泡泡玛特2020年简体中文版年报

泡泡玛特2020年简体中文版年报
二零二零年年报ANNUAL REPORT 202012Corporate 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29Biographies of Directors and Senior Management董事及高级管理层履历36Report of Directors董事会报告74Corporate Governance Report企业管治报告942020 Environmental, Social and Governance Report2020年环境、社会及管治报告128Independent Auditor’s Report独立核数师报告136Consolidated Statement of Profit or Loss andOther Comprehensive Income综合损益及其他全面收益表138Consolidated Balance Sheet综合资产负债表141Consolidated Statement of Changes in Equity综合权益变动表143Consolidated Statement of Cash Flows综合现金流量表145Notes to the Consolidated Financial Statements综合财务报表附注Contents目录
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司2Corporate InformatIon公司资料董事会执行董事王宁先生（董事会主席）杨涛女士刘冉女士司德先生非执行董事屠铮先生何愚先生独立非执行董事张建君先生吴联生先生颜劲良先生薪酬委员会张建君先生（主席）吴联生先生王宁先生提名委员会王宁先生（主席）张建君先生吴联生先生审核委员会吴联生先生（主席）屠铮先生颜劲良先生联席公司秘书李鸿轩先生李菁怡女士授权代表王宁先生李菁怡女士BOARD OF DIRECTORSExecutive DirectorsMr. Wang Ning(Chairman of the Board)Ms. Yang TaoMs. Liu RanMr. Si DeNon-Executive DirectorsMr. Tu ZhengMr. He YuIndependent Non-Executive DirectorsMr. Zhang JianjunMr. Wu LianshengMr. Ngan King Leung GaryREMUNERATION COMMITTEEMr. Zhang Jianjun(Chairman)Mr. Wu LianshengMr. Wang NingNOMINATION COMMITTEEMr. Wang Ning(Chairman)Mr. Zhang JianjunMr. Wu LianshengAUDIT COMMITTEEMr. Wu Liansheng(Chairman)Mr. Tu ZhengMr. Ngan King Leung GaryJOINT COMPANY SECRETARIESMr. Li HongxuanMs. Li Ching YiAUTHORISED REPRESENTATIVESMr. Wang NingMs. Li Ching Yi
二零二零年年报ANNUAL REPORT 20203Corporate InformatIon公司资料总部及中国主要营业地点中国北京市朝阳区大望京科技商务园区宏泰东街浦项中心A座36及37楼香港主要营业地点香港德辅道中188号金龙中心14楼股份过户登记总处Maples Fund Services (Cayman) LimitedPO Box 1093Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands香港股份过户登记处香港中央证券登记有限公司香港湾仔皇后大道东183号合和中心17楼1712-1716号舖合规顾问国泰君安融资有限公司香港皇后大道中181号新纪元广场低座27楼HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN THE PRCFloor 36 & 37, Block A, Puxiang CenterHongtai East StreetDawangjing Technology Business ParkChaoyang District, BeijingPRCPRINCIPAL PLACE OF BUSINESS IN HONG KONG14/F, Golden Centre188 Des Voeux Road CentralHong KongPRINCIPAL SHARE REGISTRARMaples Fund Services (Cayman) LimitedPO Box 1093Boundary HallCricket SquareGrand Cayman KY1-1102Cayman IslandsHONG KONG SHARE REGISTRARComputershare Hong Kong Investor Services LimitedShops 1712-171617th Floor Hopewell Centre183 Queen’s Road EastWanchaiHong KongCOMPLIANCE ADVISERGuotai Junan Capital Limited27/F, Low Block, Grand Millennium Plaza181 Queen’s Road CentralHong Kong
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司4Corporate InformatIon公司资料主要往来银行中国工商银行股份有限公司（珠市口支行）北京市崇文区珠市口东大街15号交通银行股份有限公司（望京支行）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）北京市朝阳区广顺北大街南湖东园一区122号楼博泰国际B座公司网站www.popmart.com法律顾问有关香港法律达维律师事务所香港中环遮打道3A号香港会所大厦18楼有关中国法律竞天公诚律师事务所中国上海市徐汇区淮海中路1010号嘉华中心45层邮政编码：200031有关开曼群岛法律迈普达律师事务所（香港）有限法律责任合伙香港湾仔港湾道18号中环广场26楼PRINCIPAL BANKSIndustrial and Commercial Bank of China Limited(Zhu Shi Kou Branch)No.15, East Street, ZhushikouChongwen District, BeijingBank of Communications Co., Ltd.(Wang Jing Branch)Wangjing International Commerce CenterNo. 9, Wangjing Street, Chaoyang District, BeijingChina Minsheng Banking Corp., Ltd.(Wang Jing Branch)Botai International, Block B, Building 122District 1, Nanhu East Part, Guangshun North StreetChaoyang District, BeijingCOMPANY WEBSITEwww.popmart.comLEGAL ADVISERSAs to Hong Kong lawsDavis Polk & Wardwell18th Floor, The Hong Kong Club Building3A Chater RoadCentralHong KongAs to PRC lawJingtian & Gongcheng45/F, K. Wah Centre1010 Huaihai Road (M)Xuhui DistrictShanghai 200031PRCAs to Cayman Islands lawsMaples and Calder (Hong Kong) LLP26th Floor, Central Plaza18 Harbour RoadWanchai, Hong Kong
二零二零年年报ANNUAL REPORT 20205Corporate InformatIon公司资料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9992AUDITORPricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor22/F, Prince’s BuildingCentral, Hong KongSTOCK CODE9992
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司6Financial Summary财务概要简明综合全面收益表CONDENSED CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOMEFor the year ended 31 December截至12月31日止年度20202019201820172020年2019年2018年2017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收益2,513,4711,683,434514,511158,074Gross profit毛利1,594,1081,090,334298,02575,254Operating profit经营溢利718,783598,794133,6144,379Profit before income tax除所得税前溢利707,403598,375132,2602,273Profit for the year年内溢利523,312451,11899,5211,569Profit attributable to equityowners of the Company本公司权益持有人应占溢利523,505451,11899,5211,569Profit after extraordinary items扣非后溢利590,506469,123100,3031,671Gross profit margin毛利率63.4%64.8%57.9%47.6%Net profit margin纯利率20.8%26.8%19.3%1.0%Net profit margin afterextraordinary items扣非后纯利率23.5%27.9%19.5%1.1%Note: No financial information for the year ended 31 December 2016 has beenpublished.附注：并无刊发截至2016年12月31日止年度的财务资料。
二零二零年年报ANNUAL REPORT 20207Financial Summary财务概要CONDENSED CONSOLIDATED STATEMENT OFFINANCIAL POSITIONFor the year ended 31 December截至12月31日止年度20202019201820172020年2019年2018年2017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Total current assets总流动资产6,255,900716,601254,99765,801Total non-current assets总非流动资产715,399349,880147,79876,478Total assets总资产6,971,2991,066,481402,795142,279Total current liabilities总流动负债665,313381,570144,874 44,019Total non-current liabilities总非流动负债174,98492,130 39,09119,436Total liabilities总负债840,297473,700 183,96563,455Equity attributable to equityowners of the Company本公司权益持有人应占权益6,129,374592,781218,83078,824Non-controlling interests inequity非控股权益1,628Total equity总权益6,131,002592,781 218,830 78,824Total equity and liabilities总权益及负债6,971,2991,066,481402,795 142,279Note: No financial information for the year ended 31 December 2016 has beenpublished.简明综合财务状况表附注：并无刊发截至2016年12月31日止年度的财务资料。
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：很荣幸能够首次以上市公司董事会主席的身份与大家交流。感谢大家一直以来对我们的信任、支持和帮助。刚刚过去的2020年是历史视角下特殊的一年。新型冠状病毒（「新型冠状病毒」）疫情的爆发使人们的生活方式产生了巨大转变，整个零售业面临前所未有的考验。对于我们来说，线下门店和供应链也面临着相应的挑战。尽管如此，经过全体泡泡玛特成员的努力，我们依旧在如此严峻的情形中展现了优异的业绩增长。2020年全年营收人民币25.1亿元，同比增长49.3%，调整后净利润达到人民币5.9亿元。疫情带来的挑战与机遇并存，使得我们在线上经济化运营，供应链柔性化，以及会员数字化整合建设等方面也取得了充分的进展。2020年也是对于泡泡玛特国际集团有限公司（「本公司」或「泡泡玛特」）来说具有里程碑意义的第十周年。在过去十年的商业生涯中，我们秉持着「尊重时间，尊重经营」的理念，朝干夕惕，为大众提供精神的陪伴和优质的体验感，也为潮流文化产业做出了积极坚实的贡献。目前，我们已布局全球化业务版图和多层次、多领域的业务体系，在国内外开设近200家门店和1,000多台机器人商店，吸引超过740万注册会员，共同分享对于潮流文化的认知。我们始终关注服务的品质和效果，将快乐在世界范围传播。同时，我们持续潜心提高产品质量，优化供应链产能，加固渠道管理，旨在以更圆满的姿态呈现在消费者面前。Dear Shareholders and Investors:It is with great pleasure and honor that herein I am exchanging thoughtswith you as the Chairman of the Board of Directors of a listed companyfor the first time. Thank you for your trust, support and assistance to usthroughout our journey.The past year 2020 was a special year from a historical perspective. Theoutbreak of the Corona Virus Disease 2019 (“COVID-19”) pandemic gave riseto tremendous changes in people’s lifestyles, and put the entire retail industryunder unprecedented challenges. Our retail stores and supply chains werealso correspondingly put to test. Nevertheless, through the efforts of all PopMart staff, we still thrived to deliver excellent performance growth in such asevere situation. The total revenue for the year of 2020 amounted to RMB2.51billion, representing a year-on-year increase of 49.3%, and the adjusted netprofit reached RMB590 million. The challenges and opportunities presentedby the pandemic prompted us to make sufficient progress in onlinecommercial operations, supply chain flexibility, and member digitalizationintegration.2020 was also a year in which Pop Mart International Group Limited (the“Company”or“Pop Mart”) marked its 10th anniversary, a significantmilestone to be celebrated. In the past decade of our business career, weupheld the concept of“respect time and respect the process of operations”and have been diligent and vigilant every day to provide the public withcompanionship and quality experience, and made a positive and solidcontribution to the pop culture industry. At present, we have deployed aglobalized business blueprint with a multi-level and multi-field businesssystem. We have reached nearly 200 stores and over 1,000 Roboshops aroundthe world, attracting more than 7.4 million registered members to share theperception of pop culture. We pay close attention to the quality and effectof our services, and aspire to spread happiness worldwide. Meanwhile, wecontinue to concentrate on improving product quality, optimizing supplychain production capacity, and strengthening channel management, forthe sole purpose of presenting a more satisfactory profile in front of ourconsumers.
二零二零年年报ANNUAL REPORT 20209Chairman’s statement董事长致辞As an integrated platform covering the entire industry chain of pop toys,Pop Mart’s characteristics and advantages have become more distinctwith the expansion of our business. We have accumulated and gatherednumerous globally recognized artists and IP figures, which are our mosttreasured asset. From the process of developing and cultivating artists,engaging IP operations, to the final stage of realizing IP commercialization,we have established a complete incubation system and strived to serveas an exemplary model for the“pop toying”of IPs. While extending thescope of contracted IP and proprietary IP reserves, Pop Mart also maintainsclose cooperative relationships with various internationally-renownedIP enterprises, such as Disney, Universal Pictures, Sanrio, etc., and willcontinue to initiate more exciting projects in the future. On the basis of IPdiversification, we will further explore more innovative categories of pop toyson both the horizontal and vertical dimensions. Plenty of upcoming surprisesfrom Pop Mart await pop toy lovers.The initial public offering has brought us more market attention, which alsosignifies more social responsibilities to be taken on and pathways to beexplored. In the fields of culture and IP, we hope to continue to expand thepossibility of upstream and downstream commercial value, to upgrade andintegrate resources from the perspective of IP content. At the same time, wewill fully cherish the attention received to attract more outstanding talents,to lay a solid foundation for our long-term development, and to build anenterprise that guides the aesthetic trend in China, or even the world, withstrong vitality and long-lasting influence.Our minds are set with great ambitions. In the future, Pop Mart will display apromising prospect with greater scope of businesses, and engineer a betterworld through unremitting efforts to offer more high-quality products andsuperior service experience to consumers. In times of an vibrant Chinese poptoy market and a rapidly growing global pop toy market, we hope to seizethe opportunities of such golden age, focusing on a far-reaching corporatedevelopment plan, and realizing the business we are strongly passionateabout under a mature and comprehensive business model. Upon listing, wewill adhere to our business philosophy as always. Carrying the expectationsand trust of consumers, shareholders, employees and business partners, weforge ahead with the goal of strong and sustainable growth.Wang NingChairman of the Board作为覆盖潮流玩具全产业链的一体化平台，泡泡玛特的特征和优势随着布局的扩张愈发明显。我们积累和聚集了众多全球范围内的头部艺术家及IP形象，他们是我们最核心的财富。在发掘培养艺术家、IP运营规划，到最终实现IP商业化的过程中，我们建立了完善的孵化体系，力图打造IP潮玩化的业界典范。在签约IP与自有IP的储备范围还在不断延伸的同时，泡泡玛特与迪士尼、环球影画、三丽鸥等多方国际知名IP企业也在保持密切的合作关系，未来也将开展更多激动人心的项目。在IP多元化的基础上，我们还将在潮玩品类上寻求更多创新，加大深度和广度，相信会给广大潮流玩具爱好者带来许多惊喜。IPO为我们带来了更多市场关注，也意味着更多的社会责任和可待探索的道路。在文化和IP领域，我们希望接下来继续拓展上下游商业价值的可能性，从IP内容的维度，进行资源整合升级。与此同时，充分珍惜所获取的关注度，吸引更多优秀人才，为今后的长远发展打下坚实的储备基础，以旺盛的生命力和长久的影响力打造引领中国乃至世界潮流审美的企业。「心向大海，不恋沟渠」。未来的泡泡玛特将以更加丰富的业态展现波澜壮阔的前景，通过不懈努力为广大消费者带来更多优质产品及精良的服务体验，给世界带来更多美好。在中国潮玩市场活跃、全球潮玩市场高速成长期的当下，我们希望抓住黄金时代的机遇，着眼于长期的企业发展规划，将所热爱的事业以成熟完备的商业模式进行实现。上市之后，我们也将延续一如既往的经营理念，承载着消费者、股东、员工及合作伙伴的期望与寄托，以快速、健康的成长为目标，砥砺前行。王宁董事会主席
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司10ManageMent Discussion anD analysis管理层讨论与分析业务回顾作为中国潮流玩具文化的开拓者及主要推广者，2020年，我们一共销售超过5,000万只潮流玩具。我们战略重点是进一步深耕潮流玩具业务，继续贯彻公司的长期既定策略和发展方向。年内，我们仍以艺术家发掘、IP运营、消费者触达及潮流玩具文化的推广为主要业务重点。艺术家发掘和IP运营IP运营和创作设计对于我们的产品至关重要，这也是推动泡泡玛特发展的核心驱动力。我们不断丰富IP类型、输出风格多样化的产品，以满足不同用户群体的需求。年内，我们头部IP收入占比更加均匀，并保持了强劲的增长，2020年8月上市的MOLLY的一天系列，截至2020年底单销售额破人民币1亿元。我们持续签约设计师并推出新IP的产品系列，例如SKULLPANDA，一经推出就受到了粉丝的热烈追捧，密林古堡系列首发售出276,000个，以及我们内部的设计师团队PDC (Pop Design Center)推出众多受欢迎的IP，例如小甜豆系列等，2020年PDC原创IP收入超人民币1亿元。我们不但致力于孵化艺术家IP，也会和全球顶级的知名IP进行合作，推出了哈利波特、火影忍者等产品系列。2020年我们首次尝试真人类的IP，推出了周同学的产品系列，获得了粉丝的热烈支持。BUSINESS REVIEWAs a pioneer and key promoter of pop toy culture in China, we sold over50 million pop toy products in 2020. We strategically focus on the furtherdevelopment of our pop toy business to consistently implement our long-term established strategy and development direction. During the year, weremained to regard artists development, IP operation, consumer access andpop toy culture promotion as our major business focus.Artists Development and IP OperationIP operation as well as creation and design are essential to our products,which is the key driver for the development of Pop Mart. We continuouslyenrich our types of IP and launch products of diversified styles to meet thedemands of different customers. During the year, the proportion of revenuefrom our top IPs was more balanced, and maintained a strong growth. As atthe end of 2020, the sales of“one day of MOLLY”series, which were launchedin August 2020, had exceeded RMB100 million. We continuously signedcontracts with designers to launch new IP product series. For example,SKULLPANDA products were very popular among their fans immediatelyafter their launch. On the first day of the launch of our Ancient Castle series,276,000 products were sold. PDC (Pop Design Center), our in-house designteam, also launched many popular IPs, such as the Sweet Bean series. In 2020,revenue from original IPs of PDC had exceeded RMB100 million. We are notonly committed to the incubation of artist IPs but also cooperate with globalwell-known top IPs to launch product series, such as the Harry Potter productseries and the Naruto product series. In 2020, we tried to launch an IP basedon a real person for the first time. We launched the Choumate product series,which was well supported by the fans.
二零二零年年报ANNUAL REPORT 202011ManageMent Discussion anD analysis管理层讨论与分析消费者触达－线下渠道2020年我们于中国大陆新开业76家线下门店，从2019年末的114家增至2020年末的187家1。于2020年9月5日，我们的首家海外门店在韩国首尔江南区国际贸易中心开业，受当地潮玩爱好者的追捧，同时也是一次成功的品牌出海，令泡泡玛特品牌被更多粉丝所熟知。2020年我们于中国大陆新开业526家机器人商店，从2019年末的825家增至2020年末的1,351家。－线上渠道天猫双十一期间2我们总销售额3超过人民币1.42亿元，在天猫大玩具行业排名第一，也是天猫玩具行业第一个进入双十一亿元俱乐部的品牌旗舰店。泡泡玛特抽盒机为我们在微信平台上自主研发设计的小程序，旨在于创造好玩、有趣的购物体验，于2020年实现了人民币4.66亿元的收入，较2019年增长了72.0%。－会员运营通过渠道的持续扩张及IP的不断丰富，并通过全渠道会员运营，用户数字化规模快速扩大，截至2020年12月31日，累计注册会员总数从2019年末的220万人增至740万人，新增注册会员520万人。会员销售额贡献自2019年末的78.9%提升至2020年末的88.8%，占比提升9.9%。12020年，因租约到期和其他商业原因，我们关闭了3家门店22020年11月1日-11月11日3GMVConsumer Access– Offline channelsIn 2020, we opened 76 new physical stores in Mainland China. Thenumber of physical stores increased from 114 as at the end of 2019 to1871as at the end of 2020. Our first overseas store was opened at aninternational trade center located in Gangnam-gu, Seoul, South Koreaon 5 September 2020, and became popular among local pop toy lovers.This also marked the successful introduction of our brand in overseasmarket for the first time, thus gaining more fans for Pop Mart brands.In 2020, we opened 526 roboshops in Mainland China. The number ofroboshops increased from 825 as at the end of 2019 to 1,351 as at theend of 2020.– Online channelsDuring Tmall Singles Day2, we recorded total sales3of more than RMB142million, which ranked first among toy stores at Tmall and became thefirst brand flagship store in Tmall toy sector listed in the Club for StoresBreaking RMB100 Million Record on Tmall Singles Day. Pop Draw is amini program independently invented and developed by us on WeChatplatform, aiming to create fun and interesting shopping experience. In2020, revenue amounted to RMB466 million, representing an increase of72.0% from 2019.– Member operationBy continuous channel expansion and IPs portfolio enhancement,through omni-channel member operation, the scale of user digitalizationgrew rapidly. As of 31 December 2020, the total number of registeredmembers increased from 2.20 million as at the end of 2019 to 7.40million. Among which, there were 5.20 million new registered members.The percentage of sales contributed by our members increase from78.9% as at the end of 2019 to 88.8% as at the end of 2020, representingan increase of 9.9%.1In 2020, due to the expiration of the lease and other commercial reasons, weclosed 3 stores21 November, – 11 November 20203GMV
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司12ManageMent Discussion anD analysis管理层讨论与分析潮流玩具文化推广由于新型冠状病毒疫情的原因，2020年我们仅举办了上海国际潮流玩具展，本次展馆总面积近20,000平米，吸引了500名设计师和超过300个潮流玩具品牌参展，参观人次再次超过十万。通过举办产业论坛，泡泡玛特不断加强对潮流玩具行业的影响力。2020年11月7日，我们首次在国内举办潮流玩具产业论坛，在论坛上发布《潮流玩具行业发展趋势白皮书》，受到行业内外广泛关注。为了更好地向粉丝传播潮流玩具文化，泡泡玛特在2020年11月推出了首期面向高阶会员的内刊《PLAYGROUND》，通过杂志这种更具仪式感、稀缺性的形式传递泡泡玛特的品牌文化和潮流文化趋势。财务回顾收入本公司收入从2019年的人民币1,683.4百万元上升到2020年的人民币2,513.5百万元，同比增长49.3%。Pop Toy Culture PromotionDue to the COVID-19 pandemic, we only held the Shanghai Toy Show in2020. The total area of the exhibition hall was nearly 20,000 square meters,attracting 500 designers and more than 300 pop toy brands to participate inthe toy show. Once again, the number of visitors had exceeded 100,000.By organizing industry forum, Pop Mart has been increasing its influence inpop toy industry. On 7 November 2020, we hosted the first pop toy industryforum in China. The White Paper on the Development Trend of Pop ToyIndustry (《潮流玩具行业发展趋势白皮书》) was published at the forum, andwas widely concerned by industry peers and other industries.To better promote the pop toy culture to the fans, Pop Mart published thefirst issue of our internal magazine“PLAYGROUND”for our privilege membersin November 2020. We promoted the Pop Mart brand culture and popculture trend through magazine in a formal and scarcity form.FINANCIAL REVIEWRevenueRevenue of the Company increased from RMB1,683.4 million in 2019 toRMB2,513.5 million in 2020, representing a year-on-year increase of 49.3%.
二零二零年年报ANNUAL REPORT 202013ManageMent Discussion anD analysis管理层讨论与分析－根据渠道划分的收入我们的收入来自：1.零售店；2.机器人商店；3.线上渠道，包括天猫旗舰店、泡泡抽盒机及其他中国主流电商；及4.批发渠道及其他，包括经销商及批量采购的公司客户，以及潮流玩具展等。零售店销售收入从2019年的人民币739.7百万元增加到2020年的人民币1,002.1百万元，增长了35.5%，主要由于我们在2020年增加了76间零售店；线上销售收入从2019年的人民币539.2百万元增加到2020年的人民币951.9百万元，增长了76.5%，主要由于天猫平台和抽盒机销售的增加以及新增了京东等线上渠道；机器人商店销售收入从2019年的人民币248.6百万元增加到2020年的人民币328.7百万元，增长了32.2%，主要由于我们在2020年增加了526台机器人商店；批发及其他收入从2019年的156.0百万元增长到2020年的230.9百万元，增长了48.0%，其中(1)中国大陆的批发及其他收入从2019年的人民币129.1百万元增加到2020年的人民币156.7百万元，主要由于经销商南京金鹰泡泡玛特商贸有限公司收入的增长，占全部中国大陆经销商的比例在62.5%；(2)中国大陆以外的批发及其他收入从2019年的人民币26.9百万元增加到2020年的人民币74.2百万元，主要由于海外市场的扩张。– Revenue by channelsOur revenue is generated from: 1. retail stores; 2. roboshops; 3. onlinechannels, including our Tmall flagship store, Pop Draw and othermainstream e-commerce platforms in China; and 4. wholesale channelsand others, including distributors and bulk purchase corporatecustomers, as well as pop toy conventions.For the year ended 31 December 2020For the year ended 31 December 2019截至2020年12月31日年度截至2019年12月31日年度RevenueGrossprofitmarginProportionof revenueRevenueGrossprofitmarginProportionof revenue收入毛利率收入占比收入毛利率收入占比(RMB’000)(RMB’000)（人民币千元）（人民币千元）Retail stores零售店1,002,05462.0%39.9%739,69065.6%43.9%Online channels线上渠道951,87566.4%37.9%539,20168.9%32.0%Roboshops机器人商店328,67972.3%13.1%248,55470.7%14.8%Wholesales and others批发及其他230,86344.7%9.1%155,98936.7%9.3%– Mainland China－中国大陆156,69142.8%6.1%129,09932.9%7.7%– Outside Mainland China－中国大陆外74,17248.8%3.0%26,89055.1%1.6%Total合计2,513,47163.4%100.0%1,683,43464.8%100.0%Revenue from retail store sales increased by 35.5% from RMB739.7million in 2019 to RMB1,002.1 million in 2020, primarily due to theaddition of 76 new retail stores in 2020. Revenue from online salesincreased by 76.5% from RMB539.2 million in 2019 to RMB951.9 millionin 2020, primarily due to the increase in sales of Tmall store and PopDraw, as well as the addition of new online channels including JD.com.Revenue from roboshop sales increased by 32.2% from RMB248.6 millionin 2019 to RMB328.7 million in 2020, primarily due to the addition of526 roboshops in 2020. Revenue from wholesales and others increasedby 48.0% from RMB156.0 million in 2019 to RMB230.9 million in 2020,in particular, (1) revenue from wholesales and others in Mainland Chinaincreased from RMB129.1 million in 2019 to RMB156.7 million in 2020,primarily due to the increase in revenue generated from our distributorNanjing Golden Eagle Pop Mart Trading Co., Ltd., which accounted for62.5% of total revenue generated from distributors in Mainland China; (2)revenue from wholesales and others outside Mainland China increasedfrom RMB26.9 million in 2019 to RMB74.2 million in 2020, primarily dueto the expansion in overseas markets.
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－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2020年总收入的比例为85.0%，自主产品从2019年的人民币1,384.2百万元增加到2020年的人民币2,136.2百万元，增长了54.3%。自有IP收入从2019年的人民币627.0百万元增加到2020年的人民币979.9百万元，增长了56.3%，主要由于Dimoo的销售增长以及新增的IPSKULLPANDA的销售收入贡献；独家IP收入从2019年的人民币597.4百万元增加到2020年的人民币711.9百万元，增长了19.2%，主要由于The Monsters收入的增加以及IP数量的增加；非独家IP收入从2019年的人民币159.8百万元增加到2020年的人民币444.4百万元，增长了178.1%，主要由于新系列产品的发售以及IP数量的增加。– Revenue by IPsFor the year ended31 December 2020For the year ended31 December 2019截至2020年12月31日年度截至2019年12月31日年度RevenueProportionof revenueRevenueProportionof revenue收入收入占比收入收入占比(RMB’000)(RMB’000)（人民币千元）（人民币千元）Propriety products自主产品2,136,19685.0%1,384,20982.1%Propriety IPs自有IP979,94039.0%627,02737.2%– Molly－Molly356,91814.2%456,01827.1%– Dimoo－Dimoo315,24812.5%100,0855.9%– BOBO & COCO－BOBO & COCO67,4152.7%25,4541.5%– SKULLPANDA－SKULLPANDA39,0651.6%––– Other propriety IPs－其他自有IP201,2948.0%45,4702.7%Exclusive licensed IPs独家IP711,90428.3%597,36235.4%– PUCKY－PUCKY300,00911.9%315,31818.7%– The Monsters－The Monsters204,8288.1%107,8466.4%– SATYR RORY－SATYR RORY33,6841.4%63,0863.7%– Other exclusive licensed IPs－其他独家IP173,3836.9%111,1126.6%Non-exclusive licensed IPs非独家IP444,35217.7%159,8209.5%External procurement and consignment外采及代销368,40014.6%279,98616.6%Others其他8,8750.4%19,2391.3%Total合计2,513,471100.0%1,683,434100.0%Pop Mart propriety products are our major product type. Revenue frompropriety products, which contributed 85.0% of our total revenue in2020, increased by 54.3% from RMB1,384.2 million in 2019 to RMB2,136.2million in 2020. Revenue from propriety IPs increased by 56.3% fromRMB627.0 million in 2019 to RMB979.9 million in 2020, primarily due tothe increase in sales of Dimoo and the revenue contribution from salesof new IP SKULLPANDA. Revenue from exclusive licensed IPs increasedby 19.2% from RMB597.4 million in 2019 to RMB711.9 million in 2020,primarily due to the increase in revenue from The Monsters and theincrease in IPs. Revenue from non-exclusive licensed IPs increased by178.1% from RMB159.8 million in 2019 to RMB444.4 million in 2020,primarily due to the sales of new series of products and the increase inIPs.
二零二零年年报ANNUAL REPORT 202015ManageMent Discussion anD analysis管理层讨论与分析－根据地理区域划分的店舖、机器人商店营业收入零售店按城市等级划分机器人商店按城市等级划分– Operating revenue of stores and roboshops by geographicregionsRetail stores by city tiersFor the year ended31 December 2020For the year ended31 December 2019截至2020年12月31日年度截至2019年12月31日年度City tier城市等级Numberof retailstoresRevenuefrom retailstoresNumberof retailstoresRevenuefrom retailstores零售店数量零售店收入零售店数量零售店收入(RMB’000)(RMB’000)（人民币千元）（人民币千元）First-tier cities4一线城市481499,21054444,619New first-tier cities5新一线城市556289,13936205,976Second-tier and other cities6二线及其他城市650213,7052489,095Total合计1871,002,054114739,690Roboshops by city tiersFor the year ended31 December 2020For the year ended31 December 2019截至2020年12月31日年度截至2019年12月31日年度City tier城市等级Number ofroboshopsRevenuefromroboshopsNumber ofroboshopsRevenuefromroboshops机器人商店数量机器人商店收入机器人商店数量机器人商店收入(RMB’000)(RMB’000)（人民币千元）（人民币千元）First-tier cities4一线城市4447119,667304120,496New first-tier cities5新一线城市5453107,14929278,445Second-tier and other cities6二线及其他城市6451101,86322949,613Total合计1,351328,679825248,5544Refer to first-tier cities in Mainland China, including Beijing, Shanghai, Guangzhouand Shenzhen5Refer to new first-tier cities in Mainland China, including Chengdu, Chongqing,Hangzhou, Wuhan, Xian, Zhengzhou, Qingdao, Changsha, Tianjin, Suzhou, Nanjing,Dongguan, Shenyang, Hefei and Foshan6Refer to cities other than first-tier cities and new first-tier cities in Mainland China4指中国大陆一线城市，包括北京、上海、广州和深圳5指中国大陆新一线城市，包括成都、重庆、杭州、武汉、西安、郑州、青岛、长沙、天津、苏州、南京、东莞、沈阳、合肥和佛山6指中国大陆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16ManageMent Discussion anD analysis管理层讨论与分析线上收入明细泡泡玛特线上收入包括天猫旗舰店、泡泡玛特抽盒机、京东旗舰店以及其他线上渠道，线上收入从2019年的人民币539.2百万元增加到2020年的人民币951.9百万元，增长了76.5%；其中泡泡玛特抽盒机收入从2019年的人民币271.2百万元增加到2020年的人民币466.4百万元，增长了72.0%，天猫旗舰店收入从2019年的人民币251.5百万元增加到2020年的人民币406.1百万元，增长了61.5%，该增长主要源于品牌影响力增强，以及会员人数增加。京东旗舰店是2020年新增加渠道。Breakdown of revenue from online salesFor the year ended31 December 2020For the year ended31 December 2019截至2020年12月31日年度截至2019年12月31日年度RevenueProportionof revenueRevenueProportionof revenueIncrease收入收入占比收入收入占比增幅(RMB’000)(RMB’000)（人民币千元）（人民币千元）Revenue from Pop Draw泡泡玛特抽盒机收入466,36449.0%271,21450.3%72.0%Revenue from Tmall flagship store天猫旗舰店收入406,11042.7%251,49946.6%61.5%Revenue from JD.com flagship store京东旗舰店收入36,1733.8%–0.0%100%Revenue from other e-commence platforms其他电商平台收入43,2284.5%16,4883.1%162.2%TOTAL合计951,875100.0%539,201100.0%76.5%Online revenue sources of Pop Mart include Tmall flagship store, PopDraw, JD.com flagship store and other online channels. Online revenueincreased by 76.5% from RMB539.2 million in 2019 to RMB951.9 millionin 2020. In particular, revenue from Pop Draw increased by 72.0% fromRMB271.2 million in 2019 to RMB466.4 million in 2020, while revenuefrom Tmall flagship store increased by 61.5% from RMB251.5 million in2019 to RMB406.1 million in 2020. The increase was primarily due to thestronger brand influence and the increase in members. JD.com flagshipstore was a channel newly added in 2020.
二零二零年年报ANNUAL REPORT 202017ManageMent Discussion anD analysis管理层讨论与分析盈利能力－销售成本我们的销售成本由2019年的人民币593.1百万元上升到2020年的人民币919.4百万元，增长了55.0%，主要原因是业务扩张，与我们收入增长一致。增加主要由于(1)商品成本由2019年的人民币488.0百万元增加到2020年的人民币748.5百万元，其主要原因为销售增加；及(2)设计及授权费由2019年的人民币48.4百万元增加至2020年的人民币62.7百万元，主要因为我们自主产品收入增加以及收入占比不断增加。－毛利我们的毛利由2019年的人民币1,090.3百万元增加到2020年的人民币1,594.1百万元，增长了46.2%，主要由于我们的收入增加。我们的毛利率由2019年的64.8%下降至2020年的63.4%，主要由于我们泡泡玛特自主产品的毛利率略有下降。我们泡泡玛特自主产品产生的毛利由2019年的人民币986.2百万元增加到2020年的人民币1,467.9百万元，增长了48.8%，主要由于泡泡玛特品牌产品产生的收益增加。泡泡玛特品牌产品的毛利率从2019年的71.2%下降到2020年的68.7%，主要由于我们提高产品的工艺质量，产品工艺愈加复杂，以及原材料成本上涨导致毛利率下降。我们的第三方产品产生的毛利由2019年的人民币103.8百万元增加到2020年人民币135.7百万元，增长了30.7%，主要由于我们的业务扩张使得第三方产品产生的收入增加。第三方产品的毛利率保持相对稳定，从2019年的37.1%下降到2020年的36.8%。Profitability– Costs of salesOur costs of sales increased by 55.0% from RMB593.1 million in 2019 toRMB919.4 million in 2020, primarily due to the business expansion, andsuch increase was in line with the increase in revenue. The increase wasprimarily due to (1) the increase in costs of goods from RMB488.0 millionin 2019 to RMB748.5 million in 2020, which was mainly due to theincrease in sales; and (2) design and license fees increased from RMB48.4million in 2019 to RMB62.7 million in 2020, which was mainly due tothe increase in revenue generated from our propriety products and theincreasing proportion of such revenue.– Gross profitOur gross profit increased by 46.2% from RMB1,090.3 million in 2019 toRMB1,594.1 million in 2020, primarily due to the increase in revenue.Our gross profit margin dropped from 64.8% in 2019 to 63.4% in 2020,primarily due to the slight decline in gross profit margin of our Pop Martpropriety products.Gross profit from our Pop Mart propriety products increased by 48.8%from RMB986.2 million in 2019 to RMB1,467.9 million in 2020, primarilydue to the increase in revenue from Pop Mart brand products. Grossprofit margin of Pop Mart brand products dropped from 71.2% in 2019to 68.7% in 2020, primarily due to the increasing complexity of productproduction as we enhance the quality of our products, as well as thedecline in gross profit margin as a result of the rise in raw material costs.Gross profit from third-party products increased by 30.7% from RMB103.8million in 2019 to RMB135.7 million in 2020, primarily due to theincrease in revenue from third-party products as a result of our businessexpansion. Gross profit margin of third-party products remainedrelatively stable, which dropped from 37.1% in 2019 to 36.8% in 2020.
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－经销及销售开支我们的经销及销售开支由2019年的人民币363.8百万元增加到2020年的人民币630.1百万元，增长了73.2%，主要由于(1)雇员福利开支由2019年的人民币79.3百万元增加到2020年的人民币112.8百万元，主要由于我们的销售员工人数由2019年的837名员工增加到2020年的1,527名员工，主要用以支持我们扩张零售店及机器人商店网络；(2)使用权资产折旧由2019年的人民币56.2百万元增加到2020年的人民币121.1百万元，主要由于我们的零售店数量由截至2019年12月31日的114间增加至截至2020年12月31日的187间，以支持我们的业务扩张及满足对我们产品的需求增加；及(3)运输及物流开支由2019年的人民币32.9百万元增加到2020年的人民币105.6百万元，主要由于我们线上渠道销售的扩张以及我们为了顾客更好的消费体验选择了更快捷的物流公司。－一般及行政开支我们的一般及行政开支由2019年的人民币142.5百万元增加到2020年的人民币280.0百万元，增长了96.5%，主要由于(1)雇员福利开支由2019年的人民币76.2百万元增加到2020年的人民币130.2百万元，原因为我们的行政员工及设计开发人员人数由2019年的415名员工增加到2020年的793名员工，主要用以支出我们的产品开发以及业务扩张，及薪资水平提升以吸引人才；及(2)我们于2020年就首次公开发售产生上市开支人民币44.0百万元。－金融资产减值亏损净额我们的金融资产减值亏损净额由2019年的人民币3.1百万元降低到2020年的人民币负0.4百万元，主要原因为我们加强了对贸易及其他应收款项的账龄管理。– Distribution and selling expensesOur distribution and selling expenses increased by 73.2% from RMB363.8million in 2019 to RMB630.1 million in 2020, primarily due to (1) theincrease in employee benefit expenses from RMB79.3 million in 2019 toRMB112.8 million in 2020, mainly due to the increase in number of salespersonnel from 837 in 2019 to 1,527 in 2020 primarily for supporting theexpansion of our retail stores and roboshops network; (2) the increasein depreciation of right-of-use assets from RMB56.2 million in 2019 toRMB121.1 million in 2020, mainly due to the increase in number of retailstores from 114 as of 31 December 2019 to 187 as of 31 December 2020for supporting our business expansion and fulfillment of the increasingdemands on our products; and (3) the increase in transportation andlogistics expenses from RMB32.9 million in 2019 to RMB105.6 million in2020, primarily due to the expansion in our online channel sales andthe selection of logistics companies that offer faster services for bettershopping experience of our customers.– General and administrative expensesOur general and administrative expenses increased by 96.5% fromRMB142.5 million in 2019 to RMB280.0 million in 2020, primarily due to(1) the increase in employee benefit expenses from RMB76.2 million in2019 to RMB130.2 million in 2020, mainly due to the increase in numberof administrative and design development personnel from 415 in 2019to 793 in 2020 for supporting our product development and businessexpansion, as well as the rise in remuneration level for attracting talents;and (2) listing expenses of RMB44.0 million incurred in the initial publicoffering in 2020.– Net impairment losses on financial assetsOur net impairment losses on financial decreased from RMB3.1 millionin 2019 to -RMB0.4 million in 2020, primarily due to greater efforts put inthe management of aging of trade and other receivables.
二零二零年年报ANNUAL REPORT 202019ManageMent Discussion anD analysis管理层讨论与分析－其他收入我们的其他收入由2019年的人民币17.0百万元增加到2020年的人民币45.4百万元，增长了167.1%，主要由于(1)政府补贴增加了人民币22.0百万元；及(2)来自与德芙、欧莱雅等品牌合作项目的IP授权费收入增加人民币6.6百万元。－其他（亏损）╱收益净额我们于2019年录得其他收益净额人民币0.8百万元，而于2020年录得其他亏损净额人民币11.1百万元，主要原因为对武汉慈善总会的新型冠状病毒专项基金捐款人民币10.0百万元，助力墨玉县脱贫攻坚工作捐款人民币1.0百万元。－经营溢利由于上文所述，我们的经营溢利由2019年的人民币598.8百万元增加到2020年的人民币718.8百万元，增长了20.0%。－分占使用权益法入账的投资溢利╱亏损南京金鹰泡泡玛特有限公司（「南京金鹰泡泡玛特」）的业绩维持相对稳定，我们分占使用权益法入账的投资溢利由2019年的人民币5.0百万元减少到2020年的人民币3.9百万元，减少了22.0%。－财务开支净额我们的财务开支净额由2019年的人民币5.4百万元增加到2020年的人民币9.0百万元，增长了66.7%，主要由于我们的零售店数量增加相关的租赁负债增加。– Other incomeOur other income increased by 167.1% from RMB17.0 million in 2019 toRMB45.4 million in 2020, primarily due to (1) the increase in governmentgrants of RMB22.0 million; and (2) the increase in IP license fee incomeof RMB6.6 million from cooperation projects with Dove, L’Oréal andother brands.– Other (losses)/gains, netWe recorded other gains, net of RMB0.8 million in 2019, and other losses,net of RMB11.1 million in 2020, primarily due to the donation of RMB10.0million to the special COVID-19 foundation of Wuhan Charity Federation,as well as the donation of RMB1.0 million to support poverty alleviationworks in Karakax County.– Operating profitAs a result of the above, our operating profit increased by 20.0% fromRMB598.8 million in 2019 to RMB718.8 million in 2020.– Share of profit/loss of investments accounted for using equitymethodThe results of Nanjing Golden Eagle Pop Mart Co., Ltd. (“Nanjing GoldenEagle Pop Mart”) remained relatively stable. Our share of profit ofinvestments accounted for using equity method decreased by 22.0%from RMB5.0 million in 2019 to RMB3.9 million in 2020.– Finance expenses, netOur finance expenses, net, increased by 66.7% from RMB5.4 million in2019 to RMB9.0 million in 2020, primarily due to the correspondingincrease in lease liabilities as a result of the increase in retail stores.
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－所得税开支我们的所得税开支由2019年的人民币147.3百万元增加到2020年人民币184.1百万元，原因为我们的除所得税前溢利增加。我们的实际税率由2019年的24.6%上升到2020年的26.0%，主要由于若干附属公司于2020年录得亏损，进而导致实际税率提高。－年内溢利由于上文所述，我们的年内溢利由2019年的人民币451.1百万元增加到2020年的人民币523.3百万元，增长了16.0%。－非公认会计原则财务指标非国际财务报告准则经调整纯利未按照国际财务报告准则计算，视为非国际财务报告准则的财务指标，其定义为除上市费用、以股份为基础的付款报酬、重新指定普通股为优先股的有相关开支、可转换可赎回优先股的公平值变动后纯利，而非国际财务报告准则经调整纯利率的定义为非国际财务报告准则经调整纯利除以收益。我们认为，这些信息对于投资者在不影响本集团持续经营业绩或现金流的情况下比较本集团的业绩是有用的，并允许投资者考虑管理层在评估本集团业绩时使用的指标。投资者不应认为非国际财务报告准则的财务指标替代或优于本集团的国际财务报告准则的业绩。此外，可能不是所有公司会以相同的方式计算该项非国际财务报告准则的财务指标，因此未必可与其他公司采用的相若计量比较。– Income tax expenseOur income tax expense increased from RMB147.3 million in 2019 toRMB184.1 million in 2020 as a result of the increase in profit beforeincome tax. Our effective tax rate rose from 24.6% in 2019 to 26.0% in2020, primarily due to the losses recorded by certain subsidiaries in 2020,resulting in rise in effective tax rate.– Profit for the yearAs a result of the above, our profit for the year increased by 16.0% fromRMB451.1 million in 2019 to RMB523.3 million in 2020.– Non-GAAP financial indicatorsThe non-IFRS adjusted net profit has not been calculated in accordancewith the IFRS, thus it is deemed as non-IFRS financial indicator. Thenon-IFRS adjusted net profit refers to the net profit after excludinglisting expenses, share-based payment, expenses in relation to theredesignation of ordinary shares as preference shares and changes infair values of convertible redeemable preference shares, while the non-IFRS adjusted net profit margin refers to the non-IFRS adjusted netprofit divided by revenue. We are of the view that such information isuseful for investors to compare the results of the Group, provided thatthe results of the continuing operation or cash flows of the Group arenot being affected, and enable investors to take into consideration ofthe indicators used by the management when assessing the resultsof the Group. Investors shall not treat non-IFRS financial indicator asan alternative or better version of the results of the Group prepared inaccordance with IFRS. In addition, not all companies will adopt the sameway in calculating such non-IFRS financial indicators. Hence, similarmeasurements made by other companies may not be comparable.
二零二零年年报ANNUAL REPORT 202021ManageMent Discussion anD analysis管理层讨论与分析下表列出了各年度非国际财务报告准则的财务指标对账情况：我们的管理层认为，上市费用、重新指定普通股为优先股的有关开支及可转换可赎回优先股的公平值变动属于与上市及首次公开发售前程序有关的一次性性质且将不会于上市后再产生。此外，以股份为基础的付款开支、重新指定普通股为优先股有关开支及可转换可赎回优先股的公平值变动属于非现金项目且并无直接反映我们的业务营运。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，可更好地反映我们的相关经营表现，并更加便于比较逐年的经营表现。The following table set out the reconciliation of non-IFRS financialindicators for the respective years:For the year ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Profit for the year年内溢利523,312451,118Adjustments:调整项目：Listing expenses上市费用44,02416,538Share-based payment以股份为基础的付款报酬–1,467Expenses in relation to the redesignation ofordinary shares as preference shares重新指定普通股为优先股的有关开支16,910–Changes in fair value of convertible redeemablepreference shares可转换可赎回优先股的公平值变动6,260–Non-IFRS adjusted net profit非国际财务报告准则经调整纯利590,506469,123Non-IFRS adjusted net profit margin非国际财务报告准则经调整纯利率23.5%27.9%The management is of the view that listing expenses, expenses inrelation to the redesignation of ordinary shares as preference sharesand changes in fair value of convertible redeemable preference sharesare one-off in nature that are related to procedures prior to listing andthe initial public offering, which will not be incurred after listing. Inaddition, share-based payment expenses, expenses in relation to theredesignation of ordinary shares as restricted shares and changes in fairvalue of convertible redeemable preference shares are non-cash items,which do not directly reflect our business operation. Hence, througheliminating the effects of such items on calculation of non-IFRS adjustednet profit, relevant operating performance can be better reflected, andit would be more convenient to compare operating performance indifferent years.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司22ManageMent Discussion anD analysis管理层讨论与分析流动资产、财务资源及资本开支本公司及其附属公司（统称「本集团」）在整体业务经营方面采纳保守稳健之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2019年12月31日的人民币335.0百万元大幅增加到截至2020年12月31日的人民币5,590.6百万元。增加主要由于(1)现金及现金等价物增加人民币5,355.6百万元，主要由于首次公开发售募集的资金所致；(2)存货增加人民币129.1百万元，主要因为业务扩张，我们增加了产品的库存以满足不断增长的产品需求；及(3)部分被按公平值计入损益的金融资产减少人民币50.0百万元所抵销，主要由于处置我们的金融工具投资所致。－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。大部分的贸易应收款项与支付平台上的账单如支付宝或微信支付有关。这些支付平台上的应收款项通常会在短期内收回。我们的贸易应收款项由截至2019年12月31日的人民币45.6百万元增至截至2020年12月31日的人民币78.3百万元，该等增加主要由于第三方（包括购物中心、批发客户及电商平台）付款增加，反映我们相对时间的贸易应收款项。贸易应收款项周转天数从2019年的6天增加到2020年的9天。－其他应收款项其他应收款项主要指向购物中心支付的有关我们零售店及机器人商店的押金款项。其他应收款项由截至2019年12月31日的人民币59.7百万元增加至截至2020年12月31日的人民币90.8百万元，主要原因为押金的增加，与我们零售店及机器人商店网络的扩张一致。Current assets, Financial Resources and Capital ExpendituresThe Company and its subsidiaries (collectively the“Group”) adopts a prudentfunding and treasury policy with regard to its overall business operations. Avariety of the below resources are maintained to meet its working capital:– Current assets and current liabilitiesOur net current assets significantly increased from RMB335.0 millionas of 31 December 2019 to RMB5,590.6 million as of 31 December2020. The increase was primarily due to (1) the increase in cash andcash equivalents of RMB5,355.6 million, mainly due to the proceedsraised from the initial public offering; (2) the increase in inventories ofRMB129.1 million, mainly due to the increase in product inventoriesto meet with the increasing product demands as a result of businessexpansion; and (3) was partially offset by the decrease in financial assetsat fair value through profit and loss of RMB50.0 million, mainly due tothe disposal of our investment in financial instruments.– Trade receivablesTrade receivables represent outstanding amounts receivable by usfrom our customers in the ordinary course of business. Most of thetrade receivables are related to bills on payment platforms such asAlipay or WeChat Pay. Receivables from these payment platforms aregenerally collected in short term. Our trade receivables increased fromRMB45.6 million as of 31 December 2019 to RMB78.3 million as of 31December 2020. The increase was primarily due to the increase in third-party (including shopping malls, wholesale customers and e-commerceplatforms) payment, reflecting our trade receivables in a relative periodof time. Trade receivables turnover days increased from 6 days in 2019to 9 days in 2020.– Other receivablesOther receivables mainly represent deposits paid to shopping malls inrespect of our retail stores and roboshops. Other receivables increasedfrom RMB59.7 million as of 31 December 2019 to RMB90.8 million as of31 December 2020, mainly due to the increase in deposits, which was inline with the expansion in our retail store and roboshop network.
二零二零年年报ANNUAL REPORT 202023ManageMent Discussion anD analysis管理层讨论与分析－存货我们的存货包括制成品。我们的存货由截至2019年12月31日的人民币96.3百万元增加至截至2020年12月31日的225.4百万元。增加主要由于我们增加了我们的产品库存，以满足不断增长的产品需求。存货周转天数从2019年的46天增加到2020年的78天，主要由于业务的扩张，IP数量及新品的增加，使得我们对货品的需求增加，导致我们储备的货品量也相应的增加。－预付款项及其他流动资产预付款项及其他流动资产主要包括预付存货款项、预付设计费款项、预付物业、厂房及设备款项、预付短期租赁款项、可扣减增值进项税及其他。我们的预付款项及其他流动资产由截至2019年12月31日的人民币140.4百万元增加至截至2020年12月31日的人民币177.9百万元，主要是由于(1)产品数量增加导致预付设计费款项增加人民币35.7百万元；及(2)预付给供应商的货款减少了人民币9.3百万元。－现金及现金等价物我们的现金及现金等价物主要包括银行现金。现金及现金等价物从截至2019年12月31日的人民币324.6百万元增加至截至2020年12月31日的人民币5,680.2百万元，主要因为首次公开发售募集的资金以及我们的业务增长。－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2019年12月31日的人民币49.4百万元增加至截至2020年12月31日的人民币115.8百万元，主要原因为我们的业务增长，导致采购量增加，进而令应付供应商款项的余额有所增加。我们的贸易应付款项周转天数由2019年的29天增加到2020年的40天，主要由于随著我们采购量在增加，供应商一般同意给予我们更长的信贷期。– InventoriesOur inventories comprise finished goods. Our inventories increasedfrom RMB96.3 million as of 31 December 2019 to RMB225.4 million asof 31 December 2020. The increase was primarily due to the increasein product inventories to meet with the increasing product demands.Inventory turnover days increased from 46 days in 2019 to 78 days in2020, primarily due to increase in demand for our products as a result ofthe business expansion and the increase in IPs and new products, thusresulting in corresponding increase in product inventories.– Prepayments and other current assetsPrepayments and other current assets primarily comprise prepaymentsfor inventories, prepayments for design fees, prepayments for property,plant and equipment, prepayments for short-term leases, deductiblevalue-added input tax and others. Our prepayments and other currentassets increased from RMB140.4 million as of 31 December 2019to RMB177.9 million as of 31 December 2020, primarily due to (1)the increase in prepayments for design fees of RMB35.7 million as aresult of the increase the number of products; and (2) the decrease inprepayments to suppliers of RMB9.3 million.– Cash and cash equivalentsOur cash and cash equivalents primarily comprise cash at bank. Cash andcash equivalents increased from RMB324.6 million as of 31 December2019 to RMB5,680.2 million as of 31 December 2020, primarily due tothe net proceeds raised from the initial public offering and our businessgrowth.– Trade payablesTrade payables primarily represent our obligation to pay for merchandisefrom suppliers in the ordinary course of business. Trade payablesincreased from RMB49.4 million as of 31 December 2019 to RMB115.8million as of 31 December 2020, primarily due to the increase inprocurement amount as a result of our business growth, which in turnsresulted in the increase in balance of payables to suppliers. Our tradepayable turnover days increased from 29 days in 2019 to 40 days in2020, primarily due to suppliers generally willing to grant a longer creditperiod as we have been increasing our procurement amount.
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－其他应付款项及应计费用我们的其他应付款项及应计费用主要包括(1)工资、薪金及其他雇员福利、(2)应计开支、(3)应付物业、厂房及设备以及无形资产款项、(4)应付其他税项，(5)应付上市开支款项，(6)应付短期及可变租金开支款项，(7)于展会代商户收取的款项，及(8)其他。我们的其他应付款项及应计费用由截至2019年12月31日的人民币122.1百万元增加至截至2020年12月31日的人民币202.3百万元，主要是由于(1)扩大零售店导致应付物业、厂房及设备以及无形资产增加人民币24.4百万元；(2)首次公开发售的上市开支增加人民币22.2百万元；(3)业务增长致使其他应付税项增加人民币17.1百万元，(4)因线上渠道的扩张应付物流费、平台服务费增长致使应计开支增加人民币20.1百万元。－物业、厂房及设备我们的物业、厂房及设备主要包括(1)机器人商店、(2)模具、(3)设备及其他及(4)租赁装修。我们的物业、厂房及设备由截至2019年12月31日的人民币103.6百万元增加至截至2020年12月31日的人民币238.3百万元，主要是由于(1)租赁装修增加人民币65.5百万元，原因是我们的零售店网络扩张，(2)模具增加人民币51.2百万元，原因是我们产品组合扩大及(3)机器人商店增加人民币14.0百万元，原因是我们的机器人商店网络扩张。－无形资产我们的无形资产主要包括(1)授权IP、(2)知识产权（包括我们的自有IP）及(3)软件。我们的无形资产由截至2019年12月31日的人民币18.6百万元增加至截至2020年12月31日的人民币92.7百万元，主要是由于我们于2020年获得新授权的IP。– Other payables and accrualsOur other payables and accruals consist mainly of (1) wages, salariesand other employee benefits, (2) accrual expenses, (3) payables forproperty, plant and equipment and intangible assets, (4) other taxpayables, (5) payables for listing expense, (6) payables for short-term andvariable rental expenses, (7) amount received on behalf of merchants onconventions, and (8) others. Our other payables and accruals increasedfrom RMB122.1 million as of 31 December 2019 to RMB202.3 millionas of 31 December 2020, primarily due to (1) the increase in payablesfor property, plant and equipment and intangible assets by RMB24.4million as a result of expansion in retail stores; (2) the increase in listingexpenses of the initial public offering of RMB22.2 million; (3) the increasein other tax payables of RMB17.1 million as a result of business growth;(4) the increase in accrual expenses of RMB20.1 million as a result of theexpansion in online channels in response to the increase in logistics feeand platform service fee payables.– Property, plant and equipmentOur property, plant and equipment consist mainly of (1) roboshops, (2)moulds, (3) equipment and others and (4) leasehold improvement. Ourproperty, plant and equipment increased from RMB103.6 million as of 31December 2019 to RMB238.3 million as of 31 December 2020, primarilydue to (1) the increase in leasehold improvement of RMB65.5 million asa result of the expansion in our retail store network, (2) the increase inmoulds of RMB51.2 million as a result of the expansion in our productportfolio and (3) the increase in roboshops of RMB14.0 million as a resultof the expansion in our roboshop network.– Intangible assetsOur intangible assets consist mainly of (1) licensed IPs, (2) intellectualproperty rights, including our propriety IPs and (3) software. Ourintangible assets increased from RMB18.6 million as of 31 December2019 to RMB92.7 million as of 31 December 2020, primarily due to thenew licensed IPs obtained in 2020.
二零二零年年报ANNUAL REPORT 202025ManageMent Discussion anD analysis管理层讨论与分析– Right-of-use assetsOur right-of-use assets comprise the initial measurement of thecorresponding lease liability in relation to our retail stores androboshops, lease payments made at or before the commencementdate and any initial direct costs. Our right-of-use assets are depreciatedstarting at the commencement date over the shorter period of useful lifeof the underlying asset and lease term. Our right-of-use assets increasedfrom RMB178.9 million as of 31 December 2019 to RMB287.8 millionas of 31 December 2020, due to the expansion in our retail store androboshop network.– Bank borrowingsWe did not have any bank borrowings as of 31 December 2020.Pledge of AssetsWe did not have any pledged assets as of 31 December 2020.Gearing RatioAs at 31 December 2020, our gearing ratio was 12.1% as compared with thegearing ratio of 44.4% as at 31 December 2019. The gearing ratio is calculatedby dividing total liabilities by total assets and then multiplying by 100%.ContingencyWe are not currently involved in any material legal proceedings, nor are weaware of any pending or potential material legal proceedings involving us.If we are involved in such material legal proceedings, we would record anyloss or contingency when, based on information then available, it is likelythat a loss has been incurred and the amount of the loss can be reasonablyestimated.－使用权资产使用权资产包括与我们的零售店及机器人商店有关的相应租赁负债于开始日期或之前做出的租赁付款及任何初步直接成本的初步计量。使用权资产子开始日期起按相关资产可使用年期与短期的较短期间予以折旧。我们的使用权资产由截至2019年12月31日的人民币178.9百万元增加至截至2020年12月31日的人民币287.8百万元，原因是零售店及机器人商店网络的扩张。－银行借款截至2020年12月31日我们并无任何银行借款。资产抵押截至2020年12月31日我们并无任何资产抵押。资产负债率于2020年12月31日，我们的资产负债率为12.1%，而于2019年12月31日的资产负债率则为44.4%。资产负债率乃总负债除以总资产并乘以100%。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可合理估计时，按当时所得资料记录任何亏损或或有负债。
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On 28 August 2020, we received a court summons dated 19 August 2020 inrelation to a claim brought by Golden Eagle International Retail Group (China)Co., Ltd. (金鹰国际商贸集团(中国)有限公司) as a shareholder on behalf ofNanjing Golden Eagle Pop Mart at the Jiangsu Nanjing Intermediate People’sCourt (江苏省南京市中级人民法院) against Beijing Pop Mart Culture &Creative Co., Ltd. As we have been advised by our PRC legal adviser that theclaim brought by Golden Eagle International is groundless, the likelihoodthat the claim will be decided in favor of Golden Eagle International isvery low, the risk exposure of the Company from the claim is minimal andthe claim will not have a material adverse impact on our operations andfinancial performance, as such, no provision in relation to this claim has beenrecognized in the consolidated financial statements.Foreign Exchange Risk ManagementWe operate mainly in the PRC with most of the transactions settled inRenminbi. Our management considers that the business is not exposed toany significant foreign exchange risk as there are no significant financialassets or liabilities of our Group denominated in currencies other thanthe respective functional currencies of our operating entities. We did nothedge against any fluctuation in foreign currency during the year ended 31December 2020.Capital ExpendituresOur capital expenditures consist of (1) purchases of property, plant andequipment and (2) purchases of intangible assets.For the year ended December 31,截至12月31日止年度202020192020年2019年(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175,984104,951Purchases of intangible assets购置无形资产47,60812,551Total合计223,592117,502于2020年8月28日，我们收到日期为2020年8月19日的法院传票，内容有关金鹰国际商贸集团（中国）有限公司（作为股东）代表南京金鹰泡泡玛特在江苏省南京市中级人民法院向北京泡泡玛特文化创意有限公司提起的申索。据中国法律顾问告知，金鹰国际提起的申索并无依据，申索判决金鹰国际胜诉的可能性极低，本公司面临的来自该申索的风险微乎其微，且该申索将不会对我们的营运及财务表现产生重大不利影响，故概无就该申索于综合财务报表确认拨备。外汇风险管理我们主要于中国经营业务，交易主要以人民币结算。由于本集团并无以我们经营实体各自功能货币以外货币计值的重大金融资产或负债，故管理层认为业务并无任何重大外汇风险敞口。于截至2020年12月31日止年度期间，我们并无对冲任何外币波动。资本开支我们的资本开支包括(1)购置物业、厂房及设备的款项及(2)购置无形资产的款项。
二零二零年年报ANNUAL REPORT 202027ManageMent Discussion anD analysis管理层讨论与分析Human ResourcesAs of 31 December 2020, we had a total of 2,320 employees, including1,527 sales personnel and 793 administrative and development personnel.For the year ended 31 December 2020, we incurred staff costs (includingremuneration, payrolls, allowances and benefits) of RMB243.0 million.Future Plans on Significant InvestmentsAs of 31 December 2020, we did not hold any significant investment. Tostrengthen our position as the pioneer and key promoter of pop toy culturein China, we plan to utilise the Net Proceeds to carry out certain expansionprojects. Details for the expansion projects are set out in the paragraphheaded“Use of Net Proceeds From Listing”in this report and the sectionheaded“Future Plans and Use of Proceeds”in the prospectus of the Companydated 1 December 2020 (the“Prospectus”).Material Acquisitions and DisposalsDuring the year ended 31 December 2020, we had not conducted anymaterial acquisition or disposal of subsidiaries, associates and joint ventures.Major Risks and UncertaintiesPrincipal risks and uncertainties we face are relating to: (i) as a pop cultureentertainment company, we cannot assure you that we will be able to designand develop products that will be popular with consumers, or that we willbe able to maintain the popularity of successful products; (ii) we may notrealize the full benefit of our licenses if the IPs we are granted license haveless market appeal than expected or if sales from the products that usethose IPs are not sufficient to satisfy the minimum guaranteed royalties; (iii)our business depends significantly on market recognition of our“Pop Mart”brand, and any damage to our brand, trademarks or reputation, or failureto effectively promote our brand, could materially and adversely impactour business and results of operations; (iv) we use third-party manufacturesto manufacture all of our Pop Mart brand products, and failure in productquality control may adversely affect our business; and（v）the slowdown inmacro-economic growth may weaken the demand in our products whichmay have a certain negative impact on the Company’s operating results.人力资源截至2020年12月31日，我们共有2,320名员工，包括销售员工1,527名，行政及开发人员793名。截止2020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243.0百万元。重大投资的未来计划截至2020年12月31日，我们并无持有任何重大投资。为加强我们作为中国潮流玩具文化的开拓者及主要推广者地位，我们计划动用所得款项净额执行若干拓展项目。拓展项目的详情载于本报告「上市所得款项净额用途」一段及本公司日期为2020年12月1日的招股章程（「招股章程」）「未来计划及所得款项用途」一节。重大收购及出售于截至2020年12月31日止年度期间，我们并无进行任何重大收购或出售附属公司、联营公司及合营企业。主要风险及不确定因素我们面临的主要风险及不确定因素乃关于：(i)作为潮流文化娱乐公司，我们无法向　阁下保证，我们将能够设计及开发受消费者欢迎的产品，或我们将能够保持成功产品的受欢迎程度；(ii)倘我们获授权的IP的市场吸引力低于预期，或使用该等IP的产品的销售额不足以满足最低保证特许权使用费，我们可能无法实现授权的全部利益；(iii)我们的业务在很大程度上取决于我们「泡泡玛特」品牌的市场认知度，且对我们的品牌、商标或声誉的任何损害，或未能有效推广我们的品牌，均可能对我们的业务及经营业绩造成重大不利影响；(iv)我们通过第三方制造商生产所有的泡泡玛特品牌产品，未能控制产品质量可能会对我们的业务造成不利影响；及(v)宏观经济增速放缓可能削弱对我们产品的需求，从而给本公司经营业绩带来一定的负面影响。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司28ManageMent Discussion anD analysis管理层讨论与分析未来展望IP是我们业务的核心，我们通过创意的产品、精致的设计和优质的服务使消费者收获快乐美好、潮流体验和艺术薰陶，同时，通过提升品牌价值，增加用户对泡泡玛特的品牌忠诚度，保持我们强势的市场地位及竞争力。我们将致力丰富IP类型，扩大IP库，推出更多头部系列产品，以及拓宽除盲盒以外的潮玩品类。我们将致力扩展我们的渠道网络，从而触达更多的用户，不断精进我们的运营能力，提升用户的消费体验，加强会员拓展和会员营销，推动创新零售数字化运作，以更多样化的方式触达和维护用户，提供定制化的、更好的服务。我们将通过更丰富多样的途径持续推广潮流玩具文化，持续影响整个行业，为高阶会员提供更多权益，提高粉丝黏性，提升粉丝的文化认同和品牌认知。报告期间后事项于本报告日期，本集团于截至2020年12月31日止年度后并无发生须进一步披露或调整的重大事项。OutlookIP is at the core of our business. Through our innovative products, delicatedesign and quality services, we aim to offer consumers with joyful popculture and artistic experience. At the same time, by increasing our brandvalue, we will enhance the brand loyalty of users on Pop Mart products,thereby maintaining our strong market position and competitiveness.We will strive to enrich our IP types, expand our IP base, introduce moreproducts under the head series, and increase types of pop toys in addition toblind boxes.We will strive to expand our channel network so as to reach more users. Inaddition, we will continue to strengthen our operating capability, improveuser shopping experience, enhance member expansion and membermarketing, promote innovative retail digitalized operation, reach and retainusers through diversified measures, and offer customized, better services.We will continue to promote pop toy culture through more diversifiedmeans, influence the whole industry continuously, offer more benefits forour privilege members, increase the stickiness of fans, as well as enhance thecultural identity and brand awareness of fans.Subsequent EventsAs at the date of this report, the Group has no significant events occurredafter the year ended 31 December 2020 which require additional disclosuresor adjustments.
