Revenue

12 Months Ended

Dec. 31, 2025

5Revenue

The Group’s revenue is primarily derived from the sale of lifestyle and pop toy products through self-operated stores, franchised stores, offline distributors in the PRC and overseas and online sales conducted through the Group’s self-operated online stores on third-party e-commerce platforms and through online distributors. Other sources of revenue mainly include license fees, sales-based royalties and sales-based management and consultation service fees from franchisees and distributors.

(i)	Disaggregation of revenue

In the following table, revenue from contracts with customers is disaggregated by major products and service lines and timing of revenue recognition.


		For the year		For the six		For the year		For the year
		ended		months ended		ended		ended
		June 30,		December 31,		December 31,		December 31,
		2023		2023		2024		2025
		RMB’000		RMB’000		RMB’000		RMB’000
Major products/service lines
— Sales of lifestyle and pop toy products
— Retail sales in self-operated stores		990,048		1,004,114		3,158,895		5,410,291
— Product sales to franchisees		5,960,518		3,857,191		7,923,836		8,853,156
— Sales to offline distributors		2,612,742		1,660,860		3,369,238		3,887,954
— Online sales		706,397		355,380		941,055		1,412,624
— Other sales channels		87,530		44,149		48,190		109,188

Sub-total		10,357,235		6,921,694		15,441,214		19,673,213
— License fees, sales-based royalties, and sales-based management and consultation service fees
— License fees		84,711		37,074		96,836		155,123
— Sales-based royalties		102,089		66,113		131,402		155,185
— Sales-based management and consultation service fees		500,775		323,182		640,944		751,575

Sub-total		687,575		426,369		869,182		1,061,883

— Others*		428,398		284,404		683,629		708,731

		11,473,208		7,632,467		16,994,025		21,443,827
Timing of revenue recognition
— Point in time		10,619,987		7,195,509		16,101,797		20,347,756
— Over time		853,221		436,958		892,228		1,096,071

Revenue from contracts with customers		11,473,208		7,632,467		16,994,025		21,443,827

Note:

*	Others mainly represented sales of fixtures to franchisees and distributors.

For the year ended June 30, 2023, the six months ended December 31, 2023 and the years ended December 31, 2024 and 2025, the Group did not have any customer with revenue exceeding 10% of the Group’s total revenue for the respective reporting periods.

(ii)	Contract balances

The following table provides information about receivables, contract liabilities from contracts with customers.



				As at December 31,
		Note		2024	2025
				RMB’000	RMB’000
Receivables, which are included in ‘trade and other receivables’
— Current portion				674,923	1,150,500
— Non-current portion				14,635	3,259

Total receivables, which are included in ‘trade and other receivables’		17		689,558	1,153,759

Contract liabilities
— Current portion				(323,292)	(388,746)
— Non-current portion				(35,145)	(22,418)

Total contract liabilities				(358,437)	(411,164)


		As at December 31,
		2024		2025
		RMB’000		RMB’000
Contract liabilities are analyzed as follows:
— Advance payments received from customers for purchase of goods		262,412		283,832
— Deferred revenue related to license fees		66,128		54,083
— Deferred revenue related to others		29,897		73,249

		358,437		411,164

The Group requests 20% to 100% advance payment for purchase of goods from certain domestic and overseas distributors prior to delivery of goods. This gives rise to contract liabilities at the start of a sales order, until the revenue of sales of products recognized on the corresponding sale order exceeds the amount of payments received in advance.

Unamortized portion of upfront license fees and others were recognized as contract liabilities.

Movements in contract liabilities are as follows:


		Contract
		liabilities
		RMB’000
Balance at January 1, 2024		364,982

Decrease in contract liabilities as a result of recognizing revenue during the year that was included in the contract liabilities at the beginning of the year		(324,028)
Increase in contract liabilities as a result of receiving advance payment		317,483

Balance at December 31, 2024		358,437
Decrease in contract liabilities as a result of recognizing revenue during the year that was included in the contract liabilities at the beginning of the year		(323,292)
Increase in contract liabilities as a result of receiving advance payment		376,019

Balance at December 31, 2025		411,164

As of December 31, 2024 and 2025, contract liabilities expected to be recognized as revenue after one year were RMB35,145,000 and RMB22,418,000 respectively, mainly represented license fees.

(iii)

Revenue expected to be recognized in the future arising from contracts with customers in existence at the reporting dates

Contracts within the scope of IFRS 15

As at December 31, 2024 and 2025, the aggregated amounts of the transaction price allocated to the remaining performance obligations under the Group’s existing contracts were RMB96,025,000 and RMB127,332,000, respectively. These amounts represented revenue of license fees and others. Revenue of license fees is expected to be recognized in the future from license agreements entered into with the franchisees and distributors. The Group will recognize the expected revenue in future over the remaining licensing period, which is mainly expected to occur over the next 1 to 10 years as at December 31, 2024 and 2025.