布魯可：年報2024.pdf

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1、（於開曼群島註冊成立的有限公司）（於開曼群島註冊成立的有限公司）股份代號:0325股份代號:0325年報ANNUAL REPORT 2024Content 目錄CORPORATE INFORMATION公司資料2FINANCIAL SUMMARY AND OPERATION HIGHLIGHTS財務概要及營運摘要5CHAIRMANS STATEMENT主席報告7MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析9BIOGRAPHIES OF THE DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷23DIRECTORS REP

2、ORT董事會報告31CORPORATE GOVERNANCE REPORT企業管治報告54ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORT環境、社會及管治報告75INDEPENDENT AUDITORS REPORT獨立核數師報告154CONSOLIDATED STATEMENT OF PROFIT OR LOSS綜合損益表159CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME綜合全面收益表160CONSOLIDATED STATEMENT OF FINANCIAL POSITION綜合財務狀況表161CONSOL

3、IDATED STATEMENT OF CHANGES IN EQUITY綜合權益變動表163CONSOLIDATED STATEMENT OF CASH FLOWS綜合現金流量表164NOTES TO FINANCIAL STATEMENTS財務報表附註166DEFINITIONS釋義270BLOKS GROUP LIMITED 布魯可集團有限公司2Corporate Information公司資料BOARD OF DIRECTORSExecutive DirectorsMr.Zhu Weisong (Chairman of the Board and Chief Executive Off

4、icer)Mr.Sheng XiaofengNon-executive DirectorsMr.Chang KaisiMr.Chen RuiIndependent Non-executive DirectorsMr.Gao PingyangMs.Huang RongMr.Shang JianAUDIT COMMITTEEMr.Gao Pingyang(Chairman)Ms.Huang RongMr.Shang JianNOMINATION COMMITTEEMr.Zhu Weisong(Chairman)Mr.Gao Pingyang(2)Mr.Shang JianMs.Huang Rong

5、(1)REMUNERATION COMMITTEEMr.Shang Jian(Chairman)Mr.Zhu WeisongMs.Huang Rong(1)Mr.Gao Pingyang(2)AUTHORISED REPRESENTATIVESMr.Sheng XiaofengMr.Zhu Yuancheng董事會執行董事朱偉松先生 （董事長兼首席執行官）盛曉峰先生非執行董事常凱斯先生陳瑞先生獨立非執行董事高平陽先生黃蓉女士尚健先生審計委員會高平陽先生（主席）黃蓉女士尚健先生提名委員會朱偉松先生（主席）高平陽先生(2)尚健先生黃蓉女士(1)薪酬委員會尚健先生（主席）朱偉松先生黃蓉女士(1)高平

6、陽先生(2)授權代表盛曉峰先生朱元成先生Notes:(1)Ms.Huang Rong has been re-designated as a member of the Nomination Committee and has ceased to be a member of the Remuneration Committee with effect from March 21,2025.(2)Mr.Gao Pingyang has been re-designated as a member of the Remuneration Committee and has ceased to b

7、e a member of the Nomination Committee with effect from March 21,2025.附註：(1)黃蓉女士已被調任為提名委員會成員，且不再擔任薪酬委員會成員，自2025年3月21日起生效。(2)高平陽先生已被調任為薪酬委員會成員，且不再擔任提名委員會成員，自2025年3月21日起生效。Annual Report 2024 年報3Corporate Information公司資料JOINT COMPANY SECRETARIESMr.Zhu YuanchengMs.Yu Wing Sze(ACG,HKACG)AUDITORErnst&Youn

8、gCertified Public AccountantsRegistered Public Interest Entity Auditor27/F,One Taikoo Place979 Kings Road,Quarry BayHong KongLEGAL ADVISOR AS TO HONG KONG LAWFreshfields55/F,One Island East,Taikoo PlaceQuarry BayHong KongCOMPLIANCE ADVISORGram Capital LimitedRoom 120912/F,Nan Fung Tower88 Connaught

9、Road Central173 Des Voeux Road Central,CentralHong KongREGISTERED OFFICEFloor 4,Willow HouseCricket SquareGrand Cayman KY1-9010Cayman IslandsHEAD OFFICE IN THE PRCBuilding 10,1016 Tianlin RoadMinhang District,Shanghai,PRCPRINCIPAL PLACE OF BUSINESS IN HONG KONG31/F,Tower Two,Times Square1 Matheson S

10、treet,Causeway BayHong Kong聯席公司秘書朱元成先生余詠詩女士（ACG,HKACG）核數師安永會計師事務所執業會計師註冊公眾利益實體核數師香港鰂魚涌英皇道979號太古坊一座27樓香港法律顧問富而德律師事務所香港鰂魚涌太古坊港島東中心55樓合規顧問嘉林資本有限公司香港中環干諾道中88號德輔道中173號南豐大廈12樓1209室註冊辦事處Floor 4,Willow HouseCricket SquareGrand Cayman KY1-9010Cayman Islands中國總部中國上海市閔行區田林路1016號10幢香港主要營業地點香港銅鑼灣勿地臣街1號時代廣場二座31樓B

11、LOKS GROUP LIMITED 布魯可集團有限公司4Corporate Information公司資料CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICECampbells Corporate Services LimitedFloor 4,Willow HouseCricket SquareGrand Cayman KY1-9010Cayman IslandsHONG KONG SHARE REGISTRARComputershare Hong Kong Investor Services LimitedShops 1

12、712-1716,17th FloorHopewell Centre183 Queens Road East,WanchaiHong KongPRINCIPAL BANKSShanghai Pudong Development Bank Co.,Ltd.Jinshan Sub-branch153-159,Weiqing West RoadJinshan DistrictShanghai,PRCChina Merchants Bank Co.,Ltd.Tianlin Branch105 Tianlin RoadXuhui DistrictShanghai,PRCCOMPANY WEBSITE*h

13、ttps:/*http:/STOCK CODE0325開曼群島證券登記總處及過戶辦事處Campbells Corporate Services LimitedFloor 4,Willow HouseCricket SquareGrand Cayman KY1-9010Cayman Islands香港證券登記處香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712-1716號舖主要往來銀行上海浦東發展銀行股份有限公司金山支行中國上海市金山區衛清西路153-159號招商銀行股份有限公司田林支行中國上海市徐匯區田林路105號公司網站*https:/*http:/ 股份代號0325*

14、ceased to be our official website from March 25,2025.*worked as our official website from March 25,2025.*自2025年3月25日起不再為我們的官方網站。*自2025年3月25日起為我們的官方網站。Annual Report 2024 年報5Financial Summary and Operation Highlights財務概要及營運摘要 FINANCIAL SUMMARYYear Ended December 31,截至12月31日止年度20242023%Change2024年2023年

15、百分比變動(in RMB thousands,except for percentages)（以人民幣千元計，百分比除外）Revenue收入2,240,929876,686155.6%Gross profit毛利1,178,806414,922184.1%Loss before tax除稅前虧損(295,682)(189,839)55.8%Loss for the year年度虧損(398,044)(207,481)91.8%Adjusted profit for the year(1)(a non-IFRS measure)經調整年度利潤(1)（非國際 財務報告準則計量）584,58872,

16、882702.1%Adjusted net margin(2)(a non-IFRS measure)經調整淨利潤率(2)（非國際 財務報告準則計量）26.1%8.3%17.8percentagepoints17.8個百分點Basic and diluted loss per share(RMB)每股基本及攤薄虧損（人民幣元）(2.69)(1.38)94.9%Notes:(1)We define adjusted profit for the year(a non-IFRS measure)as loss for the year adjusted for fair value changes

17、 on convertible redeemable preferred shares(a non-cash item),listing expenses and share-based compensations(a non-cash item).(2)We define adjusted net margin(a non-IFRS measure)as adjusted profit for the year(a non-IFRS measure)as a percentage of our total revenue.財務概要附註：(1)我們將經調整年度利潤（非國際財務報告準則計量）定義

18、為就可轉換可贖回優先股的公允價值變動（非現金項目）、上市開支及以股份為基礎的薪酬（非現金項目）調整的年度虧損。(2)我們將經調整淨利潤率（非國際財務報告準則計量）定義為經調整年度利潤（非國際財務報告準則計量）佔總收入的百分比。BLOKS GROUP LIMITED 布魯可集團有限公司6Financial Summary and Operation Highlights財務概要及營運摘要 FOUR-YEAR FINANCIAL SUMMARYA summary of the published results and of the assets and liabilities of the Gr

19、oup for the last four financial years is set out as follows:Consolidated ResultsYear Ended 31 December截至12月31日止年度20242023202220212024年2023年2022年2021年RMB000RMB000RMB000RMB000人民幣千元人民幣千元人民幣千元人民幣千元 Revenue收入2,240,929876,686325,574329,772Gross profit毛利1,178,806414,922123,419123,401Loss before tax除稅前虧損(29

20、5,682)(189,839)(456,771)(563,834)Loss for the year年度虧損(398,044)(207,481)(422,705)(506,853)Loss for the year attributable to owners of the parent 母公司擁有人應佔年度虧損(401,047)(206,100)(419,886)(502,594)Profit/(Loss)for the year attributable to non-controlling interests非控股權益應佔年度利潤（虧損）3,003(1,381)(2,819)(4,259

21、)Consolidated Assets and LiabilitiesAs of December 31,截至12月31日20242023202220212024年2023年2022年2021年RMB000RMB000RMB000RMB000人民幣千元人民幣千元人民幣千元人民幣千元 Non-current assets非流動資產390,551330,400282,156254,207Current assets流動資產1,215,440682,2561,663,6952,231,769Total assets資產總值1,605,9911,012,6561,945,8512,485,976No

22、n-current liabilities非流動負債25,0781,890,0611,584,9491,407,345Current liabilities流動負債3,181,503730,8891,738,0172,037,250Total liabilities負債總額3,206,5812,620,9503,322,9663,444,595 Total equity權益總額(1,600,590)(1,608,294)(1,377,115)(958,619)The current liabilities as of December 31,2024 comprised of converti

23、ble redeemable preferred shares of RMB2,207,012,000,which has been settled by automatic conversion,converted to ordinary shares,upon listing on 10 January 2025.四年財務概要本集團過往四個財政年度的已刊發業績以及資產及負債概要載列如下：綜合業績綜合資產及負債截至2024年12月31日之流動負債包含可轉換可贖回優先股人民幣2,207,012,000元，該等優先股已於2025年1月10日上市時透過自動轉換機制悉數轉換為普通股。Annual R

24、eport 2024 年報7Chairmans Statement主席報告 Dear Shareholders and Investors,First of all,it is my great honor to announce that Bloks Group Limited(the“Company”or“Bloks”)successfully listed on the Main Board of the Hong Kong Stock Exchange on January 10,2025.We extend our sincere gratitude to all those who

25、 have shown concern for us,supported us,and assisted us along this journey.2024 marked our tenth anniversary a pivotal milestone.Over the past decade,our unwavering commitment to original innovation has led us down a challenging yet rewarding path,enabling us to navigate increasingly complex markets

26、 with steadiness.In 2024,we solidified our leading position in assembly character toys,which is largely attributable to our sustained commitment to R&D investments.In the past year,we allocated RMB190 million to research and development.During the same period,we recruited approximately 300 new emplo

27、yees,with more than two-thirds of them being R&D personnel.Moving forward,we will continue to attach great importance to R&D and increase our investment in this area.On the IP front,we pursue a two-pronged strategy.On one hand,we remain committed to original innovation.In 2024,our Hero Infinity(英雄無限

28、)series launched an animated feature film,portraying legendary figures from Chinese mythology and history,which achieved remarkable digital engagement.On the other hand,we are systematically expanding cooperations with world-leading IP licensors and proprietors.As of December 31,2024,we had approxim

29、ately 50 licensed IPs,representing comprehensive coverage of major global IPs.Moving forward,we will continue to deepen our cooperation with the IP partners to achieve mutual benefit and a win-win situation.尊敬的各位股東及投資人：首先，很榮幸地向大家報告，布魯可集團有限公司（本公司 或 布魯可）已於2025年1月10日成功在香港聯交所主板上市。我們向關心、支持和幫助布魯可的所有人致以誠摯的

30、感謝。2024年是我們成立的第十年，也是關鍵的一年。過去十年我們始終堅持原創，走了一條難而正確的道路，但也讓我們得以在日益複雜的市場環境中走的更加踏實。2024年，我們在拼搭角色類玩具這個品類鞏固了領先地位，這很大程度上得益於公司對研發的投入和重視。在過去一年，我們的研發投入為人民幣1.9億元，同期我們新招聘了約300個員工，三分之二以上是研發人員。未來，我們仍將持續重視研發，加大研發方面的投入。在IP方面，我們採取雙管齊下的策略。一方面，我們堅持原創，2024年 英雄無限 系列推出了動畫長片，講述了中國神話和歷史上的英雄人物的故事，在互聯網上擁有極高的人氣。另一方面，我們將繼續擴大和全球頭部

31、IP公司的合作。截至2024年12月31日，我們已經簽約了約50個IP，初步實現了對全球主流IP的覆蓋。未來，我們將繼續深化和IP方的合作，互利共贏。BLOKS GROUP LIMITED 布魯可集團有限公司8Chairmans Statement主席報告 我們計劃在2025年新推出800個SKU，持續聚焦拼搭角色類玩具這個細分賽道，貫徹全人群戰略，不斷推陳出新。2024年底推出的新世紀福音戰士、初音未來等多款面向16歲及以上年齡段消費者的產品，取得了預期的銷量，未來我們會繼續推出更多面向成人粉絲的玩具。同時，我們還將推出面向女性消費者的產品，包括三麗鷗、名偵探柯南、哈利 波特、小黃人等。在銷

32、售方面，我們繼續進行全渠道佈局，特別是我們將在全球化方面持續發力，將中國文化產品帶到海外去。在消費者生態圈運營上，布魯可積木人創作者(BFC)已經初具規模。我們將持續舉辦BFC創作大賽，激發廣大粉絲的創作熱情，營造良好的消費者生態圈體系。2025年的成功上市，開啟了布魯可新的十年。展望未來，我們將繼續做時間的朋友，深度聚焦用戶需求，強化研發與創新服務能力，不斷豐富IP矩陣，加大銷售與市場方面的投入，推進全人群、全價位、全球化的發展戰略，持續向消費者提供好而不貴的產品。最後，再次感謝所有支持布魯可發展的股東、投資者、消費者、合作夥伴、全體員工、管理團隊及董事會成員。未來，我們將繼續攜手並進，推動

33、布魯可長期可持續發展，創造全球領先的好玩產品。朱偉松先生董事長We plan to launch 800 new SKUs in 2025,remaining focused on the niche market of assembly character toys while executing our full demographic strategy and keeping on innovating.The products such as EVANGELION and Hatsune Miku,which were launched at the end of 2024 targe

34、ting consumers aged 16 and above,achieved the expected sales volume,and we will continue to launch more toys for adult fans.Meanwhile,we will also launch products for female consumers,including those featuring characters from Sanrio,Detective Conan,Harry Potter,and Minions.In terms of sales,we conti

35、nue to implement our omnichannel distribution with particular focus on global expansion,bringing Chinese cultural products to international markets.Regarding the operation of the consumer ecosystem,the Blokees Figures Creator(BFC)has taken initial shape.We will continue to hold BFC Creation Competit

36、ions to stimulate the creativity of our fans and build a favorable consumer ecosystem.The successful listing in 2025 marks the beginning of Bloks new decade.Looking ahead,we will maintain our long-term perspective by deepening our user-centric focus to address consumer needs,strengthening R&D and in

37、novation service capabilities,expanding our IP ecosystem,increasing sales and marketing investments,and advancing our all demographics,all price segments and global consumers strategy to deliver quality-for-money products to consumers worldwide.Finally,we extend our deepest appreciation to all the s

38、hareholders,investors,consumers,business partners,employees,the management team,and members of the Board who have supported the development of Bloks.Going forward,we will continue to advance together,driving the long-term sustainable growth of Bloks to create world-leading,fun products.Mr.Zhu Weison

