9,500,001 to HKD10,000,0009,500,001港元至10,000,000港元––HKD10,000,001 to HKD10,500,00010,000,001港元至10,500,000港元11酬金属于以下范围：
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司312NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注34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：34 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202420232024年2023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4,365,8121,415,755Adjustments for:就以下各项作出调整：Changes in fair value of financial assets at FVPL(Note 23)按公平值计入损益的金融资产的公平值变动（附注23）23,382(6,111)Share-based compensation expenses (Note 33)以股份为基础的报酬开支（附注33）94,817101,748Share of results of joint ventures and associates(Note 18)分占合营企业及联营公司（附注18）(48,188)(33,229)Depreciation of property, plant and equipment(Note 14)物业、厂房及设备折旧（附注14）286,481233,291Amortisation of intangible assets (Note 15)无形资产摊销（附注15）124,02486,884Losses on disposal of leasehold improvement andother equipments (Note 9)处置租赁装修及其他设备的亏损（附注9）6552,540Depreciation of right-of-use assets (Note 16)使用权资产折旧（附注16）452,318348,390Provision for impairment on financial assets金融资产减值拨备3,446745Impairment losses on inventory (Note 22)存货减值亏损（附注22）14,4328,016Finance income, net (Note 10)财务收入净额（附注10）(163,352)(151,880)Foreign exchange gains or loss (Note 9)外汇损益（附注9）16,053(1,501)Changes in working capital:营运资金变动：Inventories存货(634,245)(29,546)Trade receivables贸易应收款项(157,982)(122,727)Prepayments and other receivables预付款项及其他应收款项(118,182)(20,058)Trade payables and license fees payables贸易应付款项及应付授权费715,141167,441Other payables其他应付款项364,407120,104Contract liabilities合约负债76,43423,346Cash generated from operations经营活动产生的现金5,415,4532,143,208
二零二四年年报ANNUAL REPORT 2024313NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注34综合现金流量表附注（续）(b)处置物业、厂房及设备及无形资产所得款项：34 NOTES TO THE CONSOLIDATED STATEMENTOF CASH FLOWS(continued)(b) Proceeds from disposal of property, plant and equipmentand intangible assets:Year ended 31 December截至12月31日止年度202420232024年2023年RMB’000RMB’000人民币千元人民币千元Net book amount (Note 14 and Note 15)账面净值（附注14及附注15）6,0793,406Losses on disposal of leasehold improvement andother equipments (Note 9)处置租赁装修及其他设备的亏损（附注9）(655)(2,540)5,424866(c)Net cash reconciliationAs at 31 December截至12月31日止年度202420232024年2023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6,109,0172,077,927Liquid investments流动性投资11,4348,415Lease liabilities – due within 1 year租赁负债－一年以内到期(363,092)(351,799)Lease liabilities – due after 1 year租赁负债－一年后到期(601,469)(425,954)Borrowing借款–(15,058)Net cash现金净额5,155,8901,293,531(c)现金净额对账
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司314NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注34综合现金流量表附注（续）(c)现金净额对账（续）34 NOTES TO THE CONSOLIDATED STATEMENTOF CASH FLOWS(continued)(c)Net cash reconciliation(Continued)Cash and cashequivalentsLiquidinvestmentsLeaseliabilitiesDividendsBorrowing (i)Net cash现金及现金等价物流动性投资租赁负债股息借款(i)现金净额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Net cash as at 1 January 2024于2024年1月1日的现金净额2,077,9278,415(777,753)–(15,058)1,293,531Cash flows现金流量4,004,674–505,104378,01515,0584,902,851Addition添置––(695,021)(373,025)–(1,068,046)Interests accrued for leases liabilities租赁负债之应计利息––(42,628)––(42,628)Foreign exchange adjustments外汇调整26,416677–(4,990)–22,103Other non-cash movement其他非现金变动–2,34245,737––48,079Net cash as at 31 December 2024于2024年12月31日的现金净额6,109,01711,434(964,561)––5,155,890Net cash as at 1 January 2023于2023年1月1日的现金净额685,31412,829(741,131)––(42,988)Cash flows现金流量1,382,979(546)384,999121,609–1,889,041Addition添置––(386,216)(117,317)–(503,533)Interests accrued for leases liabilities租赁负债之应计利息––(35,405)––(35,405)Acquisition of a subsidiary收购附属公司––––(14,514)(14,514)Foreign exchange adjustments外汇调整9,634391–(4,292)(544)5,189Other non-cash movement其他非现金变动–(4,259)–––(4,259)Net cash as at 31 December 2023于2023年12月31日的现金净额2,077,9278,415(777,753)–(15,058)1,293,531(i)As at 31 December 2023, the outstanding short-term borrowing whicharose from acquisition of a subsidiary represented an amount of JPY300,000,000 (equivalent to RMB15,058,000) at a fixed interest rate of1.475%. The borrowing was unsecured and due in one year which hadbeen fully repaid during the year ended 31 December 2024.