二零二零年年报ANNUAL REPORT 202029Biographies 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，34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、葩趣互娱及Pop Mart(Hong Kong) Holding Limited。王先生为执行董事杨涛女士的配偶。杨涛女士，34岁，本公司执行董事及副总裁。杨女士在硕士学位课程结束后于2010年10月加入本集团，负责本公司的商品中心。杨女士于2009年5月获得美国福特海斯州立大学通识学学士学位，并于2010年11月获得香港浸会大学传播学硕士学位。杨女士目前担任本公司主要附属公司北京泡泡玛特的董事。杨女士为本公司执行董事、董事会主席及行政总裁王先生的配偶。The biographical details of the Directors and senior management are set outas follows:EXECUTIVE DIRECTORSMr. Wang Ning (王宁), aged 34, 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, Paqu Huyu and Pop Mart (Hong Kong)Holding Limited.Mr. Wang is the spouse of Ms. Yang Tao, our executive Director.Ms. Yang Tao (杨涛), aged 34, is our executive Director and vice president.Ms. Yang joined our Group in October 2010 towards the end of her master’sdegree program, and is in charge of the product centre of our Company.Ms. Yang received her bachelor of general study degree from Fort HaysState University in the United States in May 2009, and her master’s degree incommunication studies from Hong Kong Baptist University in Hong Kong inNovember 2010.Ms. Yang is currently a director of Beijing Pop Mart, a principal subsidiary ofour Company.Ms. Yang is the spouse of Mr. Wang, our executive Director, Chairman of theBoard and Chief Executive Officer of our Company.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司30Biographies of Directors anD senior ManageMent董事及高级管理层履历刘冉女士，33岁，本公司执行董事及副总裁。刘女士大学毕业后不久即于2011年7月加入本集团，负责本公司的总裁办。刘女士于2010年7月获得中国郑州大学西亚斯国际学院（现为郑州西亚斯学院）旅游管理专业学士学位，并于2020年7月获得中国北京大学光华管理学院工商管理硕士学位。刘女士目前担任本公司主要附属公司北京泡泡玛特的董事。司德先生，32岁，本公司执行董事、首席运营官及中国区业务总裁。司先生于2015年3月加入本集团，负责整体运营及监察本公司的线上业务部及人力资源部。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及天津泡泡玛特文化传播有限公司。Ms. Liu Ran (刘冉), aged 33, is our executive Director and vice president. Ms.Liu joined our Group in July 2011 shortly after graduating from university. Ms.Liu is in charge of the president office of our Company.Ms. Liu received her bachelor’s degree in tourism management from SiasInternational College of Zhengzhou University (currently known as SiasUniversity) in the PRC in July 2010, and her master’s degree in businessadministration from Guanghua School of Management of Peking Universityin the PRC in July 2020.Ms. Liu is currently a director of Beijing Pop Mart, a principal subsidiary of ourCompany.Mr. Si De (司德), aged 32, is our executive Director, chief operating officerand president of China business. Mr. Si joined our Group in March 2015,and is responsible for overall operations and overseeing the online businessdepartment and the human resources department of our Company. 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) andTianjin Pop Mart Cultural Communication Co., Ltd. (天津泡泡玛特文化传播有限公司).
二零二零年年报ANNUAL REPORT 202031Biographies of Directors anD senior ManageMent董事及高级管理层履历非执行董事屠铮先生，42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，39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 42, 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 39, is our non-executive Director. Mr. He wasappointed as non-executive Director in May 2019, and is responsible forproviding professional advice to the Board.Mr. He founded and served as a partner of Shenzhen Qianhai Heiyi InnovationInvestment Partnership (Limited Partnership) (深圳前海黑蚁创新投资合伙企业（有限合伙)) since February 2016. Prior to that, Mr. He served as the headof strategy and investment department at Beijing Bytedance Technology Co.Ltd. (北京字节跳动科技有限公司) from August 2015 to February 2016.Mr. He received his bachelor’s degree in international economics and tradefrom Nankai University (南开大学) in the PRC in June 2003, and his master’sdegree in finance from the University of Lancaster in the United Kingdomin November 2005. Mr. He was admitted as a Chartered Financial Analyst bythe CFA Institute in September 2008, and was granted the China SecuritiesInvestment Fund Practicing Certificate by the Asset Management Associationof China in February 2017.Mr. He is currently a director of Beijing Pop Mart.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司32Biographies 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，54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，50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。吴先生自2001年9月起担任北京大学光华管理学院教职人员。INDEPENDENT NON-EXECUTIVE DIRECTORSMr. Zhang Jianjun (张建君), aged 54, 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 50, is our independent non-executiveDirector with effect from the Listing Date, and is responsible for providingindependent opinion and judgement to the Board. Mr. Wu has been facultymember at Guanghua School of Management of Peking University sinceSeptember 2001.
二零二零年年报ANNUAL REPORT 202033Biographies 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。吴先生自2018年9月起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, and an independent directorof Xinhuanet Co., Ltd (新华网股份有限公司), a company listed on theShanghai Stock Exchange (Stock Code: 603888) from May 2014 to March2016. Mr. Wu has served as an independent director of BOC International(China) Co., Ltd. (中银国际证券股份有限公司), a company listed on theShanghai Stock Exchange (Stock Code: 601696) since September 2018.Mr. Wu received his bachelor’s degree in economics from Wuhan Universityin the PRC in July 1993, his master’s degree in economics from WuhanUniversity in the PRC in June 1996, and his Ph.D in management fromZhongnan University of Finance and Economics (中南财经大学) (now knownas Zhongnan University of Economics and Law (中南财经政法大学)) in thePRC in June 1999.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司34Biographies of Directors anD senior ManageMent董事及高级管理层履历颜劲良先生，37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（股份代号：1357）上市的公司）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，34岁，本公司执行董事、董事会主席及行政总裁。有关其履历的详情，请参阅本节「执行董事」分节。杨镜冰先生，41岁，本公司首席财务官。杨先生于2017年8月加入本集团，负责本公司的财务管理。于加入本集团之前，杨先生于2010年3月至2017年8月先后担任北京金隅大成开发有限公司（现称北京金隅房地产开发集团有限公司）的财务及资本部经理、总经理助理及首席财务官。于2009年3月至2010年3月，彼担任北京大成开发有限公司的财务规划部经理。于2007年9月至2009年3月，杨先生担任北京金隅股份有限公司的上市办公室财务部成员。于2002年7月至2007年9月，杨先生担任北京金隅嘉业房地产开发公司的财务部职员。Mr. Ngan King Leung Gary (颜劲良), aged 37, 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 34, is our executive Director, Chairman ofthe Board and Chief Executive Officer of our Company. For details of hisbiography, please see the sub-section headed“Executive Directors”in thissection.Mr. Yang Jingbing (杨镜冰), aged 41, is the Chief Financial Officer of ourCompany. Mr. Yang joined our Group in August 2017, and is responsible forthe management of finance of our Company.Prior to joining our Group, Mr. Yang served successively as a manager ofthe finance and capital department, an assistant to the general managerand a chief financial officer of Beijing BBMG Dacheng Development Co.,Ltd. (北京金隅大成开发有限公司) (now known as Beijing BBMG PropertyDevelopment Group Co., Ltd. (北京金隅房地产开发集团有限公司)) fromMarch 2010 to August 2017. He served as a manager of financial planningdepartment Beijing Dacheng Development Co., Ltd. (北京大成开发有限公司) from March 2009 to March 2010. From September 2007 to March 2009,Mr. Yang served as a member of the finance section of the listing office ofBBMG Corporation (北京金隅股份有限公司). Mr. Yang served as a staff of thefinance department of Beijing GEM Real Estate Development Company (北京金隅嘉业房地产开发公司) from July 2002 to September 2007.
二零二零年年报ANNUAL REPORT 202035Biographies of Directors anD senior ManageMent董事及高级管理层履历杨先生于2002年6月获得中国上海财经大学法学及管理学学士学位，并于2016年6月获得中国北京大学光华管理学院工商管理硕士学位。司德先生，32岁，本公司执行董事、首席运营官及中国区业务总裁。有关其履历的详情，请参阅本节「执行董事」分节。杨涛女士，34岁，本公司执行董事及副总裁。有关其履历的详情，请参阅本节「执行董事」分节。刘冉女士，33岁，本公司执行董事及副总裁。有关其履历的详情，请参阅本节「执行董事」分节。文德一先生，41岁，本公司副总裁及海外业务总裁。文先生于2018年8月加入本集团，负责监察本公司海外业务部。在此之前，文先生于2013年7月至2018年7月先后担任CJ CheilJedangCorporation的业务发展部全球业务规划专员、全球业务规划高级专员及全球业务规划襄理，及于2009年1月至2013年5月担任CJ ENM的全球战略部经理。于2004年12月至2008年12月，文先生任职于Lotte Cinema Co., Ltd.的规划管理部。文先生于2005年2月获得韩国建国大学中文学士学位，并于2018年7月获得中国北京大学工商管理硕士学位。Mr. Yang received his bachelor’s degree in law and management in June2002 from Shanghai University of Finance and Economics in the PRC, and hismaster’s degree in business administration in June 2016 from the GuanghuaSchool of Management of Peking University in the PRC.Mr. Si De (司德), aged 32, is our executive Director, Chief Operations Officerand president of China business. For details of his biography, please see thesub-section headed“Executive Directors”in this section.Ms. Yang Tao (杨涛), aged 34, is our executive Director and vice president.For details of her biography, please see the sub-section headed“ExecutiveDirectors”in this section.Ms. Liu Ran (刘冉), aged 33, is our executive Director and vice president.For details of her biography, please see the sub-section headed“ExecutiveDirectors”in this section.Mr. Moon Duk Il (文德一), aged 41, is our vice president and presidentof overseas business. Mr. Moon joined our Group in August 2018, andis responsible for overseeing the overseas business department of ourCompany. Prior to that, Mr. Moon served successively as a global businessplanning specialist, global business planning senior specialist and globalbusiness planning junior manager at the business development departmentof CJ CheilJedang Corporation from July 2013 to July 2018, and a manager ofthe global strategy department of CJ ENM from January 2009 to May 2013.From December 2004 to December 2008, Mr. Moon served at the planningmanagement department of Lotte Cinema Co., Ltd.Mr. Moon received his bachelor’s degree in Chinese from Konkuk Universityin Korea in February 2005, and his master’s degree in business administrationfrom Peking University in the PRC in July 2018.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司36RepoRt 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2020年12月31日止年度之经审核综合财务报表。全球发售本公司于2019年5月9日根据开曼群岛法律在开曼群岛注册成立为获豁免有限公司。股份于2020年12月11日在香港联合交易所有限公司（「联交所」）主板上市。根据全球发售（定义见招股章程），本公司于2020年12月11日按发行价每股普通股38.50港元发行135,715,200股每股面值为0.0001美元的本公司新普通股，经扣除专业费用、包销佣金及其他相关上市开支后，首次公开发售所得款项净额约为5,025.4百万港元。于2020年12月15日，招股章程所述超额配股权已获联席全球协调人（代表国际包销商）悉数行使，合共涉及20,357,200股股份，以补足国际发售的超额分配。本公司已按每股股份38.50港元（即全球发售下每股发售股份的发售价）发行及配发超额配发股份。本公司就发行超额配发股份收取额外所得款项净额约为756.3百万港元（经扣除包销费用及本公司就行使超额配股权而应付的其他开支）。主要业务根据弗若斯特沙利文报告，分别以2019年的零售价值（市场份额为8.5%）及2017年至2019年的收益增长计，本公司是中国最大且增长最快的潮流玩具公司。IP是我们业务的核心。我们建立了覆盖潮流玩具全产业链的一体化平台，包括艺术家发掘、IP运营、消费者触达及潮流玩具文化的推广，通过该平台我们得以激发粉丝对潮流的热情，给他们带来快乐和美好。业绩本集团截至2020年12月31日止年度之业绩载于本年报第136至264页之综合财务报表。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 2020.GLOBAL OFFERINGThe Company was incorporated in the Cayman Islands on 9 May 2019 asan exempted company with limited liability under the laws of the CaymanIslands. The Shares were listed on the Main Board of the Stock Exchange ofHong Kong Limited (the“Stock Exchange”) on 11 December 2020. Pursuantto the Global Offering (as defined in the Prospectus), the Company issued135,715,200 new ordinary shares of the Company on 11 December 2020with a nominal value of US$0.0001 each at a price of HK$38.50 per ordinaryshare and received net proceeds of approximately HK$5,025.4 million fromthe initial public offering, after deducting professional fees, underwritingcommissions and other related listing expenses.On 15 December 2020, the over-allotment option described in the Prospectushas been fully exercised by the joint global coordinators, on behalf of theinternational underwriters, in respect of an aggregate of 20,357,200 shares tocover over allocations in the international offering. The over-allotment shareswere issued and allotted by the Company at HK$38.50 per share, being theoffer price per offer share under the Global Offering. And the Companyreceived additional net proceeds of approximately HK$756.3 million for theissue of the Over-allotment Shares, after deducting the underwriting fees andother expenses payable by the Company in relation to the exercise of theover-allotment option.PRINCIPAL BUSINESSThe Company is the largest and fastest-growing pop toy company in China,in terms of retail value in 2019 with a market share of 8.5% and revenuegrowth from 2017 to 2019, respectively, according to the Frost & SullivanReport. IP is at the core of our business. We have established an integratedplatform covering the entire industry chain of pop toys, including artistsdevelopment, IP operation, consumer access and pop toy culture promotion,through which we light up the passion of fans and bring them joy.RESULTSThe results of the Group for the year ended 31 December 2020 are set outin the consolidated financial statements on pages 136 to 264 of this annualreport.
二零二零年年报ANNUAL REPORT 202037RepoRt of DiRectoRs董事会报告书股息分派2020年7月，本公司向其股东宣派股息55.0百万美元，其中53.9百万美元已于2020年7月至12月以现金派付。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。董事会将根据下列因素不时检讨股息政策，以决定是否宣派及派付股息：•我们的经营业绩；•我们的现金流量；•我们的财务状况；•我们的资金要求；•相关法律规定；及•董事会认为相关的其他因素。根据本公司的组织章程细则（「组织章程细则」），本公司可在股东大会宣布以任何货币派发股息，惟股息金额不得高于董事会所建议者。DIVIDEND DISTRIBUTIONIn July 2020, the Company declared a dividend of US$55.0 million to itsShareholders, of which US$53.9 million was paid in cash from July toDecember 2020. We intend to distribute dividends to our Shareholders onan annual basis of no less than 20% of our distributable net profit, which issubject to the discretion of our Directors. The Board, with the sanction of theShareholders in general meeting, may direct any dividend be satisfied whollyor in part by the distribution of specific assets of any kind. Any declarationand payment as well as the amount of dividends will be subject to ourconstitutional documents and the Cayman Companies Law. Our Shareholdersin a general meeting may approve any declaration of dividends, which mustnot exceed the amount recommended by our Board. No dividends shall bedeclared or payable except out of our profits and reserves of our Companylawfully available for distribution including share premium. No dividend shallcarry interest against our Company.The Board will review dividend policy from time to time in light of thefollowing factors in determining whether dividends are to be declared andpaid:• our result of operations;• our cash flows;• our financial condition;• our capital requirements;• relevant legal requirements; and• other factors the Board may deem relevant.In accordance with the articles of association of the Company (the“Articlesof Association”), the Company in general meeting may declare dividends inany currency but no dividends shall exceed the amount recommended bythe Board.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司38RepoRt of DiRectoRs董事会报告书董事会已决定宣派截至2020年12月31日止年度的末期股息每股已发行普通股人民币14.94分。拟派末期股息须待股东在将于2021年6月1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。末期股息将向于2021年6月7日（星期一）名列本公司股东名册的股东派付，总金额为人民币209,402,000元。待股东周年大会批准，末期股息预计将于2021年7月30日（星期五）分派。税务减免及豁免董事并不知悉股东因其持有本公司证券而享有的任何税务减免。股东周年大会本公司股东周年大会将于2021年6月1日举行。股东周年大会通告将按联交所证券上市规则（「上市规则」）规定的方式于适当时候刊发及派发予股东。暂停办理股份过户登记为确定出席股东周年大会并于会上投票之资格，本公司将于2021年5月27日（星期四）至2021年6月1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2021年5月26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2021年6月7日（星期一）至2021年6月9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2021年6月4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。The Board has resolved to declare a final dividend of RMB14.94 centsper ordinary Share issued for the year ended 31 December 2020. 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, 1 June 2021 (the“AGM”). The final dividend is payableto the Shareholders whose names are listed in the register of membersof the Company on Monday, 7 June 2021, in an aggregate amount ofRMB209,402,000. Once approved by the AGM, the final dividend is expectedto be distributed on Friday, 30 July 2021.TAX RELIEF AND EXEMPTIONThe Directors are not aware of any tax relief and exemption available to theShareholders by reason of their holding of the Company’s securities.ANNUAL GENERAL MEETINGThe AGM of the Company will be held on 1 June, 2021. The notice of theAGM will be published and dispatched to the Shareholders in due course inthe manner as required by the Rules Governing the Listing of Securities onthe Shock Exchange (the“Listing Rules”).CLOSURE OF REGISTER OF MEMBERSIn order to determine the entitlement to attend and vote at the AGM, theregister of members of the Company will be closed from Thursday, 27 May2021 to Tuesday, 1 June 2021, 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, 26 May,2021.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, 7 June 2021 to Wednesday, 9 June2021 (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, 4 June 2021.
二零二零年年报ANNUAL REPORT 202039RepoRt 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28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10至28页的「管理层讨论与分析」。环保政策及表现促进可持续、保育环境是我们的企业及社会责任。就此，我们透过减少碳足迹，并以可持续方式进行企业发展，致力将我们对环境造成的影响降至最低。于截至2020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2020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2020年12月31日止年度期间直至本年报日期，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2020年12月31日止年度期间直至本年报日期，本集团在所有重大方面已遵守法例，包括香港公司条例（香港法例第622章）、上市规则、证券及期货条例（香港法例第571章）（「证券及期货条例」）及上市规则附录14所载企业管治守则（「企业管治守则」）有关（其中包括）资讯披露及企业管治的规定。BUSINESS REVIEWA fair review of the business and a discussion and analysis of the Group’sperformance during the year, using financial key performance indicatorsand the material factors underlying its results and financial position as wellas the outlook of the Group’s business are provided in the“ManagementDiscussion and Analysis”on pages 10 to 28 of this annual report. Descriptionof the principal risks and uncertainties faced the Group can be found in the“Management Discussion and Analysis”on pages 10 to 28 of this annualreport.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 2020, 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 2020.LEGAL PROCEEDINGS AND COMPLIANCE WITHRELEVANT LAWS AND REGUALTIONSWe may from time to time become a party to various legal proceedings arisingin the ordinary course of business. Directors confirm that, during the yearended 31 December 2020 and up to the date of this annual report, 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 Directors thatcould cause a material and adverse effect on our business, financial conditionsor results of operations.During the year ended 31 December 2020 and up to the date of this annualreport, the Group had complied with the laws in all material respects,including the requirements under the Hong Kong Companies Ordinance(Chapter 622 of the Laws of Hong Kong), the Listing Rules, the Securities andFutures Ordinance (Chapter 571 of the Laws of Hong Kong) (“SFO”) and theCorporate Governance Code (the“CG Code”) contained in Appendix 14 tothe Listing Rules) for, among other things, the disclosure of information andcorporate governance.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司40RepoRt of DiRectoRs董事会报告书财务概要本公司于过去四个财政年度的业绩、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本年报日期，我们共有2,320名全职雇员。我们的绝大多数雇员常驻中国。我们主要通过校园招聘会、招聘代理以及我们的公司网站及社交网络平台等线上渠道招聘雇员。我们已采用健全的内部培训政策，根据该等政策，内部主讲人或外聘顾问定期向雇员提供管理、技术及其他培训。根据中国法律法规的要求，我们参与各项政府法定雇员福利计划，包括社会保险基金（即养老金供款计划、医疗保险计划、失业保险计划、工伤保险计划及生育保险计划）及住房公积金。根据中国法律，我们须根据员工薪金、花红及特定津贴的特定百分比向员工福利计划供款，惟以当地政府不时规定的最高金额为限。我们与所有最高行政人员及绝大多数员工订立有关保密、知识产权、雇佣、商业道德及不竞争的标准合约及协议。该等合约通常包括不竞争条文及在受雇于我们期间及之后有效的保密条文。我们目前并无工会代表的雇员。我们相信我们与雇员保持良好的工作关系，且我们于截至2020年12月31日止年度期间及直至本年报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 fourfinancial 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 the date of this annual report, we had a total of 2,320 full-timeemployees. Substantially all of our employees are based in the PRC.We primarily recruit our employees through on-campus job fairs, recruitmentagencies and online channels including our corporate websites and socialnetworking platforms. We have adopted robust internal training policies,pursuant to which management, technology and other training are regularlyprovided to our employees by internally sourced speakers or externally hiredconsultants.As required by PRC laws and regulations, we participate in variousgovernment statutory employee benefit plans, including social insurancefunds, namely a pension contribution plan, a medical insurance plan, anunemployment insurance plan, a work-related injury insurance plan, amaternity insurance plan, and a housing provident fund. We are requiredunder PRC law to contribute to employee benefit plans at specifiedpercentages of the salaries, bonuses and certain allowances of our employeesup to a maximum amount specified by the local government from time totime.We enter into standard contracts and agreements regarding confidentiality,intellectual property, employment, commercial ethics and non-competitionwith all of our executive officers and the vast majority of our employees.These contracts typically include a non-competition provision and aconfidentiality provision effective during and after their employment with us.None of our employees are currently represented by labor unions. We believethat we maintain a good working relationship with our employees, andwe have not experienced any significant labor disputes or any difficulty inrecruiting staff for our operations during the year ended 31 December 2020and up to the date of this annual report.
二零二零年年报ANNUAL REPORT 202041RepoRt 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2020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5.1%，向最大客户的销售额则占3.3%。于截至2020年12月31日止年度期间及直至本年报日期，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客户中拥有任何权益。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2020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44.2%，向最大供应商作出的采购额则占13.4%。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 2020, the Group’s sales to its five largestcustomers accounted for 5.1% of the Group’s total sales and sales to thelargest customer accounted for 3.3%.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 customers during theyear ended 31 December 2020 and up to the date of this annual report.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 2020, purchases from the Group’s fivelargest suppliers accounted for 44.2% of the Group’s total purchases andpurchases from the largest supplier accounted for 13.4%.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司42RepoRt of DiRectoRs董事会报告书于截至2020年12月31日止年度期间及直至本年报日期，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。股本本公司股本于截至2020年12月31日止年度的变动详情载于综合财务报表附注24。于2020年12月31日，本公司的已发行股本为1,401,937,550股股份。储备本集团截至2020年12月31日止年度的储备变动详情载于本年报第141至142页的综合权益变动表。可分派储备于2020年12月31日，本公司可向股东分派之储备约为人民币12,527,402,000元。物业、厂房及设备本集团截至2020年12月31日止年度的物业、厂房及设备变动详情载于综合财务报表附注12。充足公众持股量于本年报日期及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。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 2020 and up to the date of this annual report.SHARE CAPITALDetails of movements in the share capital of the Company during the yearended 31 December 2020 are set out in note 24 to the consolidated financialstatements.As at 31 December 2020, the issued share capital of the Company was1,401,937,550 shares.RESERVESDetails of movements in the reserves of the Group during the year ended31 December 2020 are set out on pages 141 to 142 in the consolidatedstatement of changes in equity in this annual report.DISTRIBUTABLE RESERVESAs at 31 December 2020, the Company’s reserve available for distribution toshareholders amounted to approximately RMB12,527,402,000.PROPERTY, PLANT AND EQUIPMENTDetails of movements in the property, plant and equipment of the Groupduring the year ended 31 December 2020 are set out in note 12 to theconsolidated financial statements.SUFFICIENCY OF PUBLIC FLOATAs at the date of this annual report and based on the information publiclyavailable to the Company and to the best knowledge of the Directors, theCompany has maintained the minimum public float of 25% as required underthe Listing Rules.
二零二零年年报ANNUAL REPORT 202043RepoRt of DiRectoRs董事会报告书优先认购权组织章程细则或开曼群岛法律概无有关优先认购权的条文规定本公司须按比例向本公司现有股东（「股东」）发售新股份。董事及高级管理层本公司于截至2020年12月31日止年度及直至本年报日期的董事及高级管理层载列如下：PRE-EMPTIVE RIGHTSThere is no provision for pre-emptive rights under Articles of Associationor the laws of the Cayman Islands that would oblige the Company to offernew shares on a pro rata basis to existing shareholders of the Company (the“Shareholders”).DIRECTORS AND SENIOR MANAGEMENTThe Directors and senior management of the Company during the yearended 31 December 2020 and up to the date of this annual report are set outbelow:NamePosition in the Company姓名于本公司的职位Directors董事Mr. Wang NingExecutive Director, Chairman of the Board and Chief Executive Officer王宁先生执行董事、董事会主席及行政总裁Ms. Yang TaoExecutive Director and Vice President杨涛女士执行董事及副总裁Ms. Liu RanExecutive Director and Vice President刘冉女士执行董事及副总裁Mr. Si DeExecutive Director, Chief Operating Officer and President of China Business司德先生执行董事、首席运营官及中国区业务总裁Mr. Tu ZhengNon-executive Director屠铮先生非执行董事Mr. He YuNon-executive Director何愚先生非执行董事Mr. Zhang JianjunIndependent Non-executive Director张建君先生独立非执行董事Mr. Wu LianshengIndependent Non-executive Director吴联生先生独立非执行董事Mr. Ngan King Leung GaryIndependent Non-executive Director颜劲良先生独立非执行董事Senior management高级管理层Mr. Wang NingExecutive Director, Chairman of the Board and Chief Executive Officer王宁先生执行董事、董事会主席及行政总裁Mr. Yang JingbingChief Financial Officer杨镜冰先生首席财务官Mr. Si DeExecutive Director, Chief Operating Officer and President of China Business司德先生执行董事、首席运营官及中国区业务总裁Ms. Yang TaoExecutive Director and Vice President杨涛女士执行董事及副总裁Ms. Liu RanExecutive Director and Vice President刘冉女士执行董事及副总裁Mr. Moon Duk IlVice President and President of Overseas Business文德一先生副总裁及海外业务总裁
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司44RepoRt 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16.2及16.19条，王宁先生、杨涛女士、刘冉女士、司德先生、屠铮先生、何愚先生、张建君先生、吴联生先生及颜劲良先生将轮值告退，并符合资格及愿意于股东周年大会膺选连任为董事。概无退任董事订有本公司或其任何附属公司于一年内未经支付赔偿（一般法定责任除外）则不可终止的未届满服务合约。董事及高级管理层的履历详情载于本年报第29至35页。董事的服务协议执行董事各自与本公司订立服务协议，据此彼等同意担任执行董事，初步年期为上市日期起计三年。执行董事或本公司可发出不少于三个月的书面通知终止服务协议。非执行董事各自与本公司订立服务协议，据此彼等同意担任非执行董事，初步年期为上市日期起计三年。非执行董事或本公司可发出不少于一个月的书面通知终止服务协议。独立非执行董事各自与本公司签订任命书，年期为上市日期起计三年。独立非执行董事或本公司可发出不少于一个月的书面通知终止任命书。董事的任命须符合组织章程细则下有关董事轮席退任的条文。概无董事订有或拟订立本公司或其任何附属公司于一年内未经支付赔偿（法定赔偿除外）则不可终止的服务协议。To the best of the Directors’knowledge, information and belief, save asdisclosed in this annual report, the Directors and senior management do nothave any relationship amongst them.In accordance with articles 16.2 and 16.19 of the Articles of Association, Mr.Wang Ning, Ms. Yang Tao, Ms. Liu Ran, Mr. Si De, Mr. Tu Zheng, Mr. He Yu, Mr.Zhang Jianjun, Mr. Wu Liansheng and Mr. Ngan King Leung Gary will retireby rotation, and being eligible, have offered themselves for re-election asDirectors 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 29 to 35 of this annual report.SERVICE AGREEMENTS OF DIRECTORSEach of the executive Directors has entered into a service agreement withthe Company under which they agreed to act as executive Directors for aninitial term of three years commencing from the Listing Date, which may beterminated by not less than three months’notice in writing served by eitherthe executive Director or the Company.Each of the non-executive Directors has entered into a service agreementwith the Company under which they agreed to act as non-executive Directorsfor an initial term of three years commencing from the Listing Date, whichmay be terminated by not less than one month’s notice in writing served byeither the non-executive Directors or the Company.Each of the independent non-executive Directors has signed an appointmentletter with the Company for a term of three years commencing from theListing Date, which may be terminated by not less than one month’s noticein writing served by either the independent non-executive Director or theCompany.The appointment of Directors is subject to the provisions of retirement androtation of Directors under the Articles of Association.None of the Directors has or is proposed to have a service agreement whichis not determinable by the Company or any of its subsidiaries within one yearwithout payment of compensation (other than statutory compensation).
二零二零年年报ANNUAL REPORT 202045RepoRt of DiRectoRs董事会报告书独立非执行董事的独立性本公司已接获各独立非执行董事根据上市规则第3.13条所作出有关其独立性的年度确认书。本公司认为，全体独立非执行董事均属独立人士，且截至本年报日期仍属独立人士。董事及行政总裁于股份、相关股份及债权证的权益及淡仓于2020年12月31日，本公司董事及行政总裁于本公司或其任何相联法团（定义见《证券及期货条例》第XV部）的股份、相关股份及债权证中拥有根据《证券及期货条例》第XV部第7及第8分部已知会本公司及联交所（包括根据《证券及期货条例》的有关条文彼等被当作或视为拥有的权益及淡仓），或根据《证券及期货条例》第352条须予存置的登记册所记录或根据标准守则已另行知会本公司及联交所的权益及淡仓如下：于本公司股份及相关股份的权益INDEPENDENCE OF INDEPENDENT NON-EXECUTIVE DIRECTORSThe Company has received from each of the independent non-executiveDirectors an annual confirmation of his independence pursuant to Rule 3.13of the Listing Rules. The Company considers all of the independent non-executive Directors to be independent and remain so as of the date of thisannual report.DIRECTORS’AND CHIEF EXECUTIVE’S INTERESTSAND SHORT POSITIONS IN SHARES, UNDERLYINGSHARES AND DEBENTURESAs at 31 December 2020, the interests and short positions of the Directorsand the chief executive of the Company in the Shares, underlying Shares anddebentures of the Company or any of its associated corporations (within themeaning of Part XV of the SFO) which had been notified to the Companyand the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO(including interests and short positions which they were taken or deemedto have taken under such provisions of the SFO), or which were recordedin the register required to be kept pursuant to section 352 of the SFO or asotherwise notified to the Company and the Stock Exchange pursuant to theModel Code were as follows:Interests in Shares and underlying Shares of the CompanyName of Director董事姓名Capacity/Nature of interest身份╱权益性质Total numberof Shares/underlyingShares held(1)所持股份╱相关股份总数(1)Approximatepercentage ofshareholdinginterest in theCompany (%)(1)占本公司股权概约百分比(%)(1)Mr. Wang Ning王宁先生Beneficiary and founder of a trust; and Interest ofcontrolled corporation(2) (3)信托的受益人及创办人；及受控法团权益(2) (3)688,009,220 (L)49.08%Ms. Yang Tao杨涛女士Interest of spouse(3) (4)配偶权益(3) (4)688,009,220 (L)49.08%Mr. Si De司德先生Founder of a discretionary trust(5)酌情信托创办人(5)11,508,500 (L)0.82%
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司46RepoRt of DiRectoRs董事会报告书附注：(1)于2020年12月31日，本公司合共已发行1,401,937,550股股份。字母「L」代表有关人士于股份的好仓。(2) GWF Holding为一家于英属维京群岛注册成立的有限公司，由UBS Trustees (B.V.I.) Ltd.全资拥有，而UBS Trustees (B.V.I.) Ltd.以王宁先生作为委托人（以王宁先生为受益人）所创立信托的受托人身份全资拥有。根据《证券及期货条例》，王宁先生被视为于GWF Holding所持本公司571,981,960股股份中拥有权益。Tianjin Paqu Holding Limited为一家根据英属维京群岛法律注册成立的有限公司，而王宁先生为唯一股东。根据《证券及期货条例》，王宁先生因而被视为于Tianjin Paqu HoldingLimited所持本公司30,082,220股股份中拥有权益。(3) Pop Mart Hehuo Holding Limited为一家根据英属维京群岛法律注册成立的有限公司，并于本公司持有85,945,040股股份。王宁先生及杨涛女士分别持有Pop Mart Hehuo Holding Limited已发行股本的43.99%及15.11%。王宁先生及杨涛女士因其配偶关系被视为于彼此持有之股份中拥有权益，因此彼等被视为于Pop Mart Hehuo Holding Limited所持股份中拥有权益。(4)杨涛女士为王宁先生的配偶。根据《证券及期货条例》，杨涛女士被视为于王宁先生持有的所有股份中拥有权益。(5) Sidsi Holding Limited为一家根据英属维京群岛法律注册成立的投资控股公司，由TMF (Cayman)Ltd.（作为由司德先生（作为委托人）以其本身为受益人设立的XM Family Trust的受托人）全资拥有。除上文所披露者外，于2020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。Notes:(1) As at 31 December 2020, the Company had issued 1,401,937,550 Shares in total.The letter“L”denotes the person’s long position in the Shares.(2) GWF Holding is a company with limited liability incorporated in the BVI andwholly-owned by UBS Trustees (B.V.I.) Ltd. as trustee for a trust established byMr. Wang Ning (as settlor) for the benefit of Mr. Wang Ning. Mr. Wang Ning isdeemed to be interested in 571,981,960 Shares of our Company held by GWFHolding under the SFO. Tianjin Paqu Holding Limited is a company with limitedliability incorporated under the laws of BVI and of which Mr. Wang Ning is thesole shareholder. Mr. Wang Ning is therefore deemed to be interested in the30,082,220 Shares of our Company held by Tianjin Paqu Holding Limited underthe SFO.(3) Pop Mart Hehuo Holding Limited is a company with limited liability incorporatedunder the laws of BVI and holds 85,945,040 Shares in our Company. Mr. WangNing and Ms. Yang Tao holds 43.99% and 15.11% of the issued share capital of PopMart Hehuo Holding Limited respectively. Both Mr. Wang Ning and Ms. Yang Taoare deemed to be interested in the Shares held by each other due to their spousalrelationship and are therefore deemed to have an interest in the Shares held byPop Mart Hehuo Holding Limited.(4) Ms. Yang Tao is the spouse of Mr. Wang Ning. By virtue of the SFO. Ms. Yang Tao isdeemed to be interested in all the shares held by Mr. Wang Ning.(5) Sidsi Holding Limited is an investment holding company incorporated under thelaws of BVI and wholly-owned by TMF (Cayman) Ltd. as trustee of XM Family Trustset up by Mr. Si (as settlor) for the benefit of Mr. Si De.Save as disclosed above, as at 31 December 2020, 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.
二零二零年年报ANNUAL REPORT 202047RepoRt of DiRectoRs董事会报告书主要股东于股份及相关股份的权益及淡仓于2020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SUBSTANTIAL SHAREHOLDERS’INTERESTS ANDSHORT POSITIONS IN SHARES AND UNDERLYINGSHARESAs at 31 December 2020, to the best knowledge of the Directors or chiefexecutives of the Company, the following persons (not being a Directoror chief executive of the Company) had interests or short positions in theShares or underlying Shares which fall to be disclosed to the Company underthe provisions of Divisions 2 and 3 of Part XV of the SFO as recorded in theregister required to be kept by the Company pursuant to section 336 of theSFO:Interests in Shares and underlying Shares of the CompanyName of Shareholder股东姓名╱名称Capacity/Nature of interest身份╱权益性质Total numberof Shares/underlyingShares held(1)所持股份╱相关股份总数(1)Approximatepercentage ofshareholdinginterest in theCompany (%)(1)占本公司股权概约百分比(%)(1)UBS Trustees (B.V.I.) LimitedUBS Trustees (B.V.I.) LimitedTrustee(2)受托人(2)571,981,960 (L)40.80%GWF Holding LimitedGWF Holding LimitedBeneficial owner(2)实益拥有人(2)571,981,960 (L)40.80%Pop Mart Hehuo Holding LimitedPop Mart Hehuo Holding LimitedBeneficial owner(3)实益拥有人(3)85,945,040 (L)6.13%
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司48RepoRt of DiRectoRs董事会报告书附注：(1)于2020年12月31日，本公司合共已发行1,401,937,550股股份。字母「L」代表有关人士于股份的好仓。(2) GWF Holding为一家于英属维京群岛注册成立的有限公司，由UBS Trustees (B.V.I.) Ltd.全资拥有，而UBS Trustees (B.V.I.) Ltd.以王宁先生作为委托人（以王宁先生为受益人）所创立信托的受托人身份全资拥有。根据《证券及期货条例》，王宁先生被视为于GWF Holding所持本公司571,981,960股股份中拥有权益。Tianjin Paqu Holding Limited为一家根据英属维京群岛法律注册成立的有限公司，而王宁先生为唯一股东。根据《证券及期货条例》，王宁先生因而被视为于Tianjin Paqu HoldingLimited所持本公司30,082,220股股份中拥有权益。(3) Pop Mart Hehuo Holding Limited为一家根据英属维京群岛法律注册成立的有限公司，并于本公司持有85,945,040股股份。王宁先生及杨涛女士分别持有Pop Mart Hehuo Holding Limited已发行股本的43.99%及15.11%。王宁先生及杨涛女士因其配偶关系被视为于彼此持有之股份中拥有权益，因此彼等被视为于Pop Mart Hehuo Holding Limited所持股份中拥有权益。除上文所披露者外，于2020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2020年12月31日止年度，本公司并无发行任何债权证。Notes:(1) As at 31 December 2020, the Company had issued 1,401,937,550 Shares in total.The letter“L”denotes the person’s long position in the shares.(2) GWF Holding is a company with limited liability incorporated in the BVI andwholly-owned by UBS Trustees (B.V.I.) Ltd. as trustee for a trust established byMr. Wang Ning (as settlor) for the benefit of Mr. Wang Ning. Mr. Wang Ning isdeemed to be interested in 571,981,960 Shares of our Company held by GWFHolding under the SFO. Tianjin Paqu Holding Limited is a company with limitedliability incorporated under the laws of BVI and of which Mr. Wang Ning is thesole shareholder. Mr. Wang Ning is therefore deemed to be interested in the30,082,220 Shares of our Company held by Tianjin Paqu Holding Limited underthe SFO.(3) Pop Mart Hehuo Holding Limited is a company with limited liability incorporatedunder the laws of BVI and holds 85,945,040 Shares in our Company. Mr. WangNing and Ms. Yang Tao holds 43.99% and 15.11% of the issued share capital of PopMart Hehuo Holding Limited respectively. Both Mr. Wang Ning and Ms. Yang Taoare deemed to be interested in the Shares held by each other due to their spousalrelationship and are therefore deemed to have an interest in the Shares held byPop Mart Hehuo Holding Limited.Save as disclosed above, as at 31 December 2020, 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 2020, no issuance of debentures wasmade by the Company.
二零二零年年报ANNUAL REPORT 202049RepoRt 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2020年12月31日止年度，董事、彼等的联系人或控股股东概无于任何与本集团业务直接或间接竞争或可能竞争的业务中拥有任何权益。持续关连交易合约安排本集团订立根据上市规则第14A章构成非豁免持续关连交易的一系列合约安排。背景本公司不得直接拥有葩趣互娱的任何股权。因此，为使本集团有效控制及享有葩趣互娱全部经济利益，北京泡泡玛特、葩趣互娱及相关股东已订立一系列合约安排。合约安排使我们能够(i)获得葩趣互娱的绝大部分经济利益，作为北京泡泡玛特向葩趣互娱提供服务的代价；(ii)对葩趣互娱行使实际控制权；及(iii)在中国法律允许的情况下及在其允许的范围内持有购买葩趣互娱全部或部分股权的独家购买权。下列简化图表说明于完成重组后，根据合约安排所订明的葩趣互娱对本集团的经济利益流向：北京泡泡玛特“___”指于股权中的法定和实益所有权“......”指合约安排葩趣互娱相关股东(3)100%(2)(1)(1)DIRECTORS’AND CONTROLLING SHAREHOLDERSINTERESTS IN COMPETING BUSINESSESTo the knowledge of the Board, none of the Directors, their associates or thecontrolling shareholders had any interests in any business which competesor is likely to compete, directly or indirectly, with the businesses of the Groupfor the year ended 31 December 2020.CONTINUING CONNECTED TRANSACTIONSContractual ArrangementsThe Group entered into a series of Contractual Arrangements which wouldconstitute non-exempt continuing connected transactions pursuant toChapter 14A of the Listing Rules.BackgroundThe Company is prohibited from directly owning any equity interest in PaquHuyu. Therefore, in order for our Group to effectively control and enjoy theentire economic benefit of Paqu Huyu, a series of Contractual Arrangementshave been entered into among Beijing Pop Mart, Paqu Huyu, and theRelevant Shareholders. The Contractual Arrangements enable us to (i) receivesubstantially all of the economic benefits from Paqu Huyu in consideration forthe services provided by Beijing Pop Mart to Paqu Huyu; (ii) exercise effectivecontrol over Paqu Huyu; and (iii) hold an exclusive option to purchase all orpart of the equity interests in Paqu Huyu when and to the extent permittedby PRC law.The following simplified diagram illustrates the flow of economic benefitsfrom Paqu Huyu to our Group stipulated under the Contractual Arrangementsafter completion of the Reorganization:Beijing Pop Mart“___” denotes legal and beneficial ownership in the equity interest“......” denotes the Contractual ArrangementsPaqu HuyuRelevantShareholders(3)100%(2)(1)(1)
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司50RepoRt of DiRectoRs董事会报告书(1)北京泡泡玛特提供软件开发及其他技术咨询服务，以从葩趣互娱取得服务费。(2)相关股东以北京泡泡玛特为受益人订立独家购买权协议，以收购葩趣互娱全部股权及╱或资产。相关股东向北京泡泡玛特质押（作为第一押记）彼等各自于葩趣互娱的全部股权，作为彼等支付结欠北京泡泡玛特的任何或所有款项并确保彼等履行于独家咨询和服务协议、独家购买权协议、股东表决权委托协议及授权书项下责任的抵押品。相关股东以北京泡泡玛特为受益人订立股东表决权委托协议及授权书。(3)王宁先生持有葩趣互娱91.56%股份。27名其他股东合共持有葩趣互娱8.44%股份，包括宋泉先生(0.31%)、吴忠福先生(0.31%)、赵建宜先生(0.31%)、周丽霞女士(0.31%)、肖杨先生(0.31%)、麦刚先生(0.31%)、杨镜冰先生(0.31%)、李双双女士(0.31%)、王培先生(0.31%)、于春晓女士(0.31%)、陈华先生(0.31%)、杨桂芳女士(0.31%)、马红红女士(0.31%)、尹巍先生(0.31%)、司德先生(0.31%)、杨涛女士(0.31%)、周立峰先生(0.31%)、程富先生(0.31%)、张超先生(0.31%)、吴毅先生(0.31%)、邢宗宇先生(0.31%)、杨积敢先生(0.31%)、于晶女士(0.31%)、胡健先生(0.31%)、蔡晓东先生(0.31%)、宣毅郎先生(0.31%)及刘冉女士(0.31%)。王宁先生及27名其他股东统称「相关股东」。合约安排概要独家购买权协议葩趣互娱及其相关股东于2019年12月18日与北京泡泡玛特订立独家购买权协议（统称「独家购买权协议」），据此，北京泡泡玛特（或其指定的第三方，「指定人士」）将获授一项不可撤销、无条件及独家权利可按名义价购买葩趣互娱全部股权及╱或资产，除非相关政府机关或中国法律要求使用另一金额作为购买价，在此情况下则采用该要求下的最低金额作为购买价。根据相关中国法律法规，相关股东须将彼等已收取的任何购买价款项退还予葩趣互娱。应北京泡泡玛特的要求，在北京泡泡玛特行使其购买权后，相关股东及╱或葩趣互娱将即时无条件转让彼等各自于葩趣互娱的股权及╱或相关资产予北京泡泡玛特或其指定人士。独家购买权协议初步为期10年。倘北京泡泡玛特于独家购买权协议到期前要求延长，则相关股东及葩趣互娱须应北京泡泡玛特要求签订新独家购买权协议或继续履行独家购买权协议项下的责任。(1) Beijing Pop Mart provides software development and other technical consultationservices in exchange for service fees from Paqu Huyu.(2) The Relevant Shareholders executed an exclusive option agreement in favourof Beijing Pop Mart, for the acquisition of 100% of the equity interests and/orassets in Paqu Huyu. The Relevant Shareholders pledged as first charge all of theirrespective equity interests in Paqu Huyu to Beijing Pop Mart as collateral securityfor any or all of their payments due to Beijing Pop Mart and to secure performanceof their obligations under the Exclusive Consultation and Service Agreement,the Exclusive Option Agreement and the Voting Rights Proxy Agreement andPowers of Attorney. The Relevant Shareholders executed the Voting Rights ProxyAgreement and Powers of Attorney in favour of Beijing Pop Mart.(3) Mr. Wang Ning holds 91.56% of the shares of Paqu Huyu. 27 other shareholdershold an aggregate of 8.44% of the shares of Paqu Huyu, including Mr. Song Quan(0.31%), Mr. Wu Zhongfu (0.31%), Mr. Zhao Jianyi (0.31%), Ms. Zhou Lixia (0.31%),Mr. Xiao Yang (0.31%), Mr. Mai Gang (0.31%), Mr. Yang Jingbing (0.31%), Ms. LiShuangshuang (0.31%), Mr. Wang Pei (0.31%), Ms. Yu Chunxiao (0.31%), Mr. ChenHua (0.31%), Ms. Yang Guifang (0.31%), Ms. Ma Honghong (0.31%), Mr. Yin Wei(0.31%), Mr. Si De (0.31%), Ms. Yang Tao (0.31%), Mr. Zhou Lifeng (0.31%), Mr.Cheng Fu (0.31%), Mr. Zhang Chao (0.31%), Mr. Wu Yi (0.31%), Mr. Xing Zongyu(0.31%), Mr. Yang Jigan (0.31%), Ms. Yu Jing (0.31%), Mr. Hu Jian (0.31%), Mr. CaiXiaodong (0.31%), Mr. Xuan Yilang (0.31%) and Ms. Liu Ran (0.31%). Mr. WangNing and the 27 other shareholders are collectively referred to as the“RelevantShareholders”.Summary of the Contractual ArrangementsExclusive Option AgreementPaqu Huyu and its Relevant Shareholders entered into an exclusive optionagreement with Beijing Pop Mart on 18 December 2019 upon completionof the Reorganization (collectively, the“Exclusive Option Agreement”),pursuant to which Beijing Pop Mart (or a third party designated by it, the“designee”) will be granted an irrevocable, unconditional and exclusive rightto purchase 100% of the equity interest in and/or assets of Paqu Huyu for anominal price, unless the relevant government authorities or the PRC lawsrequest that another amount be used as the purchase price, in which casethe purchase price shall be the lowest amount under such request. Subject torelevant PRC laws and regulations, the Relevant Shareholders shall return anyamount of purchase price they have received to Paqu Huyu. At Beijing PopMart’s request, the Relevant Shareholders and/or Paqu Huyu will promptlyand unconditionally transfer their respective equity interests in and/or therelevant assets of Paqu Huyu to Beijing Pop Mart (or its designee) after BeijingPop Mart exercises its purchase right. The Exclusive Option Agreement isfor an initial term of 10 years. The Relevant Shareholders and Paqu Huyushall agree to an extension of the term of the Exclusive Option Agreementif Beijing Pop Mart requests for extension before the expiry, and shall sign anew Exclusive Option Agreement or continue the obligations of the ExclusiveOption Agreement as requested by Beijing Pop Mart.
二零二零年年报ANNUAL REPORT 202051RepoRt of DiRectoRs董事会报告书独家咨询和服务协议葩趣互娱于2019年12月18日与北京泡泡玛特订立独家咨询和服务协议（「独家咨询和服务协议」），据此，葩趣互娱将同意委聘北京泡泡玛特为其软件开发及推广、技术支援、业务合作咨询、市场咨询、客户管理咨询、公共关系及人力资源咨询、市场研究、制定市场开发计划以及葩趣互娱要求的其他相关咨询及服务的独家供应商，以换取服务费。根据该等安排，北京泡泡玛特可全权酌情调整服务费，该等服务费将于北京泡泡玛特发出付款通知后电汇至北京泡泡玛特指定账户。除非由北京泡泡玛特于独家咨询和服务协议到期前终止，否则独家咨询和服务协议初步为期10年，并可由北京泡泡玛特延长，有关期限由北京泡泡玛特厘定，并须应北京泡泡玛特要求签订新独家咨询和服务协议或继续履行独家咨询和服务协议项下的责任。股权质押协议葩趣互娱、相关股东及北京泡泡玛特于2019年12月18日订立股权质押协议（统称「股权质押协议」）。根据股权质押协议，相关股东将向北京泡泡玛特质押（作为第一押记）彼等各自于葩趣互娱的全部股权，作为彼等支付结欠北京泡泡玛特的任何或所有款项及确保彼等履行于独家咨询和服务协议、独家购买权协议及股东表决权委托协议项下责任的抵押品。倘上述违约事件未能于书面要求后10天内以令北京泡泡玛特满意的方式成功解决，则北京泡泡玛特有权实施股权质押协议项下的质押。根据股权质押协议作出的质押已根据中国法律法规向相关中国法律部门妥为办理登记手续。Exclusive Consultation and Service AgreementPaqu Huyu entered into an Exclusive Consultation and Service Agreementwith Beijing Pop Mart on 18 December 2019 (the“Exclusive Consultationand Service Agreement”), pursuant to which Paqu Huyu will agree toengage Beijing Pop Mart as its exclusive provider of software developmentand promotion, technical support, business cooperation consultation, marketconsultancy, customer management consultancy, public relations andhuman resources consultancy, market research, setting market developmentplans and other relevant consultation and services required by Paqu Huyu,in exchange for service fees. Under these arrangements, Beijing Pop Martmay adjust the service fees at its sole discretion, which will be wired tothe designated account of Beijing Pop Mart upon issuance of paymentnotification by Beijing Pop Mart.Unless terminated by Beijing Pop Mart prior to the expiry of the ExclusiveConsultation and Service Agreement, it is for an initial term of 10 years andmay be extended by Beijing Pop Mart for a term determined by Beijing PopMart, and shall sign a new Exclusive Consultation and Service Agreementor continue the obligations of the Exclusive Consultation and ServiceAgreement as requested by Beijing Pop Mart.Share Pledge AgreementPaqu Huyu, the Relevant Shareholders and Beijing Pop Mart entered intoa share pledge agreement on 18 December 2019 (collectively, the“SharePledge Agreement”). Under the Share Pledge Agreement, the RelevantShareholders will pledge as first charge all of their respective equityinterests in Paqu Huyu to Beijing Pop Mart as collateral security for any orall of their payments due to Beijing Pop Mart and to secure performance oftheir obligations under the Exclusive Consultation and Service Agreement,the Exclusive Option Agreement and the Voting Rights Proxy Agreement.Beijing Pop Mart is entitled to implement the pledge under the Share PledgeAgreement if the above default is not successfully resolved to Beijing PopMart’s satisfaction within 10 days upon the written demand. The pledgesunder the Share Pledge Agreement have been duly registered with therelevant PRC legal authority pursuant to PRC laws and regulations.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司52RepoRt 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.
二零二零年年报ANNUAL REPORT 202053RepoRt of DiRectoRs董事会报告书配偶承诺函相关股东各自的配偶于2019年12月18日签立不可撤销的承诺函，据此，彼明确及不可撤销地承认并承诺(i)其配偶（作为登记股东）于葩趣互娱所持有的任何股权不属于夫妻共有财产的范畴；(ii)彼不会采取与合约安排有冲突之任何行动；及(iii)彼从未亦将不会参与葩趣互娱的营运或管理。葩趣互娱的业务活动及对本集团的重要性我们的增长可归功于我们致力推广潮流玩具文化，吸引了优质和热情的粉丝群。我们已制定会员计划，以建立我们的粉丝社区、提高忠诚度，并透过各种会员福利刺激重复购买。透过我们的会员计划，我们亦能够以频繁、高效及实时的方式与粉丝沟通。我们正在探索新颖有趣的方式与粉丝及我们线上社区建立一个综合社区，包括线上文化服务以及互联网信息服务。为拓展业务，我们推出葩趣互娱，其主要业务活动为向我们的粉丝及社区提供线上文化服务以及互联网信息服务（统称「相关业务」）。Spouse UndertakingsEach of the spouses of the Relevant Shareholders executed an irrevocableundertaking on 18 December 2019, whereby he/she expressly and irrevocablyacknowledged and undertook that (i) any equity interests held by his/herspouse as a registered shareholder in Paqu Huyu do not fall within the scopeof their communal properties; (ii) he/she will not take any measures that arein conflict with the Contractual Arrangements; and (iii) he/she had neverparticipated and will not participate in the operation or management of PaquHuyu.Business Activities of Paqu Huyu and Significance to the GroupOur growth could be attributed to our dedication to promoting pop toyculture and have attracted a premium and passionate fan base. We havemembership program to build our fan community, enhance its loyalty, andincentivize repeat purchases through a variety of membership benefits.Through our membership program, we are also able to communicate withour fans in a frequent, efficient and real time manner. We are exploring newand fun ways to develop a comprehensive community with our fans and ouronline community, including online culture services and internet informationservices. In order to expand, we launched Paqu Huyu whose principalbusiness activities are to conduct online culture services and internetinformation services to our fans and community (collectively, the“RelevantBusinesses”).
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司54RepoRt of DiRectoRs董事会报告书采纳合约安排的理由葩趣互娱的相关业务受相关中国法律法规之外商投资限制规限。葩趣互娱目前持有ICP许可证及ICB许可证，均为营运相关业务所必需的。经咨询我们的中国法律顾问后，我们认为本集团直接持有葩趣互娱的任何股权并不可行。相反，我们认为，根据受外商投资限制规限的中国行业惯例，透过北京泡泡玛特（本公司于中国成立的全资附属公司，作为一方）与葩趣互娱及相关股东（作为另一方）之间的合约安排，我们将获得对葩趣互娱的实际控制权，并取得葩趣互娱目前经营的业务所产生的所有经济利益。与合约安排有关的风险合约安排涉及若干风险，包括：•倘中国政府发现我们借以在中国建立业务经营架构的协议不符合适用中国法律法规，或该等法规或其诠释日后出现变更，我们或须承受严重后果，包括合约安排失效及放弃我们在葩趣互娱的权益。•我们的合约安排未必会在提供经营控制权方面如直接拥有权一样有效。葩趣互娱或其相关股东可能未能履行彼等于合约安排下的责任。•倘葩趣互娱宣布破产或牵涉解散或清盘程序，我们可能无法使用葩趣互娱所持有对我们的业务经营属重要的资产。•葩趣互娱的相关股东可能与我们存在利益冲突，从而对我们的业务产生重大不利影响。Reasons for Adoption of the Contractual ArrangementsThe Relevant Businesses of Paqu Huyu are subject to foreign investmentrestrictions in accordance with relevant PRC laws and regulations. PaquHuyu currently holds an ICP License and an ICB License, which are requiredfor the operation of the Relevant Businesses. After consultation with ourPRC Legal Advisor, we determined that it was not viable for our Group todirectly hold any equity ownership in Paqu Huyu. Instead, we decided that,in line with common practice in industries in the PRC subject to foreigninvestment restrictions, we would gain effective control over, and receive allthe economic benefits generated by the business currently operated by PaquHuyu through the Contractual Arrangements between Beijing Pop Mart, awholly-owned subsidiary of our Company established in the PRC, on the onehand, and Paqu Huyu and the Relevant Shareholders, on the other hand.Risks relating to the Contractual ArrangementsThere are certain risks that are associated with the Contractual Arrangements,including:• If the PRC government finds that the agreements that establish thestructure for operating our businesses in China do not comply withapplicable PRC laws and regulations, or if these regulations or theirinterpretations change in the future, we could be subject to severeconsequences, including the nullification of contractual arrangementsand the relinquishment of our interest in Paqu Huyu.• Our contractual arrangements may not be as effective in providingoperational control as direct ownership. Paqu Huyu or its RelevantShareholders may fail to perform their obligations under our contractualarrangements.• We may lose the ability to use assets held by Paqu Huyu that arematerial to our business operations if Paqu Huyu declare bankruptcy orbecome subject to a dissolution or liquidation proceeding.• The Relevant Shareholders of Paqu Huyu may have conflicts of interestwith us, which may materially and adversely affect our business.
二零二零年年报ANNUAL REPORT 202055RepoRt of DiRectoRs董事会报告书•倘我们行使选择权收购葩趣互娱的股权及资产，所有权或资产转让可能使我们受到若干限制及承担巨额成本。•《外商投资法》的诠释及实施及其可能对我们当前的公司架构、企业管治及业务营运的可行性造成的影响存在巨大不确定性。•我们的合约安排可能受中国税务机关审查，而若发现我们欠缴额外税款，则我们的综合净收入及　阁下的投资价值可能大幅减少。有关该等风险的进一步详情，请参阅本公司招股章程「风险因素－与我们的合约安排有关的风险」一节。本集团已采取以下措施，确保通过实施合约安排维持本集团的有效营运以及我们遵守合约安排：•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• If we exercise the option to acquire equity ownership and assets ofPaqu Huyu the ownership or asset transfer may subject us to certainlimitations and substantial costs.• Substantial uncertainties exist with respect to the interpretation andimplementation of the Foreign Investment Law and how it may impactthe viability of our current corporate structure, corporate governanceand business operations.• Our contractual arrangements may be subject to scrutiny by the PRCtax authorities, and a finding that we owe additional taxes couldsubstantially reduce our consolidated net income and the value of yourinvestment.For further details of these risks, please refer to the section headed“RiskFactors—Risks Related to Our Contractual Arrangements”of the Prospectusof our company.Our Group has adopted the following measures to ensure the effectiveoperation of our Group with the implementation of the ContractualArrangements and our compliance with the Contractual Arrangements:• major issues arising from the implementation of and compliancewith the Contractual Arrangements or any regulatory enquiries fromgovernment authorities will be submitted to our Board, if necessary, forreview and discussion as and when they arise;• our Board will review the overall performance of and compliance withthe Contractual Arrangements at least once a year;• our Company will disclose the overall performance of and compliancewith the Contractual Arrangements in our annual reports; and
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•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。重大变动截至本年报日期，合约安排及╱或采用合约安排的情况概无重大变动。解除合约安排截至本年报日期，概无任何合约安排被解除或在导致采用合约安排的限制被移除的情况下未能解除任何合约安排。确认独立非执行董事已审视合约安排并确认(i)概无自上市日期至2020年12月31日期间进行的交易未有根据合约安排相关条款订立；(ii)葩趣互娱并无向相关股东作出其后未有以其他方式指让或转让予本集团的股息或其他分派；(iii)自上市日期至2020年12月31日期间，本集团与葩趣互娱之间并无订立、重续或续订新合约及(iv)合约安排乃于本集团一般及正常业务过程中按一般商业条款订立，就本集团而言属公平合理，且符合本公司及其股东的整体利益。截至2020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2020年12月31日止年度葩趣互娱的收益及纯利分别约为人民币0.43百万元及人民币0.18百万元。根据合约安排，截至2020年12月31日止年度葩趣互娱的总资产及总负债分别约为人民币0.38百万元及人民币0.23百万元。• 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 date of this annual report, there were no material changes inthe Contractual Arrangements and/or the circumstances under which theContractual Arrangements were adopted.Unwinding of the Contractual ArrangementsAs of the date of this annual report, there has not been any unwinding ofany Contractual Arrangements, nor has there been any failure to unwind anyContractual Arrangements when the restrictions that led to the adoption ofthe Contractual Arrangements are removed.ConfirmationsOur Independent non-executive Directors have reviewed the ContractualArrangements and confirmed that (i) no transaction has been carried outduring period from the Listing Date to 31 December 2020 which havenot been entered into in accordance with the relevant provisions of theContractual Arrangements; (ii) no dividends or other distributions have beenmade by Paqu Huyu to the Relevant Shareholders which are not otherwisesubsequently assigned or transferred to our Group; (iii) no new contract hasbeen entered into, renewed or reproduced between our Group and PaquHuyu during the period from the Listing Date to 31 December 2020 and (iv)the Contractual Arrangements had been entered into in the ordinary andusual course of business of our Group, and are on normal commercial termsand are fair and reasonable so far as our Group is concerned, and in theinterest of our Company and its Shareholders as a whole.No service fee was paid by Paqu Huyu to Beijing Pop Mart pursuant tothe Exclusive Consultation and Service Agreement for the year ended 31December 2020. The revenue and net profit of Paqu Huyu subject to theContractual Arrangements amounted to approximately RMB0.43 millionand RMB0.18 million for the year ended 31 December 2020, respectively.The total assets and total liabilities of Paqu Huyu subject to the ContractualArrangements amounted to approximately RMB0.38 million and RMB0.23million as at 31 December 2020, respectively.