39、gChairman of the BoardAnnual Report 2024 年報9Management Discussion and Analysis管理層討論與分析 BUSINESS REVIEWWe are a leader of assembly character toys in China.Leveraging our portfolio of more than 500 patents,in-house IP development capability and cooperative relationships with approximately 50 renowned

40、IP franchises,we are dedicated to providing consumers with a wide range of quality-for-money assembly character toys.Our assembly character toys recreate the essence of IP characters.Through the combination of our product strength and supply chain capabilities,we are able to maintain cost advantages

41、 and continuously expand product categories.During the Reporting Period,our sales revenue amounted to RMB2,240.9 million,representing an increase of 155.6%compared to that of 2023,and our loss for the year amounted to RMB398.0 million,representing an increase of 91.8%compared to that of 2023.Continu

42、ing to Develop the Bloks System and Enhance Our R&D CapabilitiesFrom our market observance,character toys exhibit individuality elements such as the recreation of the IP characters and simulation of their poses,while there is a lack of a highly standardized system for industry players to efficiently

43、 and consistently launch products that combine assembling experience,consistent quality and great value-for-money.The application of assembling mechanism in character toys is typically done through either construction blocks or a high proportion of customized components to recreate the IP characters

44、 and simulate their poses.We combine the advantages of character toys and assembling mechanism and improve thereupon and introduce our Bloks System,which comprises the standardization of product design,R&D and production,a self-compatible product system and a consumer ecosystem,and enabled us to for

45、ge a new assembly character toy category combining standardization and individuality elements,which offer consumers a new choice in the character toy segment with our patent-protected Bloks System.For the standardization of product design,R&D and production,our products are designed based on the max

46、imum use of standard components through our component-related patents and production technique-related patents.In terms of self-compatible product system,our rich IP portfolio not only enables consumers to“mix-and-match”the highly compatible components from different products to form unique and indi

47、vidualistic assembly and re-creations based on their creativity and interests.For the consumer ecosystem,since IP characters are closely associated with rich contents that can be widely disseminated,we execute a content-driven online marketing strategy to effectively reach and maintain a broad base

48、of consumers,fans and BFCs,thereby nurturing a consumer ecosystem with a closed loop.As a result,our Bloks System provides the foundation of our R&D,which is crucial to our success.業務回顧我們是中國拼搭角色類玩具的領導者。憑藉我們500多項專利組合、內部IP開發能力以及與大約50個知名IP特許經營權的合作關係，我們致力於為消費者提供各種物超所值的拼搭角色類玩具。我們的拼搭角色類玩具再現了IP角色的精髓。通過結合我們

49、的產品實力和供應鏈能力，我們能夠保持成本優勢並不斷擴大產品類別。於報告期間，我們的銷售收入為人民幣2,240.9百萬元，較2023年增長155.6%，我們的年度虧損為人民幣398.0百萬元，較2023年增長91.8%。繼續開發布魯可體系並提高我們的研發能力從我們的市場觀察來看，角色玩具能夠表現出個性元素，例如IP角色的再現和姿勢的模擬，然而目前缺乏一個高度標準化的系統，讓行業參與者能夠高效、一致地推出兼具拼搭體驗、質量始終如一且物超所值的產品。拼搭機制在角色玩具中的應用通常是通過構建組件或高比例的定制組件來完成的，以重現IP角色並模擬他們的姿勢。我們結合了角色玩具和拼搭機制的優點，並在此基礎上

50、進行了改進並提出了布魯可體系，該體系包括產品設計、研發和生產的標準化、自成一體的產品系統和消費者生態系統，使我們能夠打造一個結合標準化和個性化元素的新拼搭角色類玩具類別。我們受專利保護的布魯可體系為消費者提供了角色玩具領域的新選擇。為了實現產品設計、研發和生產的標準化，我們的產品通過我們的組件相關專利和生產技術相關專利，在最大限度地利用標準組件的基礎上進行設計。在自成一體的產品體系方面，我們豐富的IP組合不僅使消費者能夠混搭 來自不同產品的高度兼容的組件，根據他們的創造力和興趣，形成獨特且個性化的組裝和再創作。在消費生態方面，由於IP角色與可以廣泛傳播的豐富內容密切相關，我們使用內容驅動的在線

51、營銷策略，以有效接觸和維護廣泛的消費者、粉絲和BFC基礎，從而培育一個閉環消費生態系統。因此，我們的布魯可體系為我們的研發提供了基礎，這對我們的成功至關重要。BLOKS GROUP LIMITED 布魯可集團有限公司10Management Discussion and Analysis管理層討論與分析 截至報告期末，我們已經建立了一個由472名員工組成的專門研發團隊。我們的研發團隊成員對玩具、消費品和流行文化有著深厚的經驗和理解。在整個產品設計和開發過程中，我們利用從收集的反饋和消費者參與中獲得的消費者洞察。於報告期間，我們的研發支出為人民幣192.5百萬元，佔我們同期總收入的8.6%。截至

52、報告期末，我們擁有514項國內授權專利、75項國內發明專利和24項海外授權專利。不斷豐富我們的產品供應和IP組合矩陣我們的產品供應和我們的IP組合對我們發展的至關重要，因為我們的運營目標是創造廣受歡迎和有趣的拼搭角色類玩具，滿足全球消費者對再現IP角色精髓的玩具的廣泛需求，並提供拼搭快樂。通過大量的SKU、全面的價格細分覆蓋和豐富的IP組合，我們構建了廣泛的產品矩陣，並為消費者、粉絲和BFC提供廣泛的產品選擇。我們的產品為消費者提供各種物超所值的選擇，包括出色的互動體驗、精美的設計和高品質。我們主要提供拼搭角色類玩具，及少量提供大顆粒積木玩具。於報告期間，拼搭角色類玩具產生的收入為人民幣2,2

53、01.1百萬元，佔我們同期總收入的98.2%，而大顆粒玩具產生的收入為人民幣39.4百萬元，佔我們同期總收入的1.8%。這一銷售業績主要是由於我們大量的SKU，這使我們能夠滿足所有人群、所有價格段和全球消費者的需求。於報告期間，我們進一步擴大了產品的價格細分覆蓋範圍。於2024年年末，我們推出了每件建議零售價人民幣9.9元（處於超值價格段）的 變形金剛星辰版，以擴大我們的SKU。截至報告期末，我們已實現682個SKU的多元化產品組合，包括132個主要面向6歲以下兒童的SKU、519個主要面向6至16歲消費者的SKU，以及31個主要面向16歲以上消費者的SKU。具體而言，於報告期間，奧特曼、變形

54、金剛、英雄無限及假面騎士是我們最暢銷的四個IP產品系列。於報告期間，我們自奧特曼、變形金剛、英雄無限及假面騎士產生的收入分別為人民幣1,095.8百萬元、人民幣453.7百萬元、人民幣309.9百萬元及人民幣170.0百萬元。We have established a dedicated R&D team consisting of 472 employees as of the end of the Reporting Period.Our R&D team members possess deep experience and understanding of toys,consumer

55、goods and popular culture.Throughout the product design and development process,we leverage our consumer insights from the collection of feedback and consumer participation.During the Reporting Period,our R&D expenditure was RMB192.5 million,accounting for 8.6%of our total revenue during the same pe

56、riod.As of the end of the Reporting Period,we had 514 domestic authorized patents,75 domestic invention patents and 24 overseas authorized patents.Continuously Enriching Our Product Offering and IP Portfolio MatrixOur product offering and our IP portfolio are the key factors to our development,since

57、 our operation goal is to create highly popular and fun assembly character toys,address global consumers widespread demand for toys that recreate the essence of IP characters,and deliver the joy of assembling.Through a large number of SKUs,a comprehensive price segment coverage and a rich IP portfol

58、io,we have built an expansive matrix-style product offering and continue to serve consumers,fans and BFCs with a wide selection of products.Our products offer consumers various quality-for-money choices,including excellent play experience,exquisite design and high quality.We primarily offer assembly

59、 character toys,and to a lesser extent,brick-based toys.During the Reporting Period,revenue generated from assembly character toys amounted to RMB2,201.1 million,representing 98.2%of our total revenue during the same period,and revenue generated from brick-based toys amounted to RMB39.4 million,repr

60、esenting 1.8%of our total revenue during the same period.This sales performance was primarily due to our large number of SKUs,which enabled us to cater all demographics,all price segments and global consumers.During the Reporting Period,we further expanded our price segment coverage of our products.

61、We launched the TRANSFORMERS Galaxy Version Defender in the value price segment at a suggested retail price of RMB9.9 per unit by the end of 2024 to enlarge our SKUs.As of the end of the Reporting Period,we had diversified a product portfolio of 682 SKUs,including 132 SKUs designed primarily for chi

62、ldren under the age of six,519 SKUs designed primarily for consumers between the ages of six and 16,and 31 SKUs designed primarily for consumers over the age of 16.Specifically,during the Reporting Period,Ultraman,TRANSFORMERS,Hero Infinity and Kamen Rider were our top four selling IP products.Durin

63、g the Reporting Period,our revenue generated from Ultraman,TRANSFORMERS,Hero Infinity and Kamen Rider amounted to RMB1,095.8 million,RMB453.7 million,RMB309.9 million and RMB170.0 million,respectively.Annual Report 2024 年報11Management Discussion and Analysis管理層討論與分析 鑒於我們的拼搭角色類玩具的優勢在於它們可以重現IP角色的精髓，因此

64、我們的IP數量也有助於我們的產品組合。我們的IP組合可以分為兩部分，即自主研發的IP和知名的授權IP。截至報告期末，我們擁有兩個自主研發的IP，即面向兒童發展的 百變布魯可 和以中國文化為主題的 英雄無限，以及大約50個授權IP。截至報告期末，我們自主研發的IP數量與截至2023年12月31日相比保持穩定。我們的授權IP數量從截至2023年12月31日的約27個增加到截至報告期末的約50個，包括但不限於超級戰隊、機動奧特曼系列，以及DC超人、DC蝙蝠俠、哈利 波特及星球大戰。這些新授權IP可以讓我們在這些IP下開發、生產和銷售拼搭角色類玩具。展望未來，我們將繼續尋找廣受歡迎的IP，這些IP有可

65、能補充我們當前的產品供應，並進一步擴大我們的目標消費群體。擴大我們的銷售渠道並提高我們的營銷績效於報告期間，我們通過多渠道銷售網絡銷售我們的產品，該網絡包括(i)線下銷售渠道，包括經銷商及委託銷售，及(ii)線上銷售渠道，包括各種電商平臺。我們目前的所有產品都可以在我們的每個銷售渠道中銷售。由於我們的拼搭角色類玩具是基於IP的玩具，其與可以廣泛傳播的豐富內容密切相關，因此我們採用內容驅動的在線營銷策略，使我們能夠有效地接觸和維護廣泛的消費者、粉絲和BFC基礎，並收集對我們產品的反饋。線下銷售渠道於報告期間，我們的線下銷售渠道包括經銷銷售及委託銷售。同期，我們的線下經銷銷售額為人民幣2,062.

66、9百萬元，委託銷售額為人民幣22.0百萬元。我們的經銷商的背景通常包括具有特定區域覆蓋和已建立的本地銷售網絡的玩具和文創產品的經銷商。於報告期間，我們的線下經銷銷售額由2023年的人民幣732.7百萬元增長至人民幣2,062.9百萬元，佔我們同期總收入的92.1%。Given the advantage of our assembly character toys is that they could recreate the essence of IP characters,the number of our IPs also contributes to our product portf

67、olio.Our IP portfolio can be divided into two parts,namely self-developed IPs and renowned licensed IPs.As of the end of the Reporting Period,we have two self-developed IPs,namely the children-development-oriented Magic Blocks(百變布魯可)and the Chinese culture-themed Hero Infinity(英雄無限),and approximatel

68、y 50 licensed IPs.As of the end of the Reporting Period,the number of our self-developed IPs remains stable compared to that as of December 31,2023 and the number of our licensed IPs increased from approximately 27 as of December 31,2023 to approximately 50 as of the end of the Reporting Period incl

69、uding but not limited to SUPER SENTAI,Anime ULTRAMAN Series,as well as DCs Superman,DCs Batman,Harry Potter and STAR WARS.These newly licensed IPs could enable us to develop,produce and sell assembly character toys under these IPs.Going forward,we will keep looking for IPs that are widely popular an

70、d can potentially complement our current product offering and further expand our target consumer groups.Expanding Our Sales Channels and Improving Our Marketing PerformanceDuring the Reporting Period,we sold our products through a multi-channel sales network,which consisted of(i)offline sales channe

71、ls,including distributors and consignment sales,and(ii)online sales channels,including various e-commerce platforms.All our current products are available for sale in each of our sales channels.Since our assembly character toys are IP based toys which are closely associated with rich contents that c

72、an be widely disseminated,we adopt a content-driven online marketing strategy that enables us to effectively reach and maintain a broad base of consumers,fans and BFCs,and collect feedback on our products.Offline Sales ChannelsDuring the Reporting Period,our offline sales channels included distribut

73、ion sales and consignment sales.For the same period,our offline distribution sales amounted to RMB2,062.9 million and our consignment sales amounted to RMB22.0 million.The background of our distributors typically includes distributors of toys and cultural and creative products with specific regional

74、 coverage and established local sales network.During the Reporting period,our offline distribution sales increased from RMB732.7 million in 2023 to RMB2,062.9 million,accounting for 92.1%of our total revenue during the same period.BLOKS GROUP LIMITED 布魯可集團有限公司12Management Discussion and Analysis管理層討

75、論與分析 除了中國，我們還在海外市場銷售我們的產品。於報告期間，我們在英國、印度尼西亞、馬來西亞及新加坡成立附屬公司，以拓展海外市場。於報告期間，印度尼西亞和美國是我們海外市場中收入最高的兩個國家。於報告期間，我們的海外銷售收入由2023年的人民幣10.4百萬元增長518.2%至人民幣64.2百萬元。除經銷銷售外，我們還在寄售合作夥伴運營的零售店進行委託銷售。在向消費者銷售之前，該等商品的所有權歸我們所有。於報告期間，我們有3個委託銷售合作夥伴，與2023年相比保持穩定。於報告期間，我們的委託銷售額由2023年的人民幣36.4百萬元減少至人民幣22.0百萬元，佔我們報告期間總收入的1.0%。線

76、上銷售渠道我們主要透過(i)在中國的天貓、京東、抖音、拼多多及其他電商平臺上開設旗艦店，及(ii)我們的微信小程序布魯可積木人Club建立我們的線上渠道。於報告期間，我們線上渠道的收入由2023年的人民幣106.2百萬元增長至人民幣155.7百萬元，佔我們報告期間總收入的6.9%。市場推廣方面於報告期間，我們使用多種溝通渠道，包括我們的官方賬號以及社交媒體平臺上的KOL、KOC、粉絲和BFC的賬號。我們使用我們的官方賬號發佈高質量的圖像和視頻，突出我們的產品設計和IP角色元素，以推廣我們的產品及其拼搭體驗，這也可以增強我們的品牌知名度。我們與KOL和KOC合作，以視頻和帖子等不同形式發佈各種內

77、容，展示我們產品的特點。同時，我們也鼓勵我們的消費者和粉絲成為BFC，在社交媒體平臺或通過官方轉發和活動運營創建UGC。2024年6月，我們與業務合作夥伴一起舉辦了第一屆BFC創作賽。我們收到了數百件由BFC重新創作的作品，關於我們的BFC創作賽的主題總瀏覽量超過400,000人次，這也顯示了我們BFC社區的活力。我們還積極參加玩具展，在全球範圍內展示及推廣我們的產品。2024年10月，我們在2024年10月16日至18日於上海新國際博覽中心舉行的2024年中國玩具博覽會上展示了我們最新的產品創新。2024年12月，我們參加了2024年12月7日至8日舉行的新加坡動漫展，並首次推出了我們的新芝

78、麻街系列，並展示了一系列令人印象深刻的人物。我們期待參加更多的國際玩具展，在全球範圍內展示及推廣我們的拼搭角色類玩具。Apart from China,we also sell our products in overseas markets.During the Reporting Period,we incorporated subsidiaries in United Kingdom,Indonesia,Malaysia and Singapore to expand our overseas markets.During the Reporting Period,Indonesia a