(i)于2023年12月31日，因收购附属公司而产生的未偿还短期借款金额为300,000,000日元（相当于人民币15,058,000元），按固定利率1.475%计息。该借款为无抵押且于一年内到期并已于截至2024年12月31日止年度悉数偿还。
二零二四年年报ANNUAL REPORT 2024315NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注35承诺(a)资本承诺35 COMMITMENTS(a) Capital commitmentsAs at 31 December截至12月31日止年度202420232024年2023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– Acquiring investments measured at fair valuethrough profit or loss－收购按公平值计入损益计量的投资41,00041,000– Property, plant and equipment－物业、厂房及设备1,301–42,30141,00036 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 of theGroup’s business and were determined based on mutually agreed termsduring the relevant periods.36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。下列交易乃于本集团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。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司316NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注36关联方交易（续）36 RELATED PARTY TRANSACTIONS(continued)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Singapore PopJoint ventureSingapore Pop合营企业How2work LimitedAssociateHow2work Limited联营企业DanniAssociateDanni联营企业Hainan Souteji Trading Co., Ltd.Associate海南搜特吉商贸有限公司联营企业Shenzhen Maoyu Xinghe Cultural Creativity Co., Ltd.Associate深圳市猫宇星河文化创意有限公司联营企业Shanghai Qixing Network Technology Co., Ltd.Associate上海骑形网络科技有限公司联营企业
二零二四年年报ANNUAL REPORT 2024317NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注36关联方交易（续）与关联方进行的重大交易：(a)销售商品予36 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202420232024年2023年RMB’000RMB’000人民币千元人民币千元Joint ventures合营企业227,541266,470An associate联营企业25,77420,449Total总计253,315286,919(b) Purchase of goods fromYear ended 31 December截至12月31日止年度202420232024年2023年RMB’000RMB’000人民币千元人民币千元Associates联营企业1,425,157414,775(c) Purchase of service fromYear ended 31 December截至12月31日止年度202420232024年2023年RMB’000RMB’000人民币千元人民币千元Associates联营企业38,6606,884(b)购买商品自(c)获得服务自
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司318NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注36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36 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202420232024年2023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10,2207,865Bonus花红2,1411,250Contributions relating to social insurance, housingfund and retirement scheme社保、住房公积金及退休计划相关供款332384Share-based compensation expenses以股份为基础的报酬开支10,03518,77622,72828,275The amounts disclosed above include wages, salaries and bonusespayable of RMB2,988,000 (2023: RMB1,930,000) which were unpaidas at year end and are included in other payables and accruals.上述所披露金额包括于年末未支付的应付工资、薪金及花红人民币2,988,000元（2023年：人民币1,930,000元），并计入其他应付款项及应计费用。