二零二零年年报ANNUAL REPORT 202057RepoRt of DiRectoRs董事会报告书本公司核数师确认，根据上文所述，就合约安排相关的已披露持续关连交易而言，并无发现任何事宜令彼等认为葩趣互娱已向相关股东作出其后未有以其他方式指让或转让予本集团的股息或其他分派。关连方交易于一般正常业务过程中进行的关连方交易详情载于综合财务报表附注36。除上文所披露者外，概无该等关连方交易构成上市规则所界定的关连交易或持续关连交易，而本公司已遵守上市规则第14A章的披露规定。董事于重大交易、安排或合约的权益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2020年12月31日止年度期间或于截至2020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2020年12月31日止年度，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2020年12月31日止年度，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。The Auditor of the Company confirmed that based on the foregoing, inrespect of the disclosed continuing connected transactions relating to theContractual Arrangements, noting has come to attention that cause themto believe there was any dividends or other distributions had been madeby Paqu Huyu to the Relevant Shareholders which were not otherwisesubsequently assigned or transferred to the Group.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 disclosed above, none of these related party transactions constitutesa connected transaction or continuing connected transaction as definedunder the Listing Rules, and the Company has complied with the disclosurerequirements under Chapter 14A of the Listing Rules.DIRECTORS’INTERESTS IN TRANSACTIONS,ARRANGEMENTS OR CONTRACTS OF SIGNIFICANCENo Director or an entity connected with a Director was materially interested,either directly or indirectly, in any transaction, arrangement or contract whichis significance in relation to the business of the Group to which the Companyor any of its subsidiaries or fellow subsidiaries was a party subsisting duringthe year ended 31 December 2020 or at the end of the year ended 31December 2020.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 2020.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 2020 between the Companyand a person other than a Director or any person engaged in the full-timeemployment of the Company.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司58RepoRt of DiRectoRs董事会报告书董事的获准许弥偿条文于截至2020年12月31日止年度期间，本公司已安排适当的保险以涵盖董事及高级人员因公司活动所产生针对本公司及其联营公司董事及高级人员的法律诉讼的相关责任。除有关保险外，于年内任何时间及直至本年报日期，概不存在任何以本公司或联营公司任何董事为受益人而生效的获准许弥偿条文。员工、薪酬政策及董事酬金本公司向董事提供具竞争力的薪酬待遇。薪酬待遇乃通过与行业、市场规模、工作量及复杂程度相近的公司进行基准测试厘定。其他酬金乃由董事会参考董事的职责、责任及表现以及本集团的业绩厘定。应付雇员酬金包括薪金、花红及雇员福利计划供款。雇员薪金通常按雇员各自的职位、资历、经验及表现厘定。奖金乃按雇员各自的职位、服务年期及雇员表现计算。为吸引并挽留雇员，我们每年评估提供予雇员的薪酬方案，以确定是否应对基本薪金及花红作出任何调整。根据中国法律法规的要求，我们参与各项政府法定雇员福利计划，包括社会保险基金（即养老金供款计划、医疗保险计划、失业保险计划、工伤保险计划及生育保险计划）及住房公积金。根据中国法律，我们须根据员工薪金、花红及特定津贴的特定百分比向员工福利计划供款，惟以当地政府不时规定的最高金额为限。于截至2020年12月31日止年度期间，本集团并无使用已没收供款以减低现有供款水平。DIRECTORS’PERMITTED INDEMNITY PROVISIONThe Company has arranged appropriate insurance cover for Directors’and officers’liabilities in respect of legal actions arising out of corporateactivities against the Directors and officers of the Company and its associatedcompanies during the year ended 31 December 2020.Except for such insurances, at no time during the year and up to the date ofthis annual report, there was or is, any permitted indemnity provision beingin force for the benefit of any of the directors of the Company or associatedcompanies.STAFF, EMOLUMENT POLICY AND DIRECTORS’REMUNERATIONThe Company offers competitive remuneration packages to the Directors.The packages were set by benchmarking with companies in similar industries,companies with similar size in the market, volume and complexity of work.Other emoluments are determined by the Board with reference to theDirectors’duties, responsibilities and performance and the results of theGroup.The remuneration payable to our employees includes salaries, bonuses andemployee benefit plans contributions. The salaries of our employees aregenerally determined by the employees’respective position, qualification,experience and performance. The bonuses are calculated based on ouremployees’respective position, duration of services and performance ofour employees. In order to attract and retain our employees, we assessthe remuneration package offered to our employees on an annual basis todetermine whether any adjustment to the basic salaries and bonus should bemade.As required by PRC laws and regulations, we participate in variousgovernment statutory employee benefit plans, including social insurancefunds, namely a pension contribution plan, a medical insurance plan, anunemployment insurance plan, a work-related injury insurance plan, amaternity insurance plan, and a housing provident fund. We are requiredunder PRC law to contribute to employee benefit plans at specifiedpercentages of the salaries, bonuses and certain allowances of our employeesup to a maximum amount specified by the local government from time totime. During the year ended 31 December 2020, no forfeited contributionshad been used by the Group to reduce the existing level of contributions.
二零二零年年报ANNUAL REPORT 202059RepoRt of DiRectoRs董事会报告书我们为所有雇员提供培训计划，以增强雇员与我们业务相关的知识、技能及能力。我们将为所有新员工提供入职培训课程，以使其熟悉本集团，其后根据部门需要及本集团发展战略进行在职培训。而由于我们已制定政策及程序，列明晋升的评估准则，故我们亦为有能力的雇员提供晋升机会。薪酬委员会已告成立，以检讨本集团全体董事及高级管理层的薪酬政策及架构，并就制定薪酬政策确立正规而具透明度之程序。董事及五名最高酬金人士于截至2020年12月31日止年度的酬金详情载于综合财务报表附注33和39。有关高级管理人员酬金等级如下表所载列：We provide training programs for all of our employees to enhance ouremployees’knowledge, skills and capability relevant to our business. All ofour new hires will be provided with an induction program to familiarize withthe Group, followed by on-the-job training based on departmental needsand the development strategies of the Group. We also provide promotionopportunities for capable employees as we have policies and proceduressetting out the assessment criteria for promotion.The Remuneration Committee was set up for reviewing the Group’s policyand structure for all Directors and senior management remuneration andon the establishment of a formal and transparent procedure for developingremuneration policy.Details of the emoluments of the Directors and five highest paid individualsfor the year ended 31 December 2020 are set out in note 33 and note 39 tothe consolidated financial statements.The table below shows the emolument of senior management by band:Year ended31 December 2020截至2020年12月31日止年度(Number of SeniorManagement)（高级管理层人数）Year ended31 December 2019截至2019年12月31日止年度(Number of SeniorManagement)（高级管理层人数）Emolument bands (in HKD)酬金范围（以港元计）HKD0 to HKD1,000,0000港元至1,000,000港元42HKD1,000,001 to HKD1,500,0001,000,001港元至1,500,000港元23HKD1,500,001 to HKD2,000,0001,500,001港元至2,000,000港元–1
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司60RepoRt of DiRectoRs董事会报告书首次公开发售后股份奖励计划本公司于2020年7月24日（「采纳日期」）有条件采纳首次公开发售后股份奖励计划。首次公开发售后股份奖励计划并非购股权计划，因而不受上市规则第17章的条文规限。对于董事会根据首次公开发售后股份奖励计划授出的任何奖励（「奖励」），本公司委任恒泰信托（香港）有限公司为首次公开发售后股份奖励计划的受托人，以管理首次公开发售后股份奖励计划，有关奖励可以股份（「奖励股份」）或奖励股份之实际售价以现金的形式归属。(a)首次公开发售后股份奖励计划的合资格人士董事会或其代表全权酌情认为已或将为本集团作出贡献的任何个人（即本集团任何成员公司或任何联属公司的雇员、董事（包括执行董事、非执行董事及独立非执行董事）、高级职员、顾问、咨询人、经销商、分包商、客户、供应商、代理、业务合作伙伴、合营企业业务合作伙伴或服务供应商）（各为「合资格人士」，统称为「合资格人士」）符合资格收取奖励，惟倘任何个人所处居住地的法律及法规禁止授出、接纳或归属首次公开发售后股份奖励计划项下的奖励，或董事会或其代表认为，为遵守该地的适用法律及法规而排除该有关个人属必要或合适，则有关人士无权参与首次公开发售后股份奖励计划。(b)首次公开发售后股份奖励计划的目的首次公开发售后股份奖励计划的目的乃透过股份拥有权、股息及有关股份之其他已付分派及╱或股份增值，令合资格人士的利益与本集团利益一致，鼓励及挽留合资格人士协力作出贡献，促进本集团的长远增长及溢利。POST-IPO SHARE AWARD SCHEMEThe Company conditionally adopted the Post-IPO Share Award Scheme on24 July 2020 (the“Adoption Date”). The Post-IPO Share Award Scheme isnot a share option scheme and is not subject to the provisions of Chapter17 of the Listing Rules. Our Company appointed Trident Trust Company (HK)Limited as the trustee of the Post-IPO Share Award Scheme to administer thePost-IPO Share Award Scheme with respect to the grant of any award by theBoard (an“Award”) which may vest in the form of Shares (“Award Shares”)or the actual selling price of the Award Shares in cash in accordance with thePost-IPO Share Award Scheme.(a) Eligible Persons to the Post-IPO Share Award SchemeAny individual, being an employee, director (including executiveDirectors, non-executive Directors and independent non-executiveDirectors), officer, consultant, advisor, distributor, contractor, customer,supplier, agent, business partner, joint venture business partner orservice provider of any member of the Group or any affiliate (an“EligiblePerson”and, collectively“Eligible Persons”) who the Board or itsdelegate(s) considers, in its sole discretion, to have contributed or willcontribute to the Group is eligible to receive an Award. However, noindividual who is resident in a place where the grant, acceptance orvesting of an Award pursuant to the Post-IPO Share Award Scheme isnot permitted under the laws and regulations of such place or where,in the view of the Board or its delegate(s), compliance with applicablelaws and regulations in such place makes it necessary or expedient toexclude such individual, shall be entitled to participate in the Post-IPOShare Award Scheme.(b) Purpose of the Post-IPO Share Award SchemeThe purpose of the Post-IPO Share Award Scheme is to align theinterests of Eligible Persons’with those of our Group through ownershipof Shares, dividends and other distributions paid on Shares and/or theincrease in value of the Shares, and to encourage and retain EligiblePersons to make contributions to the long-term growth and profits ofour Group.
二零二零年年报ANNUAL REPORT 202061RepoRt of DiRectoRs董事会报告书(c)奖励奖励给予选定参与者一项有条件的权利，于归属奖励股份时取得奖励股份，或如董事会或其代表全权酌情认为选定参与者以股份形式取得奖励并不可行时，取得等值于奖励股份销售额的现金。奖励包括自授出奖励之日（「授出日期」）起直至归属奖励之日（「归属日期」）止期间有关该等股份股息的所有现金收入。为免生疑问，即使奖励股份尚未归属，董事会仍可不时酌情厘定将有关奖励股份之本公司已宣派及派付之任何股息派付予选定参与者。(d)授出奖励(i)授出董事会或董事委员会或获董事会授权之人士，可不时全权酌情以奖励函（「奖励函」）之形式，向选定参与者（若为董事会之代表，则向董事或本公司高级职员以外之任何选定参与者）授出奖励。奖励函应订明授出日期、有关奖励之奖励股份数目、归属标准及条件、归属日期及董事会或其代表认为必要之其他详情。向本公司任何董事、最高行政人员或主要股东授出各份奖励须事先取得本公司独立非执行董事（不包括本身为奖励建议承授人的任何独立非执行董事）批准。对于向本公司关连人士授出任何股份而言，本公司将遵守上市规则第14A章有关规定。(c) AwardsAn Award gives a selected participant a conditional right, when theAward Shares vest, to obtain the Award Shares or, if in the absolutediscretion of the Board or its delegate(s), it is not practicable for theselected participant to receive the Award in Shares, the cash equivalentfrom the sale of the Award Shares. An Award includes all cash incomefrom dividends in respect of those Shares from the date the Award isgranted (the“Grant Date”) to the date the Award vests (the“VestingDate”). For the avoidance of doubt, the Board at its discretion mayfrom time to time determine that any dividends declared and paid byour Company in relation to the Award Shares be paid to the selectedparticipant even though the Award Shares have not yet vested.(d) Grant of Award(i) Making the GrantThe Board or the committee of the Board or person(s) to which theBoard has delegated its authority may, from time to time, at theirabsolute discretion, grant an Award to a selected participant (in thecase of the Board’s delegate(s), to any selected participant otherthan a Director or an officer of our Company) by way of an awardletter (“Award Letter”). The Award Letter will specify the Grant Date,the number of Award Shares underlying the Award, the vestingcriteria and conditions, the Vesting Date and such other details asthe Board or its delegate(s) may consider necessary.Each grant of an Award to any Director, chief executive orsubstantial shareholder of our Company shall be subject to theprior approval of the independent non-executive Directors of ourCompany (excluding any independent non-executive Director whois a proposed recipient of an Award). Our Company will complywith the relevant requirements under Chapter 14A of the ListingRules for any grant of Shares to connected persons of our Company.
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(ii)授出的限制及时间于下述任何情况下，董事会及其代表不得向任何选定参与者授出任何奖励股份：(A)任何相关监管当局并无授出任何所需批准；(B)本集团任何成员公司根据适用证券法律、规则或法规须就奖励或首次公开发售后股份奖励计划刊发招股章程或其他发售文件，董事会另有决定则除外；(C)奖励会导致本集团任何成员公司或其董事违反任何司法权区的任何适用证券法律、规则或法规；(D)授出奖励会导致违反首次公开发售后股份奖励计划限额（定义见下文）或上市规则规定的最低公众持股量或使本公司须发行超过股东所批准授权所允许数额的股份；(E)履行奖励会通过向受限制股份单位计划受托人发行新股份之方式达成，从而导致向关连人士（定义见上市规则）发行或配发的股份总数超过股东所批准授权允许的数额；(F)本公司任何董事掌握本公司的未公布内幕消息，或本公司董事不时根据任何守则或上市规则规定及所有适用法律、规则或法规而被禁止买卖股份；(G)于紧接年度业绩刊发日期前60日期间，或自相关财政年度结算日至业绩刊发日期止期间（以较短者为准），上市规则规定的特殊情况（如须履行紧急财务承担）除外；(ii) Restrictions on Grants and Timing of GrantsThe Board and its delegate(s) may not grant any Award Shares toany selected participant in any of the following circumstances:(A) where any requisite approval from any applicable regulatoryauthorities has not been granted;(B) where any member of our Group will be required underapplicable securities laws, rules or regulations to issue aprospectus or other offer documents in respect of suchAward or the Post-IPO Share Award Scheme, unless the Boarddetermines otherwise;(C) where such Award would result in a breach by any memberof our Group or its directors of any applicable securities laws,rules or regulations in any jurisdiction;(D) where such grant of Award would result in a breach of thePost-IPO Share Award Scheme Limit (as defined below) orthe minimum public float requirement as required under theListing Rules, or would otherwise cause our Company to issueShares in excess of the permitted amount in the mandateapproved by the Shareholders;(E) where an Award is to be satisfied by way of issue of newShares to the RSU Trustee, in any circumstances that causethe total Shares issued or allotted to connected persons (asdefined under the Listing Rules) to be in excess of the amountpermitted in the mandate approved by the Shareholders;(F) where any Director of our Company is in possession ofunpublished inside information in relation to our Company orwhere dealings by Directors of our Company are prohibitedunder any code or requirement of the Listing Rules and allapplicable laws, rules or regulations, from time to time;(G) during the period of 60 days immediately preceding thepublication date of the annual results or, if shorter, theperiod from the end of the relevant financial year up to thepublication date of the results, unless the circumstancesare exceptional, for example, where a pressing financialcommitment has to be met, in accordance with the ListingRules;
二零二零年年报ANNUAL REPORT 202063RepoRt of DiRectoRs董事会报告书(H)于紧接季度业绩（如有）及半年度业绩刊发日期前30日期间，或自相关季度或半年度期间结算日至业绩刊发日期止期间（以较短者为准），上市规则规定的特殊情况（如须履行紧急财务承担）除外；及(I)于业绩公布延迟刊发的任何期间。(e)将授出的股份数目上限于未取得股东批准的情况下，根据首次公开发售后股份奖励计划授出之所有股份（不包括已根据首次公开发售后股份奖励计划没收之奖励股份）数目合共不得超过10%的股份（「首次公开发售后股份奖励计划限额」），并受于有关时间已发行股份总数5%的年度限额规限。(f)计划授权倘首次公开发售后股份奖励计划限额随后透过修改首次公开发售后股份奖励计划之方式增加及本公司须发行及配发新股份以履行任何超出股东先前批准的任何数目之奖励，则本公司须于股东大会上提呈而股东须考虑及酌情通过一项普通决议案，批准注明下列各项之授权：(i)就此可发行之股份数目上限；及(ii)董事会有权发行、配发、促使转让及另行处置与首次公开发售后股份奖励计划有关的股份。授权将自授出授权之普通决议案获通过之时起直至有关授权经由股东在股东大会上通过普通决议案变更或撤销止期间一直有效。(H) during the period of 30 days immediately preceding thepublication date of the quarterly results (if any) and the half-year results or, if shorter, the period from the end of therelevant quarterly or half-year period up to the publicationdate of the results, unless the circumstances are exceptional,for example, where a pressing financial commitment has to bemet, in accordance with the Listing Rules; and(I) during any period of delay in the publication of a resultsannouncement.(e) Maximum Number of Shares to be GrantedThe aggregate number of Shares underlying all grants made pursuant tothe Post-IPO Share Award Scheme (excluding Award Shares which havebeen forfeited in accordance with the Post-IPO Share Award Scheme)will not exceed 10% Shares without Shareholders’approval (the“Post-IPO Share Award Scheme Limit”) subject to an annual limited of 5% ofthe total number of issued Shares at the relevant time.(f) Scheme MandateTo the extent that the Post-IPO Share Award Scheme Limit issubsequently increased by way of alteration of the Post-IPO Share AwardScheme and our Company is required to issue and allot new sharesto satisfy any Awards in excess of any amount previously approved bythe Shareholders, our Company shall at a general meeting propose,and the Shareholders shall consider and, if thought fit, pass an ordinaryresolution approving a mandate specifying:(i) the maximum number of Shares that may be issued for thispurpose; and(ii) that the Board has the power to issue, allot, procure the transfer ofand otherwise deal with the Shares in connection with the Post-IPOShare Award Scheme.The mandate will remain in effect during the period from the passingof the ordinary resolution granting the mandate until the variationor revocation of such mandate by an ordinary resolution of theShareholders in a general meeting.
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(g)奖励所附的权利除董事会可在即使奖励股份尚未归属的情况下不时酌情厘定将有关奖励股份的本公司已宣派及派付的任何股息派付予选定参与者外，除非及直至相关奖励股份实际转让至选定参与者，选定参与者于有关奖励的奖励股份中仅拥有或然权益，且于奖励股份获归属前，选定参与者并无任何相关收入权利。选定参与者或受限制股份单位计划受托人不得就尚未归属之任何奖励股份行使任何投票权。(h)股份所附的权利就任何奖励转让予选定参与者之任何奖励股份，将须遵守大纲及细则之所有规定，并构成相关日期单一类别之已发行全额缴足股份。(i)向受限制股份单位计划受托人发行股份及╱或转移资金本公司须于合理可行情况下尽快且不迟于授出日期起计30个营业日，(i)根据于股东大会上向股东寻求之特定授权向受限制股份单位计划受托人发行及配发股份及╱或(ii)向受限制股份单位计划受托人转移必要资金，并指示受限制股份单位计划受托人透过场内交易按当前市价收购股份，以履行奖励。倘上市规则、《证券及期货条例》或其他不时适用的法律禁止，则本公司不得发行或配发股份或指示受限制股份单位计划受托人按当前市价透过场内交易购买股份（视乎适用限制而定）。倘上述禁止导致错过首次公开发售后股份奖励计划规则或信托契约所指定的时间，则所指定的时间视为延长直至不再禁止相关行动后首个营业日之后合理最早的日期为止。(g) Rights attached to the AwardSave that the Board at its discretion may from time to time determinethat any dividends declared and paid by our Company in relation tothe Award Shares be paid to the selected participants even though theAward Shares have not yet vested, the selected participant only has acontingent interest in the Award Shares underlying an Award unlessand until such Award Shares are actually transferred to the selectedparticipant, nor does he/she have any rights to any related income untilthe Award Shares vest.Neither the selected participant nor the RSU Trustee may exercise anyvoting rights in respect of any Award Shares that have not yet vested.(h) Rights attached to the SharesAny Award Shares transferred to a selected participant in respect of anyAwards will be subject to all the provisions of the Memorandum and theArticles and will form a single class with the fully paid Shares in issue onthe relevant date.(i) Issue of Shares and/or transfer of funds to the RSU TrusteeOur Company shall, as soon as reasonably practicable and no later than30 business days from the Grant Date, (i) issue and allot Shares to theRSU Trustee under the specific mandate sought from Shareholdersduring the general meeting and/or (ii) transfer to the RSU Trustee thenecessary funds and instruct the RSU Trustee to acquire Shares throughon-market transactions at the prevailing market price, so as to satisfy theAwards.Our Company shall not issue or allot Shares nor instruct the RSU Trusteeto acquire Shares through on-market transactions at the prevailingmarket price, where such action (as applicable) is prohibited under theListing Rules, the Securities and Futures Ordinance or other applicablelaws from time to time. Where such a prohibition causes the prescribedtiming imposed by the Post-IPO Share Award Scheme Rules or the trustdeed to be missed, such prescribed timing shall be treated as extendeduntil as soon as reasonably practicable after the first Business Day onwhich the prohibition no longer prevents the relevant action.
二零二零年年报ANNUAL REPORT 202065RepoRt of DiRectoRs董事会报告书(j)奖励的出让除非获得董事会、董事委员会或董事会授权人士的明确书面同意，根据首次公开发售后股份奖励计划已授出但尚未归属之奖励股份为获授股份之选定参与者所有，不得出让或转让。选定参与者不得以任何方式，将任何奖励出售、转让、押记、按揭、设立产权负担或就此以任何其他人士为受益人创设任何利益或订立任何协议以进行上述各项行为。(k)奖励的归属董事会或其代表可于首次公开发售后股份奖励计划生效期间不时根据一切适用法律决定奖励的归属准则及条件或期限。于受限制股份单位计划受托人及董事会于归属日期之前不时议定的合理期间内，董事会或其代表将向相关选定参与者寄发归属通知，指示受限制股份单位计划受托人以信托形式持有的奖励股份自信托解除并转让予选定参与者的数目。待接获归属通知及董事会或其代表之通知后，受限制股份单位计划受托人将按董事会或其代表厘定的方式转让及发放相关奖励。倘董事会或其代表全权酌情认为选定参与者仅因有关选定参与者以股份形式收取奖励的能力或受限制股份单位计划受托人向选定参与者进行上述转让的能力的法律或监管限制而无法以股份形式收取奖励，则董事会或其代表将指示并促使受限制股份单位计划受托人按当前市价在场内出售选定参与者所获归属数目的奖励股份，然后将归属通知所载奖励股份的实际售价所得收益以现金支付予选定参与者。(j) Assignment of AwardsUnless express written consent is obtained from the Board or thecommittee of the Board or person(s) to which the Board has delegatedits authorities, any Award Shares granted under the Post-IPO ShareAward Scheme but not yet vested are personal to the selectedparticipants to whom they are granted and cannot be assigned ortransferred. A selected participant shall not in any way sell, transfer,charge, mortgage, encumber or create any interest in favor of any otherperson over or in relation to any Award, or enter into any agreement todo so.(k) Vesting of AwardsThe Board or its delegate(s) may from time to time while the Post-IPO Share Award Scheme is in force and subject to all applicable laws,determine such vesting criteria and conditions or periods for the Awardto be vested.Within a reasonable time period as agreed between the RSU Trusteeand the Board from time to time prior to any Vesting Date, the Boardor its delegate(s) will send a vesting notice to the relevant selectedparticipant and instruct the RSU Trustee the extent to which the AwardShares held in the trust shall be transferred and released from the trustto the selected participant. Subject to the receipt of the vesting noticeand notification from the Board or its delegate(s), the RSU Trustee willtransfer and release the relevant Award in the manner as determined bythe Board or its delegate(s).If, in the absolute discretion of the Board or its delegate(s), it is notpracticable for the selected participant to receive the Award in Shares,solely due to legal or regulatory restrictions with respect to the selectedparticipant’s ability to receive the Award in Shares or the RSU Trustee’sability to give effect to any such transfer to the selected participant, theBoard or its delegate(s) will direct and procure the RSU Trustee to sell,on-market at the prevailing market price, the number of Award Sharesso vested in respect of the selected participant and pay the selectedparticipant the proceeds arising from such sale based on the actualselling price of such Award Shares in cash as set out in the vestingnotice.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司66RepoRt of DiRectoRs董事会报告书倘本公司的控制权因本公司合并、计划私有化或发售而发生变化，董事会或董事委员会或获董事会授权的人士可全权酌情决定是否将任何奖励之归属日期提前至较早日期。(l)合并、拆细、红股发行及其他分派倘本公司进行股份拆细或合并，则应对已授出并已发行之奖励股份数目作出相应调整，以避免摊薄或扩大根据首次公开发售后股份奖励计划选定参与者计划可得之利益或潜在利益，惟调整须以董事会认为公平合理之方式进行。有关合并或拆细选定参与者之奖励股份所产生之所有零碎股份（如有）被视为归还股份，不得于相关归属日期转让予相关的选定参与者。受限制股份单位计划受托人须根据首次公开发售后股份奖励计划规则之条文，就首次公开发售后股份奖励计划持有将用于未来奖励的归还股份。倘本公司透过溢利或储备（包括股份溢价账）拨充资本向股份持有人发行入账列作缴足股份，则受限制股份单位计划受托人持有之任何奖励股份应占的股份须被视为相关奖励股份之增加，并须由受限制股份单位计划受托人持有，犹如该等股份为受限制股份单位计划受托人据此购买之奖励股份，而所有有关原奖励股份之规定均适用于该等额外股份。倘任何非现金分派或其他事件因董事会认为就尚未归属奖励作出调整属公平合理而并无于上文提及，则须就各选定参与者的已发行奖励股份的数目作出董事会认为属公平合理之调整，以避免摊薄或扩大根据首次公开发售后股份奖励计划选定参与者计划可得之利益或潜在利益。本公司须就归还股份或归还信托基金之申请提供必要资金或相关指示，以便受限制股份单位计划受托人能够按当前市价于场内购买股份，以履行额外奖励。If there is an event of change in control of our Company by way of amerger, a privatization of our Company by way of a scheme or by wayof an offer, the Board or the committee of the Board or person(s) towhich the Board has delegated its authority shall at their sole discretiondetermine whether the Vesting Dates of any Awards will be acceleratedto an earlier date.(l) Consolidation, subdivision, bonus issue and other distributionIn the event our Company undertakes a subdivision or consolidationof the Shares, corresponding changes will be made to the number ofoutstanding Award Shares that have been granted provided that theadjustments shall be made in such manner as the Board determines tobe fair and reasonable in order to prevent dilution or enlargement ofthe benefits or potential benefits intended to be made available underthe Post-IPO Share Award Scheme for the selected participants. Allfractional shares (if any) arising out of such consolidation or subdivisionin respect of the Award Shares of a selected participant shall be deemedas returned shares and shall not be transferred to the relevant selectedparticipant on the relevant Vesting Date. The RSU Trustee shall holdreturned shares to be applied towards future Awards in accordance withthe provisions of the Post-IPO Share Award Scheme rules for the purposeof the Post-IPO Share Award Scheme.In the event of an issue of Shares by our Company credited as fully paidto the holders of the Shares by way of capitalization of profits or reserves(including share premium account), the Shares attributable to any AwardShares held by the RSU Trustee shall be deemed to be an accretionto such Award Shares and shall be held by the RSU Trustee as if theywere Award Shares purchased by the RSU Trustee hereunder and all theprovisions hereof in relation to the original Award Shares shall apply tosuch additional Shares.In the event of any non-cash distribution or other events not referredto above by reason of which the Board considers an adjustment to anoutstanding Award to be fair and reasonable, an adjustment shall bemade to the number of outstanding Award Shares of each selectedparticipant as the Board shall consider as fair and reasonable, in orderto prevent dilution or enlargement of the benefits or potential benefitsintended to be made available under the Post-IPO Share Award Schemefor the selected participants. Our Company shall provide such funds, orsuch directions on application of the returned shares or returned trustfunds, as may be required to enable the RSU Trustee to purchase Shareson-market at the prevailing market price to satisfy the additional Award.
二零二零年年报ANNUAL REPORT 202067RepoRt of DiRectoRs董事会报告书倘本公司就以信托持有的股份进行首次公开发售后股份奖励计划规则中未提及的其他非现金及非零碎分派，则受限制股份单位计划受托人应出售该分派，而出售所得款项净额将视为首次公开发售后奖励股份的相关收入或以信托持有的归还股份的归还信托基金（视情况而定）。(m)终止受雇及其他事件除非董事会或董事委员会或获董事会授权之人士另行决定，否则于适用限制期内终止受雇或服务于本公司时，当时尚未归属的奖励将根据授出函及╱或将由该选定参与者订立的奖励协议的条款及条文没收或购回，惟董事会或董事委员会或获董事会授权之人士可(a)在任何授出函及╱或奖励协议内规定有关奖励的限制或没收及购回条件将于因特定原因而终止的情况下全部或部分豁免；及(b)在其他情况下豁免有关奖励的全部或部分限制或没收及购回条件。倘选定参与者并非因本段所列之理由而不再为合资格人士，除非董事会或其代表全权酌情另行作出决定，任何已发行奖励股份及尚未归属之相关收入将被立即没收。In the event of other non-cash and non-scrip distributions made by ourCompany not otherwise referred to in the Post-IPO Share Award Schemerules in respect of the Shares held upon trust, the RSU Trustee shall sellsuch distribution and the net sale proceeds thereof shall be deemed asrelated income of the Post-IPO Award Shares or returned trust funds ofthe returned Shares held upon trust as the case may be.(m) Cessation of employment and other eventsExcept as otherwise determined by the Board or the committee of theBoard or person(s) to which the Board has delegated its authority, upontermination of employment or service with our Company during theapplicable restriction period, Awards that are at that time unvested shallbe forfeited or repurchased in accordance with the terms and provisionsof the grant letter and/or award agreement to be entered into bysuch selected participant; provided, however, that the Board or thecommittee of the Board or person(s) to which the Board has delegatedits authority may (a) provide in any grant letter and/or award agreementthat restrictions or forfeiture and repurchase conditions relating to theAwards will be waived in whole or in part in the event of terminationsresulting from specified causes; and (b) in other cases waive in whole orin part restrictions or forfeiture and repurchase conditions relating to theAwards.If a selected participant ceases to be an Eligible Person for reasons otherthan those stated this paragraph, any outstanding Award Shares andrelated income not yet vested shall be immediately forfeited, unlessthe Board or its delegate(s) determines otherwise at their absolutediscretion.
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(n)修改首次公开发售后股份奖励计划除以下情况外，首次公开发售后股份奖励计划任何方面（首次公开发售后股份奖励计划限额除外）可通过董事会决议案修改，惟修改不得对任何选定参与者的任何既有权利有任何不利影响（首次公开发售后股份奖励计划规则另有规定者除外）：(i)获得占当日受限制股份单位计划受托人所持全部奖励股份面值四分之三的选定参与者书面同意；或(ii)由占当日受限制股份单位计划受托人所持全部奖励股份面值四分之三的选定参与者在会议通过特别决议案批准。(o)终止首次公开发售后股份奖励计划将于下列较早者终止：(i)自上市日期起计十年期间结束时（惟对于首次公开发售后股份奖励计划届满前任何已授出但未归属的奖励股份，则以使奖励股份归属或首次公开发售后股份奖励计划条文另有规则规定的期限为准）；及(ii)董事会厘定的提前终止日期，惟不得影响任何选定参与者根据首次公开发售后股份奖励计划规则拥有之任何既有权利，为免生疑问，本段所述选定参与者之既有权利变动纯粹指经已授予选定参与者的奖励股份所涉权利的任何变动。(n) Alteration of the Post-IPO Share Award SchemeThe Post-IPO Share Award Scheme may be altered in any respect (savefor the Post-IPO Share Award Scheme Limit) by a resolution of the Boardprovided that no such alteration shall operate to affect adversely anysubsisting rights of any selected participant unless otherwise providedfor in the rules of the Post-IPO Share Award Scheme, except:(i) with the consent in writing of selected participants amounting tothree-fourths in nominal value of all Award Shares held by the RSUTrustee on that date; or(ii) with the sanction of a special resolution that is passed at a meetingof the selected participants amounting to three-fourths in nominalvalue of all Award Shares held by the RSU Trustee on that date.(o) TerminationThe Post-IPO Share Award Scheme shall terminate on the earlier of:(i) the end of the period of ten years commencing on the ListingDate except in respect of any non-vested Award Shares grantedhereunder prior to the expiration of the Post-IPO Share AwardScheme, for the purpose of giving effect to the vesting of suchAward Shares or otherwise as may be required in accordance withthe provisions of the Post-IPO Share Award Scheme; and(ii) (such date of early termination as determined by the Boardprovided that such termination shall not affect any subsisting rightsof any selected participant under the rules of the Post-IPO ShareAward Scheme, provided further that for the avoidance of doubt,the change in the subsisting rights of a selected participant in thisparagraph refers solely to any change in the rights in respect of theAward Shares already granted to a selected participant.
二零二零年年报ANNUAL REPORT 202069RepoRt of DiRectoRs董事会报告书(p) Administration of the Post-IPO Share Award SchemeThe Board has the power to administer the Post-IPO Share AwardScheme in accordance with the rules of the Post-IPO Share AwardScheme and, where applicable, the trust deed, including the power toconstrue and interpret the rules of the Post-IPO Share Award Schemeand the terms of the Awards granted under the Post-IPO Share AwardScheme. The Board may delegate the authority to administer the Post-IPO Share Award Scheme to a committee of the Board or other person(s)as deemed appropriate at the sole discretion of the Board. The Board orits delegate(s) may also appoint one or more independent third partycontractors to assist in the administration of the Post-IPO Share AwardScheme as they think fit.(q) Grant of Shares under the Post-IPO Share Award SchemeDuring the year ended 31 December 2020, no Shares had been grantedor agreed to be granted under the Post-IPO Share Award Scheme.An application has been submitted to the Listing Committee for thelisting of, and permission to deal in, the Shares which may be issuedpursuant to the Post-IPO Share Award Scheme.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 2020.CHARITABLE DONATIONSThe donations made by the Group during the year ended 31 December 2020amounted to RMB11.1 million.PURCHASE, SALE OR REDEMPTION OF LISTEDSECURITIESDuring the period from the Listing Date to 31 December 2020, neither theCompany nor any of its subsidiaries or consolidated affiliated entities haspurchased, sold or redeemed any of the Company’s listed securities.(p)管理首次公开发售后股份奖励计划董事会有权按照首次公开发售后股份奖励计划的规则及信托契据（如适用）管理首次公开发售后股份奖励计划，包括解释及诠释首次公开发售后股份奖励计划的规则以及根据首次公开发售后股份奖励计划授出的奖励条款之权力。董事会可全权酌情将管理首次公开发售后股份奖励计划的权力转授予董事委员会或其认为合适的其他人士。董事会或其代表亦可委任彼等认为合适的一名或多名独立第三方承包商协助管理首次公开发售后股份奖励计划。(q)根据首次公开发售后股份奖励计划授出股份截至2020年12月31日止年度，并无根据首次公开发售后股份奖励计划授出或同意授出任何股份。本公司已向上市委员会申请根据首次公开发售后股份奖励计划可能发行的股份上市及买卖。股票挂钩协议除本年报所披露者外，截至2020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2020年12月31日止年度，本集团作出的捐款为人民币11.1百万元。购买、出售或赎回上市证券自上市日期起至2020年12月31日期间，本公司及其任何附属公司或综合联属实体概无购买、出售或赎回本公司任何上市证券。
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USE OF NET PROCEEDS FROM LISTINGThe Shares of the Company were listed on the Main Board of the StockExchange on 11 December 2020 by way of global offering, raised total netproceeds of approximately HK$ 5,781.7 million (the“Net Proceeds”) from theglobal offering (including the full exercise of the over-allotment option) afterdeducting professional fees, underwriting commissions and other relatedlisting expenses.As stated in the Prospectus, the intended uses of the IPO proceeds are setout below: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 ofNet Proceedsutilized up to31 December,2020直至2020年12月31日已动用的所得款项净额金额Balance ofNet Proceedsunutilized as at31 December,2020于2020年12月31日的未动用所得款项净额余额Intendedtimetable foruse of theunutilizedNet Proceeds动用未动用所得款项净额的拟定时间表(i)To finance part of our expansion plans of consumeraccess channels and overseas markets用于为我们的消费者触达渠道及海外市场扩展计划拨付部分资金HK$1,734.5 million1,734.5百万港元30.0%HK$28.5 million28.5百万港元HK$1,706.0 million1,706.0百万港元Before31 December, 20242024年12月31日之前(a) for opening new retail stores用于开设新零售店HK$954.0 million954.0百万港元16.5%HK$24.2 million24.2百万港元HK$929.8 million929.8百万港元(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$3.2 million3.2百万港元HK$343.6 million343.6百万港元(c) for expanding our business into overseas markets用于扩展业务至海外市场HK$433.7 million433.7百万港元7.5%HK$1.0 million1.0百万港元HK$432.6 million432.6百万港元(ii)To fund our potential investments in, acquisitions ofand strategic alliance with companies along the valuechain of our industry用于为潜在投资、收购本行业价值链上下游公司及与该等公司建立战略联盟拨资HK$1,561.1 million1,561.1百万港元27.0%–HK$1,561.1 million1,561.1百万港元Before31 December, 20242024年12月31日之前上市所得款项净额用途本公司股份于2020年12月11日通过全球发售在联交所主板上市，经扣除专业费用、包销佣金及其他相关上市开支后，所筹得总所得款项净额（包括悉数行使超额配股权）合共约为5,781.7百万港元（「所得款项净额」）。诚如招股章程所述，首次公开发售所得款项的拟定用途载列如下：
二零二零年年报ANNUAL REPORT 202071RepoRt 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 ofNet Proceedsutilized up to31 December,2020直至2020年12月31日已动用的所得款项净额金额Balance ofNet Proceedsunutilized as at31 December,2020于2020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(iii)To invest in technology initiatives to strengthen ourmarketing and fan engagement efforts, and to enhancethe digitalization of our business用于投资技术举措，以增强我们的营销及粉丝参与力度及提升业务的数字化程度HK$867.2 million867.2百万港元15.0%HK$3.3 million3.3百万港元HK$864.0 million864.0百万港元(a) for talent recruitment用于人才招募HK$173.5 million173.5百万港元3.0%HK$0.1 million0.1百万港元HK$173.4 million173.4百万港元Before31 December, 20232023年12月31日之前(b) for acquiring relevant software and hardware toenhance digitalization and establish informationsystems for digital marketing, customer services,logistics, products, supply chain, warehousing,membership, transactions and store managementand marketing用于购买相关软件及硬件以加强数字化，并建立用于数字营销、客户服务、物流、产品、供应链、仓储、会员、交易以及门店管理及营销的信息系统HK$346.9 million346.9百万港元6.0%HK$0.2 million0.2百万港元HK$346.7 million346.7百万港元Before31 December, 20242024年12月31日之前(c) for optimizing our online marketing efforts,which primarily consist of strategically placedadvertisement, icons, links and news feeds onthird party promotional platforms用于优化我们的线上营销工作，主要包括战略性地在第三方推广平台上投放广告、图标、链接及信息推送HK$346.9 million346.9百万港元6.0%HK$3.0 million3.0百万港元HK$343.9 million343.9百万港元Before31 December, 20242024年12月31日之前
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司72RepoRt of DiRectoRs董事会报告书本集团将遵照招股章程所载拟定目的动用首次公开发售所得款项净额。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 ofNet Proceedsutilized up to31 December,2020直至2020年12月31日已动用的所得款项净额金额Balance ofNet Proceedsunutilized as at31 December,2020于2020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(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$0.7 million0.7百万港元HK$1,040.0 million1,040.0百万港元(a) for enhancing our ability to identify outstandingartists用于加强我们物色优秀艺术家的能力HK$260.3 million260.3百万港元4.5%HK$0.7 million0.7百万港元HK$259.6 million259.6百万港元Before31 December, 20242024年12月31日之前(b) for recruiting talented designers to join our in-house design team to enhance our in-houseoriginal IP development capability by providingcompetitive salary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$0.1 million0.1百万港元HK$86.5 million86.5百万港元Before31 December, 20232023年12月31日之前(c) for acquisitions of popular IPs from to expand ourIP pool用于收购受欢迎的IP以扩大我们的IP库HK$693.9 million693.9百万港元12.0%–HK$693.9 million693.9百万港元Before31 December, 20242024年12月31日之前(v)Working capital and general corporate purposes营运资金及一般公司用途HK$578.17 million578.17百万港元10.0%HK$149.0 million149.0百万港元HK$429.2 million429.2百万港元Before31 December, 20232023年12月31日之前The Group will utilise the Net Proceeds of the initial public offering inaccordance with the intended purposes as set out in the Prospectus.
二零二零年年报ANNUAL REPORT 202073RepoRt of DiRectoRs董事会报告书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 74 to93 of this annual report.AUDIT COMMITTEEThe audit committee of the Company, together with the management andthe external auditor, had reviewed the accounting policies and practicesadopted by the Group as well as the internal control matters, and had alsoreviewed the Group’s consolidated financial statements for the year ended 31December 2020.AUDITORThe consolidated financial statements of the Group for the ended 31December 2020 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 2021遵守企业管治守则本公司致力维持高企业管治水平。有关本公司采纳的企业管治常规的资料载于本年报第74至93页的企业管治报告。审核委员会本公司审核委员会已连同管理层及外聘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2020年12月31日止年度的综合财务报表。核数师本集团截至2020年12月31日止年度的综合财务报表已由罗兵咸永道会计师事务所审核。罗兵咸永道会计师事务所将于股东周年大会上退任，如符合资格可应聘续任，就此将于股东周年大会上提呈有关决议案。自上市日期起，本公司核数师并未更换。代表董事会董事会主席王宁先生香港，2021年3月26日
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司74Corporate 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A.2.1条外，自本公司股份于2020年12月11日在联交所主板上市起，本公司已采纳上市规则附录14所载企业管治守则的原则及守则条文，并自上市日期起直至本年报日期整个期间遵守适用守则条文。本公司致力提升适用于其经营行为及业务增长的企业管治常规，并不时审阅该等常规，以保证彼等符合法定及专业标准且与最新发展保持一致。董事会董事会监督本集团的业务、策略性决策及表现，并客观地作出符合本公司最佳利益的决策。董事会已向本集团高级管理层授权有关本集团日常管理及经营方面的权力及职责。董事会已成立三个董事委员会，包括审核委员会、薪酬委员会及提名委员会，以监督本公司特定范畴的事务。董事会已向董事委员会授权彼等各自职权范围所载的职责。所有董事委员会均获提供充足资源以履行其职责。董事会定期检讨董事向本公司履行职责所需付出的贡献，以及有关董事有否付出足够时间履行职责。The Board of the Company is committed to maintaining high corporategovernance standards. The Board believes that high corporate governancestandards are essential in providing a framework for the Company tosafeguard the interests of Shareholders and to enhance corporate value andaccountability.Since the shares of the Company were listed on the Main Board of The StockExchange on 11 December 2020, the Company has adopted the principlesand code provisions as set out in the CG Code contained in Appendix 14to the Listing Rules and complied with the applicable code provisionsthroughout the period from the Listing Date to the date of this annual report,save for deviation from code provision A.2.1 as disclosed below.The Company is committed to enhancing its corporate governance practicesappropriate to the conduct and the growth of its business and to reviewingsuch practices from time to time to ensure that they comply with statutoryand professional standards and align with the latest development.BOARD OF DIRECTORSThe Board oversees the Group’s businesses, strategic decisions andperformance and takes decisions objectively in the best interest of theCompany.The Board has delegated the authority and responsibilities for day-to-daymanagement and operation of the Group to the senior management of theGroup. To oversee particular aspects of the Company’s affairs, the Boardhas established three Board committees including the Audit Committee,the Remuneration Committee and the Nomination Committee. The Boardhas delegated to the Board committees responsibilities as set out in theirrespective terms of reference. All Board committees are provided withsufficient resources to perform their duties.The Board regularly reviews the contribution required from a Director toperform his/her responsibilities to the Company, and whether the Director isspending sufficient time performing them.
二零二零年年报ANNUAL REPORT 202075Corporate GovernanCe report企业管治报告董事会组成董事会目前由九名董事组成，包括四名执行董事、两名非执行董事及三名独立非执行董事。本公司现届董事会成员名单如下：姓名于本公司职位王宁先生执行董事、董事会主席及行政总裁杨涛女士执行董事及副总裁刘冉女士执行董事及副总裁司德先生执行董事、首席运营官及中国区业务总裁屠铮先生非执行董事何愚先生非执行董事张建君先生独立非执行董事吴联生先生独立非执行董事颜劲良先生独立非执行董事董事名单（按类别划分）亦不时根据上市规则于本公司刊发的所有企业通讯中披露。根据上市规则，所有公司通讯亦已对独立非执行董事作出明确区分。各董事履历资料载于本年报「董事及高级管理层履历」一节。除招股章程及本年报所披露者外，据本公司所深知，董事会成员之间概无财务、业务、家族或其他重大关系。主席及行政总裁根据第A.2.1条守则条文，主席与行政总裁的角色应区别开来，不应由一个人履行。根据董事会现时架构，王宁先生同时担任本公司主席及行政总裁的角色。Board CompositionThe Board currently comprises nine Directors, consisting of four executiveDirectors, two non-executive Directors and three independent non-executiveDirectors. The current members of the Board of the Company are listed asfollows:NamePosition in the CompanyMr. Wang NingExecutive Director, Chairman of the Board andChief Executive OfficerMs. Yang TaoExecutive Director and Vice PresidentMs. Liu RanExecutive Director and Vice PresidentMr. Si DeExecutive Director, Chief Operating Officer andPresident of China BusinessMr. Tu ZhengNon-executive DirectorMr. He YuNon-executive DirectorMr. Zhang JianjunIndependent non-executive DirectorMr. Wu LianshengIndependent non-executive DirectorMr. Ngan King Leung GaryIndependent non-executive DirectorThe list of Directors (by category) is also disclosed in all corporatecommunications issued by the Company from time to time pursuant tothe Listing Rules. The independent non-executive Directors are expresslyidentified in all corporate communications pursuant to the Listing Rules.The biographical information of the Directors is set out in the section headed“Biographies of Directors and Senior Management”of this annual report.Save as disclosed in the Prospectus and this annual report, to the bestknowledge of the Company, there are no financial, business, family, or othermaterial relationships among members of the Board.Chairman and Chief Executive OfficerCode provision A.2.1 of the CG Code stipulates that the roles of chairmanand chief executive should be segregated and should not be performed bythe same individual. According to the current structure of the Board, thepositions of the Chairman and Chief Executive Officer of the Company areheld by Mr. Wang Ning.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司76Corporate GovernanCe report企业管治报告鉴于以下情况，董事会认为此架构将不会损害董事会与本公司管理层之间的权力平衡及权限分布：(i)董事会作出的决定须至少经大多数董事批准，且董事会九名董事中的三名为独立非执行董事，故董事会认为董事会内有充足权力制衡；(ii)王宁先生及其他董事知悉并承诺履行其作为董事的受信职责，当中要求（其中包括）彼等为本公司的裨益及最佳利益行事，并将据此作出本集团决策；及(iii)董事会的运作确保权力平衡及权限分布，董事会由经验丰富且才华横溢的人士组成，彼等定期开会讨论影响本集团运作的事宜。此外，本集团的整体战略及其他主要业务、财务及营运政策乃于董事会及高级管理层层级进行全面讨论后共同制定。最后，由于王宁先生为我们的主要创始人，故董事会认为，由同一人士担任主席及行政总裁将有利于确保本集团内部领导贯彻一致，令本集团实现更为有效及高效的整体战略规划。董事会将持续检讨本集团企业管治架构的成效，以评估是否有必要分离主席及行政总裁的角色。独立非执行董事于上市日期至本年报日期，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，并于截至本年报日期一直为独立人士。The Board believes that this structure will not impair the balance of powerand authority between the Board and the management of the Company,given that: (i) decision to be made by the Board requires approval by at leasta majority of the Directors and that the Board comprises three independentnon-executive Directors out of nine Directors, and the Board believes thereis sufficient check and balance on the Board; (ii) Mr. Wang Ning and theother Directors are aware of and undertake to fulfil their fiduciary duties asDirectors, which require, among other things, that they act for the benefitand in the best interests of the Company and will make decisions of theGroup accordingly; and (iii) the balance of power and authority is ensured bythe operations of the Board which comprises experienced and high caliberindividuals who meet regularly to discuss issues affecting the operations ofthe Group. Moreover, the overall strategic and other key business, financialand operational policies of the Group are made collectively after thoroughdiscussion at both the Board and senior management levels. Finally, as Mr.Wang Ning is our principal founder, the Board believes that vesting the rolesof both chairman and chief executive officer in the same person has thebenefit of ensuring consistent leadership within the Group and enables moreeffective and efficient overall strategic planning for the Group. The Board willcontinue to review the effectiveness of the corporate governance structureof the Group in order to assess whether separation of the roles of chairmanand chief executive officer is necessary.Independent Non-Executive DirectorsSince the Listing Date to the date of this annual report, the Board at all timesmet the requirements of the Listing Rules relating to the appointment ofat least three independent non-executive Directors representing at leastone-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 date of this annual report.
二零二零年年报ANNUAL REPORT 202077Corporate GovernanCe report企业管治报告委任及重选董事各执行董事已与本公司订立服务协议，任期自上市日期起计为期三年，并可根据其各自的条款予以终止。各非执行董事已与本公司订立服务协议，任期自上市日期起计为期三年，并可根据其各自的条款予以终止。各独立非执行董事均已接获委聘书，任期自上市日期起计为期三年，并须每三年轮值告退一次。所有董事的任期均受组织章程细则有关董事轮值告退之条文所规限。根据组织章程细则，于本公司各届股东周年大会上，当时三分之一董事(或倘若彼等的数目并非三或三的倍数，则最接近但不少于三分之一的数目)须轮值退任并合资格重新当选连任，惟每名董事(包括获委任于指定任期为董事者)必须至少每三年轮值退任一次。任何人士获董事会委任以填补董事会的临时空缺或增加董事会成员，须任职至本公司下届股东大会时止，并符合资格于股东大会上膺选连任。董事会及管理层的职责、问责及贡献董事会负责领导及控制本公司，并集体负责指导及监督本公司事务。董事会直接及通过其委员会间接领导，并通过制定战略及监督战略的实施向管理层提供指导、监督本集团的营运及财务表现，并确保具备健全的内部控制及风险管理体系。全体董事（包括独立非执行董事）为董事会的高效及有效运作提供广泛的宝贵商业经验、知识及专业精神。独立非执行董事负责确保本公司的高标准监管报告，并在董事会中提供平衡，以就企业行动及营运提出有效的独立判断。Appointment and Re-election of DirectorsEach of the executive Directors has entered into a service agreement withthe Company for a term of three years commencing from the Listing Date,which are subject to termination in accordance with their respective terms.Each of the non-executive Directors has entered into a service agreementwith the Company for a term of three years commencing from the ListingDate, which are subject to termination in accordance with their respectiveterms.Each of the independent non-executive Directors was engaged on a letterof appointment for a term of three years commencing from the Listing Dateand shall be subject to retirement by rotation once every three years.All Directors will hold office subject to provision of retirement and rotationof directors under the Articles of Association. Pursuant to the Articles ofAssociation, at every annual general meeting of the Company one-third ofthe Directors for the time being (or, if their number is not three or a multipleof three, then the number nearest to but not less than one-third) shallretire from office by rotation and be eligible for re-election, provided thatevery Director (including those appointed for a specific term) is subject toretirement by rotation at least once every three years. Any person appointedby the Board to fill a temporary vacancy on or as an addition to the Boardshall hold office only until the next general meeting of the Company, andshall then be eligible for re-election.Responsibilities, Accountabilities and Contributions of theBoard and ManagementThe Board should assume responsibility for leadership and control of theCompany and is collectively responsible for directing and supervising theCompany’s affairs.The Board directly, and indirectly through its committees, leads and providesdirection to the management by laying down strategies and overseeing theirimplementation, monitors the Group’s operational and financial performance,and ensures that sound internal control and risk management systems are inplace.All Directors, including independent non-executive Directors, havebrought a wide spectrum of valuable business experience, knowledge andprofessionalism to the Board for its efficient and effective functioning. Theindependent non-executive Directors are responsible for ensuring a highstandard of regulatory reporting of the Company and providing a balancein the Board for bringing effective independent judgement on corporateactions and operations.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司78Corporate GovernanCe report企业管治报告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。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.
二零二零年年报ANNUAL REPORT 202079Corporate GovernanCe report企业管治报告董事应持续参与适当的专业发展以建立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2020年12月31日止年度，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2020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 readingmaterials on relevant topics would be provided to Directors whereappropriate. All Directors are encouraged to attend relevant training coursesat the Company’s expenses.During the year ended 31 December 2020, 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 2020are summarized as follows:Attending training,briefings, seminars,conferences and workshopsrelevant to the Company’sindustry and business,director’s duties and/orcorporate governanceReading news alerts,newspapers, journals,magazines and publicationsrelevant to the Company’sindustry and business,director’s duties and/orcorporate governanceName of Directors董事姓名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阅读与本公司行业及业务、董事职责及╱或企业管治有关的新闻快讯、报章、期刊、杂志及出版物Executive Directors执行董事Mr. Wang Ning (Chairman of the Board)王宁先生（董事会主席）√√Ms. Yang Tao杨涛女士√√Ms. Liu Ran刘冉女士√√Mr. Si De司德先生√√Non-executive Directors非执行董事Mr. Tu Zheng屠铮先生√√Mr. He Yu何愚先生√√Independent non-executive Directors独立非执行董事Mr. Zhang Jianjun张建君先生√√Mr. Wu Liansheng吴联生先生√√Mr. Ngan King Leung Gary颜劲良先生√√
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司80Corporate GovernanCe report企业管治报告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。自上市日期起直至2020年12月31日期间，审核委员会举行了一次会议，会议期间处理有关财务报告、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等重大事宜。审核委员会认为截至2020年12月31日止年度全年业绩符合相关会计准则、规则及规例，并已妥为作出适当披露。审核委员会亦在执行董事不在场的情况下与外部核数师会面。BOARD COMMITTEESThe Board has established three committees namely, the Audit Committee,the Remuneration Committee and the Nomination Committee, each of whichhas been delegated responsibilities and reports back to the Board. The rolesand functions of these committees are set out in their respective terms ofreference. The terms of reference of each of these committees will be revisedfrom time to time to ensure that they continue to meet the needs of theCompany and to ensure compliance with the CG Code where applicable. Theterms of reference of the Audit Committee, the Remuneration Committeeand the Nomination Committee are posted on the Company’s website andthe Stock Exchange’s website and are available to Shareholders upon request.Audit CommitteeThe Audit Committee comprises three members, including two independentnon-executive Directors, namely Mr. Wu Liansheng and Mr. Ngan KingLeung Gary and one non-executive Director, namely Mr. Tu Zheng. Mr. WuLiansheng is the chairman of the Audit Committee.The terms of reference of the Audit Committee are of no less exacting termsthan those set out in the CG Code. The main duties of the Audit Committeeare to assist the Board in reviewing the financial information and reportingprocess, risk management and internal control systems, effectiveness of theinternal audit function, scope of audit and appointment of external auditors,provide advice and comments to the Board and arrangements to enableemployees of the Company to raise concerns about possible improprieties infinancial reporting, internal control or other matters of the Company.During the period from the Listing Date and up to 31 December 2020, theAudit Committee held one meeting, during which matters such as significantissues on the financial reporting, operational and compliance controls,effectiveness of the risk management and internal control systems andinternal audit function.The Audit Committee considers that the annual financial results for the yearended 31 December 2020 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.
二零二零年年报ANNUAL REPORT 202081Corporate 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。自上市日期起直至2020年12月31日期间，薪酬委员会举行了一次会议，会议期间讨论董事薪酬待遇及其他有关事宜。提名委员会提名委员会由三名成员组成，包括一名执行董事（即王宁先生）以及两名独立非执行董事（即张建君先生及吴联生先生）。王宁先生为提名委员会主席。提名委员会的职权范围与企业管治守则所载条文一致。提名委员会的主要职责包括每年检讨董事会的架构、规模及多元化、就任何为配合本公司企业策略而拟对董事会作出的变动向董事会提供推荐建议、监督董事会成员多元化政策的实施，以及评估独立非执行董事的独立性。自上市日期起直至2020年12月31日期间，提名委员会举行了一次会议，会议期间讨论董事会架构、规模及组成等事宜。提名委员会认为已维持董事会多元化观点的适当平衡。Remuneration CommitteeThe Remuneration Committee comprises three members, including twoindependent non-executive Directors, namely Mr. Zhang Jianjun and Mr. WuLiansheng and one executive Directors, namely Mr. Wang Ning. Mr. ZhangJianjun is the chairman of the Remuneration Committee.The terms of reference of the Remuneration Committee are of no lessexacting terms than those set out in the CG Code. The primary functions ofthe Remuneration Committee include making recommendations to the Boardon the remuneration packages of individual executive Directors and seniormanagement, making recommendations to the Board on the Company’sremuneration policy and structure for all Directors and senior management;establishing a formal and transparent procedure for developing remunerationpolicy to ensure that no Director or any of his/her associates will participatein deciding his/her own remuneration.During the period from the Listing Date and up to 31 December 2020, theRemuneration Committee held one meeting, during which matters such asthe remuneration packages of the Directors and other related matters werediscussed.Nomination CommitteeThe Nomination Committee comprises three members, includingone executive Director, namely Mr. Wang Ning and two independentnon-executive Directors, namely Mr. Zhang Jianjun and Mr. Wu Liansheng. MrWang Ning is the chairman of the Nomination Committee.The terms of reference of the Nomination Committee are of no less exactingterms than those set out in the CG Code. The principal duties of theNomination Committee include reviewing the structure, size and diversityrequired of the Board annually and making recommendations on anyproposed change to the Board to complement the Company’s corporatestrategy; monitoring the implementation of diversity policy for boardmembers, and assessing the independence of independent non-executiveDirectors.During the period from the Listing Date and up to 31 December 2020, theNomination Committee held one meeting, during which matters such asstructure, size and composition of the Board were discussed. The NominationCommittee considered an appropriate balance of diversity perspectives ofthe Board is maintained.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司82Corporate GovernanCe report企业管治报告根据组织章程细则，董事应于股东大会上以选举产生，任期为三年，可获重选连任。任何人士获董事会委任以填补董事会的临时空缺或增加董事会成员，须任职至本公司下届股东大会时止，并符合资格于股东大会上膺选连任。董事任期届满时，董事可膺选连任及重新委任。在遵守相关法律及行政法规规定的前提下，股东大会可通过普通决议罢免任何任期未届满的董事，惟任何合约项下的赔偿索偿概不受影响。组织章程细则载列委任、重选及罢免董事的程序。提名委员会将物色合适合资格人选担任董事，并就甄选个人向董事会提供推荐建议。提名委员会将根据一系列多元化观点决定董事会成员的组成，包括但不限于性别、年龄、文化及教育背景、种族、专业经验、技能、知识及服务年期。提名委员会亦将考虑本公司企业策略以及日后所需的技能、知识、经验及多元化组合，就委任或重新委任董事以及董事（尤其是董事会主席及总经理）的继任计划向董事会提供推荐建议。董事会多元化政策及提名政策董事会已采纳董事会多元化政策，当中载列须遵循的基本原则，以确保董事会具有必要技能、经验及多元化观点之间的适当平衡，以提升董事会的有效性及维持高标准的企业管治。董事会亦已采纳提名政策，当中载列甄选本集团董事候选人的提名程序。有关政策经董事会采纳，并由提名委员会管理。In accordance with the Articles of Association, Directors shall be elected bythe general meeting with a term of three years and may serve consecutiveterms if re-elected. Any person appointed by the Board to fill a temporaryvacancy or as an addition to the Board shall hold office only until the nextgeneral meeting of the Company, and shall then be eligible for re-election.At the expiry of a Director’s term, the Director may stand for re-election andreappointment for further term. Subject to the compliance of the provisionsof the relevant laws and administrative regulations, the general meeting ofthe Shareholders may dismiss by ordinary resolution any Directors of whomthe term of office has not expired (the claim for compensation under anycontracts shall however be not affected).The procedures for the appointment, re-election and removal of directorsare set out in the Articles of Association. The Nomination Committeewill identify individuals suitably qualified to become directors and makerecommendations to the Board on the selection of individuals. TheNomination Committee will determine the composition of board membersbased on a range of diversity perspectives, including but not limited togender, age, cultural and educational background, ethnicity, professionalexperience, skills, knowledge and length of service. The NominationCommittee will also make recommendations to the Board of Directors onthe appointment or re-appointment of directors and succession planning fordirectors (in particular the Chairman of the Board of Directors and the generalmanager), taking into account the Company’s corporate strategy and mix ofskills, knowledge, experience and diversity needed in the future.BOARD DIVERSITY POLICY AND NOMINATIONPOLICYThe Board has adopted the Board Diversity Policy which sets out the basicprinciples to be followed to ensure that the board has the appropriatebalance of skills, experience and diversity of perspectives necessary toenhance the effectiveness of the Board and to maintain high standards ofcorporate governance.The Board has also adopted the Nomination Policy which sets out thenomination procedures for selecting candidates for election as Directors ofthe Board of the Group. The policy is adopted by the Board and administeredby the Nomination Committee.