79、nd United States were the top two revenue generated countries of our overseas markets.During the Reporting Period,our revenue from overseas sales increased by 518.2%from RMB10.4 million in 2023 to RMB64.2 million.In addition to distribution sales,we also make consignment sales at retail outlets oper

80、ated by our consignment sales partners.Ownership of the goods remains with us until sales to consumers occur.During the Reporting Period,we had three consignment sales partners,which remains stable compared with 2023.During the Reporting Period,our consignment sales decreased from RMB36.4 million in

81、 2023 to RMB22.0 million,accounting for 1.0%of our total revenue in the Reporting Period.Online Sales ChannelsWe have established our online channels,primarily through(i)the opening of flagship stores on Tmall,JD.com,Douyin,Pinduoduo and other e-commerce platforms in China,and(ii)our Weixin mini pro

82、gram Bloks Club.During the Reporting Period,our revenue from our online channels increased from RMB106.2 million in 2023 to RMB155.7 million,accounting for 6.9%of our total revenue in the Reporting Period.MarketingDuring the Reporting Period,we used multiple communication channels,including our offi

83、cial accounts and the accounts of KOLs,KOCs,fans and BFCs on social media platforms.We used our official accounts to publish high-quality images and videos that highlight our product design and the IP character elements to promote our products and their assembling experience,which could strengthen o

84、ur brand awareness as well.We worked with KOLs and KOCs to publish a wide range of content in different forms including videos and posts,demonstrating the features of our products.Meanwhile,we also encourage our consumers and fans to become BFCs and create UGCs on social media platforms or through o

85、fficial reposting and event operations.In June 2024,we held the first BFC Creation Competition together with our business partner.We received hundreds of works recreated by our BFCs and the total topic views regarding our BFC Creation Competition exceeded 400,000,which showed the vitality of our BFC

86、 community.We also actively attended toy fair to present and promote our products worldwide.In October 2024,we presented the latest product innovations at the 2024 China Toy Expo,held at the Shanghai New International Expo Center from October 16 to 18,2024.In December 2024,we attended the Singapore

87、Comic Con from December 7 to 8,2024 and unveiled our new Sesame Street collection for the first time and showcased an impressive array of figures.We are looking forward to attending more international toy fairs to present and promote our assembly character toys globally.Annual Report 2024 年報13Manage

88、ment Discussion and Analysis管理層討論與分析 專注產品質量，踐行企業社會責任我們始終非常重視產品質量，並擁有一支專門的質量控制團隊。我們採用全面的質量控制體系，涵蓋產品設計和開發、原材料供應商、生產、倉儲和物流。同時，我們相信產品質量不僅是運營層面的要求，也是企業社會責任的要求。對於我們全面的質量控制體系，我們根據嚴格的國內和全球質量標準評估我們的產品，包括中國玩具安全標準GB6675-2014、美國玩具安全標準ASTM F963和歐盟玩具安全標準EN71。我們產品的規格，包括模塊和組件的尺寸，均符合上述適用的國內和全球質量標準。此外，自2023年下半年以來，我們發

89、現市場上開始出現了大量假冒產品，這些產品仿冒了我們的產品設計，侵犯了我們的知識產權，最終損害了我們產品的質量聲譽。我們對假冒產品採取零容忍的態度，因此我們以知識產權權利人的身份向警方報告了此案，尋求追究侵權方的知識產權刑事責任。經過仔細調查，警方在廣東省內找到了幾家假冒產品作坊，並最終於2024年4月以大批警力搗毀了6個假冒窩點，此舉有效遏制了假冒產品的流通。此外，我們於2024年11月聯合河南南陽市和浙江東陽市的市場監督管理部門，對當地的知識產權侵權商家進行了行政執法，現場查扣了大量侵權商品。我們通過這些工作向市場傳達了我們堅決捍衛市場秩序、保護消費者合法權益、維護品牌聲譽及保護知識產權的決

90、心。我們相信，對假冒產品的控制和監控是我們企業社會責任的一部分。此外，我們還參加了2024年7月由徐匯美羅城主辦的第25屆 歡樂暑期在美羅城 活動，傳播對兒童的愛和關懷。歡樂暑期在美羅城 是美羅城自1999年以來的年度活動，旨在為暑假的孩子們提供各種各樣的假期體驗。此次活動，我們為小朋友提供了兩個系列的產品，分別是布魯可蜘蛛俠夥伴神奇版第1彈和布魯可漫威英雄群星版第1彈，傳遞快樂的力量，陪伴小朋友，讓他們歡度暑假。Focusing on Our Product Quality and Practicing Our Corporate Social ResponsibilitiesWe alwa

91、ys place strong emphasis on product quality and have a dedicated quality control team.We adopt a comprehensive quality control system that covers product design and development,raw material suppliers,production,warehousing and logistics.Meanwhile,we believe product quality is not only an operation l

92、evel requirement but also a corporate social responsibility requirement.For our comprehensive quality control system,we assess our products with strict domestic and global quality standards including Chinas toy safety standard GB6675-2014,the United States toy safety standard ASTM F963 and the Europ

93、ean Union toy safety standard EN71.The specifications of our products,including the size of the blocks and components,are in line with the aforementioned applicable domestic and global quality standards.In addition,we found that there were a large number of counterfeit products had appeared on the m

94、arket since the second half of 2023.These products counterfeited our product design,infringed our intellectual property rights and would end up damaging the quality reputation of our products.Since we have a zero-tolerance attitude towards counterfeit products,we reported these cases to the police a

95、s the intellectual property rights holder and sought to hold the infringer criminally liable for the infringements of our intellectual property rights.After careful investigation,the police authority located several workshops of counterfeit products in Guangdong Province.They finally destroyed 6 cou

96、nterfeit dens with a large number of police forces in April 2024,which also effectively curbed the circulation of counterfeit products.Furthermore,in November 2024,we worked with the market supervision and management departments of Nanyang Government,Henan Province and Dongyang Government,Zhejiang P

97、rovince to conduct administrative enforcement against local intellectual property infringement merchants and seized a large number of infringing goods on the spot.Those actions also conveyed to the market our determination to resolutely defend market order,protect the legitimate rights and interests

98、 of consumers,maintain our brand reputation and protect our intellectual property rights.We believe the control and monitoring of the counterfeit products forms part of our corporate social responsibilities.Moreover,we also participated in the 25th“Happy Summer in Metro City(歡樂暑期在美羅城)”hosted by Metr

99、o City(美羅城)in Xuhui to spread love and care for children in July 2024.“Happy Summer in Metro City”is an annual event of the Metro City since 1999 to provide a variety of holiday experiences for children in summer holiday.In this event,we provided children with two series of our products,namely Bloke

100、es Spidey And His Amazing Friends Series 1(布魯可蜘蛛俠夥伴神奇版第1彈)and Blokees Marvel Infinity Saga Galaxy Version Series 1(布魯可漫威英雄群星版第1彈),which convey the power of happiness and accompany to children and enable them to celebrate the summer holiday.BLOKS GROUP LIMITED 布魯可集團有限公司14Management Discussion and Ana

101、lysis管理層討論與分析 業務展望展望2025年，我們將繼續提升產品設計及開發方面的研發能力，推動自身獲得廣泛的專利組合，並鞏固我們的生產技術、玩具裝配結構和玩具連接機構。我們將繼續豐富我們的IP組合以實施我們的增長戰略，因為我們的戰略是通過內部IP開發和與知名IP所有者的廣泛合作來滿足不同消費者和粉絲的需求，並接觸不同年齡段的全球消費者。我們將進一步投資於銷售和營銷，尤其是內容驅動的營銷活動，以提高我們在中國和海外市場的品牌知名度和產品知名度，特別是在美國、歐洲和東南亞國家（如新加坡、馬來西亞和泰國）建立和加強我們的海外業務。在競爭日益激烈的市場中，我們將始終堅持我們的目標，抓住新興機遇，

102、提供物超所值的玩具，並帶來組裝的樂趣。財務回顧收入於報告期間，我們的收入主要來自銷售玩具（包括拼搭角色類玩具及積木玩具），少部分來自其他業務。我們的收入已扣除折扣及返利。按業務性質劃分BUSINESS OUTLOOKGoing forward to 2025,we will continue to enhance our R&D capabilities in relation to product design and development,drive ourselves to obtain an extensive patent portfolio and solidify our pr

103、oduction techniques,toy assembly structure and toy connecting mechanism.We will continue to enrich our IP portfolio to carry out our growth strategies,since our strategy is to meet the needs of diverse consumers and fans and reach global consumers across different age groups through in-house IP deve

104、lopment and extensive cooperation with proprietors of renowned IPs.We will further make investment on sales and marketing,especially content-driven marketing activities,to improve our brand recognition and product popularity in China and overseas markets,especially establishing and enhancing our ove

105、rseas presence in the United States,European and Southeast Asian countries such as Singapore,Malaysia,and Thailand.In an increasingly competitive market,we will always stick with our goals and seize the emerging opportunities to provide quality-for-money toys and bring the fun of assembling.FINANCIA

106、L REVIEWRevenueDuring the Reporting Period,we primarily generated revenue from sales of toys,including assembly character toys and brick-based toys,as well as from other businesses to a much lesser extent.Our revenue was recorded net of discount and rebate.By Business Nature202420232024年2023年RMB000R

107、MB000人民幣千元人民幣千元 Revenue收入Toys玩具Assembly character toys拼搭角色類玩具2,201,104769,038Brick-based toys積木玩具39,432106,282 Sub-total小計2,240,536875,320Others其他3931,366 Total總計2,240,929876,686 Our revenue increased by 155.6%from RMB876.7 million in 2023 to RMB2,240.9 million in 2024 primarily attributable to a si

108、gnificant increase in revenue from assembly character toys.我們的收入從2023年的人民幣876.7百萬元增長155.6%至2024年的人民幣2,240.9百萬元，主要是由於拼搭角色類玩具的收入大幅增加。Annual Report 2024 年報15Management Discussion and Analysis管理層討論與分析 拼搭角色類玩具我們拼搭角色類玩具銷售的收入從2023年的人民幣769.0百萬元增長186.2%至2024年的人民幣2,201.1百萬元，主要是由於拼搭角色類玩具的銷量由2023年的36.5百萬件增長269.

109、3%至2024年的134.7百萬件，而銷量增長的主要原因是我們將日益擴大且豐富的自有及授權IP矩陣成功地實現商業化，並迅速擴大銷售網絡。我們的拼搭角色類玩具銷售的收入佔總收入的百分比從2023年的87.7%提高至2024年的98.2%。積木玩具我們的積木玩具銷售的收入從2023年的人民幣106.3百萬元減少62.9%至2024年的人民幣39.4百萬元，主要是由於積木玩具銷量從2023年的0.9百萬件減少58.2%至2024年的0.4百萬件，而銷量減少主要是因為我們持續專注於發展我們的拼搭角色類玩具的業務。我們的積木玩具銷售的收入佔總收入的百分比從2023年的12.1%下降至2024年的1.8%

110、。按銷售渠道劃分Assembly Character ToysOur revenue from assembly character toy sales increased by 186.2%from RMB769.0 million in 2023 to RMB2,201.1 million in 2024,primarily due to a 269.3%increase in the sales volume of our assembly character toys from 36.5 million units in 2023 to 134.7 million units in 2

111、024,which in turn was mainly attributable to the successful commercialization of an expanding and diversifying portfolio of self-developed and licensed IPs and the rapid expansion of our sales network.As a percentage of our total revenue,our revenue from assembly character toy sales increased from 8

112、7.7%in 2023 to 98.2%in 2024.Brick-based ToysOur revenue from brick-based toy sales decreased by 62.9%from RMB106.3 million in 2023 to RMB39.4 million in 2024,primarily due to a 58.2%decrease in the sales volume of our brick-based toys from 0.9 million units in 2023 to 0.4 million units in 2024,prima

113、rily as we continued our focus on developing our assembly character toys business.As a percentage of our total revenue,our revenue from brick-based toy sales decreased from 12.1%in 2023 to 1.8%in 2024.By Sales Channel202420232024年2023年RMB000RMB000人民幣千元人民幣千元 Offline sales線下銷售Distribution sales經銷銷售2,0

114、62,865732,700Consignment sales委託銷售21,99636,371 Sub-total小計2,084,861769,071Online sales線上銷售155,675106,249Others其他3931,366 Total總計2,240,929876,686 During the Reporting Period,we established a multi-channel sale network,consisting of(i)offline sales channels,including distribution and consignment sales

115、,and(ii)online sales channels,including various e-commerce platforms.As such,our revenue from offline sales continued to increase in both absolute terms and as a percentage of our total revenue,which accounted for a substantial majority of our total revenue in 2023 and 2024.於報告期間，我們已建立多渠道銷售網絡，包括(i)線

116、下銷售渠道，包括經銷及委託銷售，及(ii)線上銷售渠道，包括各種電商平臺。因此，我們的線下銷售收入的絕對金額及佔總收入的百分比均持續增長，於2023年及2024年，線下銷售收入佔總收入的絕大部分。BLOKS GROUP LIMITED 布魯可集團有限公司16Management Discussion and Analysis管理層討論與分析 按地區劃分By Region202420232024年2023年RMB000RMB000人民幣千元人民幣千元 China中國2,176,708866,297Overseas海外Asia(excluding China)亞洲（不包括中國）39,2153,95

117、8North America北美16,5394,675Others其他8,4671,756 Sub-total小計64,22110,389 Total總計2,240,929876,686 Our revenue from overseas sales increased by 518.2%from RMB10.4 million in 2023 to RMB64.2 million in 2024,primarily due to the increasing oversea sales volume of our assembly character toys.Cost of SalesOu

118、r cost of sales increased by 130.0%from RMB461.8 million in 2023 to RMB1,062.1 million in 2024,primarily due to a 269.3%increase in the sales volume of our assembly character toys from 36.5 million units in 2023 to 134.7 million units in 2024.Gross ProfitOur gross profit increased by 184.1%from RMB4

119、14.9 million in 2023 to RMB1,178.8 million in 2024,primarily due to a 212.5%increase in gross profit from assembly character toy sales from RMB372.4 million in 2023 to RMB1,163.8 million in 2024,which was partially offset by a 64.6%decrease in gross profit from brick-based toy sales from RMB41.2 mil

120、lion in 2023 to RMB14.6 million in 2024.Our gross profit margin increased from 47.3%in 2023 to 52.6%in 2024,primarily due to increases in revenue contribution and gross profit margin from assembly character toy sales.Assembly Character ToysOur gross profit from assembly character toy sales increased

121、 by 212.5%from RMB372.4 million in 2023 to RMB1,163.8 million in 2024,primarily due to an increase in the sales volume of our assembly character toys.Our gross profit margin for assembly character toy sales increased from 48.4%in 2023 to 52.9%in 2024,primarily due to the economies of scale we achiev

122、ed through the rapid growth in our assembly character toy sales.我們的海外銷售收入從2023年的人民幣10.4百萬元增長518.2%至2024年的人民幣64.2百萬元，主要是由於我們的拼搭角色類玩具的海外銷量增加。銷售成本我們的銷售成本從2023年的人民幣461.8百萬元增長130.0%至2024年的人民幣1,062.1百萬元，主要是由於我們的拼搭角色類玩具的銷量從2023年的36.5百萬件增長269.3%至2024年的134.7百萬件。毛利我們的毛利從2023年的人民幣414.9百萬元增長184.1%至2024年的人民幣1,17

123、8.8百萬元，主要是由於拼搭角色類玩具銷售的毛利從2023年的人民幣372.4百萬元增長212.5%至2024年的人民幣1,163.8百萬元，部分被積木玩具銷售的毛利從2023年的人民幣41.2百萬元減少64.6%至2024年的人民幣14.6百萬元抵銷。我們的毛利率從2023年的47.3%提高至2024年的52.6%，主要是由於拼搭角色類玩具銷售的收入貢獻及毛利率增加。拼搭角色類玩具我們拼搭角色類玩具銷售的毛利從2023年的人民幣372.4百萬元增長212.5%至2024年的人民幣1,163.8百萬元，主要是由於我們的拼搭角色類玩具的銷量增加。我們的拼搭角色類玩具銷售的毛利率從2023年的48

