Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Entity Registrant Name | Kuke Music Holding Ltd |
Entity Central Index Key | 0001809158 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Dec. 31, 2021 |
Document Type | 20-F |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2021 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
ICFR Auditor Attestation Flag | false |
Entity Ex Transition Period | true |
Entity Common Stock, Shares Outstanding | 21,285,625 |
Entity Interactive Data Current | Yes |
Entity File Number | 001-39859 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | Building 96 |
Entity Address, Address Line Two | 4 San Jian Fang South Block |
Entity Address, Address Line Three | Chaoyang District |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 100024 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | International Financial Reporting Standards |
Title of 12(b) Security | American Depositary Shares, each representing one Class A ordinary share, par value US$0.001 per share* |
Trading Symbol | KUKE |
Security Exchange Name | NYSE |
Auditor Name | Ernst & Young |
Auditor Location | Hong Kong, The People’s Republic of China |
Auditor Firm ID | 1409 |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | Building 96 |
Entity Address, Address Line Two | 4 San Jian Fang South Block |
Entity Address, Address Line Three | Chaoyang District |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 100024 |
Contact Personnel Name | Hoi Tung Chan |
City Area Code | +86 |
Local Phone Number | 010-6561 0392 |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / shares | Dec. 31, 2020CNY (¥)¥ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2019CNY (¥)¥ / shares | |
Statement [Line Items] | ||||
Revenue | ¥ 295,897 | ¥ 162,881 | ¥ 146,054 | |
Cost of sales | (126,026) | (44,281) | (32,343) | |
Gross profit | 169,871 | 118,600 | 113,711 | |
Other income, net | 8,700 | 4,385 | 3,830 | |
Selling and distribution expenses | (73,263) | (25,808) | (18,252) | |
Administrative expenses | (132,237) | (65,018) | (27,312) | |
Impairment losses on financial assets, net | (20,653) | (35,240) | (3,088) | |
Other operating expenses | (2,904) | (18) | (42) | |
Operating (loss)/profit | (50,486) | (3,099) | 68,847 | |
Share of loss of a joint venture | (491) | (9) | 0 | |
Finance costs | (7,684) | (10,105) | (3,242) | |
Finance income | 79 | 1,621 | 258 | |
(Loss)/profit before tax | (58,582) | (11,592) | 65,863 | |
Income tax expense | (1,035) | (3,622) | (9,101) | |
(Loss)/profit for the year | (59,617) | (15,214) | 56,762 | |
Total comprehensive(loss)/income for the year | (59,617) | (15,214) | 56,762 | |
Attributable to: | ||||
Equity holders of the parent | (59,570) | (16,423) | 56,106 | |
Non-controlling interests | ¥ (47) | ¥ 1,209 | ¥ 656 | |
Class A And Class B Ordinary Shares [Member] | ||||
(LOSS)/EARNINGS PER SHARE | ||||
Basic | (per share) | ¥ (2.03) | ¥ (0.70) | $ 3.08 | ¥ 3.08 |
Diluted | (per share) | (2.03) | (0.70) | 3.08 | 3.08 |
American depositary shares [Member] | ||||
(LOSS)/EARNINGS PER SHARE | ||||
Basic | (per share) | (2.03) | (0.70) | 3.08 | 3.08 |
Diluted | (per share) | ¥ (2.03) | ¥ (0.70) | $ 3.08 | ¥ 3.08 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
NON-CURRENT ASSETS | ||
Property, plant and equipment | ¥ 60,443 | ¥ 18,135 |
Intangible assets | 492,300 | 263,101 |
Right-of-use assets | 3,060 | 14,918 |
Goodwill | 237,225 | 237,225 |
Investment in a joint venture | 0 | 491 |
Prepayments, other receivables and other assets | 95,217 | 95,376 |
Net investments in subleases | 0 | 202 |
Deferred tax assets | 7,736 | 8,917 |
Equity investment at fair value through profit or loss | 1,000 | 0 |
Total non-current assets | 896,981 | 638,365 |
CURRENT ASSETS | ||
Inventories | 7,307 | 950 |
Trade receivables | 111,104 | 181,722 |
Prepayments, other receivables and other assets | 34,101 | 28,523 |
Net investments in subleases | 355 | 211 |
Due from related parties | 306 | 1,763 |
Due from shareholders | 100 | 100 |
Cash and cash equivalents | 59,045 | 25,719 |
Total current assets | 212,318 | 238,988 |
Total assets | 1,109,299 | 877,353 |
EQUITY | ||
Issued capital | 194 | 162 |
Reserves | 936,444 | 655,939 |
Equity attributable to equity holders of the parent | 936,638 | 656,101 |
Non controlling interests | 5,021 | 5,068 |
Total equity | 941,659 | 661,169 |
NON-CURRENT LIABILITIES | ||
Interest-bearing loans and borrowings | 6,046 | 0 |
Contract liabilities | 366 | 587 |
Deferred tax liabilities | 1,417 | 1,447 |
Lease liabilities | 793 | 9,830 |
Total non-current liabilities | 8,622 | 11,864 |
CURRENT LIABILITIES | ||
Trade payables | 30,514 | 27,310 |
Other payables and accruals | 58,178 | 67,121 |
Contract liabilities | 23,506 | 24,314 |
Due to a shareholder | 325 | 325 |
Due to a related party | 0 | 7,177 |
Interest-bearing loans and borrowings | 41,493 | 60,000 |
Lease liabilities | 2,486 | 7,660 |
Income tax payable | 2,516 | 10,413 |
Total current liabilities | 159,018 | 204,320 |
Total liabilities | 167,640 | 216,184 |
Total equity and liabilities | ¥ 1,109,299 | ¥ 877,353 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CNY (¥) ¥ in Thousands | Total | Issued capital | Capital reserve | Retained earnings | Total | Non-controlling interests | Treasury Shares Member |
Beginning Balance at Dec. 31, 2018 | ¥ 225,809 | ¥ 118 | ¥ 161,454 | ¥ 61,001 | ¥ 222,573 | ¥ 3,236 | |
Profit (loss) for the year | 56,762 | 56,106 | 56,106 | 656 | |||
Acquisition of non-controlling interests | (10) | 23 | 23 | (33) | |||
Ending Balance at Dec. 31, 2019 | 282,561 | 118 | 161,477 | 117,107 | 278,702 | 3,859 | |
Profit (loss) for the year | (15,214) | (16,423) | (16,423) | 1,209 | |||
Issuance of ordinary shares net of issuance costs (Note 20) | 90,406 | 11 | 90,395 | 90,406 | |||
Issuance of ordinary shares for the acquisition of a subsidiary (Note 20) | 284,000 | 33 | 283,967 | 284,000 | |||
Equity-settled share-based payments(Note 29) | 19,416 | 19,416 | 19,416 | ||||
Ending Balance at Dec. 31, 2020 | 661,169 | 162 | 555,255 | 100,684 | 656,101 | 5,068 | |
Profit (loss) for the year | (59,617) | (59,570) | (59,570) | (47) | |||
Issuance of ordinary shares net of issuance costs (Note 20) | 287,448 | 32 | 287,416 | 287,448 | |||
Share repurchased (Note 20) | (1,274) | (1,274) | ¥ (1,274) | ||||
Equity-settled share-based payments(Note 29) | 53,933 | 53,933 | 53,933 | ||||
Ending Balance at Dec. 31, 2021 | ¥ 941,659 | ¥ 194 | ¥ 896,604 | ¥ 41,114 | ¥ 936,638 | ¥ 5,021 | ¥ (1,274) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
(Loss)/profit before tax | ¥ (58,582) | ¥ (11,592) | ¥ 65,863 |
Adjustments for: | |||
Finance costs | 7,684 | 10,105 | 3,242 |
Finance income | (79) | (1,621) | (258) |
Depreciation of property, plant and equipment | 10,709 | 2,257 | 1,251 |
Depreciation of right-of-use assets | 4,139 | 4,480 | 1,618 |
Amortisation of intangible assets | 8,422 | 5,366 | 3,762 |
Loss on disposal of property, plant and equipment | 1,112 | 4 | 41 |
Covid-19-related rent concessions from a lessor | 0 | (778) | 0 |
Recognition of equity-settled share-based payment expenses | 53,933 | 19,416 | 0 |
Share of loss of a joint venture | 491 | 9 | 0 |
Impairment of an amount due from a related party | 2,000 | 0 | 0 |
Impairment of trade receivables, net | 18,653 | 34,983 | 2,282 |
Impairment of other receivables, net | 0 | 257 | 806 |
Adjustments to reconcile (loss) profit including (loss)/profit before tax | 48,482 | 62,886 | 78,607 |
Working capital adjustments: | |||
Decrease/(increase) in inventories | (6,357) | 859 | (116) |
Decrease/(increase) in trade receivables | 51,965 | (25,909) | (67,359) |
Increase in prepayments, other receivables and other assets | (17,312) | (6,050) | (40,973) |
Decrease/(increase) in amounts due from related parties | 357 | (663) | (370) |
(Decrease)/increase in trade payables | 3,204 | (7,655) | 11,742 |
(Decrease)/increase in other payables and accruals | (6,838) | 2,011 | 42,364 |
(Decrease)/increase in contract liabilities | (1,029) | 8,416 | 1,047 |
Cash generated from operations | 72,472 | 33,895 | 24,942 |
Income tax paid | (7,782) | (7,608) | (7,554) |
Net cash flows from operating activities | 64,690 | 26,287 | 17,388 |
Cash flows from investing activities | |||
Interest received | 63 | 45 | 258 |
Investment in a joint venture | 0 | (500) | 0 |
Investment in an unlisted equity investment at fair value through profit or loss | (1,000) | 0 | 0 |
Acquisition of a subsidiary | 0 | 1,073 | 0 |
Purchase of intangible assets | (20,333) | (10,145) | (19,119) |
Purchase of property, plant and equipment | (16,382) | (948) | (3,511) |
Advance to a related party | (900) | (18,498) | 0 |
Repayment of advance to a related party | 0 | 17,398 | 0 |
Repayment from a loan receivable | 3,000 | 6,000 | 0 |
Increase in deposits paid for property, plant and equipment | (41,560) | (9,899) | (9,956) |
Increase in deposits paid for intangible assets | (214,464) | (106,082) | (42,434) |