二零二零年年报ANNUAL REPORT 202083Corporate GovernanCe report企业管治报告董事会候选人的遴选乃基于以下因素（其中包括）正直品格、资历、愿意投入足够的时间履职以及一系列多元化观点，经参考本公司的业务模式及特定需求。候选人的遴选及推荐将基于提名程序、提名委员会采纳的流程及标准以及多项观点，包括但不限于性别、年龄、文化及教育背景、行业经验、技术及专业技能及╱或建议候选人的资历、知识、服务年期、个人操守及时间承诺。本公司亦应考虑与自身业务模式及不时的特定需求有关的因素。最终决定乃基于所选候选人将为董事会带来的功绩及贡献作出。提名委员会应定期检讨董事会多元化政策及提名政策以及可衡量目标（如适用），以确保董事会的持续有效性。企业管治职能董事会负责履行企业管治守则第D.3.1条守则条文所载的职能。自上市日期起直至本年报日期期间，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由于本公司在2020年12月11日方于联交所上市，自上市日期起至本报告日期仅举行一次董事会会议。然而，根据企业管治守则守则条文第A.1.1条，本公司预期将会每年至少四次定期召开董事会会议，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。Selection of board candidates shall be based on amongst others, characterand integrity, qualifications, willingness to devote adequate time and a rangeof diversity perspectives with reference to the Company’s business modeland specific needs.Selection and recommendation of candidates will be based on thenomination procedures and the process and criteria adopted by theNomination Committee and a number of perspectives, including but notlimited to gender, age, cultural and educational background, industryexperience, technical and professional skills and/or qualifications, knowledge,length of services, personal integrity and time commitments of the proposedcandidates. The Company should also take into account factors relating toits own business model and specific needs from time to time. The ultimatedecision is based on merit and contribution that the selected candidates willbring to the Board.The Nomination Committee shall review the Board Diversity Policy andthe Nomination Policy and the measurable objectives periodically, and asappropriate, to ensure the continued effectiveness of the Board.CORPORATE GOVERNANCE FUNCTIONSThe Board is responsible for performing the functions set out in the codeprovision D.3.1 of the CG Code.During the period from the Listing Date to the date of this annual report, theBoard had reviewed the Company’s policies and practices on compliancewith legal and regulatory requirements, training and continuous professionaldevelopment of Directors and senior management, the corporategovernance policies and practices, the compliance of the Model Code, andthe Company’s compliance with the CG Code and the disclosure in thisCorporate Governance Report.BOARD MEETINGS AND DIRECTORS’ATTENDANCERECORDSAs the Company was only listed on the Stock Exchange on 11 December2020, only on Board meeting was held during the period from the ListingDate to the date of this report. However, the Company in accordance withcode provision A.1.1 of the CG Code, expects to convene Board meetingsregularly with at least four times a year, and at approximately quarterlyintervals with active participation of majority of the Directors, either in personor through electronic means of communication.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司84Corporate GovernanCe report企业管治报告于上市日期起至本年报日期期间，各董事的董事会及董事委员会会议出席记录载列如下：The attendance records of each Director at the Board and Board committeemeetings of the Company held during the period from the Listing Date tothe date of this annual report are set out below:Attendance/Number of Meeting(s)出席情况╱会议次数Boardmeeting(s)AuditCommitteeMeeting(s)RemunerationCommitteemeeting(s)NominationCommitteemeeting(s)Generalmeeting(s)Name of Directors董事姓名董事会审核委员会会议薪酬委员会会议提名委员会会议股东大会Executive Directors执行董事Mr. Wang Ning王宁先生1/1N/A不适用1/11/1N/A不适用Ms. Yang Tao杨涛女士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1/1N/A不适用N/A不适用N/A不适用N/A不适用Mr. Si De司德先生1/1N/A不适用N/A不适用N/A不适用N/A不适用Non-executive Directors非执行董事Mr. Tu Zheng屠铮先生1/11/1N/A不适用N/A不适用N/A不适用Mr. He Yu何愚先生1/1N/A不适用N/A不适用N/A不适用N/A不适用Independent non-executiveDirectors独立非执行董事Mr. Zhang Jianjun张建君先生1/1N/A不适用1/11/1N/A不适用Mr. Wu Liansheng吴联生先生1/11/11/11/1N/A不适用Mr. Ngan King Leung Gary颜劲良先生1/11/1N/A不适用N/A不适用N/A不适用Note: The Company was listed on 11 December 2020, and hence no AGM was heldin 2020.附注：本公司于2020年12月11日上市，因此并未于2020年举行股东周年大会。
二零二零年年报ANNUAL REPORT 202085Corporate GovernanCe report企业管治报告所有董事会定期会议的通知须于会议举行前至少十四天送呈全体董事，让全体董事有机会出席定期会议以及提呈将于会议议程中讨论的事宜。就其他董事会及董事委员会会议而言，本公司一般会发出适当通知。董事会文件以及所有适当、完整及可靠资料须于各董事会会议或委员会会议举行前至少三天送呈全体董事，让董事了解本公司的最新动态及财务状况，并使其能作出知情决定。在必要情况下，董事会及各董事亦可分别及独立接触高级管理层。高级管理层出席所有董事会定期会议，并在必要时出席其他董事会及委员会会议，以就业务发展、财务及会计事项、法规及监管合规、企业管治以及本公司其他主要方面提供建议。公司秘书负责记录并保存所有董事会会议及委员会会议的会议记录。会议记录草稿一般会于每次会议后一段合理时间内供董事传阅，董事可借此提供意见，而会议记录的定稿亦公开予董事查阅。组织章程细则载有条文，规定董事就批准有关该等董事或其各自任何联系人于当中拥有潜在或实际利益冲突的交易时放弃投票，且不计算在会议的法定人数内。风险管理及内部控制董事会确认其对风险管理及内部控制系统负有责任，并负责检讨其成效。该等系统旨在管理而非消除未能达成业务目标的风险，且仅能就并无重大失实陈述或损失作出合理而非绝对保证。董事会全面负责评估及厘定本公司达成战略目标时所愿意承担的风险性质及程度，并设立及维护适当而有效的风险管理及内部控制系统。Notices of not less than 14 days will be given for all regular Board meetingsto provide all Directors with an opportunity to attend and include mattersin the agenda for a regular meeting. For other Board and Board committeemeetings, reasonable notice will be generally given.Board papers together with all appropriate, complete and reliableinformation are sent to all Directors at least three days before each Boardmeeting or committee meeting to keep the Directors apprised of the latestdevelopments and financial position of the Company and to enable them tomake informed decisions. The Board and each Director also have separateand independent access to the senior management whenever necessary.The senior management attends all regular Board meetings and wherenecessary, other Board and committee meetings to advise on businessdevelopments, financial and accounting matters, statutory and regulatorycompliance, corporate governance and other major aspects of the Company.The company secretary is responsible for taking and keeping minutes ofall Board meetings and committee meetings. Draft minutes are normallycirculated to Directors for comment within a reasonable time after eachmeeting and the final version is open for Directors’inspection.The Articles of Association contain provisions requiring Directors to abstainfrom voting and not to be counted in the quorum at meetings for approvingtransactions in which such Directors or any of their associates have potentialor actual conflicts of interests.RISK MANAGEMENT AND INTERNAL CONTROLSThe Board acknowledges its responsibility for the risk management andinternal control systems and reviewing their effectiveness. Such systemsare designed to manage rather than eliminate the risk of failure to achievebusiness objectives, and can only provide reasonable but not absoluteassurance against material misstatement or loss.The Board has the overall responsibility for evaluating and determining thenature and extent of the risks it is willing to take in achieving the Company’sstrategic objectives, and establishing and maintaining appropriate andeffective risk management and internal control systems.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司86Corporate GovernanCe report企业管治报告审核委员会协助董事会领导管理层并监督风险管理及内部控制系统的设计、实施及监控。部门主管透过识别、评估及降低已识别风险进行风险管理。风险管理主要包括四个主要领域：风险识别、风险评估、风险应对以及风险监控及报告。风险识别：各业务及职能部门以及其附属公司每年进行一次识别其各自营运流程中潜在的内部及外部风险。于识别风险期间，主要参考风险对本公司目标的影响以及过去一年业务活动中的重大问题或风险事件。风险评估：根据风险评估标准，各业务及职能部门以及其附属公司对已识别风险进行审查，并评估发生的可能性及影响程度，以筛选出重大风险。本集团采纳自下而上及自上而下的风险评估程序，以全面识别本集团所有重大风险，其后对其进行排名。随后，向相应的管理层、审核委员会及董事会报告重大风险。进行充分沟通及讨论后，最终确认重大风险清单。风险应对：经考虑本集团的风险承受能力，已识别风险的负责部门通过适当运用诸如规避风险、降低风险、分担风险及接受风险等方法制定风险应对计划。此举令本集团能适当分配资源以缓解风险或改善风险应对措施，借以将本集团的整体风险降至可接受水平。风险监控及报告：风险监控及报告乃通过整合使用风险警告指标、内部审核及定期汇总风险报告进行。The Audit Committee assists the Board in leading the managementand overseeing the design, implementation and monitoring of the riskmanagement and internal control systems. Heads of departments managerisks through identification, evaluation and mitigation of risk identified.Risk management mainly includes four major areas: risks identification, risksassessment, risks response and risk monitoring and reporting.Risk identification: each business and functional department and itssubsidiaries conducts, once in a year, an identification of potential internaland external risks in its respective operation processes. During risksidentification, references are mainly made to the impact the risks have on theCompany’s objectives, and major problems or risk incidents in the businessactivities for the past year.Risk assessment: according to the risks assessment standards, each businessand functional department and its subsidiaries reviews the risks identified,and assesses the possibilities of occurrence and the extents of impacts inorder to screen out the significant risks. The Group adopts a combination ofbottom-up and top-down risk assessment procedures to fully identify all ofthe Group’s significant risks, which are then given rankings. Significant risksare then reported to the appropriate management level, Audit Committeeand the Board. A final list of significant risks is confirmed after thoroughcommunication and discussion.Risks response: the responsible department of the identified risks formulatesa risk response plan by properly applying methods such as risk avoidance, riskreduction, risk sharing and risk acceptance, with consideration of the Group’slevel of risk tolerance. This allows the Group to properly allocate resources forrisk mitigation or improvements on risk response measures, with an aim toreduce the overall risk of the Group to an acceptable level.Risk monitoring and reporting: risk monitoring and reporting are carriedout by integrating the use of risk warning indicators, internal auditing andperiodic summarized risk reports.
二零二零年年报ANNUAL REPORT 202087Corporate GovernanCe report企业管治报告我们通过于组织架构中维持内部控制系统，致力维持业务的完整性。我们的内部控制及风险管理系统涵盖（其中包括）企业管治、营运、管理、法律事务、财务及审核等方面。我们的内部审核部门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。我们的内部审核部门（「内部审核部门」）对主要业务流程中的风险管理及内部控制系统的充分性及有效性进行审查。本公司已建立风险管理系统，并制定我们认为适合我们业务营运的相关政策及程序。内部审核部门对（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。我们已采纳并执行内部审核部门提供的建议，而内部审核部门并无发现任何可能对我们内部控制系统的有效性产生重大影响的重大发现。根据内部控制审查结果，在审核委员会的支持下，董事会已审阅截至2020年12月31日止年度的风险管理及内部控制系统，包括财务、营运及合规控制，并认为该等系统属有效、充分。年度审查亦涵盖财务报告、内部审核职能、资源充足性、员工资历及经验，以及本公司会计、内部审核及财务报告职能的培训计划及预算。We endeavour to uphold the integrity of our business by maintainingan internal control system into our organisational structure. Our internalcontrol and risk management systems cover, among others, corporategovernance, operations, management, legal matters, finance and auditing.Our internal audit department reviewed our internal control system and wehave implemented and will continue to implement the relevant suggestionsthey proposed/propose. Our internal audit department (the“Internal AuditDepartment”) performed a review of the adequacy and effectiveness ofthe risk management and internal control systems over our major businessprocesses. The Company has established risk management systems withrelevant policies and procedures that we believe are appropriate for ourbusiness operations.The Internal Audit Department conducted a follow-up review (the“InternalControl Review”) on, among others, control environment, risk assessment,control activities, information and communication, monitoring activities suchas revenue 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 bythe Internal Audit Department and the Internal Audit Department has notidentified any material findings which may have material impact on theeffectiveness of our internal control 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 2020, and considered that such systemsare effective and adequate. The annual review also covered the financialreporting, internal audit function, adequacy of resources, staff qualificationsand experiences, training programmes and budget of the Company’saccounting, internal audit and financial reporting functions.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司88Corporate GovernanCe report企业管治报告检举政策本公司已采取安排，以便利雇员及其他利益相关者对财务报告、内部控制或其他事项中可能存在的不当行为提出保密举报。本公司审核委员会应定期审阅有关安排，确保备有适当安排以公平、独立调查该等事项，并采取适当的后续行动。内幕资料本公司了解并严格遵守现行适用法律、法规及指引的要求，包括于进行相关交易时遵守《证券及期货条例》及《上市规则》项下的内幕消息披露责任，以及遵守证券及期货事务监察委员会颁布的《内幕消息披露指引》。本集团已设立与内幕消息有关的授权及问责制以及处理及传播程序，且已与所有相关人员进行沟通并为其提供有关实施持续披露政策的专门培训。董事会认为本公司有关内幕消息的处理及传播程序以及措施乃属有效。证券交易标准守则本公司已采纳上市规则附录十所载的标准守则。已向全体董事作出具体查询，且全体董事均已确认彼等自上市日期起直至本年报日期一直遵守标准守则。可能拥有本公司未公布内幕资料的本公司雇员亦须遵守标准守则。WHISTLEBLOWING POLICYThe Company has adopted arrangement to facilitate employees and otherstakeholders to raise concerns, in confidence, about possible improprieties infinancial reporting, internal control or other matters.The Audit Committee of the Company shall review such arrangementregularly and ensure that proper arrangements are in place for fair andindependent investigation of these matters and for appropriate follow-upaction.INSIDE INFORMATIONThe Company is aware of and strictly complies with the requirements ofthe currently applicable laws, regulations and guidelines, including theobligations to disclose inside information under the SFO and the ListingRules, and the Guidelines on Disclosure of Inside Information issued by theSecurities and Futures Commission, at the time when the relevant businessesare transacted. The Group has established the authority and accountability,as well as the handling and dissemination procedures in relation to insideinformation, and has communicated to all relevant personnel and providedthem with specific trainings in respect of the implementation of thecontinuous disclosure policy.The Board considers that the Company’s handling and disseminationprocedures and measures in relation to inside information are effective.MODEL CODE FOR SECURITIES TRANSACTIONSThe Company has adopted the Model Code as set out in Appendix 10 to theListing Rules. Specific enquiries have been made to all the Directors and allthe Directors have confirmed that they have complied with the Model Codefrom the Listing Date up to the date of this annual report.The Company’s employees, who are likely to be in possession of unpublishedinside information of the Company, are also subject to the Model Code.
二零二零年年报ANNUAL REPORT 202089Corporate GovernanCe report企业管治报告董事对财务报表的责任董事知悉彼等有责任编制本公司截至2020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严重影响本公司持续经营能力的重大不明朗事件或情况。本公司独立核数师就其对综合财务报表的申报责任所作声明载于本年报独立核数师报告。核数师酬金截至2020年12月31日止年度，本公司就审核服务及非核数服务已付╱应付外部核数师罗兵咸永道会计师事务所的费用总额载列如下：DIRECTORS’RESPONSIBILITY IN RESPECT OFFINANCIAL STATEMENTSThe Directors acknowledge their responsibility for preparing the financialstatements of the Company for the year ended 31 December 2020.The Board is responsible for presenting a balanced, clear and understandableassessment of annual and interim reports, announcements relating todisclosure of insider information and other disclosures required under theListing Rules and other statutory and regulatory requirements.The management has provided to the Board such explanation andinformation as are necessary to enable the Board to carry out an informedassessment of the Company’s financial statements, which are put to theBoard for approval.The Directors are not aware of any material uncertainties relating to eventsor conditions that may cast significant doubt upon the Group’s ability tocontinue as a going concern.The statement of the independent auditor of the Company about theirreporting responsibilities on the consolidated financial statements is set outin the Independent Auditor’s Report of this annual report.AUDITOR’S REMUNERATIONThe total fee paid/payable to the external auditors of the Company,PricewaterhouseCoopers, in respect of audit services and non-audit servicesfor the year ended 31 December 2020 is set out below:Fee paid/payable已付╱应付费用Category of servicesRMB’000服务类别人民币千元Audit services审核服务3,000Non-audit services– other consultation service非核数服务–其他咨询服务150Total合计3,150
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司90Corporate GovernanCe report企业管治报告联席公司秘书李鸿轩先生（「李先生」）及李菁怡女士（「李女士」）担任本公司的联席公司秘书。李先生于2019年4月加入本集团，一直担任主管投资者关系的高级经理。在此之前，李先生于2014年12月至2019年1月担任中信建投证券股份有限公司投资银行部高级经理，并于2019年2月至2019年3月担任中信建投证券股份有限公司创新融资部高级经理。李女士为全球专业服务公司泰商业服务有限公司的上市公司服务部经理。彼于公司秘书领域拥有近10年专业经验。李女士为英国特许公司治理公会（前称英国特许秘书及行政人员公会）及香港特许秘书公会的资深会员。李女士一直协助处理本公司公司秘书事宜，并与李先生保持紧密联系。截至2020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。与股东及投资者的沟通本公司认为，与股东有效沟通对加强投资者关系及让投资者了解本集团业务表现及策略至关重要。本公司亦认识到透明且及时披露公司资料的重要性，此举将使股东及投资者作出最佳投资决策。本公司致力与股东保持持续对话，特别是透过股东周年大会及其他股东大会。本公司的股东大会为董事会与股东之间的交流提供平台。董事会主席以及审核委员会、薪酬委员会及提名委员会的主席或（在其缺席的情况下）各委员会的其他成员，亦可于股东大会上回答股东提问。本公司外部核数师亦获邀出席本公司的股东周年大会，以回答有关审核行为、核数师报告的编制及内容、会计政策及核数师独立性的问题。JOINT COMPANY SECRETARIESMr. Li Hongxuan (“Mr. Li”) and Ms. Li Ching Yi (“Ms. Li”) are the joint companysecretaries of the Company.Mr. Li joined the Group in April 2019 and has been serving as a seniormanager in charge of investor relationship. Prior to that, Mr. Li served as asenior associate of investment banking department of CSC Financial Co., Ltd.from December 2014 to January 2019 and a senior associate of innovativefinancing department of CSC Financial Co., Ltd. from February 2019 to March2019.Ms. Li is a manager of the Listing Corporate Services Department of TridentCorporate Services (Asia) Ltd., a global professional services firm. She hasaround 10 years of professional experience in company secretarial field. Ms.Li is an associate member of The Chartered Governance Institute (formerlyknown as The Institute of Chartered Secretaries and Administrators) in theUnited Kingdom and the Hong Kong Institute of Chartered Secretaries. Ms. Lihas assisted on the Company Secretarial matters of the Company and hasclosely communicated with Mr. Li.During the year ended 31 December 2020, each of Mr. Li and Ms. Li hasundertaken not less than 15 hours of relevant professional training.COMMUNICATIONS WITH SHAREHOLDERS ANDINVESTORSThe Company considers that effective communication with Shareholdersis essential for enhancing investor relations and investor understandingof the Group’s business performance and strategies. The Company alsorecognizes the importance of transparency and timely disclosure of corporateinformation, which will enable Shareholders and investors to make the bestinvestment decisions.The Company endeavours to maintain an on-going dialogue withShareholders and in particular, through annual general meetings and othergeneral meetings. The general meetings of the Company provide a platformfor communication between the Board and the Shareholders. The chairmanof the Board as well as chairmen of the Audit Committee, the RemunerationCommittee and the Nomination Committee or, in their absence, othermembers of the respective committees, are available to answer Shareholders’questions at general meetings. The external auditor of the Company is alsoinvited to attend the annual general meetings of the Company to answerquestions about the conduct of audit, the preparation and content of theauditor’s report, the accounting policies and auditor independence.
二零二零年年报ANNUAL REPORT 202091Corporate GovernanCe report企业管治报告To promote effective communication, the Company maintains a website(www.popmart.com), where information and updates on the Company’sfinancial information, corporate governance practices, biographicalinformation of the Board and other information are available for publicaccess.SHAREHOLDERS’RIGHTSTo safeguard Shareholders’interests and rights, separate resolution should beproposed for each substantially separate issue at general meetings, includingthe election of Director. All resolutions put forward at general meetings willbe voted on by poll pursuant to the Listing Rules and poll results will beposted on the websites of the Company and of the Stock Exchange aftereach general meeting.Procedures for Shareholders to Convene Extraordinary GeneralMeetingArticle 12.3 of the Articles of Association provides that general meetings shallbe convened on the written requisition of any one or more members holdingtogether, as at the date of deposit of the requisition, shares representing notless than one-tenth of the paid up capital of the Company which carry theright of voting at general meetings of the Company. The written requisitionshall be deposited at the principal office of the Company in Hong Kong or, inthe event the Company ceases to have such a principal office, the registeredoffice of the Company, specifying the objects of the meeting and signed bythe requisitionist(s).If the Board does not within 21 days from the date of deposit of therequisition proceed duly to convene the meeting to be held within a further21 days, the requisitionist(s) themselves or any of them representing morethan one-half of the total voting rights of all of them, may convene thegeneral meeting in the same manner, as nearly as possible, as that in whichmeetings may be convened by the Board provided that any meeting soconvened shall not be held after the expiration of three months from thedate of deposit of the requisition, and all reasonable expenses incurred bythe requisitionist(s) as a result of the failure of the Board shall be reimbursedto them by the Company.为促进有效沟通，本公司维护了一个网站(www.popmart.com)，该网站提供有关本公司财务资料、企业管治惯例、董事会履历资料以及其他资料，以供公众查阅。股东权利为保障股东权益及权利，本公司应就各重大独立事项（包括选举董事）于股东大会上提呈独立决议案。根据上市规则，于股东大会提呈的所有决议案将以投票方式表决，投票结果将于各股东大会结束后在本公司及联交所网站登载。股东召开临时股东大会的程序组织章程细则第12.3条规定，任何一名或多名于提出要求当日共同持有代表不少于有权于本公司股东大会上投票的本公司实缴股本十分之一股份的股东，应以书面要求召开股东大会。书面要求应存放于本公司在香港的主办事处，或倘本公司不再拥有有关主办事处，则应存放于本公司的注册办事处。书面要求应注明会议目的，并由提出要求股东签署。倘董事会于提出要求当日起计21天内未正式进行召开于随后21天内举行的大会，则提出要求股东本人或其中持有占总投票权超过二分之一的任何人士，可以与董事会召开大会方式尽可能相同的方式召开股东大会，惟如此召开的任何大会不得于提出要求当日起计三个月届满后举行，而提出要求股东因董事会未能召开大会而产生的所有合理费用，将由本公司向彼等作出补偿。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司92Corporate GovernanCe report企业管治报告Procedures for shareholders to propose a person for election asa directorFor proposal of a person for election as Director, pursuant to Article 16.4of the Articles of Association, no person shall, unless recommended by theBoard, be eligible for election to the office of Director at any general meetingunless during the period, which shall be at least seven days, commencingno earlier than the day after the despatch of the notice of the meetingappointed for such election and ending no later than seven days prior tothe date of such meeting, there has been given to the Secretary notice inwriting by a member of the Company (not being the person to be proposed),entitled to attend and vote at the meeting for which such notice is given, ofhis intention to propose such person for election and also notice in writingsigned by the person to be proposed of his willingness to be elected.Base on this, if a Shareholder wishes to propose a person (the“Candidate”)for election as a Director at a general meeting, he/she shall deposit a writtennotice at the Company’s principal place of business in Hong Kong at 14/F.,Golden Centre, 188 Des Voeux Road Central, Hong Kong. The notice must(i) include the personal information of the Candidate as required by Rule13.51(2) of the Listing Rules; and (ii) be signed by the Shareholder concernedand signed by the Candidate indicating his/her willingness to be elected andconsent of publication of his/her personal information.Putting Forward Proposals at General MeetingsThere are no provisions in the Articles of Association or in the CompaniesLaw of the Cayman Islands for putting forward proposals of new resolutionsby Shareholders at general meetings. Shareholders who wish to moveforward a resolution may request the Company to convene a generalmeeting in accordance with the procedures mentioned above. For proposinga person for election as a Director, please refer to the procedures set out inthe preceding paragraph.股东提名候选董事的程序根据组织章程细则第16.4条的规定，就提名董事候选人而言，任何未获董事会推荐的人士概无资格于任何股东大会上获推选出任董事职务，除非有权出席大会并于会上投票的本公司股东（不得为获提名的人士）在就有关选举召开的大会通告日期后一天开始直至有关大会日期前七天的期间内，向秘书发出书面通知，以表明其提名有关候选人的意愿，而获提名候选人亦应向秘书发出已签署的书面通知，以表明其愿意获选为董事。在此基础上，倘股东希望于股东大会上提名人士选举为董事（「候选人」），则彼应向本公司位于香港的主要营业地点（地址为香港中环德辅道中188号金龙中心14楼）寄发书面通知。有关通知必须(i)包括上市规则第13.51(2)条所要求的候选人个人资料；及(ii)由有关股东签署并由候选人签署，以表明彼愿意获选为董事并同意公开其个人资料。于股东大会提呈建议组织章程细则或开曼群岛公司法概无有关股东于股东大会提呈新决议案建议。有意提呈决议案的股东可根据上文所述程序要求本公司召开股东大会。就建议某名人士竞选董事，请参阅前段所载程序。
二零二零年年报ANNUAL REPORT 202093Corporate GovernanCe report企业管治报告Putting Forward Enquiries to the BoardFor putting forward any enquiry to the Board, Shareholders may send writtenenquiries to the Company. The Company will not normally deal with verbalor anonymous enquiries.Shareholders may send their enquiries or requests as mentioned above tothe following:Address:Floor 36 & 37, Block A, Puxiang CenterHongtai East StreetDawangjing Technology Business ParkChaoyang District, BeijingPRC(For the attention of the Board of Directors)Email: ir@popmart.comFor the avoidance of doubt, Shareholders must deposit and send the originalduly signed written requisition, notice or statement, or enquiry (as the casemay be) to the above address and provide their full name, contact detailsand identification in order to give effect thereto. Shareholders’informationmay be disclosed as required by law.Change in Constitutional DocumentsThe Company adopted amended and restated Articles of Association on23 November 2020, which has been effective from the Listing Date. Duringthe period from the Listing Date to the date of this annual report, no otherchanges have been made to the said Articles of Association. The Articlesof Association 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 36 to 73 of thisannual report.向董事会作出查询股东可将其向董事会作出的任何查询以书面方式发送至本公司。本公司通常不会处理口头或匿名查询。股东可将上述查询或要求发送至以下地址：地址：中国北京市朝阳区大望京科技商务园区宏泰东街浦项中心A座36及37楼（收件人：董事会）电邮：ir@popmart.com为免生疑问，股东须将正式签署的书面要求、通知或声明的正本或查询（视情况而定）送交至上述地址，并提供全名、详细联系方式及身份证明，方为有效。股东资料可能根据法律规定而予以披露。组织章程文件变动本公司于2020年11月23日采纳经修订及重列的组织章程细则，自上市日期起生效。于上市日期至本年报日期期间，上述组织章程细则未作任何其他更改。组织章程细则可于本公司及联交所网站查阅。股息政策本公司已就股息派付采纳股息政策，详情载于本年报第36至73页的「董事会报告书」。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司942020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告一、关于本报告报告简介本报告是由本公司发布的第一份环境、社会及管治（以下简称「ESG」）报告，旨在向各利益相关方披露本集团2020年在环境、社会及管治领域开展的工作及所取得的成果。本报告应与本年报中《企业管治报告》章节一并阅读。编制依据本报告依据香港联合交易所有限公司主板上市规则附录二十七《环境、社会及管治报告指引》（以下简称「ESG报告指引」）编制，并依照重要性、量化、平衡及一致性原则汇报有关内容。报告时间本报告时间范围为2020年1月1日至2020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。I. ABOUT THIS REPORTOverviewThis is the first environmental, social and governance (“ESG”) reportissued by the Company, for the purpose of disclosing to stakeholdersabout the ESG works and achievements made by the Group during2020. This report shall be read in conjunction with the section headedCorporate Governance Report in the annual report.Basis of PreparationThis report is prepared in accordance with theEnvironmental, Social andGovernance Reporting Guide(the“ESG Reporting Guide”) in Appendix27 to the Rules Governing the Listing of Securities on the StockExchange of Hong Kong Limited, and is reported based on the principlesof materiality, quantitative, balance and consistency.Reporting PeriodThe reporting period of this report covered from 1 January 2020 to 31December 2020.Reporting ScopeUnless otherwise stated, the scope of disclosure of this report shall bethe same as those covered in the annual report.
二零二零年年报ANNUAL REPORT 2020952020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告II. ESG MANAGEMENT SYSTEMESG Governance Structure and Management ConceptAs an enterprise strives to promote pop toy culture, the Company has avision of“become a leading global pop culture entertainment company”,and adhere to create a comprehensive operating platform covering theentire industry chain of pop toys. We proactively focus on the demandsof stakeholders, and perform our corporate social responsibilities whileprotecting the interests of our shareholders and investors.To implement the development philosophy of the Company andfacilitate the implementation of ESG management of the Company,based on the current management organizational structure, theCompany has established the ESG governance structure, which is led bythe board of directors (the“Board”), supervised by president office andjointly participated by several functional departments. The Board willreview the ESG report, investigate and discuss ESG issues, and provideguidance and supervision to the management in conducting ESG-relatedworks on a regular basis. The president office will be responsible forassisting the Board in monitoring the implementation of ESG strategiesand management. Responsible personnel (director level) from differentbusiness units will be responsible for identifying and controllingESG-related risk exposures in their respective responsible fields. Relevantfunctional departments will be responsible for the implementation ofspecific ESG works, as well as the full implementation of ESG strategiesand relevant works.During the Reporting Period, the Company actively identified andstrictly complied with relevant ESG laws and regulations in countriesand regions where it operates. The Company incorporated its ESGmanagement concepts into daily operation and managementprocedures. While striving to achieve its operating goals, the Companyalso proactively eliminated the negative impacts of business operationon environment, protected the rights and interests of employees,supported employee development, promoted ESG management insupply chain, offered quality products, protected the rights and interestsof customers, and implemented ethical operation. We also focused ondemands of society, actively contributed to community development,as well as facilitated the mutual development of enterprises andstakeholders.二、ESG管理体系ESG管治架构及管理理念作为一家推广潮玩文化的公司，本公司以「成为全球领先的潮流文化娱乐公司」作为公司愿景，致力于打造覆盖潮流玩具全产业链的综合运营平台。我们积极关注各利益相关方诉求，在保障股东及投资者利益的同时履行企业社会责任。为贯彻公司发展理念，推进公司ESG管理工作落实，本公司依托当前管理组织架构，建立了由董事会领导、总裁办监管、多个职能部门共同参与的ESG管治架构。董事会定期审阅ESG报告，研究和讨论ESG事宜，指导和监督管理层开展ESG相关工作，总裁办负责协助董事会监管ESG策略和管理事宜的落实情况，各业务条线总监级负责人负责识别和把控各自负责领域的ESG相关风险，相关职能部门负责实施ESG具体工作，保障ESG策略和相关工作的全面落实。报告期内，本公司主动识别并严格遵守运营所在国家和地区的ESG相关法律法规，将公司的ESG管理理念融入到日常经营与管理过程，在实现公司经营目标的同时积极减少业务运营对环境产生的负面影响，保障员工权益，支持员工发展，推动供应链ESG管理，提供优质产品，维护客户权益，践行诚信经营。我们亦关注社区需求，积极为社区发展贡献力量，持续推动企业与各利益相关方的共同发展。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司962020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告利益相关方沟通本公司根据业务特点及发展规划，识别了政府及监管机构、股东及投资者、客户、员工、供应商、社区和媒体及非政府组织等主要利益相关方。我们积极与利益相关方保持沟通，倾听其诉求，了解其关注的主要议题，并通过多种沟通渠道回应利益相关方所关注的ESG议题。Communication with StakeholdersBased on its business characteristics and development plans, theCompany has identified its major stakeholders, including governmentand regulatory authorities, shareholders and investors, customers,employees, suppliers, community and media, as well as non-governmentorganizations (“NGOs”). We actively communicate with stakeholders,listen to their demands, understand their major issues of concern,and respond to ESG issues of concern of stakeholders through variouscommunication channels.StakeholdersMajor issues of concernMajor communication channels利益相关方主要关注议题主要沟通途径Government and regulatory authorities政府及监管机构• Compliance operation•合规经营• Corporate development•企业发展• Policy implementation•政策落实情况• Extraordinary social contribution•突出社会贡献• Filing or written document submission•备案或书面文件报送• Regular face-to-face communication•定期面对面沟通• Irregular face-to-face communication•不定期面对面沟通• Site visits/seminars•参观╱调研会Shareholders and investors股东及投资者• Rights and interests of shareholders•股东权益• Corporate performance•企业业绩• Stable growth•稳定增长• Corporate governance•企业管治• General meetings•股东大会• Result announcements•业绩公告• Investor meetings•投资者会议• Special email address for investorrelationship in official website•官方网站投资者关系专用邮箱Customers• Product purchase rules• Customer service hotline客户•产品购买规则•客户服务热线• Product after-sale services• Daily operation and communication•产品售后服务•日常运营及交流• Consumer privacy protection• Member center•消费者信息隐私保护•会员中心
二零二零年年报ANNUAL REPORT 2020972020 EnvironmEntal, Social and GovErnancE rEport2020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议题主要沟通途径Employees雇员• Rights and interests of employees•员工权益• Remunerations and benefits•薪酬福利• Development and training•发展及培训• Promotion•晋升• Health and safety•健康与安全• Human resources system/employmentcontract•人事制度╱劳动合同• Face-to-face communication•面对面沟通• Staff training•雇员培训• Performance appraisal and feedback•绩效考核及反馈• Regular body check and insurance•定期体检、保险Suppliers• Supply chain management• Supplier management system供应商•供应链管理•供应商管理制度• Anti-corruption• Supplier evaluation procedures•反贪污•供应商评估程序• Meetings•会议Community• Social charity• Participate in charity activities社区•社会公益•参与公益活动• Community investment• Volunteer services•社区投资•志愿者服务Media and NGOs媒体及非政府组织• Corporate development•企业发展• Product responsibility•产品责任• Corporate governance•企业管治• Social charity•社会公益• Social media•社交媒体• Official website•官方网站• Press conference and exchangemeetings•新闻发布会、交流会
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司982020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告关键议题识别本公司以联交所2019年发布的《检讨<环境、社会及管治报告指引>及相关<上市规则>条文的咨询总结》中的12个披露层面为基础，通过问卷调查方式了解各项ESG议题对各利益相关方的重要程度。根据问卷评估结果，我们识别出雇佣、劳工准则及产品责任为利益相关方最关注的议题。ESG议题对利益相关方的相对重要程度列示于下图。HighHighLowLowRelative importance to external stakeholdersRelative importance to internal stakeholdersClimate changeEmissionsUse ofresourcesThe environment andnatural resourcesSupply chainmanagementCommunityinvestmentHealthand safetyDevelopmentand trainingLabor standardsAnti-corruptionEmploymentProductresponsibilityAnalysis matrix of concerns of major stakeholders on different aspects of the ESG Reporting Guide主要利益相关方对《环境、社会及管治报告指引》各层面议题关注度分析矩阵图Identification of Key IssuesBased on the 12 disclosure aspects as stipulated in theConsultationConclusions on the Review of the Environmental, Social and GovernanceReporting Guide and Related Listing Rulesissued by the Stock Exchangein 2019, the Company has learned about the importance of variousESG issues to stakeholders through the questionnaire. According tothe results of the questionnaire, we have identified employment, laborstandards and product responsibility as the most concerned issues ofstakeholders. The importance of ESG issues to stakeholders is set out inthe diagram below.
二零二零年年报ANNUAL REPORT 2020992020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告III. ENVIRONMENT MANAGEMENTIn active response to the national call for acceleration in ecologicalcivilization, the Company adheres to the development concept ofstriving for innovation, coordination, green operation, opening-up andmaking contributions. In strict compliance to relevant environmentalprotection laws and regulations, such as theEnvironmental ProtectionLaw of the People’s Republic of China(《中华人民共和国环境保护法》),theAtmospheric Pollution Prevention and Control Law of the People’sRepublic of China(《中华人民共和国大气污染防治法》), theSolidWaste Pollution Prevention and Control Law of the People’s Republic ofChina(《中华人民共和国固体废物污染环境防治法》, and theEnergySaving Law of the People’s Republic of China(《中华人民共和国节约能源法》), and local administrative rules such as theBeijing HouseholdWaste Administrative Rules(《北京市生活垃圾管理条例》), the Companyenhances its emission management, adheres to the concept of energysaving and emission reduction, and duly fulfills its environmentalresponsibility.Emission ManagementDue to the characteristics of our operation, emissions generated fromthe business operation of the Company mainly include greenhousegas emission from the use of electric devices, vehicles and otherequipments, as well as wastes such as daily office garbage.We adopt various measures to conduct carbon emission management,formulate policies on energy saving, emission reduction and low carbonenvironmental protection, promote low-carbon travel for our employees.When delivering and transporting our products, we advocate the lowcarbon concept. By adopting the advanced notification mode for stockcollection, we will arrange trucks for goods pick-up and delivery in areasonable manner, and increase the truck loading rate so as to avoidempty truck and large truck transported with a few goods, effectivelyreducing carbon emission from goods transportation. We have alsoadopted numerous energy saving measures, and enhanced electricityconsumption management in offices and stores, thus effectivelyreducing greenhouse gas emission.三、环境管理本公司积极回应国家加快构建生态文明体系的号召，坚持追求创新、协调、绿色、开放、贡献的发展理念，严格遵守《中华人民共和国环境保护法》《中华人民共和国大气污染防治法》《中华人民共和国固体废物污染环境防治法》《中华人民共和国节约能源法》等环境保护相关法律法规及《北京市生活垃圾管理条例》等地方管理条例，加强排放物管理，贯彻节能减排理念，恪守环境责任。排放物管理基于业务特点，本公司在业务运营过程中产生的排放物主要包括因使用用电设备、车辆等而产生的温室气体排放，以及日常办公垃圾等废弃物。我们采用多种措施开展碳排放管理，制定节能减排、低碳环保等方针，倡导员工低碳出行。在产品出库和运输时，我们倡导低碳理念，通过使用仓库提货预报的模式合理安排车辆提送货，提高车辆装载率，避免空驶、大车装少货的情况发生，有效降低货物运输碳排放。我们亦持续采取多种节能措施，加强办公区及门店的用电管理，有效减少温室气体的产生。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1002020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告We strictly in compliance with the waste classification requirementsin different cities, and classify non-hazardous wastes based on theirrecycling value. We promote waste recycling, enhance employees’awareness on waste classification, and encourage employees toparticipate in waste classification. To reduce office wastes, the Companyenhances the management on office consumables, and implementsthe office consumable registration system based on the position andpractical operation needs of employees, which restricts the numberof office consumables to be collected by employees, thus strictlycontrolling the distribution of office consumables and eliminating wasteat source. We implement the“Green Printing”plan, promote paperlessoffice, and encourage employees to avoid unnecessary printing, therebyreducing hazardous wastes such as waste toners, toner cartridges andink cartridges. In respect of warehouse management and order picking,we implement paperless order picking through warehouse managementsystem (WMS) and personal digital assistant (PDA), thus effectivelyreducing the use of paper in traditional paper-recorded order picking.Resources Utilization ManagementThe Company enhances its resources utilization, promotes greenlifestyle, advocates the green office concept, actively facilitates resourcessaving, increases resources utilization rate, and implements greenoperation.我们严格遵守各地垃圾分类要求，将无害废弃物根据其是否具有回收价值进行分类，促进废弃物循环利用，提升员工废弃物分类意识，带动员工投身到垃圾分类行动中。为降低办公垃圾的产生，公司加强对办公消耗品的管理，根据工作岗位及业务实际需求实行办公消耗品领用登记制度，限定领用数量以严格管控办公用品发放，从源头上杜绝浪费。我们实施「绿色打印耗材」计划，提倡无纸化办公，鼓励员工避免不必要的打印需求，减少废弃碳粉、硒鼓、墨盒等有害废弃物的产生。在仓库管理及拣货方面，我们通过使用仓库管理系统(WMS)及掌上电脑(PDA)的拣货方式进行无纸化拣货作业，有效降低了传统纸质记录拣货方式的纸张消耗。资源使用管理本公司加强对资源的利用，宣导绿色生活方式，提倡绿色办公理念，积极推动资源节约工作，提高资源使用效率，切实践行绿色运营。
二零二零年年报ANNUAL REPORT 20201012020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告Electricity Consumption ManagementThe Company constantly adheres to the concept of“electricityconservation”in its business strategies and daily operation, and adoptsthe following measures to enhance the energy efficiency of theCompany:• Office temperature will be set at 26℃in summer and 20℃in winterso as to reduce electricity consumption and avoid waste of energy;• Employees are encouraged to turn off unnecessary lightings,heaters, personal computers, monitors and other devices duringlunch hour, out for work and off duty. Employees are reminded toturn off lightings while leaving office;• The Company will enhance electricity consumption management instores. Except for normal opening hours, only emergence lightingwill be turned on in other time slot;• The Company will strengthen lighting management in warehouses,and increase natural light utilization rate. In cloudy days or whenthe sky is getting dark, we encourage warehouses to turn on lightsin a crossing pattern so as to reduce electricity consumption onlightings.用电管理本公司在业务策略及日常运营中持续贯彻「节约用电」的理念，采取以下措施以提高公司的能效：•夏季将办公室空调温度设定为26摄氏度，冬季设定为20摄氏度，节约用电，杜绝浪费；•鼓励员工于午餐时段、外出时及下班后关掉不必要的电灯、电暖、个人电脑及显示幕等设备，提醒员工做到人走灯灭；•加强门店用电管理，除正常营业时间外，其他时间段均只保留消防应急照明；•加强库区照明管理，提高自然光线利用率，在阴天或天色变暗时鼓励交错开灯，降低照明用电需求。Our warehouse in Nanjing adopted rooftop natural daylight design during expansion南京仓库扩容时采用的屋面自然光采光带设计
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1022020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告Water ManagementTo improve water efficiency, we have adopted the following measuresto reduce water consumption:• In order to enhance the awareness of staff on water conservation,we post“Water-saving”slogans in office area;• Water-saving taps are installed so as to control water velocity;• We have increased the inspection and daily maintenance of watertaps, pipelines, water tanks and other facilities so as to preventwater drip, water leakage, water spray and other waste of water.Packaging Materials ManagementThe packaging materials of our products primarily include color coatedpaper box, color coated paper card, aluminum foil bag, multi-layerpolyolefin shrink film (POF shrink film), polyethylene film and corrugatedbox for logistics etc. In 2020, we replaced the PVC (polyvinyl chloride)plastic counterweight in our product package with biodegradable purediatomaceous granule and spunlace non-woven fabric counterweightpack. We have also stopped using normal aluminum foil bag, andselected to use biodegradable aluminum foil bag, which is moreenvironmental-friendly. At the same time, we reduce the usage ofpacking materials as much as possible, and control the volume andweight of packaging materials at the lowest level, aiming to minimizethe impacts of packaging materials on environment during ouroperation.Environment Key Performance IndicatorsThe 2020 environment key performance indicators (“KPIs”) of theCompany are set out below. Unless otherwise stated, the scope ofenvironment statistics covers major offices and operating stores ofPop Mart in China, whereas the rest will be included as and whenappropriate in the future.用水管理为提高用水效益，我们已采取以下措施减少水资源消耗：•在公司内张贴「节约用水」的标识，加强员工的水资源节约意识；•使用节水龙头，控制水龙头的水流速度；•加强巡查及对水龙头、水管、蓄水池等设施的日常维护管理，严防滴、漏、冒等水资源浪费的情况发生。包装材料管理本公司产品的包装材料主要包括铜版纸彩盒、铜版纸彩卡、铝塑袋、多层共挤聚烯烃热收缩膜（POF热收缩膜）、聚乙烯透明袋、物流瓦楞纸箱等。2020年，我们将产品包装内的PVC（聚氯乙烯）塑料配重币更换为由可降解硅藻纯颗粒和水刺无纺布制成的配重包，并弃用普通铝塑袋，选用环保性较好的可生物降解铝塑袋，同时尽可能减少包装材料使用量，将包装的体积和重量控制在最低限，力求在运营过程中尽量减少包装材料对环境的影响。环境关键绩效指标本公司2020年环境类关键绩效指标列示如下。除另有说明外，环境类数据统计范围涵盖泡泡玛特在中国境内主要办公区及运营门店，其余运营场所未来将适时加入统计范围。
二零二零年年报ANNUAL REPORT 20201032020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告Emission(1)排放物(1)IndicatorData for 2020指标2020年数据Total greenhouse gas (“GHG”) emission (Scope 1 and 2)(2)(tons)温室气体排放总量（范围1及2）(2)（吨）1,914.29Direct GHG emission (Scope 1) (tons)直接温室气体排放（范围1）（吨）Petrol汽油4.62Indirect GHG emission (Scope 2) (tons)间接温室气体排放（范围2）（吨）Purchased electricity外购电力1,909.67GHG emission per capita (Scope 1 and 2) (tons/person)人均温室气体排放量（范围1及2）（吨╱人）0.83GHG emission per square meter (Scope 1 and 2) (tons/square meter)每平方米建筑面积的温室气体排放量（范围1及2）（吨╱平方米）0.05Total hazardous wastes (tons)(3)有害废弃物总量（吨）(3)149.62Hazardous wastes per capita (tons/person)人均有害废弃物重量（吨╱人）0.06Hazardous wastes per square meter (tons/square meter)每平方米建筑面积的有害废弃物重量（吨╱平方米）0.004Total non-hazardous wastes (tons)(4)无害废弃物排放总量（吨）(4)31.01Non-hazardous wastes per capita (tons/person)人均无害废弃物（吨╱人）0.01Non-hazardous wastes per square meter (tons/square meter)每平方米建筑面积的无害废弃物重量（吨╱平方米）0.001Notes:(1) Due to the nature of the operation of the Company, its major type of gasemissions is GHG emission from electricity and fuels derived from fossil fuels.(2) The GHG list includes carbon dioxide, methane and nitrous oxide. Theymainly come from purchased electricity and fuels. GHG emissions data ispresented in carbon dioxide equivalent (CO2e) and is based on theBaselineEmission Factors for Regional Power Grids in China Under the 2019 EmissionReduction Projectissued by the Ministry of Ecology and Environment ofthe People’s Republic of China, and the2006 IPCC Guidelines for NationalGreenhouse Gas Inventories (2019 Revision)issued by the IntergovernmentalPanel on Climate Change (IPCC).注：(1)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。(2)温室气体清单包括二氧化碳、甲烷和氧化亚氮，主要源自外购电力及燃料。温室气体核算乃按二氧化碳当量呈列，并根据中华人民共和国生态环境部刊发的《2019年度减排项目中国区域电网基准线排放因子》及政府间气候变化专门委员会(IPCC)刊发的《IPCC2006年国家温室气体清单指南2019修订版》进行核算。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1042020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告注：(1)能源消耗量数据是根据中华人民共和国国家标准《综合能耗计算通则(GB/T2589-2008)》中提供的有关换算因子进行计算，包含外购电力和公车耗油。(3) Hazardous wastes generated from the Company’s operation mainly includewaste toners, waste toner cartridges and waste ink cartridges for officeprinting devices, and the replacement or disposal of which will be handledby printing service suppliers or qualified professional companies.(4) Non-hazardous wastes generated from the Company’s operation mainlyinclude waste paper, which will be handled collectively within the premises.Energy and Resources Consumption能源及资源消耗IndicatorData for 2020指标2020年数据Total energy consumption (MWh)(1)能源消耗总量（兆瓦时）(1)2,990.12Direct energy consumption (MWh)直接能源消耗（兆瓦时）Petrol汽油18.96Indirect energy consumption (MWh)间接能源消耗（兆瓦时）Purchased electricity外购电力2,971.16Energy consumption per capita (MWh/person)人均能源消耗量（兆瓦时╱人）1.29Energy consumption per square meter (MWh/square meter)每平方米建筑面积的能源消耗量（兆瓦时╱平方米）0.08Office water consumption (tons)(2)办公用水消耗量（吨）(2)282Office water consumption per capita (tons/person)人均办公用水消耗量（吨╱人）0.50Office water consumption per square meter (tons/square meter)每平方米建筑面积的办公用水消耗量（吨╱平方米）0.03Total packaging materials for finished products (tons)(3)制成品所用包装物总量（吨）(3)3,546.63Packaging materials consumed for finished products per million revenue (tons/million yuan)(4)每百万元收入耗用制成品包装物量（吨╱百万元）(4)1.41Notes:(1) Energy consumption is calculated on the basis of the conversion factorset out in theGeneral Principles of Consolidated Energy ConsumptionCalculation (GB/T2589-2008), the national standard of the People’s Republicof China, including purchased electricity and petrol consumption forvehicles.(3)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。(4)本公司运营涉及的无害废弃物主要为废弃纸张，由物业统一处理。
二零二零年年报ANNUAL REPORT 20201052020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告(2) Except for the Company’s Beijing office area, the office water usage in otheroffice area and operating stores is managed by their respective premises.Water charges are included in property fees, and water usage cannot bemeasured separately. Hence, during the Reporting Period, only data fromBeijing office area is collected for office water consumption and office waterconsumption intensity. Our office water is sourced from municipal pipelinenetwork, thus there is no obstacles in securing water supply.(3) Packaging materials mainly include plastic packaging bag, paper box, paperbag and counterweight pack.(4) Packaging materials consumed for finished products per million revenuerefers to the weight of packaging materials consumed for finished productsper million revenue of the Group.Environment and Natural ResourcesThe Company treats environmental protection and natural resourcesas one of its vital responsibilities for corporate development. Whileexpanding our business scale continuously, the Company will continueto advocate the conservation culture and promote the concept ofenvironmental protection, aiming to create green, environmental-friendly corporate culture. Due to the business nature of the Company,the Company has a limited impact on environment and naturalresources. In 2020, the Company has not discovered any significantpollution and impact on the environment in its operation.Response to Climate ChangeClimate change has posted huge challenges to global society nowadays.The Company deeply realizes the urgency of resolving climate changeissues. In actively response to the call from global society, the Companyadheres to the low carbon, green development concept, considersrisks in relation to climate change while conducting risk evaluation andmanagement, continuously investigates and identifies possible impactsof its operation on climate change, timely formulates countermeasures,proactively resolving climate change issues.In case of bad weather such as strong wind, storm and snowstorm, wewill issue weather alert to employees based on the weather forecast ofweather bureau, recommend employees to work at home, and remindemployees to stay away from billboards, sewers and other dangerouszones so as to minimize the impacts of bad weather on the operationsof the Company and employees. In view of the impacts of extremeweather on warehouses and logistics, we continue to improve thehardware environment for our warehouses. At present, the Companyhas established an integrated logistic transportation system that coversnormal transportation and emergency transportation. In case of snowfog, flood and other disasters, we can timely communicate with logisticservice providers to adjust working plans, and can use emergencytransportation, such as air freight or rail transport when necessary.(2)除公司在北京办公区所外，其余办公区及运营门店办公用水为办公区物业控制，水费包含在物业费中，用水量尚不能单独计量，故本报告期内，办公用水消耗量及办公用水消耗强度仅统计了北京办公区的数据。我们的办公用水来自市政自来水管网供水，在求取适用水源上不存在问题。(3)包装物主要包括塑料包装袋、纸箱、纸盒、手提纸袋及配重包。(4)每百万元收入耗用制成品包装物量是指集团每百万元收入耗用的制成品包装物重量。环境及天然资源本公司将保护环境和自然资源作为企业发展的重要责任之一。在公司业务规模不断扩大的过程中，我们将持续倡导节约文化，推广环保理念，打造绿色环保的企业氛围。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。2020年，本公司在经营中未发现对环境造成重大污染和影响的事项。应对气候变化气候变化已经成为当今国际社会共同面临的重大挑战，本公司深刻认识到气候变化问题的紧迫性，积极响应国际社会的号召，践行低碳绿色发展理念，在风险评估和管理中将气候变化风险纳入考虑范围，不断研究识别气候变化对公司业务经营可能产生的影响，并及时制定应对方案，积极应对气候变化。若遭遇大风、暴雨、暴雪等恶劣天气，我们将根据气象局的预报向员工发出天气预警，倡导员工在家办公，提醒员工远离广告牌、下水道等危险区域，降低恶劣天气对公司经营和员工造成的影响。我们亦考虑到极端天气对仓库及物流的影响，持续改善仓库硬件环境。目前，本公司已形成覆盖常规物流运输及紧急物流运输的一体化物流运输体系，在雪雾、洪涝灾害等情况发生时，可及时与物流服务商沟通并调整工作方案，并在必要时采用空运或铁路运输等紧急物流运输方式。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1062020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告IV. EMPLOYMENT AND LABOR STANDARDSHuman resources are vital for corporate development. Adhering to ourmanagement philosophy of“employees are our partners”, the Companyhas established comprehensive human resources management system.We aim to protect the legitimate rights of employees, focus on thepersonal development of employees, secure the occupational health andsafety of employees, provide a healthy, safe and comfortable workingenvironment for employees, and develop and grow with employees.Employment ManagementIn strict compliance with laws and regulations such as theLabor Law ofthe People’s Republic of China, theLabor Contract Law of the People’sRepublic of China, theProvisions on Prohibition of Child Labour of thePeople’s Republic of Chinaand theLaw on the Protection of Minorsof the People’s Republic of China, the Company has formulated aseries of human resources management systems to regulate theestablishment and dismissal of labor relationship, remuneration andbenefit, development and promotion, working hours, holidays and relatedmatters, including theHuman Resources Management System, theAttendance Management System, theProbation Management System,theBusiness Trip Management Systemand theExpatriate ManagementSystem. We regulate our labor relationship in accordance with laws, signlabor contracts with employees in accordance with requirements underrelevant laws and regulations, and strengthen employment managementthrough our human resources management system. While recruitingnew employees, we will carefully verify the identity of the employees toensure they are of legal ages, strictly prohibiting child labor and forcedlabor. Adhering to the open, fair and anti-discrimination principle, weattach great importance to fair opportunities and diversity. We have alsoestablished relevant system for dismissal, including the procedures forresignation and dismissal and compensation rules, with details of whichset out in the labor contract.As at 31 December 2020, the Company had 2,320 employees in Chinaand overseas.四、雇佣及劳工准则人才是企业发展的关键基石。本公司始终秉承「员工是我们的伙伴」的管理理念，建立健全人才管理体系，切实维护员工合法权益，重视员工个人发展，保障员工的职业健康与安全，为员工提供健康、安全、舒适的工作环境，与员工共同成长。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》《中华人民共和国禁止使用童工规定》《中华人民共和国未成年人保护法》等法律法规，制定了《人力资源管理制度》《考勤管理制度》《试用期管理制度》《出差管理制度》《员工外派管理制度》等一系列人事管理制度，以规范劳动关系的建立与解除、薪酬福利、发展与晋升、工作时间与假期等相关事宜。我们依法规范劳动关系，按照相关法律法规的要求与员工签订劳动合同，并通过人力资源管理系统加强雇佣管理。在录用新员工时，我们会严格核实员工的身份信息，确保其年龄符合法律规定，严禁雇佣童工和强制劳工，坚持公开、平等和反歧视的原则，重视平等机会和多元化。我们亦建立解聘相关制度，包括辞职、辞退等相关工作流程及赔偿规定，并将相关说明列于劳动合同中。截至2020年12月31日，本公司在中国及海外地区共有在职雇员2,320人。
二零二零年年报ANNUAL REPORT 20201072020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告Employees CaringThe Company always strives to improve its welfare system so asto increase the happiness and satisfaction of employees. In strictcompliance with laws and regulations such as theSocial InsuranceLaw of the People’s Republic of Chinaand theRegulation on theAdministration of Housing Provident Fund, we have establishedcompetitive welfare system and remuneration system. We makecontribution to the five insurances and housing provident fund (五险一金) for our employees, and also provide employees with incentivessuch as catering and transportation allowance, performance bonus andyear-end bonus.We encourage employees to work efficiently during normal workinghours, and relax and enjoy themselves during holidays so as to maintainwork-life balance. We offer employees the rights on overtime work andrest day re-assignment. Overtime payment will be made if employees areunable to re-assign rest day due to work reasons. At the same time, inaddition to statutory national holidays, we offer employees extra annualleave based on their tenure of service. Female employees are entitled topaid maternity leave.In respect of staff welfare, the Company provides various welfares foremployees, including extra medical insurance, new product specialoffer, holiday gift, wedding gift, birth gift, funeral allowance andhospitalization allowance. We also create excellent work environment foremployees and set up sleeping area in the office. We arrange birthdayparties for employees, provide team building fees for departments, andencourage employees to participate in various recreational activities,such as outdoor cycling, badminton activities and basketball activitiesetc. in order to enhance staff cohesion.关爱员工本公司始终致力于完善福利体系，提升员工的幸福感和满意度。我们严格遵守《中华人民共和国社会保险法》《住房公积金管理条例》等法律法规，建立了具有竞争力的福利保障体系和薪酬体系。我们为员工缴纳五险一金，并提供餐饮及交通补贴、绩效分配、年终奖金等薪酬奖励。我们鼓励员工在正常工作时间内高效工作，充分利用假期进行休息和娱乐，保障工作与生活的平衡，给予员工加班调休的权利，并对因工作原因无法调休的加班工时结算加班工资。同时，在国家法定节假日的基础上，我们为员工提供基于司龄计算的年资假，并为女性员工提供带薪产检假。在员工福利方面，本公司为员工提供补充医疗保险、新品优享、年节礼物、结婚礼金、生育礼金、丧葬金及住院慰问金等多种福利。我们亦为员工提供良好的工作环境，在办公区设置睡眠舱，为员工举办生日会，提供部门团建费，鼓励员工参与丰富多彩的文体活动，包括户外骑行活动、羽毛球社区活动、篮球社区活动等，增强员工凝聚力。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1082020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告We attach great importance to equal communication with ouremployees. In order to increase staff satisfaction and understand theneeds of employees, the Company has established a staff satisfactionresearch system that covers staff daily work, management environment,staff relationship, development prospects and returns. We actively listento opinions and recommendations from our employees, encourageemployees to express their demands in a rational way, and timelyrespond to the opinions, recommendations and demands of employees.我们高度重视与员工的平等沟通，为提升员工满意度，充分了解员工诉求，本公司建立了覆盖员工日常工作、管理环境、员工关系、发展前景及工作回报等方面的员工满意度调研机制，积极聆听员工意见和建议，鼓励员工理性表达诉求，并及时对员工的意见、建议与诉求进行反馈。Group photo of staff for Pop Mart’s 10th anniversary泡泡玛特十周年员工合影Staff Participants at Shanghai Toy Show 20202020年上海国际潮流玩具展员工合影
二零二零年年报ANNUAL REPORT 20201092020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告健康安全本公司致力于为员工提供健康安全的工作环境，严格遵守《中华人民共和国消防法》《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，在工作场所为员工提供必要的健康与安全指引，切实保障员工的职业健康安全。过去三年（包括2020年），本公司未发生任何员工伤亡事件。本公司每年为员工安排体检，普及健康知识，使其可以及早发现职业病、职业禁忌症等异常，提高员工健康意识。为防止安全事故发生，我们每年组织员工进行安全知识培训，并开展消防演习疏散实操，有效提升员工的安全意识及消防安全应急能力。新冠肺炎疫情发生以来，本公司高度重视并全面部署疫情防控工作，切实保障员工健康与安全。我们制定了《泡泡玛特新型冠状病毒疫情应急预案》，为全体员工提供防疫物资，制作「泡泡防疫给你最贴心的陪伴」「过度恐慌不等于重视健康」等宣传海报，开展员工心理疏导工作。复工后，我们组织员工进行核酸检测，积极配合所在社区及街道的要求，严格管控疫情期间外来人员的登记检查工作。我们向员工发放《2020年泡泡玛特复工防护手册》，并加强线下销售渠道的卫生防疫工作，如每日对线下门店定时消毒、提高消毒频次等，全面保护员工的健康与安全。Health and SafetyThe Company strives to provide a healthy, safe working environment foremployees. In strict compliance with laws and regulations such as theFire Control Law of the People’s Republic of China, thePrevention andControl of Occupational Diseases Law of the People’s Republic of China,theRegulation on the Administration of Sanitation in Public Places,theRegulation on Work-Related Injury Insuranceand theMeasuresfor the Supervision and Administration of Employers’OccupationalHealth Surveillance, the Company provides necessary health andsafety guidelines for employees at working places so as to secure theoccupational health and safety of employees. In the past three years(including 2020), the Company did not experience any work-relatedfatalities.The Company arranges annual body check for its employees, andpromotes healthcare education so as to help employees to identifypotential occupational diseases, occupational contraindications andother abnormal symptoms as soon as possible, and enhance employees’healthcare awareness. In order to prevent safety accidents, we arrangesafety knowledge training for employees, and conduct fire drill andevacuation, thus effectively enhancing employees’safety awareness andfire emergency response capabilities.Since the outbreak of the COVID-19 pandemic, the Company highlyfocused on and fully deployed pandemic prevention works, thuseffectively protecting the health and safety of employees. We haveformulated thePop Mart Emergency Plan in Combating COVID-19Pandemic, and provided pandemic prevention materials for all staff.We produced different propaganda posters such as“Pop Mart is theMost Caring Companion in Pandemic Prevention”and“Concern AboutHealthcare Does Not Necessary Need to be Over Panic”, and conductedpsychological consultation for employees. After resumption of works, wearranged staff to undergo nucleic acid testing. In addition, we activelycomplied with the pandemic control requirements in communities andstreets where we operated, and implemented strict visitor registrationand inspection during the pandemic. We distributed the2020 Pop MartHygiene Handbook for Work Resumptionto our employees. Moreover,we enhanced the hygiene and pandemic prevention works in physicalsales channels so as to fully protect the health and safety of our staff.For example, we conducted regular sterilization everyday in our physicalstores, as well as increased the frequency of sterilization.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1102020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告Development and TrainingWe always focus on the occupational development and personalvalue appreciation of our employees. We strive to establish a sound,comprehensive talent development mechanism in order to offermulti-platform development plan for the career path planning of ourstaff. The Company conducts staff promotion for functional lines andoperational lines through performance appraisal, 360 evaluation andpromotion interview. In respect of operational lines, we launch differenttraining programs such as the“Operational Management TraineeProgram”and the“Store Manager Training Camp”, aiming to enhancethe comprehensive capability and management level of frontline juniorstaff, cultivate frontline to become regional head and manager, and offerdiversified development opportunities and platforms for staff.In order to achieve simultaneous development between employeesand the Company, the Company has established training projectsand training programs the cover all staff at different levels, includingnew staff training, general training for current staff, training programfor high potential staff, leadership enhancement training camp fordepartment heads and managers, training for directors and supervisors,certificate program for internal trainers and overseas learning programfor employees, etc. In addition, we have commenced the constructionof online and offline integrated training platform, focusing on the needsof different positions and demands of staff, so that employees canvoluntarily select learning courses based on their respective position, inorder to promote the growth and development of employees.In 2020, 2,617 staff participated in trainings of the Company, with totaltraining hours of approximately 25,400 hours.发展培训我们始终重视员工的职业发展及个人价值的提升，致力于健全完善的人才发展机制，为员工职业生涯规划提供多平台发展计划。本公司通过绩效考核、360测评以及晋升述职答辩的形式组织职能线及运营线的晋升工作，并在运营线开展「运营管培生培养计划」「店长训练营」等培训，提高一线基层人员的综合能力与管理水平，以培养一线员工成为区域主管和经理，为员工提供多元化的发展机会和平台。为实现员工与企业共同发展，本公司设置了覆盖各层级员工的培训项目及培训内容，包括新员工培训、在职员工通用培训、高潜人员培养项目、主管经理级领导力提升训练营、总监层培训、内训师培养认证项目、员工赴外学习认证等。此外，我们还开展线上线下一体化培训平台建设，针对不同岗位的需要和员工诉求，让员工可以根据岗位需要自主选择学习内容，助力员工成长与发展。2020年，本公司共有2,617人参与培训，培训总时长累计约25,400小时。
二零二零年年报ANNUAL REPORT 20201112020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告Case: Introduction training for new staffThe“New Staff Training (新人训)”and“New Staff UP Plan (新人UP计划)”are the training programs of the Company specialized for new staff. TheCompany conducts centralized training for new staff every month. The seniorstaff of the Company conduct one-on-one training with new staff, promptlygive feedback on performance of new staff, and help new staff to pass theprobation period. During the training, we introduce the corporate culturecore operation of different departments and product portfolio to our staff inorder to help new staff to integrate into the culture of the Company.Case: Pop Mart“Mentor Project”In May 2020, the Company introduced the“Mentor Project”andrecruited staff with high potential from the whole Company. Wang Ning,the chairman, together with management personnel from differentdepartments acted as the mentors to provide training courses for staffwith high potential from different departments. The training coursescovered exploration of business vision, transfer of values, professionalexperience sharing, team integration and other themes so as to allowmanagement to practically involve in staff development and training.案例：新员工入职培训「新人训」和「新人UP计划」是公司针对新入职员工开展的培训项目，本公司每月对新入职员工集中培训，由公司「学长」对其进行一对一带教，对新员工表现及时做出反馈，以协助新员工通过转正考核。我们在培训过程中将公司文化、各部门核心业务、产品介绍等内容展现给员工，帮助新员工快速融入公司。案例：泡泡玛特「馒头计划」2020年5月，本公司推出导师「馒头计划」，从全公司招募高潜员工，由董事长王宁联合各部门的管理层亲自作为导师，向各部门的高潜员工提供授课培训，培训课程涵盖商业视角开拓、价值观传递、专业分享、团队融合等内容，使管理层切实地参与到员工的发展与培训中。2020 Pop Mart Training for Directors and Supervisors2020年泡泡玛特总监层培训
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1122020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告V. SUPPLY CHAIN MANAGEMENTThe Company strives to implement responsible supply chain. It hasformulated theSupplier Management System, theDocumentation onStandardized Operation for Procurement Department, theStandardizedOperation for Logistics Department, theTreasury ManagementSystem, theStock Taking Operation Proceduresand other documents,which strictly regulate the procurement procedures, supplier access,evaluation and dismissal, as well as daily management of the Company.We continue to improve our supplier management system, focuson environmental and social risk management of suppliers, activelycommunicate and exchange with suppliers, and gradually enhance theESG risk management of suppliers.五、供应链管理本公司致力于实践责任供应链，制定了《供应商管理制度》《采购部标准作业程序文件》《物流部标准作业程序》《库房管理制度》《仓库盘点操作流程》等制度文件，对公司采购程序、供应商准入、评估和退出及日常管理进行严格规范。我们不断完善供应商管理体系，关注供应商环境及社会风险管理，积极与供应商进行沟通并开展交流合作，逐步深化对供应商的ESG风险管理。“Mentor Project”of Pop Mart泡泡玛特「馒头计划」
二零二零年年报ANNUAL REPORT 20201132020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告Supplier AccessThe Company has formulated internal selection standards and accesspolicies for supplier selection. It has formed a well-experienced suppliermanagement team, as well as a supplier inspection team that comprisedof relevant responsible personnel from procurement department,engineering department and quality assurance department. The suppliermanagement team and inspection team will conduct regular investigationto explore new supplier, as well as site visit on its operating venues,productivity, technology capability, development capability and hardwareenvironment. They will also rank and evaluate the general performance ofsuppliers based on theCooperation Application Form for Suppliers.While selecting suppliers, we fully take into consideration of the capabilityof supplier in performing its environmental and social responsibilities.The Company requires suppliers to comply with laws and regulations,such as theAtmospheric Pollution Prevention and Control Law of thePeople’s Republic of Chinaand theSolid Waste Pollution Prevention andControl Law of the People’s Republic of China, in their production andoperation. The Company also requires suppliers to obtain thePollutantEmission Permitor theEnvironmental Impact Assessment Certificateissued by the local government to ensure their pollutant purification andtreatment facilities met the standards. In addition, we encourage suppliersto pass the certification and audit from third party institutions, such as theInternational Council of Toy Industries (ICTI) Code of Business Practices,the Disney International Labor Standards (Disney ILS), the Sedex MemberEthical Trade Audit (SMETA) and the Business Social Compliance Initiative(BSCI). We will not take into consideration of any suppliers that haveinsufficient environmental and social risk management.Evaluation and Dismissal of SuppliersThe Company continues to improve the performance evaluation systemfor supplier management. It has formed a qualified supplier list, andconducted appraisal and evaluation on suppliers on a monthly andyearly basis.• Monthly evaluation: Supplier site inspection team of the Companyis responsible for the site appraisal and evaluation on the generalperformance of suppliers on a monthly basis. If the appraisal scorefalls below the standards of the Company or declines continuously,we will help suppliers to discover the reasons for the drop inquality and production capabilities, provide recommendation forimprovement, and offer a rectification period for suppliers.供应商准入本公司根据已制定的内部甄选标准和准入政策进行供应商的选取，并已形成具备丰富行业经验的供应商管理团队，以及由采购部、工程部、品质部的相关负责人组成的供应商验厂团队。供应商管理团队及验厂团队定期考察新寻源的供应商，对其运营场所、生产能力、技术能力、开发能力及硬件环境等情况进行多方面实地考察，并根据《供应商合作申请表》对供应商的综合表现进行打分与评级。我们在选取供应商时，充分考察了供应商的环境责任与社会责任履行能力。本公司要求供应商的生产经营符合《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》等法律法规，具备当地政府颁发的《排放污染物许可证》或《环境影响评价证书》，确保其污染物净化处理设备符合标准，并鼓励供应商通过第三方机构的认证与审核，如国际玩具业协会(ICTI)商业行为守则认证、迪士尼社会责任验厂(Disney ILS)、Sedex会员道德贸易审核(SMETA)、商界社会责任倡议(BSCI)审核等。对于环境及社会风险管理不足的供应商，我们将不纳入考虑范围。供应商的评估与退出本公司不断完善供应商管理绩效考核指标体系，建立合格供应商清单，并按照月度与年度的频率对供应商开展考核与评估工作。•月度评估：本公司供应商验厂团队负责每月对供应商的综合表现进行走访考核与评估，对于考核分值低于本公司指标或持续下降的情况，我们会帮助供应商发现导致品质下降、产能下降等问题的原因，提出改善建议并给予供应商限期整改的机会。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1142020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告• Annual evaluation: By using ourSupplier Evaluation Form, weconduct annual appraisal and scoring evaluation on the productionquality, attendance, product delivery and other aspects of oursuppliers. The results of the appraisal will be classified into GradeS, Grade A+, Grade B, Grade C and Grade D. For suppliers with lowranking in annual evaluation or rank in Grade D, the Company willterminate their partnership.1VI. RESPONSIBLE OPERATIONSThe Company endeavors to provide customers with quality productsand services. We strictly comply with laws and regulations such astheProduct Quality Law of the People’s Republic of Chinaand theConsumer Rights Protection Law of the People’s Republic of China. Weare committed to winning customer trust through product innovationand sound quality control, improving customer experience, protectingcustomer rights, strengthening intellectual property rights managementand brand protection, as well as fully realizing responsible operations.Product quality control and recallThe Company firmly believes that our commitment to product qualityand safety is one of the major factors for our success. We highlyvalue product quality and safety, and have formulated managementprocedures such as theGeneral Product Inspection Standards, theQuality Inspection Workflowand theProduct Special ProcurementProcess. In addition, we have established a comprehensive qualitycontrol system and a professional quality control team that is responsiblefor product quality control.1 Supplier evaluation standard: Grade S: Score above 90, Grade A+: Score above 80,Grade B: Score above 70, Grade C: Score above 60, Grade D: Score below 60.•年度评估：我们利用《供应商评估考核表》，每年定期对供应商的生产质量、返工次数、产品交期等情况进行多方面考核与打分评级，考核评估结果将通过S级、A+级、B级、C级及D级的形式展现。对年度评估中评分过低、评级为D级的供应商，公司将与其终止合作关系。1六、责任经营本公司竭力为客户提供优质的产品和服务。我们严格遵守《中华人民共和国产品质量法》《中华人民共和国消费者权益保护法》等法律法规，致力于通过产品创新和良好的品质管控赢得客户信任，提升客户体验，保障客户权益，加强知识产权管理与品牌保护，全面实现责任运营。产品质量管控及召回本公司坚信公司对产品质量及安全的承诺是我们取得成功的主要因素之一。我们高度重视产品质量与安全，制定《产品检验通用标准》《质检工作流程》《产品特采流程》等管理制度，建立了全面的质量控制体系，并由专业的质量控制团队负责产品质量管控。1供应商评级标准：S级：90分以上，A+级：80分以上，B级：70分以上，C级：60分以上，D级：60分以下。
二零二零年年报ANNUAL REPORT 20201152020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告The Company strictly abides by the national toy standards relatedto our operations, such as theGB/T 26701-2011 General TechnicalRequirements for Model Productsand theGB 6675-2014 Toys Safety,to strengthen general technical requirements for model products. Weemphasize product material safety, utilize packaging materials that meetnational safety standards, and adopt strict quality control measures,including post-production inspections and final quality control beforeshipments and sales. We engage a third-party testing agency to analyzewhether the products and packaging raw materials meet the relevantstandards, and issue an annual inspection report based on the analysisresults. In addition, the quality control team will periodically conducton-site random inspections of all manufacturers, requiring manufacturersto strictly abide by our quality control guidelines, so as to ensure thatproduct quality and safety meet the compliance requirements.In 2020, the Company did not recall any products due to product qualityproblems. We have drawn up a system and process for product recalls.Once a product with potential safety hazards or an unqualified productis identified, the Company will recall all unqualified products for rework,and scrap the products that cannot be reworked.Customer complaint and benefits protectionThe Company is customer-centric and has always been adheringto the concept of customer service, thus developing an in-depthunderstanding of customer needs. We formulated different systemsguidelines such as theStore Standard Operating Procedures, theCustomer Service Handling Procedures for Return and ExchangeandtheCustomer Complaints and Service Supervision Management Systemto standardize store operations, promote follow-ups, handling andfeedback of various issues, optimize customer service procedures, inorder to improve customer experience and effectively protect thelegitimate rights and interests of our customers.To protect the health and safety of the customers, warnings andreminders are printed on the packaging of our products, such as“Donot swallow”and“Keep away from children under three years old”.Customers can communicate with the Company and provide theiropinions and suggestions via different channels, including 400 hotlines,WeChat mini-program, Tmall online service and in-store customerservice.本公司严格遵守与业务有关的玩具国家标准，如《GB/T 26701-2011模型产品通用技术要求》《GB 6675-2014玩具安全》等，加强模型产品的通用技术要求。我们重视产品物料安全，使用符合国家安全标准的包装原材料，采取严格的质量控制措施，包括生产后的检测及出货销售前的最终质量控制等。我们委托第三方检测机构对产品及包装原材料是否符合相关标准进行分析，并根据分析结果出具年检报告。此外，质量控制团队会定期对所有制造商进行现场临时检查，要求制造商严格遵守我们的质量控制准则，确保产品质量安全满足合规要求。2020年，本公司未发生任何与产品质量相关的召回事件。我们已拟定关于产品召回的制度及流程，一旦发现存在安全隐患或不符合标准的产品，公司将对所有不合格产品进行返工处理，并对不能返工的产品统一报废。客户投诉及权益保障本公司始终秉承为客户服务的理念，以客户为中心，深入了解客户需求，制定了《店铺标准操作流程》《客服处理退换货流程规定》《客户投诉暨服务监督管理制度》等制度文件，规范门店运营，推进各类问题的跟进、处理与反馈，完善客户服务机制，使整体客户体验得到提升，切实保障客户合法权益。为保障客户健康与安全，我们的产品包装上均印有警告和提示文字，如「请勿吞食」及「远离三岁以下儿童」等文字。客户可以通过400官方热线、微信小程序、天猫线上、门店客户服务等多种渠道与公司交流沟通，反馈其意见或建议。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1162020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告We continue to improve the customer complaint handling system, andset up a customer service center to investigate and follow up customercomplaints about our products and service. Customer service staff willbe arranged based on the complaint types and deal with issues suchas product quality, product after-sales and employee service attitudes,and within a limited time scale, communicate our responses with thecomplainant in a timely manner. For products with defects or otherquality problems, we will make compensation to the customers orconduct product return or exchange depending on the severity of theproblem. Meanwhile, the Company’s quality inspection team will trackand supervise the complaints processing results, so that customerdemands can be resolved satisfactorily.We constantly strengthen the management of store employees, helpemployees learn about compliance requirements and sales knowledgein a systematic manner, and carry out targeted training in combinationwith typical cases in order to effectively improve the overall servicequality of store employees.Customer privacy and information securityThe Company is fully aware of the importance of customer privacy andinformation security. In strict compliance with laws and regulations suchas theNetwork Security Law of the People’s Republic of ChinaandtheNetwork Security Standard Practice Guide – Self-Assessment Guidelinesfor Collection and Use of Personal Information by Mobile InternetApplication, the Company has formulated theInformation SecurityManagement System,theInformation Disclosure Management System,theInformation Security Training Manualand other specifications, andestablished an information security management system to standardizeemployee operating procedures and fully protect customer privacy andinformation security.The Company has set up a dedicated information technologydepartment responsible for the management and supervision ofthe Company’s information security. We further maintain networksecurity, application security, data security and terminal security by theapplication of technologies such as encryption, installation of anti-virussoftware and firewalls. For positions that frequently access customerinformation, we adopt access control so that only authorized employeescan have access to confidential information. We also provide employeeswith training on confidentiality management of customer informationon a regular basis to further enhance their awareness of confidentiality.我们不断完善客户投诉处理体系，设有客服中心对产品及服务投诉进行调查与跟进，客服人员会根据投诉内容进行工作对接，对商品质量、商品售后、员工服务态度等问题进行处理，并在限定的时间内将处理结果及时与投诉者沟通反馈。针对有瑕疵或其他质量问题的产品，我们会根据严重性情况，给予客户补偿或进行退换货处理，同时，公司的质量检测团队会对处理结果进行追踪与监管，使客户诉求得到满意解决。我们持续加强对门店员工的管理，帮助门店员工系统学习合规操作及销售运营相关知识，结合典型案例对其开展针对性培训，有效提升门店员工的综合素质与整体的服务质量。客户隐私及信息安全本公司充分意识到客户隐私和信息安全对公司的重要性，严格遵守《中华人民共和国网路安全法》《网路安全标准实践指南－移动互联网应用程序收集使用个人信息自评估指南》等法律法规，制定《信息安全管理制度》《信息披露管理制度》《信息安全培训手册》等规范，搭建信息安全管理体系，规范员工操作流程，全面保障客户隐私及信息安全。本公司设有专门的信息科技部门负责管理和监督公司的信息安全。我们通过使用加密、安装防毒软件及防火墙等技术，进一步维护网路安全、应用程序安全、数据安全及终端安全。对于频繁接触客户信息的岗位，我们采取权限控制的方式，只有获得授权的员工方可在授权范围内接触保密资料。我们亦定期为员工提供客户信息保密管理相关培训，进一步提高员工的保密意识。
二零二零年年报ANNUAL REPORT 20201172020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告Intellectual property and brand protectionIn strict compliance with laws and regulations such as thePatent Lawof the People’s Republic of Chinaand theCopyright Law of the People’sRepublic of China, the Company constantly improves its intellectualproperty management system, attaches importance to brand protection,and maintains a high-quality intellectual property library. We strictlysupervise all series of products, fully implement intellectual propertyand novelty search, and respect the original copyrights of others. Withthe continuous efforts of the Company, we won the title of“BeijingCopyright Protection Model Enterprise”issued by Beijing CopyrightAdministration and the Capital Copyright Society in August 2020.知识产权及品牌保护本公司严格遵守《中华人民共和国专利法》《中华人民共和国著作权法》等法律法规，不断完善知识产权管理体系，重视品牌保护工作，维持优质的知识产权库。我们对所有系列的产品进行严格的监管，全面落实知识产权检索及查新工作，尊重他人的原创版权。在本公司的不断努力下，2020年8月，我们荣获北京市版权局及首都版权协会颁发的「北京市版权保护示范单位」称号。Pop Mart won the title of“Beijing Copyright Protection Model Enterprise”泡泡玛特荣获「北京市版权保护示范单位」称号
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1182020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告本公司通过建立涵盖知识产权运营全价值链的一体化平台，加强知识产权保护。我们制定了《知识产权及软件管理办法》，通过及时向主管机构注册知识产权、定期检索知识产权信息并开展相关分析等方式，避免公司直接或间接侵犯他人知识产权。当我们与艺术家及知识产权提供商合作并获得第三方给予的知识产权授权时，我们亦要求第三方提供知识产权相关的原创性证明，防止侵犯他人的知识产权。本公司积极保障和维护自身知识产权，严防第三方恶意注册或知识产权盗用发生。在恶意注册事件或知识产权盗用发生时，本公司会通过非诉的方式要求相关方及时停止损害公司权益并纠正不当行为，严重时采取行政举报或诉讼赔偿等措施积极应对任何侵权行为。在与供应商合作时，我们与供应商签署《保密协议书》及《年度合作框架协定》，明确产品的知识产权、设计文件及模具产权的归属，主动识别知识产权管理工作的风险点。为保护本公司的品牌声誉，提升品牌认知度，增强品牌辨识度，我们在社交媒体平台提示客户通过官方认证渠道购买产品，对市场造假、售假及非正式授权售卖行为坚守零容忍态度，持续加强品牌保护工作。广告宣传与商标管理本公司严格遵守《中华人民共和国广告法》《中华人民共和国商标法》等法律法规，加强对广告及宣传工作的规范，避免出现任何虚假宣传、误导消费者的广告宣传内容与产品说明。The Company strengthens the protection of intellectual property rightsby establishing an integrated platform covering the entire value chain ofintellectual property operation. We formulated theIntellectual Propertyand Software Management Measuresto prevent the Company fromdirectly or indirectly infringing on the intellectual property rights ofothers by registering intellectual property rights with the competentauthorities in a timely manner, regularly searching for intellectualproperty information and carrying out relevant analysis. When wecooperate with artists and intellectual property providers and obtainintellectual property authorization from a third party, we also requirethe third party to provide proof of originality related to the intellectualproperty rights to prevent infringing intellectual property rights ofothers.The Company actively protects and maintains its own intellectualproperty rights, and strictly prevents malicious registration by thirdparties or misappropriation of intellectual property rights. In the eventof malicious registration or misappropriation of intellectual propertyrights, the Company will require relevant parties to stop infringing onthe Company’s rights and interests and correct improper behavior ina non-litigation manner, and will take measures to actively respond tosuch infringements, including reporting to authorities or requesting forindemnities, in serious situations. When collaborating with suppliers,we contract them with the Confidentiality Agreement and the AnnualCooperation Framework to clarify the ownership of the product’sintellectual property rights, design documents and mold propertyrights, and proactively identify the risk points of intellectual propertymanagement.In order to safeguard the Company’s brand reputation, improve brandawareness and enhance brand recognition, we remind customers topurchase products via official sales channels on social media platforms,uphold a zero-tolerance attitude towards market fraud, sales ofcounterfeits and unauthorized sales, and continue to strengthen brandprotection.Advertisement and trademark managementIn strict compliance with laws and regulations such as theAdvertisingLaw of the People’s Republic of Chinaand theTrademark Law of thePeople’s Republic of China, the Company strengthens the regulation ofadvertisement and publicity, and avoids any false publicity or misleadingadvertising content and product descriptions.