二零二四年年报ANNUAL REPORT 2024319NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注36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：36 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日止年度202420232024年2023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44,02485,175Associates联营公司96,044Other receivables其他应收款项A joint venture一家合营企业6294,318Prepayments预付款项Associates联营公司19613,125Trade payables贸易应付款项Associates联营公司327,029105,433License fees payables应付授权费Associates联营公司14,7128,142Except for trade receivables/payables with related parties whichare with credit terms of 30-180 days, all the balances with relatedparties are unsecured, interest free and have no fixed terms ofrepayment.除与关联方的贸易应收╱应付款项的信贷期为30-180天外，所有与关联方的结余均为无抵押、免息且无固定还款期。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司320NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注37本公司的资产负债表及其他储备变动本公司资产负债表37 BALANCE SHEET AND OTHER RESERVEMOVEMENT OF THE COMPANYBalance sheet of the CompanyAs at 31December 2024As at 31December 2023于2024年12月31日于2023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21,13322,446Investments in subsidiaries于附属公司的投资8,249,1797,876,556Total non-current assets总非流动资产8,270,3127,899,002Current 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11,4348,415Other receivables其他应收款项23,882192,360Term deposits with initial term over three months andwithin one year初步为期三个月以上及一年以内的定期存款3,314,0623,885,362Cash and cash equivalents现金及现金等价物666,291150,110Total current assets总流动资产4,015,6694,236,247Total assets总资产12,285,98112,135,249Equity权益Share capital股本882885Other reserves (a)其他储备(a)11,748,46211,745,473Retained earnings保留盈利423,274219,161Total equity总权益12,172,61811,965,519Liabilities负债Current liabilities流动负债Other payables其他应付款项113,363169,730Total current liabilities总流动负债113,363169,730Total liabilities总负债113,363169,730Total equity and liabilities总权益及负债12,285,98112,135,249The balance sheet of the Company was approved by the Board ofDirectors on 26 March 2025 and was signed on its behalf:王宁先生司德先生Mr. Wang NingMr. Si De本公司资产负债表已获董事会于2025年3月26日批准并由下列董事代表董事会签署：
二零二四年年报ANNUAL REPORT 2024321NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注37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37 BALANCE SHEET AND OTHER RESERVEMOVEMENT OF THE COMPANY(continued)Note (a) Other reserve movement of the CompanyTreasurysharesSharepremiumTranslationreservesShare-basedcompensationreservesTotal库存股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’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 2024于2024年1月1日(10,468)11,301,143338,406116,39211,745,473Currency translation difference货币换算差额––363,999–363,999Dividends declared宣派股息–(377,796)––(377,796)Purchase of own shares回购自身股份(78,031)–––(78,031)Cancellation of shares注销股份88,499(88,496)––3Share vested under the Share AwardScheme根据股份奖励计划归属之股份–101,338–(101,341)(3)Share-based compensationexpenses以股份为基础的报酬开支–––94,81794,817Balance at 31 December 2024于2024年12月31日的结余–10,936,189702,405109,86811,748,462As at 1 January 2023于2023年1月1日(186,395)11,842,888140,317101,50911,898,319Currency translation difference货币换算差额––198,089–198,089Dividends declared宣派股息–(118,995)––(118,995)Purchase of own shares回购自身股份(333,709)–––(333,709)Cancellation of shares注销股份509,636(509,613)––23Share vested under the Share AwardScheme根据股份奖励计划归属之股份–86,863–(86,865)(2)Share-based compensationexpenses以股份为基础的报酬开支–––101,748101,748Balance at 31 December 2023于2023年12月31日的结余(10,468)11,301,143338,406116,39211,745,473
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司322NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注38董事福利及权益(a)董事酬金38 BENEFITS AND INTERESTS OF DIRECTORS(a) Directors’remunerationDirector’s feeSalaries andallowancesBonusEmployer’scontributionto a retirementbenefit schemeShare-basedcompensationexpensesTotal董事袍金工资及津贴花红雇主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 during theyear ended 31 December 2024is as follows:截至2024年12月31日止年度的董事酬金如下：Directors董事Mr. Wang Ning王宁先生–2,81645066–3,332Mr. Si De司德先生–2,155622662,2785,121Ms. Liu Ran刘冉女士–1,2257066–1,361Mr. Moon Duk Il (i)文德一先生(i)–2,318520664,6547,558Ms. Yang Tao (ii)杨涛女士(ii)–320–18–338Mr. Tu Zheng屠铮先生––––––Mr. He Yu何愚先生––––––Mr. Wu Liansheng吴联生先生137––––137Mr. Zhang Jianjun张建君先生137––––137Mr. Ngan King Leung Gary颜劲良先生137––––137