Proceeds from disposal of items of property, plant and equipment | 298 | 0 | 3 |
Receipt of the principal portion of net investments in subleases | 73 | 219 | 521 |
Decrease in a pledged deposit | 0 | 0 | 36,930 |
Net cash flows used in investing activities | (291,205) | (121,337) | (37,308) |
Cash flows from financing activities | |||
Acquisition of non-controlling interests | 0 | 0 | (10) |
Proceeds from issuance of ordinary shares, net of issuance costs | 292,958 | 90,406 | 0 |
Repurchase of shares | (1,274) | 0 | 0 |
Proceeds from bank borrowings | 10,000 | 10,000 | 5,000 |
Repayment of bank borrowings | (10,000) | (5,000) | (39,700) |
Proceeds from other borrowings | 23,000 | 0 | 50,000 |
Repayment of other borrowings | (35,461) | 0 | 0 |
Advance from a related party | 0 | 7,177 | 0 |
Repayment of amount due to a related party | (7,177) | 0 | 0 |
Repayment from shareholders | 0 | 105 | 0 |
Payment of the principal portion of lease liabilities | (2,566) | (2,162) | (1,996) |
Interest paid | (9,639) | (2,767) | (1,492) |
Net cash flows from financing activities | 259,841 | 97,759 | 11,802 |
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 33,326 | 2,709 | (8,118) |
Cash and cash equivalents at beginning of year | 25,719 | 23,010 | 31,128 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | ¥ 59,045 | ¥ 25,719 | ¥ 23,010 |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of General Information About Financial Statements [Line Items] | |
Corporate and Group information | 1. Corporate information The Company was incorporated in the Cayman Islands on September 13, 2017, as an exempted company with limited liability under the Companies Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The principal activity of the Company is investment holding while its subsidiaries are principally engaged in the distribution of commercial copyrights, provision of music education solutions, sales of musical instruments and provision of services related to music events and performances In February 2020, the Company acquired a 100% equity interest in Rosenkavalier Limited (“Rosenkavalier”), Degas Limited (“Degas”) and Beijing Lecheng Future Culture Media Co., Ltd. (“Beijing Lecheng”) (collectively, the “Rosenkavalier Group”), which provide services related to music events, music performance services and the licensing of music catalogues through Beijing Music Festival Culture Communication Co., Ltd (“BMF Culture”). Variable interest entity agreements (“VIE agreements”) were also entered into, conferring Beijing Lecheng the right to control over and to receive variable returns from BMF Culture. As a result of the VIE agreements, BMF Culture was consolidated as an indirect subsidiary of the Group. As at the date of these consolidated financial statements, the Company had direct or indirect interests in the subsidiaries as set out below, all of which are private entities with limited liability. All companies now comprising the Group have adopted December 31 as their financial year-end date. Percentage of ownership/interest/ voting rights Name Place and date of incorporation/ establishment Directly Indirectly Issued and fully paid ordinary share capital/ registered capital Principal activities Rococo Holding Limited (“Rococo”) British Virgin Islands (“BVI”), limited liability company September 21, 2017 100 % — United States Dollar (“US$”) 1 Investment holding Rosenkavalier Limited (“Rosenkavalier”) BVI, limited liability company October 2, 2019 100 % — US$100 Investment holding Gauguin Limited (“Gauguin”) Hong Kong, limited liability company October 6, 2017 — 100 % Hong Kong Dollar (“HK$”) 60,000,000 Investment holding Degas Limited (“Degas”) Hong Kong, limited liability company November 1, 2019 — 100 % HK$60,000,000 Investment holding Kuke Future International Technology (Beijing) Co., Ltd.* (“Kuke International”) PRC, limited liability company December 14, 2017 — 100 % US$10,000,000 Investment holding Beijing Lecheng Future Culture Media Co., Ltd.* (“Beijing Lecheng”) PRC, limited liability company November 28, 2019 — 100 % US$10,000,000 Investment holding Beijing Kuke Music Co. Ltd.* (formerly known as Beijing Cathay Orient Information Technology Company Limited) (“Beijing Kuke Music”) PRC, June 7, 2000, limited liability company, changed to joint stock limited liability company on February 16, 2016 — 100 % RMB16,213,275 Distribution of commercial copyrights and provision of music education solutions Beijing Naxos Cultural Communication Co. Ltd.* (“Naxos China”) PRC, limited liability company January 25, 2016 — 51 % RMB2,000,000 Distribution of commercial copyrights Beijing Music Festival Culture Communication Co., Ltd.* (“BMF Culture”) PRC, limited liability company August 26, 2003 — 100 % RMB19,500,000 Distribution of commercial copyrights, sale of musical instruments and provision of services related to music events and performances Percentage of ownership/interest/ voting rights Name Place and date of incorporation/ establishment Directly Indirectly Issued and fully paid ordinary share capital/ registered capital Principal activities Beijing Kuke Music Education Technology Co., Ltd.* (“Music Education”) PRC, limited liability company April 14, 2021 — 100 % RMB10,000,000 Investment holding Shanghai Kuke Fangyue Education Technology Center LLP* (“Kuke Fangyue”) PRC, limited partnership June 24, 2021 — 60 % — Dormant Shanghai Kuke Xingkong Cultural Media Center LLP* (“Kuke Xingkong”) PRC, limited partnership June 25, 2021 — 90 % — Dormant Shanghai Kuke Linhui Education Technology Center LLP* (“Kuke Linhui”) PRC, limited partnership July 6, 2021 — 90 % — Dormant Fuzhou Kuke Education Technology Co., PRC, limited liability company August 17, 2021 — 80 % RMB200,000 Dormant Tianjin Kuke Xingkong Education Consulting., Ltd. * PRC, limited liability company August 2, 2021 — 96 % RMB200,000 Dormant Shijiazhuang Kuke Linhui Education Technology Co., PRC, limited liability company July 22, 2021 — 96 % RMB400,000 Dormant * The English names of these companies represent the best efforts made by the directors of the Company to translate their Chinese names as these companies do not have official English names. |
Group | |
Disclosure Of General Information About Financial Statements [Line Items] | |
Corporate and Group information | 7. Group information Subsidiaries The consolidated financial statements of the Group include: % equity interest Name Principal activities Place of incorporation/registration December 31, 2021 December 31, 2020 Rococo Investment holding BVI 100 % 100 % Rosenkavalier Investment holding BVI 100 % 100 % Gauguin Investment holding Hong Kong 100 % 100 % Degas Investment holding Hong Kong 100 % 100 % Kuke International Investment holding PRC 100 % 100 % Beijing Lecheng Investment holding PRC 100 % 100 % Naxos China Distribution of commercia PRC 51 % 51 % Music Education Investment holding PRC 100 % — Kuke Fangyue Dormant PRC 60 % — Kuke Xingkong Dormant PRC 90 % — Kuke Linhui Dormant PRC 90 % — Fuzhou Kuke Dormant PRC 80 % — Tianjin Kuke Dormant PRC 96 % — Shijiazhuang Kuke Dormant PRC 96 % — VIEs of the Group include: % beneficial interest Name Principal activities Place of registration December 31, 2021 December 31, 2020 Beijing Kuke Music Distribution of commercia provision of music education PRC 100 % 100 % BMF Culture Distribution of commercia sale of musical instruments and provision of services related to PRC 100 % 100 % As PRC laws and regulations prohibit foreign ownership of companies that engage in online subscription, online education business, internet audio-video program services and certain other businesses, Kuke International and Beijing Lecheng, the Group’s PRC subsidiaries, are considered foreign-invested enterprises. To comply with the foregoing PRC laws and regulations, the Group conducts its business in the PRC mainly through the VIEs based on a series of contractual arrangements. These contractual arrangements enable the Group to (i) exercise effective control over the Group’s VIEs, (ii) receive substantially all of the economic benefits of the Group’s VIEs, and (iii) exercise an exclusive option to purchase all or part of the equity interests and assets in the Group’s VIEs when and to the extent permitted by PRC law. Therefore, the Group consolidates the VIEs as required by IFRS 10 Consolidated Financial Statements The principal terms of the VIE agreements are further described below: (1) Powers of attorney Pursuant to the powers of attorney signed by Beijing Kuke Music’s nominee shareholders, each nominee shareholder irrevocably authorised Kuke International to act on behalf of such shareholder as its exclusive agent and attorney to exercise all rights and power that such shareholder has in respect of its equity interest in Beijing Kuke Music (including, but not limited to, all of such shareholders’ rights and voting rights to the sale, transfer, pledge or disposition of the equity interest in part or in whole, and the right to designate and appoint the directors and the executive