二零二零年年报ANNUAL REPORT 20201192020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告We require that all external publicity materials must be verified by therelated business departments, and the content of major event publicitymust be reviewed by the legal department and can only be publishedupon confirmation. Regarding the Company’s advertisement in overseas,we also require the overseas partners to abide by the Company’spublicity specifications as well as the local laws and regulations duringthe promotion process, so as to ensure the authenticity and complianceof the publicity content. When advertisement or promotional contentdoes not conform to the actual situation or violates relevant laws andregulations, we will initiate the withdrawal process, stop advertisingimmediately and make timely corrections.In terms of trademark management, we have made detailedrequirements for the appearance area, exposure pattern, ratio, position,font, color of our brand LOGO, and stipulated that all use of theCompany’s products, LOGO and materials must be pre-approved bythe Company with relevant levels of approval, actively protecting theCompany’s intangible assets.我们要求任何对外宣传资料都需经过业务部门核实，重大活动宣传需由法务部进行内容审核，确认无误后方可进行发布。针对公司在海外地区的广告宣传，我们亦要求海外合作方在推广过程中遵守公司的宣传规范和当地的法律法规，保障宣传内容的真实性和合规性。当广告或宣传内容出现不符合实际情况或违反相关法律法规时，我们将启动撤回流程，第一时间停止投放，并做到及时纠正。在商标管理方面，我们对品牌标识的出现区域、露出形式、出现比例、位置、字体、颜色等进行了明确要求，规定所有使用公司商品、LOGO、物料素材的情况均需通过公司相关层级审批，积极保护公司的无形资产。Standardized use of Pop Mart LOGO规范泡泡玛特LOGO使用
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1202020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告VII.ANTI-CORRUPTION MANAGEMENTThe Company advocates a corporate culture of honesty and integrity,and is committed to creating a clean working environment. We strictlycomply with theCompany Law of the People’s Republic of China, theAnti-Money Laundering Law of the People’s Republic of China, theAnti-Unfair Competition Law of the People’s Republic of Chinaandother relevant laws and regulations. We also formulated theAnti-fraudManagement Regulations, theAnti-Money Laundering ManagementSystem, theCompliance Management System, theStore Reward andPunishment Management System, theEmployee Code of ConductManagement System, theEmployee Integrity and Self-disciplineCommitmentand other related management systems. We adopt azero-tolerance approach towards all corruption or bribery, extortion,fraud, money laundering, etc., and expressly prohibit directors and allemployees from engaging in any illegal or corrupted behaviors andreaping benefits therefrom. At the same time, the Company revises andadjusts various rules and regulations in a timely manner in accordancewith objective factors such as corporate development, changes inthe external environment and changes in practice, and continues todeepen anti-corruption management and practices, so as to ensure itscomprehensiveness and effectiveness.The Company has established and continuously improved the internalcontrol mechanism for anti-corruption, including the establishment ofinternal and external reporting and complaint channels to prevent anddetect corruption, the implementation of necessary control measuresto reduce the chance of corruption incidents, and the adoption ofappropriate and effective remedial measures for the harm caused bycorruption.The Company has established multiple reporting and complaintchannels for internal employees and external suppliers, includingreporting mailboxes, reporting hotlines, and face-to-face reporting,etc. We encourage all parties to supervise each other and report anypotential fraud, so as to continuously increase their anti-corruptionawareness and jointly resist unhealthy trend and misbehavior.Meanwhile, for the reports received, the audit department of theCompany designates special personnel to analyze and identify suchreports, deal with those that meet the conditions for investigation, andarrange special personnel to follow-up investigations. The reportedmatters that are found to be true will be handled by the Company ortransferred to the judicial authority based on the severity of the case.七、反贪污管理本公司倡导诚信正直的企业文化，致力于营造廉洁的工作环境，我们严格遵守《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》等相关法律法规，制定《反舞弊管理规定》《反洗钱工作管理制度》《合规管理制度》《店舖奖惩管理制度》《员工行为规范管理制度》《员工廉洁自律承诺书》等相关管理制度，对一切贪污腐败或贿赂、勒索、欺诈及洗黑钱等行为保持零容忍态度，明确禁止董事及所有员工从事任何违法或不廉洁行为并从中谋取利益。同时，本公司会根据公司发展、外部环境变化与实务变化等客观因素，适时修订和调整各项规章制度，不断深化反贪污管理与实践，从而保证其全面性和有效性。本公司建立并不断完善反贪污的内部控制机制，包括设立内部和外部的举报投诉渠道以防范和发现贪污腐败行为，实施必要的控制措施以降低贪污腐败事件的发生机会，对贪污腐败行为带来的危害采取适当且有效的补救措施等。本公司向内部员工与外部供货商设立举报邮箱、举报热线、当面举报等多种举报投诉管道，鼓励各方相互监督，举报任何关於潜在舞弊的行为，以不断提高各方反贪污意识，共同抵制不良风气与不良行为。同时，对于接收到的举报事项，本公司审计部设立专人进行分析和鉴别，对具备调查条件的举报事项进行受理，并安排专人跟进调查，对于查明属实的举报事项，将视情节轻重由公司处理或移交司法机关处理。
二零二零年年报ANNUAL REPORT 20201212020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告The Company continues to pay attention to major risk areas such asprocurement, implements strict management and review procedures,and strives to create a transparent procurement environment to avoidblack-box operations and corruption in the procurement process. TheCompany gradually improves the supplier introduction mechanism,conducts strict review of supplier qualifications, and requires allsuppliers to sign theSunshine Cooperation Agreementto strengthenthe Company’s compliance operation and integrity requirements. At thesame time, the Company continuously optimizes the business operationprocess of procurement, improves the bidding management process,and separates the responsibilities of incompatible positions, therebyachieving corruption prevention and management from the source.In addition, the audit department of the Company regularly inspectsand analyzes the Company’s procurement, identifies and follows upincompliant and abnormal situations, prevents and supervises signs offraud, and proposes rectification suggestions and opinions in order tofurther form a closed-loop management of the anti-corruption process.VIII.COMMUNITY INVESTMENT MANAGEMENTThe Company is committed to promoting the corporate and socialsustainable development, focusing on communication with surroundingcommunities and establishing harmonious relationships. Whiledeveloping and growing, we always keep in mind the brand concept of“creating trends and delivering fineness”and actively participate in socialwelfare activities, with a hope to promote the trend of helping people inneed, deliver fineness to thousands of households, and contribute to theconstruction of harmonious society.本公司对采购等主要风险领域进行持续关注，实施严格的管理及审核程序，致力于打造阳光采购环境，避免采购过程中的暗箱操作与贪腐现象。本公司逐步完善供货商引入机制，对供货商资质进行严格审查，要求所有供货商签署《阳光合作协议》，以加强公司的合规运营与廉洁要求。同时，本公司不断梳理采购业务操作流程，完善招投标管理环节，对不相容岗位职责进行分离等，努力做到从源头上的预防和治理。此外，本公司审计部定期对公司采购情况进行检查和分析，识别和跟进违规与异常情况，防范和监督舞弊迹象，并提出整改建议和意见，以进一步对反贪污环节形成闭环管理。八、社区投资管理本公司致力于推动企业与社会的可持续发展，注重与周边社区沟通并建立和谐关系，在自身发展壮大的同时，我们始终铭记「创造潮流，传递美好」的品牌理念，积极参与社会公益活动，希望带动帮扶困难群众，将美好传递到千家万户，为建设和谐社会贡献力量。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1222020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告On 18 October 2020, the fourth session of China Corporate PhilanthropyForum released the list of China’s Top 500 Corporate Charities.Attributable to its outstanding performance in social charity, theCompany won the“2020 China Top 500 Corporate Charities”(「2020中国企业慈善公益500强」) award.2020年10月18日，中国企业慈善公益500强榜单由第四届中国企业慈善公益论坛发布，鉴于公司在社会公益方面的突出表现，本公司荣获「2020中国企业慈善公益500强」奖项。Pop Mart won the“2020 China Top 500 Corporate Charities”award泡泡玛特荣获「2020中国企业慈善公益500强」奖
二零二零年年报ANNUAL REPORT 20201232020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告Case: Assisting pandemic prevention and control, supporting the front line of protection案例：助力疫情防控，支援防护一线At the beginning of 2020, in the face of the sudden outbreak ofCOVID-19 pandemic, the Company fully demonstrated its fulfilment ofsocial responsibility, helped to prevent and control the pandemic withpractical actions, and overcame the difficulties with all people acrossChina. On 29 January 2020, we donated RMB10 million to Wuhan (Hubei)Charity Federation to support Wuhan’s frontline pandemic preventionand control work.2020年初，面对突发的新冠肺炎疫情，本公司全面展现社会责任担当，用实际行动助力疫情防控，与全国人民共克时艰。我们于2020年1月29日向湖北武汉慈善总会捐赠1,000万元人民币，用于支持武汉一线疫情防控工作。Pop Mart supported the pandemic prevention andcontrol work in Wuhan泡泡玛特助力武汉疫情防控
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1242020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告The Company and Xinhuanet Media Creative Factory joined hands tolaunch the“I’m Here”series of public welfare posters to pay tributeto frontline workers in the fight against the pandemic. Based on theCompany’s popular trendy figure MOLLY, we selected six types ofworkers, namely doctors, builders, volunteers, couriers, reporters as wellas citizens who have returned to work, as our theme and recorded thegroups that fight the pandemic. Supporting the front-line of protectionthrough this special method, the Company demonstrates its strongdesire, sincerity and care for the disaster area and joint efforts to combatthe pandemic.本公司联合新华网媒体创意工厂推出致敬抗疫一线工作者的「我在」系列公益海报，以本公司旗下热门潮玩形象MOLLY为基础，选取医者、建设者、志愿者、快递员、记者及复工者六个主题，记录为疫情奋斗的每个群体，通过这种特殊的方式支援防护一线，展现了公司心系灾区、合力抗疫的强烈愿望和真挚情怀。Pop Mart’s“I’m Here”series of public welfare posters泡泡玛特「我在」系列公益海报
二零二零年年报ANNUAL REPORT 20201252020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告The Company carried out the“Unattended Love Station”charityactivity in Beijing, and provided warm-hearted assistance to frontlineservice workers through the establishment of“Love Shop”, offeringanti-pandemic materials such as masks, as well as light meals, coffeeand other food for free, with a hope to send warmth and care to thecommunity.本公司在北京地区开展「无人值守爱心站」公益活动，通过设立「爱心小铺」向坚守在一线的服务工作者提供暖心帮助，免费提供口罩等抗疫必备物资以及简餐、咖啡等食物，希望为社区送去温暖与关怀。Pop Mart’s“Unattended Love Station”charity activity in Beijing泡泡玛特北京「无人值守爱心站」公益活动
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司1262020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告Case: Public welfare participation -Pop Mart’s“Aerospace Special Edition”public welfare figure案例：参与公益－泡泡玛特「航天特别款」公益形象In 2020, the Company and Shanghai AerospaceScience and Technology Co., Ltd. (上海埃依斯航天科技有限公司) entered into the“PopMart Aerospace Special Edition Public WelfareFigure Joint Agreement”to produce 500 limitededition MOLLY in astronaut form, among 200of which, rocket fragments are embedded intotheir chest medals. All proceeds from the saleof this public welfare figure have been donatedfor the development of aerospace scienceeducation.2020年，本公司与上海埃依斯航天科技有限公司合作签订「泡泡玛特航天特别款公益形象联名协议」，制作500个限量款MOLLY宇航员形象，其中200体宇航员胸口勋章内嵌有火箭碎片，我们将捐赠此次公益形象所得全部收益用于助力航天科普教育事业发展。Signing ceremony of Pop Mart’s Aerospace Special Edition publicwelfare figure泡泡玛特航天特别款公益形象签约仪式
二零二零年年报ANNUAL REPORT 20201272020 EnvironmEntal, Social and GovErnancE rEport2020年环境、社会及管治报告Case: Targeted Poverty Alleviation – Launching Donation ActivityWhile developing its operations, the Company actively responds to thenational call for targeted poverty alleviation. On 5 August 2020, theCompany donated RMB1 million to Moyu County, Xinjiang Provincethrough the poverty alleviation project of Chaoyang District (Beijing)Development and Reform Commission. On 17 September 2020, theCompany donated RMB50,000 to designated assistance counties inZhuozi County, Inner Mongolia to support rural revitalization.We actively support local education, donate materials to children inremote mountainous areas, and engaged dedicated teams to leaddesigners to visit elementary schools in mountainous areas, so as tocarry out art courses for children in mountainous areas, and offer helpinghands to children in mountainous areas from educational resources,living supplies and other aspects.Looking forward, the Company will continue to give play to the cohesivepower of popular trendy culture, constantly uphold the concept ofgiving back to society, support the development and construction ofcommunities from various aspects such as targeted poverty alleviationand social welfare, actively meet the public welfare needs of surroundingcommunities, perform corporate social responsibility, and develophand-in-hand with society.案例：精准扶贫－发起爱心捐赠活动本公司在企业发展的同时，积极回应国家精准扶贫的号召。2020年8月5日，本公司通过北京市朝阳区发改委助力脱贫攻坚项目，向新疆省墨玉县捐款100万元。2020年9月17日，本公司向内蒙古卓资县定点帮扶县捐款5万元，助力乡村振兴。我们积极支持地方教育，为偏远山区的孩子捐赠物资，并由专门团队带领设计师亲临山区小学，为山区儿童开展美术课程教学，从教育资源、生活物资等多方面帮扶山区的孩子。展望未来，本公司将继续发挥潮玩文化的凝聚力量，持续秉承回馈社会的理念，从精准扶贫、社会公益等多方面支持社区发展建设工作，积极对接周边社区的公益需求，践行企业社会责任，携手社会共同发展。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司128Independent AudItor’s report独立核数师报告致泡泡玛特国际集团有限公司股东（于开曼群岛注册成立的有限公司）意见我们已审计的内容泡泡玛特国际集团有限公司（以下简称「贵公司」）及其附属公司（以下统称「贵集团」）列载于第136至264页的综合财务报表，包括：•于2020年12月31日的综合资产负债表、•截至该日止年度的综合损益及其他全面收益表、•截至该日止年度的综合权益变动表、•截至该日止年度的综合现金流量表及•综合财务报表附注，包括主要会计政策概要。我们的意见我们认为，该等综合财务报表已根据《国际财务报告准则》真实而中肯地反映了　贵集团于2020年12月31日的综合财务状况及其截至该日止年度的综合财务表现及综合现金流量，并已遵照香港《公司条例》的披露规定妥为拟备。To the Shareholders of Pop Mart International Group Limited(incorporated in the Cayman Islands with limited liability)OPINIONWhat we have auditedThe consolidated financial statements of Pop Mart International GroupLimited (the“Company”) and its subsidiaries (the“Group”) set out on pages136 to 264, which comprise:• the consolidated balance sheet as at 31 December 2020;• the consolidated statement of profit or loss and other comprehensiveincome for the year then ended;• the consolidated statement of changes in equity for the year thenended;• the consolidated statement of cash flows for the year then ended; and• the notes to the consolidated financial statements, which include asummary of significant accounting policies.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 2020,and of its consolidated financial performance and its consolidated cash flowsfor the year then ended in accordance with International Financial ReportingStandards (“IFRSs”) and have been properly prepared in compliance with thedisclosure requirements of the Hong Kong Companies Ordinance.
二零二零年年报ANNUAL REPORT 2020129Independent AudItor’s report独立核数师报告意见的基础我们已根据《国际审计准则》进行审计。我们在该等准则下承担的责任已在本报告「核数师就审计综合财务报表承担的责任」部分中作进一步阐述。我们相信，我们所获得的审计凭证能充足及适当地为我们的审计意见提供基础。独立性根据国际会计师职业道德准则理事会颁布的《国际会计师职业道德守则（包含国际独立性标准）》（以下简称「道德守则」），我们独立于　贵集团，并已履行道德守则中的其他职业道德责任。关键审计事项关键审计事项是根据我们的专业判断，认为对本期综合财务报表的审计最为重要的事项。这些事项是在我们审计整体综合财务报表及出具意见时进行处理的。我们不会对这些事项提供单独的意见。我们在审计中识别的关键审计事项是关于存货减值准备。BASIS FOR OPINIONWe conducted our audit in accordance with International Standards onAuditing (“ISAs”). Our responsibilities under those standards are furtherdescribed in the Auditor’s Responsibilities for the Audit of the ConsolidatedFinancial Statements section of our report.We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Codeof Ethics for Professional Accountants (including International IndependenceStandards) issued by the International Ethics Standards Board for Accountants(“IESBA Code”), and we have fulfilled our other ethical responsibilities inaccordance with the IESBA Code.KEY AUDIT MATTERSKey audit matters are those matters that, in our professional judgment, wereof most significance in our audit of the consolidated financial statementsof the current period. These matters were addressed in the context of ouraudit of the consolidated financial statements as a whole, and in forming ouropinion thereon, and we do not provide a separate opinion on these matters.Key audit matter identified in our audit is related to impairment provision forinventories.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司130Independent AudItor’s report独立核数师报告KEY AUDIT MATTERSCONTINUEDKey Audit Matter关键审计事项How our audit addressed the Key Audit Matter我们的审计如何处理关键审计事项Impairment provision for inventories存货减值准备Refer to notes 2.13, 4(a) and 20 to the consolidated financialstatements.请参阅综合财务报表附注2.13、4(a)及20。As at 31 December 2020, the Group’s balance of grossinventories was RMB229 million, against which a provision ofRMB4 million was made.于2020年12月31日，　贵集团的总存货结余为人民币229百万元，并计提存货减值准备人民币4百万元。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；关键审计事项（续）
二零二零年年报ANNUAL REPORT 2020131Independent AudItor’s report独立核数师报告Key Audit Matter关键审计事项How our audit addressed the Key Audit Matter我们的审计如何处理关键审计事项• We tested the aging profile of inventories items on asample basis by checking to relevant documents includinggoods receipt notes;•通过与相关单据（包括收货单）核对，我们在抽样的基础上对存货的库龄结构进行了测试；• We compared the carrying amount of the inventories, ona sample basis, to their net realisable value through reviewof sales subsequent to the year end;•我们通过对年末以后的销售情况进行审查，在抽样的基础上将存货的账面价值与可变现净值进行了比较；• We assessed the reasonableness of methods andassumptions applied to the provisions by challengingmanagement’s future sales projection, estimated futureselling prices and selling expenses, with reference toindustry trend and approved budget developed based onhistorical data;•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，并参考行业趋势和根据历史资料制定的经审批预算，评估拨备方法和假设的合理性；• We checked the mathematical accuracy of the calculationof the provision for inventories;•我们检查了存货减值准备计算的准确性；• We observed the physical condition of inventories duringstocktake to identify if any inventories were damaged,or obsolete and inquired management if appropriateinventories provision has been made.•我们在存货盘点期间查看了存货的物理状况，以确定存货是否出现损坏或报废，并询问管理层是否已作出适当的存货减值准备。We found the assumptions adopted and judgment applied bymanagement in the determination of impairment provision forinventories were supported by the evidence we gathered.我们认为，管理层在确定存货减值准备时采用的假设和运用的判断均有据可依。KEY AUDIT MATTERSCONTINUED关键审计事项（续）
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司132Independent 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。其他信息包括我们在本核数师报告日前取得的管理层讨论及分析内的信息（但不包括综合财务报表及我们的核数师报告），以及预期会在本核数师报告日后取得的财务概要，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、社会及管治报告内的信息。我们对综合财务报表的意见并不涵盖其他信息，我们既不也将不对该等其他信息发表任何形式的鉴证结论。结合我们对综合财务报表的审计，我们的责任是阅读上述的其他信息，在此过程中，考虑其他信息是否与综合财务报表或我们在审计过程中所了解的情况存在重大抵触或者似乎存在重大错误陈述的情况。基于我们对在本核数师报告日前取得的其他信息所执行的工作，如果我们认为其他信息存在重大错误陈述，我们需要报告该事实。在这方面，我们没有任何报告。当我们阅读财务概要、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。董事及审计委员会就综合财务报表须承担的责任贵公司董事须负责根据《国际财务报告准则》及香港《公司条例》的披露规定拟备真实而中肯的综合财务报表，并对其认为为使综合财务报表的拟备不存在由于欺诈或错误而导致的重大错误陈述所需的内部控制负责。OTHER INFORMATIONThe directors of the Company are responsible for the other information. Theother information comprises the information included in the ManagementDiscussion and Analysis (but does not include the consolidated financialstatements and our auditor’s report thereon), which we obtained prior to thedate of this auditor’s report, and the Financial Summary, Report of Directors,Chairman’s Statement, Corporate Governance Report, Biographies of Directorsand Senior Management, Environmental, Social and Governance Report,which are 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 Financial Summary, Report of Directors, Chairman’sStatement, Corporate Governance Report, Biographies of Directors andSenior Management, Environmental, Social and Governance Report, if weconclude that there is a material misstatement therein, we are requiredto communicate the matter to the Audit Committee and take appropriateaction considering our legal rights and obligations.RESPONSIBILITIES OF DIRECTORS AND THE AUDITCOMMITTEE FOR THE CONSOLIDATED FINANCIALSTATEMENTSThe directors of the Company are responsible for the preparation of theconsolidated financial statements that give a true and fair view in accordancewith IFRSs and the disclosure requirements of the Hong Kong CompaniesOrdinance, and for such internal control as the directors determine isnecessary to enable the preparation of consolidated financial statements thatare free from material misstatement, whether due to fraud or error.
二零二零年年报ANNUAL REPORT 2020133Independent AudItor’s report独立核数师报告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。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。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.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.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司134Independent AudItor’s report独立核数师报告•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。•就　贵集团内实体或业务活动的财务信息获取充足、适当的审计凭证，以便对综合财务报表发表意见。我们负责　贵集团审计的方向、监督和执行。我们为审计意见承担全部责任。除其他事项外，我们与审计委员会沟通了计划的审计范围、时间安排、重大审计发现等，包括我们在审计中识别出内部控制的任何重大缺陷。• 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 evidenceobtained, whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Group’s ability tocontinue as a going concern. If we conclude that a material uncertaintyexists, 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.• Obtain sufficient appropriate audit evidence regarding the financialinformation of the entities or business activities within the Group toexpress an opinion on the consolidated financial statements. We areresponsible for the direction, supervision and performance of the groupaudit. We remain solely responsible for our audit opinion.We communicate with the Audit Committee regarding, among other matters,the planned scope and timing of the audit and significant audit findings,including any significant deficiencies in internal control that we identifyduring our audit.
二零二零年年报ANNUAL REPORT 2020135Independent AudItor’s report独立核数师报告我们还向审计委员会提交声明，说明我们已符合有关独立性的相关专业道德要求，并与他们沟通有可能合理地被认为会影响我们独立性的所有关系和其他事项，以及在适用的情况下，用以消除对独立性产生威胁的行动或采取的防范措施。从与审计委员会沟通的事项中，我们确定哪些事项对本期综合财务报表的审计最为重要，因而构成关键审计事项。我们在核数师报告中描述这些事项，除非法律法规不允许公开披露这些事项，或在极端罕见的情况下，如果合理预期在我们报告中沟通某事项造成的负面后果超过产生的公众利益，我们决定不应在报告中沟通该事项。出具本独立核数师报告的审计项目合伙人是袁国新。罗兵咸永道会计师事务所执业会计师香港，2021年3月26日We also provide the Audit Committee with a statement that we havecomplied with relevant ethical requirements regarding independence, andto communicate with them all relationships and other matters that mayreasonably be thought to bear on our independence, and where applicable,actions taken to eliminate threats or safeguards applied.From the matters communicated with the Audit Committee, we determinethose matters that were of most significance in the audit of the consolidatedfinancial statements of the current period and are therefore the key auditmatters. We describe these matters in our auditor’s report unless lawor regulation precludes public disclosure about the matter or when, inextremely rare circumstances, we determine that a matter should not becommunicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits ofsuch communication.The engagement partner on the audit resulting in this independent auditor’sreport is Yuen Kwok Sun.PricewaterhouseCoopersCertified Public AccountantsHong Kong, 26 March 2021
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司136Consolidated 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202020192020年2019年NoteRMB’000RMB’000附注人民币千元人民币千元Revenue收益52,513,4711,683,434Cost of sales销售成本6(919,363)(593,100)Gross profit毛利1,594,1081,090,334Distribution and selling expenses经销及销售开支6(630,069)(363,819)General and administrative expenses一般及行政开支6(279,967)(142,468)Reversal of/(provision for) impairmenton financial assets金融资产减值拨回╱（拨备）398(3,086)Other income其他收入745,42017,013Other (losses)/gains-net其他（亏损）╱收益－净额(11,107)820Operating profit经营溢利718,783598,794Finance income财务收入81,953424Finance expenses财务开支8(10,946)(5,813)Finance expenses – net财务开支－净额8(8,993)(5,389)Fair value changes of convertibleredeemable preferred shares可转换可赎回优先股的公平值变动32(6,260)–Share of profit of investmentsaccounted for using the equity method分占使用权益法入账的投资溢利3,8734,970Profit before income tax除所得税前溢利707,403598,375Income tax expense所得税开支9(184,091)(147,257)Profit for the year年内溢利523,312451,118Profit for the year attributable to:以下应占年内溢利：– Owners of the Company－本公司拥有人523,505451,118– Non-controlling interests－非控股权益(193)–523,312451,118
二零二零年年报ANNUAL REPORT 2020137Consolidated 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202020192020年2019年NoteRMB’000RMB’000附注人民币千元人民币千元Other comprehensive (loss)/income其他全面（亏损）╱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(25,726)903Items 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(13,050)–Other comprehensive (loss)/income forthe year, net of tax年内其他全面（亏损）╱收益，除税后(38,776)903Total comprehensive income for the year年内全面收益总额484,536452,021Total comprehensive income forthe year attributable to:以下应占年内全面收益总额：– Owners of the Company－本公司拥有人484,604452,021– Non-controlling interests－非控股权益(68)–484,536452,021Earnings 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）110.440.39– Diluted (expressed in RMB per share)－摊薄（以每股人民币元表示）110.440.39The 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138Consolidated BalanCe sheet综合资产负债表As at 31 December于12月31日202020192020年2019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12238,325103,559Intangible assets无形资产1392,73118,620Right-of-use assets使用权资产14287,799178,938Investments accounted for usingthe equity method使用权益法入账的投资1650,38022,101An associate measured at fair value throughprofit or loss按公允价值计量且其变动计入损益的联营公司投资2216,900–Prepayments预付款项216,17710,443Deferred income tax assets递延所得税资产1723,08716,219Total non-current assets总非流动资产715,399349,880Current assets流动资产Trade receivables贸易应收款项1878,33445,636Other receivables其他应收款项1990,78159,696Inventories存货20225,36996,302Prepayments and other current assets预付款项及其他流动资产21177,918140,353Financial assets at fair value throughprofit or loss按公平值计入损益的金融资产22–50,000Restricted Cash受限制现金233,263–Cash and cash equivalents现金及现金等价物235,680,235324,614Total current assets总流动资产6,255,900716,601Total assets总资产6,971,2991,066,481
二零二零年年报ANNUAL REPORT 2020139Consolidated BalanCe sheet综合资产负债表As at 31 December于12月31日202020192020年2019年NoteRMB’000RMB’000附注人民币千元人民币千元Equity权益Share capital股本2492382Shares held for share award scheme就股份奖励计划持有的股份25(16)–Other reserves其他储备265,189,115169,631Retained earnings保留盈利939,352423,068Equity attributable to owners ofthe Company本公司拥有人应占权益6,129,374592,781Non-controlling interests in equity非控股权益1,628–Total equity总权益6,131,002592,781Liabilities负债Non-current liabilities非流动负债License fees payables应付授权费2927,9341,318Lease liabilities租赁负债14147,05090,812Total non-current liabilities总非流动负债174,98492,130Current liabilities流动负债Trade payables贸易应付款项28115,80449,406License fees payables应付授权费2958,88015,177Other payables其他应付款项30202,297122,050Contract liabilities合约负债3183,94135,167Lease liabilities租赁负债14144,72492,586Current income tax liabilities即期所得税负债59,66767,184Total current liabilities总流动负债665,313381,570Total liabilities总负债840,297473,700Total equity and liabilities总权益及负债6,971,2991,066,481
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司140Consolidated BalanCe sheet综合资产负债表The above consolidated balance sheet should be read in conjunction withthe accompanying notes.The financial statements on pages 136 to 264 were approved by the Board ofDirectors on 26 March 2021 and were signed on its behalf.Mr. Wang Ning王宁先生Executive Director & Chairman执行董事及主席以上综合资产负债表应与随附附注一并阅读。第136页至第264页的财务报表于2021年3月26日获董事会批准，并由下列董事代表签署：Mr. Si De司德先生Executive Director执行董事
二零二零年年报ANNUAL REPORT 2020141Consolidated statement ofChanges in equity综合权益变动表Attributable to owners of the Company本公司拥有人应占SharecapitalShares heldfor shareawardschemeOtherreservesRetainedearningsSubtotalNon-controllinginterestsTotal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 24)(Note 25)(Note 26)（附注24）（附注25）（附注26）NoteRMB’000RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000附注人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元Balance at 1 January 2020于2020年1月1日的结余82–169,631423,068592,781–592,781Comprehensive income全面收益Profit/(loss) for the year年内溢利╱（亏损）–––523,505523,505(193)523,312Other comprehensive income其他全面收益Currency translation difference货币换算差额––(38,901)–(38,901)125(38,776)Total comprehensive income全面收益总额––(38,901)523,505484,604(68)484,536Transaction with owners与拥有人的交易Profit appropriation to statutoryreserves拨入法定储备的溢利––7,221(7,221)–––Non-controlling interests arisingon business combination业务合并产生的非控股权益–––––1,6961,696Re-designation of ordinary sharesto preferred shares重新指定普通股为优先股24(3)–(499,658)–(499,661)–(499,661)Issuance of ordinary shares tothe then shareholders向当时股东发行普通股244–393,801–393,805–393,805Conversion of convertibleredeemable preferred sharesinto ordinary shares可转换可赎回优先股转换为普通股243–626,922–626,925–626,925Issuance of ordinary shares underRestricted Share Award Scheme根据限制性股份奖励计划发行普通股242(2)–––––Capitalisation issue资本化发行24733(14)(719)––––Issuance of new ordinary shares发行新普通股2489–4,409,110–4,409,199–4,409,199Issuance of ordinary shares uponexercise of over-allotment option超额配股权获行使后发行普通股2413–661,269–661,282–661,282Share issuance costs股份发行成本––(154,902)–(154,902)–(154,902)Dividends declared宣派股息––(384,659)–(384,659)–(384,659)Total transaction with owners与拥有人的交易总额841(16)5,058,385(7,221)5,051,9891,6965,053,685Balance at 31 December 2020于2020年12月31日的结余923(16)5,189,115939,3526,129,3741,6286,131,002
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司142Consolidated statement ofChanges in equity综合权益变动表Attributable to owners of the Company本公司拥有人应占SharecapitalShares heldfor shareawardschemeOtherreservesRetainedearningsSubtotalNon-controllinginterestsTotal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 24)(Note 25)(Note 26)（附注24）（附注25）（附注26）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 2019于2019年1月1日的结余––126,80092,030218,830–218,830Comprehensive income全面收益Profit for the year年内溢利–––451,118451,118–451,118Other comprehensive income其他全面收益Currency translation difference货币换算差额––903–903–903Total comprehensive income全面收益总额––903451,118452,021–452,021Transaction with owners与拥有人的交易Profit appropriation tostatutory reserves转拨至法定储备之溢利––40,080(40,080)–––Capital injection fromshareholders of the Company本公司股东注资82–173,040–173,122–173,122Deemed distribution to thethen shareholders ofa group company to giveeffect to the Reorganisation为进行重组而视作向一间集团公司的当时股东的分派––(172,659)–(172,659)–(172,659)Dividends declared and paid宣派及派付的股息–––(80,000)(80,000)–(80,000)Share-based compensationexpenses以股份为基础的报酬开支27––1,467–1,467–1,467Total transaction with owners与拥有人的交易总额82–41,928(120,080)(78,070)–(78,070)Balance at 31 December 2019于2019年12月31日的结余82–169,631423,068592,781–592,781The 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。
二零二零年年报ANNUAL REPORT 2020143Consolidated statement ofCash flows综合现金流量表Year ended 31 December截至12月31日止年度202020192020年2019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)899,881603,437Interest received已收利息1,953424Income tax paid已付所得税(198,476)(100,972)Net cash generated fromoperating activities经营活动所得现金净额703,358502,889Cash flows from investing activities投资活动产生的现金流量Purchases of property, plant and equipment购买物业、厂房及设备(175,984)(104,951)Purchases of intangible assets购买无形资产(47,608)(12,551)Purchases of financial assets atfair value through profit or loss购买按公平值计入损益的金融资产3.3(a)(230,500)(255,000)Investment in a joint venture于一家合营企业的投资(4,475)(2,746)Investment in an associate于一家联营公司的投资(27,424)–Investment in an associate measuredat fair value through profit or loss于一家按公允价值计量且其变动计入损益的联营公司投资3.3(a)(16,900)–Cash acquired from business combination业务合并获得的现金1,590–Proceeds from disposal of financial assets atfair value through profit or loss处置按公平值计入损益的金融资产所得款项281,653256,981Proceeds from sale of property, plant andequipment, intangible assets出售物业、厂房及设备以及无形资产所得款项2,713–Net cash used in investing activities投资活动所用现金净额(216,935)(118,267)
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司144Consolidated statement ofCash flows综合现金流量表Year ended 31 December截至12月31日止年度202020192020年2019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14(147,995)(75,773)Dividends paid已付股息(377,580)(80,000)Payment for listing expenses上市开支付款(154,902)(272)Capital injection from the shareholdersof the Company本公司的股东注资398,375168,554Deemed distribution to the thenshareholders for purchasingthe Listing Business视作分派予当时股东以购买上市业务(4,566)(168,093)Proceeds from issuance of ordinaryshares发行普通股所得款项245,070,481–Proceeds from issuance of convertibleredeemable preferred shares发行可转换可赎回优先股的所得款项3286,561–Net cash generated from/(used in)financing activities融资活动所得╱（所用）现金净额4,870,374(155,584)Net increase in cash and cash equivalents现金及现金等价物增加净额5,356,797229,038Cash and cash equivalents atbeginning of the year年初的现金及现金等价物324,61496,802Exchange losses on cash andcash equivalents现金及现金等价物的汇兑亏损(1,176)(1,226)Cash and cash equivalents at end ofthe year年末的现金及现金等价物5,680,235324,614
二零二零年年报ANNUAL REPORT 2020145NOTES 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3-212 GovernorsSquare, 23 Lime Tree Bay Avenue, P.O. Box30746, Seven Mile Beach, Grand Cayman, KY1-1203, Cayman Islands。本公司为投资控股公司，其附属公司主要于中华人民共和国（「中国」）及若干海外国家及地区从事潮流玩具的产品设计与开发及销售。本公司的最终控股公司为GWFHolding Limited（前称Grant Wang HoldingLimited），后者由王宁先生及其配偶杨涛女士控制。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，按每股38.5港元的价格提呈发售135,715,200股新普通股。此外，诚如本公司日期为2020年12月15日的公布所披露，本公司于2020年12月15日就悉数行使超额配股权而发行及配发20,357,200股普通股。本公司所收取的所得款项总额约为6,008,787,000港元（相当于约人民币5,070,481,000元）。根据本公司全体股东（「股东」）于2020年11月23日通过的书面决议案，在本公司股份溢价账因根据全球发售发行新股而录得进账的情况下，授权本公司董事（「董事」）透过将112,128美元拨作资本而按面值向于2020年12月11日前一个营业日营业时间结束时名列本公司股东名册的人士配发及发行合共1,121,278,635股入账列为缴足每股面值0.0001美元的股份（「资本化发行」）。1 GENERAL INFORMATIONPop Mart International Group Limited (the“Company”) was incorporatedin the Cayman Islands on 9 May 2019 as an exempted company withlimited liability under the Companies Law (Cap. 22, Law 3 of 1961 asconsolidated and revised) of the Cayman Islands. The address of theCompany’s registered office is 3-212 Governors Square, 23 Lime Tree BayAvenue, P.O. Box 30746, Seven Mile Beach, Grand Cayman, KY1-1203,Cayman Islands.The Company is an investment holding company and its subsidiariesare principally engaged in the product design and development andsale of pop toys in the People’s Republic of China (the“PRC”) and certainoverseas countries and regions. The ultimate holding company of theCompany is GWF Holding Limited (formerly known as Grant WangHolding Limited), which is controlled by Mr. Wang Ning and his spouse,Ms. Yang Tao.On 11 December 2020, the Company has successfully listed onthe Main Board of The Stock Exchange of Hong Kong Limited (“the“Stock Exchange”) and made an offering of 135,715,200 new ordinaryshares at a price of HKD38.5 per share. Additionally, the Companyissued and allotted 20,357,200 ordinary shares on 15 December 2020pursuant to the full exercise of the over-allotment option as disclosedin the announcement of the Company dated 15 December 2020.The gross proceeds received by the Company was approximatelyHKD6,008,787,000 (equivalent to approximately RMB5,070,481,000).Pursuant to a written resolution of all shareholders of the Company (the“Shareholders”) passed on 23 November 2020, conditional upon theshare premium account of the Company being credit as a result of theissuance of new shares pursuant to the global offering, the directorsof the Company (the“Director”) were authorized to capitalize anamount of USD112,128 towards paying up in full at par of 1,121,278,635ordinary shares of USD0.0001 par value each for allotment and issue tothe persons whose names appear on the register of members of theCompany at the close of business on the business day preceding 11December 2020 (“Capitalization Issue”).
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司146NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注1一般资料（续）除非另有说明，否则本综合财务报表以人民币（「人民币」）呈列。本综合财务报表已于2021年3月26日经董事会批准刊发。2重大会计政策概要本附注提供编制该等综合财务报表时所采纳的主要会计政策清单。除另有所指外，该等政策于所有呈列年度一直贯彻应用。财务报表乃为本集团（由本公司及其附属公司组成）编制。2.1编制基准(i)遵守国际财务报告准则及香港公司条例本集团综合财务报表乃根据国际会计准则理事会（「国际会计准则理事会」）颁布的所有适用国际财务报告准则（「国际财务报告准则」）及香港法例第622章香港公司条例（「香港公司条例」）的披露规定编制。(ii)历史成本法综合财务报表乃根据历史成本法编制，并根据按公平值计入损益的金融资产的重估（按公平值列账）作出修订。1 GENERAL INFORMATION(continued)These consolidated financial statements are presented in Renminbi(“RMB”), unless otherwise stated.These consolidated financial statements have been approved for issueby the Board of Directors on 26 March 2021.2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIESThis note provides a list of the significant accounting policies adoptedin the preparation of these consolidated financial statements. Thesepolicies have been consistently applied to all the year presented, unlessotherwise stated. The financial statements are for the Group consistingof the Company and its subsidiaries.2.1 Basis of preparation(i) Compliance with IFRS and HKCOThe consolidated financial statements of the Group have beenprepared in accordance with all applicable International FinancialReporting Standards (“IFRS”) issued by International AccountingStandards Board (“IASB”) and the disclosure requirements of theHong Kong Companies Ordinance (“HKCO”) Cap. 622.(ii) Historical cost conventionThe consolidated financial statements have been prepared underthe historical cost convention, as modified by the revaluation offinancial assets at fair value through profit or loss which are carriedat fair value.
二零二零年年报ANNUAL REPORT 2020147NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.1编制基准（续）(iii)本集团采纳的新订及经修订准则本集团于2020年1月1日开始的年度报告期间首次应用下列准则及修订：•重大之定义－国际会计准则第1号及国际会计准则第8号修订•业务之定义－国际财务报告准则第3号修订•利率基准改革－国际财务报告准则第9号、国际会计准则第39号及国际财务报告准则第7号修订•经修订财务报告概念框架本集团亦选择提早采纳下以修订：•与新型冠状病毒疫情相关的租金优惠－国际财务报告准则第16号修订除下文附注2.2所载国际财务报告准则第16号修订外，上述修订并无对过往期间已确认金额造成任何影响，且预期将不会严重影响现有或未来期间。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.1 Basis of preparation(continued)(iii) New and amended standards adopted by the GroupThe Group has applied the following standards and amendmentsfor the first time for their annual reporting period commencing 1January 2020:• Definition of Material – amendments to IAS 1 and IAS 8• Definition of a Business – amendments to IFRS 3• Interest Rate Benchmark Reform – amendments to IFRS 9, IAS39 and IFRS 7• Revised Conceptual Framework for Financial ReportingThe Group also elected to adopt the following amendments early:• COVID-19-Related Rent Concessions – amendments to IFRS 16The amendments listed above did not have any impact on theamounts recognised in prior periods and are not expected tosignificantly affect the current or future periods, except for theAmendment to IFRS 16 set out in Note 2.2 below.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司148NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.1编制基准（续）(iv)尚未采纳的新订准则、修订及经修订概念框架下列新订会计准则及诠释已经颁布，但并不对2020年12月31日报告期间强制生效，且并无获本集团提早采纳。本集团已开始评估该等新订或经修订准则及修订造成的影响。根据本集团作出之初步评估，于该等准则及修订生效后，预期概无对本集团财务报表造成重大影响。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.1 Basis of preparation(continued)(iv) New standards, amendments and revised conceptualframework not yet adoptedThe following new accounting standards and interpretations havebeen published that are not mandatory for 31 December 2020reporting periods and have not been early adopted by the Group.New standards, interpretations and amendmentsEffective date新订准则、诠释及修订生效日期Amendments to IAS 1 – Classification of Liabilities as Current and Non-current1 January 2023国际会计准则第1号修订－将负债分类为流动或非流动2023年1月1日Amendments to IAS 16 – Property, plant and equipment: proceeds before intended use1 January 2022国际会计准则第16号修订－物业、厂房及设备：拟定用途前的所得款项2022年1月1日Amendments to IAS 37 – Onerous contracts – costs of fulfilling a contract1 January 2022国际会计准则第37号修订－繁重合约－履行合约的成本2022年1月1日Amendments to IFRS 3 – Update reference to the Conceptual framework1 January 2022国际财务报告准则第3号修订－引用概念框架的更新2022年1月1日Annual improvements 2018-2020 cycle (IFRS 1, IFRS 9, IFRS 16 and IAS 41)1 January 20222018年至2020年周期的年度改进（国际财务报告准则第1号、国际财务报告准则第9号、国际财务报告准则第16号及国际会计准则第41号）2022年1月1日IFRS 17 – Insurance Contracts1 January 2023国际财务报告准则第17号－保险合约2023年1月1日Amendments to IFRS 10 and IAS 28 – Sale or contribution of assetsTo be determined国际财务报告准则第10号及国际会计准则第28号修订－出售或注入资产待定The Group has already commenced an assessment of the impact ofthese new or revised standards and amendments. According to thepreliminary assessment made by the Group, no significant impacton the Group’s financial statements is expected when they becomeeffective.
二零二零年年报ANNUAL REPORT 2020149NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.2会计政策的变动本集团已自2020年1月1日起追溯提早采纳国际财务报告准则第16号修订－与新型冠状病毒疫情相关的租金优惠。该修订提供一项可选择的实际权宜方法，容许承租人选择不评估与新型冠状病毒疫情相关的租金优惠是否属租赁修订。采纳这选项的承租人可按租金优惠并非租赁修订的相同方式入账合资格租金优惠。实际权宜方法仅适用于新型冠状病毒疫情直接导致且符合以下所有条件的租金优惠：•租赁付款变动导致租赁的经修订代价与紧接变动前的租赁代价大致相同或较其为低；•租赁付款减少仅会影响于2021年6月30日或之前到期的付款；及•租赁的其他条款和条件并无实质性变化。本集团就所有合资格与新型冠状病毒疫情相关的租金优惠采用实际权宜方法。合共约人民币7,229,000元的租金优惠已入账为负可变租赁付款，并于综合损益及其他全面收益表确认为分销及销售开支以及一般及行政开支，而租赁负债亦已作出相应调整。对2020年1月1日的权益年初结余并无影响。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.2 Changes in accounting policiesThe Group has early adopted Amendment to IFRS 16 – COVID-19-RelatedRent Concessions retrospectively from 1 January 2020. The amendmentprovides an optional practical expedient allowing lessees to elect notto assess whether a rent concession related to COVID-19 is a leasemodification. Lessees adopting this election may account for qualifyingrent concessions in the same way as they would if they were not leasemodifications. The practical expedient only applies to rent concessionsoccurring as a direct consequence of the COVID-19 pandemic and onlyif all of the following conditions are met:• the change in lease payments results in revised considerationfor the lease that is substantially the same as, or less than, theconsideration for the lease immediately preceding the change;• any reduction in lease payments affects only payments originallydue on or before 30 June 2021; and• there is no substantive change to other terms and conditions of thelease.The Group has applied the practical expedient to all qualifying COVID-19-related rent concessions. Rent concessions totaling approximatelyRMB7,229,000 have been accounted for as negative variable leasepayments and recognised in distribution and selling expenses andgeneral and administrative expenses in the consolidated statement ofprofit or loss and other comprehensive income, with a correspondingadjustment to the lease liability. There is no impact on the openingbalance of equity at 1 January 2020.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司150NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.3综合入账原则(i)附属公司附属公司为本集团控制的所有实体（包括结构实体）。倘本集团须承担或享有参与实体所获可变回报的风险及权利，且有能力透过其指导实体活动之权力影响该等回报时，则本集团对该实体拥有控制权。附属公司自控制权转入本集团之日起全面综合入账，自停止控制之日起取消综合入账。公司间交易、集团公司间交易的结余及未变现收益予以对销。除非交易提供所转让资产的减值证据，否则未变现亏损亦将予以对销。附属公司的会计政策已作出必要之更改，以确保与本集团所采纳的政策一致。于附属公司业绩及股权的非控股权益分别于综合损益及其他全面收益表、权益变动表及资产负债表单独列示。通过合约安排控制的附属公司本集团根据合约安排控制一家实体。本集团对结构实体的股权并无合法所有权。尽管如此，根据与结构实体的登记股东订立的合约安排，本公司及其他合法拥有的附属公司透过控制投票权、规管其财务及经营政策、委任或罢免其控制权力部门的大部分成员，以及于有关部门的会议上行使过半数投票权，从而控制结构实体。因此，本集团有权对结构实体行使权力、参与结构实体获得可变回报，因此作为本集团的控制结构实体呈列。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.3 Summary of significant accounting policies(i) SubsidiariesSubsidiaries are all entities (including structured entities) overwhich the Group has control. The Group controls an entity whenthe Group is exposed to, or has rights to, variable returns fromits involvement with the entity and has the ability to affect thosereturns through its power to direct the activities of the entity.Subsidiaries are fully consolidated from the date on which controlis transferred to the Group. They are deconsolidated from the datethat control ceases.Inter-company transactions, balances and unrealised gains ontransactions between group companies are eliminated. Unrealisedlosses are also eliminated unless the transaction provides evidenceof an impairment of the transferred asset. Accounting policiesof subsidiaries have been changed where necessary to ensureconsistency with the policies adopted by the Group.Non-controlling interests in the results and equity of subsidiariesare shown separately in the consolidated statement of profit of lossand other comprehensive income, statement of changes in equityand balance sheet respectively.Subsidiary controlled through Contractual ArrangementsThere is an entity controlled by the Group under ContractualArrangements. The Group does not have legal ownership inequity of the structured entity. Nevertheless, under ContractualArrangement entered into with the Registered Shareholders ofthe structured entity, the Company and its other legally ownedsubsidiaries controlled the structured entity by way of controllingthe voting rights, governing its financial and operating policies,appointing or removing the majority of members of its controllingauthorities, and casting the majority of votes at meetings ofsuch authorities. Accordingly, the Group has rights to exercisepower over the structured entity, receives variable returns frominvolvement in the structured entity. As a result, it is presented as acontrolled structured entity of the Group.
二零二零年年报ANNUAL REPORT 2020151NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.3综合入账原则（续）(ii)合营安排根据国际财务报告准则第11号合营安排，合营安排的投资分类为合营业务或合营企业。有关分类乃视乎每名投资者的合约权利及责任（而非合营安排的法律结构）而定。本集团已评估其合营安排的性质，并将该等合营安排厘定为合营企业。合营企业于合营企业的权益初始按成本于综合资产负债表确认后，使用权益法入账（见下文(iv)）。(iii)联营公司联营公司指本集团对其有重大影响力而无控制权或共同控制权的所有实体，通常情况乃本集团持有20%至50%表决权。于联营公司的投资初始按成本确认后，使用权益会计法入账（见下文(iv)）。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.3 Principles of consolidation(continued)(ii) Joint arrangementsUnder IFRS 11 Joint Arrangements investments in jointarrangements are classified as either joint operations or jointventures. The classification depends on the contractual rights andobligations of each investor, rather than the legal structure of thejoint arrangement. The Group has assessed the nature of its jointarrangements and determined them to be joint ventures.Joint venturesInterests in joint ventures are accounted for using the equitymethod (see (iv) below), after initially being recognised at cost inthe consolidated balance sheet.(iii) AssociatesAssociates are all entities over which the Group has significantinfluence but not control or joint control. This is generally thecase where the Group holds between 20% and 50% of the votingrights. Investments in associates are accounted for using theequity method of accounting (see (iv) below), after initially beingrecognised at cost.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司152NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.3综合入账原则（续）(iv)权益法根据权益会计法，投资初步按成本确认，其后进行调整以确认本集团在损益中分占被投资方的收购后损益，以及本集团在其他全面收益中分占被投资方的其他全面收益变动。已收或应收合营企业股息确认为投资账面值的减少。如本集团分占以权益入账投资亏损等于或超过其于实体中的权益（包括任何其他无抵押长期应收款项），本集团不会确认进一步亏损，除非其已产生责任或代表其他实体作出付款则例外。本集团与其合营企业间交易的未变现收益以本集团于该等实体的权益为限予以对销。除非交易提供所转移资产的减值证据，否则未变现亏损亦将予以对销。以权益入账被投资方的会计政策已作出必要之更改，以确保与本集团所采纳的政策一致。以权益入账投资的账面值按照附注2.10中所述的政策进行减值测试。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.3 Principles of consolidation(continued)(iv) Equity methodUnder the equity method of accounting, the investments areinitially recognised at cost and adjusted thereafter to recognise theGroup’s share of the post-acquisition profits or losses of the investeein profit or loss, and the Group’s share of movements in othercomprehensive income of the investee in other comprehensiveincome. Dividends received or receivable from joint ventures arerecognised as a reduction in the carrying amount of the investment.Where the Group’s share of losses in an equity-accountedinvestment equals or exceeds its interest in the entity, includingany other unsecured long-term receivables, the Group does notrecognise further losses, unless it has incurred obligations or madepayments on behalf of the other entity.Unrealised gains on transactions between the Group and its jointventures are eliminated to the extent of the Group’s interest inthese entities. Unrealised losses are also eliminated unless thetransaction provides evidence of an impairment of the assettransferred. Accounting policies of equity-accounted investees havebeen changed where necessary to ensure consistency with thepolicies adopted by the Group.The carrying amount of equity-accounted investments is tested forimpairment in accordance with the policy described in Note 2.10.
