Property, plant and equipment

12 Months Ended

Dec. 31, 2025

11Property, plant and equipment


				Leasehold		Office		Store operating		Motor				Construction
		Apartments		improvements		equipment		equipment		vehicles		Moulds		in progress		Total
		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Cost:
At January 1, 2024		242,639		226,283		61,838		49,831		3,369		50,903		355,485		990,348
Additions		—		139,312		32,187		24,352		2,067		21,792		626,541		846,251
Transfer from construction in progress		—		353,298		—		—		—		—		(353,298)		—
Disposals		—		(12,810)		(12,200)		(3,619)		—		(5,909)		—		(34,538)
Exchange adjustments		—		6,405		(1,998)		1,825		(8)		—		1,060		7,284

At December 31, 2024		242,639		712,488		79,827		72,389		5,428		66,786		629,788		1,809,345

Acquisition of subsidiaries		—		—		20,824		—		—		—		—		20,824
Additions		—		273,789		13,531		24,137		3,818		13,665		680,254		1,009,194
Transfer from construction in progress		—		267,709		—		3,000		—		23,584		(294,293)		—
Disposals		(6,738)		(44,538)		(10,677)		(7,211)		(346)		(5,141)		—		(74,651)
Exchange adjustments		—		(2,616)		(236)		(291)		(14)		(2,378)		(4,151)		(9,686)

At December 31, 2025		235,901		1,206,832		103,269		92,024		8,886		96,516		1,011,598		2,755,026

Accumulated depreciation:
At January 1, 2024		(20,607)		(69,363)		(37,543)		(24,001)		(2,167)		(41,152)		—		(194,833)
Charge for the year		(8,278)		(109,297)		(12,211)		(8,363)		(457)		(18,608)		—		(157,214)
Written back on disposals		—		3,703		8,343		85		—		5,765		—		17,896
Exchange adjustments		—		(5,142)		641		(346)		—		—		—		(4,847)

At December 31, 2024		(28,885)		(180,099)		(40,770)		(32,625)		(2,624)		(53,995)		—		(338,998)

Charge for the year		(8,076)		(190,226)		(17,905)		(22,367)		(2,512)		(28,914)		—		(270,000)
Written back on disposals		5,032		10,655		635		559		12		597		—		17,490
Exchange adjustments		—		1,092		37		153		38		3,379		—		4,699

At December 31, 2025		(31,929)		(358,578)		(58,003)		(54,280)		(5,086)		(78,933)		—		(586,809)

Impairment:
At January 1, 2024		—		(21,919)		(1,658)		(2,632)		—		—		—		(26,209)
Addition		—		(5,801)		—		(3,045)		—		—		—		(8,846)
Written back on disposals		—		1,662		—		—		—		—		—		1,662
Exchange adjustments		—		(545)		150		380		—		—		—		(15)

At December 31, 2024		—		(26,603)		(1,508)		(5,297)		—		—		—		(33,408)

Addition		—		(33,866)		—		(1,633)		—		—		—		(35,499)
Written back on disposals		—		3,039		—		5,713		—		—		—		8,752
Exchange adjustments		—		1,103		—		220		—		—		—		1,323

At December 31, 2025		—		(56,327)		(1,508)		(997)		—		—		—		(58,832)

Net book value:
At December 31, 2024		213,754		505,786		37,549		34,467		2,804		12,791		629,788		1,436,939

At December 31, 2025		203,972		791,927		43,758		36,747		3,800		17,583		1,011,598		2,109,385

The Group had the net value of leasehold improvements and store operating equipment related to self-operated stores amounting to RMB475,771,000 and RMB753,371,000 as at December 31, 2024 and 2025, respectively.

In addition, certain of the store-level assets are measured at fair value based on unobservable inputs (Level 3) on a non-recurring basis, if determined to be impaired. The fair values of store-level assets, if determined to be impaired, are primarily represented by the price market participant would pay to sub-lease the operating lease of right-of-use assets, which reflects the highest and best use of the assets. Significant unobservable inputs used in the fair value measurement include market rental rates. The direct comparison approach is used as the valuation technique by assuming a sub-lease of each of the properties in its existing state with vacant possession. By making reference to lease transactions as available in the relevant market, comparable properties in close proximity have been selected and adjustments have been made to account for any difference in factors such as location and property size.