124、.4%提高至2024年的52.9%，主要是由於我們通過拼搭角色類玩具銷售的快速增長實現的規模經濟效應。Annual Report 2024 年報17Management Discussion and Analysis管理層討論與分析 積木玩具我們積木玩具銷售的毛利從2023年的人民幣41.2百萬元下降64.6%至2024年的人民幣14.6百萬元，主要是由於我們的積木玩具的銷量下降。我們積木玩具銷售的毛利率於2023年及2024年保持相對穩定，分別為38.7%及37.0%。銷售及經銷開支我們的銷售及經銷開支從2023年的人民幣189.3百萬元增長49.6%至2024年的人民幣283.1百萬元，主

125、要原因是(i)營銷和推廣開支增加人民幣38.0百萬元，主要為配合業務增長推廣新產品，及(ii)銷售及經銷人員人數隨著我們的快速發展而增加，導致僱員福利開支增加人民幣39.3百萬元。我們的銷售及經銷開支佔總收入的百分比從2023年的21.6%大幅下降到2024年的12.6%，主要是由於隨著我們的增長實現的規模經濟效應。研發開支我們的研發開支從2023年的人民幣94.7百萬元增長103.3%至2024年的人民幣192.5百萬元，主要是由於(i)我們專注於研發，研發人員人數增加導致工資、報酬及福利增加人民幣59.8百萬元，及(ii)以股份為基礎的薪酬增加人民幣18.2百萬元，主要由於我們於2024年

126、4月根據股份激勵計劃授出購股權。我們的研發開支佔總收入的百分比從2023年的10.8%下降至2024年的8.6%，這主要是由於我們隨著增長實現的規模經濟效應。行政開支我們的行政開支從2023年的人民幣49.2百萬元增長844.6%至2024年的人民幣465.0百萬元。我們的行政開支佔總收入的百分比從2023年的5.6%增加至2024年的20.8%，這主要是由於(i)於2024年4月根據股份激勵計劃授出購股權的一次性以股份為基礎的薪酬增加人民幣359.3百萬元，及(ii)我們於2024年產生的上市開支為人民幣33.4百萬元。其他收入、其他收益及虧損淨額其他收入、其他收益及虧損淨額從2023年的人

127、民幣6.0百萬元增加186.3%至2024年的人民幣17.1百萬元，主要是由於政府補助增加人民幣8.8百萬元。政府補助從中國地方政府機關獲得，用於支持若干附屬公司的營運活動。Brick-based ToysOur gross profit from brick-based toy sales decreased by 64.6%from RMB41.2 million in 2023 to RMB14.6 million in 2024,primarily due to the decrease in the sales volume of our brick-based toys.Our g

128、ross profit margin for brick-based toy sales remained relatively stable at 38.7%in 2023 and at 37.0%in 2024.Selling and Distribution ExpensesOur selling and distribution expenses increased by 49.6%from RMB189.3 million in 2023 to RMB283.1 million in 2024,primarily due to(i)an increase in marketing a

129、nd promotion expenses of RMB38.0 million mainly for promoting our new products in line with our business growth,and(ii)an increase in employee benefit expenses of RMB39.3 million as a result of an increase in the number of personnel engaging in selling and distribution function in line with our rapi

130、d growth.Our selling and distribution expenses as a percentage of our total revenue decreased significantly from 21.6%in 2023 to 12.6%in 2024 primarily due to the economies of scale we achieved along with our growth.R&D ExpensesOur R&D expenses increased by 103.3%from RMB94.7 million in 2023 to RMB1

131、92.5 million in 2024,primarily due to(i)an increase in salaries,compensations and benefits of RMB59.8 million as a result of an increase in number of personnel engaging in R&D function,which in turn was driven by our commitment to R&D,and(ii)an increase in share-based compensations of RMB18.2 millio

132、n mainly for share options granted under the Share Incentive Scheme in April 2024.Our R&D expenses as a percentage of our total revenue decreased from 10.8%in 2023 to 8.6%in 2024 primarily due to the economies of scale we achieved along with our growth.Administrative ExpensesOur administrative expen

133、ses increased by 844.6%from RMB49.2 million in 2023 to RMB465.0 million in 2024.Our administrative expenses as a percentage of our total revenue increased from 5.6%in 2023 to 20.8%in 2024,primarily due to(i)an increase in one-off share-based compensation of RMB359.3 million for share options granted

134、 under the Share Incentive Scheme in April 2024,and(ii)the listing expenses of RMB33.4 million we incurred in 2024.Other Income,Other Gains and Losses,NetOther income,other gains and losses,net increased by 186.3%from RMB6.0 million in 2023 to RMB17.1 million in 2024,primarily due to an increase in

135、government grants of RMB8.8 million.The government grants were received from the PRC local government authorities to support certain subsidiaries operating activities.BLOKS GROUP LIMITED 布魯可集團有限公司18Management Discussion and Analysis管理層討論與分析 其他開支其他開支從2023年的人民幣0.7百萬元增加568.8%至2024年的人民幣4.6百萬元，主要是由於(i)20

136、24年的匯兌虧損淨額為人民幣2.4百萬元，(ii)2024年的銀行手續費為人民幣1.2百萬元，及(iii)於2024年就不再使用的模具的非流動資產減值人民幣0.7百萬元。財務成本財務成本從2023年的人民幣1.7百萬元增加21.2%至2024年的人民幣2.0百萬元，主要原因是2024年租賃負債的利息增加人民幣1.4百萬元，部分被2024年的借款成本減少人民幣1.1百萬元所抵銷。上市開支於2024年，我們的上市開支中約人民幣33.4百萬元已計入綜合損益表。我們預計未來不會產生此類開支?？赊D換可贖回優先股的公允價值變動我們於2023年及2024年錄得的可轉換可贖回優先股的公允價值虧損分別為人民幣2

137、74.1百萬元及人民幣542.0百萬元，主要是由於本公司估值增加。上市後，根據組織章程細則及日期為2024年12月18日的股東書面決議案，所有優先股已自動轉換為普通股。於2025年1月完成有關轉換後，可轉換可贖回優先股將不會再產生任何進一步的公允價值變動。所得稅開支所得稅開支從2023年的人民幣17.6百萬元增加480.2%至2024年的人民幣102.4百萬元，主要是由於2024年的當期稅項開支及遞延稅項開支分別增加人民幣43.4百萬元及人民幣41.4百萬元，主要是由於隨著我們的增長實現的規模經濟效應。年度虧損由於前述因素，我們的年度虧損從2023年的人民幣207.5百萬元增加91.8%至20

138、24年的人民幣398.0百萬元。Other ExpensesOther expenses increased by 568.8%from RMB0.7 million in 2023 to RMB4.6 million in 2024,primarily because of(i)the exchange losses,net of RMB2.4 million in 2024,(ii)the bank charges of RMB1.2 million in 2024,and(iii)the impairment of non-current assets of RMB0.7 million

139、 for molds no longer in use in 2024.Finance CostsFinance costs increased by 21.2%from RMB1.7 million in 2023 to RMB2.0 million in 2024,primarily because of an increase in interest on lease liabilities of RMB1.4 million in 2024,partially offset by a decrease in borrowing cost of RMB1.1 million in 202

140、4.Listing ExpensesAmong our listing expenses,approximately RMB33.4 million has been charged to our consolidated statement of profit or loss in 2024.We expect that no such expenses will be incurred in the future.Fair Value Changes on Convertible Redeemable Preferred SharesWe recorded fair value losse

141、s on convertible redeemable preferred shares of RMB274.1 million in 2023 and RMB542.0 million in 2024 primarily due to the increase in the valuation of the Company.Upon listing,pursuant to the Articles of Association and the Shareholders written resolutions dated December 18,2024,all preferred share

142、s had been automatically converted into ordinary Shares.Following the completion of such conversion by January 2025,no further fair value changes in respect of the convertible redeemable preferred shares will be incurred.Income Tax ExpenseIncome tax expense increased by 480.2%from RMB17.6 million in

143、 2023 to RMB102.4 million in 2024,primarily because of increase in both the current tax expense and deferred tax expense of RMB43.4 million and RMB41.4 million in 2024,respectively,primarily due to the economies of scale we achieved along with our growth.Loss for the YearAs a result of the foregoing

144、,our loss for the year increased by 91.8%from RMB207.5 million in 2023 to RMB398.0 million in 2024.Annual Report 2024 年報19Management Discussion and Analysis管理層討論與分析 非國際財務報告準則計量我們認為此等非國際財務報告準則計量通過消除若干項目的潛在影響有助於不同期間的運營表現進行對比。我們認為，該衡量指標為投資者及其他人士提供有用信息，有助於彼等按其協助我們管理層所採用之相同的方式了解並評估我們的綜合財務報表。然而，我們所呈列的經調整年

145、度利潤（非國際財務報告準則計量）及經調整淨利潤率（非國際財務報告準則計量）未必可與其他公司所呈列類似項目計量相比。使用此等非國際財務報告準則計量用作分析工具存在局限性，閣下不應將其視為獨立於或可替代我們根據國際財務報告準則所呈報綜合財務報表或財務狀況的分析。我們將經調整年度利潤（非國際財務報告準則計量）定義為就可轉換可贖回優先股的公允價值變動（非現金項目）、上市開支及以股份為基礎的薪酬（非現金項目）調整的年度虧損。尤其是，由於可轉換可贖回優先股於上市後轉換為普通股，可轉換可贖回優先股將從負債重新分類為權益。我們將經調整淨利潤率（非國際財務報告準則計量）定義為經調整年度利潤（非國際財務報告準則計

146、量）佔總收入的百分比。NON-IFRS MEASURESWe believe that these non-IFRS measures facilitate comparisons of operating performance from period to period by eliminating potential impact of certain items.We believe that these measures provide useful information to investors and others in understanding and evaluating

147、 our consolidated financial statements in the same manner as they help our management.However,our presentation of adjusted profit for the year(a non-IFRS measure)and adjusted net margin(a non-IFRS measure)may not be comparable to similar item measures presented by other companies.The use of these no

148、n-IFRS measures has limitations as an analytical tool,and you should not consider them in isolation from,or as substitute for analysis of,our consolidated financial statements or financial condition as reported under IFRS.We define adjusted profit for the year(a non-IFRS measure)as loss for the year

149、 adjusted for fair value changes on convertible redeemable preferred shares(a non-cash item),listing expenses and share-based compensations(a non-cash item).In particular,convertible redeemable preferred shares will be reclassified from liabilities to equity as a result of the conversion of converti

150、ble redeemable preferred shares into Ordinary Shares upon listing.We define adjusted net margin(a non-IFRS measure)as adjusted profit for the year(a non-IFRS measure)as a percentage of our total revenue.Year Ended December 31,截至12月31日止年度202420232024年2023年(in RMB thousands,except for percentages)（以人民

151、幣千元計，百分比除外）Loss for the year年度虧損(398,044)(207,481)Add:加：Fair value changes on convertible redeemable preferred shares可轉換可贖回優先股的 公允價值變動541,996274,132Listing expenses上市開支33,372Share-based compensations以股份為基礎的薪酬407,2646,231 Adjusted profit for the year(a non-IFRS measure)經調整年度利潤（非國際財務報告準則計量）584,58872,8

152、82 Adjusted net margin(a non-IFRS measure)經調整淨利潤率（非國際財務報告準則計量）26.1%8.3%BLOKS GROUP LIMITED 布魯可集團有限公司20Management Discussion and Analysis管理層討論與分析 相比2023年的經調整年度利潤（非國際財務報告準則計量）人民幣72.9百萬元及經調整淨利潤率（非國際財務報告準則計量）8.3%，截至2024年12月31日止年度，我們錄得經調整年度利潤（非國際財務報告準則計量）人民幣584.6百萬元及經調整淨利潤率（非國際財務報告準則計量）26.1%。此乃主要由於我們成功戰略

153、性地豐富了產品組合，納入了拼搭角色類玩具。更具體而言，我們繼續擴大業務規模並執行以內容驅動的營銷策略，這導致我們自2022年起的毛利率逐漸增加，而我們的各項經營開支佔總收入的百分比逐漸下降。由於毛利率較高的拼搭角色類玩具的收入貢獻增加及我們的業務規模增長，我們的毛利率從2023年的47.3%增加至2024年的52.6%。具體而言，拼搭角色類玩具銷售的收入貢獻從2023年的87.7%增加至2024年的98.2%，而我們的拼搭角色類玩具銷量從2023年的36.5百萬件大幅增長至2024年的134.7百萬件。成功執行以內容驅動的營銷策略，以及我們的收入大幅增長，導致我們的銷售及經銷開支佔我們收入的百

154、分比自2022年起大幅下降。具體而言，我們的銷售及經銷開支佔總收入的百分比從2023年的21.6%下降至2024年的12.6%。由於實現了規模經濟效益的提升，我們的研發開支佔總收入的百分比從2023年的10.8%下降至2024年的8.6%。存貨我們的存貨包括產成品、原材料及在途商品。我們的存貨從截至2023年12月31日的人民幣76.3百萬元增加至截至2024年12月31日的人民幣278.5百萬元。該增加主要是由於為滿足銷售需求產品存貨有所增加。存貨周轉天數於2023年及2024年保持穩定。For the year ended December 31,2024,we recorded an a

155、djusted profit for the year(a non-IFRS measure)of RMB584.6 million and an adjusted net margin(a non-IFRS measure)of 26.1%,as compared with an adjusted profit for the year(a non-IFRS measure)of RMB72.9 million and an adjusted net margin(a non-IFRS measure)of 8.3%in 2023.This is primarily due to our s

156、uccessful strategic diversification of our product offering to include assembly character toys.More specifically,we continued to scale up our business and execute a content driven marketing strategy,which resulted in a gradual increase in our gross profit margin and gradual decrease in our various o

157、perating expenses as a percentage of our total revenue starting from 2022.As the revenue contribution from assembly character toys that carry a higher gross profit margin increased and our business scale grew,our gross profit margin grew from 47.3%in 2023 to 52.6%in 2024.In particular,the revenue co

158、ntribution from assembly character toy sales increased from 87.7%in 2023 to 98.2%in 2024,and the sales volume of our assembly character toys grew significantly from 36.5 million units in 2023 to 134.7 million units in 2024.The successful execution of a content driven marketing strategy,coupled with

159、our significant revenue growth,resulted in a significant decrease in our selling and distribution expenses as a percentage of our revenue starting from 2022.In particular,our selling and distribution expenses as a percentage of our total revenue decreased from 21.6%in 2023 to 12.6%in 2024.As a resul

160、t of the improved economies of scale achieved,our R&D expenses as a percentage of our total revenue decreased from 10.8%in 2023 to 8.6%in 2024.INVENTORIESOur inventories include finished goods,raw materials and goods in transit.Our inventories increased from RMB76.3 million as of December 31,2023 to

161、 RMB278.5 million as of December 31,2024.The increase was primarily due to the increase in product inventories to meet with the sales demands.Inventory turnover days kept stable in 2023 and 2024.Annual Report 2024 年報21Management Discussion and Analysis管理層討論與分析 貿易應收款項我們的貿易應收款項主要來自我們以賒賬銷售的產品。除我們向往績記錄及

162、流動資金狀況良好的若干經銷商及委託銷售合作夥伴授信外，通常需要預付款。授出的信貸期一般為一至三個月。我們的貿易應收款項由截至2023年12月31日的人民幣38.3百萬元增加至截至2024年12月31日的人民幣112.0百萬元，主要是由於通過主要客戶及線上渠道的銷量增加所致。貿易應付款項及應付票據我們的貿易應付款項及應付票據主要包括應付供應商（主要為我們的合作工廠）款項。我們的貿易應付款項及應付票據不計息，通常按三至七個月的期限結清。我們的貿易應付款項及應付票據由截至2023年12月31日的人民幣259.7百萬元增加至截至2024年12月31日的人民幣566.7百萬元，主要是由於我們業務的持續增