二零二四年年报ANNUAL REPORT 2024323NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注38董事福利及权益（续）(a)董事酬金（续）38 BENEFITS AND INTERESTS OF DIRECTORS(continued)(a) Directors’remuneration(continued)Director’s feeSalaries andallowancesBonusEmployer’scontributionto a retirementbenefit schemeShare-basedcompensationexpensesTotal董事袍金工资及津贴花红雇主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’remunerationduring the year ended31 December 2023 is asfollows:截至2023年12月31日止年度的董事酬金如下：Directors董事Mr. Wang Ning王宁先生–1,88115063–2,094Mr. Si De司德先生–1,881300635,7828,026Ms. Liu Ran刘冉女士–1,28110063–1,444Ms. Yang Tao (ii)杨涛女士(ii)–1,28320068–1,551Mr. Tu Zheng屠铮先生––––––Mr. He Yu何愚先生––––––Mr. Wu Liansheng吴联生先生136––––136Mr. Zhang Jianjun张建君先生136––––136Mr. Ngan King Leung Gary颜劲良先生136––––136(i) Mr. Moon Duk Il was appointed as an executive director of theCompany on 20 March 2024.(ii) Ms. Yang Tao resigned as an executive director of the Company on20 March 2024.(i)文德一先生于2024年3月20日获委任为本公司执行董事。(ii)杨涛女士于2024年3月20日辞任本公司执行董事。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司324NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注38董事福利及权益（续）(b)截至2024及2023年12月31日止年度，非执行董事并无收取任何酬金。截至2024年及2023年12月31日止年度，概无其他董事放弃或同意放弃任何酬金。(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)董事离职补偿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年内，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）。38 BENEFITS AND INTERESTS OF DIRECTORS(continued)(b)The non-executive Directors have not received any emoluments for theyears ended 31 December 2024 and 2023. None of the other Directorswaived or have agreed to waive any emoluments during the yearsended 31 December 2024 and 2023.(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 year.(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.
二零二四年年报ANNUAL REPORT 2024325NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注39其他会计政策概要本附注载列编制该等综合财务报表时所采用的其他可能重要的会计政策。除非另有说明，该等政策始终适用于呈列的全部年份。(a)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。39 SUMMARY OF OTHER ACCOUNTING POLICIESThis note provides a list of other potentially material accounting policiesadopted in the preparation of these consolidated financial statements.These policies have been consistently applied to all the years presented,unless otherwise stated.(a) 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 remaininglease 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.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司326NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注39其他会计政策概要（续）(a)物业、厂房及设备（续）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（亏损）╱收益－净额」内确认。在建工程指正在建设或有待安装的楼宇、厂房及机械，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。(b)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。附属公司的业绩由本集团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。(c)分部报告经营分部的呈报方式与提供予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。39 SUMMARY OF OTHER ACCOUNTING POLICIES(continued)(a) Property, plant and equipment(continued)Gains and losses on disposals are determined by comparing theproceeds with the carrying amount and are recognised within“other(losses)/gains – net”in the consolidated statement of profit or loss andother comprehensive income.Construction-in-progress represents buildings, plant and 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.(b) 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.(c) Segment reportingOperating segments are reported in a manner consistent with theinternal reporting provided to the CODM. The CODM, who is responsiblefor allocating resources and assessing performance of the operatingsegments, has been identified as executive directors of the Group.