officers of Beijing Kuke Music). The powers of attorney will remain effective ever after, until Kuke International terminates the powers of attorney in writing or the shares or all the assets of Beijing Kuke Music have been legally and effectively transferred to Kuke International and/or its designees. Beijing Lecheng, BMF Culture and its nominee shareholders have also entered into a power of attorney regarding the exercise of all the shareholders’ rights of the shareholders of BMF Culture, the terms of which are substantially similar to the power of attorney described above. (2) Exclusive call option agreement Pursuant to the exclusive call option agreement entered into amongst Beijing Kuke Music’s nominee shareholders, Beijing Kuke Music and Kuke International, each nominee shareholder granted to Kuke International an irrevocable and exclusive right to purchase all or part of its equity interests in Beijing Kuke Music. The purchase price of the equity interests in Beijing Kuke Music will be a nominal price, unless the relevant government authorities or the PRC laws request another amount to be used as the purchase price, in which case the purchase price will be the lowest amount under such request. Subject to relevant PRC laws and regulations, the registered shareholders will return any amount of the purchase price they have received to Kuke International or its designees. Beijing Lecheng, BMF Culture and its nominee shareholders have also entered into an exclusive call option agreement, the terms of which are substantially similar to the exclusive call option described above. (3) Exclusive service agreements Pursuant to the exclusive service agreement entered into between Beijing Kuke Music and Kuke International, Kuke International provides business support and consulting services as the exclusive provider of such services to Beijing Kuke Music, in return for a fee which is equal to 100% of the profits before tax of Beijing Kuke Music and is adjustable at the sole discretion of Kuke International. This agreement remains effective perpetually unless termination is required by Kuke International with one Beijing Lecheng and BMF Culture have also entered into an exclusive service agreement, the terms of which are substantially similar to the exclusive service agreement described above. (4) Share pledge contract Pursuant to the share pledge contract among Beijing Kuke Music’s nominee If the pledged equity interests of Beijing Kuke Music are disposed of for whatever reasons, all proceeds received will be attributed to Kuke International and the nominee shareholders must transfer all proceeds collected to Kuke International without consideration, to the extent permitted by PRC laws. This contract remains effective until the earlier of: (i) the discharge in full of the nominee shareholders’ and Beijing Kuke Music’s obligations under VIE agreements, or (ii) the completion of the disposal of the pledged equity interests in Beijing Kuke Music. Beijing Lecheng and BMF Culture have also entered into a share pledge contract, the terms of which are substantively similar to those of the share pledge contract described above. In the opinion of the Company’s legal counsel, (i) the ownership structure of Kuke International, Beijing Lecheng and their VIEs are in compliance with the PRC laws and regulations; and (ii) the contractual arrangements with the VIEs and their nominee shareholders are valid and binding, and not in violation of the current PRC laws or regulations. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant accounting policies | 2. Significant accounting policies 2.1 Basis of preparation The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements of the Company were authorised for issue in accordance with a resolution of the directors passed on May 2, 2022. The consolidated financial statements are prepared on a going concern basis. The consolidated financial statements are prepared on a historical cost basis, except for equity investment at fair value through profit or loss (“FVTPL”) that has been measured at fair value. The consolidated financial statements are presented in Renminbi 2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries (collectively referred to as the “Group”) as at December 31, 2021 and 2020. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: • Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee • The ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement(s) with the other vote holders of the investee • Rights arising from other contractual arrangements • The Group’s voting rights and potential voting rights The Group re-assesses Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the parent of the Group and to the non-controlling non-controlling intra-group A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling a) Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at the acquisition date fair value, and the amount of any non-controlling non-controlling Acquisition-related The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling re-assesses After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating Where goodwill is allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the operation disposed of and the portion of the CGU retained. b) Investment in a joint venture A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group’s investment in a joint venture is accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group’s share of net assets of joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The consolidated statement of profit or loss and other comprehensive income reflects the Group’s share of the results of operations of the joint venture. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The aggregate of the Group’s share of profit or loss of a joint venture is shown on the face of the consolidated statement of profit or loss and other comprehensive income outside operating profit and represents profit or loss after tax and non-controlling The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognises the loss within ‘Share of profit/(loss) of a joint venture’ in the consolidated statement of profit or loss and other comprehensive income. Upon loss of joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss. c) Current versus non-current The Group presents assets and liabilities in the statement of financial position based on current/non-current • Expected to be realised or intended to be sold or consumed in the normal operating cycle • Held primarily for the purpose of trading • Expected to be realised within twelve months after the reporting period or • Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when: • It is expected to be settled in the normal operating cycle • It is held primarily for the purpose of trading • It is due to be settled within twelve or • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current d) Revenue from contracts with customers Revenue from contracts with customers is recognised when control of the services or goods are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services or goods. Revenue is recognised net of value added taxes (“VAT”) as the VAT is levied on the customer and the Group is collecting VAT on behalf of third parties. The Group does not adjust the transaction price for the effects of a significant financing component if the period between when the entity transfers the promised good or service and when the customer pays for that good or service is within one year. The revenue arrangements with a significant financing component are immaterial for the reporting periods. The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided in Note 3. The Group is in the business of distributing commercial copyrights, provision of music education solutions, sales of musical instruments and provision of services related to music events and performances. Subscription revenue Subscription revenue is generated from the sale of smart music devices and providing customers with the right to access the Group’s and third-party (i) Subscription revenue - music content database services The Group provides web-based mobile-based (e.g. 24-hour short-term (ii) Subscription revenue - third-party The Group acts as an agent for database owners which provide database services to colleges and public libraries. The Group recognises revenue at the net amount that is retained from these arrangements. The performance obligation is satisfied when the Group has sold the database services and the payment is generally due in 7 to 365 days after the database owners begin to provide database access to the customers. (iii) Subscription revenue - sale of smart musical instruments The Group sells hardware with embedded content and revenue is recognised upon delivery of the instruments Licensing Licensing revenue is generated by licensing certain music copyrights to internet music service providers for digital streaming or downloading through their online platforms. Licensing customers also