163、長。其他應付款項及應計費用我們的其他應付款項及應計費用由截至2023年12月31日的人民幣176.5百萬元增加至截至2024年12月31日的人民幣272.3百萬元，主要是由於：(i)應計上市開支增加人民幣25.1百萬元及(ii)購買非流動資產（主要為模具）的應付款項增加人民幣62.6百萬元?，F金及現金等價物於2024年，我們主要通過經營活動所得現金為我們的運營提供資金。截至2024年12月31日，我們的現金及現金等價物為人民幣720.0百萬元，較截至2023年12月31日的人民幣360.8百萬元增加99.5%。外匯風險我們面臨交易貨幣風險。該等風險乃因經營單位以單位的經營貨幣以外的貨幣進行買賣

164、而產生。此外，我們還面臨來自現金及現金等價物的貨幣風險。我們的管理層認為我們面臨的外匯風險不重大。TRADE RECEIVABLESOur trade receivables primarily arise from sales of our products on credit.Advance payment is normally required except we granted credits to certain distributors with good track record and liquidity position,and consignment sales part

165、ners.The credit period granted is generally one to three months.Our trade receivables increased from RMB38.3 million as of December 31,2023 to RMB112.0 million as of December 31,2024,primarily due to the increase of sales volume through key customers and online channels.TRADE AND NOTES PAYABLESOur t

166、rade and notes payables primarily comprise payables to our suppliers,mainly our partner factories.Our trade and notes payables are non-interest bearing and normally settled on terms of three to seven months.Our trade and notes payables increased from RMB259.7 million as of December 31,2023 to RMB566

167、.7 million as of December 31,2024,primarily due to the continuous growth of our business.OTHER PAYABLES AND ACCRUALSOur other payables and accruals increased from RMB176.5 million as of December 31,2023 to RMB272.3 million as of December 31,2024,primarily due to(i)an increase in accrued listing expe

168、nse of RMB25.1 million and(ii)an increase of RMB62.6 million payables for purchase of non-current assets mainly for molds.CASH AND CASH EQUIVALENTSIn 2024,we financed our operations primarily through cash generated from our operating activities.As of December 31,2024,we had cash and cash equivalents

169、 of RMB720.0 million,representing an increase of 99.5%from RMB360.8 million as of December 31,2023.FOREIGN CURRENCY RISKWe have transactional currency exposures.Such exposures arise from sales or purchases by operating units in currencies other than the units functional currencies.In addition,we hav

170、e currency exposures from our cash and cash equivalents.Our management considers our exposure to foreign currency risk is not significant.BLOKS GROUP LIMITED 布魯可集團有限公司22Management Discussion and Analysis管理層討論與分析 借款截至2024年12月31日，我們並無任何借款。資產負債比率本集團使用經調整資本負債淨值比率監察其資本結構。截至2024年12月31日，本集團的經調整資本負債淨值比率為31.

171、6%。詳情載於本年度報告綜合財務報表附註38(d)?；蛴胸搨刂?024年12月31日，我們並無任何重大或有負債。所持重大投資截至2024年12月31日，我們並未持有任何重大投資。有關附屬公司、聯營公司及合營企業的重大收購及出售於報告期間，我們並未進行有關附屬公司、聯營公司及合營企業的任何重大收購或出售。資產抵押截至2024年12月31日，我們並未抵押本集團的任何資產。重大投資及資本資產的未來計劃截至2024年12月31日，我們並無重大投資或資本資產收購的特定計劃。然而，我們將繼續物色業務發展及投資的新機遇。BORROWINGSWe did not have any borrowings as

172、 of December 31,2024.GEARING RATIOThe Group uses the adjusted net debt-to-capital ratio to monitor its capital structure.As of December 31,2024,the Groups adjusted net debt-to-capital ratio was 31.6%.Details was set in Note 38(d)to the Consolidated Financial Statements in this annual report.CONTINGE

173、NT LIABILITIESWe did not have any materials contingent liabilities as of December 31,2024.SIGNIFICANT INVESTMENTS HELDAs of December 31,2024,we did not hold any significant investments.MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES,ASSOCIATES AND JOINT VENTURESDuring the Reporting Period,we did

174、 not have any material acquisitions or disposals of subsidiaries,associates and joint ventures.PLEDGE OF ASSETSAs of December 31,2024,we had not pledged any assets of the Group.FUTURE PLANS FOR MATERIAL INVESTMENTS AND CAPITAL ASSETSAs of December 31,2024,we had no specific plan for material investm

175、ents or acquisition of capital assets.However,we will continue to identify new opportunities for business development and investments.Annual Report 2024 年報23Biographies of the Directors and Senior Management董事及高級管理層履歷 DIRECTORSExecutive DirectorsMr.Zhu Weisong(朱偉松)(“Mr.Zhu”),aged 42,our founder,is t

176、he Chairman,an executive Director,chief executive officer of the Company.Mr.Zhu is primarily responsible for the overall strategy,business development,operation and management of the Group.Mr.Zhu has served as an executive director and the chairman of the board of directors of Shanghai Bloks Technol

177、ogy Group Co.,Ltd(上海布魯可科技集團有限公司)(“Bloks Technology”)since December 2014.Mr.Zhu has extensive experience in business management by founding our Group in December 2014.Prior to this,Mr.Zhu co-founded Shanghai Yoozoo Information Technology Limited(上海遊族信息技術有限公司)in May 2009,where he acted as chief techno

178、logy officer since its establishment until February 2015,primarily responsible for the management of research and development;in May 2014,the business of Shanghai Yoozoo Information Technology Limited was listed on the Shenzhen Stock Exchange by way of a major asset restructuring of Yoozoo Interacti

179、ve Co.,Ltd.(遊族網絡股份有限公司)(stock code:002174),where Mr.Zhu served as the chairman of the board of supervisors from June 2014 to April 2016.Mr.Zhu keeps attaching great importance to product research and development and has deep insights in industry trends,products innovation,business development and co

180、operation.Mr.Zhu received a doctorate degree in business administration from Shanghai Advanced Institute of Finance of Shanghai Jiao Tong University(上海交通大學上海高級金融學院)(PRC)Arizona State University(the United States)in June 2023 and a masters degree in business administration from Cheung Kong Graduate S

181、chool of Business(長江商學院)in the PRC in September 2019,and graduated from Shanghai Jiao Tong University(上海交通大學)in the PRC in January 2013 after completion of online courses majoring in business administration.董事執行董事朱偉松先生（朱先生），42歲，本公司創始人，現任本公司董事長、執行董事、首席執行官。朱先生主要負責本集團的整體戰略、業務發展和經營管理。朱先生自2014年12月起擔任上海布魯

182、可科技集團有限公司（布魯可科技）的執行董事及董事長。朱先生於2014年12月創立本集團，在公司管理上擁有豐富的經驗。在此之前，朱先生於2009年5月聯合創立了上海遊族信息技術有限公司，自其成立起至2015年2月擔任首席技術官，主要負責研發管理工作；於2014年5月，上海遊族信息技術有限公司的業務通過遊族網絡股份有限公司的重大資產重組在深圳證券交易所上市（股份代號：002174），朱先生於2014年6月至2016年4月擔任遊族網絡股份有限公司監事會主席。朱先生一直高度重視產品研發，對行業趨勢、品類創新、商務開拓與合作具有深刻洞察。朱先生於2023年6月獲得中國上海交通大學上海高級金融學院美國亞利

183、桑那州立大學工商管理博士學位，於2019年9月獲得中國長江商學院工商管理碩士學位，並於2013年1月通過線上教育畢業於中國上海交通大學工商管理專業。BLOKS GROUP LIMITED 布魯可集團有限公司24Biographies of the Directors and Senior Management董事及高級管理層履歷 Mr.Sheng Xiaofeng(盛曉峰)(”Mr.Sheng”),aged 46,is our executive Director and president.Mr.Sheng is responsible for the operation and manag

184、ement and overseas markets of the toy business of the Group.Mr.Sheng has served as the president of Bloks Technology since September 2015.Mr.Sheng has over 20 years of profound experience in consumer insights,product innovation and commercialization.Prior to joining the Group,Mr.Sheng worked at Inte

185、l Technology Development(Shanghai)Co.,Ltd.(英特爾技術開發(上海)有限公司)and Intel Asia Pacific Research and Development Ltd.(英特爾亞太研發有限公司)under the Intel Group from April 2005 to May 2015,where he was responsible for the design and development of educational products,and received the Intel Achievement Award twice

186、 for his outstanding contributions to the research and development of educational products.Mr.Sheng obtained a masters degree in industrial design engineering from Shanghai Jiao Tong University(上海交通大學)in the PRC in March 2009 and a bachelors degree in industrial design from Tongji University(同濟大學)in

187、 the PRC in July 2001.Non-executive DirectorsMr.Chang Kaisi(常凱斯)(”Mr.Chang”),aged 43,is our non-executive Director,and is responsible for providing advice on the business operations and major decisions of the Group.Mr.Chang also served as a director of Bloks Technology from July 2020 to July 2022.Mr

188、.Chang joined Beijing Source Code Capital Co.,Ltd.(北京源碼資本投資有限公司)in September 2016 and has served as a partner since October 2021,and is mainly responsible for venture capital investment.Mr.Chang received a doctorate degree in engineering from the University of Cambridge in the United Kingdom in June

189、 2008 and a bachelors degree in automation from Tsinghua University(清華大學)in the PRC in July 2003.Mr.Chen Rui(陳瑞)(“Mr.Chen”),aged 51,is our non-executive Director and is responsible for providing advice on the business operations and major decisions of the Group.Mr.Chen has more than 23 years of expe

190、rience in investment and management.Since February 2005,he has held multiple positions at Legend Capital Management Co.,Ltd.(君聯資本管理股份有限公司),including co-chief investment officer since April 2021,managing director from April 2015 to March 2021,executive director from October 2013 to March 2015,directo

191、r from October 2010 to September 2013,vice president of the investment team from April 2008 to September 2010 and associate from February 2005 to March 2008.From June 1999 to November 2002,he successively worked as an engineer,manager of the engineering technology department and then deputy general

192、manager at Shenzhen Linker Industrial Co.,Ltd(深圳市菱科實業有限公司).盛曉峰先生（盛先生），46歲，本公司執行董事兼總裁。盛先生負責本集團玩具業務的運營管理及海外市場。盛先生自2015年9月起擔任布魯可科技總裁。盛先生在用戶洞察、產品創新及商業化方面擁有20多年的深厚經驗。在加入本集團前，盛先生於2005年4月至2015年5月任職於英特爾集團旗下的英特爾技術開發（上海）有限公司及英特爾亞太研發有限公司，負責教育類產品的設計研發，並曾兩次因在教育類產品研發中的傑出貢獻獲得英特爾成就獎。盛先生於2009年3月取得中國上海交通大學工業設計工程碩士學位，

193、並於2001年7月獲得中國同濟大學工業設計學士學位。非執行董事常凱斯先生（常先生），43歲，本公司非執行董事，負責為本集團業務運營及重大決策方面提供建議。常先生亦於2020年7月至2022年7月期間在布魯可科技擔任董事。常先生於2016年9月加入北京源碼資本投資有限公司，並自2021年10月起擔任合夥人，主要負責風險投資。常先生於2008年6月獲得英國劍橋大學工程學博士學位，於2003年7月獲得中國清華大學自動化學士學位。陳瑞先生（陳先生），51歲，本公司非執行董事，負責為本集團業務運營及重大決策方面提供建議。陳先生擁有逾23年的投資及管理經驗。自2005年2月起，彼在君聯資本管理股份有限公司

194、先後擔任多個職位，包括自2021年4月起擔任聯席首席投資官，2015年4月至2021年3月擔任董事總經理，2013年10月至2015年3月擔任執行董事，2010年10月至2013年9月擔任董事，2008年4月至2010年9月擔任投資團隊副總裁，及2005年2月至2008年3月擔任經理。1999年6月至2002年11月，彼在深圳市菱科實業有限公司先後擔任工程師、工程技術部經理及副總經理。Annual Report 2024 年報25Biographies of the Directors and Senior Management董事及高級管理層履歷 陳先生自2023年10月起擔任乖寶寵物食品集

195、團股份有限公司（深圳證券交易所上市公司（股份代號：301498）非執行董事，自2019年12月起擔任人瑞人才科技控股有限公司（聯交所上市公司（股份代號：6919）非執行董事。陳先生於2005年2月獲得美國福特漢姆大學工商管理碩士學位，於1997年7月獲得中國山西大學電子信息系統專業理學學士學位。獨立非執行董事高平陽先生（高先生），45歲，本公司獨立非執行董事。彼負責監督董事會，並向董事會提供獨立判斷。高先生自2020年6月起擔任香港大學商學院教授兼副院長，從事教學、研究及管理活動。在此之前，彼於2008年7月至2020年6月，歷任芝加哥大學布斯商學院助理教授及副教授，從事會計教學及研究工作。高

196、先生的研究重點是資本市場和公司治理，並在多份國際頂級學術期刊上發表文章。自2023年11月起，高先生擔任中原銀行股份有限公司（聯交所上市公司（股份代號：1216）獨立非執行董事。高先生於2008年12月獲得美國耶魯大學會計學博士學位，於2004年6月獲得中國北京大學金融學碩士學位，並於2002年7月獲得中國人民大學會計學學士學位。Mr.Chen has served as a non-executive director of Gambol Pet Group Co.,Ltd.(乖寶寵物食品集團股份有限公司)since October 2023,the shares of which are

197、listed on the Shenzhen Stock Exchange(stock code:301498),and a non-executive director of Renrui Human Resources Technology Holdings Limited(人瑞人才科技控股有限公司)since December 2019,the shares of which are listed on the Stock Exchange(stock code:6919).Mr.Chen obtained a masters degree in business administrat

198、ion from Fordham University in the United States in February 2005 and a bachelors degree in science majoring in electronics and information systems from Shanxi University(山西大學)in the PRC in July 1997.Independent Non-executive DirectorsMr.Gao Pingyang(高平陽)(”Mr.Gao”),aged 45,is our independent non-exe

199、cutive Director.He is responsible for supervising and providing independent judgement to the Board.Mr.Gao has served as a professor and an associate dean at the Business School of the University of Hong Kong since June 2020,engaged in teaching,research,and management activities.Prior to that,he succ

200、essively served as an assistant professor and associate professor at the Booth School of Business of the University of Chicago from July 2008 to June 2020,engaged in teaching and research in accounting.Mr.Gaos research focus on capital markets and corporate governance and he has published extensivel

201、y in top tier international academic journals.Mr.Gao has served as an independent non-executive director of Zhongyuan Bank Co.,Ltd.(中原銀行股份有限公司),the shares of which are listed on the Stock Exchange(stock code:1216)since November 2023.Mr.Gao obtained a PhD degree in accounting from Yale University in

202、the United States in December 2008,a masters degree in finance from Peking University(北京大學)in the PRC in June 2004 and a bachelors degree in accounting from Renmin University of China(中國人民大學)in the PRC in July 2002.BLOKS GROUP LIMITED 布魯可集團有限公司26Biographies of the Directors and Senior Management董事及高

203、級管理層履歷 黃蓉女士（黃女士），46歲，本公司獨立非執行董事。彼負責監督董事會，並向董事會提供獨立判斷。自2019年10月至今，黃女士在復旦大學管理學院擔任教授及李達三講席教授。擔任現時職位前，黃女士於2018年7月至2019年9月在長江商學院擔任副教授，並於2013年9月至2018年6月及2006年9月至2013年8月在紐約市立大學巴魯克學院分別擔任會計學副教授（終身教職）及會計學助理教授。黃女士自2024年4月開始擔任山東華魯恒升化工股份有限公司（上海證券交易所上市公司（股份代號：600426）獨立董事，審計委員會召集人和提名委員會委員，並自2023年3月起在交銀金融租賃有限責任公司擔任