二零二四年年报ANNUAL REPORT 2024327NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注39其他会计政策概要（续）(d)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。(e)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。(f)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。(g)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。有关金额乃无抵押且呈列为流动负债，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。39 SUMMARY OF OTHER ACCOUNTING POLICIES(continued)(d) Offsetting 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.(e) Cash and cash equivalentsIn the consolidated statement of cash flows, cash and cash equivalentsincludes cash in hand, deposits held at call with banks and othershort-term highly liquid investments with original maturities of threemonths or less.(f) Share 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.(g) Trade payablesThese amounts represent liabilities for goods and services providedto the Group prior to the end of financial year which are unpaid. Theamounts are unsecured and 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328NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注39其他会计政策概要（续）(h)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。(i)雇员福利(i)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。(ii)退休金责任本集团按月向中国相关省市政府所组织的退休金计划供款。市政府承诺承担该等计划下所有现有及未来退休职工的退休福利责任，而本集团除作出供款外并无进一步承担退休后福利的责任。本集团于香港根据强制性公积金（「强基金」）计划条例向计划供款，有关资产一般以独立形式由受托人管理的基金持有。退休金计划一般由雇员及本集团所作供款提供资金。本集团向该等定额供款计划所作的供款于产生时支销，而雇员因在取得全数供款前退出计划而被没收的供款将不会用作扣减该等供款。本集团毋须承担雇员合约的任何其他退休后福利责任。39 SUMMARY OF OTHER ACCOUNTING POLICIES(continued)(h) License 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.(i) Employee benefits(i) 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.(ii) Pension obligationsThe Group contributes on a monthly basis to various definedcontribution retirement benefit plans organised by relevantmunicipal and provincial governments in the PRC. The municipalgovernments undertake to assume the retirement benefitobligations of all existing and future retired employees under theseplans and the Group has no further obligation for post-retirementbenefits beyond the contributions made.In Hong Kong, the Group makes contributions to the scheme underthe Mandatory Provident Fund Schemes (“MPF”) Ordinance, theassets of which are generally held in separate trustee-administratedfunds. The pension plans are generally funded by payments fromemployees and by the Group. The Group’s contributions to thesedefined contribution plans are expensed as incurred and notreduced by contributions forfeited by those employees who leavethe plans prior to vesting fully in the contributions. The Group hasno other post-employment obligations under the employmentcontracts.
二零二四年年报ANNUAL REPORT 2024329NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注39其他会计政策概要（续）(i)雇员福利（续）(ii)退休金责任（续）本集团按月向中国内地以外多个国家及地区的相关政府部门组织的多项界定供款计划供款。本集团有关该等计划的负债以各期期末的应付供款为限。该等计划的供款于产生时支销。2022年6月17日颁布取消使用雇主对强积金及职业退休计划条例（「职业退休计划条例」）的「强制性」供款所产生的累计权益，以抵销自过渡日期（不迟于2025年）累积的长期服务金（「长期服务金」）及遣散费（「修订」）的规定。由于长期服务金为定额福利计划，修订变更雇主的法律责任，根据国际会计准则第19条被视为一项计划修订。由于本集团仅有少量雇员属于修订内范围，本集团认为修订将对本集团的财务状况及业绩影响甚微。(j)借款借款初步按公平值并扣除产生的交易成本确认。借款其后按摊销成本计量；所得款项（扣除交易成本）与赎回价值的任何差额于借款期间内采用实际利率法于收益表确认。当合约中规定的责任解除、取消或届满时，借款自资产负债表中剔除。已消除或转让予另一方的金融负债的账面值与已付代价（包括任何已转让的非现金资产或所承担的负债）之间的差额，于收益表中确认为其他收入或融资成本。除非本集团有无条件权利将负债的结算递延至报告期间后最少12个月，否则借款分类为流动负债。39 SUMMARY OF OTHER ACCOUNTING POLICIES(continued)(i) Employee benefits(continued)(ii) Pension obligations(continued)The Group contributes on a monthly basis to various definedcontribution plans organised by the relevant governmentalauthorities in various countries and regions other than MainlandChina. The Group’s liability in respect of these plans is limited to thecontributions payable at the end of each period. Contributions tothese plans are expensed as incurred.The abolition of the use of the accrued benefits derived fromemployers’“mandatory”contributions to MPF and the OccupationalRetirement Schemes (“ORSO”) to offset the long service payment(“LSP”) and severance payment (the“Amendment”) accruedfrom the transition date (no later than 2025) was enacted on 17June 2022. As the LSP is a defined benefit plan, the Amendmentchanges the employer’s legal obligation which is considered asa plan amendment under IAS 19. As the Group only has very fewemployees who are in the scope of the Amendment, the Group isof the view that the Amendment will have immaterial impact to theGroup’s financial position and performance.(j) BorrowingsBorrowings are initially recognised at fair value, net of transaction costsincurred. Borrowings are subsequently measured at amortised cost;any difference between the proceeds (net of transaction costs) and theredemption value is recognised in the income statement over the periodof the borrowings using the effective interest method.Borrowings are removed from the balance sheet when the obligationspecified in the contract is discharged, cancelled or expired. Thedifference between the carrying amount of a financial liability that hasbeen extinguished or transferred to another party and the considerationpaid, including any non-cash assets transferred or liabilities assumed, isrecognised in the income statement as other income or finance costs.Borrowings are classified as current liabilities unless the Group has anunconditional right to defer settlement of the liability for at least 12months after the reporting period.