二零二零年年报ANNUAL REPORT 2020153NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.3综合入账原则（续）(v)拥有权权益变动本集团将不会引致失去控制权的非控股权益交易视为与本集团权益持有人的交易。拥有权权益变动导致控股权益与非控股权益账面值之间之调整以反映彼等于附属公司之相对权益。非控股权益调整数额与任何已付或已收代价间之任何差额于本集团权益持有人应占权益中之单独储备项目内确认。倘本集团因丧失控制权、共同控制权或重大影响力而终止就投资合并入账或按权益入账，其于该实体之任何保留权益按其公平值重新计量，而账面值变动则于损益内确认。就随后入账列作于联营公司、合营企业或金融资产之保留权益而言，公平值成为初步账面值。此外，先前于其他综合收益内确认与该实体有关的任何金额按犹如本集团已直接出售有关资产或负债之方式入账。这可能代表先前在其他综合收益内确认之金额重新分类至损益或转拨至适用国际财务报告准则所指╱准许之另一权益类别。倘于一家合营企业或联营公司的拥有权权益减少但保留共同控制权或重大影响力，则先前于其他全面收益确认的金额仅有一定比例份额重新分类至损益（如适用）。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.3 Principles of consolidation(continued)(v) Changes in ownership interestsThe group treats transactions with non-controlling intereststhat do not result in a loss of control as transactions with equityowners of the Group. A change in ownership interest results in anadjustment between the carrying amounts of the controlling andnon-controlling interests to reflect their relative interests in thesubsidiary. Any difference between the amount of the adjustmentto non-controlling interests and any consideration paid or receivedis recognised in a separate reserve within equity attributable toowners of the Group.When the Group ceases to consolidate or equity account for aninvestment because of a loss of control, joint control or significantinfluence, any retained interest in the entity is remeasured to itsfair value with the change in carrying amount recognised in profitor loss. This fair value becomes the initial carrying amount for thepurposes of subsequently accounting for the retained interestas an associate, joint venture or financial asset. In addition, anyamounts previously recognised in other comprehensive income inrespect of that entity are accounted for as if the Group had directlydisposed of the related assets or liabilities. This may mean thatamounts previously recognised in other comprehensive income arereclassified to profit or loss or transferred to another category ofequity as specified/permitted by applicable IFRSs.If the ownership interest in a joint venture or an associate isreduced but joint control or significant influence is retained, onlya proportionate share of the amounts previously recognised inother comprehensive income are reclassified to profit or loss whereappropriate.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司154NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.4业务合并(a)共同控制下的业务合并共同控制下的业务合并指合并实体于合并前后由相同方控制且该控制权并非暂时性的合并。收购方将已付代价及已取得资产净值按账面值计量。资产净值账面值与已付代价账面值之差额于储备入账。业务合并应占的所有直接交易成本在综合损益及其他全面收益表入账。然而，就业务合并发行权益工具或债券产生之手续费、佣金及其他开支分别于权益工具及债券初步计量时入账。(b)非共同控制下的业务合并非共同控制下的业务合并使用收购会计法入账，而不论是否已收购权益工具或其他资产。就收购一家附属公司转让的代价包括：•所转让资产的公平值•所收购业务的前拥有人所产生的负债•本集团发行的股权•或然代价安排所产生的任何资产或负债的公平值，及•附属公司任何先前存在股权的公平值2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.4 Business combinations(a) Business combination under common controlBusiness combinations under common control refers tocombinations where combining entities are controlled by the sameparties before and after the combination and that control is nottransitory.The acquirer measures both the consideration paid and the netassets obtained at their carrying amounts. The difference betweenthe carrying amount of the net assets and carrying amount ofconsideration paid is recorded in reserve. All direct transactioncost attributable to the business combination is recorded in theconsolidated statement of profit or loss and other comprehensiveincome. However, the handling fees, commissions and otherexpenses incurred for the issuance of equity instruments orbonds for the business combination are recorded in the initialmeasurement of the equity instruments and bonds respectively.(b) Business combination not under common controlThe acquisition method of accounting is used to account forbusiness combinations not under common control, regardlessof whether equity instruments or other assets are acquired.The consideration transferred for the acquisition of a subsidiarycomprises the:• fair values of the assets transferred• liabilities incurred to the former owners of the acquiredbusiness• equity interests issued by the Group• fair value of any asset or liability resulting from a contingentconsideration arrangement, and• fair value of any pre-existing equity interest in the subsidiary
二零二零年年报ANNUAL REPORT 2020155NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.4业务合并（续）(b)非共同控制下的业务合并（续）于业务合并中收购的可识别资产以及承担的负债及或然负债初步按其于收购日期的公平值计量（少数例外情况除外）。本集团以公平值或非控股权益所占被收购实体的可识别资产净值之适当比例按逐项收购基准确认于被收购实体的任何非控股权益。收购相关成本于产生时支销。于：•所转让代价，•被收购实体的任何非控股权益金额，及•被收购实体的任何先前股权于收购日期的公平值超过所收购可识别资产净值的公平值部分入账列作商誉。倘该等金额低于所收购业务的可识别资产净值的公平值，则差额将直接于损益中确认为议价购买收益。如现金代价任何部分的结算被延期，则未来应付金额将按交换日的现值贴现。所用贴现率为实体的增量借款利率，即可资比较条款及条件下独立融资人可获得类似借贷的利率。或然代价分类为权益或金融负债。分类为金融负债的金额随后按公平值重新计量，公平值变动计入损益。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.4 Business combinations(continued)(b) Business combination not under common control(continued)Identifiable assets acquired and liabilities and contingent liabilitiesassumed in a business combination are, with limited exceptions,measured initially at their fair values at the acquisition date. TheGroup recognises any non-controlling interest in the acquiredentity on an acquisition-by-acquisition basis either at fair value or atthe non- controlling interest’s proportionate share of the acquiredentity’s net identifiable assets.Acquisition-related costs are expensed as incurred.The excess of the:• consideration transferred,• amount of any non-controlling interest in the acquired entity,and• acquisition-date fair value of any previous equity interest in theacquired entityover the fair value of the net identifiable assets acquired is recordedas goodwill. If those amounts are less than the fair value of thenet identifiable assets of the business acquired, the difference isrecognised directly in profit or loss as a gain on bargain purchase.Where settlement of any part of cash consideration is deferred, theamounts payable in the future are discounted to their present valueas at the date of exchange. The discount rate used is the entity’sincremental borrowing rate, being the rate at which a similarborrowing could be obtained from an independent financier undercomparable terms and conditions. Contingent consideration isclassified either as equity or a financial liability. Amounts classifiedas a financial liability are subsequently remeasured to fair value withchanges in fair value recognised in profit or loss.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司156NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.4业务合并（续）(b)非共同控制下的业务合并（续）如业务合并分阶段进行，收购方之前在被收购方持有的权益于收购日期的账面值，按收购日期的公平值重新计量。重新计量产生的任何盈亏在损益中确认。2.5独立财务报表于附属公司之投资按成本扣除减值入账。成本包括投资的直接应占成本。附属公司的业绩在本集团账目内按已收股息及应收款项入账。倘自附属公司就有关投资所收取的股息超出宣派股息期间该附属公司的全面收益总额，或倘独立财务报表的投资账面值超出财务资料所示被投资方之资产净值（包括商誉）账面值，则须对该等附属公司的投资进行减值测试。2.6分部报告经营分部的呈报方式与提供予主要经营决策者（「主要经营决策者」）的内部报告的方式一致。主要经营决策者（负责分配资源及评估经营分部的表现）已被确认为本集团执行董事。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.4 Business combinations(continued)(b) Business combination not under common control(continued)If the business combination is achieved in stages, the acquisitiondate carrying value of the acquirer’s previously held equity interestin the acquiree is remeasured to fair value at the acquisitiondate. Any gains or losses arising from such remeasurement arerecognised in profit or loss.2.5 Separate financial statementsInvestments in subsidiaries are accounted for at cost less impairment.Cost includes direct attributable costs of investment. The results ofsubsidiaries are accounted for by the Group on the basis of dividendreceived and receivables.Impairment testing of the investments in subsidiaries is required uponreceiving a dividend from these investments if the dividend exceeds thetotal comprehensive income of the subsidiary in the period the dividendis declared or if the carrying amount of the investment in the separatefinancial statements exceeds the carrying amount in the financialinformation of the investee’s net assets including goodwill.2.6 Segment reportingOperating segments are reported in a manner consistent with theinternal reporting provided to the chief operating decision-makers(“CODM”). The CODM, who is responsible for allocating resources andassessing performance of the operating segments, has been identifiedas executive director of the Group.
二零二零年年报ANNUAL REPORT 2020157NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.7外币换算(i)功能及呈列货币本集团各实体的财务报表中所列的项目均以实体营运所在的主要经济环境的货币计量（「功能货币」）。本公司的功能货币为美元（「美元」）及中国境外公司的功能货币为美元、港元（「港元」）或韩圜（「韩圜」）。综合财务资料以人民币（「人民币」）呈列，人民币为本公司及本集团之呈列货币。(ii)交易及结余以外币进行的交易采用交易日期的汇率换算为功能货币。结算该等交易产生的外汇盈亏，及以外币计值的货币性资产及负债以年末的汇率换算所产生的外汇盈亏一般于损益中确认。如该等外汇盈亏与合资格现金流量对冲及合资格净投资对冲有关，或归因于境外业务的部分净投资，则将其于权益中递延。与借款有关的外汇盈亏于综合损益及其他全面收益表内「财务开支－净额」呈列。所有其他外汇盈亏则于综合损益及其他全面收益表内「其他收益╱（亏损）－净额」呈列。以外币为单位按公平值计量之非货币性项目，按照确定公平值当日之汇率换算。按公平值列账的资产及负债之换算差额呈报为公平值盈亏之一部分。例如非货币性资产及负债（如按公平值计入损益的权益）的换算差额在损益中确认为公平值盈亏的一部分。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.7 Foreign currency translation(i) Functional and presentation currencyItems included in the financial statements of each of the Group’sentities are measured using the currency of the primary economicenvironment in which the entity operates (“the functionalcurrency”). The functional currency of the Company is UnitedStates Dollars (“USD”) and the functional currency of the companiesoutside of PRC is USD, Hong Kong Dollars (“HKD”) or South KoreaWon (“KRW”). The consolidated financial information is presented inRenminbi (“RMB”), which is the Company’s and Group’s presentationcurrency.(ii) Transactions and balancesForeign currency transactions are translated into the functionalcurrency using the exchange rates at the dates of the transactions.Foreign exchange gains and losses resulting from the settlement ofsuch transactions and from the translation of monetary assets andliabilities denominated in foreign currencies at year end exchangerates are generally recognised in profit or loss. They are deferred inequity if they relate to qualifying cash flow hedges and qualifyingnet investment hedges or are attributable to part of the netinvestment in a foreign operation.Foreign exchange gains and losses that relate to borrowings arepresented in the consolidated statement of profit or loss andother comprehensive income within“finance expenses – net”.All other foreign exchange gains and losses are presented in theconsolidated statement of profit or loss and other comprehensiveincome within“Other gains/(losses)-net”.Non-monetary items that are measured at fair value in a foreigncurrency are translated using the exchange rates at the date whenthe fair value was determined. Translation differences on assets andliabilities carried at fair value are reported as part of the fair valuegain or loss. For example, translation differences on non-monetaryassets and liabilities such as equities held at fair value through profitor loss are recognised in profit or loss as part of the fair value gainor loss.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司158NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.7外币换算（续）(iii)集团公司功能货币与呈列货币不同的海外业务（均非超高通胀地区之货币）的业绩及财务状况按以下方式换算为呈列货币：•各资产负债表所呈列之资产及负债按结算日的收市汇率换算•各全面收益表之收入及开支按平均汇率换算（除非此数值并非该等交易日期适用汇率累计影响的合理约数，否则收入及开支将于交易日期换算），及•产生的所有汇兑差额将于其他全面收益内确认。于综合入账时，换算海外实体任何净投资以及借款及指定作该等投资之对冲的其他金融工具所产生的汇兑差额均于其他全面收益确认。当出售海外业务或偿还构成该净投资部分的任何借款，相关的汇兑差额重新分类至损益，作为出售收益或亏损的一部分。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.7 Foreign currency translation(continued)(iii) Group companiesThe results and financial position of foreign operations (none ofwhich has the currency of a hyperinflationary economy) that havea functional currency different from the presentation currency aretranslated into the presentation currency as follows:• assets and liabilities for each balance sheet presented aretranslated at the closing rate at the date of that balance sheet• income and expenses for each statement of comprehensiveincome are translated at average exchange rates (unless this isnot a reasonable approximation of the cumulative effect of therates prevailing on the transaction dates, in which case incomeand expenses are translated at the dates of the transactions),and• all resulting exchange differences are recognised in othercomprehensive income.On consolidation, exchange differences arising from the translationof any net investment in foreign entities, and of borrowingsand other financial instruments designated as hedges of suchinvestments, are recognised in other comprehensive income. Whena foreign operation is sold or any borrowings forming part of thenet investment are repaid, the associated exchange differences arereclassified to profit or loss, as part of the gain or loss on sale.
二零二零年年报ANNUAL REPORT 2020159NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.8物业、厂房及设备物业、厂房及设备（在建工程除外）乃按历史成本减累计折旧及减值列账。历史成本包括收购项目的直接应占支出。后续成本仅在项目的相关未来经济利益很可能流入本集团，且项目的成本能可靠计量之情况下，方计入有关资产之账面值或确认为独立资产（如适用）。替换零件的账面值不予确认。所有其他维修及保养费在其产生的财政期间自综合损益及其他全面收益表扣除。物业、厂房及设备以直线法按以下估计可使用年期分配成本（扣除剩余价值）计算折旧：机器人商店售货机5年模具1.5至3年设备及其他5年租赁装修余下租期或可使用年期，以较短者为准资产的剩余价值及可使用年期于各结算日均会进行检讨，并在适当情况下作出调整。倘资产账面值高于其估计可收回金额，则会立即将该资产的账面值撇减至其可收回金额。出售的收益及亏损透过将所得款项与账面值比较而厘定，并于综合损益及其他全面收益表「其他收益╱（亏损）－净额」内确认。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.8 Property, plant and equipmentProperty, plant and equipment, other than construction in progress, arestated at historical cost less accumulated depreciation and impairment.Historical cost includes expenditures that are directly attributable to theacquisition of the items.Subsequent costs are included in the asset’s carrying amount orrecognised as a separate asset, as appropriate, only when it is probablethat future economic benefits associated with the item will flow to theGroup and the cost of the item can be measured reliably. The carryingamount of the replaced part is derecognised. All other repairs andmaintenance are charged in the consolidated statement of profit or lossand other comprehensive income during the financial period in whichthey are incurred.Depreciation on property, plant and equipment is calculated using thestraight-line method to allocate their cost, net of their residual values,over their estimated useful lives, as follows:Roboshop machines5 yearsMoulds1.5-3 yearsEquipment and others5 yearsLeasehold improvementShorter of remaining lease term or useful lifeThe assets’residual values and useful lives are reviewed, and adjusted ifappropriate, at each balance sheet date.An asset’s carrying amount is written down immediately to itsrecoverable amount if the asset’s carrying amount is greater than itsestimated recoverable amount.Gains and losses on disposals are determined by comparing theproceeds with the carrying amount and are recognised within“Othergains/(losses)-net”in the consolidated statement of profit or loss andother comprehensive income.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司160NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.9无形资产(i)商誉商誉按附注2.4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。(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。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.9 Intangible assets(i) GoodwillGoodwill is measured as described in note 2.4. Goodwill onacquisitions of subsidiaries is included in intangible assets.Goodwill is not amortised but it is tested for impairment annually,or more frequently if events or changes in circumstances indicatethat it might be impaired and is carried at cost less accumulatedimpairment losses. Gains and losses on the disposal of an entityinclude the carrying amount of goodwill relating to the entity sold.Goodwill is allocated to cash-generating units for the purpose ofimpairment testing. The allocation is made to those cash-generatingunits or groups of cash-generating units that are expected tobenefit from the business combination in which the goodwill arose.The units or groups of units are identified at the lowest level atwhich goodwill is monitored for internal management purposes,being the operating segments.(ii) SoftwareAcquired software are capitalised on the basis of the costs incurredto acquire and bring to use the specific software.(iii) Intellectual property rights (“IP Rights”)Acquired IP rights are capitalised on the basis of the costs incurredto acquire. They have a finite useful life and are subsequentlycarried at cost less accumulated amortisation and impairmentlosses. Variable payments in relation to purchase of IP rights thatdepend on sales are recognised in profit or loss in the period inwhich the condition that triggers those payments occurs.
二零二零年年报ANNUAL REPORT 2020161NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.9无形资产（续）(iv)特许知识产权（「授权IP」）特许权按历史成本减累计摊销及累计减值亏损列账。特许权的历史成本按各特许权购买日期的固定最低付款的现值计量。与特许权有关且视乎销量而定的可变付款于触发该等付款的条件发生期间于损益确认。(v)研发成本研究成本于产生期间在损益中确认。仅当满足以下所有条件时，开发成本方予以资本化：•完成该软件使其可供使用在技术上可行•管理层有意完成该软件并使用或出售该软件•有能力使用或出售该软件•能证明该软件如何产生可能出现的未来经济利益•有足够的技术、财务及其他资源完成开发并可使用或出售该软件，及•该软件在开发期内应占支出能可靠地计量。不符合该等标准的其他开发成本于产生时支销。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.9 Intangible assets(continued)(iv) Licensed intellectual properties (“Licensed IPs”)License rights are stated at historical cost less accumulatedamortisation and accumulated impairment losses. The historicalcosts of license rights are measured at the present values of thefixed minimum payments at the date of purchase of the respectivelicense rights. Variable payments in relation to license rights thatdepend on sales are recognised in profit or loss in the period inwhich the condition that triggers those payments occurs.(v) Research and development costsResearch cost is recognised in profit or loss in the period in whichit is incurred. Development cost is capitalised only if all of thefollowing conditions are satisfied:• it is technically feasible to complete the software so that it willbe available for use• management intends to complete the software and use or sellit• there is an ability to use or sell the software• it can be demonstrated how the software will generateprobable future economic benefits• adequate technical, financial and other resources to completethe development and to use or sell the software are available,and• the expenditure attributable to the software during itsdevelopment can be reliably measured.Other development costs that do not meet those criteria areexpensed as incurred.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司162NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.9无形资产（续）(vi)摊销方法及期间本集团采用直线法将可使用年期有限的无形资产按以下期间摊销：软件5年IP产权10年授权IP2至10年本集团根据IP产权及授权IP可为本集团带来经济效益的估计年期估计该等资产的可使用年期。本集团估计主要IP的预期生命周期将超过十年。在与各项收购的IP产权有关的权利当中，商标的有效期为十年且于届满后可予重续，而各IP的专利自申请日期起计十年内有效。就收购的IP产权而言，可使用年期按IP的预期生命周期及十年（即IP产权的主要权利的有效期）中的较短者厘定。就授权IP而言，可使用年期按IP的预期生命周期及各授权协议的合约年期中的较短者厘定（附注4(b)）。2.10非金融资产减值可使用年期无限的无形资产不予摊销，并每年进行减值测试，或当有事件发生或情况变化显示其可能已减值时进行更频密减值测试。倘因事件发生或情况变化显示其他资产的账面值可能无法收回，则对其进行减值测试。减值亏损按资产账面值超过其可收回金额之部分予以确认。可收回金额为资产公平值减出售成本与使用价值两者中的较高者。就减值评估而言，资产按可单独识别现金流入（大体独立于其他资产或资产组别（现金产生单位）产生的现金流入）产生的最低水平予以分组。遭受减值的非金融资产（不包括商誉）于各报告期末检讨拨回减值的可能性。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.9 Intangible assets(continued)(vi) Amortisation methods and periodsThe Group amortises intangible assets with a limited useful lifeusing the straight-line method over the following periods:Software5 yearsIP rights10 yearsLicensed IPs2-10 yearsThe Group estimates the useful life of the IP rights and Licensed IPsbased on the estimated period during which such assets can bringeconomic benefit to the Group. The Group estimates the expectedlifecycle of major IPs will be more than 10 years. Among the rightsrelating to each of the acquired IP rights, trademark has a term ofvalidity of 10 years and is subject to renewal after its expiration,and patents for each IP are valid for 10 years from the date ofapplication. For acquired IP rights, the useful lives are determinedbased on the shorter of the expected lifecycle of the IPs, and 10years, being the term of validity of the major rights of the IP rights.For licensed IPs, the useful lives are determined based on shorterof the expected lifecycle of the IPs, and contractual term of therespective license agreements (Note 4(b)).2.10Impairment of non-financial assetsIntangible assets that have an indefinite useful life are not subject toamortisation and are tested annually for impairment, or more frequentlyif events or changes in circumstances indicate that they might beimpaired. Other assets are tested for impairment whenever events orchanges in circumstances indicate that the carrying amount may notbe recoverable. An impairment loss is recognised for the amount bywhich the asset’s carrying amount exceeds its recoverable amount. Therecoverable amount is the higher of an asset’s fair value less costs ofdisposal and value in use. For the purposes of assessing impairment,assets are grouped at the lowest levels for which there are separatelyidentifiable cash inflows which are largely independent of the cashinflows from other assets or groups of assets (cash-generating units).Non-financial assets other than goodwill that suffered an impairmentare reviewed for possible reversal of the impairment at the end of eachreporting period.
二零二零年年报ANNUAL REPORT 2020163NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.11投资及其他金融资产(a)分类本集团将其金融资产分类为以下计量类别：•其后按公平值（计入其他全面收益（「其他全面收益」）或损益）计量，及•按摊销成本计量。该分类取决于本集团管理金融资产的业务模式及现金流量的合约条款。对于以公平值计量的资产，其收益及亏损将计入损益或其他全面收益。对于非持作买卖的权益工具投资，其将取决于本集团于初步确认时是否作出不可撤销的选择，以将权益投资按公平值计入其他全面收益（「按公平值计入其他全面收益」）入账。本集团在及仅在其管理该等资产的业务模式发生变化时方将债务投资重新分类。(b)确认及终止确认常规买卖的金融资产于交易日期（即本集团承诺买卖该资产的日期）确认。当收取来自金融资产的现金流量的权利已届满或转让，且本集团已转移拥有权的绝大部分风险及回报时，金融资产即会终止确认。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.11Investments and other financial assets(a) ClassificationThe Group classifies its financial assets in the followingmeasurement categories:• those to be measured subsequently at fair value (eitherthrough other comprehensive income (“OCI”), or through profitor loss), and• those to be measured at amortised cost.The classification depends on the Group’s business model formanaging the financial assets and the contractual terms of the cashflows.For assets measured at fair value, gains and losses will eitherbe recorded in profit or loss or OCI. For investments in equityinstruments that are not held for trading, this will depend onwhether the Group has made an irrevocable election at the time ofinitial recognition to account for the equity investment at fair valuethrough other comprehensive income (“FVOCI”).The Group reclassifies debt investments when and only when itsbusiness model for managing those assets changes.(b) Recognition and derecognitionRegular way purchases and sales of financial assets are recognisedon trade-date, the date on which the Group commits to purchaseor sell the asset. Financial assets are derecognised when the rightsto receive cash flows from the financial assets have expired or havebeen transferred and the Group has transferred substantially all therisks and rewards of ownership.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司164NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.11投资及其他金融资产（续）(c)计量于初步确认时，本集团按金融资产的公平值加（就并非按公平值计入损益的金融资产而言）收购金融资产直接应占的交易成本计量金融资产。按公平值计入损益（「按公平值计入损益」）的金融资产的交易成本于损益内支销。当厘定具有嵌入式衍生工具的金融资产的现金流量是否仅为支付本金及利息时，需从其整体进行考虑。债务工具债务工具的后续计量取决于本集团管理资产的业务模式及资产的现金流量特性。本集团将其债务工具分类为以下两个计量类别：•摊销成本：为收回仅作为支付本金及利息的合约现金流量而持有的资产按摊销成本计量。其后按摊销成本计量且不属对冲关系一部分的债务投资之收益或亏损，会于资产终止确认或出现减值时于综合损益及其他全面收益表确认。该等金融资产的利息收入使用实际利率法计入利息收入。减值亏损于综合损益及其他全面收益表呈列为单独项目。•按公平值计入损益：未达摊销成本标准的资产或按公平值计入其他全面收益的金融资产乃按公平值计入损益计量。其后按公平值计入损益计量且不属对冲关系一部分的债务投资之收益或亏损于损益内确认，并于产生期间在综合损益及其他全面收益表内「其他收益╱（亏损）－净额」列报净额。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.11Investments and other financial assets(continued)(c) MeasurementAt initial recognition, the Group measures a financial asset at its fairvalue plus, in the case of a financial asset not at fair value throughprofit or loss, transaction costs that are directly attributable to theacquisition of the financial asset. Transaction costs of financial assetscarried at fair value through profit or loss (“FVPL”) are expensed inprofit or loss.Financial assets with embedded derivatives are considered in theirentirety when determining whether their cash flows are solelypayment of principal and interest.Debt instrumentsSubsequent measurement of debt instruments depends on theGroup’s business model for managing the asset and the cash flowcharacteristics of the asset. There are two measurement categoriesinto which the Group classifies its debt instruments:• Amortised cost: Assets that are held for collection ofcontractual cash flows where those cash flows represent solelypayments of principal and interest are measured at amortisedcost. A gain or loss on a debt investment that is subsequentlymeasured at amortised cost and is not part of a hedgingrelationship is recognised in the consolidated statement ofprofit of loss and other comprehensive income when theasset is derecognised or impaired. Interest income fromthese financial assets is included in interest income using theeffective interest rate method. Impairment losses are presentedas separate line item in consolidated statement of profit or lossand other comprehensive income.• Fair value through profit or loss: Assets that do not meetthe criteria for amortised cost or financial assets at fair valuethrough other comprehensive income are measured at fairvalue through profit or loss. A gain or loss on a debt investmentthat is subsequently measured at fair value through profit orloss and is not part of a hedging relationship is recognised inprofit or loss and presented net in the consolidated statementof profit of loss and other comprehensive income within“Othergains/(losses)-net”in the period in which it arises.
二零二零年年报ANNUAL REPORT 2020165NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.11投资及其他金融资产（续）(c)计量（续）权益工具本集团以公平值对所有权益工具进行后续计量。倘本集团管理层选择于其他全面收益呈列权益工具的公平值收益及亏损，则当终止确认该项投资后，不会将公平值收益及亏损其后重新分类至损益。当本集团收取股息派付的权利确立时，该等投资的股息继续于损益中确认为其他收益净额。按公平值计入损益的金融资产的公平值变动于综合损益及其他全面收益表的「其他收益╱（亏损）－净额」确认（倘适用）。对于按公平值计入其他全面收益计量的权益投资，其减值亏损（以及减值亏损拨回）不会与其他公平值变动分别列报。(d)减值本集团按前瞻性基准评估与其以摊销成本列账的债务工具相关的预期信贷亏损。所应用的减值方法取决于信贷风险是否显著增加。对于贸易应收款项，本集团应用国际财务报告准则第9号允许的简化方法，该方法要求于初始确认应收款项时确认预期全期亏损（详情请参阅附注3.1(b)）。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.11Investments and other financial assets(continued)(c) Measurement(continued)Equity instrumentsThe Group subsequently measures all equity instruments at fairvalue. Where the Group’s management has elected to present fairvalue gains and losses on equity instruments in OCI, there is nosubsequent reclassification of fair value gains and losses to profitor loss following the derecognition of the investment. Dividendsfrom such investments continue to be recognised in profit or lossas other gains, net when the Group’s right to receive payments isestablished.Changes in the fair value of financial assets at FVPL are recognisedin“Other gains/(losses)-net”in consolidated statement of profit orloss and other comprehensive income as applicable. Impairmentlosses (and reversal of impairment losses) on equity investmentsmeasured at FVOCI are not reported separately from other changesin fair value.(d) ImpairmentThe Group assesses on a forward looking basis the expected creditlosses associated with its debt instruments carried at amortisedcost. The impairment methodology applied depends on whetherthere has been a significant increase in credit risk.For trade receivables, the Group applies the simplified approachpermitted by IFRS 9, which requires expected lifetime losses to berecognised from initial recognition of the receivables, see Note3.1(b) for details.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司166NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.12抵销金融工具当有合法可强制执行权利抵销已确认金额，并有意按净额基准结算或同时变现资产和结算负债时，金融资产与负债可互相抵销，并在资产负债表呈报其净额。合法可强制执行权利不得依赖未来事件而定，而在一般业务过程中以及倘本集团或对手方一旦出现违约、无偿债能力或破产时，其必须为可强制执行。2.13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。2.14贸易应收款项贸易应收款项为在日常业务过程中就所售商品或所提供服务而应收客户的款项。如贸易及其他应收款项预期在一年或以内（如仍在正常业务经营周期中，则可更长时间）收回，其被分类为流动资产，否则分类为非流动资产。贸易应收款项初步按有关无条件代价金额确认，但当其包含重大融资部分时，则按公平值确认。本集团持有贸易应收款项之目的为收取合约现金流量，因此其后对其采用实际利率法按摊销成本计量。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.12Offsetting financial instrumentsFinancial assets and liabilities are offset and the net amount reported inthe balance sheet when there is a legally enforceable right to offset therecognised amounts and there is an intention to settle on a net basisor realise the asset and settle the liability simultaneously. The legallyenforceable right must not be contingent on future events and must beenforceable in the normal course of business and in the event of default,insolvency or bankruptcy of the Group or the counterparty.2.13InventoriesInventories are stated at the lower of cost and net realisable value. Costis determined using the weighted average method. Costs of purchasedinventory are determined after deducting rebates and discounts. Itexcludes borrowing costs. Net realisable value is the estimated sellingprice in the ordinary course of business less the estimated costs ofcompletion and the estimated costs necessary to make the sale.2.14Trade receivablesTrade receivables are amounts due from customers for goods sold orservices performed in the ordinary course of business. If collection oftrade and other receivables is expected in one year or less (or in thenormal operating cycle of the business if longer), they are classified ascurrent assets. If not, they are presented as non-current assets.Trade receivables are recognised initially at the amount of considerationthat is unconditional unless they contain significant financingcomponents, when they are recognised at fair value. The Group holdsthe trade receivables with the objective to collect the contractual cashflows and therefore measures them subsequently at amortised costusing the effective interest method.
二零二零年年报ANNUAL REPORT 2020167NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.15现金及现金等价物于综合现金流量表中，现金及现金等价物包括手头现金、银行活期存款及其他原到期日为三个月或以内的高流动性短期投资。2.16股本及就股份奖励计划持有的股份普通股分类为权益。发行新股份直接应占增量成本在权益内列为所得款项（除税后）的扣减。就股份奖励计划持有的股份披露于「就股份奖励计划持有的股份」，且自权益扣除，直至股份归属或注销为止。2.17贸易应付款项该等金额指于财政年度结束前向本集团提供商品及服务的未支付负债。有关金额乃无抵押及通常于确认后180天内支付。贸易应付款项呈列为流动负债，除非付款于报告期后12个月内并无到期。贸易应付款项初步按公平值确认，其后采用实际利率法按摊销成本计量。2.18合约负债本集团于商品的控制权被转移或服务获提供前已收到客户的代价时，会确认合约负债。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.15Cash 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.2.16Share capital and shares held for share award schemeOrdinary shares are classified as equity.Incremental costs directly attributable to the issuance of new shares areshown in equity as a deduction, net of tax, from the proceeds.Shares held for the share award scheme are disclosed as“Shares heldfor Share Award Scheme”and deducted from equity until the shares arevested or cancelled.2.17Trade payablesThese amounts represent liabilities for goods and services providedto the Group prior to the end of financial year which are unpaid.The amounts are unsecured and are usually paid within 180 days ofrecognition. Trade payables are presented as current liabilities unlesspayment is not due within 12 months after the reporting period. Theyare recognised initially at their fair value and subsequently measured atamortised cost using the effective interest method.2.18Contract liabilitiesA contract liability is recognised when the Group has receivedconsiderations from the customers before the control of the goodstransferred or the services rendered.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司168NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.19可转换可赎回优先股本公司发行的优先股在若干未来事件发生时可予赎回。该等工具亦附带转换选择权。本公司发行的可转换可赎回优先股的详情载于附注32。本集团将可转换可赎回优先股指定为按公平值计入损益的金融负债。该等股份初步按公平值确认。任何直接应占交易成本于综合损益及其他全面收益表中按财务成本确认。与本公司自身信贷风险有关的公平值变动部分于其他全面收益确认。与信贷风险有关计入其他全面收益的款项毋须循环计入损益，惟须于变现时转入保留盈利。与市场风险有关的公平值变动于损益确认。除非持有人可要求本公司于报告期末后12个月内赎回可转换可赎回优先股，否则可转换可赎回优先股分类为非流动负债。2.20即期及递延所得税期内所得税开支或抵免指就本期间应课税收入按各司法权区适用所得税税率应付的税项，并就暂时性差额及未动用税项亏损应占递延税项资产及负债变动作出调整。(a)即期所得税即期所得税支出根据本集团及其附属公司业务经营及产生应课税收入的所在国家于结算日已颁布或实质上已颁布的税务法例计算。管理层就适用税务法例诠释所规限的情况定期评估报税状况，并在适用情况下根据预期须向税务机关支付的税款作出拨备。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.19Convertible Redeemable preferred sharesPreferred shares issued by the Company are redeemable uponoccurrence of certain future events. These instruments are also attachedwith a conversion option. Details of the convertible redeemablepreferred shares issued by the Company are given in Note 32.The Group designated the convertible redeemable preferred shares asfinancial liabilities at FVPL. They are initially recognised at fair value. Anydirectly attributable transaction costs are recognised at finance costs inthe consolidated statement of profit or loss and other comprehensiveincome. The component of fair value changes relating to the Company’sown credit risk is recognised in OCI. Amounts recorded in OCI related tocredit risk are not subject to recycling in profit or loss but are transferredto retained earnings when realised. Fair value changes relating to marketrisk are recognised in profit or loss.Convertible redeemable preferred shares are classified as non-currentliabilities unless the holders can demand the Company to redeem theconvertible redeemable preferred shares within 12 months after the endof the reporting period.2.20Current and deferred income taxThe income tax expense or credit for the period is the tax payable onthe current period’s taxable income, based on the applicable income taxrate for each jurisdiction, adjusted by changes in deferred tax assets andliabilities attributable to temporary differences and to unused tax losses.(a) Current income taxThe current income tax charge is calculated on the basis of thetax laws enacted or substantively enacted at the balance sheetdate in the countries where the Group and its subsidiaries operateand generate taxable income. Management periodically evaluatespositions taken in tax returns with respect to situations in whichapplicable tax regulation is subject to interpretation. It establishesprovisions where appropriate on the basis of amounts expected tobe paid to the tax authorities.
二零二零年年报ANNUAL REPORT 2020169NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.20即期及递延所得税（续）(b)递延所得税递延所得税按资产及负债的税基与其在综合财务报表中的账面值之间产生的暂时性差额采用负债法悉数计提拨备。然而，若递延税项负债来自初步确认商誉，则不予确认。若递延所得税来自在交易（不包括业务合并）中对资产或负债的初步确认，而在交易时不影响会计或应课税损益，则亦不予以入账。递延所得税采用在报告期末前已颁布或实质上已颁布，并在有关递延所得税资产变现或递延所得税负债结算时预期将会应用的税率（及法例）而厘定。递延税项资产仅于未来可能取得应课税款项而可动用该等暂时性差额及亏损时方会确认。倘本集团可控制暂时性差额的拨回时间及很有可能在可预见未来不会拨回有关差额的情况下，则不会就于境外业务投资的账面值与税基之间的暂时性差额确认递延税项负债及资产。当存在合法可强制执行权利以抵销即期税项资产及负债以及当递延税项结余与同一税务机关有关连时，会抵销递延税项资产及负债。倘有关实体拥有合法可强制执行权利以抵销且有意按净额基准进行结算或同时变现资产及结算负债，则抵销即期税项资产及税项负债。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.20Current and deferred income tax(continued)(b) Deferred income taxDeferred income tax is provided in full, using the liability method,on temporary differences arising between the tax bases of assetsand liabilities and their carrying amounts in the consolidatedfinancial statements. However, deferred tax liabilities are notrecognised if they arise from the initial recognition of goodwill.Deferred income tax is also not accounted for if it arises from initialrecognition of an asset or liability in a transaction other than abusiness combination that at the time of the transaction affectsneither accounting nor taxable profit or loss. Deferred income taxis determined using tax rates (and laws) that have been enacted orsubstantively enacted by the end of the reporting period and areexpected to apply when the related deferred income tax asset isrealised or the deferred income tax liability is settled.Deferred tax assets are recognised only if it is probable that futuretaxable amounts will be available to utilise those temporarydifferences and losses.Deferred tax liabilities and assets are not recognised for temporarydifferences between the carrying amount and tax bases ofinvestments in foreign operations where the Group is able tocontrol the timing of the reversal of the temporary differences andit is probable that the differences will not reverse in the foreseeablefuture.Deferred tax assets and liabilities are offset when there is a legallyenforceable right to offset current tax assets and liabilities andwhen the deferred tax balances relate to the same taxationauthority. Current tax assets and tax liabilities are offset where theentity has a legally enforceable right to offset and intends either tosettle on a net basis, or to realise the asset and settle the liabilitysimultaneously.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司170NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.20即期及递延所得税（续）(b)递延所得税（续）即期及递延税项于损益内确认，惟以与于其他全面收益或直接于权益内确认的项目相关者为限。就此而言，税项亦分别于其他全面收益或直接于权益内确认。2.21雇员福利(a)短期责任预期在雇员提供相关服务的期末后12个月内悉数清算的工资及薪金负债于截至报告期末就雇员服务予以确认，并按结算有关负债之预期所支付金额计量。负债于资产负债表内呈列为即期雇员福利责任。(b)养老保险、住房公积金、医疗保险及其他社会保险根据中国的规则及法规，本集团已安排中国雇员参与中国政府认可的界定供款计划，包括养老、医疗、住房及其他福利。根据有关规例，每月供款应由本公司的中国附属公司承担，并按雇员总薪金的百分比计算，但设有若干上限。该等计划的资产与本集团的资产分开，由中国政府管理的独立基金持有。本集团于支付上述供款后不再承担付款责任。本集团对上述计划的供款于产生时自综合损益及其他全面收益表扣除。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.20Current and deferred income tax(continued)(b) Deferred income tax(continued)Current and deferred tax is recognised in profit or loss, except to theextent that it relates to items recognised in other comprehensiveincome or directly in equity. In this case, the tax is also recognisedin other comprehensive income or directly in equity, respectively.2.21Employee benefits(a) Short-term obligationsLiabilities for wages and salaries that are expected to be settledwholly within 12 months after the end of the period in which theemployees render the related service are recognised in respect ofemployees’services up to the end of the reporting period and aremeasured at the amounts expected to be paid when the liabilitiesare settled. The liabilities are presented as current employee benefitobligations in the balance sheet.(b) Pension, housing funds, medical insurances and other socialinsurancesIn accordance with the rules and regulations in the PRC, the Grouphas arranged for its PRC employees to join defined contributionplans, including pension, medical, housing and other welfarebenefits, recognised by the PRC government. According to therelevant regulations, the monthly contributions that should beborne by the PRC subsidiaries of the Company are calculated basedon percentages of the total salary of employees, subject to a certainceiling. The assets of these plans are held separately from those ofthe Group in independent funds managed by the PRC government.The Group has no further payment obligations once the abovecontributions have been paid. The Group’s contributions to theseplans are charged in the consolidated statement of profit or lossand other comprehensive income as incurred.
二零二零年年报ANNUAL REPORT 2020171NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.22以股份为基础的付款通过股份奖励计划将向雇员提供以股份为基础的报酬福利。有关计划的资料载于附注27。用以交换所授限制性股份而获得的服务的公平值确认为开支。将支销的总额乃参考于授出日期所授限制性股份的公平值厘定，包括任何市场表现条件，不包括任何服务及非市场表现归属条件的影响，以及包括任何非归属条件（倘适用）。所支销的总额于所有规定的归属条件均达成的归属期间确认。于各报告期末，本集团根据非市场归属条件修订其预期归属的股份数目的估计，其于综合损益及其他全面收益表确认修订原先估计的影响（如有），并对权益作出相应调整。当股份获行使时，所收取的所得款项于扣除任何直接应占交易成本后计入股本（面值）及股份溢价。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.22Share-based paymentsShare-based compensation benefits are provided to employees viashare award scheme. Information relating to the schemes is set outin Note 27. The fair value of the services received in exchange for thegrant of the restricted shares is recognised as an expense. The totalamount to be expensed is determined by reference to the fair valueof the restricted shares granted as at grant date, including any marketperformance conditions, excluding the impacts of any service andnon-market performance vesting conditions as well as including anynon-vesting conditions, when applicable. The total amount expensed isrecognised over the vesting period, which is the period over which all ofthe specified vesting conditions are to be satisfied.At the end of each reporting period, the Group revises its estimates ofthe number of shares that are expected to vest based on the non-marketvesting conditions. It recognises the impact of the revision of originalestimates, if any, in the consolidated statement of profit or loss andother comprehensive income with a corresponding adjustment toequity.The proceeds received net of any directly attributable transaction costsare credited to share capital (nominal value) and share premium whenthe shares are exercised.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司172NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.23收益确认收益按已收或应收代价的公平值计量，表示就所提供商品或服务的应收款项，并于扣除折扣及相关营业税或增值税后列账。(a)商品销售－零售店销售及机器人商店销售本集团经营连锁零售店及机器人商店售货机以销售潮流玩具。当产品的控制权已转移至客户时确认商品销售收益。销售予终端客户的产品并无退货权。零售销售通常以现金、信用╱借记卡或通过在线支付平台结算。尽管大部分机器人商店售货机由本集团直接运营，若干机器人商店售货机乃由第三方机器人商店合作伙伴运营，在此情况下，本集团授权机器人商店合作伙伴运营机器人商店售货机以销售潮流玩具，为期两年。由于机器人商店合作伙伴并非主要负责履行承诺以向客户提供潮流玩具，并不承受存货风险及并无定价自主权，因此机器人商店合作伙伴在交易中担任本集团代理而非主事人。因此，机器人商店合作伙伴在商品被转让予客户前并无取得商品的控制权。收益于产品的控制权被转让予客户时确认，而支付予机器人商店合作伙伴的佣金则于「经销及销售开支」扣除。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.23Revenue recognitionRevenue is measured at the fair value of the consideration received orreceivable, and represents amounts receivables for goods supplied orserviced provided, stated net of discounts and the relevant businesstaxes or value added taxes.(a) Sale of goods – retail store sales and roboshop salesThe Group operates a chain of retail stores and roboshop machinesfor selling pop toys. Revenue from sales of goods are recognisedwhen the control of the product has transferred to the customer.There was no right of return for the sales to the end customer.Retail sales are usually settled in cash, by credit/debit cards orthrough online payment platforms.Despite that a majority of roboshop machines are directly operatedby the Group, certain roboshop machines are operated by thirdparty roboshop partners where the Group grants roboshop partnersthe right to operate roboshop machines for selling pop toys fora period of two years. Roboshop partner acts as an agent of theGroup rather than the principal in the transaction since roboshoppartner is not primarily responsible for fulfilling the promise toprovide the pop toys to the customers, does not take inventory riskand has no pricing latitude. Hence roboshop partners do not obtainthe control of goods before they are transferred to the customer.Revenue is recognised when control of the products has transferredto the customer, and the commissions to roboshop partners ischarged to“distribution and selling expenses”.
二零二零年年报ANNUAL REPORT 2020173NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.23收益确认（续）(b)商品销售－线上销售潮流玩具亦通过自营在线平台或其他第三方电商平台出售，而收益于产品的控制权已转移至客户时（即客户接纳产品时）确认。该等销售的收益乃根据价格（扣除销售时的估计销售折扣）确认。交易以现金、信用╱借记卡或通过在线支付平台结算。第三方电商平台的佣金为获得合约的增量成本。本集团以实际权宜法将预期摊销期限为一年或以下的佣金在产生时支销。(c)商品销售－客户忠诚度计划本集团实行一项忠诚度计划，据此零售及在线客户通过积累购物积分，可在未来购物时享受折扣。奖励积分的合约责任于销售时确认。奖励积分被兑换或到期时，将确认奖励积分的收益。截至2020年止年度，积分于最初销售发生日期起每六个月结束时到期。截至2019年止年度，所有积分于最初销售发生的年末到期。合约负债将予以确认直至积分被兑换或到期为止。于2020年12月31日，本集团尚未兑换奖励积分为436,060,000分（于2019年12月31日：零）。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.23Revenue recognition(continued)(b) Sale of goods – online salesPop toys are also sold through self-operated online platform orother third-party e-commercial platform and revenue is recognisedwhen the control of the products has transferred to the customer,which is the point of acceptance by the customers. Revenue fromthese sales are recognised based on the price, net of the estimatedsales discounts at the time of sale. Transactions are settled incash, by credit/debit cards or through online payment platforms.The commissions to the third party e-commercial platform is anincremental cost to obtaining a contract. The Group apply thepractical expedient to expense the commissions as incurred as theexpected amortisation period is one year or less.(c) Sale of goods－customer loyalty programmeThe Group operates a loyalty programme where retail and onlinecustomers accumulate points for purchases made which entitlethem to discounts on future purchases. A contract liability for theaward points is recognised at the time of the sale. Revenue fromthe award points is recognised when the points are redeemed orwhen they expire. During the year ended 2020, the points expire atthe end of each six months from the date on which the initial salesoccurs. During the year ended 2019, all of the points expire at theend of the year during which the initial sales occurs.A contract liability is recognised until the points are redeemedor expired. As at 31 December 2020, the Group have 436,060,000outstanding award points (as at 31 December 2019: nil).
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司174NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.23收益确认（续）(d)商品销售－批发在产品的控制权已转让（即产品交付予批发商之时），批发商可全权酌情决定渠道及价格以出售产品，且概无可能影响批发商接受产品的未履行责任时确认收益。产品交付至特定地点而过时及损失的风险已转移给批发商，以及批发商已根据销售合约接纳产品、接纳条款已失效或本集团有客观证据显示所有接纳的标准已达成，则始能作为交付。应收款项于货品交付时确认，原因为代价于该时间点成为无条件，仅须待时间推移便可收取到期付款。(e)展会收益本集团举办展会以令本集团及第三方品牌拥有人能够向客户销售潮流玩具。举办展会的收益包括销售展会门票、佣金收入及本集团产品的销售。就所售门票而言，收益于提供服务的会计期间确认。就佣金收入而言，收益于有关品牌拥有人销售商品后确认。就销售商品而言，收益于产品控制权被转让予客户时确认，请参阅上文附注2.23(a)。(f)授权费收入本集团向第三方授权角色以供于某期间内就有关产品使用。收入于合约期内按比例确认。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.23Revenue recognition(continued)(d) Sales of goods－wholesaleRevenue are recognised when control of the products hastransferred, being when products are delivered to the wholesaler,the wholesaler has full discretion over the channel and price to sellthe products, and there is no unfulfilled obligation that could affectthe wholesaler’s acceptance of the products. Delivery occurs whenthe products have been shipped to the specified location, the risksof obsolescence and loss have been transferred to the wholesaler,and either the wholesaler has accepted the products in accordancewith the sales contract, the acceptance provisions have lapsed, orthe Group has objective evidence that all criteria for acceptancehave been satisfied.As receivable is recognised when the goods are delivered as this isthe point in time that the consideration is unconditional becauseonly the passage of time is required before the payment is due.(e) Revenue from conventionsThe Group holds conventions that enable the Group and third-party brand owners to sell pop toys to the customers. Revenuefrom holding conventions includes selling convention tickets,commission income and sales of the Group’s products. For ticketssold, revenue is recognised in the accounting period in whichthe services are rendered. For commission income, revenue isrecognised upon sales of goods by the relevant brand owners.For sales of goods, revenue is recognised when the control of theproducts has transferred to the customer, see Note 2.23(a) above.(f) License fee incomeThe Group licenses characters to third parties on relevant productsfor a period. The income is recognised ratably in the contractualperiod.
二零二零年年报ANNUAL REPORT 2020175NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.24租赁租赁乃于租赁资产可供集团使用之日确认为使用权资产及相关负债。合约可能包含租赁及非租赁组成部分。本集团按照租赁及非租赁组成部分相应的独立价格，将合约代价分配至租赁及非租赁组成部分。然而，就本集团作为承租人的房地产租赁而言，其选择将租赁及非租赁组成部分入账为单一租赁组成部分，并无将两者区分。租赁条款乃单独磋商达致，当中包含各种不同的条款及条件。租赁协议并不强加任何契诺（于出租人持有的租赁资产中之抵押权益除外）。租赁资产不得用作借款的抵押。租赁产生的资产及负债初步以现值基准计量。租赁负债包括下列租赁付款的净现值：•固定付款（包括实质上的固定付款），减去任何应收租赁优惠•基于指数或利率的可变租赁付款，采用于开始日期的指数或利率初步计量•本集团于剩余价值担保下预计应付的金额•倘本集团合理确定行使购买选择权，则为该选择权的行使价，及•倘租期反映本集团行使该选择权，则为终止租赁的罚款付款。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.24LeasesLeases are recognised as a right-of-use asset and a correspondingliability at the date at which the leased asset is available for use by theGroup.Contracts may contain both lease and non-lease components. The Groupallocates the consideration in the contract to the lease and non-leasecomponents based on their relative stand-alone prices. However, forleases of real estate for which the Group is a lessee, it has elected notto separate lease and non-lease components and instead accounts forthese as a single lease component.Lease terms are negotiated on an individual basis and contain a widerange of different terms and conditions. The lease agreements do notimpose any covenants other than the security interests in the leasedassets that are held by the lessor. Leased assets may not be used assecurity for borrowing purposes.Assets and liabilities arising from a lease are initially measured on apresent value basis. Lease liabilities include the net present value of thefollowing lease payments:• fixed payments (including in-substance fixed payments), less anylease incentives receivable• variable lease payment that are based on an index or a rate, initiallymeasured using the index or rate as at the commencement date• amounts expected to be payable by the Group under residual valueguarantees• the exercise price of a purchase option if the Group is reasonablycertain to exercise that option, and• payments of penalties for terminating the lease, if the lease termreflects the Group exercising that option.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司176NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.24租赁（续）根据合理确定延期选择权支付的租赁付款亦计入负债计量之内。租赁付款采用租赁隐含的利率贴现。倘现时无法厘定该利率（本集团的租赁通常如此），则使用承租人的增量借款利率予以贴现，即个别承租人在类似经济环境中以类似条款、抵押及条件获得与使用权资产价值相近的资产所需借入资金而须支付的利率。为厘定增量借款利率，本集团：•使用累加法，首先就本集团所持有租赁的信贷风险（最近并无第三方融资）调整无风险利率，及•对租赁进行特定调整，例如期限、国家、货币及抵押。倘个别承租人可取得现成可观察的摊销贷款利率（通过最近的融资或市场数据），且付款情况与租赁相似，则集团实体将以该利率为起点厘定增量借款利率。本集团未来可能根据指数或利率增加可变租赁付款额，而有关指数或利率在生效前不会计入租赁负债。当根据指数或利率对租赁付款作出的调整生效时，租赁负债会根据使用权资产进行重新评估及调整。租赁付款于本金及财务成本之间作出分配。财务成本在租赁期间于损益扣除，藉以令各期间的负债余额的期间利率一致。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.24Leases(continued)Lease payments to be made under reasonably certain extension optionsare also included in the measurement of the liability.The lease payments are discounted using the interest rate implicit inthe lease. If that rate cannot be readily determined, which is generallythe case for leases in the Group, the lessee’s incremental borrowing rateis used, being the rate that the individual lessee would have to pay toborrow the funds necessary to obtain an asset of similar value to theright-of-use asset in a similar economic environment with similar terms,security and conditions.To determine the incremental borrowing rate, the Group:• uses a build-up approach that starts with a risk-free interest rateadjusted for credit risk for leases held by the Group, which does nothave recent third-party financing, and• makes adjustments specific to the lease, e.g. term, country, currencyand security.If a readily observable amortising loan rate is available to the individuallessee (through recent financing or market data) which has a similarpayment profile to the lease, then the group entities use that rate as astarting point to determine the incremental borrowing rate.The Group is exposed to potential future increases in variable leasepayments based on an index or rate, which are not included in the leaseliability until they take effect. When adjustments to lease paymentsbased on an index or rate take effect, the lease liability is reassessed andadjusted against the right-of-use asset.Lease payments are allocated between principal and finance cost. Thefinance cost is charged to profit or loss over the lease period so as toproduce a constant periodic rate of interest on the remaining balance ofthe liability for each period.
二零二零年年报ANNUAL REPORT 2020177NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.24租赁（续）使用权资产按成本计量，包括以下各项：•租赁负债的初始计量金额•于开始日期或之前的任何租赁付款减任何已收租赁优惠•任何初始直接成本，及•复原成本。使用权资产一般于资产可使用年期及租期（以较短者为准）按直线法折旧。倘本集团合理确定行使购买选择权，则使用权资产于相关资产的可使用年期内予以折旧。与短期设备及汽车租赁及所有低价值资产租赁相关的付款以直线法于损益中确认为开支。短期租赁指租期为12个月或以内的租赁。(a)可变租赁付款若干物业租赁包含可变付款条款，该等条款与店舖产生的销售相关联。对于若干同时包含固定及可变租赁付款条款的店舖，其租赁付款乃基于可变付款条款，比例介乎销售的9%至18%。可变付款条款的使用有多种原因，包括尽量减低新建商店的固定成本基础。依赖于销售的可变租赁付款在触发该等付款的条件发生的期间于损益中确认。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.24Leases(continued)Right-of-use assets are measured at cost comprising the following:• the amount of the initial measurement of lease liability• any lease payments made at or before the commencement dateless any lease incentives received• any initial direct costs, and• restoration costs.Right-of-use assets are generally depreciated over the shorter of theasset’s useful life and the lease term on a straight-line basis. If the Groupis reasonably certain to exercise a purchase option, the right-of-use assetis depreciated over the underlying asset’s useful life.Payments associated with short-term leases of equipment and vehiclesand all leases of low-value assets are recognised on a straight-line basisas an expense in profit or loss. Short-term leases are leases with a leaseterm of 12 months or less.(a) Variable lease paymentsSome property leases contain variable payment terms that arelinked to sales generated from a store. For certain stores includingfixed and variable rental payment terms, the lease payments are onthe basis of variable payment terms with percentages ranging from9% to 18% of sales. Variable payment terms are used for a varietyof reasons, including minimising the fixed costs base for newlyestablished stores. Variable lease payments that depend on salesare recognised in profit or loss in the period in which the conditionthat triggers those payments occurs.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司178NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.24租赁（续）(b)租赁修订当租期变动，用于厘定租赁付款的指数或利率变动或重新评估行使购买选择权后，租赁负债予以重新计量。相关使用权资产则作出相应调整。2.25政府补贴倘能够合理确定本集团将收到政府补贴及本集团将符合所有附带条件，则政府补贴将按其公平值确认。有关开支的政府补贴将予递延，并在按配合拟补偿的开支所需期间内于损益确认或自相关开支中扣除。有关成本的政府补贴将予递延，并在按配合拟补偿的成本所需期间内于综合损益及其他全面收益表确认。2.26利息收入按公平值计入损益的金融资产所得利息收入计入「其他收益╱（亏损）－净额」。利息收入呈列为持作现金管理用途的金融资产所赚取的财务收入，请参阅下文附注8。倘自为持作现金管理用途的金融资产赚取利息收入，利息收入则呈列为财务收入（请参阅下文附注8）。任何其他利息收入乃计入其他收入。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.24Leases(continued)(b) Modification of leaseA lease liability is remeasured upon a change in the leaseterm, changes in an index or rate used to determine the leasepayments or reassessment of exercise of a purchase option. Thecorresponding adjustment is made to the related right-of-useassets.2.25Government grantsGrants from the government are recognised at their fair value wherethere is a reasonable assurance that the grant will be received, and theGroup will comply with all attached conditions.Government grants relating to expenses are deferred and recognised inthe profit or loss or deducted against related expenses over the periodnecessary to match them with the expenses that they are intended tocompensate.Government grants relating to costs are deferred and recognised inthe consolidated statement of profit or loss and other comprehensiveincome over the period necessary to match them with the costs thatthey are intended to compensate.2.26Interest incomeInterest income from financial assets at FVPL is included in the“Othergains/(losses)-net”.Interest income is presented as finance income where it is earned fromfinancial assets that are held for cash management purposes, see Note 8below.Interest income is presented as finance income where it is earned fromfinancial assets that are held for cash management purposes, see Note 8below. Any other interest income is included in other income.
二零二零年年报ANNUAL REPORT 2020179NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注2重大会计政策概要（续）2.26利息收入（续）利息收入的计算方法是将实际利率应用于金融资产的账面总值，但随后发生信贷减值的金融资产除外。对于信贷减值的金融资产，实际利率应用于金融资产的账面净值（经扣除亏损拨备）。2.27股息就于报告期末或之前已宣派股息但于报告期末并未分派之任何股息金额（经适当授权及不再由实体酌情决定）作出拨备。2.28每股盈利(i)每股基本盈利每股基本盈利按：•本公司拥有人应占溢利（不包括普通股以外的任何服务权益成本）•除以财政年度内发行在外普通股加权平均数计算，并就年内已发行普通股（不包括库存股）的红股因素进行调整。(ii)每股摊薄盈利每股摊薄盈利调整厘定每股基本盈利所用之数字以计及：•与潜在摊薄普通股相关的利息及其他融资成本的除所得税后影响，及•假设所有潜在摊薄普通股获转换后将予发行的额外普通股加权平均数。2 SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES(continued)2.26Interest income(continued)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).2.27DividendsProvision is made for the amount of any dividend declared, beingappropriately authorised and no longer at the discretion of the entity, onor before the end of the reporting period but not distributed at the endof the reporting period.2.28Earnings per share(i) Basic earnings per shareBasic earnings per share is calculated by dividing:• the profit attributable to owners of the Company, excludingany costs of servicing equity other than ordinary shares• by the weighted average number of ordinary sharesoutstanding during the financial year, adjusted for bonuselements in ordinary shares issued during the year andexcluding treasury shares.(ii) Diluted earnings per shareDiluted earnings per share adjusts the figures used in thedetermination of basic earnings per share to take into account:• the after income tax effect of interest and other financing costsassociated with dilutive potential ordinary shares, and• the weighted average number of additional ordinary sharesthat would have been outstanding assuming the conversion ofall dilutive potential ordinary shares.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司180NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理3.1财务风险因素本集团的活动使其面临各种财务风险，主要是信贷风险及流动资金风险。本集团的整体风险管理计划著重于金融市场的不可预测性，力求将对本集团财务业绩的潜在不利影响降至最低。3 FINANCIAL RISK MANAGEMENT3.1 Financial risk factorsThe Group’s activities expose it to a variety of financial risks, primarilythe credit risk and liquidity risk. The Group’s overall risk managementprogramme focuses on the unpredictability of financial markets andseeks to minimise potential adverse effects on the Group’s financialperformance.RiskExposure arising fromMeasurement风险风险敞口产生于计量方式Market risk – foreignexchangeFinancial assets and liabilities denominated in foreigncurrency different from its functional currency.Cash flow forecastingsensitivity analysis市场风险－外汇以与其功能货币不同的外币计值的金融资产及负债。现金流量预测敏感性分析Credit riskCash and cash equivalents, restricted cash, financial assetsat FVPL, trade receivables and other receivables.Aging analysis creditratings信贷风险现金及现金等价物、受限制现金、按公平值计入损益的金融资产、贸易应收款项及其他应收款项。账龄分析信贷评级Liquidity riskFinancial liabilitiesRolling cash flow forecasts流动资金风险金融负债滚动现金流量预测(a) Market risk(i) Foreign exchange riskThe Group’s businesses are principally conducted in RMB,which is exposed to foreign currency risk with respect totransactions denominated in currencies other than RMB.Foreign exchange risk arises from recognised assets andliabilities and net investments in foreign operations. The Groupdid not enter into any forward contract to hedge its exposureto foreign currency risk for the year ended 31 December 2020and 2019.(a)市场风险(i)外汇风险本集团的业务主要以人民币进行，因而面临以人民币以外货币计值交易的外币风险。已确认的资产及负债以及于境外业务的投资净额均会产生外汇风险。截至2020年及2019年12月31日止年度，本集团概无订立任何远期合约以对冲外币风险敞口。
二零二零年年报ANNUAL REPORT 2020181NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.1财务风险因素（续）(a)市场风险（续）(i)外汇风险（续）风险敞口本集团于2020年12月31日的外币风险敞口（以人民币元列示）如下：3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(a) Market risk(continued)(i) Foreign exchange risk(continued)ExposureThe Group’s exposure to foreign currency risk as 31 December2020, expressed in RMB was as follows:31 December 202031 December 20192020年12月31日2019年12月31日USDHKDUSDHKD美元港元美元港元RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元Cash and cash equivalents现金及现金等价物4,6052,383,429289–Trade receivables贸易应收款项––469–License fees payables应付授权费(5,574)(7,167)––SensitivityAs shown in the table above, the Group is primarily exposed tochanges in USD/RMB and HKD/RMB exchange rates.Impact on post tax profit对除税后溢利的影响For the year ended 31 December截至12月31日止年度202020192020年2019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%(73)57USD/RMB exchange rate – decrease 10%美元兑人民币汇率－下降10%73(57)HKD/RMB exchange rate – increase 10%港元兑人民币汇率－上升10%178,220–HKD/RMB exchange rate – decrease 10%港元兑人民币汇率－下降10%(178,220)–敏感度如上表所示，本集团主要面临美元兑人民币汇率及港元兑人民币汇率变动。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司182NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注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、按公平值计入损益的金融资产以及来自批发及零售客户的信贷风险，包括未偿还的贸易及其他应收款项。(i)风险管理信贷风险按组别基准管理，惟有关应收账款结余的信贷风险除外。各当地实体负责于提供标准付款及交付条款及条件前管理及分析其各自新客户的信贷风险。本集团仅允许具有良好信贷记录之客户进行赊购。本集团概无任何重大信贷风险集中。现金及银行结余、按公平值计入损益的金融资产、贸易应收款项以及其他应收款项之账面值乃指本集团就金融资产面临的最高信贷风险。于2020年及2019年12月31日，所有银行存款乃存放于国有或具声誉的全国性商业银行（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。本集团投资的理财产品均为可于六个月内赎回的短期投资。银行按季度或更为频繁的基准提供或定期更新预期回报率。因此，管理层认为本集团投资的理财产品并无重大信贷风险。就零售及在线销售而言，贸易应收款项主要包括信用卡应收款项及第三方付款平台应收款项。本集团管理层认为信贷风险有限，原因为在途存款由高信贷质素的金融机构或其他第三方持有。来自零售及在线销售的贸易应收款项并不重大，因此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, financial assets atFVPL as well as credit exposures to wholesale and retail customersincluding outstanding trade and other receivables.(i) Risk managementCredit risk is managed on group basis, except for credit riskrelating to accounts receivable balances. Each local entity isresponsible for managing and analysing the credit risk for eachof their new clients before standard payment and deliveryterms and conditions are offered. The Group’s credit salesare only made to customers with appropriate credit history.The Group has no significant concentration of credit risk. Thecarrying amounts of cash and bank balances, financial assetsat FVPL, trade receivables and other receivables represent theGroup’s maximum exposure to credit risk in relation to financialassets.As at 31 December 2020 and 2019, all the bank depositsare deposited in or managed by state-owned or reputablenational commercial banks which are all high-credit-qualityfinancial institutions without significant credit risk. The WMPsinvested by the Group are short-term investments which areredeemable within six months. The expected rate of return isprovided and periodically updated by the banks on a quarterlyor more frequent basis. Hence, management considers thatthere is no significant credit risk for the WMPs invested by theGroup.For retail and online sales, trade receivables mainly includecredit card receivables and receivables from third-partypayment platform receivables. The management of the Groupbelieves the credit risk is limited because the deposits in transitwas held by high-credit-quality financial institutions or otherthird parties. Trade receivables from retail and online saleswere not significant, so the credit risk inherent in such tradereceivables is low.