204、獨立董事。彼亦於2022年5月至2023年8月在貴州燃氣股份有限公司（上海證券交易所上市公司（股份代號：600903）擔任獨立董事。黃女士於2006年8月獲得美國德克薩斯大學達拉斯分校管理科學（會計方向）博士學位與會計學碩士學位，於2001年12月獲得美國密西西比州立大學經濟學碩士學位，並於1999年7月分別獲得中國東華大學工業外貿學士學位和計算機科學學士學位。尚健先生（尚先生），57歲，本公司獨立非執行董事。彼負責監督董事會，並向董事會提供獨立判斷。尚先生擁有超過25年的中國資本市場從業經驗。尚先生於2013年7月創立上海弘尚資產管理有限公司，此後一直擔任董事長。此前，彼在多家金融機構擔任高

205、管，包括於2006年9月至2012年11月擔任國投瑞銀基金管理有限公司總經理、於2004年1月至2006年6月擔任銀華基金管理股份有限公司總經理、於2002年1月至2003年12月擔任華安基金管理有限公司副總經理，以及於2001年1月至2001年12月擔任上海證券交易所執行總監，尚先生亦借此積累了豐富的財務管理經驗。Ms.Huang Rong(黃蓉)(“Ms.Huang”),aged 46,is our independent non-executive Director.She is responsible for supervising and providing independent

206、judgement to the Board.Ms.Huang currently serves as a professor and a Li Dak-sum Chair Professor(李達三講席教授)at the School of Management of Fudan University(復旦大學)since October 2019.Prior to her current position,Ms.Huang served as an associate professor at Cheung Kong Graduate School of Business from Jul

207、y 2018 to September 2019,and an associate professor(tenured position)in accounting from September 2013 to June 2018 and an assistant professor in accounting from September 2006 to August 2013,at Baruch College of the City University of New York.Ms.Huang has served as an independent director,the conv

208、ener of the audit committee and a member of the nomination committee at Shandong Hualu Hengsheng Chemical Co.,Ltd.(山東華魯恒升化工股份有限公司),the shares of which are listed on the Shanghai Stock Exchange(stock code:600426)since April 2024 and an independent director at Bank of Communications Financial Leasing

209、Co.,Ltd.(交銀金融租賃有限責任公司)since March 2023.She also served as an independent director at Guizhou Gas Group Corporation Ltd.(貴州燃氣股份有限公司),the shares of which are listed on the Shanghai Stock Exchange(stock code:600903)from May 2022 to August 2023.Ms.Huang obtained a doctorate degree in management science(

210、accounting)and a masters degree in accounting from University of Texas at Dallas in the United States in August 2006,a masters degree in economy from Mississippi State University in the United States in December 2001,a bachelors degree in industrial foreign trade and a bachelors degree in computer s

211、cience from Donghua University(東華大學)in the PRC in July 1999.Mr.Shang Jian(尚健)(“Mr.Shang”),aged 57,is our independent non-executive Director.He is responsible for supervising and providing independent judgement to the Board.Mr.Shang has over 25 years of experience in Chinas capital markets.Mr.Shang f

212、ounded Hong Shang Asset Management Co.,Ltd.(上海弘尚資產管理有限公司)in July 2013 and has been the chairman of the board of director since then.Prior to that,he held several senior management positions at various financial institutions,including a general manager of UBS SDIC Fund Management Co.,Ltd.(國投瑞銀基金管理有限公

213、司)from September 2006 to November 2012,a general manager of Yin Hua Fund Management Co.,Ltd.(銀華基金管理股份有限公司)from January 2004 to June 2006,a deputy general manager of HuaAn Fund Management Co.,Ltd.(華安基金管理有限公司)from January 2002 to December 2003,and an executive officer of Shanghai Stock Exchange from J

214、anuary 2001 to December 2001,whereby Mr.Shang also accumulated extensive experience in financial management.Annual Report 2024 年報27Biographies of the Directors and Senior Management董事及高級管理層履歷 尚先生自2018年10月起擔任上海瑞威資產管理股份有限公司（聯交所上市公司（股份代號：1835）獨立非執行董事，並自2014年5月起擔任華住集團有限公司（聯交所（股份代號：1179）及納斯達克證券市場（股票代碼：HT

215、HT）上市公司）獨立董事兼審核委員會主席。尚先生於1997年12月及1994年12月分別自美國康涅狄格大學獲得工商管理（金融）博士及經濟學碩士學位，並於1989年7月自中國上海交通大學獲得工學學士學位。尚先生具備上市規則第3.10(2)條所規定的適當專業會計或相關財務管理專業知識，並確認彼已透過其過往經驗來獲得該等專業知識，包括(i)擔任聯交所上市公司（包括上海瑞威資產管理股份有限公司及華住集團有限公司）獨立董事及審核委員會主席和成員，期間尚先生負責（其中包括）審閱上市公司的財務報表及會計政策、監督及評估外部及內部審核工作及內部控制，並透過在審閱及批準年度及中期財務報表的定期董事會會議及委員會

216、會議進行審議，與該等公司的管理層、審核委員會其他成員及外聘核數師不時進行討論，就外部審核機構的委任及替換提出建議，及(ii)擔任信譽良好的資產管理公司（如上海弘尚資產管理有限公司、國投瑞銀基金管理有限公司、銀華基金管理股份有限公司及華安基金管理有限公司）的創始人及高級行政人員，尚先生曾參與（其中包括）制定、實施及評估投資組合公司的投資策略（通過（其中包括）分析及審閱該等投資組合公司的財務報表），並監督該等資產管理公司的財務管理?；渡衔乃?，尚先生在監督及監察上市發行人的財務報告、內部控制及其他會計相關事宜方面已累積深入的實際知識和豐富的經驗，並就上市規則第3.10(2)條獲得會計或相關財務管

217、理的專業知識。Mr.Shang has been an independent non-executive director of Shanghai Realway Capital Assets Management Co.,Ltd.(上海瑞威資產管理股份有限公司),the shares of which are listed on the Stock Exchange(stock code:1835)since October 2018,and an independent director and chairman of audit committee of H World Group L

218、imited(華住集團有限公司),the shares of which are listed on the Stock Exchange(stock code:1179)and on the Nasdaq Stock Market(ticker symbol:HTHT)since May 2014.Mr.Shang obtained a doctorate degree in business administration(finance)and a masters degree in economics from University of Connecticut in the Unite

219、d States in December 1997 and December 1994,respectively,and a bachelors degree of engineering from Shanghai Jiao Tong University in the PRC in July 1989.Mr.Shang possesses appropriate professional accounting or related financial management expertise required under Rule 3.10(2)of the Listing Rules a

220、nd confirms that he has gained such expertise through his previous experiences,including(i)serving as an independent director and a chairman and member of the audit committee of companies listed on the Stock Exchange including Shanghai Realway Capital Assets Management Co.,Ltd.and H World Group Limi

221、ted,during which Mr.Shang has been responsible for,among other things,reviewing the financial statements and accounting policies,monitoring and evaluating the external and internal audit work and internal control of the listed companies,making recommendations on the appointment and replacement of ex

222、ternal audit firms through deliberations at the periodic board meetings and committee meetings reviewing and approving annual and interim financial statements,and discussions with the management,other members of the audit committee as well as the external auditors of such companies from time to time

223、,and(ii)as a founder and senior executive of reputable asset management companies such as Hong Shang Asset Management Co.,Ltd.,UBS SDIC Fund Management Co.,Ltd.,Yin Hua Fund Management Co.,Ltd.and HuaAn Fund Management Co.,Ltd.,Mr.Shang has been involved in,among other things,formulating,implementin

224、g and evaluating the investment strategies for portfolio companies(through,among other things,analysing and reviewing the financial statements of these portfolio companies)and overseeing the financial management of these asset management companies.Based on the foregoing,Mr.Shang has accumulated in-d

225、epth practical knowledge and extensive experience in supervising and monitoring the financial reporting,internal control and other accounting-related matters of listed issuers,and gained accounting or related financial management expertise for the purpose of Rule 3.10(2)of the Listing Rules.BLOKS GR

226、OUP LIMITED 布魯可集團有限公司28Biographies of the Directors and Senior Management董事及高級管理層履歷 高級管理人員高級管理層負責本集團的日常管理和運營。有關朱偉松先生及盛曉峰先生的履歷詳情，請參閱上文 董事。其他每位高級管理層成員的工作經歷概況載列如下。謝磊先生（謝先生），47歲，本公司副總裁。謝先生負責產品研發和設計。謝先生於2015年7月加入本集團並擔任副總裁至今。謝先生在產品設計領域擁有超過20年經驗。加入本集團前，於2011年3月至2015年6月，謝先生在硬件產品領域進行連續創業。之前，謝先生於2005年10月至2008

227、年12月於千方工業產品設計（上海）有限公司擔任設計總監並自2003年2月至2005年1月於伊萊克斯（中國）電器有限公司擔任設計主管。謝先生自2021年起於上海交通大學設計學院擔任IIDE（國際工業設計工程）企業導師。謝先生於1999年6月獲得中國上海交通大學工業設計學士學位。黃政先生（黃先生），44歲，本公司副總裁，負責本集團人力資源管理及行政工作。黃先生於2016年12月加入本集團並擔任副總裁至今。黃先生擁有超過20年的人力資源管理及行政工作經驗。在加入本集團之前，黃先生於2012年6月至2016年12月任職於東方明珠新媒體股份有限公司（上海證券交易所上市公司（股份代號：600637），曾擔

228、任行政總經理，並於2001年7月至2012年6月任職於上海廣播電視臺及下屬公司，曾擔任少兒頻道人力資源部主任及辦公室主任。黃先生於2013年3月獲得中國上海交通大學新聞與傳播學碩士學位，並於2001年6月獲得中國青年政治學院法學學士學位。黃先生於2007年11月取得經濟師資格（人力資源）。SENIOR MANAGEMENTThe senior management is responsible for the day-to-day management and operation of the Group.For biographical details of Mr.Zhu Weisong a

229、nd Mr.Sheng Xiaofeng,please refer to“Directors”above.A description of the business experience of each other senior management member is set out below.Mr.Xie Lei(謝磊)(“Mr.Xie”),age 47,is our vice president.Mr.Xie is responsible for product research and development and design.Mr.Xie joined the Group in

230、 July 2015 and has served as the vice president since then.Mr.Xie has over 20 years of experience in the field of product design.Prior to joining the Group,from March 2011 to June 2015,Mr.Xie engaged in consecutive entrepreneurship in the field of hardware products.Previously,Mr.Xie worked as a desi

231、gn director of Speck Design Ltd.(千方工業產品設計（上海）有限公司)from October 2005 to December 2008 and a design director at Electrolux(China)Home Appliances Co.,Ltd.(伊萊克斯（中國）電器有限公司)from February 2003 to January 2005.Mr.Xie has served as an IIDE(International Industrial Design Engineering)Enterprise Mentor of Shan

232、ghai Jiao Tong School of Design(上海交通大學設計學院)since 2021.Mr.Xie received a bachelors degree in industrial design in June 1999 from Shanghai Jiao Tong University in the PRC.Mr.Huang Zheng(黃政)(“Mr.Huang”),aged 44,is our vice president and responsible for human resources management and administration of t

233、he Group.Mr.Huang joined the Group in December 2016 and has served as the vice president since then.Mr.Huang has over 20 years of experience in human resource management and administration.Prior to joining the Group,from June 2012 to December 2016,Mr.Huang worked at Oriental Pearl Media Co.,Ltd.(東方明

234、珠新媒體股份有限公司),the shares of which are listed on the Shanghai Stock Exchange(stock code:600637),and held positions including the administration general manager,and from July 2001 to June 2012,Mr.Huang worked at Shanghai Media Group(上海廣播電視臺)and its subsidiaries and held positions including the head of t

235、he human resource department and office director of kids channel.Mr.Huang obtained a masters degree in journalism and communication from Shanghai Jiao Tong University in the PRC in March 2013 and a bachelors degree in law from China Youth University of Political Studies(中國青年政治學院)in the PRC in June 2

236、001.Mr.Huang obtained an economics professional qualification(human resource)in November 2007.Annual Report 2024 年報29Biographies of the Directors and Senior Management董事及高級管理層履歷 付軼方（曾用名：傅軼方）女士（付女士），50歲，本集團首席財務官，負責本集團的會計和財務管理工作。付女士於2023年12月加入本集團並擔任首席財務官至今。付女士在會計及財務管理方面擁有豐富經驗。在加入本集團之前，付女士於2020年11月至202

237、3年1月擔任瑞幸咖啡（上海）有限公司和瑞幸咖啡科技（海南）有限公司財務副總裁。付女士亦於2018年1月至2020年10月擔任嗶哩嗶哩股份有限公司（聯交所（股份代號：9626）和納斯達克證券市場（股票代碼：BILI）上市公司）附屬公司上海嗶哩嗶哩科技有限公司高級財務總監。付女士於2013年9月至2017年7月擔任傳線網絡科技（上海）有限公司、於2010年9月至2013年9月擔任合一網絡技術（北京）有限公司高級財務總監，此兩家公司均為優酷土豆集團（紐約證券交易所上市公司（股票代碼：YOKU）附屬公司。付女士於2001年12月獲得美國肯特州立大學會計學碩士學位，並於1998年7月獲得中國四川大學文學

238、學士學位。付女士於2013年10月獲得美國註冊會計師協會會員資格。朱元成先生，39歲，本公司副總裁、董事會秘書兼聯席公司秘書。彼負責本集團董事會事務、投資者關係及法律事務等工作。朱元成先生於2020年12月加入本集團並擔任副總裁兼董事會秘書至今。朱元成先生在公司法律事務和企業投融資領域具有豐富經驗。在加入本集團之前，朱元成先生於2019年6月至2020年12月擔任四川信託有限公司業務部門總經理、於2016年5月至2019年3月擔任國家電力投資集團有限公司附屬公司中電投先融（上海）資產管理有限公司金融合作部負責人，並於2014年8月至2016年4月擔任中泰信託有限責任公司高級信託經理。朱元成先生

239、於2010年6月獲得中國復旦大學法律碩士學位，並於2007年7月獲得中國礦業大學法學學士學位。朱元成先生於2009年2月取得法律職業資格證。Ms.Fu Yifang(付軼方,formerly known as 傅軼方)(“Ms.Fu”),aged 50,is the chief financial officer of the Group and responsible for the accounting and finance management of the Group.Ms.Fu joined the Group in December 2023 and has served as

240、the chief financial officer of the Group since then.Ms.Fu has extensive experience in accounting and financial management.Prior to joining the Group,Ms.Fu served as a vice president of finance at Luckin Coffee(Shanghai)Co.,Ltd.(瑞幸咖啡（上海）有限公司)and Luckin Coffee Technology(Hainan)Co.,Ltd.(瑞幸咖啡科技（海南）有限公司

241、)from November 2020 to January 2023.Ms.Fu also served as a senior finance director at Shanghai Bilibili Technology Co.,Ltd.(上海嗶哩嗶哩科技有限公司),a subsidiary of Bilibili Inc.,from January 2018 to October 2020.The shares of Bilibili Inc.are listed on the Stock Exchange(stock code:9626)and the Nasdaq Stock M

242、arket(ticker symbol:BILI).Ms.Fu served as a senior finance director at Chuanxian Network Technology(Shanghai)Co.,Ltd.(傳線網絡科技（上海）有限公司)from September 2013 to July 2017 and Heyi Internet Technology(Beijing)Co.,Ltd.(合一網絡技術（北京）有限公司)from September 2010 to September 2013,both companies are subsidiaries of

243、Youku Tudou Inc,the shares of which are listed on the New York Stock Exchange(ticker symbol:YOKU).Ms.Fu obtained a masters degree in accounting from Kent State University in the United States in December 2001 and a bachelors degree of arts from Sichuan University(四川大學)in the PRC in July 1998.Ms.Fu o

244、btained the membership qualification of American Institute of Certified Public Accountants in the United States in October 2013.Mr.Zhu Yuancheng(朱元成),aged 39,is our vice president,Board secretary and joint company secretary.He is responsible for the board affairs,investor relationship and legal affa

245、irs of the Group.Mr.Zhu Yuancheng joined the Group in December 2020 and has served as the vice president and the Board secretary since then.Mr.Zhu Yuancheng has extensive experience in corporate legal affairs and corporate investment and financing.Prior to joining the Group,Mr.Zhu Yuancheng served a

246、s the general manager of a business department of Sichuan Trust Co.,Ltd.(四川信託有限公司)from June 2019 to December 2020,the head of the financial cooperation department of CPI Xianrong(Shanghai)Asset Management Co.,Ltd.(中電投先融（上海）資產管理有限公司),a subsidiary of State Power Investment Corporation Limited(國家電力投資集團

247、有限公司),from May 2016 to March 2019 and a senior trust manager of Zhongtai Trust Co.,Ltd.(中泰信託有限責任公司)from August 2014 to April 2016.Mr.Zhu Yuancheng obtained a masters degree in law from Fudan University in the PRC in June 2010 and a bachelors degree in law from China University of Mining and Technolo

248、gy(中國礦業大學)in the PRC in July 2007.Mr.Zhu Yuancheng obtained the Legal Professional Qualification Certificate(法律職業資格證)in February 2009.BLOKS GROUP LIMITED 布魯可集團有限公司30Biographies of the Directors and Senior Management董事及高級管理層履歷 聯席公司秘書朱元成先生為本公司聯席公司秘書之一。有關朱元成先生的履歷詳情，請參閱上文 高級管理人員。余詠詩女士（余女士）為本公司聯席公司秘書之一。彼

249、為達盟香港有限公司（一家在香港提供公司會計及公司秘書服務的公司）上市服務部經理。彼在公司秘書專業方面擁有超過15年的經驗，一直擔任多家香港上市公司的公司秘書。余女士是香港公司治理公會（前稱香港特許秘書公會）及英國特許公司治理公會（前稱特許秘書及行政人員公會）的會員。余女士於2005年12月獲得香港中文大學工商管理學士學位。JOINT COMPANY SECRETARIESMr.Zhu Yuancheng(朱元成)is one of the joint company secretaries of the Company.For the biographical details of Mr.Zh

250、u Yuancheng,please refer to“Senior Management”above.Ms.Yu Wing Sze(余詠詩)(“Ms.Yu”),is one of the joint company secretaries of the Company.She is a manager of the listing services division at TMF Hong Kong Limited,a company providing corporate accounting and corporate secretarial services in Hong Kong.