include, to a much lesser extent, digital music service providers, smart hardware manufacturers and game developers. The licensing business mainly includes two types of contracts: (i) licensing with fixed payment; and (ii) licensing with a minimum guarantee and a revenue-sharing (i) Licensing - with a fixed payment The Group licenses specific music content to the customers. Revenue is recognised when the licensed copyright is made available for the customer’s use and benefit, typically upon transfer of the licensed content to the customer. Payment is generally due within 90 to 365 days from the transfer. (ii) Licensing - with a minimum guarantee and a revenue-sharing For these arrangements, the Group typically: (i) licenses a specific listing of music content; and (ii) licenses future music content on an if-and-when-available revenue-sharing The minimum guarantee is generally due in 7 to 365 days from delivery of the existing music content, and the royalties from the revenue-sharing Smart music learning business The Group has two business models for its smart music learning business: sale of smart music products and smart music learning classes. (i) Sale of smart music products Revenue from the sale of smart music products includes the sale of: (i) integrated Kukey smart pianos; (ii) a self-developed around-ear (ii) Smart music learning The Group provides music education classes conducted through Kukey smart pianos. The performance obligation is satisfied overtime as the student attends the music education class and customers have generally prepaid for the smart music learning services. Music events and performances (i) Music festival events services The Group executes music festival events for the organisers. The Group also provides related sponsorship services to the patrons who sponsor these music festivals. The sponsorship services may include placement of advertisements in the music festivals and organising pre-concert The Group recognises revenue from services related to music festival events over time as the music festival takes place and recognises sponsorship service revenue over time when such services are provided to the patrons because the customer simultaneously receives and consumes the benefits provided by the Group. (ii) Music performance services The Group executes music performance activities for the organisers. The Group recognises revenue from music performance services over time as the music performance takes place because the customer simultaneously receives and consumes the benefits provided by the Group. (iii) Sale of smart playback devices The Group sells hardware with embedded content and revenue is recognised upon delivery of the instruments. The payment is generally due within 1 year from delivery. Cost to obtain a contract The Group applies the optional practical expedient to immediately expense costs to obtain a contract if the amortisation period of the asset that would have been recognised is one year or less. Otherwise, the contract costs are capitalised and amortised on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the contract costs related. Contract balances Trade receivables A receivable is recognised if an amount of consideration that is unconditional is due from the customer (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in section l) Financial instruments—initial recognition and subsequent measurement. Contract liabilities A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer). Variable consideration The licensing with a minimum guarantee and revenue-sharing revenue-sharing revenue-sharing The revenue-sharing usage-based e) Government grants Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset. When the Group receives grants of non-monetary f) Taxes Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Current income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: • When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss • In respect of taxable temporary differences associated with investments in subsidiaries and a joint venture, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future Deferred tax assets are recognised for all deductible temporary differences, and the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: • When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss • In respect of deductible temporary differences associated with investments in subsidiaries and a joint venture, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed In assessing the recoverability of deferred tax assets, the Group relies on the same forecast assumptions used elsewhere in the financial statements and in other management reports. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognised subsequently if new information about facts and circumstances change. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognised in profit or loss. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Sales tax Expenses and assets are recognised net of the amount of sales tax, except: • When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item, as applicable. • When receivables and payables are stated with the amount of sales tax included, the net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. g) Foreign currencies The Group’s consolidated financial statements are presented in RMB, which is also the parent company’s functional currency. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation and the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. i) Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognised in profit or loss with the exception of monetary items that are designated as part of the hedge of the Group’s net investment in a foreign operation. These are recognised in OCI until the net investment is disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recognised in OCI. Non-monetary In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary non-monetary non-monetary non-monetary ii) Group companies On consolidation, the assets and liabilities of foreign operations are translated into RMB at the rate of exchange prevailing at the reporting date and their profit or loss is translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date. h) Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the plant and equipment. When significant parts of plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Depreciation is calculated on a straight-line • Leasehold improvements Over the lease terms • Music education equipment 5 years • Furniture and fixtures 3 to 4 years • Office equipment 3 to 5 years An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss when the asset is derecognised. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. i) Leases The Group assesses at contract inception whether a contract is, or contains, a lease, that is, whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value right-of-use i) Right-of-use The Group recognises right-of-use Right-of-use right-of-use Right-of-use straight-line If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use non-financial ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, similar security, the funds necessary to obtain an asset of a similar value to the right-of-use iii) Short-term leases and leases of low-value The Group applies the short-term lease recognition exemption to its short-term leases of warehouses (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the recognition exemption for leases of low-value low-value Group as a lessor A lease is classified as a finance lease if the Group transfers substantially all the risks and rewards incidental to ownership of an asset. Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. For subleases, the Group, as the intermediate lessor, classifies the sublease by reference to the right-of-use For subleases classified as finance leases, the Group derecognises the right-of-use right-of-use j) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. k) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category that is consistent with the function of the intangible assets. An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: • The technical feasibility of completing the intangible asset so that the asset will be available for use or sale • Its intention to complete and its ability and intention to use or sell the asset • How the asset will generate future economic benefits • The availability of resources to complete the asset • The ability to measure reliably the expenditure during development Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. Amortisation is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. Software Software is stated at cost less any impairment losses and is amortised on the straight-line Copyrights Copyrights are stated at cost less any impairment losses and are amortised on the straight-line l) Financial instruments—initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. i) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price as disclosed in section (d) Revenue from contracts with customers. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are “solely payments of principal and interest (SPPI)” on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are c |