二零二零年年报ANNUAL REPORT 2020183NOTES 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。(ii)金融资产减值本集团拥有两种类型的金融资产，彼等符合国际财务报告准则第9号的新预期信贷亏损模式。•贸易应收款项，及•其他应收款项尽管现金及现金等价物以及受限制现金亦须遵守国际财务报告准则第9号的减值规定，惟已识别的减值亏损并不重大。贸易应收款项本集团采用国际财务报告准则第9号的简化方法计量预期信贷亏损，该方法对所有应收账款使用全期预期亏损拨备。为了计量预期信贷亏损，应收账款已根据共同的信贷风险特征及逾期天数进行分组。预期亏损率乃基于一段时间内的销售付款情况以及该期间内的相应历史信贷亏损而得出。历史亏损率会作出调整，以反映有关影响客户结算应收款项能力的宏观经济因素的当前及前瞻性资料。3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(b) Credit risk(continued)(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.(ii) Impairment of financial assetsThe Group has two types of financial assets that are subject toIFRS 9’s new expected credit loss model.• trade receivables, and• other receivablesWhile cash and cash equivalents and restricted cash arealso subject to the impairment requirements of IFRS 9, theidentified impairment loss was immaterial.Trade receivablesThe Group applies the IFRS 9 simplified approach to measureexpected credit losses which uses a lifetime expected lossallowance for all account receivables. To measure the expectedcredit losses, account receivables have been grouped based onshared credit risk characteristics and the days past due.The expected loss rates are based on the payment profilesof sales over a period and the corresponding historical creditlosses experienced within this period. The historical loss ratesare adjusted to reflect current and forward-looking informationon macroeconomic factors affecting the ability of thecustomers to settle the receivables.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司184NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.1财务风险因素（续）(b)信贷风险（续）(ii)金融资产减值（续）贸易应收款项（续）在此基础上，按以下方法厘定贸易应收款项于2020年及2019年12月31日作出的亏损拨备：2020年12月31日2019年12月31日贸易应收款项于并无合理收回预期时撇销。并无合理收回预期的迹象包括（其中包括）债务人未能与本集团达成还款计划，以及于逾期超过180天的期间内未能作出合约付款。贸易应收款项的减值亏损在经营溢利内列为减值亏损净额。随后收回的先前撇销金额计入同一项目。3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(b) Credit risk(continued)(ii) Impairment of financial assets(continued)Trade receivables(continued)On that basis, the loss allowance as at 31 December 2020 and2019 was determined as follows for trade receivables：31 December 2020Provision on collective basis0-90 days91-180 daysOver180 daysTotal按集体基准拨备0至90天91至180天180天以上总计Lifetime expected creditloss rate全期预期信贷亏损率0.97%10.87%100.00%2.81%Gross carrying amount总账面值78,1181,0951,38680,599Loss allowance亏损拨备(760)(119)(1,386)(2,265)31 December 2019Provision 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0.14%6.47%100.00%6.04%Gross carrying amount总账面值42,2243,7112,63448,569Loss allowance亏损拨备(59)(240)(2,634)(2,933)Trade receivables are written off when there is no reasonableexpectation of recovery. Indicators that there is no reasonableexpectation of recovery include, amongst others, the failure ofa debtor to engage in a repayment plan with the Group, anda failure to make contractual payments for a period of greaterthan 180 days past due.Impairment losses on trade receivables are presented asnet impairment losses within operating profit. Subsequentrecoveries of amounts previously written off are creditedagainst the same line item.
二零二零年年报ANNUAL REPORT 2020185NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.1财务风险因素（续）(b)信贷风险（续）(ii)金融资产减值（续）其他应收款项其他应收款项主要包括租赁按金。本集团管理层定期根据历史结算记录及过往经验对其他应收款项的可收回性进行统一评估以及个别评估。本集团使用违约概率（「违约概率」）、违约风险敞口（「违约风险敞口」）及违约损失率（「违约损失率」）计量信贷风险。这与国际财务报告准则第9号项下计量预期信贷亏损（「预期信贷亏损」）所用方法类似。•初始确认时未发生信贷减值的其他应收款项被分类为「阶段1」且本集团会持续监控其信贷风险。预期信贷亏损按12个月基准计量。•倘于初始确认后发现信贷风险大幅增加（具体而言，当债务人的合约付款逾期一天以上），金融工具被移至「阶段2」，但仍未被视为已发生信贷减值。预期信贷亏损按整个存续期基准计量。•倘金融工具发生信贷减值（具体而言，当债务人的合约付款逾期90天以上），则金融工具被移至「阶段3」。预期信贷亏损按整个存续期基准计量。3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(b) Credit risk(continued)(ii) Impairment of financial assets(continued)Other receivablesOther receivables mainly include deposits for lease. Themanagement of the Group makes periodic collectiveassessments as well as individual assessment on therecoverability of other receivables based on historicalsettlement records and past experiences. The Group measurescredit risk using Probability of Default (“PD”), Exposure atDefault (“EAD”) and Loss Given Default (“LGD”). This is similarto the approach used for the purposes of measuring ExpectedCredit Loss (“ECL”) under IFRS 9.• Other receivables that are not credit-impaired on initialrecognition are classified in‘Stage 1’and have their creditrisk continuously monitored by the Group. The expectedcredit loss is measured on a 12-month basis.• If a significant increase in credit risk (specifically, whenthe debtor is more than 1 day past due on its contractualpayments) since initial recognition is identified, thefinancial instrument is moved to‘Stage 2’but is not yetdeemed to be credit-impaired. The expected credit loss ismeasured on lifetime basis.• If the financial instrument is credit-impaired (specifically,when the debtor is more than 90 days past due on itscontractual payments), the financial instrument is thenmoved to‘Stage 3’. The expected credit loss is measuredon lifetime basis.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司186NOTES 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2020年及2019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2020年及2019年12月31日，平均亏损率分别为1.37%及1.63%。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 2020 and 2019, and the credit risk inherentin the Group’s outstanding other receivables is not significant.The average loss rate applied as at the 31 December 2020 and2019 were 1.37% and 1.63% respectively.Net impairment losses on financial assets recognised in profitor lossYear ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Impairment losses:减值亏损：Impairment losses on trade receivables贸易应收款项减值亏损–2,723Impairment losses on other receivables其他应收款项减值亏损270363Reversal of previous impairment losses ontrade receivables拨回先前贸易应收款项减值亏损(668)–Net impairment losses on financial assets金融资产减值亏损净额(398)3,086
二零二零年年报ANNUAL REPORT 2020187NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.1财务风险因素（续）(c)流动资金风险本集团旨在维持足够的现金及现金等价物。由于相关业务的动态性质，本集团的财务部透过维持足够的现金及现金等价物来维持资金的灵活性。现金流量预测由本集团财务部进行。本集团财务部监控本集团流动资金需求的滚动预测，以确保其有足够的现金来满足运营需求以及对其他方的负债。下表根据结算日至合约到期日的剩余期限，将本集团的金融负债按照有关到期日分组进行分析。表中披露的金额为合约未贴现现金流量。3 FINANCIAL RISK MANAGEMENT(continued)3.1 Financial risk factors(continued)(c) Liquidity riskThe Group aims to maintain sufficient cash and cash equivalents.Due to the dynamic nature of the underlying business, the Group’sfinance department maintains flexibility in funding by maintainingadequate cash and cash equivalents.Cash flow forecasting is performed by the finance department ofthe Group. The finance department of the Group monitors rollingforecasts of the Group’s liquidity requirements to ensure it hassufficient cash to meet operational needs as well as the liabilities toother parties.The table below analyses the Group’s financial liabilities intorelevant maturity groupings based on the remaining period at thebalance sheet date to the contractual maturity date. The amountsdisclosed in the table are the contractual undiscounted cash flows.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司188NOTES 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 than1 yearBetween1 and2 yearsBetween2 and5 yearsMore than5 yearsTotalcontractualcash flowsCarryingamount少于一年一至两年两至五年五年以上合约现金流量总额账面值RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元As at 31 December 2020于2020年12月31日Trade payables贸易应付款项115,804–––115,804115,804License fees payables应付授权费58,88014,10019,1505,13497,26486,814Other payables (excludingwages, salaries andother employee benefitand tax payables)其他应付款项（不包括工资、薪金及其他雇员福利以及应付税项）131,520–––131,520131,520Lease liabilities租赁负债154,947103,31649,434–307,697291,774Total总计461,151117,41668,5845,134652,285625,912As at 31 December 2019于2019年12月31日Trade payables贸易应付款项49,406–––49,40649,406License fees payables应付授权费15,1771,318––16,49516,495Other payables (excludingwages, salaries andother employee benefitand tax payables)其他应付款项（不包括工资、薪金及其他雇员福利以及应付税项）78,576–––78,57678,576Lease liabilities租赁负债98,57670,14224,474–193,192183,398Total总计241,73571,46024,474–337,669327,8753财务风险管理（续）3.1财务风险因素（续）(c)流动资金风险（续）
二零二零年年报ANNUAL REPORT 2020189NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.2资本管理本集团管理资本之目的为维持其持续经营的能力，以便为本集团拥有人提供回报，并维持最佳的资本架构以提高拥有人的长期价值。本集团按照资本负债率监控资本。该比率按债务净额除以总资金计算。债务净额按借款总额减去现金及现金等价物计算。总资金按资产负债表所示「权益」加债务净额计算。于2020年12月31日及2019年12月31日，本集团并无债务净额。3.3公平值估计本节阐释厘定于财务报表内按公平值确认及计量的金融工具之公平值时所作判断及估计。为得出厘定公平值所用输入数据的可靠性指标，本集团已根据会计准则规定将其金融工具分类为三层。各层级之说明如下表所示。(a)金融资产及负债(i)公平值层级本节阐释厘定于财务报表内按公平值确认及计量的金融工具之公平值时所作判断及估计。为得出厘定公平值所用输入数据的可靠性指标，本集团已根据会计准则规定将其金融工具分类为三层。各层级之说明如下表所示。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 2020 and 31 December 2019, the Group has no net debt.3.3 Fair value estimationThis section explains the judgements and estimates made indetermining the fair values of the financial instruments that arerecognised and measured at fair value in the financial statements.To provide an indication about the reliability of the inputs used indetermining fair value, the Group has classified its financial instrumentsinto the three levels prescribed under the accounting standards. Anexplanation of each level follows underneath the table.(a) Financial assets and liabilities(i) Fair value hierarchyThis section explains the judgements and estimates made indetermining the fair values of the financial instruments thatare recognised and measured at fair value in the financialstatements. To provide an indication about the reliability of theinputs used in determining fair value, the group has classifiedits financial instruments into the three levels prescribed underthe accounting standards. An explanation of each level followsunderneath the table.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司190NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.3公平值估计（续）(a)金融资产及负债（续）(i)公平值层级（续）3 FINANCIAL RISK MANAGEMENT(continued)3.3 Fair value estimation(continued)(a) Financial assets and liabilities(continued)(i) Fair value hierarchy(continued)Level 1Level 2Level 3Total层级1层级2层级3总计RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元As at 31 December 2020于2020年12月31日Financial assets at fair valuethrough profit or loss按公平值计入损益的金融资产– In vestment in an associatemeasured at FVTPL－一家按公平值计入损益的联营公司投资––16,90016,900As at 31 December 2019于2019年12月31日Financial assets at fair valuethrough profit or loss按公平值计入损益的金融资产– In vestment in WealthManagement Product(“WMPs”)－理财产品（「理财产品」）投资––50,00050,000
二零二零年年报ANNUAL REPORT 2020191NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.3公平值估计（续）(a)金融资产及负债（续）(i)公平值层级（续）本集团采用估值方法分析以公平值列账的金融工具。不同的层级定义如下：层级1：在活跃市场买卖的金融工具（如公开交易之衍生工具及股本证券）之公平值乃基于报告期末的市场报价。本集团持有的金融资产使用的市场报价为当前买入价。该等工具列入层级1中。层级2：并非于活跃市场买卖的金融工具（如场外衍生工具）之公平值乃采用估值技术厘定，该等估值技术尽量使用可观察市场数据而极少依赖于实体的特定估计。倘计算工具之公平值所需的全部重大输入数据均为可观察数据，则该工具列入层级2中。层级3：如一项或多项重大输入数据并非根据可观察市场数据得出，则该工具列入层级3中。非上市股本证券及理财产品属于该种情况。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 based onobservable market data, the instrument is included in level 3.This is the case for unlisted equity securities and WMPs.
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司192NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注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）本集团管理层采纳的公平值评估方法以及相关的主要假设及判断乃收入法（具体而言，贴现现金流量法）：采用估值技术将未来金额转换为现值。下表列报层级3项目于截至2020年12月31日及2019年12月31日止期间的变动：3 FINANCIAL RISK MANAGEMENT(continued)3.3 Fair value estimation(continued)(a) Financial assets and liabilities(continued)(ii) Fair value measurements using significant unobservableinputs (Level 3)The fair value assessment methods and related keyassumptions and judgements adopted by the Group’smanagement is income approach (specifically, discounted cashflow method): Uses valuation techniques to convert futureamounts to a present amount.The following table presents the changes in level 3 items forthe periods ended 31 December 2020 and 31 December 2019:Associatemeasured atfair valuethrough profitor lossWMPsTotal按公平值计入损益计量的联营公司理财产品总计RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元Opening balance at1 January 2020于2020年1月1日的年初余额–50,00050,000Purchase of financial assetsat FVPL购入按公平值计入损益的金融资产16,900230,500247,400Disposal of financial assetsat FVPL处置按公平值计入损益的金融资产–(280,500)(280,500)Closing balance at31 December 2020于2020年12月31日的年末结余16,900–16,900* includes unrealised gainsrecognised in profit or lossattributable to balances held atthe end of the reporting period*包括于损益中确认的报告期末持有结余应占未变现收益–––
二零二零年年报ANNUAL REPORT 2020193NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注3财务风险管理（续）3.3公平值估计（续）(a)金融资产及负债（续）(ii)使用重大不可观察输入数据进行公平值计量（层级3）（续）3 FINANCIAL RISK MANAGEMENT(continued)3.3 Fair value estimation(continued)(a) Financial assets and liabilities(continued)(ii) Fair value measurements using significant unobservableinputs (Level 3)(continued)Associatemeasured at fairvalue throughprofit or lossWMPsTotal按公平值计入损益计量的联营公司理财产品总计RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元Opening balance at1 January 2019于2019年1月1日的年初余额–50,30350,303Purchase of financial assetsat FVPL购入按公平值计入损益的金融资产–255,000255,000Disposal of financial assetsat FVPL处置按公平值计入损益的金融资产–(255,303)(255,303)Closing balance at31 December 2019于2019年12月31日的年末结余–50,00050,000* includes unrealised gainsrecognised in profit or lossattributable to balances held atthe end of the reporting period*包括于损益中确认的报告期末持有结余应占未变现收益–––
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司194NOTES 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)估值输入数据及与公平值的关系3 FINANCIAL RISK MANAGEMENT(continued)3.3 Fair value estimation(continued)(a) Financial assets and liabilities(continued)(iii) Valuation inputs and relationships to fair valueDescription描述Fair valueSignificant 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20202019202020192020年2019年2020年2019年RMB’000RMB’000人民币千元人民币千元Investment in an associatemeasured at fair value throughprofit or loss (a)按公平值计入损益计量的于一家联营公司的投资(a)16,900–Weighted average cost ofcapital (“WACC”)加权平均资本成本18.00%N/A不适用The higher the WACC, the lowerthe fair value加权平均资本成本越高，公平值越低Terminal growth rate终期增长率3.00%N/A不适用The higher the terminal growthrate, the higher the fair value终期增长率越高，公平值越高Revenue growth rate收入增长率8.60%-175.4%N/A不适用The higher the revenue growthrate, the higher the fair value收入增长率越高，公平值越高Investment in WMPs (b)理财产品投资(b)–50,000Expected rate of return/discount rate预期回报率╱贴现–3.55%-3.65%The higher the expected rateof return, the higher thefair value of the WMPs预期回报率越高，理财产品的公平值越高The higher the discount rate,the lower the fair valueof the WMPs贴现率越高，理财产品的公平值越低
二零二零年年报ANNUAL REPORT 2020195NOTES 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）(iv)估值输入数据及与公平值的关系（续）(a)对于按公平值计入损益计量的于一家联营公司的投资，由于投资并非于活跃市场买卖，其公平值乃采用估值技术厘定，并属公平值层级3。投资主要按现金流贴现法估值。截至2020年12月31日止年度，非上市投资的公平值并无重大变动。(b)所有该等理财产品均由中国国有或具声誉的全国性商业银行发起及管理。该等理财产品均为以人民币计值并可于一年内赎回的短期投资。理财产品的预期年化回报率于2019年12月31日介乎3.55%至3.65%，乃由银行定期按季度或更为频繁的基准更新。管理层于评估理财产品的公平值时使用预期回报率粗略估算现金流量评估及贴现率。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)(iv) Valuation inputs and relationships to fair value(continued)(a) For investment in an associate measured at fair valuethrough profit or loss, as the investment is not traded inan active market, its fair values is determined by usingvaluation techniques and is within level 3 of the fair valuehierarchy. The investment is primarily valued based oncash flow discounted method. There is no significantchange in fair value of the unlisted investment during theyear ended 31 December 2020.(b) All of these WMPs are sponsored and managed bystate-owned or reputable national commercial banks inthe PRC. These WMPs are short-term investments whichare denominated in RMB and redeemable within one year.The expected rate of return of the WMPs range from 3.55%to 3.65% per annum as at 31 December 2019, which areupdated by the banks periodically on a quarterly or morefrequent basis. Management uses the expected rate ofreturn for approximation for both cash flow assessmentand the discount rate in evaluating the fair values of theWMPs.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196NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注4关键会计估计及判断（续）(a)存货减值拨备存货的减值拨备估计涉及管理层的重大判断，该等判断需考虑相关存货的账龄结构、未来销售预测、预估未来售价及销售开支等关键因素。管理层于每个结算日重新评估存货减值拨备的该等预测。(b)授权IP及IP产权的可使用年期本集团拥有授权IP及IP产权，主要用于设计及销售潮流玩具。根据合约及预期的经济利益，本集团估计该等授权IP及IP产权的可使用年期为两至十年。然而，实际的可使用年期可能短于或长于管理层的估计，其取决于市场竞争情况。定期检讨可能导致可使用年期发生变动，从而导致未来期间的摊销开支变动。(c)当期和递延所得税日常业务过程中存在若干不能确定最终税项的交易及计算。本集团根据对是否需要缴付额外税项的估计确认负债。倘该等事宜的最终税务结果有别于初步入账的金额，则有关差额将于作出有关厘定期内的所得税开支及递延税项拨备中反映。另外，未来所得税资产的变现取决于本集团未来年度产生充足应课税收入的能力，以使用所得税优惠及税项亏损结转。未来盈利能力偏离估计或所得税税率的偏离将造成对未来所得税资产及负债的价值进行调整，这可能对所得税开支产生重大影响。支付予本公司中国大陆附属公司外国投资者的股息须按10%税率缴纳预扣税。本集团定期评估自中国大陆附属公司作出分派的需要。就此而言，预扣税将于分派股息的期间或就预期于未来进行分派的未分派股息计提拨备。4 CRITICAL ACCOUNTING ESTIMATES ANDJUDGMENTS(continued)(a) Impairment provision for inventoriesThe estimation of impairment provision for inventories involvessignificant management judgment based on the consideration ofkey factors such as aging profile, future sales projection, estimatedfuture selling prices and selling expenses of the respective inventories.Management reassesses these estimations of impairment provision forinventories at each balance sheet date.(b) Useful lives of Licensed IPs and IP rightsThe Group has Licensed IPs and IP rights that are primarily used todesign and sell pop toys. The Group estimates the useful life of theseLicensed IPs and IP rights to be 2-10 years based on the contract andexpected economic benefit. However, the actual useful life may beshorter or longer than management’s estimate, depending on themarket competition. Periodic review could result in a change in usefullives and therefore amortisation expense in future periods.(c) Current and deferred income taxesThere are certain transactions and calculations for which the ultimate taxdetermination is uncertain during the ordinary course of business. TheGroup recognises liabilities based on estimates of whether additionaltaxes will be due. Where the final tax outcome of these matters isdifferent from the amounts that were initially recorded, such differenceswill be reflected in the income tax expense and deferred tax provisionsin the period in which such determination is made. In addition, therealisation of future income tax assets is dependent on the Group’sability to generate sufficient taxable income in future years to utiliseincome tax benefits and tax loss carry-forwards. Deviations of futureprofitability from estimates or in the income tax rate would result inadjustments to the value of future income tax assets and liabilities thatcould have a significant effect on the income tax expenses.Dividends derived from the Company’s subsidiaries in mainland Chinato foreign investors are subject to withholding tax at the rate of 10%.The Group regularly assesses its needs to make distributions out of itssubsidiaries in mainland China. In this regard, withholding tax will beprovided in the period in which dividends are distributed or on theundistributed profits to the extent they are expected to be distributed infuture.
二零二零年年报ANNUAL REPORT 2020197NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注5收益及分部资料管理层根据主要经营决策者审阅的用于制定战略决策的报告来确定经营分部。本集团的收益、开支、资产、负债及资本支出主要归因于向外部客户销售潮流玩具，其被视为一个分部。本集团的主要市场是中国，其向海外客户的销售贡献不到总收益的10%。因此，并未呈列地域资料。按业务线划分的收益明细如下：5 REVENUE AND SEGMENT INFORMATIONManagement determines the operating segments based on the reportsreviewed by the CODM that are used to make strategic decisions. TheGroup’s revenue, expenses, assets, liabilities and capital expenditure areprimarily attributable to the sales of pop toys to external customers,which are considered as one segment. The Group’s principal market isthe PRC and its sales to overseas customers contributed to less than10% of the total revenue. Accordingly, no geographical information ispresented.Breakdown of revenue by business lines is as follows:Year ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Revenue from contracts with customers客户合约收益Revenue from retail store sales零售店销售收益1,002,054739,690Revenue from online sales线上销售收益951,875539,201Revenue from roboshop sales机器人商店销售收益328,679248,554Revenue from wholesales批发收益207,386110,467Revenue from conventions展会收益23,47745,522Total总计2,513,4711,683,434
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5收益及分部资料（续）(i)所有原始合约的期限均为一年或以下，或者根据所发生的时间计费。在国际财务报告准则第15号允许的情况下，分配至该等未达成合约的交易价未予披露。(ii)当本集团在交易中担任代理及并不承担存货风险或拥有产品定价的自主权时，第三方品牌产品于本集团的零售店及本集团所举办的展会上的委托销售所产生的若干收益按净额基准确认。截至2020年及2019年12月31日止年度，并无与单一客户的交易产生的收益占本集团总收益10%或以上。5 REVENUE AND SEGMENT INFORMATION(continued)Year ended 31 December截至12月31日止年度202020192020年2019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2,505,5091,671,554Over-time (i)于一段时间(i)7,96211,880Total总计2,513,4711,683,434Year ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Revenue收益Revenue recognised on a gross basis按总额基准确认收益2,511,8431,669,838Revenue recognised on a net basis (ii)按净额基准确认收益(ii)1,62813,596Total总计2,513,4711,683,434(i) All original contracts are for periods of one year or less or are billed based ontime incurred. As permitted under IFRS 15, the transaction price allocated tothese unsatisfied contracts is not disclosed.(ii) Certain revenue generated from consignment sales of third-party brandproducts in the Group’s retail store and at the conventions hosted by theGroup is recognised on a net basis when the Group acts as an agent in thetransactions and does not take inventory risk or have latitude in establishingprices for the products.For the years ended 31 December 2020 and 2019, no revenue derivedfrom transactions with a single customer represent 10% or more of theGroup’s total revenue.
二零二零年年报ANNUAL REPORT 2020199NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注6按性质划分的开支6 EXPENSES BY NATUREYear ended 31 December截至12月31日止年度202020192020年2019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748,452488,035Employee benefit expenses (Note 33)雇员福利开支（附注33）242,963155,494Depreciation of right-of-use assets (Note 14)使用权资产折旧（附注14）142,94070,324Transportation and logistics expenses运输及物流开支110,06139,325Advertising and marketing expenses广告及营销开支92,17153,832E-commerce platform service charges电商平台服务费81,26228,841Depreciation on property, plant andequipment (Note 12)物业、厂房及设备折旧（附注12）66,68229,580Design and license fees设计及授权费62,72148,406Listing expenses上市开支44,02416,538Expenses relating to short-term leases andvariable leases not included in lease liabilities未计入租赁负债的与短期租赁及可变租赁有关的开支43,62055,208Amortisation of intangible assets (Note 13)无形资产摊销（附注13）36,2218,799Taxes and surcharges税金及附加费20,63416,400Convention cost展会成本18,40816,720Expense relating to re-designation of ordinaryshares to preferred shares (Note 32)重新指定普通股为优先股有关开支（附注32）16,910–Commissions to roboshop partners支付予机器人商店合作伙伴的佣金13,17919,116Cost of moulds with useful lives within one year使用年限为一年内的模具成本7,4604,565Auditor’s remuneration核数师酬金3,150–– Audit services－审计服务3,000–– Non-audit services－非审计服务150–Impairment of inventory存货减值2,0951,710Others其他76,44646,494Total总计1,829,3991,099,387
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7其他收入(i)有关金额指政府补贴，与对当地经济增长作出贡献而自当地政府收到的收入有关。该等补贴于收到后于综合损益及其他全面收益表确认。概无与该等补贴有关的未达成条件或或然事项。8财务开支－净额7 OTHER INCOMEYear ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Government grants (i)政府补贴(i)26,4124,417License fee income授权费收入18,69512,103Others其他313493Total总计45,42017,013(i) The amounts represent government grants related to income which arereceived from the local government for the contribution to the localeconomic growth. These grants are recognised in consolidated statement ofprofit or loss and other comprehensive income upon the receipt. There areno unfulfilled conditions or contingencies relating to these grants.8 FINANCE EXPENSES – NETYear ended 31 December截至12月31日止年度202020192020年2019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(1,953)(424)Finance expenses财务开支– In terest expenses on lease liabilities(Note 14(b))－租赁负债利息开支（附注14(b)）10,9465,813Finance expenses-net财务开支－净额8,9935,389
二零二零年年报ANNUAL REPORT 2020201NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注9所得税开支9 INCOME TAX EXPENSEYear ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Current income tax即期所得税190,959155,710– Hong Kong profits tax－香港利得税4,1043,091– The mainland China corporate income tax－中国大陆企业所得税186,855152,619Deferred income tax (Note 17)递延所得税（附注17）(6,868)(8,453)Income tax expense所得税开支184,091147,257(a) Cayman Island and BVI Income TaxThe Company was incorporated in the Cayman Islands as an exemptedcompany with limited liability under the Companies Law of the CaymanIslands and is not subject to the Cayman Island income tax pursuant tothe current laws of the Cayman Islands. The group entity incorporated orregistered under the Business Companies Act of BVI are exempted fromBVI income tax pursuant to the current laws of the BVI.(b) Hong Kong Profits TaxUnder the two-tiered profits tax rates regime, the first HK$2 million ofprofits of the qualifying group entities will be taxed at 8.25%, and profitsabove HK$2 million will be taxed at 16.5%. The profits of the groupentities not qualifying for the two-tiered profits tax rates regime willcontinue to be taxed at a flat rate 16.5%. Hong Kong profits tax has beenprovided at the rate of 16.5% on the Group’s estimated assessable profitfor the year ended 31 December 2020 (2019: 16.5%).(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。(b)香港利得税根据两级制利得税税率制度，合资格集团实体的首2百万港元溢利将按8.25%的税率征税，而2百万港元以上的溢利将按16.5%的税率征税。不符合两级制利得税税率制度的集团实体的溢利将继续按统一税率16.5%征税。截至2020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（2019年：16.5%）。
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9所得税开支（续）(c)中国大陆企业所得税（「企业所得税」）本集团就中国大陆业务的所得税拨备根据截至2020年12月31日止年度的估计应课税溢利按25%（截至2019年12月31日止年度：25%）的税率计算，并基于中国大陆的现行法例、诠释及惯例而定。集团实体已获中国大陆税务机关授予小规模纳税实体的若干税收优惠，据此在各自司法权区经营的附属公司有权享受税收优惠。(d)中国大陆预扣税（「预扣税」）根据适用的中国大陆税收法规，在中国大陆成立的公司就于2008年1月1日之后产生的溢利向外国投资者分派的股息通常须缴纳10%的预扣税。倘于香港注册成立的外国投资者满足中国大陆与香港之间订立的双边税务条约安排项下的条件及规定，则相关的预扣税税率将为5%。截至2020年12月31日，本集团在中国大陆注册成立的附属公司的未分配盈利总额为人民币935,668,000元（截至2019年12月31日：人民币424,149,000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。9 INCOME TAX EXPENSE(continued)(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 2020 (theyear ended 31 December 2019: 25%), based on the existing legislation,interpretations and practices in respect thereof.A group entity has been granted certain tax concessions to smallscale entities by tax authorities in the mainland China whereby thesubsidiaries operating in the respective jurisdictions are entitled to taxconcessions.(d) Mainland China Withholding Tax (“WHT”)According to the applicable mainland China tax regulations, dividendsdistributed by a company established in the mainland China to a foreigninvestor with respect to profit derived after 1 January 2008 are generallysubject to a 10% WHT. If a foreign investor incorporated in Hong Kongmeets the conditions and requirements under the double taxation treatyarrangement entered into between the mainland China and Hong Kong,the relevant withholding tax rate will be 5%.As at 31 December 2020, the aggregate undistributed earnings ofthe Group’s subsidiaries incorporated in the mainland China areRMB935,668,000 (as at 31 December 2019: RMB424,149,000). 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.
二零二零年年报ANNUAL REPORT 2020203NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注9所得税开支（续）(d)中国内地预扣税（「预扣税」）（续）本集团的实际税收费用与根据中国大陆法定所得税税率25%计算的金额之间的对账如下：(i)截至2020年12月31日止年度，不可扣税开支主要包括与重新指定普通股为优先股有关的开支人民币16,910,000元（附注32）及可转换可赎回优先股的公平值变动人民币6,260,000元（附注32），该等两项均于本公司综合损益及其他全面收益表内确认且不可扣税。9 INCOME TAX EXPENSE(continued)(d) PRC Withholding Tax (“WHT”)(continued)The reconciliation between the Group’s actual tax charges and theamount which is calculated based on the statutory income tax rate of25% in the mainland China is as follows:Year ended 31 December截至12月31日止年度202020192020年2019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707,403598,375Tax calculated at applicable tax rates of 25%按适用税率25%计算的税项176,851149,594Tax loss for which no deferred income tax assetis recognised未确认递延所得税资产的税项亏损1,246271Share of profit of investments accountedfor using equity method分占使用权益法入账的投资溢利(968)(1,243)Expenses not deductible for taxation purposes(i)不可扣税开支(i)7,653228Impact of different tax rate不同税率的影响(691)(1,593)Taxation charge税收费用184,091147,257(i) During the year ended 31 December 2020, expenses not deductible fortaxation purposes mainly include the expense relating to re-designation ofordinary shares to preferred shares of RMB16,910,000 (Note 32) and the fairvalue changes of convertible redeemable preferred shares of RMB6,260,000(Note 32), both of which are recognised in the Company’s consolidatedstatement of profit or loss and other comprehensive income and are notdeductible for taxation purposes.
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10股息根据于2021年3月26日通过的决议案，本公司董事会建议从本公司股份溢价中派付截至2020年12月31日止年度末期股息每股本公司普通股人民币14.94分，合共人民币209,402,000元。末期股息须待本公司股东于2021年6月1日举行的应届股东周年大会上批准。拟派股息并未于综合财务业绩中反映为应付股息，而将反映为截至2021年12月31日止年度的拨入可分派储备。10 DIVIDENDSYear ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Proposed final dividend of RMB 14.94 cents(2019: nil) per ordinary share拟派末期股息每股普通股人民币14.94分（2019年：零）209,402–Pursuant to a resolution passed on 26 March 2021, the board of directorsof the Company proposed a final dividend of RMB14.94 cents perordinary share of the Company, amounting to RMB209,402,000 for theyear ended 31 December 2020 from the Company’s share premium.The final dividend is subject to the approval of the shareholders of theCompany at the forthcoming annual general meeting to be held on 1June 2021.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 December2021.
二零二零年年报ANNUAL REPORT 2020205NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注11每股盈利于附注1所披露在2020年12月11日进行的资本化发行完成后，就截至2020年及2019年12月31日止年度每股基本及摊薄盈利的普通股加权平均数已追溯调整。(a)每股基本盈利每股基本盈利按截至2020年及2019年12月31日止年度，本集团拥有人应占溢利除以已发行普通股加权平均数减就限制性股份奖励计划持有的股份之差计算。11 EARNINGS PER SHAREFollowing the completion of the Capitalization Issue on 11 December2020 as disclosed in Note 1, the weighted average number of ordinaryshares for the purpose of basic and diluted earnings per share for theyears ended 31 December 2020 and 2019 has been retrospectivelyadjusted.(a) Basic earnings per shareBasic earnings per share is calculated by dividing the profit attributableto owners of the Group by the weighted average number of ordinaryshares in issue less shares held for Restricted Share Award Schemeduring the year ended 31 December 2020 and 2019.Year ended 31 December截至12月31日止年度202020192020年2019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）523,505451,118Weighted average number of ordinary shares inissue less shares held for Restricted ShareAward Scheme (Thousands)已发行普通股加权平均数减就受限制股份奖励计划所持股份之差（千股）1,194,7091,154,563Basic earnings per share(expressed in RMB per share)每股基本盈利（以每股人民币元表示）0.440.39
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11每股盈利（续）(b)每股摊薄盈利截至2020年12月31日止年度，每股摊薄盈利乃根据经就可赎回及可转换优先股公平值变动调整后本公司拥有人应占年内溢利，并以假设所有具摊薄影响的潜在普通股获兑换后调整发行在外普通股的加权平均数计算。截至2019年12月31日止年度，并无具摊薄影响的潜在普通股。11 EARNINGS PER SHARE(continued)(b) Dilute earnings per shareFor the year ended 31 December 2020, diluted earnings per share iscalculated based on the profit for the year attributable to owners ofthe Company after adjustment for fair value changes on redeemableand convertible preferred shares and the weighted average number ofordinary shares outstanding after adjustment for assumed conversionof all dilutive potential ordinary shares. There were no dilutive potentialordinary shares for the year ended 31 December 2019.Year ended 31 December截至12月31日止年度202020192020年2019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）523,505451,118Adjustment for fair value changes on redeemableand convertible preferred shares (RMB’000)就可赎回及可转换优先股公平值变动调整（人民币千元）6,260–Profit 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）529,765451,118Weighted average number of ordinary shares inissue less shares held for Restricted Share AwardScheme (in thousands)已发行普通股加权平均数减受限制股份奖励计划所持股份之差（千股）1,194,7091,154,563Adjustment for assumed conversion of convertibleredeemable preferred shares (in thousands)就假设转换可转换可赎回优先股调整（千股）16,514–Weighted 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）1,211,2231,154,563Dilute earnings per share(expressed in RMB per share)每股摊薄盈利（以每股人民币元表示）0.440.39
二零二零年年报ANNUAL REPORT 2020207NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注12物业、厂房及设备12 PROPERTY, PLANT AND EQUIPMENTRoboshopmachinesMouldsEquipmentand othersLeaseholdimprovementTotal机器人商店售货机模具设备及其他租赁装修总计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 31 December 2019于2019年12月31日Cost成本42,42935,74713,82461,212153,212Accumulated depreciation累计折旧(4,759)(9,758)(2,514)(30,265)(47,296)Impairment减值–(2,357)––(2,357)Net book amount账面净值37,67023,63211,31030,947103,559Year ended 31 December2020截至2020年12月31日止年度Opening net book amount年初账面净值37,67023,63211,31030,947103,559Additions添置23,68172,9296,27799,938202,825Acquisition of a subsidiary收购一间附属公司––605–605Depreciation charge折旧费用(9,708)(19,862)(2,724)(34,388)(66,682)Disposal出售–(1,824)(150)(23)(1,997)Currency translationdifference货币换算差额––15–15Closing net book amount年末账面净值51,64374,87515,33396,474238,325As at 31 December 2020于2020年12月31日Cost成本66,11095,18720,494146,944328,735Accumulated depreciation累计折旧(14,467)(20,312)(5,161)(50,470)(90,410)Net book amount账面净值51,64374,87515,33396,474238,325
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12物业、厂房及设备（续）12 PROPERTY, PLANT AND EQUIPMENT(continued)RoboshopmachinesMouldsEquipmentand othersLeaseholdimprovementTotal机器人商店售货机模具设备及其他租赁装修总计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 31 December 2018于2018年12月31日Cost成本15,0327,2084,95626,67353,869Accumulated depreciation累计折旧(983)(1,208)(1,073)(14,731)(17,995)Net book amount账面净值14,0496,0003,88311,94235,874Year ended 31 December2019截至2019年12月31日止年度Opening net book amount年初账面净值14,0496,0003,88311,94235,874Additions添置27,66028,5409,13634,53999,875Depreciation charge折旧费用(3,908)(8,551)(1,587)(15,534)(29,580)Impairment减值–(2,357)––(2,357)Disposal出售(131)–(122)–(253)Closing net book amount年末账面净值37,67023,63211,31030,947103,559As at 31 December 2019于2019年12月31日Cost成本42,42935,74713,82461,212153,212Accumulated depreciation累计折旧(4,759)(9,758)(2,514)(30,265)(47,296)Impairment减值–(2,357)––(2,357)Net book amount账面净值37,67023,63211,31030,947103,559
二零二零年年报ANNUAL REPORT 2020209NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注12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：12 PROPERTY, PLANT AND EQUIPMENT(continued)(a) Depreciation on property, plant and equipment has beencharged to the consolidated statement of profit or loss and othercomprehensive income as follows:Year ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Cost of sales销售成本19,8628,551Distribution and selling expenses经销及销售开支44,95319,279General and administrative expenses一般及行政开支1,8671,75066,68229,580
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13无形资产13 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 2019于2019年12月31日Cost成本25,0605,5612,586–33,207Accumulated amortisation累计摊销(12,554)(834)(912)–(14,300)Impairment减值(287)–––(287)Closing net book amount账面净值12,2194,7271,674–18,620Year ended 31 December 2020截至2020年12月31日止年度Opening net book amount年初账面净值12,2194,7271,674–18,620Additions添置95,42013,8641,030113110,427Amortisation charge摊销费用(28,050)(7,501)(670)–(36,221)Currency translation difference货币换算差额(94)––(1)(95)Closing net book amount年末账面净值79,49511,0902,03411292,731At 31 December 2020于2020年12月31日Cost成本120,48119,4253,616112143,634Accumulated amortisation累计摊销(40,699)(8,335)(1,582)–(50,616)Impairment减值(287)–––(287)Closing net book amount年末账面净值79,49511,0902,03411292,731
二零二零年年报ANNUAL REPORT 2020211NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注13无形资产（续）13 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 2018于2018年12月31日Cost成本15,6725,5611,909–23,142Accumulated amortisation累计摊销(4,818)(278)(405)–(5,501)Closing net book amount年末账面净值10,8545,2831,504–17,641Year ended 31 December 2019于2019年12月31日Opening net book amount年初账面净值10,8545,2831,504–17,641Additions添置9,388–677–10,065Amortisation charge摊销费用(7,736)(556)(507)–(8,799)Impairment减值(287)–––(287)Closing net book amount年末账面净值12,2194,7271,674–18,620At 31 December 2019于2019年12月31日Cost成本25,0605,5612,586–33,207Accumulated amortisation累计摊销(12,554)(834)(912)–(14,300)Impairment减值(287)–––(287)Closing net book amount年末账面净值12,2194,7271,674–18,620
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13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29）。(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：14租赁(a)资产负债表内确认之金额资产负债表列示以下与租赁有关的金额：13 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 29).(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202020192020年2019年RMB’000RMB’000人民币千元人民币千元Cost of sales销售成本35,5517,736Distribution and selling expenses经销及销售开支–556General and administrative expenses一般及行政开支67050736,2218,79914 LEASES(a) Amounts recognised in the balance sheetThe balance sheet shows the following amounts relating to leases:As at December于12月31日202020192020年2019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42,90248,554Retail stores零售店244,897130,384287,799178,938Lease liabilities租赁负债Current流动144,72492,586Non-current非流动147,05090,812291,774183,398
二零二零年年报ANNUAL REPORT 2020213NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注14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：14 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202020192020年2019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306,204134,946Accumulated depreciation累计折旧(127,266)(64,130)Opening net book amount年初账面净值178,93870,816Year ended 31 December截至12月31日止年度Opening net book amount年初账面净值178,93870,816Additions添置252,556183,534Depreciation charge折旧费用(142,940)(70,324)Disposal出售(755)(5,088)Closing net book amount年末账面净值287,799178,938At 31 December于12月31日Cost成本452,745306,204Accumulated depreciation累计折旧(164,946)(127,266)Closing net book amount年末账面净值287,799178,938
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14租赁（续）(b)损益及其他全面收益表确认之金额综合财务报表列示以下与租赁有关的金额：截至2020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9,612,994元（截至2019年12月31日止年度：人民币9,406,000元）。14 LEASES(continued)(b) Amounts recognised in the statement of profit or loss andother comprehensive incomeThe consolidated financial statements show the following amountsrelating to leases:Year ended 31 December截至12月31日止年度202020192020年2019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21,79317,344Retail stores零售店121,14752,980142,94070,324Interest expenses (Note 8)利息开支（附注8）10,9465,813Expense relating to short-term leases(included in distribution and selling expensesand administrative expenses)短期租赁之有关开支（计入经销及销售开支以及行政开支）8,3355,631Expense relating to variable lease payments notincluded in lease liabilities (included indistribution and selling expenses)未计入租赁负债的可变租赁付款之有关开支（计入经销及销售开支）35,28549,577The cash outflow for leases as operating activities租赁作为经营活动之现金流出40,02750,519The cash outflow for leases as financing activities租赁作为融资活动之现金流出147,99575,773A 10% increase in sales across all stores in the Group with such variablelease contracts would increase total lease payments by approximatelyRMB9,612,994 for the year ended 31 December 2020 (for the year ended31 December 2019: RMB9,406,000).
二零二零年年报ANNUAL REPORT 2020215NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注15于附属公司的投资(a)附属公司本集团于2020年12月31日的主要附属公司载列如下。注册成立或登记国家亦为彼等的主要营业地点。15 INVESTMENT IN SUBSIDIARIES(a) SubsidiariesThe Group’s principal subsidiaries at 31 December 2020 are set outbelow. The country of incorporation or registration is also their principalplace of business.Ownership interest heldby the Group本集团持有的拥有权权益Ownership interestheld by non-controllinginterests非控股权益持有之拥有权权益Company name公司名称Country/place and date ofestablishment/incorporation成立╱注册成立国家╱地点及日期Kind of legal entity法定实体类型Authorisedcapital法定股本At 31 December于12月31日At 31 December于12月31日Principal activities/place of operation主要业务╱经营地点Note附注20202019202020192020年2019年2020年2019年Directly held直接持有Pop Mart (BVI) Holding LimitedPop Mart (BVI) Holding LimitedThe British Virgin Islands (“BVI”),10 May 2019英属维京群岛，2019年5月10日Limited liability company有限责任公司USD50,00050,000美元100%100%––Investment holding/BVI投资控股╱英属维京群岛Indirectly held间接持有Pop Mart (Hong Kong) Holding Limited(“Pop Mart Hong Kong”)Pop Mart (Hong Kong) Holding Limited(“Pop Mart Hong Kong”)Hong Kong, 27 May 2019香港，2019年5月27日Limited liability company有限责任公司HKD11港元100%100%––Investment holding/Hong Kong投资控股╱香港Beijing Pop Mart Cultural &Creative Corp., Ltd.(“Beijing Pop Mart”)北京泡泡玛特文化创意有限公司（「北京泡泡玛特」）The PRC, 20 October 2010中国，2010年10月20日Limited liability company有限责任公司RMB115,456,278人民币115,456,278元100%100%––Design and sales of pop toys/The PRC设计及销售潮流玩具╱中国Beijing Paqu Technology Co., Ltd.北京葩趣科技有限公司The PRC, 21 April 2016中国，2016年4月21日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%100%––Technology development/The PRC技术开发╱中国Tianjin Pop Mart CulturalCommunication Co., Ltd.天津泡泡玛特文化传播有限公司The PRC, 29 November 2016中国，2016年11月29日Limited liability company有限责任公司RMB5,000,000人民币5,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Shanghai Paqu Commerce Co., Ltd.上海葩趣贸易有限公司The PRC, 21 September 2017中国，2017年9月21日Limited liability company有限责任公司RMB2,000,000人民币2,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司216NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注Ownership interest heldby the Group本集团持有的拥有权权益Ownership interestheld by non-controllinginterests非控股权益持有之拥有权权益Company name公司名称Country/place and date ofestablishment/incorporation成立╱注册成立国家╱地点及日期Kind of legal entity法定实体类型Authorisedcapital法定股本At 31 December于12月31日At 31 December于12月31日Principal activities/place of operation主要业务╱经营地点Note附注20202019202020192020年2019年2020年2019年Indirectly held间接持有Beijing Pop Mart Trading Co., Ltd.北京泡泡玛特商贸有限公司The PRC, 11 October 2017中国，2017年10月11日Limited liability company有限责任公司RMB5,000,000人民币5,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Pop Mart Hong Kong Limited泡泡玛特香港有限公司Hong Kong, 27 January 2017香港，2017年1月27日Limited liability company有限责任公司HKD1,000,0001,000,000港元100%100%––Overseas operations and salesofpop toys/Hong Kong海外营运及销售潮流玩具╱香港Beijing Pop Mart InternationalTrading Co., Ltd.北京泡泡玛特国际贸易有限公司The PRC, 26 April 2019中国，2019年4月26日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%100%––Overseas operations and salesofpop toys/The PRC海外营运及销售潮流玩具╱中国Beijing Paquhuyu Technology Co., Ltd.北京葩趣互娱科技有限公司The PRC, 8 March 2016中国，2016年3月8日Limited liability company有限责任公司RMB10,000,000人民币10,000,000元––––Internet technology services/The PRC互联网技术服务╱中国Shenzhen Pop Mart Trading Co., Ltd.深圳泡泡玛特贸易有限公司The PRC, 31 October 2017中国，2017年10月31日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Chengdu Pop Mart Trading Co., Ltd.成都泡泡玛特贸易有限公司The PRC, 22 November 2017中国，2017年11月22日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Chongqing Paqu Trading Co., Ltd.重庆葩趣贸易有限公司*The PRC, 23 November 2017中国，2017年11月23日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Beijing Paqu Trading Co., Ltd.北京葩趣贸易有限公司The PRC, 29 December 2017中国，2017年12月29日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国15 INVESTMENT IN SUBSIDIARIES(continued)(a) Subsidiaries(continued)15于附属公司的投资（续）(a)附属公司（续）
二零二零年年报ANNUAL REPORT 2020217NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注Ownership interest heldby the Group本集团持有的拥有权权益Ownership interestheld by non-controllinginterests非控股权益持有之拥有权权益Company name公司名称Country/place and date ofestablishment/incorporation成立╱注册成立国家╱地点及日期Kind of legal entity法定实体类型Authorisedcapital法定股本At 31 December于12月31日At 31 December于12月31日Principal activities/place of operation主要业务╱经营地点Note附注20202019202020192020年2019年2020年2019年Indirectly held间接持有Shenyang Paqu Trading Co., Ltd.沈阳葩趣商贸有限公司The PRC, 1 March 2018中国，2018年3月1日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Zhengzhou Pop Mart Trading Co., Ltd.郑州泡泡玛特贸易有限公司The PRC, 4 April 2018中国，2018年4月4日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Qingdao Pop Mart Trading Co., Ltd.青岛泡泡玛特贸易有限公司The PRC, 17 April 2018中国，2018年4月17日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Jiangxi Paqu Trading Co., Ltd.江西葩趣贸易有限公司The PRC, 1 May 2020中国，2020年5月1日Limited liability company有限责任公司RMB2,000,000人民币2,000,000元100%––n/a不适用Sales of pop toys/The PRC销售潮流玩具╱中国Changchun Pop Mart Trading Co., Ltd.长春泡泡玛特贸易有限公司The PRC, 15 April 2020中国，2020年4月15日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%––n/a不适用Sales of pop toys/The PRC销售潮流玩具╱中国Fuzhou Paqu Trading Co., Ltd.福州葩趣贸易有限公司The PRC, 25 March 2020中国，2017年3月25日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%––n/a不适用Sales of pop toys/The PRC销售潮流玩具╱中国Haerbin Paqu Trading Co., Ltd.哈尔滨葩趣商贸有限公司The PRC, 10 April 2020中国，2020年4月10日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%––n/a不适用Sales of pop toys/The PRC销售潮流玩具╱中国Tianjin Paqu Cultural Media Co., Ltd.天津葩趣文化传播有限公司The PRC, 27 March 2020中国，2020年3月27日Limited liability company有限责任公司RMB5,000,000人民币5,000,000元100%––n/a不适用Sales of pop toys/The PRC销售潮流玩具╱中国Xiamen Paqu Trading Co., Ltd.厦门葩趣贸易有限公司The PRC, 14 April 2020中国，2020年4月14日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%––n/a不适用Sales of pop toys/The PRC销售潮流玩具╱中国Wuhan Pop Mart Trading Co., Ltd.武汉泡泡玛特贸易有限公司The PRC, 17 December 2019中国，2019年12月17日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国15 INVESTMENT IN SUBSIDIARIES(continued)(a) Subsidiaries(continued)15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218NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注Ownership interest heldby the Group本集团持有的拥有权权益Ownership interestheld by non-controllinginterests非控股权益持有之拥有权权益Company name公司名称Country/place and date ofestablishment/incorporation成立╱注册成立国家╱地点及日期Kind of legal entity法定实体类型Authorisedcapital法定股本At 31 December于12月31日At 31 December于12月31日Principal activities/place of operation主要业务╱经营地点Note附注20202019202020192020年2019年2020年2019年Indirectly held间接持有Guangzhou Pop Mart Trading Co., Ltd.广州泡泡玛特贸易有限公司The PRC, 06 May 2020中国，2020年5月6日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%––n/a不适用Sales of pop toys/The PRC销售潮流玩具╱中国Dalian Pop Mart Trading Co., Ltd.大连泡泡玛特贸易有限公司The PRC, 13 April 2020中国，2020年4月13日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%––n/a不适用Sales of pop toys/The PRC销售潮流玩具╱中国Shandong Paqu Trading Co., Ltd.山东葩趣贸易有限公司The PRC, 24 October 2019中国，2019年10月24日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%100%––Sales of pop toys/The PRC销售潮流玩具╱中国Guiyang Pop Mart Trading Co., Ltd.贵阳泡泡玛特葩趣贸易有限公司The PRC, 10 January 2020中国，2020年1月10日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%––n/a不适用Sales of pop toys/The PRC销售潮流玩具╱中国Xian Pop Mart Trading Co., Ltd.西安泡泡玛特贸易有限公司The PRC, 25 December 2019中国，2019年12月25日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%––n/a不适用Sales of pop toys/The PRC销售潮流玩具╱中国Changsha Paqu Trading Co., Ltd.长沙葩趣商贸有限公司The PRC, 02 January 2020中国，2020年1月2日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%––n/a不适用Sales of pop toys/The PRC销售潮流玩具╱中国Taiyuan Pop Mart Trading Co., Ltd.太原泡泡玛特贸易有限公司The PRC, 23 March 2020中国，2020年3月23日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%––n/a不适用Sales of pop toys/The PRC销售潮流玩具╱中国Yunnan Paqu Trading Co., Ltd.云南葩趣贸易有限公司The PRC, 4 September 2020中国，2020年9月4日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%––n/a不适用Sales of pop toys/The PRC销售潮流玩具╱中国15 INVESTMENT IN SUBSIDIARIES(continued)(a) Subsidiaries(continued)15于附属公司的投资（续）(a)附属公司（续）
二零二零年年报ANNUAL REPORT 2020219NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注Ownership interest heldby the Group本集团持有的拥有权权益Ownership interestheld by non-controllinginterests非控股权益持有之拥有权权益Company name公司名称Country/place and date ofestablishment/incorporation成立╱注册成立国家╱地点及日期Kind of legal entity法定实体类型Authorisedcapital法定股本At 31 December于12月31日At 31 December于12月31日Principal activities/place of operation主要业务╱经营地点Note附注20202019202020192020年2019年2020年2019年Indirectly held间接持有Foshan Pop Mart Paqu Trading Co., Ltd.佛山玛特葩趣商贸有限公司The PRC, 7 December 2020中国，2020年12月7日Limited liability company有限责任公司RMB1,000,000人民币1,000,000元100%––n/a不适用Sales of pop toys/The PRC销售潮流玩具╱中国Pop Mart Korea Co., Ltd.(Pop Mart Korea)Pop Mart Korea Co., Ltd.(Pop Mart Korea)South Korea, 11 July 2019韩国，2019年7月11日Limited liability company有限责任公司KRW1,500,0001,500,000韩圆80%–20%–Sales of pop toys/The PRC销售潮流玩具╱中国(i) In January 2020, the Group injected addition capital into Pop Mart Korea fromwith a cash consideration of KRW7,500,000,000 (equivalent to approximatelyRMB4,524,000) and thereby the Group’s equity interests in Pop Mart Koreaincreased from 60% to 80%, which became a non-wholly owned subsidiaryof Group since then.(ii) None of the subsidiaries had issued any debt securities at the end of theyear.(b) Non-controlling interestsThe total non-controlling interests as at 31 December 2020 amountedto RMB1,628,000 (As at 31 December 2019: nil). No subsidiary hasnon-controlling interests that are material to the Group.15 INVESTMENT IN SUBSIDIARIES(continued)(a) Subsidiaries(continued)15于附属公司的投资（续）(a)附属公司（续）(i)于2020年1月，本集团向Pop Mart Korea注入额外资金，现金代价为7,500,000,000韩圜（相当于约人民币4,524,000元），据此，本集团于Pop Mart Korea的股权由60%增至80%，Pop Mart Korea自此成为本集团的非全资附属公司。(ii)概无任何附属公司于年末发行任何债务证券。(b)非控股权益于2020年12月31日，非控股权益为人民币1,628,000元（于2019年12月31日：零）。概无附属公司拥有对本集团属重大的非控股权益。
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16 INVESTMENT IN JOINT VENTURES202020192020年2019年RMB’000RMB’000人民币千元人民币千元Opening balance as at 1 January于1月1日的年初余额22,10111,798Additional investments额外投资29,2415,333Derecognition resulting from businesscombination业务合并导致的终止确认(2,374)–Elimination of profit撇销溢利(2,863)–Share of profit for the year分占年内溢利6,7364,970Currency translation difference货币换算差额(2,461)–Ending balance as at 31 December于12月31日的年末余额50,38022,101Details of the Group’s joint ventures and associate as at 31 December2020 and 2019 are as follows:Company name公司名称Place of business/country ofincorporation营业地点╱注册成立国家% of ownershipinterest占所有权权益的百分比Principal activities主营业务Nature of therelationship关系性质Measurementmethod计量方法Carrying amounts ofthe investment投资账面值As at 31 December于12月31日As at 31 December于12月31日20202019202020192020年2019年2020年2019年Nanjing Golden Eagle PopMart Co., Ltd.(“Nanjing Pop Mart”) (a)南京金鹰泡泡玛特有限公司（「南京泡泡玛特」）(a)The PRC中国52%52%Sales of pop toys销售潮流玩具Joint Venture合营企业Equity method权益法19,44317,140Pop Mart Korea (b)Pop Mart Korea (b)Seoul, South Korea南韩首尔n/a不适用60%Sales of pop toys销售潮流玩具Joint Venture合营企业n/a不适用n/a不适用2,374POP MART SOUTH ASIA PTE. LTD.(“Singapore Pop”) (c)POP MART SOUTH ASIA PTE. LTD.（「Singapore Pop」）(c)Singapore新加坡50%50%Sales of pop toys销售潮流玩具Joint Venture合营企业Equity method权益法2,7902,587Pop Mart Japan, Inc. (“Japan Pop”)Pop Mart Japan, Inc.（「Japan Pop」）Japan日本60%0%Sales of pop toys销售潮流玩具Joint Venture合营企业Equity Method权益法975–How2work Limited (d)How2work Limited (d)Hong Kong香港25%0%Design and sales of pop toys设计及销售潮流玩具Associate联营公司Equity method权益法27,172–16使用权益法入账的投资于2020年及2019年12月31日，本集团的合营企业及联营公司详情如下所示：
二零二零年年报ANNUAL REPORT 2020221NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注16使用权益法入账的投资（续）(a)尽管本集团持有南京泡泡玛特的52%股权，但根据组织章程细则，其有关活动（根据国际财务报告准则第10号定义为对被投资方的回报具有重大影响的被投资方活动）的若干政策须在股东大会上由南京泡泡玛特的该两名股东双方以一致投票方式议决。因此，本集团对南京泡泡玛特行使共同控制权，并根据国际财务报告准则第11号「共同安排」将其视为合营企业。(b)于2019年4月12日，本集团及第三方投资者成立了Pop Mart Korea。本集团对Pop MartKorea的初始承担总额为450,000,000韩圜，占Pop Mart Korea的60%股权。本集团可委任Pop Mart Korea董事会五名董事中的三名。根据Pop Mart Korea的股东协议（「股东协议」），其相关活动（根据国际财务报告准则第10号定义为对被投资方的回报具有重大影响的被投资方活动）的若干政策须于股东大会上通过有权出席股东大会并于会上投票的所有成员的一致投票议决，或须于董事会会议上获得超过三分之二董事的批准。因此，根据国际财务报告准则第11号「共同安排」，自Pop Mart Korea注册成立起，本集团对PopMart Korea行使共同控制权并视其为合营企业。于2020年1月，本集团以现金代价7,500,000,000韩圜（相等于约人民币4,524,000元）向Pop Mart Korea注入额外资金，因此本集团于Pop Mart Korea的股权由60%增加至80%。根据日期为2020年1月1日的Pop MartKorea股东协议的补充协议，Pop Mart Korea于股东大会上相关活动的若干政策须于股东大会上获得超过三分之二投票权批准，或须于董事会会议上获得超过半数董事的批准。因此，本集团因拥有决定Pop Mart Korea相关活动的所有政策的单边权力而取得对PopMart Korea的控制权。因此，Pop Mart Korea自彼时起成为本集团的非全资附属公司。(c)于2019年6月18日，本集团及第三方投资者成立了Singapore Pop。本集团对SingaporePop的承担总额为500,000新加坡元，已于2020年12月31日悉数支付。(d)根据日期为2019年12月的投资协议及日期为2020年4月的有关补充协议，本公司同意按代价30,000,000港元向第三方收购How2workLimited的25%股权。上述交易已于2020年6月完成。16 INVESTMENTS ACCOUNTED FOR USING THEEQUITY METHOD(continued)(a) Although the Group holds 52% equity interests of Nanjing Pop Mart, inaccordance with the articles of association, certain policies over its relevantactivities (defined as activities of the investee that significantly affect theinvestee’s returns under IFRS 10) are required to be resolved at the generalmeetings with unanimous vote by both of the two shareholders of NanjingPop Mart. As a result, the Group exercises joint control over Nanjing PopMart and considers it as a joint venture in accordance with IFRS 11“Jointarrangements”.(b) On 12 April 2019, Pop Mart Korea was established by the Group and a third-party investor. The Group’s total initial commitment to Pop Mart Korea wasKRW 450,000,000, representing 60% equity interests of Pop Mart Korea. TheGroup can appoint 3 out of 5 directors of the board of directors of Pop MartKorea. In accordance with the shareholders’agreement (“SHA”) of Pop MartKorea, certain policies over its relevant activities (defined as activities of theinvestee that significantly affect the investee’s returns under IFRS 10) arerequired to be resolved at the general meetings with unanimous vote byall members entitled to attend and vote at the general meetings, or at theboard meetings shall require the approval of more than two-thirds of thedirectors. As a result, the Group exercises joint control over Pop Mart Koreaand considers it as a joint venture, since its incorporation, in accordance withIFRS 11“Joint arrangements”.In January 2020, the Group injected addition capital into Pop Mart Koreawith a cash consideration of KRW7,500,000,000 (equivalent to approximatelyRMB4,524,000) and thereby the Group’s equity interests in Pop Mart Koreaincreased from 60% to 80%. According to the supplemental agreement tothe SHA of Pop Mart Korea dated 1 January 2020, certain policies over itsrelevant activities at general meetings shall be approved by more than twothirds of the voting rights at the general meeting, or at the board meetingsshall require the approval of more than fifty percent of the directors.Therefore, the Group obtained control over Pop Mart Korea by virtue of itsunilateral power to determine all the policies over its relevant activities. As aresult, Pop Mart Korea became a non-wholly owned subsidiary of the Groupsince then.(c) On 18 June 2019, Singapore Pop was established by the Group and athird-party investor. The Group’s total commitment to Singapore Pop wasSGD 500,000, which had been paid in full as at 31 December 2020.(d) Pursuant to the investment agreement dated December 2019 and therespective supplemental agreement dated April 2020, the Company agreesto acquire 25% equity interest in How2work Limited from a third party withthe consideration of HKD30,000,000. The above transaction was completedin June 2020.