251、She has over 15 years of experience in company secretarial profession and has been serving as the company secretary of several listed companies in Hong Kong.Ms.Yu is an associate member of both The Hong Kong Chartered Governance Institute(formerly known as The Hong Kong Institute of Chartered Secret

252、aries)and The Chartered Governance Institute(formerly known as the Institute of Chartered Secretaries and Administrators)in the United Kingdom.Ms.Yu received a bachelors degree in business administration from the Chinese University of Hong Kong in Hong Kong in December 2005.Annual Report 2024 年報31Di

253、rectors Report董事會報告 The Board is pleased to present its report together with the audited consolidated financial statements of the Group for the year ended December 31,2024(the“Reporting Period”).GLOBAL OFFERINGThe Company is an exempted company incorporated under the laws of Cayman Islands with limi

254、ted liability.Its Shares were listed and traded on the Main Board of the Stock Exchange on January 10,2025.The Prospectus of the Company dated December 31,2024 has been published on the websites of the Stock Exchange (www.hkexnews.hk)and the Company(https:/ ACTIVITIESThe principal business of us inc

255、ludes design,development and sales of toys products.We aimed at providing consumers with a wide range of quality-for-money assembly character toys and delivering the joy of assembling.RESULTS OF OPERATIONS The results of the Group for the Reporting Period are set out in the consolidated financial st

256、atements contained in this annual report.FINAL DIVIDENDThe Board has resolved not to recommend the payment of a final dividend for the year ended December 31,2024.董事會欣然提呈其報告連同本集團截至2024年12月31日止年度（報告期間）之經審計綜合財務報表。全球發售本公司為一家根據開曼群島法律註冊成立的獲豁免有限公司，其股份已於2025年1月10日於聯交所主板上市及買賣。本公司日期為2024年12月31日的招股章程已於聯交所網站(w

257、ww.hkexnews.hk)及本公司網站(https:/ GROUP LIMITED 布魯可集團有限公司32Directors Report董事會報告 業務回顧一般資料本集團於本年度的業務回顧及未來業務發展的討論載於本年度報告第31至53頁的董事長報告、第9至14頁的業務回顧及展望及第9至22頁的管理層討論與分析。本年度採用財務關鍵績效指標對本集團業績的分析載於本年度報告第9至22頁的管理層討論與分析。本集團面臨的主要風險及不確定性包括：(i)對我們產品的需求受到不斷變化的社會及經濟環境及日益變化的消費者偏好的影響，亦受到我們設計及開發滿足有關偏好產品的能力的影響；(ii)我們IP矩陣中現有

258、IP的受歡迎程度可能會降低，而我們可能無法成功獲取、開發或商業化新的IP；(iii)我們可能無法以有利條款獲得、維持或續約IP授權，我們的IP版權方或授權方可能無法維持及保護其IP；(iv)我們的競爭力部分取決於我們獲得、維持及保護我們關鍵知識產權的能力；(v)我們可能面臨負面宣傳、品牌聲譽受損或無法有效推廣品牌；及(vi)我們可能無法有效地拓展、管理、監督及協調我們的多渠道銷售網絡。本集團之財務風險包括外匯風險、信貸風險及流動資金風險。該等財務風險以及本集團採用之相關風險管理政策及措施於本年度報告綜合財務報表附註38 財務風險管理目標及政策 討論。環境政策及表現本集團並無面臨重大環境風險。於

259、報告期間，本集團並無因不遵守環境法規而受到任何可能對其業務、財務狀況或經營業績造成重大不利影響的罰款或其他處罰。有關本公司環境政策及表現的更多詳情載於本年度報告第75至153頁 環境、社會及管治報告 一節。BUSINESS REVIEWGeneralA review of the business of the Group during the Reporting Period and a discussion on the Groups future business development are set out in the Chairmans Statement,Business Re

260、view and Outlook as well as the Management Discussion and Analysis on pages 31 to 53,pages 9 to 14 and pages 9 to 22,respectively,of this annual report.An analysis of the Groups performance during the year using financial key performance indicators is set out in the Management Discussion and Analysi

261、s on pages 9 to 22 of this annual report.Principal risks and uncertainties the Group faces include that:(i)demand for our products is affected by changing social and economic circumstances and evolving consumer preferences,as well as our ability to design and develop products to meet these preferenc

262、es;(ii)the popularity of existing IPs in our IP portfolio may deteriorate,and we may not be able to successfully source,develop or commercialize new IPs;(iii)we may fail to obtain,maintain or renew IP licenses on favorable terms,and our IP proprietors or licensors may fail to maintain and protect th

263、eir IPs;(iv)our competitiveness in part depends on our ability to obtain,maintain and protect our critical intellectual properties;(v)we may face negative publicity,damage to our brand reputation,or unable to effectively promote our brand;and(vi)we may be unable to expand,manage,monitor and coordina

264、te our multi-channel sales network effectively.The financial risks of the Group include foreign currency risk,credit risk and liquidity risk.These financial risks,and the related risk management policies and practices used by the Group are discussed in Note 38 headed“Financial Risk Management Object

265、ives and Policies”to the consolidated financial statements of this annual report.Environmental Policies and PerformanceThe Group is not subject to significant environmental risks.During the Reporting Period,the Group had not been subject to any fines or other penalties due to non-compliance with env

266、ironmental regulations,which would likely to have a material and adverse effect on its business,financial conditions or results of operations.More details of the environmental policies and performance of the Company are set forth on pages 75 to 153 of this annual report headed“Environmental,Social a

267、nd Governance Report”.Annual Report 2024 年報33Directors Report董事會報告 遵守法律及法規截至2024年12月31日止年度，據董事會所知，本集團於所有重大方面均遵守對本集團有重大影響的相關法律法規。與持份者的關係僱員截至2024年12月31日，本集團擁有709名全職僱員。儘管我們的大部分僱員由我們直接僱傭，本集團亦採用部分第三方勞務外包及勞務派遣服務。幾乎本集團所有僱員均位於中國，主要位於我們的上?？偛?。本集團的成功取決於其吸引、挽留及激勵合資格人員的能力。本集團採用高標準的招聘程序，以確保新員工的素質。本集團採用多種方式進行招聘，包括

268、校園招聘、線上招聘、內部推薦及透過獵頭公司或代理招聘，以滿足其對不同類型人才的需求，並支付具市場競爭力的薪酬。本集團為其僱員提供穩健的培訓計劃，並認為該等計劃可有效地使彼等具備必要的技能及職業道德。根據中國法律規定，本集團參與由省市政府組織的強制性僱員社會保障計劃，包括養老保險、失業保險、生育保險、工傷保險、醫療保險及住房公積金。本集團及其僱員須按指定百分比承擔社會保障計劃的成本。根據中國法律，本集團須按僱員薪金、花紅及若干津貼的指定百分比直接向僱員社會保障計劃作出供款，最高金額由當地政府不時指定。本集團於報告期間的僱員薪酬開支總額載於本年度報告綜合財務報表附註9。Compliance wit

269、h Laws and RegulationsDuring the year ended December 31,2024,as far as the Board is aware,the Group has complied with the relevant laws and regulations that have a significant impact on the Group in all material respects.Relationships with StakeholdersEmployeesThe Group had 709 full-time employees a

270、s of December 31,2024.The Group also used some third-party labor outsourcing and labor dispatch services,though most of our employees were directly employed by us.Substantially all of the Groups employees are based in China,primarily at our headquarters in Shanghai.The Groups success depends on its

271、ability to attract,retain and motivate qualified personnel.The Group adopts high standards in recruitment with strict procedures to ensure the quality of new hires.The Group uses various methods for our recruitment,including campus recruitment,online recruitment,internal recommendation and recruitme

272、nt through headhunter firms or agents,to satisfy its demand for different types of talents,and pay competitive market salaries.The Group provides robust training programs for its employees,which it believes are effective in equipping them with the necessary skillset and work ethic.As required by PRC

273、 laws,it participates in mandatory employee social security schemes that are organized by municipal and provincial governments,including pension insurance,unemployment insurance,maternity insurance,work-related injury insurance,medical insurance and housing provident funds.The Group and its employee

274、s are required to bear the costs of the social security schemes in proportion to a specified percentage.The Group is required under PRC laws to make contributions to employee social security plans directly at specified percentages of the salaries,bonuses and certain allowances of our employees,up to

275、 a maximum amount specified by the local government from time to time.The total remuneration expenses of the employees of the Group for the Reporting Period are set out in Note 9 to the Consolidated Financial Statements in this annual report.BLOKS GROUP LIMITED 布魯可集團有限公司34Directors Report董事會報告 Custo

276、mers and SuppliersThe Groups major customers primarily include distributors,consignment sales partners,e-commerce platforms and online consumers.The Groups top five customers accounted for less than 30%of the Groups total revenues for the Reporting Period.The Groups major suppliers primarily include

277、 specialized partner factories and IP proprietors and licensors.The Groups top five suppliers accounted for 67.6%of the Groups purchases for the Reporting Period.More details of our major customers and major suppliers are set forth in the section headed“Major Customers and Suppliers”of this annual r

278、eport.CLOSURE OF REGISTER OF MEMBERSThe AGM will be held on Friday,June 6,2025.The register of members of the Company will be closed from Tuesday,June 3,2025 to Friday,June 6,2025,both days inclusive,in order to determine the identity of the Shareholders who are entitled to attend the AGM.To be elig

279、ible to attend the AGM,all properly completed transfer documents accompanied by the relevant share certificates must be lodged for registration with the Companys share registrar in Hong Kong,Computershare Hong Kong Investor Services Limited,at Shops 1712-1716,17th Floor,Hopewell Centre,183 Queens Ro

280、ad East,Wanchai,Hong Kong not later than 4:30 p.m.on Monday,June 2,2025.FINANCIAL SUMMARYA summary of the results and the assets and liabilities of the Group for the last four financial years is set out on page 6 of this annual report.This summary does not form part of the audited consolidated finan

281、cial statements.USE OF NET PROCEEDS FROM GLOBAL OFFERINGThe Shares were listed on the Main Board of the Stock Exchange on January 10,2025.The net proceeds received from the Global Offering(after deducting the underwriting commissions and other estimated expenses in connection with the Global Offerin

282、g)was approximately HK$1,790.4 million.There has been no change in the intended use of the net proceeds as set out in the Prospectus under the section headed“Future Plans and Use of Proceeds”.The net proceeds from the global offering(adjusted on a pro rata basis based on the actual net proceeds)will

283、 be utilized in the same manner as set out in the Prospectus under the section headed“Future Plans and Use of Proceeds”.客戶及供應商本集團的主要客戶主要包括經銷商、委託銷售合作夥伴、電商平臺及線上消費者。於報告期間，本集團五大客戶佔本集團總收入的比例低於30%。本集團的主要供應商主要包括專業合作工廠以及IP版權方及授權方。於報告期間，本集團五大供應商佔本集團採購額的67.6%。有關我們主要客戶及主要供應商的更多詳情載於本年度報告 主要客戶及供應商 一節。暫停辦理股份過戶登記手

284、續股東週年大會將於2025年6月6日（星期五）舉行。本公司將於2025年6月3日（星期二）至2025年6月6日（星期五）期間（包括首尾兩天）暫停辦理股份過戶登記手續，以確定有權出席股東週年大會的股東身份。為符合資格出席股東週年大會，所有已填妥過戶文件連同有關股票必須於2025年6月2日（星期一）下午四時三十分前送交至本公司的香港證券登記處香港中央證券登記有限公司辦理登記手續，地址為香港灣仔皇后大道東183號合和中心17樓1712-1716號舖。財務概要本集團過去四個財政年度之業績以及資產及負債概要載列於本年度報告第6頁。本概要並不構成經審計綜合財務報表的一部份。全球發售所得款項淨額用途股份於2

285、025年1月10日在聯交所主板上市。自全球發售收取的所得款項淨額（經扣除包銷傭金及全球發售相關的其他估計開支）約為1,790.4百萬港元。招股章程 未來計劃及所得款項用途 一節所載的所得款項淨額的擬定用途並無變動。本公司將按招股章程 未來計劃及所得款項用途 一節所述方式使用全球發售所得款項淨額（根據實際所得款項淨額按比例調整）。Annual Report 2024 年報35Directors Report董事會報告 下表載列全球發售所得款項淨額擬定用途及其悉數動用的預期時間表概要。由於本公司股份於2025年1月10日於聯交所主板上市，所以於報告期間並無全球發售所得款項淨額的使用詳情。The f

286、ollowing table sets forth a summary of the intended use of net proceeds from the global offering and their expected timeline of full utilization.Since the shares of the Company were listed on the Main Board of the Stock Exchange on January 10,2025,details of the utilization of net proceeds from the

287、global offering was not available during the Reporting Period.Percentage of net proceeds from the Global Offering Net proceeds from the Global OfferingExpected timelinefor unutilized net proceeds全球發售所得款項淨額百分比全球發售所得款項淨額未使用所得款項淨額的預期時間表(%)(HK$in million)（百萬港元）Enhance our R&D capabilities in relation to

288、 product design and development增強我們產品設計及 開發相關的研發能力25447.70Before June 30,2028於2028年6月30日之前Invest in core production resources and our own scaled factories specializing in the production of assembly character toys投資核心生產資源和專注 生產拼搭角色類玩具的 自有規?；S25447.70 invest in molds投資模具15268.70Before June 30,2028於20

289、28年6月30日之前 pa rtially fund the establishment of our own production capacity建設自有產能的部分支出10179.00Before June 30,2027於2027年6月30日之前Further enrich our IP portfolio進一步豐富我們的IP矩陣20358.00 Co ntinue to invest in content production relating to our self-developed IPs,primarily in the form of animation持續投資與自有IP相關

290、的、以動畫為主要形式的 內容製作589.50Before June 30,2028於2028年6月30日之前 St rengthen our efforts in IP development through collaboration增強IP的合作開發10179.00Before June 30,2028於2028年6月30日之前 Solidify and expand our licensed IP portfolio鞏固並拓展授權IP矩陣589.50Before December 31,2027於2027年12月31日之前Sales and marketing efforts銷售和營銷活