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司330NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注39其他会计政策概要（续）(k)借款成本可直接归属于购置、兴建或生产合资格资产（需经较长时间方能达至拟定用途或出售状态）的一般及特定借款成本，计入该等资产的成本，直至资产大致达至其拟定用途或出售状态为止。所有其他借款成本于其产生期间在综合损益及其他全面收益表确认。(l)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（亏损）╱收益－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（请参阅上文附注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）。(m)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。39 SUMMARY OF OTHER ACCOUNTING POLICIES(continued)(k) Borrowing costsGeneral and specific borrowing costs directly attributable to theacquisition, construction or production of qualifying assets, which areassets that necessarily take a substantial period of time to get ready fortheir intended use or sale, are added to the cost of those assets, untilsuch time as the assets are substantially ready for their intended use orsale.All other borrowing costs are recognised in the consolidated statementof profit or loss and other comprehensive income in the period in whichthey are incurred.(l) Interest incomeInterest income from financial assets at FVPL is included in the“other(losses)/gains – net”.Interest income is presented as finance income where it is earned fromfinancial assets that are held for cash management purposes, see Note 9above. 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).(m) DividendsProvision 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.
二零二四年年报ANNUAL REPORT 2024331NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注39其他会计政策概要（续）(n)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。39 SUMMARY OF OTHER ACCOUNTING POLICIES(continued)(n) Earnings 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.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司332NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注39其他会计政策概要（续）(o)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。39 SUMMARY OF OTHER ACCOUNTING POLICIES(continued)(o) Business combinationsThe acquisition method of accounting is used to account for businesscombinations not under common control, regardless of whether equityinstruments or other assets are acquired. The consideration transferredfor the acquisition of a subsidiary comprises the:• fair values of the assets transferred• liabilities incurred to the former owners of the acquired business• 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 subsidiaryIdentifiable 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 acquired entityon an acquisition-by-acquisition basis either at fair value or at thenon–controlling interest’s proportionate share of the acquired entity’snet identifiable assets.Acquisition-related costs are expensed as incurred.
二零二四年年报ANNUAL REPORT 2024333NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注39其他会计政策概要（续）(o)业务合并（续）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。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。39 SUMMARY OF OTHER ACCOUNTING POLICIES(continued)(o) Business combinations(continued)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 the netidentifiable assets of the business acquired, the difference is recogniseddirectly 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 similar borrowingcould be obtained from an independent financier under comparableterms and conditions. Contingent consideration is classified either asequity or a financial liability. Amounts classified as a financial liabilityare subsequently remeasured to fair value with changes in fair valuerecognised in profit or loss.If the business combination is achieved in stages, the acquisition datecarrying value of the acquirer’s previously held equity interest in theacquiree is remeasured to fair value at the acquisition date. Any gains orlosses arising from such remeasurement are recognised in profit or loss.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司334NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注39其他会计政策概要（续）(p)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，并计入综合损益及其他全面收益表的其他收入内。(q)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。39 SUMMARY OF OTHER ACCOUNTING POLICIES(continued)(p) License fees incomeThe Group licenses characters to third parties on relevant products for aperiod. The income is recognised ratably in the contractual period andincluded in other income in the consolidated statement of profit or lossand other comprehensive income.(q) Government 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 costs are deferred and recognised inthe consolidated statement of profit or loss and other comprehensiveincome as other income over the period necessary to match them withthe costs that they are intended to compensate.