Significant Accounting Judgemen
Significant Accounting Judgements, Estimates and Assumptions | 12 Months Ended |
Dec. 31, 2021 | |
Default Root [Abstract] | |
Significant accounting judgements, estimates and assumptions | 3. Significant accounting judgements, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Other disclosures relating to the Group’s exposure to risks and uncertainties includes: • Capital management Note 6 • Financial instruments risk management objectives and policies Note 18.4 • Sensitivity analysis disclosures Note 18.4 Judgements In the process of applying the Group’s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: Contractual arrangement As disclosed in Note 7, the Group exercises control over Beijing Kuke Music and BMF Culture (the “VIEs”) and enjoys all the economic benefits of the VIEs through VIE agreements. The Group considers that it controls the VIEs, notwithstanding the fact that it does not hold any direct equity interest in the VIEs, as it has power over the financial and operating policies and receives substantially all of the economic benefits from the business activities of the VIEs through the VIE agreements. Accordingly, the VIEs have been accounted for as subsidiaries during the reporting period. Revenue recognition - principal versus agent considerations The Group enters into contracts with database holders to provide, on their behalf, database services to colleges and libraries. The Group determined that it does not control the database services before they are transferred to customers and it does not obtain benefits from the database services. The following factors indicate that the Group is an agent in these contracts: • The Group is not primarily responsible for fulfilling the promise to provide database services; • The Group has no discretion in establishing the pricing for such database services; • The Group’s consideration is in the form of a commission Determining the lease term of a contract with a renewal option - Group as lessee The Group determines the lease term as the non-cancellable The Group has a lease contract that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate. The Group included the renewal period as part of the lease term for the lease of an office property. The Group typically exercises its option to renew for the lease because there will be a significant negative effect from relocating the Group’s operations. Determining the tax rate of measuring deferred tax Pursuant to the Enterprise Income Tax Law of the PRC, the enterprise income tax rate of a High and New Technology Enterprise (“HNTE”) is 15 %. According to the Administrative Measures for the Recognition of HNTEs, effective in 2008 and amended in 2016, for each entity accredited as an HNTE, its HNTE status is valid for three years if it meets the qualifications for the HNTE on a continuing basis during such period. Beijing Kuke Music qualified as an HNTE until December 31, 2021. Significant management judgement is required to determine whether Beijing Kuke Music is probable to renew the HNTE certificate and continue to qualify for the preferential tax rate of Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Provision for expected credit losses on trade receivables and other financial assets at amortised cost The Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns. The provision matrix is initially based on the Group’s historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking forward-looking Taxes Deferred tax assets are recognised for unused tax losses and deductible temporary difference to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. The Group recognised the consolidated deferred tax assets of RMB7,736,000 (2020: RMB8,917,000) as at December 31, 2021, in relation to ECLs on debt financial assets, leases and trade payables, accrual and provisions on profit-making subsidiaries including Beijing Kuke Music, Naxos China and BMF Culture. The Group had tax losses related to subsidiaries that have a history of losses, which may not be used to offset taxable income elsewhere in the Group. The subsidiaries neither have taxable temporary differences nor tax planning opportunities available that could partly support the recognition of these losses as deferred tax assets. On this basis, the Group has determined that it cannot recognise deferred tax assets on the tax losses carried forward. Share-based payments Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield and making assumptions about them. For the measurement of the fair value of equity-settled transactions with employees at the grant date, the Group uses a binomial model for the Share Option Agreement (as defined in Note 29) and the 2020 ESOP Plan. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 29. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of a customer’s actual default in the future. The information about the ECLs on the Group’s trade receivables, other receivables and amounts due from related parties is disclosed in Notes 16, 17, 18.4 and 26. The loss allowances for financial assets included in prepayments, other receivables and other assets and amounts due from related parties are based on assumption about risk of default and expected loss rates. The Group makes adjustment in making these assumptions and selecting the inputs to the ECL calculation, based on the Group’s past history, existing market condition as well as forward-looking • Determining criteria for a significant increase in credit risk; • Identifying economic indicators for forward-looking • Estimating future cash flows. Useful life of intangible assets The Group’s management determines the estimated useful lives and related amortisation for the Group’s intangible assets with reference to the estimated periods that the Group intends and is able to derive future economic benefits from the use of these assets. Management will revise the amortisation where useful lives are different to that previously estimated, or it will write-off write-down non-strategic Impairment of non-financial The Group assesses whether there are any indicators of impairment for all non-financial non-financial |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [abstract] | |
Revenue from contracts with customers | 4. Revenue from contracts with customers Disaggregated revenue information Set out below is the disaggregation of the Group’s revenue from contracts with customers Subscription and licensing Smart Music events and Total RMB’000 RMB’000 RMB’000 RMB’000 Year ended December 31, 2021 Revenue from contracts with customers 100,454 118,061 77,382 295,897 Cost of sales (18,195 ) (43,548 ) (64,283 ) (126,026 ) Gross profit 82,259 74,513 13,099 169,871 Year ended December 31, 2020 Revenue from contracts with customers 76,583 58,784 27,514 162,881 Cost of sales (8,725 ) (17,319 ) (18,237 ) (44,281 ) Gross profit 67,858 41,465 9,277 118,600 Year ended December 31, 2019 Revenue from contracts with customers 81,901 64,153 — 146,054 Cost of sales (20,330 ) (12,013 ) — (32,343 ) Gross profit 61,571 52,140 — 113,711 2021 2020 2019 RMB’000 RMB’000 RMB’000 Geographical markets Southern China 160,354 82,481 55,597 Northern China 135,543 80,400 90,457 Total revenue from contracts with customers 295,897 162,881 146,054 Timing of revenue recognition Revenue recognised at a point in time 218,885 119,998 126,646 Revenue recognised over time 77,012 42,883 19,408 Total revenue from contracts with customers 295,897 162,881 146,054 The amounts of transaction prices allocated to the remaining performance 2021 2020 RMB’000 RMB’000 Amounts expected to be recognised as revenue: Within 1 year 1,778 1,215 After 1 year 1,163 499 2,941 1,714 The amounts disclosed above do not include variable consideration which is constrained. The Group applied the practical expedient in IFRS 15 and did not disclose the aggregate amounts of transaction price allocated to the remaining performance obligations that are unsatisfied or partially satisfied as of the end of the reporting period if the performance obligations is part of a contract that has an original expected duration of one year or less. The comparative disclosures are amended to conform with the current year’s presentation. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Segment information | 5. Segment information IFRS 8 Operating Segments During the year ended December 31, 2020, the Group revised the presentation of reportable segments because of changes in resource allocation and assessment of segment performance by the chief operation decision makers subsequent to the acquisition of Rosenkavalier. Prior to the Rosenkavalier acquisition, the CODM reviewed the financial results of the Group as a whole. The Group now consists of two reportable operating segments as follows: (a) Subscription, licensing and smart music learning business engages in the distribution of commercial copyrights and provision of music education solutions. (b) Music events and performances business engages in the provision of services related to music festival events and music performances and sale of musical instruments. Management monitors the results of the Group’s operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on reportable operating segment’s profit/(loss), which is a measure of adjusted profit/(loss) before tax. The adjusted profit/(loss) before tax is measured consistently with the Group’s profit/(loss) before tax except that foreign exchange differences, net, finance income, non-lease-related measurement Segment assets exclude amounts due from shareholders and related parties, cash Segment liabilities exclude interest-bearing loans and borrowings, amounts due to a related party and a shareholder, income tax payable and other unallocated head office and corporate liabilities as these liabilities are managed on a group basis. Subscription, licensing and For the years ended December 31, Music events and For the years ended December 31, Total For the years ended December 31, 2021 2020 2019 2021 2020 2019 2021 2020 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment revenue: Sales to external customers 218,515 135,367 146,054 77,382 27,514 — 295,897 162,881 146,054 Segment results: The Group 27,749 25,936 70,418 1,426 2,244 — 29,175 28,180 70,418 Share of loss of a joint venture ^ — — — (491 ) (9 ) — (491 ) (9 ) — 27,749 25,936 70,418 935 2,235 — 28,684 28,171 70,418 Reconciliation: Finance income 79 1,621 258 Foreign exchange differences, net (1,032 ) 361 1,173 Other unallocated gains — 8 — Corporate and other unallocated expenses (79,711 ) (34,209 ) (3,357 ) Non-lease (6,602 ) (7,544 ) (2,629 ) (Loss)/profit before tax (58,582 ) (11,592 ) 65,863 Other segment information Depreciation of property, plant and equipment 10,385 2,001 1,251 324 256 — 10,709 2,257 1,251 Depreciation of right-of-use 3,143 3,383 1,618 996 1,097 — 4,139 4,480 1,618 Amortisation of intangible assets 8,422 5,366 3,762 — — — 8,422 5,366 3,762 Impairment losses on financial assets, net 18,498 34,177 3,088 2,155 1,063 — 20,653 35,240 3,088 ^ The Group has discontinued recognition of its share of loss of a joint venture and the unrecognised December Subscription, licensing and smart music business Music events and Total As at December 31, As at December 31, As at December 31, 2021 2020 2021 2020 2021 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Restated) (Restated) (Restated) Segment assets 797,424 595,503 251,987 246,773 1,049,411 842,276 Reconciliation: Corporate and other unallocated assets 59,888 35,077 1,109,299 877,353 Segment liabilities 102,110 126,604 12,680 1,854 114,790 128,458 Reconciliation: Corporate and other unallocated liabilities 52,850 87,726 167,640 216,184 Other segment information Investment in a joint venture — — — 491 — 491 Capital expenditure* 295,473 158,755 — 769 295,473 159,524 * Capital expenditure consists of additions of property, plant and equipment, intangible assets, right-of-use and non-current Geographical information Geographical information is not presented since over 90% of the Group’s revenue from external customers is generated in the PRC and over 90% of the non-current Information about major customers Revenue from major customers of the Group which individually accounted for 10% or more of the Group’s revenue was derived from the subscription, licensing and smart music learning business segment. The respective revenue generated by these customers for each reporting period is set out below: 2021 2020 2019 RMB’000 RMB’000 RMB’000 Customer 1 60,226 22,146 N/A * Customer 2 46,358 18,868 N/A * * The corresponding revenue from these customers is not disclosed as it individually did not contribute 10% or more to the Group’s revenue at |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Capital Management [Abstract] | |
Capital management | 6. Capital management For the purpose of the Group’s capital management, capital includes issued capital and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group’s capital management is to maximise shareholders’ value. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group is not subject to any externally imposed capital requirements. No changes were made in the objectives, policies or processes to manage capital during the years ended December 31, 2021 and 2020. The Group monitors capital using a gearing ratio, which is “net debt” divided by equity attributable to equity holders of the parent plus net debt. The Group’s policy is to maintain the gearing ratio below December 31, 2021 December 31, 2020 RMB’000 RMB’000 Interest-bearing loans and borrowings (Note 23) 47,539 60,000 Lease liabilities (Note 24) 3,279 17,490 Trade payables (Note 21) 30,514 27,310 Other payables and accruals (Note 25) 58,178 67,121 Amount due to a related party (Note 26) — 7,177 Amount due to a shareholder (Note 26) 325 325 Cash and cash equivalents (Note 19) (59,045 ) (25,719 ) Net debt 80,790 153,704 Equity attributable to equity holders of the parent 936,638 656,101 Total equity attributable to equity holders of the parent and net debt 1,017,428 809,805 Gearing ratio 8 % 19 % |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about business combination [abstract] | |
Business combinations | 8. Business combinations On February 29, 2020, the Group acquired a 61.6% equity interest from Lung Yu and He Yu, shareholders of the Group, and a 38.4% equity interest from a series of independent third parties in Rosenkavalier through a share swap transaction. Rosenkavalier Group was a related party of the Group before the acquisition and provides music festival event services, music performance services and licensing of music catalogues. The acquisition was made as part of the Group’s strategy to expand its market share in the industry. Upon completion of the transaction, the Company obtained control over Rosenkavalier. The Company issued 4,856,273 ordinary shares as non-cash The fair values of the identifiable assets and liabilities of Rosenkavalier Group acquired as at the date of acquisition were as follows: Fair value recognised on acquisition RMB’000 Cash and cash equivalents 1,073 Property, plant and equipment (Note 12) 769 Right-of-use 2,988 Trade receivables 9,671 Prepayments, other receivables and other assets 12,151 Inventories 2 Identifiable intangible assets (Note 13) 26,000 Deferred tax assets 537 Deferred tax liabilities (1,472 ) Trade payables (188 ) Due to related parties (1,261 ) Lease liabilities (2,988 ) Other payables and accruals (507 ) Total identifiable net assets at fair value 46,775 Goodwill arising on acquisition 237,225 Purchase consideration 284,000 Satisfied by: Issuance of ordinary shares 284,000 Analysis of cash flows on acquisition: Net cash inflows and cash acquired (including in net cash 1,073 Since the acquisition, the Rosenkavalier Group contributed RMB31,885,000 revenue and RMB3,362,000 profit to the Group for the year ended December 31, 2020. Had the above combination taken place at the beginning of the year ended December 31, 2020, the revenue of the Group and the loss of the Group for the year ended December 31, 2020 would have been RMB162,881,000 and RMB16,572,000, respectively. Goodwill of approximately RMB237,225,000 was recognised as part of this acquisition, which results from the expected synergies from combining the operations of the Rosenkavalier Group with the Group’s operations. None of the goodwill recognised is expected to be deductible for tax purposes. The aggregate fair values (and their respective gross contractual amounts) of the trade receivables and financial assets included in prepayments, other receivables and other assets as at their respective dates of acquisition amounted to RMB9,671,000 and RMB10,064,000, respectively, of which other receivables of RMB218,000 are expected to be uncollectable. Transaction costs of RMB320,000 and RMB934,000 incurred for the acquisition were expensed and included in administrative expenses in the profit or loss for the years ended December 31, 2019 and 2020, respectively. The Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use |
Other Income and Expenses
Other Income and Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Profit or loss [abstract] | |