291、動20358.00 Ma rketing and promotion in China and overseas markets中國及海外市場的市場推廣10179.00Before June 30,2028於2028年6月30日之前 Ex panding the sales and marketing team and other purposes in relation to sales,marketing and promotion擴大銷售和營銷團隊及 其他與銷售和市場推廣 相關的支出10179.00Before June 30,2028於2028年6月30日之前Working capit

292、al and other general corporate purposes 營運資金和其他一般企業用途10179.00Before June 30,2028於2028年6月30日之前 Total總計1001,790.40 BLOKS GROUP LIMITED 布魯可集團有限公司36Directors Report董事會報告 主要客戶及供應商主要客戶截至2024年12月31日止年度，本集團五大客戶的交易額佔本集團總收入的12.1%（2023年：15.3%），而我們單一最大客戶的交易額佔本集團總收入的3.1%（2023年：4.2%）。主要供應商截至2024年12月31日止年度，本集團五大供應

293、商的交易額佔本集團總採購額的67.6%（2023年：90.5%），而我們單一最大供應商的交易額佔本集團總採購額的29.6%（2023年：34.4%）。於報告期間，概無董事、任何彼等的緊密聯繫人或任何股東（據董事所知擁有本公司的已發行股份（不包括庫存股份（如有）數目的5%以上）於本集團五大客戶或供應商中擁有權益。物業、廠房及設備本公司及本集團物業、廠房及設備於報告期間的變動詳情載於本年度報告綜合財務報表附註15。股本本公司股本於報告期間的變動詳情載於本年度報告綜合財務報表附註29。儲備本公司及本集團儲備於報告期間的變動詳情載於本年度報告綜合權益變動表第163頁?？煞峙蓛浣刂?024年12月31

294、日，本公司的可供分派儲備約為零（截至2023年12月31日：零）。MAJOR CUSTOMERS AND SUPPLIERSMajor CustomersFor the year ended December 31,2024,the transaction amounts of the Groups top five customers accounted for 12.1%(2023:15.3%)of the Groups total revenues while the transaction amounts of our single largest customer accounted

295、 for 3.1%(2023:4.2%)of the Groups total revenues.Major SuppliersFor the year ended December 31,2024,the transaction amounts of the Groups top five suppliers accounted for 67.6%(2023:90.5%)of the Groups total purchase while the transaction amounts of our single largest supplier accounted for 29.6%(20

296、23:34.4%)of the Groups total purchase.During the Reporting Period,none of the Directors or any of their close associates or any Shareholders(which to the knowledge of the Directors owns more than 5%of the number of the issued shares,excluding treasury shares(if any),of the Company)was interested in

297、the top five customers or suppliers of the Group.PROPERTY,PLANT AND EQUIPMENTDetails of the movements in the property,plant and equipment of the Company and the Group during the Reporting Period are set out in Note 15 to the consolidated financial statements of this annual report.SHARE CAPITALDetail

298、s of movements in the Companys share capital during the Reporting Period are set out in Note 29 to the consolidated financial statements of this annual report.RESERVESDetails of the movements in the reserves of the Company and the Group during the Reporting Period are set out in the consolidated sta

299、tement of changes in equity on page 163 of this annual report.DISTRIBUTABLE RESERVESAs of December 31,2024,the Companys reserves available for distribution,amounted to approximately nil(as of December 31,2023:nil).Annual Report 2024 年報37Directors Report董事會報告 稅項截至2024年12月31日止年度，本公司稅務狀況載於本年度報告綜合財務報表附註

300、12。銀行貸款及其他借款截至2024年12月31日，本公司及本集團並無銀行貸款及其他借款。發行債權證截至2024年12月31日，本公司並無發行任何債權證。董事自上市日期及截至本年度報告日期的董事如下：執行董事朱偉松先生（董事長兼首席執行官）盛曉峰先生非執行董事常凱斯先生陳瑞先生獨立非執行董事高平陽先生黃蓉女士尚健先生根據組織章程細則第16.18條，在本公司各屆股東週年大會上，屆時三分之一的董事（倘董事人數不是三人或者不是三的倍數，則必須為最接近但是不少於三分之一的董事人數）須輪流退任，但前提是每一位董事（包括有特定任期的董事）須最少每三年輪流退任一次。因此，朱偉松先生、盛曉峰先生及常凱斯先生須

301、於股東週年大會上輪流退任，且合資格並願意重選連任。將於股東週年大會上重選連任之董事詳情載於聯交所網站及本公司網站上發予股東之通函。TAXATIONTax position of the Company for the year ended December 31,2024 is set forth in Note 12 to the consolidated financial statements of this annual report.BANK LOANS AND OTHER BORROWINGSAs of December 31,2024,the Company and the Gr

302、oup had no bank loans and other borrowings.ISSUE OF DEBENTURESAs of December 31,2024,the Company has not issued any debentures.DIRECTORSThe Directors since the Listing Date and up to the date of this annual report are as follows:Executive DirectorsMr.Zhu Weisong(Chairman of the Board and Chief Execu

303、tive Officer)Mr.Sheng XiaofengNon-executive DirectorsMr.Chang KaisiMr.Chen RuiIndependent Non-executive DirectorsMr.Gao PingyangMs.Huang RongMr.Shang JianIn accordance with Article 16.18 of the Articles of Association,at every annual general meeting of the Company one-third of the Directors for the

304、time being(or,if their number is not three or a multiple of three,then the number nearest to,but not less than,one-third)shall retire from office by rotation provided that every Director(including those appointed for a specific term)shall be subject to retirement by rotation at least once every thre

305、e years.Accordingly,Mr.Zhu Weisong,Mr.Sheng Xiaofeng and Mr.Chang Kaisi shall retire by rotation at the AGM and being eligible,offer themselves for re-election.Details of the Directors to be re-elected at the AGM are set out in the circular to the Shareholders published on the website of the Stock E

306、xchange and the website of the Company.BLOKS GROUP LIMITED 布魯可集團有限公司38Directors Report董事會報告 董事及高級管理層本公司董事及高級管理層的履歷詳情載於本年度報告第23至30頁 董事及高級管理層履歷 一節。董事資料變更自招股章程刊發以來，概無任何須根據上市規則第13.51(2)(a)條至(e)條及(g)條予以披露有關任何董事的任何資料的變動。獨立非執行董事獨立性的確認本公司已收到各獨立非執行董事根據上市規則第3.13條作出的獨立性確認，而本公司認為自上市日期起至本年度報告日期期間，全體獨立非執行董事均為獨立人士

307、。董事服務合同及委任函我們的各執行董事已與我們訂立服務合同，據此，彼等同意出任執行董事，任期為自服務合同日期起直至自上市日期起計本公司第三屆股東週年大會止（惟始終須根據組織章程大綱及細則的規定重選）。任何一方均有權提前不少於三個月發出書面通知以終止協議。我們的各非執行董事已於2024年12月18日與本公司訂立委任函。彼等委任函的初步任期為自委任函日期開始直至自上市日期起計本公司第三屆股東週年大會止（惟始終須根據組織章程大綱及細則的規定重選）。任何一方均有權提前不少於一個月發出書面通知以終止協議。我們的各獨立非執行董事已於2024年12月18日與本公司訂立委任函。彼等委任函的初步任期為自招股章程

308、日期起直至自上市日期起計本公司第三屆股東週年大會止（惟始終須根據組織章程大綱及細則的規定重選）。任何一方均有權提前不少於一個月發出書面通知以終止協議。DIRECTORS AND SENIOR MANAGEMENTBiographical details of the Directors and senior management of the Company are set out in the section headed“Biographies of Directors and Senior Management”on pages 23 to 30 of this annual repor

309、t.CHANGES IN DIRECTORS INFORMATIONThere is no change in any information required to be disclosed in relation to any Director pursuant to paragraphs(a)to(e)and(g)under Rule 13.51(2)of the Listing Rules since the publication of the Prospectus.CONFIRMATION OF INDEPENDENCE FROM THE INDEPENDENT NON-EXECU

310、TIVE DIRECTORSThe Company has received from each of the independent non-executive Directors a confirmation of his/her independence pursuant to Rule 3.13 of the Listing Rules and the Company considers all of the independent non-executive Directors are independent during the period from the Listing Da

311、te to the date of this annual report.DIRECTORS SERVICE CONTRACTS AND APPOINTMENT LETTERSEach of our executive Directors has entered into a service contract with us pursuant to which they agreed to act as executive Directors with effect from the date of the service contract until the third annual gen

312、eral meeting of the Company since the Listing Date(always subject to re-election as and when required under the Memorandum and Articles of Association).Either party has the right to give not less than three months written notice to terminate the agreement.Each of our non-executive Directors has ente

313、red into an appointment letter with the Company on December 18,2024.The initial term for their appointment letters shall commence from the date of their appointment letters until the third annual general meeting of the Company since the Listing Date(always subject to re-election as and when required

314、 under the Memorandum and Articles of Association).Either party has the right to give not less than one months written notice to terminate the agreement.Each of our independent non-executive Directors has entered into an appointment letter with our Company on December 18,2024.The initial term for th

315、eir appointment letters shall be from the date of the Prospectus until the third annual general meeting of the Company since the Listing Date(always subject to re-election as and when required under the Memorandum and Articles of Association).Either party has the right to give not less than one mont

316、hs written notice to terminate the agreement.Annual Report 2024 年報39Directors Report董事會報告 除上文所披露者外，概無董事與本集團任何成員公司訂立或擬訂立服務合同（不包括於一年內到期或僱主可於一年內終止而毋須支付賠償（法定賠償除外）的合同）。董事於重大交易、安排或合同的權益除綜合財務報表附註35所披露的關聯方交易外，於報告期間及直至本年度報告日期，概無董事於本公司、其任何附屬公司或同系附屬公司作為其訂約方且對本集團業務而言屬重大的任何交易、安排或合同中直接或間接擁有重大權益。除本年度報告所披露者外，於報告期間，

317、本公司並無任何根據上市規則須予披露的關連交易或持續關連交易。本集團於報告期間訂立的關連交易及持續關連交易，均符合上市規則第14A章下的披露規定。管理合同於報告期間及直至本年度報告日期，概無就本公司全部或任何主要業務部份訂立或訂有任何管理及行政合同。薪酬政策本公司薪酬委員會之設立旨在評估本集團董事及高級管理層的薪酬政策，並就此向董事會提出建議。董事及高級管理層成員從本公司獲得薪酬的形式包括薪金、津貼、酌情花紅及其他實物福利。董事及高級管理層成員的薪酬乃參考同業相關公司支付的薪酬和本公司主要經營指標的實現情況釐定。於報告期間，本公司並無向任何董事（或前董事）或五位薪酬最高人士支付任何袍金，以作為其

318、加入本公司的獎勵或作為離職補償。於往績記錄期間，概無任何董事放棄其薪酬。於報告期間，董事及五位薪酬最高人士的薪酬詳情載於本年度報告綜合財務報表附註10及附註11。Save as disclosed above,none of the Directors has entered,or has proposed to enter,a service contract with any member of the Group(other than contracts expiring or determinable by the employer within one year without th

319、e payment of compensation(other than statutory compensation).DIRECTORS INTERESTS IN TRANSACTIONS,ARRANGEMENTS OR CONTRACTS OF SIGNIFICANCESave as the related party transactions disclosed in Note 35 to the consolidated financial statements,none of the Directors had a material interest,either directly

320、 or indirectly,in any transaction,arrangement or contract of significance to the business of the Group to which the Company,or any of its subsidiaries or fellow subsidiaries was a party during Reporting Period and up to the date of this annual report.Save as disclosed in this annual report,during th

321、e Reporting Period,the Company had no connected transactions or continuing connected transactions which are required to be disclosed under the Listing Rules.The Company has complied with the disclosure requirements under Chapter 14A of the Listing Rules with respect to the connected transactions and

322、 continuing connected transactions entered into by the Group during the Reporting Period.MANAGEMENT CONTRACTSNo contracts concerning the management and administration of the whole or any substantial part of the business of the Company were entered into or existed during the Reporting Period and up t

323、o the date of this annual report.EMOLUMENT POLICYA remuneration committee of the Company was set up for evaluating the remuneration polices for Directors and senior management of the Group and making recommendations thereon to the Board.The Directors and senior management members who receive remuner

324、ation from the Company are paid in forms of salaries,allowances,discretionary bonuses and other benefits in kind.The remuneration of the Directors and senior management members is determined with reference to the remuneration paid by relevant companies in the same industry and the achievement of maj

325、or operating indicators of the Company.During the Reporting Period,no fee was paid by the Company to any of the Directors(or former Directors)or the five highest paid individuals as an inducement to join the Company or as compensation for loss of office.None of the Directors waived their remuneratio

326、n during the Track Record Period.Details of the emoluments of the Directors,and the five highest paid individuals during the Reporting Period are set out in Notes 10 and 11 to the consolidated financial statements of this annual report.BLOKS GROUP LIMITED 布魯可集團有限公司40Directors Report董事會報告 退休及僱員福利計劃退休

327、計劃本集團於中國內地營運的附屬公司的僱員須參與由地方市政府管理的中央退休計劃。於中國內地經營的該等附屬公司須按其薪酬成本的若干百分比向中央退休計劃供款。住房公積金及其他社會保險本集團已根據中國有關法律法規為其僱員參與定額社會保障供款計劃，包括住房公積金、基本醫療保險、失業保險、工傷保險和生育保險。本集團每月就住房公積金及其他社會保險作出供款。本公司退休及僱員福利計劃的詳情載於本年度報告綜合財務報表附註9。為激勵員工對本集團作出貢獻並為本集團吸引和留住合適的人才，本公司於2023年1月12日採納股份激勵計劃採用股份激勵計劃（其於2024年3月29日經修訂及重述）。有關進一步詳情，請參閱本年度報告

328、第47頁 股份激勵計劃 一節。董事及最高行政人員於股份、相關股份及債權證中的權益及淡倉於2024年12月31日，本公司並未在聯交所上市，因此證券及期貨條例第XV部第7及8分部以及該條例第352條的規定並不適用於本公司董事及最高行政人員。根據通過線上權益披露(DION)系統提交的權益申報表格，就董事目前所知，截至本年度報告日期，本公司董事及最高行政人員於本公司及其相聯法團（定義見證券及期貨條例（證券及期貨條例）第XV部）的股份、相關股份及債權證中擁有根據證券及期貨條例第XV部第7及8分部將須知會本公司及聯交所的權益或淡倉（包括根據證券及期貨條例的有關條文被當作或視為擁有的權益或淡倉），或根據證券

329、及期貨條例第352條須記錄於該條所述登記冊的權益或淡倉，或根據上市規則附錄C3所載 上市發行人董事進行證券交易的標準守則（標準守則）將須知會本公司及聯交所的權益或淡倉載列如下：RETIREMENT AND EMPLOYEE BENEFITS SCHEMEPension schemeThe employees of the Groups subsidiaries which operate in Mainland China are required to participate in a central pension scheme operated by the local municipa

330、l government.The subsidiaries operating in Mainland China are required to contribute a certain percentage of their payroll costs to the central pension scheme.Housing fund and other social insurancesThe Group has participated in defined social security contribution schemes for its employees pursuant

331、 to the relevant laws and regulations of the PRC.These include housing fund,basic medical insurance,unemployment insurance,injury insurance and maternity insurance.The Group makes monthly contributions to the housing fund and other social insurances.Details of the retirement and employee benefits sc

332、heme of the Company are set out in Note 9 to the consolidated financial statements of this annual report.In order to incentivize employees for their contribution to the Group and to attract and retain suitable personnel to the Group,the Company adopted the Share Incentive Scheme on January 12,2023 a

333、nd amended and restated on March 29,2024.For further details,please refer to the section headed“Share Incentive Scheme”on page 47 of this annual report.DIRECTORS AND CHIEF EXECUTIVES INTERESTS AND SHORT POSITION IN SHARES,UNDERLYING SHARES AND DEBENTURESAs at December 31,2024,the Company was not listed on the Stock Exchange and therefore Divisions 7 and 8 of Part XV of the SFO and Section 352 of t