| Summary of reconciliation of the disaggregated revenue |
| | | | | | | | | | | 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. |
|
| Summary of 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 |
|