二零二四年年报ANNUAL REPORT 2024335DEFINITION释义“Articles of Association”the articles of association of the Company「组织章程细则」本公司组织章程细则“Audit Committee”the audit committee of the Board「审核委员会」董事会审核委员会“Board”the board of Directors「董事会」董事会“Company”,“we”,“Pop Mart”Pop Mart International Group Limited (泡泡玛特国际集团有限公司), an exempted companyincorporated in the Cayman Islands on 9 May 2019 with limited liability, with its Shares initiallylisted on the Main Board of the Stock Exchange on 11 December 2020 (stock code: 9992)「本公司」、「我们」、「泡泡玛特」泡泡玛特国际集团有限公司，一家于2019年5月9日根据开曼群岛法律注册成立的获豁免有限公司，其股份于2020年12月11日首次在联交所主板上市（股份代号：9992）“Director(s)”the director(s) of the Company「董事」本公司董事“Group”the Company, its subsidiaries and consolidated affiliated entities from time to time「本集团」本公司及其不时的附属公司及综合联属实体“HKD”or“HK$”Hong Kong dollars, the lawful currency of Hong Kong「港元」香港的法定货币港元“Hong Kong”the Hong Kong Special Administrative Region of the People’s Republic of China「香港」中华人民共和国香港特别行政区“Latest Practicable Date”16 April 2025「最后实际可行日期」2025年4月16日“Listing Rules”the Rules Governing the Listing of Securities on the Stock Exchange, as amended from time totime「上市规则」香港联合交易所有限公司证券上市规则（经不时修订）“Mainland China”the People’s Republic of China, and for the purpose of this report, excluding Hong Kong,Macau and Taiwan regions「中国内地」中华人民共和国，就本报告而言，不包括香港、澳门及台湾地区“Memorandum and Articles”the memorandum and articles of association of the Company「大纲及细则」本公司组织章程大纲及细则“Nomination Committee”the nomination committee of the Board「提名委员会」董事会提名委员会“Post-IPO Share Award Scheme”the Post-IPO Share Award Scheme conditionally adopted by the Company on 24 July 2020 andamended on 17 May 2023「首次公开发售后股份奖励计划」本公司于2020年7月24日有条件采纳及于2023年5月17日修订的首次公开发售后股份奖励计划
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司336DEFINITION释义“Prospectus”the prospectus of the Company dated 1 December 2020「招股章程」本公司日期为2020年12月1日的招股章程“Remuneration Committee”the remuneration committee of the Board「薪酬委员会」董事会薪酬委员会“Reporting Period”for the year ended 31 December 2024「报告期」截至2024年12月31日止年度“RMB”or“Renminbi”Renminbi, the lawful currency of China「人民币」中国法定货币人民币“Scheme Limit”the limit on grant(s) of share option(s) and/or award(s) over new Shares under all shareschemes of the Company approved by Shareholders「计划限额」根据经股东批准的本公司所有股份计划授出涉及新股份的购股权及╱或奖励的限额“Service Provider Sublimit”a sublimit under the Scheme Limit for share options and/or awards over new shares of theCompany under all share schemes adopted by the Company granted to the Service Providers「服务提供者分项限额」根据本公司采纳的所有股份计划项下涉及本公司新股份的购股权及╱或奖励的计划限额而授予服务提供者的分项限额“SFO”the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amendedfrom time to time「《证券及期货条例》」香港法例第571章《证券及期货条例》，经不时修订“Share(s)”ordinary share(s) of nominal value of US$0.0001 each in the capital of the Company「股份」本公司股本中每股面值0.0001美元的普通股“Shareholder(s)”shareholder(s) of the Company「股东」本公司股东“Stock Exchange”The Stock Exchange of Hong Kong Limited「联交所」香港联合交易所有限公司“Trustee”Trident Trust Company (HK) Limited, which was appointed as the trustee of the Post-IPO ShareAward Scheme on 24 July 2020「受托人」恒泰信托（香港）有限公司，于2020年7月24日获委任为首次公开发售后股份奖励计划的受托人“USD”or“US$”U.S. dollars, the lawful currency of the United States「美元」美国的法定货币美元“%”percent「%」百分比
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 :