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16使用权益法入账的投资（续）(i)重大合营企业的资产负债表概要16 INVESTMENTS ACCOUNTED FOR USING THEEQUITY METHOD(continued)(i) Summarised balance sheets of a material joint ventureNanjing Pop Mart南京泡泡玛特As at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元Current assets流动资产Cash and cash equivalents现金及现金等价物12,94120,609Other current assets其他流动资产33,60414,337Total current assets总流动资产46,54534,946Non-current assets非流动资产63,17714,571Current liabilities流动负债Financial liabilities (excluding trade andother payables)金融负债（不包括贸易及其他应付款项）40,1073,567Other current liabilities其他流动负债18,19716,574Total current liabilities总流动负债58,30420,141Non-current liabilities非流动负债18,8494,201Net assets资产净值32,56925,175
二零二零年年报ANNUAL REPORT 2020223NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注16使用权益法入账的投资（续）(i)重大合营企业的资产负债表概要（续）上文呈列的财务资料概要与本集团分占合营企业权益的账面值对账如下：16 INVESTMENTS ACCOUNTED FOR USING THEEQUITY METHOD(continued)(i) Summarised balance sheets of a material joint venture(continued)Reconciliation of above summarized financial information presented tocarrying amounts of the Group’s share of interests in the joint venture:Nanjing Pop Mart南京泡泡玛特As at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元Opening net assets年初资产净值25,17514,902Profit for the year年内溢利7,39410,273Other comprehensive income其他全面收益––Dividends paid or declared已派付或已宣派的股息––Closing net assets年末资产净值32,56925,175Group’s share in %本集团所占百分比52%52%Group’s share in amounts本集团所占金额16,93613,091Goodwill商誉4,0494,049Elimination of unrealised profit撇销未变现溢利(1,542)–Carrying amount账面值19,44317,140
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16使用权益法入账的投资（续）(ii)重大合营企业的损益及其他全面收益表概要(iii)个别不重大的合营企业及联营公司以下资料反映与本集团的会计政策调整一致后的合营企业及联营公司财务报表中列示的金额。16 INVESTMENTS ACCOUNTED FOR USING THEEQUITY METHOD(continued)(ii) Summarised statements of profit or loss and othercomprehensive income of a material joint ventureNanjing Pop Mart南京泡泡玛特Year ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Revenue收益147,491112,995Depreciation and amortisation折旧及摊销(14,558)(6,165)Other cost and expenses其他成本及开支(122,134)(93,112)Income tax expense所得税开支(3,405)(3,445)Profit and total comprehensive incomefor the year年内溢利及全面收益总额7,39410,273Dividends received from joint venture收自合营企业的股息––(iii) Individually immaterial joint ventures and associateThe information below reflects the amounts presented in the financialstatements of the joint ventures and an associate after alignment withaccounting policies of the Group.Year ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Aggregate carrying amount of individuallyimmaterial associates个别不重大联营公司的账面总值30,9372,587Aggregate amounts of the Group's share of profitfor the year本集团分占年内溢利总额Profit/(loss) for the year年内溢利╱（亏损）2,891(372)Other comprehensive loss for the year年内其他全面亏损(2,461)–Total comprehensive income/(loss) for the year年内全面收益╱（亏损）总额430(372)
二零二零年年报ANNUAL REPORT 2020225NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注17递延所得税(a)递延所得税资产递延所得税资产结余包括暂时性差额，其归因于：17 DEFERRED INCOME TAXAs at 31 December于12月31日202020192020年2019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12,75210,575– to be recovered after more than 12 months－将于超过12个月后收回10,3355,64423,08716,219(a) Deferred tax assetsThe balance of deferred tax assets comprises temporary differencesattributable to:As at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元Lease liabilities租赁负债72,80245,849Tax losses税项亏损12,0886,666Accrued expenses应计开支8,1803,911Impairment loss减值亏损1,9672,132Total deferred tax assets递延税项资产总值95,03758,558Set-off of deferred tax liabilities in relation toright-of-use assets (b)就使用权资产抵销递延税项负债(b)(71,950)(42,339)Net deferred tax assets递延税项资产净值23,08716,219
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17递延所得税（续）(a)递延所得税资产（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：于2020年12月31日，可结转以抵销未确认为递延所得税资产的未来应课税收益的税务亏损为零（于2019年12月31日：零）。17 DEFERRED INCOME TAX(continued)(a) Deferred tax assets(continued)The movement is deferred income tax assets during the period, withouttaking into consideration the offsetting of the balances within the sametax jurisdiction, is as following:ImpairmentlossTax lossesLeaseliabilitiesAccruedexpensesTotal减值亏损税项亏损租赁负债应计开支总计RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元As at 1 January 2020于2020年1月1日2,1326,66645,8493,91158,558Credited to the consolidated statementof profit or loss and othercomprehensive income于综合损益及其他全面收益表计入(165)5,42226,9534,26936,479As at 31 December 2020于2020年12月31日1,96712,08872,8028,18095,037As at 1 January 2019于2019年1月1日2724,32918,7391,30324,643Credited to the consolidated statementof profit or loss and othercomprehensive income于综合损益及其他全面收益表计入1,8602,33727,1102,60833,915As at 31 December 2019于2019年12月31日2,1326,66645,8493,91158,558As at 31 December 2020, the tax losses which can be carried forwardagainst future taxable income that has not been recognised as deferredincome tax assets is nil (as at 31 December 2019: nil).
二零二零年年报ANNUAL REPORT 2020227NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注17递延所得税（续）(b)递延所得税负债递延税负债结余包括暂时性差额，其归因于：截至2020年12月31日止年度，递延所得税负债于年度的变动如下：17 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202020192020年2019年RMB’000RMB’000人民币千元人民币千元Right-of-use assets使用权资产71,95042,339Set off of deferred tax assets in relation toright-of-use assets就使用权资产抵销递延税项资产(71,950)(42,339)Net deferred tax liabilities递延税项负债净额––The movement in deferred income tax liabilities during the year ended31 December 2020 is as follows:Right-of-use assets使用权资产RMB’000人民币千元As at 1 January 2020于2020年1月1日42,339Debited to the consolidated statement of profit or loss andother comprehensive income于综合损益及其他全面收益表扣除29,611As at 31 December 2020于2020年12月31日71,950As at 1 January 2019于2019年1月1日16,877Debited to the consolidated statement of profit or loss andother comprehensive income于综合损益及其他全面收益表扣除25,462As at 31 December 2019于2019年12月31日42,339
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18贸易应收款项(a)就来自零售店销售、机器人商店销售及线上销售的贸易应收款项而言，该等款项通常以现金、信用卡╱借记卡或通过线上支付平台结算。就批发交易而言，贸易应收款项于销售合约协定的信贷期内结算。大部分该等批发商的信贷期为30至90天。拥有良好历史及长期关系的若干客户获授最多180天的延长优惠信贷期。18 TRADE RECEIVABLESAs at 31 December于12月31日202020192020年2019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61,31143,817– Related parties (Note 36(e))－关联方（附注36(e)）19,2884,752Subtotal小计80,59948,569Less: provision for impairment (b)减：减值拨备(b)(2,265)(2,933)Total trade receivables贸易应收款项总额78,33445,636(a) For trade receivables from retail store sales, roboshop sales andonline sales, the amounts are usually settled in cash, by credit/debit cards or through online payment platforms. For wholesaletransactions, trade receivables are settled within the credit terms asagreed in sales contracts. The majority of these wholesalers are withcredit terms of 30 to 90 days. Certain customers with good historyand long-term relationship are extended preferential credit terms ofup to 180 days.
二零二零年年报ANNUAL REPORT 2020229NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注18贸易应收款项（续）(a)（续）按发票日期的贸易应收款项的账龄分析如下：(b)本集团采用国际财务报告准则第9号简化方法计量预期信贷亏损，该预期信贷亏损对所有贸易应收款项均使用全期预期亏损拨备。附注3.1提供有关拨备计算的详情。有关贸易应收款项的减值以及本集团面临的信贷风险、外币风险及利率风险之资料，请参阅附注3.1。贸易应收款项的减值拨备变动如下：18 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202020192020年2019年RMB’000RMB’000人民币千元人民币千元Within 3 months3个月以内67,73642,2243 months to 6 months3个月至6个月11,4773,711Over 6 months6个月以上1,3862,634Total总计80,59948,569(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202020192020年2019年RMB’000RMB’000人民币千元人民币千元As at 1 January于1月1日2,933210(Reversal of)/provision for impairmentallowance减值拨备（拨回）╱拨备(668)2,723As at 31 December于12月31日2,2652,933
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18贸易应收款项（续）(c)贸易应收款项以下列货币计价：(d)所有贸易应收款项的账面值均与公平值相若。19其他应收款项18 TRADE RECEIVABLES(continued)(c) Trade receivables are denominated in the following currencies:As at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元RMB人民币77,43038,441KRW韩圜470–HKD港元4347,167USD美元–2878,33445,636(d) All trade receivables’carrying amounts approximate fair values.19 OTHER RECEIVABLESAs at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元Deposits for lease租赁按金83,77853,495Capital injection receivables注资应收款项–4,568Others其他8,2622,622Less: allowance for impairment of otherreceivables减：其他应收款项之减值拨备(1,259)(989)Total总计90,78159,696
二零二零年年报ANNUAL REPORT 2020231NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注19其他应收款项（续）其他应收款项减值拨备的变动如下：于2020年及2019年12月31日，其他应收款项的公平值与其账面值相若。20存货(a)截至2020年及2019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748,452,000元及人民币488,035,000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2020年及2019年12月31日止年度，存货减值拨备分别为人民币2,095,000元及人民币1,710,000元。19 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202020192020年2019年RMB’000RMB’000人民币千元人民币千元As at 1 January于1月1日989626Provision for impairment allowance减值拨备270363As at 31 December于12月31日1,259989As at 31 December 2020 and 2019, the fair values of other receivablesapproximated their carrying amounts.20 INVENTORIESAs at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元Merchandise (a)商品(a)229,43198,269Less: provision for impairment (b)减：减值拨备(b)(4,062)(1,967)Total总计225,36996,302(a) The cost of goods recognised as cost of sales amounted to approximatelyRMB748,452,000 and RMB488,035,000, for the years ended 31 December2020 and 2019, respectively.(b) Provision for impairment was recognised for the amount by which thecarrying amount of inventories exceeds its net realisable value and wasrecorded in“cost of sales”in the consolidated statement of profit or loss andother comprehensive income. The provision for impairment of inventoryamount to RMB2,095,000 and RMB1,710,000, for the years ended 31December 2020 and 2019, respectively.
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21预付款项及其他流动资产21 PREPAYMENTS AND OTHER CURRENT ASSETSAs at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元Prepayments for inventories预付存货款项88,93998,240Prepayments for design fees预付设计费款项56,21520,499Prepayments for advertising andmarketing expense预付广告及市场费10,9596,300Prepayment for property, plant and equipment预付物业、厂房及设备款项6,17710,443Prepayments for short-term leases预付短期租赁款项5,7953,055Deductible value-added input tax可扣减增值进项税1,4501,050Prepayment for listing expenses预付上市开支款项–2,530Deferred listing expense递延上市开支–1,694Others其他14,5606,985184,095150,796Less: non-current portion减：非流动部分(6,177)(10,443)Prepayments and other current assets –current portion预付款项及其他流动资产－流动部分177,918140,353
二零二零年年报ANNUAL REPORT 2020233NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注22按公平值计入损益的金融资产(a)于2020年7月24日及2020年7月27日，北京泡泡玛特与独立第三方分别订立股份转让协议及投资协议，以收购目标公司约10%股权。收购事项于2020年9月完成，总代价为人民币16,900,000元，其后本集团对目标公司具有重大影响力，因此，是项投资已分类为一家联营公司。本集团有权规定及要求目标公司于赎回事项中（不在目标公司的控制权内）以保证的预定金额赎回本集团持有的所有股份。因此，该投资被视为债务工具，并被确认为按公平值计量且其变动计入当期损益的金融资产。22 FINANCIAL ASSETS AT FAIR VALUE THROUGHPROFIT OR LOSSAs at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元Current assets流动资产– Investments in Wealth Management Productsissued by reputable commercial banks－由信誉良好的商业银行发行的理财产品投资–50,000Non-current assets非流动资产– Investment in an associate measured at fairvalue through profit or loss (a)－按公允价值计量且其变动计入损益的联营公司投资(a)16,900–Total总计16,90050,000(a) On 24 July 2020 and 27 July 2020, Beijing Pop Mart entered into a sharetransfer agreement and an investment agreement with an independent thirdparty, respectively, for the purpose of acquiring approximately 10% equityinterest in the target company.The acquisition was completed in September 2020 with total considerationof RMB16,900,000, upon which the Group has significant influence on thetarget company, consequently, this investment has been classified as anassociate.The Group has the right to require and demand the target company toredeem all of the shares held by the Group at guaranteed predeterminedamount upon redemption events which are out of control of the targetcompany. Hence this investment is accounted for as debt instruments and isrecognised as financial assets measured at fair value through profit or loss.
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22按公平值计入损益的金融资产（续）(b)于损益确认的金额23现金及现金等价物将人民币计值的结余兑换成外币，以及将该等外币计价的银行结余及现金汇出中国，必须遵守中国政府颁布的外汇管制的有关规则及规例。22 FINANCIAL ASSETS AT FAIR VALUE THROUGHPROFIT OR LOSS(continued)(b) Amounts recognised in profit or lossYear ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Fair value change on financial assetsat FVPL按公平值计入损益的金融资产的公平值变动1,1531,67823 CASH AND CASH EQUIVALENTSAs at 31 December于12月31日202020192020年2019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2,587,47512,586– HKD－港元2,463,31524,181– RMB－人民币630,376287,847– KRW－韩圜2,332–Less:减：Restricted cash受限制现金– pledged for letter of credits－就信用证作抵押(3,263)–Cash and cash equivalents现金及现金等价物5,680,235324,614The conversion of RMB denominated balances into foreign currenciesand the remittance of such foreign currencies denominated bankbalances and cash out of the PRC are subject to relevant rules andregulations of foreign exchange control promulgated by the PRCgovernment.
二零二零年年报ANNUAL REPORT 2020235NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注24股本本公司普通股及优先股的详情如下：24 SHARE CAPITALDetails of the Company’s ordinary shares and preferred shares are asfollows:Number ofordinarysharesNominalvalue ofordinarysharesNominalvalue ofordinarysharesNumber ofpreferredsharesNominalvalue ofpreferredsharesNominalvalue ofpreferredshares普通股数目普通股面值普通股面值优先股数目优先股面值优先股面值USD’000RMB'000USD’000RMB'000千美元人民币千元千美元人民币千元At 9 May 2019 (date of incorporation)于2019年5月9日（注册成立日期）––––––Issuance of shares in connection with thereorganisation to the shareholders of theCompany (a)就重组向本公司股东发行股份(a)115,456,2781282–––At 31 December 2019于2019年12月31日115,456,2781282–––As at 1 January 2020于2020年1月1日115,456,2781282–––Issuance of ordinary shares to the thenshareholders (b)向当时股东发行普通股(b)6,076,64614–––Issuance of preferred shares (c)发行优先股(c)–––610,718––Re-designation of ordinary shares toconvertible redeemable preferred shares (c)重新指定普通股为可转换可赎回优先股(c)(3,664,310)–(3)3,664,310–3Conversion of convertible redeemablepreferred shares into ordinary shares (c)将可转换可赎回优先股转换为普通股(c)4,275,028–3(4,275,028)–(3)Issuance of ordinary shares under RestrictedShare Award Scheme (d)根据限制性股份奖励计划发行普通股(d)2,442,873–2–––Capitalisation issue (e)资本化发行(e)1,121,278,635112733–––Issuance of ordinary shares upon GlobalOffering (f)全球发售时发行普通股(f)135,715,2001489–––Issuance of ordinary shares upon exerciseof over-allotment option (f)超额配股权获行使后发行普通股(f)20,357,200213–––At 31 December 2020于2020年12月31日1,401,937,550141923––
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24股本（续）(a)本公司于2019年5月9日注册成立，法定股本为50,000美元，分为500,000,000股每股面值0.0001美元的普通股。自2019年5月至2019年9月，本公司向股东发行合共115,456,278股普通股，总代价为24,516,000美元（相当于约人民币173,122,000元），包括计入股本的12,000美元（相当于约人民币82,000元）及计入股份溢价的24,504,000美元（相当于约人民币173,040,000元）。(b)于2019年10月31日，本公司就发行6,076,646股股份与若干股东订立了股份认购协议，总代价为56百万美元。股份发行已于2020年3月及4月完成，及已收到总代价55,809,000美元（相当于约人民币393,805,000元），包括计入股本的608美元（相当于约人民币4,000元）及计入股份溢价的55,808,000美元（相当于约人民币393,801,000元）。(c)根据本公司股东于2020年1月31日举行的股东特别大会的决议案，本公司的法定股本50,000美元（原先包括500,000,000股每股面值0.0001美元的普通股）已通过分为500,000,000股股份而变更及重新分类如下：(i) 495,724,972股每股面值0.0001美元的普通股，其中111,791,968股已发行；及(ii)按一股换一股基准将每股面值0.0001美元的普通股重新指定及重新分类为4,275,028股优先股（「A系列优先股」），包括自已发行普通股重新指定及重新分类的3,664,310股股份及自法定但未发行普通股重新指定及重新分类的610,718股股份。重新指定3,664,310股现有普通股按向有关股东购回普通股及发行可转换可赎回优先股入账，录得股本支销366美元（相当于约人民币3,000元，约整至最接近的千位数）以反映购回普通股。3,664,310股普通股的账面值与公平值之间的差额为人民币499,658,000元，于截至2020年12月31日止年度于综合权益变动表作为股份溢价借项扣除。(iii)于2020年6月20日，全部4,275,028股A系列优先股转换为本公司普通股。于转换前，A系列优先股的公平值为88,408,000美元（相当于人民币626,925,000元），其中金额428美元（相当于约人民币3,000元，约整至最接近的千位数）于股本入账及余下金额人民币626,922,000元于截至2020年12月31日止年度综合权益变动表内的股份溢价入账。24 SHARE CAPITAL(continued)(a) The Company was incorporated on 9 May 2019 with an authorised sharecapital of US$50,000 divided into 500,000,000 ordinary shares of US$0.0001each.From May 2019 to September 2019, the Company issued an aggregated of115,456,278 ordinary shares to the shareholders for a total consideration ofUSD24,516,000 (equivalent to approximately RMB173,122,000), includingUSD12,000 (equivalent to approximately RMB82,000) recorded in sharecapital and USD24,504,000 (equivalent to approximately RMB173,040,000) inshare premium respectively.(b) On 31 October 2019, the Company entered into a share subscriptionagreement with certain shareholders in respect of the issuance of 6,076,646shares for a total consideration of USD55,809,000. The issuance of shares wascompleted in March and April 2020, and the total consideration of USD56million (equivalent to approximately RMB393,805,000) had been received,including USD608 (equivalent to approximately RMB4,000) recorded in sharecapital and USD55,808,000 (equivalent to approximately RMB393,801,000) inshare premium respectively.(c) Pursuant to the resolution of the extraordinary general meeting ofthe shareholders of the Company on 31 January 2020, the authorisedshare capital of the Company of USD50,000, which originally consists of500,000,000 ordinary shares of USD0.0001 par value each, was varied andreclassified by dividing the 500,000,000 shares as follows:(i) 495,724,972 ordinary shares of USD0.0001 par value each, of which111,791,968 shares are issued; and(ii) 4,275,028 preferred shares (“Series A Preferred Shares”) re-designatedand re-classified from ordinary shares at the par value of US$0.0001each on a one-for-one basis, which include 3,664,310 sharesre-designated and re-classified from ordinary shares in issue and610,718 shares re-designated and re-classified from authorised butunissued ordinary shares.The re-designation of 3,664,310 existing ordinary shares wereaccounted for as repurchase of ordinary shares and issuance ofconvertible redeemable preferred shares to the respective shareholders,recorded as a debit to share capital of USD366 (equivalent toapproximately RMB3,000 as rounded to the nearest thousand) to reflectthe repurchase of ordinary shares. The difference between the parvalue and fair value of 3,664,310 ordinary shares was RMB499,658,000,recorded as a debit to share premium in the consolidated statement ofchanges in equity for the year ended 31 December 2020.(iii) On 20 June 2020, all of the 4,275,028 Series A Preferred Shares wereconverted into ordinary shares of the Company. The fair value of theSeries A Preferred Shares before conversion were USD88,408,000(equivalent to RMB626,925,000), of which an amount of USD428(equivalent to approximately RMB3,000 as rounded to the nearestthousand) was recorded in share capital and the remaining amount ofRMB626,922,000 was recorded in share premium in the consolidatedstatement of changes in equity for the year ended 31 December 2020.
二零二零年年报ANNUAL REPORT 2020237NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注24股本（续）(d)于2020年7月24日，本公司董事会批准以零代价向股份奖励信托发行2,442,873股本公司普通股，用于首次公开发售后股份奖励计划的相关事宜。上述股份发行已于2020年7月28日完成，股份奖励信托持有的股份将列账为「就股份奖励计划持有的股份」，并从股份溢价中扣除，直至受限制股份单位归属或注销。于2020年12月11日资本化发行后，首次公开发售后股份奖励计划下的股份数量已调整为24,428,730股。(e)资本化发行诚如附注1所披露，本公司已发行1,121,278,635股每股面值0.0001美元的普通股，并将112,128美元（相当于人民币733,372元）计入股本，其中就股份奖励计划持有21,985,857股普通股（占股本人民币14,380元）（附注25）。(f)于全球发售时向公众人士发行新普通股诚如附注1所披露，全球发售所得款项总额约为6,008,787,000港元（相当于约人民币5,070,481,000元），其中15,607美元（相当于约人民币102,079元）已计入股本，而6,008,666,000港元（相当于约人民币5,070,379,000元）已计入股份溢价。与全球发售有关的股份发行成本为人民币154,902,000元，已计入股份溢价。24 SHARE CAPITAL(continued)(d) On 24 July 2020, the board of directors of the Company approved to issue2,442,873 ordinary shares of the Company to the Share Award Trust fornil consideration in related to Post-IPO Share Award Scheme. The aboveissuance of shares was completed on 28 July 2020, and the shares held bythe Share Award Trust will be recorded as“Shares held for Share AwardScheme”and deducted from share premium until the RSU are vested orcancelled. The shares under the Post-IPO Share Award Scheme have beenadjusted to 24,428,730 after the capitalisation issue on 11 December 2020.(e) Capitalisation issueAs disclosed in Note 1, 1,121,278,635 ordinary shares of USD0.0001 par valueeach were issued and USD112,128 (equivalent to RMB733,372) were creditedto share capital, of which 21,985,857 ordinary shares (representing sharecapital RMB14,380) were held for share award scheme (Note 25).(f) Issuance of new ordinary shares to public upon global offeringAs disclosed in Note 1, the total gross proceeds from the global offeringwere approximately HKD6,008,787,000 (equivalent to approximatelyRMB5,070,481,000), of which USD15,607 (equivalent to approximatelyRMB102,079) was credited to share capital, HKD6,008,666,000 (equivalent toapproximately RMB5,070,379,000) was credited to share premium. The shareissuance costs relating to the global offering amounted to RMB154,902,000were recorded in share premium.
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25 SHARES HELD FOR SHARE AWARD SCHEMEAs at31 December2020As at31 December2019As at31 December2020As at31 December2019于2020年12月31日于2019年12月31日于2020年12月31日于2019年12月31日SharesSharesRMB’000RMB’000股份股份人民币千元人民币千元Shares held for share award schemeof US$0.0001 each就股份奖励计划所持每股0.0001美元的股份24,428,730–16–These shares are held by the Group’s Share Award Trust for the purposeof issuing shares under the Group’s Share Award Scheme (see Note27(b) for further information). Under the Post-IPO Share Award Scheme,the Company issued 2,442,873 ordinary shares of the Company to theShare Award Trust for nil consideration in 2020. The shares under thePost-IPO Share Award Scheme have been changed to 24,428,730 afterthe capitalisation issue on 11 December 2020 (see Note 24(d) for furtherinformation).Numberof sharesRMB’000Details详情股份数量人民币千元Balance at 1 January 2019于2019年1月1日的结余––Shares vested under share award scheme根据股份奖励计划归属的股份––Balance at 31 December 2019于2019年12月31日的结余––Shares issued to share award scheme发行予股份奖励计划的股份2,442,8732Capitalisation issue资本化发行21,985,85714Balance at 31 December 2020于2020年12月31日的结余24,428,7301625就股份奖励计划持有的股份本集团的股份奖励信托持有的该等股份目的为根据本集团的股份奖励计划发行股份（进一步详情见附注27(b)）。根据首次公开发售后股份奖励计划，本公司于2020年以零代价向股份奖励信托发行2,442,873股公司普通股。于2020年12月11日资本化发行后，首次公开发售后股份奖励计划下的股份数量已变为24,428,730股（进一步详情见附注24(d)）。
二零二零年年报ANNUAL REPORT 2020239NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注26其他储备(a)本集团的其他储备变动26 OTHER RESERVES(a) Other reserves movement of the GroupSharepremiumCapitalreservesStatutoryreservesTranslationreservesShare-basedpaymentreservesTotal股份溢价资本储备法定储备汇兑储备以股份为基础的付款储备总计RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元As at 1 January 2020于2020年1月1日7,500,381(7,382,159)50,506903–169,631Currency translation difference货币换算差额–––(38,901)–(38,901)Profit appropriation to statutory reserves (i)转拨至法定储备之溢利(i)––7,221––7,221Re-designation of ordinary shares to convertibleredeemable preferred shares (Note 24(c))重新指定普通股为可转换可赎回优先股（附注24(c)）(499,658)––––(499,658)Issuance of ordinary shares to the thenshareholders (Note 24(b))向当时股东发行普通股（附注24(b)）393,801––––393,801Conversion of convertible redeemable preferredshares into ordinary shares (Note 24(c))将可转换可赎回优先股转换为普通股（附注24(c)）626,922––––626,922Capitalisation issue (Note 24(e))资本化发行（附注24(e)）(719)––––(719)Issuance of new ordinary shares (Note 24(f))发行新普通股（附注24(f)）4,409,110––––4,409,110Issuance of ordinary shares upon exercise ofover-allotment option (Note 24(f))超额配股权获行使后发行普通股（附注24(f)）661,269––––661,269Share issuance costs (Note 24(f))股份发行成本（附注24(f)）(154,902)––––(154,902)Dividends declared宣派股息(384,659)––––(384,659)Balance at 31 December 2020于2020年12月31日的结余12,551,545(7,382,159)57,727(37,998)–5,189,115As at 1 January 2019于2019年1月1日–120,11310,426–892131,431Currency translation difference货币换算差额–––903–903Profit appropriation to statutory reserves (i)转拨至法定储备之溢利(i)––40,080––40,080Capital injection from the shareholdersof the Company (Note 24(a))本公司股东注资（附注24(a)）173,040––––173,040Deemed distribution to the thenshareholders of Beijing Pop Mart togive effect to the Reorganisation (ii)为进行重组而视作向北京泡泡玛特当时股东的分派(ii)7,327,341(7,500,000)–––(172,659)Share-based compensation expenses(Note 27)以股份为基础的报酬开支（附注27）––––1,4671,467Shares vested under the ShareAward Scheme根据股份奖励计划归属的股份–(2,272)––(2,359)(4,631)Balance at 31 December 2019于2019年12月31日的结余7,500,381(7,382,159)50,506903–169,631
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26 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.(ii)On 2 August 2019, Pop Mart Hong Kong entered into a sharetransfer agreement with all the then shareholders of Beijing PopMart, pursuant to which Pop Mart Hong Kong agreed to acquireall the issued share capital of Beijing Pop Mart from the thenshareholders of Beijing Pop Mart at the total cash consideration ofRMB172,659,200. The cash consideration of RMB172,659,200 wastreated as deemed distributions as it was paid out of the Group tothe then shareholders of Beijing Pop Mart.27 SHARE-BASED COMPENSATION(a) Share Award SchemeFor the purpose of the share award (“Share Award Scheme”), Beijing PopMart Investment Enterprise (L.P.) (“Pop Mart Partnership”) was establishedas a limited partnership in the PRC on 29 October 2015. The objective ofthe Share Award Scheme is to encourage and retain selected granteesincluding directors and employees of the Group, to work with the Groupand to provide additional incentive for them to enhance performancegoals and to enable the Group to recruit high-caliber employees andattract human resources that are valuable to the Group.The general partner of Pop Mart Partnership is Mr. Wang Ning and eachof the selected grantees is a limited partner. The relevant activitiesof Pop Mart Partnership (such as acquiring and holding shares underthe Share Award Scheme during the vesting period and transfer theawarded shares to employees on vesting) are conducted on behalf ofthe Group and for the benefit of the Group’s employees. The Group isable to direct the relevant activities of Pop Mart Partnership and benefitfrom such activities. As a result, Pop Mart Partnership is consolidated inthe Group’s financial statements.26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。(ii)于2019年8月2日，Pop Mart Hong Kong与北京泡泡玛特当时的所有股东订立股份转让协议，据此Pop Mart HongKong同意向北京泡泡玛特当时的股东收购北京泡泡玛特的全部已发行股本，总现金代价为人民币172,659,200元。现金代价人民币172,659,200元当作视作分派处理，因为现金代价本集团向北京泡泡玛特当时的股东派付。27以股份为基础的报酬(a)股份奖励计划为实施股份奖励（「股份奖励计划」），北京泡泡玛特投资企业（有限合伙）（「泡泡玛特合伙」）于2015年10月29日在中国成立为有限合伙企业。股份奖励计划之目的乃鼓励及挽留选定承授人（包括本集团的董事及雇员）于本集团工作，并为彼等提供额外的激励以强化业绩目标；以及使本集团能够招募高质素的雇员及吸引对本集团具有价值的人力资源。泡泡玛特合伙的普通合伙人为王宁先生及各选定承授人为有限合伙人。泡泡玛特合伙的有关活动（如于归属期间根据股份奖励计划收购及持有股份，及于归属时转让奖励股份予雇员）乃代表本集团及为本集团雇员之利益而作出。本集团有能力主导泡泡玛特合伙的有关活动并从该等活动中获利。因此，泡泡玛特合伙于本集团财务报表中综合入账。
二零二零年年报ANNUAL REPORT 2020241NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注27 SHARE-BASED COMPENSATION(continued)(a) Share Award Scheme(continued)For the purpose of granting awarded shares to selected grantees, PopMart Partnership either makes capital injection into Beijing Pop Mart orpurchases shares of Beijing Pop Mart from other shareholders with fundscontributed by its general partner and limited partners. Upon grantingof awarded shares, the selected grantees are entitled to subscribe for therespective equity interest in Pop Mart Partnership at the price specifiedin the contracts (the“Subscription Price”). If an employee leaves theGroup during the vesting period, the Group has an obligation torepurchase the unvested shares and can reallocate such shares to otheremployees.The awarded shares are recognised by the Group as follows:(i) The fair value of awarded shares, based on the difference betweenthe market value of the shares of Beijing Pop Mart on the grantdate and the Subscription Price, is charged as employee benefitexpenses in the consolidated statement of profit or loss and othercomprehensive income over the respective vesting periods of 36months since the grant date of the awarded shares; and(ii) To reflect the repurchase obligation in relation to unvested shares,the Group recognise a debit to“Shares held for Share AwardScheme”at the amount of the Subscription Price for each of theawarded shares on the grant date, which is transferred to capitalreserves upon vesting of the respective shares.During the years end 31 December 2020, the fair value of awardedshares recognised in the statement of profit or loss and othercomprehensive income is nil (2019: RMB1,467,000). During the years end31 December 2020, there is no new shares granted.27以股份为基础的报酬（续）(a)股份奖励计划（续）为向选定承授人授出奖励股份，泡泡玛特合伙向北京泡泡玛特注资或向其他股东以其普通合伙人及有限合伙人的出资购买北京泡泡玛特的股份。于授出奖励股份后，选定承授人有权按合约订明的价格（「认购价」）认购泡泡玛特合伙的相关股权。倘雇员于归属期离开本集团，则本集团有义务购回未归属股份并可向其他雇员重新分配该等股份。本集团按下列方式确认奖励股份：(i)于自奖励股份授出日期起计36个月的各自归属期内将奖励股份的公平值（基于北京泡泡玛特的股份于授出日期的市值与认购价之间的差额）于综合损益及其他全面收益表内以雇员福利开支列账；及(ii)为反映关于未归属股份的购回义务，本集团按授出日期各奖励股份的认购价金额确认「就股份奖励计划持有的股份」的借项，并于归属相关股份时转入资本储备。截至2020年12月31日止年度，已于损益及其他全面收益表确认的奖励股份公平值分别为零（2019年：人民币1,467,000元）。截至2020年12月31日止年度，并无授出新股份。
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27 SHARE-BASED COMPENSATION(continued)(a) Share Award Scheme(continued)Movements in the awarded shares are as follow:Years ended at 31 December截至12月31日止年度202020192020年2019年Averagefair valueper shareNumber ofsharesAveragefair valueper shareNumber ofshares每股平均公平值股份数目每股平均公平值股份数目(RMB)(Thousands)(RMB)(Thousands)（人民币元）（千股）（人民币元）（千股）Opening balance as at 1 January于1月1日的年初结余––5.77357Granted授出––––Lapsed失效––––Exercised行使––––Vested归属––5.77(357)Ending balance as at 31 December于12月31日的年末结余––––(b) Post-IPO Share Award SchemeFor the purpose of the restrictive share unit (the“RSU”) long termincentive plan (the“Post-IPO Share Award Scheme”), Pop Mart PartnerLimited (the“Share Award Trust”) was established to hold and administerthe RSU before they are vested and transferred to the participants. Thepurpose of the Post-IPO Share Award Scheme is to align the interestsof selected participants’with those of the Group and to encourage andretain selected participants to make contributions to the long-termgrowth and profits of the Group. As the financial and operational policiesof the Share Award Trust are governed by the Group, and the Groupbenefits from the Share Award Trust’s activities, the Share Award Trustis consolidated in the Group’s financial statements as a special purposeentity.27以股份为基础的报酬（续）(a)股份奖励计划（续）奖励股份变动如下：(b)首次公开发售后股份奖励计划就受限制股份单位（「受限制股份单位」）长期激励计划（「首次公开发售后股份奖励计划」）而言，Pop Mart Partner Limited（「股份奖励信托」）已成立以于受限制股份单位归属及转让予参与者之前持有及管理受限制股份单位。首次公开发售后股份奖励计划的目的乃令选定参与者的利益与本集团利益一致，鼓励及挽留选定参予者作出贡献，促进本集团的长远增长及溢利。由于股份奖励信托的财务及营运政策由本集团管理，及本集团从股份奖励信托的活动中受益，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。
二零二零年年报ANNUAL REPORT 2020243NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注27 SHARE-BASED COMPENSATION(continued)(b) Post-IPO Share Award Scheme(continued)The aggregate number of shares underlying all grants (the“RSU”) madepursuant to the Post-IPO Share Award Scheme (excluding the shareswhich have been forfeited in accordance with the Post-IPO Share AwardScheme) will not exceed 10% shares without shareholders’approvalsubject to an annual limited of 5% of the total number of issued sharesat the relevant time.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 related to Post-IPO Share Award Scheme.The above issuance of shares was completed on 28 July 2020, and theRSU held by the Share Award Trust will be recorded as“Shares heldfor Share Award Scheme”and deducted from equity until the RSU arevested or cancelled. The shares under the Post-IPO Share Award Schemehave been changed to 24,428,730 after the capitalisation issue on 11December 2020 (see Note 24(e) and Note 25 for further information).During the year ended 31 December 2020, no shares were granted toselected participants under the Post-IPO Share Award Scheme.Pursuant to the Post-IPO Share Award Scheme, on 4 January 2021, theGroup granted 2,805,853 RSUs to the selected participants in respectof their service to the Group. As of the date of approval of thesefinancial statements, all of these RSUs will be vested in tranches fromthe grant date over a specific service period, on the condition thatthese employees are remained in service and achieve performancerequirements. Once the vesting conditions of the respective RSUs aremet, the RSUs are considered duly and validly issued to the selectedparticipants, and free of restrictions on transfer. The fair value of theshares granted was determined based on the market value of theCompany’s shares at the grant date, which will be charged to theconsolidated statement of profit or loss and other comprehensiveincome of the Group over the respective vesting period.27以股份为基础的报酬（续）(b)首次公开发售后股份奖励计划（续）于未取得股东批准的情况下，根据首次公开发售后股份奖励计划授出之所有股份（不包括已根据首次公开发售后股份奖励计划没收之股份）数目（「受限制股份单位」）合共不得超过10%的股份，并受于有关时间已发行股份总数5%的年度限额规限。于2020年7月24日，本公司董事会批准以零代价向股份奖励信托发行2,442,873股本公司普通股，用于首次公开发售后股份奖励计划的相关事宜。上述股份发行已于2020年7月28日完成，股份奖励信托持有的受限制股份单位将列账为「就股份奖励计划持有的股份」，并从权益中扣除，直至受限制股份单位归属或注销。于2020年12月11日资本化发行后，首次公开发售后股份奖励计划下的股份数量已变为24,428,730股（进一步详情见附注24(e)及附注25）。截至2020年12月31日止年度，并无根据首次公开发售后股份奖励计划向选定参与者授予股份。根据首次公开发售后股份奖励计划，于2021年1月4日，本集团向选定参与者就彼等对本集团的服务授出2,805,853个受限制股份单位。截至该等财务报表获通过日期，所有该等受限制股份单位已归属及其余受限制股份单位于授出日期按特定服务年期分批归属，惟该等雇员须仍然提供服务及达致表现要求。倘符合相关受限制股份单位的归属条件，受限制股份单位将被视为正式及有效地发行予选定参与者，及并无转让限制。授出股份的公平值按本公司股份于授出日期的市值厘定，并于相关归属期间自本集团的综合损益及其他全面收益表中扣除。
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28贸易应付款项供应商授予的商品应付款项的信贷期通常为即期至180天。于2020年及2019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：28 TRADE PAYABLESAs at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元Merchandise payables商品应付款项115,80449,406The credit terms of merchandise payables granted by the suppliers areusually current to 180 days. At 31 December 2020 and 2019, the aginganalysis of the merchandise payables based on invoice date were asfollow:As at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元Within 30 days30天以内31,35523,60530 to 90 days30至90天44,73611,65290 to 180 days90至180天20,6045,028Over 180 days180天以上19,1099,121115,80449,406
二零二零年年报ANNUAL REPORT 2020245NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注29应付授权费诚如附注13(a)所披露，本集团与艺术家订立若干授权协议，以取得独家及非独家授权IP。根据授权协议，固定最低付款须于合约期内分期支付而基于销量的可变付款须于触发该等付款的条件发生的期间内支付。29 LICENSE FEES PAYABLESAs at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元License fees payables应付授权费86,81416,495Less: non-current portion减：非即期部分(27,934)(1,318)Current portion即期部分58,88015,177As disclosed in Note 13(a), the Group entered into various licenseagreements with artists to obtain exclusive and non-exclusive LicensedIPs. Pursuant to the license agreements, fixed minimum payments arepayable in tranches during the contracted term while variable paymentsthat depend on sales are payable in the period in which the conditionthat triggers those payments occurs.
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29 LICENSE FEES PAYABLES(continued)Movement in license fees payables during the year is analysed as follows:RMB’000人民币千元As at 1 January 2020于2020年1月1日16,495Additions添置149,735Payment of license fees支付授权费(79,322)Adjustment for exchange difference汇兑差额调整(94)As at 31 December 2020于2020年12月31日86,814As at 1 January 2019于2019年1月1日7,181Additions添置57,794Payment of license fees支付授权费(48,480)As at 31 December 2019于2019年12月31日16,495As at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元Analysis of license fees payables:应付授权费分析：Non-current非流动27,9341,318– the second to fifth year－第二至第五年27,9341,318– more than five years－五年以上––Current即期58,88015,177The 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).29应付授权费（续）应付授权费于年内的变动分析如下：应付授权费主要以人民币、美元及港元计值。本集团的授权费到期情况乃基于附注3.1(c)所披露的合约未贴现现金流量。
二零二零年年报ANNUAL REPORT 2020247NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注30 OTHER PAYABLESAs at 31 December于12月31日202020192020年2019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42,21831,968Accrual expenses应计开支31,59911,492Other tax payables应付其他税项28,55911,506Payable for leasehold improvement应付租赁装修款项27,1232,741Payables for listing fees应付上市开支款项25,7163,511Payables for short-term and variable rentalexpenses应付短期及可变租金开支款项11,18111,854Deposits payable应付押金9,7148,652Dividend payable应付股息7,079–Payables to merchants on conventions应付展会商户款项3,0649,547Deposit received in connection with the capitalinjection from a shareholder就一名股东注资收取的按金–11,427Payables for purchasing the Listing Business应付购买上市业务款项–4,566Payables for investment in a joint venture应付投资一家合营企业的款项–2,587Others其他16,04412,199Total总计202,297122,050As at 31 December 2020 and 2019, the carrying amounts of otherpayables are considered to approximate their fair values, due to theirshort-term nature.30其他应付款项于2020年及2019年12月31日，由于其他应付款项具短期性质，其账面值被视为与其公平值相若。
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31 CONTRACT LIABILITIESAs at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元Online sales线上销售51,04231,261Customer loyalty programme客户忠诚度计划21,803–License income授权收入6,059–Wholesales批发5,0373,90683,94135,167(i) During the year ended 2020, the points expire at the end of eachsix months from the date on which the initial sales occur. Duringthe year ended 2019, all of the points expire at the end of the yearduring which the initial sales occurs.Revenue recognised in relation to contract liabilities balance at thebeginning of the year:Year ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Credited to the consolidated statement ofprofit or loss and other comprehensiveincome计入综合损益及其他全面收益表26,3038,00531合约负债(i)截至2020年止年度，积分于最初销售发生当日起计每六个月完结时到期。截至2019年止年度，积分于最初销售发生的年末到期。就年初合约负债结余确认的收益：
二零二零年年报ANNUAL REPORT 2020249NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注32 CONVERTIBLE REDEEMABLE PREFERREDSHARESAs disclosed in Note 24, on 31 January 2020, the Company issued4,275,028 Series A Preferred Shares, including (i) 3,664,310 sharesrepurchased from existing issued ordinary shares, at a price ofUSD20.4677 per share for a total consideration of USD75,000,000; and (ii)610,718 shares issued to an investor at a price of USD20.4677 per sharefor a total consideration of USD12,500,000 (equivalent to approximatelyRMB86,561,000) pursuant to the shares subscription agreement enteredinto by the Company (together with certain subsidiaries) and theinvestor.The key terms of the Series A Preferred Shares are summarised as follows:(a) Dividends rightsThe investor of the Series A Preferred Shares is entitled to receivedividends, out of any assets legally available, as and if declared bythe board of directors of the Company. Such distributions shallnot be cumulative. To the extent any dividend is declared andpaid, such dividend shall be paid ratably to all shareholders on anas-converted basis.(b) Conversion featureThe Series A Preferred Shares shall be automatically convertedinto fully-paid, non-assessable ordinary shares, based in thethen-effective applicable conversion price for such shares: (i)immediately prior to the closing of an“IPO”or (ii) on the datespecified on the written request for such conversion from theinvestors (calculated on an as converted basis) with respect to theconversion of the Series A Preferred Shares.“IPO”means the Company’s first underwritten public offering ofits Ordinary Shares and listing on an internationally recognizedsecurities exchange (for the avoidance of doubt, excluding“NEEQ”in the PRC).32可转换可赎回优先股诚如附注24所披露，于2020年1月31日，本公司发行4,275,028股A系列优先股，包括(i)购回3,664,310股现有已发行普通股，每股价格为20.4677美元，总代价为75,000,000美元及(ii)根据本公司（连同若干附属公司）与一名投资者订立的股份认购协议，按每股20.4677美元的价格向该投资者发行610,718股股份，总代价为12,500,000美元（相当于约人民币86,561,000元）。A系列优先股的主要条款概述如下：(a)股息权利A系列优先股投资者有权于及倘本公司董事会宣派股息时，收取自任何合法作此用途的资产拨付的股息。有关分派不得累计。倘宣派及派付任何股息，有关股息将按犹如已转换的基准按比例派付予全体股东。(b)转换特征A系列优先股应在下列时间按当时生效的适用股份转换价格自动转换为缴足且无需课税的普通股：(i)紧接「首次公开发售」截止前；或(ii)投资者（按犹如已转换基准计算）就转换A系列优先股所发出的书面转换请求中列明的日期。「首次公开发售」指本公司首次包销公开发售其普通股并于国际认可的证券交易所上市（为免生疑，不包括中国的「新三板」）。
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司250NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注32 CONVERTIBLE REDEEMABLE PREFERREDSHARES(continued)The key terms of the Series A Preferred Shares are summarised as follows:(continued)(c) Redemption featureUpon the written request of each majority holder of the SeriesA Preferred Shares, the Company shall redeem all or any portionof the Series A Preferred Shares. Upon the earlier to occur of (i)the Company has not completed an IPO following the fifth (5th)anniversary of the Issue Date, or (ii) any material breach of anytransaction agreement by any group company or any founderparty, any holder of Series A Preferred Shares or ordinary sharesconverted from Series A Preferred Shares may at any time requirethe Company to redeem any or all of the then outstanding equitysecurities held by such holders at the redemption price whichrepresent the issue price, plus all declared or accrued but unpaiddividends and an interest at an annual compounded rate of 10%calculating from the Issue Date to the payment date.(d) Voting rightsEach Series A Preferred Shares has voting rights equivalents to thenumber of ordinary shares into which such preferred shares couldbe then convertible.The Group monitors the Series A Preferred Shares on a fair value basiswhich is in accordance with the risk management strategy and doesnot bifurcate any embedded derivatives from the host instruments anddesignates entire instruments as financial liabilities at FVPL.32可转换可赎回优先股（续）A系列优先股的主要条款概述如下：（续）(c)赎回特征于A系列优先股的各主要持有人书面请求时，本公司须赎回全部或任何部分A系列优先股。于发生以下事件时（以较早者为准）：(i)本公司自发行日期的第五(5)周年后尚未完成首次公开发售；或(ii)任何集团公司或任何创办方严重违反任何交易协议，A系列优先股或自A系列优先股转换的普通股的任何持有人可随时要求本公司按代表发行价的赎回价，加所有已宣派或应计但尚未派付的股息及按复合年利率10%计算的自发行日期至付款日期的利息赎回有关持有人持有的任何或全部当时发行在外的股本证券。(d)投票权每股A系列优先股拥有相当于有关优先股当时可转换的普通股数目的投票权。本集团按照风险管理策略基于公平值监察A系列优先股，不将任何嵌入式衍生工具与主工具分开，而是将整份工具指定为按公平值计入损益的金融负债。
二零二零年年报ANNUAL REPORT 2020251NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注32 CONVERTIBLE REDEEMABLE PREFERREDSHARES(continued)The difference between the fair value of 3,664,310 ordinary shares andthe fair value of the re-designated 3,664,310 Series A Preferred Shareswas RMB16,910,000, recorded in profit or loss as expense to reflect thebenefit received by the respective shareholders of the re-designatedordinary shares during the year ended 31 December 2020.The movement of the Series A Preferred Shares during the year ended31 December 2020 is set out as below:RMB’000人民币千元As at 1 January 2020于2020年1月1日–Issuance of Series A Preferred Shares发行A系列优先股602,665Change in fair value公平值变动6,260Currency translation differences货币换算差额18,000Redemption of Series A Preferred Shares赎回A系列优先股(626,925)As at 31 December 2020于2020年12月31日–As disclosed in Note 24, on 20 June 2020, all of the 4,275,028 Series APreferred Shares were converted into ordinary shares of the Company.32可转换可赎回优先股（续）3,664,310股普通股的账面值与重新指定的3,664,310股A系列优先股的公平值之间的差额为人民币16,910,000元，于截至2020年12月31日止年度于损益入账为开支，以反映重新指定普通股各自股东已收取的利益。A系列优先股于截至2020年12月31日止年度的变动载列如下：诚如附注24所披露，于2020年6月20日，全部4,275,028股A系列优先股转换为本公司普通股。
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33 WAGES, SALARIES AND OTHER EMPLOYEEBENEFITSYear ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Wages and salaries工资及薪金198,001117,436Social security costs and housing fund社会保障成本及住房公积金31,99527,034Bonus花红12,9679,557Share-based compensation expenses (Note 27)以股份为基础的报酬开支（附注27）–1,467242,963155,494(a) Pensions – defined contribution plansThe employees of the Group in the PRC, (including Hong Kong) andKorea participate in defined contribution retirement benefit plansorganised by the relevant local governments. The Group is required tomake monthly defined contributions to these plans at rates ranging from13% to 20% (the year ended 31 December 2019: 13% to 20%) in the PRCand 4.50% (the year ended 31 December 2019: 4.50%) in Korea of theemployees’basic salaries for the year, depending upon the applicablelocal regulations.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.33工资、薪金及其他雇员福利(a)养老保险－界定供款计划本集团的中国（包括香港）及韩国雇员均参与有关地方政府筹办的界定供款退休福利计划。本集团须按雇员年内基本薪酬每月向该等计划作界定供款，中国的供款比例介乎13%至20%（截至2019年12月31日止年度：13%至20%），韩国的供款比例则为4.50%（截至2019年12月31日止年度：4.50%），视乎适用当地法规而定。除上文所披露作界定供款外，本集团并无其他向雇员或退休人士支付退休金及其他退休后福利的责任。
二零二零年年报ANNUAL REPORT 2020253NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注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 2020 including 2 directors whoseemoluments are reflected in the analysis shown in Note 39 (2019: 2). Theemoluments payables to the remaining 3 (2019: 3) individuals during theyear ended 31 December 2020 are as follows:Year ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Salaries薪金3,3302,679Bonus花红383742Contributions relating to social insurance,housing fund and retirement scheme社保、住房公积金及退休计划相关供款363437Share-based compensation expenses以股份为基础的报酬开支–1334,0763,991The emoluments fell within the following bands:Year ended 31 December截至12月31日止年度202020192020年2019年Emolument bands (in HKD)酬金范围（以港元计）HKD0 to HKD1,000,0000港元至1,000,000港元––HKD1,000,001 to HKD1,500,0001,000,001港元至1,500,000港元32HKD1,500,001 to HKD2,000,0001,500,001港元至2,000,000港元–133工资、薪金及其他雇员福利（续）(b)五名最高酬金人士截至2020年12月31日止年度，本集团酬金最高的五名人士中分别包括两名（截至2019年12月31日止年度：两名）董事，其酬金反映在附注39所示分析中。截至2020年12月31日止年度，应付予其余三名（2019年：三名）人士的酬金如下：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254NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注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202020192020年2019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707,403598,375Adjustments for:就以下各项作出调整：Fair value gains from financial assetsat FVPL (Note 22)按公平值计入损益的金融资产的公平值收益（附注22）(1,153)(1,678)Fair value changes on convertibleredeemable preferred shares (Note 32)可转换可赎回优先股的公平值变动（附注32）6,260–Expense related to re-designation ordinaryshares to preferred shares (Note 32)重新指定普通股为优先股有关开支（附注32）16,910–Share-based compensation expenses以股份为基础的报酬开支–1,467Share of results of joint ventures andassociates分占合营企业及联营公司业绩(3,873)(4,970)Depreciation of property, plant andequipment (Note 12)物业、厂房及设备折旧（附注12）66,68229,580Amortisation of intangible assets (Note 13)无形资产摊销（附注13）36,2218,799Loss/(gain) on disposal of property, plant andequipment, intangible assets处置物业、厂房及设备和无形资产的亏损╱（收益）118(133)Depreciation of right-of-use assets (Note 14)使用权资产折旧（附注14）142,94070,324(Reversal of)/provision for impairmenton financial assets金融资产减值（拨回）╱拨备(398)3,086Impairment losses on inventory (Note 20)存货减值亏损（附注20）2,0951,710Impairment losses on property, plant andequipment and intangible assets物业、厂房及设备以及无形资产的减值亏损–2,644Finance expense, net (Note 8)财务开支净额（附注8）8,9935,389Foreign exchange gains or loss外汇损益1,2701,226Changes in working capital:营运资金变动：Inventories存货(130,329)(68,951)Trade receivables贸易应收款项(31,715)(34,063)Other receivables其他应收款项(38,886)(31,731)Prepayments and other current assets预付款项及其他流动资产(53,742)(96,976)Trade payables贸易应付款项71,61031,950Other payables其他应付款项50,70162,261Contract liabilities合约负债48,77425,128Cash generated from operations经营活动产生的现金899,881603,43734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：
二零二零年年报ANNUAL REPORT 2020255NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注34 NOTES TO THE CONSOLIDATED STATEMENTOF CASH FLOWS(continued)(b) Proceeds from disposal of property, plant and equipment:Year ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Net book amount (Note 12)账面净值（附注12）1,997253Loss on disposal of property, plant andequipment处置物业、厂房及设备的亏损(16)(253)1,981–(c) Net debt reconciliationAs at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元Cash and cash equivalents现金及现金等价物5,680,235324,614Lease liabilities – due within 1 year租赁负债－一年以内到期(144,724)(92,586)Lease liabilities – due after 1 year租赁负债－一年后到期(147,050)(90,812)Net cash现金净额5,388,461141,21634综合现金流量表附注（续）(b)处置物业、厂房及设备所得款项：(c)债务净额对账
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34 NOTES TO THE CONSOLIDATED STATEMENTOF CASH FLOWS(continued)(c) Net debt reconciliation(continued)Cash and cashequivalentsLeaseliabilitiesNet cash现金及现金等价物租赁负债现金净额RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元Net cash as at 1 January 2020于2020年1月1日的现金净额324,614(183,398)141,216Cash flows现金流量5,356,797147,9955,504,792Addition – leases liabilities增加－租赁负债–(256,371)(256,371)Foreign exchange adjustments外汇调整(1,176)–(1,176)Net cash as at 31 December 2020于2020年12月31日的现金净额5,680,235(291,774)5,388,461Net cash as at 1 January 2019于2019年1月1日的现金净额96,802(75,298)21,504Cash flows现金流量229,03875,773304,811Addition – leases liabilities增加－租赁负债–(183,873)(183,873)Foreign exchange adjustments外汇调整(1,226)–(1,226)Net cash as at 31 December 2019于2019年12月31日的现金净额324,614 (183,398)141,21634综合现金流量表附注（续）(c)债务净额对账（续）
二零二零年年报ANNUAL REPORT 2020257NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注35 COMMITMENTS(a) Capital commitmentsAs at 31 December于12月31日202020192020年2019年RMB’000RMB’000人民币千元人民币千元Contractual but not provided for已订约但未拨备–Property, plant and equipment－物业、厂房及设备16,00810,407–Acquiring an associate－收购一家联营公司–26,81816,00837,22536 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.Names of the major related partiesNature of relationship主要关联方名称关系的性质Mr. Wang NingExecutive director of the Group王宁先生本集团执行董事Nanjing Pop MartJoint venture南京泡泡玛特合营企业Pop Mart JapanJoint venturePop Mart Japan合营企业Singapore PopJoint ventureSingapore Pop合营企业How2work LimitedAssociateHow2work Limited联营企业35承诺(a)资本承诺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。
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202020192020年2019年RMB’000RMB’000人民币千元人民币千元Joint ventures合营企业97,00856,504(b) Purchase of goods fromYear ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元An associate联营企业16,3095,075(c) Receive Service fromYear ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元An associate联营企业7,8955,79236关联方交易（续）与关联方进行的重大交易：(a)销售商品予(b)购买商品自(c)获得服务自
二零二零年年报ANNUAL REPORT 2020259NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注36 RELATED PARTY TRANSACTIONS(continued)Significant transactions with related parties:(d) Key management compensationYear ended 31 December截至12月31日止年度202020192020年2019年RMB’000RMB’000人民币千元人民币千元Salaries and other benefits薪金及其他福利6,1815,280Contributions relating to social insurance,housing fund and retirement scheme社保、住房公积金及退休计划相关供款1671,017Bonus花红839929Share-based compensation expenses以股份为基础的报酬开支–5707,1877,796(e) Significant year-end balances with related parties:As at 31 December于12月31日202020192020年2019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19,2884,75236关联方交易（续）与关联方进行的重大交易：(d)关键管理人员薪酬(e)与关联方的重大年结日结余：
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37 CONTINGENCYOn 28 August 2020, Beijing Pop Mart received a court summonsdated 19 August 2020 in relation to a claim brought by Golden EagleInternational Retail Group (China) Co., Ltd. (“Golden Eagle International”)as a shareholder on behalf of Nanjing Pop Mart at the Jiangsu NanjingIntermediate People’s Court against Beijing Pop Mart, alleging, amongothers, that Beijing Pop Mart had breached an investment cooperationagreement dated 29 April 2014 which was entered into among GoldenEagle International, Mr. Wang Ning and other then shareholders ofBeijing Pop Mart. Pursuant to the claim, Golden Eagle Internationalclaimed that (i) Beijing Pop Mart should cease to operate the claimedstores in certain exclusive areas; and (ii) Beijing Pop Mart should returnan amount of approximately RMB117.2 million to Nanjing Pop Mart,which represents the alleged gross profits obtained by Beijing Pop Martfor the year ended 31 December 2019 from operating the claimed storesin the exclusive areas.No provision in relation to this claim has been recognised in theconsolidated financial statements, as the PRC legal adviser of theCompany advised that the claim brought by Golden Eagle Internationalis groundless, the likelihood that the claim will be decided in favour ofGolden Eagle International is very low, the risk exposure of the Groupfrom the claim is minimal and the claim will not have a material adverseimpact on the Group’s operations and financial performance. The Groupplans to vehemently defend itself in the court with the assistance of thePRC Legal adviser of the Company.37或有事件于2020年8月28日，北京泡泡玛特接获一份日期为2020年8月19日的法院传票，内容有关金鹰国际商贸集团（中国）有限公司（「金鹰国际」）（作为股东）代表南京泡泡玛特于江苏省南京市中级人民法院向北京泡泡玛特提起的申索，指称（其中包括）北京泡泡玛特违反日期为2014年4月29日由金鹰国际、王宁先生及北京泡泡玛特当时的其他股东订立的投资合作协议。根据申索，金鹰国际要求(i)北京泡泡玛特应停止于若干专属地区经营申索店舖；及(ii)北京泡泡玛特应向南京泡泡玛特返还为数约人民币117.2百万元的款项，即北京泡泡玛特于截至2019年12月31日止年度自于专属地区经营申索店舖获得的所指称毛利。概无就该项申索于综合财务报表确认任何拨备，原因是本公司的中国法律顾问告知，金鹰国际提出的申索并无依据、申索被判定金鹰国际胜诉的可能性极低，本集团来自申索的风险极小且申索将不会对本集团的业务及财务表现造成重大不利影响。本集团计划在本公司的中国法律顾问的协助下于法庭进行有力抗辩。
二零二零年年报ANNUAL REPORT 2020261NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注38本公司的资产负债表及其他储备变动本公司资产负债表38 BALANCE SHEET AND OTHER RESERVEMOVEMENT OF THE COMPANYBalance sheet of the CompanyAs at31 December 2020As at31 December 2019于2020年12月31日于2019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 usingthe equity method使用权益法入账的投资27,173–Investments in subsidiaries于附属公司的投资6,904,2667,381,806Total non-current assets总非流动资产6,931,4397,381,806Current assets流动资产Other receivables其他应收款项4,2194,568Cash and cash equivalents现金及现金等价物4,965,72112,302Total current assets总流动资产4,969,94016,870Total assets总资产11,901,3797,398,676Equity权益Share capital股本92382Shares held for share award scheme就股份奖励计划持有的股份(16)–Other reserves (a)其他储备(a)11,922,6417,381,724(Accumulated deficit)/retained earnings（累计亏绌）╱保留盈利(29,251)2Total equity总权益11,894,2977,381,808Liabilities负债Current liabilities流动负债Other payables其他应付款项7,08216,868Total current liabilities总流动负债7,08216,868Total liabilities总负债7,08216,868Total equity and liabilities总权益及负债11,901,3797,398,676The balance sheet of the Company was approved by the Board ofDirectors on 26 March 2021 and was signed on its behalf:Mr. Wang Ning王宁先生Mr. Si De司德先生本公司资产负债表已获董事会于2021年3月26日批准并由下列董事代表董事会签署：
POP MART INTERNATIONAL GROUP LIMITED泡泡玛特国际集团有限公司262NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注38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38 BALANCE SHEET AND OTHER RESERVEMOVEMENT OF THE COMPANY(continued)Note (a) Other reserve movement of the CompanySharepremiumTranslationreservesTotal股份溢价汇兑储备总计RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元As at 1 January 2020于2020年1月1日7,500,381(118,657)7,381,724Currency translation difference货币换算差额–(515,355)(515,355)Re-designation of ordinary shares toconvertible redeemable preferredshares (Note 24(c))重新指定普通股为可转换可赎回优先股（附注24(c)）(499,658)–(499,658)Issuance of ordinary shares to the thenshareholders (Note 24(b))向当时股东发行普通股（附注24(b)）393,801–393,801Conversion of convertible redeemablepreferred shares into ordinary shares(Note 24(c))将可转换可赎回优先股转换为普通股（附注24(c)）626,922–626,922Capitalisation issue (Note 24(e))资本化发行（附注24(e)）(719)–(719)Issuance of new ordinary shares(Note 24(f))发行新普通股（附注24(f)）4,409,110–4,409,110Issuance of ordinary shares uponexercise of over-allotment option(Note 24(f))超额配股权获行使后发行普通股（附注24(f)）661,269–661,269Share issuance costs (Note 24(f))股份发行成本（附注24(f)）(149,794)–(149,794)Dividends declared宣派股息(384,659)–(384,659)Balance at 31 December 2020于2020年12月31日的结余12,556,653(634,012)11,922,641At 9 May 2019 (date of incorporation)于2019年5月9日（注册成立日期）–––Currency translation difference货币换算差额–(118,657)(118,657)Capital injection from the shareholders ofthe Company (Note 24(a))本公司股东注资（附注24(a)）173,040–173,040Deemed distribution to the thenshareholders for purchasing ofthe Listing Business (Note 26(ii))视作分配予当时股东以购买上市业务（附注26(ii)）7,327,341–7,327,341Balance at 31 December 2019于2019年12月31日的结余7,500,381(118,657)7,381,724
二零二零年年报ANNUAL REPORT 2020263NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS综合财务报表附注39董事福利及权益(a)董事酬金39 BENEFITS AND INTERESTS OF DIRECTORS(a) Directors’remunerationDirector’sfeeSalariesBonusContributionsrelatingto socialinsurance,housingfund andretirementschemeShare-basedcompensationexpensesTotal董事袍金薪金花红社保、住房公积金及退休计划相关供款以股份为基础的报酬开支总计RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元Directors’remuneration duringthe year ended 31 December2020 is as follows:截至2020年12月31日止年度的董事酬金如下：Directors董事Mr. Wang Ning (i)王宁先生(i)–887111124–1,122Mr. Si De (ii)司德先生(ii)–884180124–1,188Ms. Liu Ran (i)刘冉女士(i)–63290119–841Ms. Yang Tao (i)杨涛女士(i)–61483119–816Mr. Tu Zheng (i)屠铮先生(i)––––––Mr. He Yu (i)何愚先生(i)––––––Mr. Wu Liansheng (iii)吴联生先生(iii)9––––9Mr. Zhang Jianjun (iii)张建君先生(iii)9––––9Mr. Yan Jinliang (iii)颜劲良先生(iii)9––––9Directors’remuneration duringthe year ended 31 December2019 is as follows:截至2019年12月31日止年度的董事酬金如下：Directors董事Mr. Wang Ning (i)王宁先生(i)–838144159–1,141Mr. Si De (ii)司德先生(ii)–7641491442921,349Ms. Liu Ran (i)刘冉女士(i)–58610413689915Ms. Yang Tao (i)杨涛女士(i)–595104142–841Mr. Tu Zheng (i)屠铮先生(i)––––––Mr. He Yu (i)何愚先生(i)––––––
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39董事福利及权益（续）(a)董事酬金（续）(i)王宁先生、杨涛女士、刘冉女士、屠铮先生及何愚先生于2019年5月获委任为本公司董事。(ii)司德先生于2019年6月获委任为本公司董事。(iii)吴联生先生、张建君先生及颜劲良先生于2020年12月获委任为本公司董事。(b)董事概无放弃任何酬金，而本集团亦无向其任何董事支付酬金作为加入本集团或于加入本集团后的奖励或作为董事离职补偿。(c)董事退休福利概无任何董事就管理本公司或其附属公司事务而提供之其他服务获支付或应收取退休福利。(d)董事离职福利年内概无就提前终止委任向董事支付补偿金。(e)提供予第三方以提供董事服务的代价概无就担任本公司董事提供服务向该等董事的前雇主作出付款。(f)有关以董事、董事之受控制法团及关连实体为受益人之贷款、准贷款及其他交易之资料于往绩记录期间，概无以董事、董事之受控制法团及关连实体为受益人之贷款、准贷款或其他交易。(g)董事在交易、安排或合约中的重大权益并无有关本集团业务而本集团作为其中一方且本集团董事于其中（不论直接或间接）拥有重大权益的重大交易、安排及合约（于年底或于年内任何时间存续）。39 BENEFITS AND INTERESTS OF DIRECTORS(continued)(a) Directors’remuneration(continued)(i) Mr. Wang Ning, Ms. Yang Tao, Ms. Liu Ran, Mr. Tu Zheng and Mr. HeYu were appointed as directors of the Company in May 2019.(ii) Mr. Si De was appointed as director of the Company in June 2019.(iii) Mr. Wu Liansheng, Mr. Zhang Jianjun and Mr. Yan Jinliang wasappointed as director of the Company in December 2020.(b)No director of the waived any emoluments and no emoluments werepaid by the Group to any of the directors of the as an inducement tojoin or upon joining the Group or as a compensation for loss of office asdirector.(c) Directors’retirement benefitsNo retirement benefits were paid to or receivable by any directors inrespect of their other services in connection with the management ofthe affairs of the or its subsidiaries undertaken.(d) Directors’termination benefitsNo payment was made to directors as compensation for the earlytermination of the appointment during the year.(e) Consideration provided to third parties for makingavailable directors’services.No payment was made to the former employer of directors for makingavailable the services of them as a director of the Company.(f) Information about loans, quasi-loans and other dealingsin favour of directors, controlled bodies corporate by andconnected entities with such directorsThere are no loans, quasi-loans and other dealings in favour of directors,controlled bodies corporate by and connected entities with suchdirectors during the Track Record Period.(g) Directors’material interests in transactions, arrangementsor contracts.No 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.
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