Other income and expenses | 9. Other income and expenses 9.1.1 Other income, net 2021 2020 2019 RMB’000 RMB’000 RMB’000 Government grants* 3,963 1,218 1,054 Covid-19-related — 778 — Foreign exchange differences, net (1,032 ) 361 1,173 Additional deduction of VAT 502 1,864 684 Bad debt recovery 5,201 — 200 Others 66 164 719 Total other income, net 8,700 4,385 3,830 * Various government grants were received with the aim to subsidise the Beijing Music Festival held and award the Group due to the US listing for the year ended December 31, 2021. There are no unfulfilled conditions or contingencies relating to these grants. 9.1.2 Other operating expenses The amounts recognised for the year ended December 31, 2021 mainly represented the compensation payables on contract terminations of RMB1,622,000 (2020: Nil; 2019: Nil) and loss on disposal of assets of RMB1,112,000 (2020: RMB4,000; 2019: RMB41,000). 9.2 Finance costs 2021 2020 2019 RMB’000 RMB’000 RMB’000 Interest on loans and borrowings 6,602 7,544 2,629 Interest on lease liabilities 1,082 2,561 613 Total finance costs 7,684 10,105 3,242 9.3 Finance income 2021 2020 2019 RMB’000 RMB’000 RMB’000 Bank interest income 34 45 155 Interest income on loans receivable — 1,527 — Interest income on net investments in subleases 45 49 103 Total finance income 79 1,621 258 9.4 Depreciation, amortisation and costs of inventories 2021 2020 2019 RMB’000 RMB’000 RMB’000 Included in cost of sales: Depreciation of property, plant and equipment 9,709 1,448 233 Depreciation of right-of-use 696 1,955 66 Amortisation of intangible assets 8,271 5,326 3,720 Costs of inventories recognised as an expense 18,782 11,489 12,465 Included in selling expenses: Depreciation of right-of-use 821 516 489 Included in administrative expenses: Depreciation of property, plant and equipment 1,000 809 1,018 Depreciation of right-of-use 2,622 2,009 1,063 Amortisation of intangible assets 151 40 42 9.5 Research and development costs The Group’s research and development concentrates on the development of smart music learning solutions, which include music education system, musical software (e.g. Kuke music app, digital music cloud library), Kuke music online platform, audiobook, musical education instruments and hardware (e.g. Kukey smart pianos). Research and development costs of RMB27,811,000, RMB12,598,000 and RMB10,258,000 that are not eligible for capitalisation were expensed and included in administrative expenses for the years ended December 31, 2021, 2020 and 2019, respectively. 9.6 Wages and salaries and pension scheme contributions 2021 2020 2019 RMB’000 RMB’000 RMB’000 Wages and salaries 41,473 29,798 19,245 Equity-settled share-based payment expenses 53,933 19,416 — Pension scheme contributions 3,485 129 3,053 At December 31, 2021, 2020 and 2019, the Group had no forfeited contributions available to reduce its pension scheme contributions in future years. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Income tax | 10. Income tax The major components of income years Consolidated profit or loss 2021 2020 2019 RMB’000 RMB’000 RMB’000 Current income tax: Current income tax charge 1,783 10,143 9,174 Overprovision in prior years (1,899 ) (1,912 ) — Deferred tax 1,151 (4,609 ) (73 ) Income tax expense reported in profit or loss 1,035 3,622 9,101 Reconciliation of tax expense and the accounting profit/(loss) multiplied by China’s domestic tax rate of 25% for 2021, 2020 and 2019: 2021 2020 2019 RMB’000 RMB’000 RMB’000 Accounting (loss)/profit before tax (58,582 ) (11,592 ) 65,863 At China’s statutory income tax rate (14,645 ) (2,898 ) 16,466 Effect of lower tax rate (Note) 16,922 8,691 (6,460 ) Loss attributable to a joint venture 123 2 — Non-deductible 824 1,718 31 Super deductions (2,406 ) (2,086 ) (1,028 ) Adjustments in respect of current tax of previous periods (1,899 ) (1,912 ) — Unrecognised tax losses 2,116 107 92 At the effective income tax rate of -2% (2020: -31%; 1,035 3,622 9,101 Income tax expense reported in profit or loss 1,035 3,622 9,101 Note: The amount represented (i) a reduced enterprise income tax rate of 15% and certain other preferential tax benefits available to a qualified HNTE under PRC tax laws and regulations entitled by Beijing Kuke Music and (ii) the effects of different tax rates in relation to other jurisdictions. Uncertain tax positions The tax authority of the PRC government conducts periodic e As of December 31, 2021 and 2020, the Group had accrued liabilities for uncertain tax positions of RMB1,395,000 and RMB411,000, respectively. The Group does not anticipate any significant increases or decreases to its liability for unrecognised tax benefits within the next twelve months. As of December 31, 2021 and 2020, the interest and penalties in connection with unrecognised tax benefits was assessed to be minimal. Deferred tax Reconciliation of deferred tax assets and liabilities: December 31, 2021 December 31, 2020 RMB’000 RMB’000 Deferred tax assets 7,736 8,917 Deferred tax liabilities (1,417 ) (1,447 ) Net deferred tax 6,319 7,470 January 1, 2020 Acquisition from business combinations Credited/ (charged) to profit or loss December 31, 2020 RMB’000 RMB’000 RMB’000 RMB’000 Leases 8 77 10 95 Expected credit losses on debt financial assets 2,386 55 3,941 6,382 Trade payables, accrual and provisions 1,402 — 1,038 2,440 Tax losses — 405 (405 ) — Fair value adjustment arising from business combinations — (1,472 ) 25 (1,447 ) Total 3,796 (935 ) 4,609 7,470 January 1, 2021 Acquisition from business combinations Credited/ (charged) to profit or loss December 31, 2021 RMB’000 RMB’000 RMB’000 RMB’000 Leases 95 — 61 156 Expected credit losses on debt financial assets 6,382 — (1,314 ) 5,068 Trade payables, accrual and provisions 2,440 — 72 2,512 Fair value adjustment arising from business combinations (1,447 ) — 30 (1,417 ) Total 7,470 — (1,151 ) 6,319 The Group had tax losses arising in Mainland China of RMB9,133,000 and RMB 550,000 as at December 31, 2021 and 2020, respectively, that will expire in one Deferred tax assets have not been recognised in respect of the tax losses as at December 31, 2021 and 2020 as the directors consider that it is currently not probable that future taxable profits will be available against which the tax losses can be utilised. Pursuant to the PRC Corporate Income Tax Law, a 10% withholding tax is levied on dividends declared to foreign investors from the foreign investment enterprises established in Mainland China. A lower withholding tax rate may be applied if there is a tax treaty between Mainland China and the jurisdiction of the foreign investors. For the Group, the applicable rate is 5% or 10%. The Group is therefore liable for withholding taxes on dividends distributed by the subsidiaries established in Mainland China to foreign shareholders in respect of earnings generated. At December 31, 2021 and 2020, the directors of the Company estimated that the retained earnings |
(Loss)_Earnings Per Share
(Loss)/Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
(Loss)/earnings per share | 11. (Loss)/earnings per share Basic (loss)/earnings per share is For the year s No adjustment is made to the basic earnings per share amount presented for the year ended December 31, 2019 for the dilutive effect of the outstanding share options because they are subject to performance conditions which were not met as of December 31, 2019. The following table reflects the income/(loss) and 2021 2020 2019 RMB’000 RMB’000 RMB’000 (Loss)/profit attributable to ordinary equity holders of the parent for basic and diluted (loss)/earnings per share calculations – Class A ordinary shares (42,792 ) (10,642 ) 30,593 – Class B ordinary shares (16,778 ) (5,781 ) 25,513 2021 2020 2019 Weighted average number of ordinary shares in issue during the year for basic and diluted (loss)/earnings per share calculations – Class A ordinary shares 21,121,241 15,244,686 9,929,929 – Class B ordinary shares 8,281,098 8,281,098 8,281,098 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | 12. Property, plant and equipment Leasehold improvements Music education equipment Furniture and fixtures Office equipment Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost At January 1, 2020 3,638 2,793 232 685 7,348 Acquisition from business combinations (Note 8) 498 — 103 168 769 Additions — 15,440 — 68 15,508 Disposals — (7 ) — (42 ) (49 ) At December 31, 2020 4,136 18,226 335 879 23,576 Additions 425 53,830 6 166 54,427 Disposals — (1,859 ) — (15 ) (1,874 ) At December 31, 2021 4,561 70,197 341 1,030 76,129 Accumulated depreciation At January 1, 2020 (2,227 ) (294 ) (114 ) (594 ) (3,229 ) Depreciation charge for the year (631 ) (1,464 ) (65 ) (97 ) (2,257 ) Disposals — 6 — 39 45 At December 31, 2020 (2,858 ) (1,752 ) (179 ) (652 ) (5,441 ) Depreciation charge for the year (804 ) (9,710 ) (72 ) (123 ) (10,709 ) Disposals — 462 — 2 464 At December 31, 2021 (3,662 ) (11,000 ) (251 ) (773 ) (15,686 ) Net carrying amount At December 31, 2021 899 59,197 90 257 60,443 At December 31, 2020 1,278 16,474 156 227 18,135 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible assets | 13. Intangible assets Software Copyrights Total RMB’000 RMB’000 RMB’000 Cost At January 1, 2020 391 176,901 177,292 Acquisition from business combinations (Note 8) — 26,000 26,000 Additions - acquired separately — 73,962 73,962 At December 31, 2020 391 276,863 277,254 Additions - acquired separately 64 237,557 237,621 At December 31, 2021 455 514,420 514,875 Accumulated amortisation At January 1, 2020 (339 ) (8,448 ) (8,787 ) Charge for the year (40 ) (5,326 ) (5,366 ) At December 31, 2020 (379 ) (13,774 ) (14,153 ) Charge for the year (30 ) (8,392 ) (8,422 ) At December 31, 2021 (409 ) (22,166 ) (22,575 ) Net carrying amount At December 31, 2021 46 492,254 492,300 At December 31, 2020 12 263,089 263,101 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reconciliation of changes in goodwill [abstract] | |
Goodwill | 14. Goodwill Subscription, licensing and smart music business Music events business Total RMB’000 RMB’000 RMB’000 Cost and net carrying amount at January 1, 2020 — — — Acquisition from business combinations (Note 8) 1,610 235,615 237,225 Cost and net carrying amount at December 31, 2020, January 1, 2021, and December 31, 2021 1,610 235,615 237,225 Impairment testing of goodwill Goodwill acquired through business combinations is allocated • Subscription, licensing and smart music learning business; and • Music events and performances business Subscription, licensing and smart music learning business The recoverable amount of the CGU is determined based on a value-in-use calculation using cash flow projections based on financial budgets covering a five-year period approved by senior management. The pre-tax discount rate applied to the cash flow projections is . The growth rate used to extrapolate the cash flows beyond the period is %. The following describes management’s key assumptions in its subscription, licensing and smart music learning business CGU’s cash flow projections: Budgeted cash flows – the basis used to determine the budgeted cash flows is based on management’s expectation of the business development. Discount rate – the discount rate used is before tax and reflects specific risks relating to the relevant unit. Terminal growth rate – the growth rate is based on management’s expectation of the long-term forecast growth rate of the business. Based on the result of the impairment testing of goodwill, in the opinion of the directors, no impairment provision was considered necessary for the Group’s goodwill allocated to the subscription, licensing and smart music learning business CGU as at December 31, 2021. Music events and performances business The recoverable amount of the CGU is determined based on a value-in-use pre-tax The following describes management’s key assumptions in its music events and performances CGU’s cash flow projections: Budgeted cash flows – the basis used to determine the budgeted cash flows is based on management’s expectation of the business development. Discount rate – the discount rate used is before tax and reflects specific risks relating to the relevant unit. Terminal growth rate – the growth rate is based on management’s expectation of the long-term forecast growth rate of the business. Based on the results of the impairment testing of goodwill, in the opinion of the directors, no impairment provision was considered necessary for the Group’s goodwill allocated to the music events and performances business CGU as at December 31, 2021. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Classes of current inventories [abstract] | |
Inventories | 15. Inventories December 31, 2021 December 31, 2020 RMB’000 RMB’000 Finished goods 7,307 950 |
Trade Receivables
Trade Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Trade Receivables [Abstract] | |
Trade receivables | 16. Trade receivables December 31, 2021 December 31, 2020 RMB’000 RMB’000 Trade receivables Receivables from third-party customers 116,776 192,540 Allowance for ECLs (5,672 ) (10,818 ) Total trade receivables 111,104 181,722 Trade receivables are non-interest bearing The movements in allowance for ECLs are as follows: 2021 2020 RMB’000 RMB’000 At the beginning of the year (10,818 ) (3,346 ) Impairment losses, net (18,653 ) (34,983 ) Amount written off as uncollectible 23,799 27,511 At the end of the year (5,672 ) (10,818 ) |
Prepayments, Other Receivables
Prepayments, Other Receivables and Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Prepayments Other Receivables And Other Assets [Abstract] | |
Prepayments, other receivables and other assets | 17. Prepayments, other receivables and other assets December 31, 2021 December 31, 2020 RMB’000 RMB’000 Non-current Prepayments 213 — Deposits 94,858 95,328 Other receivables 146 48 Total 95,217 95,376 Current Prepayments 29,368 22,146 Deposits 244 89 Loan receivable — 3,000 Other receivables 4,489 3,288 Total 34,101 28,523 A loan receivable as at December 31, 2020 was As at December 31, 2021, assets recognised from the costs incurred to obtain a contract was RMB353,000 and was included in prepayments (2020: Nil). No impairment losses were recorded for the above assets as they were neither past due nor impaired. The financial assets included in the above balances relate to deposits and receivables for which there was no recent history of default. The loss allowance was assessed to be minimal because the deposits and other receivables are not past due. The movements in allowance for ECLs are as follows: 2021 2020 RMB’000 RMB’000 At the beginning of the year — (806 ) Impairment losses, net — * (257 ) Amount written off as uncollectible — 1,063 At the end of the year — * — * * Less than RMB 1,000 |
Financial Assets and Financial
Financial Assets and Financial Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial assets and financial liabilities | 18. Financial assets and financial liabilities 18.1 Financial assets December 31, 2021 December 31, 2020 RMB’000 RMB’000 Financial assets at FVTPL Non-current Equity investment at FVTPL 1,000 — Total non-current 1,000 — Total financial assets at FVTPL 1,000 — Financial assets at amortised cost Current Trade receivables (Note 16) 111,104 181,722 Financial assets included in prepayments, other receivables and other assets 4,733 6,377 Net investments in subleases 355 211 Amounts due from related parties 306 1,763 Amounts due from shareholders 100 100 Cash and cash equivalents 59,045 25,719 Total current financial assets at amortised cost 175,643 215,892 Non-current Financial assets included in prepayments, other receivables and other assets 3,010 148 Net investments in subleases — 202 Total non-current 3,010 350 Total financial assets at amortised cost 178,653 216,242 Total financial assets 179,653 216,242 18.2 Financial liabilities Lease liabilities and other financial liabilities at amortised cost, with carrying amounts December 31, 2021 December 31, 2020 RMB’000 RMB’000 Current Trade payables 30,514 27,310 Financial liabilities included in other payables and accruals 20,381 29,485 Amount due to a related party — 7,177 Amount due to a shareholder 325 325 Interest-bearing loans and borrowings 41,493 60,000 Lease liabilities 2,486 7,660 95,199 131,957 Non-current Interest-bearing loans and borrowings 6,046 — Lease liabilities 793 9,830 6,839 9,830 Total 102,038 141,787 18.3 Fair values and fair value hierarchy The Group assessed that the fair values of cash and cash equivalents, trade receivables, the current portion of financial assets included in prepayments, other receivables and other assets, amounts due from related parties and shareholders, trade payables, amounts due to a related party and a shareholder and the financial liabilities included in other payables and accruals approximate to short-term The non-current The Group invests in an unlisted investment measured at fair value through profit or loss. The Group has estimated the fair value of the unlisted investment by recent transaction approach. Quantitative disclosures of the Group’s financial instruments in the fair value measurement hierarchy as at December 31, 2021 Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 Financial asset for which fair value is disclosed: An unlisted investment measured at fair value through profit or loss — 1,000 — 1,000 During the years ended December 31, 2021 and 2020, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 for financial assets and financial liabilities. The following methods and assumptions were used to estimate the fair values: The fair values of the Group’s interest-bearing non-performance interest-bearing 18.4 Financial instruments risk management objectives and policies The Group’s principal financial liabilities comprise interest-bearing loans and borrowings, amounts due to a related party and a shareholder, trade payables and other payables and accruals. The main purpose of these financial liabilities is to raise finance for the Group’s operations. The Group’s principal financial assets include trade receivables, other receivables and cash and cash equivalents that derive directly from its operations. The Group is exposed to foreign currency risk, credit risk and liquidity risk. The board of directors reviews and agrees policies for managing each of these risks, which are summarised below. Foreign currency risk The Group has transactional currency exposures. Such exposures mainly arise from cash and cash equivalents, a loan receivable from a Hong Kong entity and trade payables to foreign suppliers in currencies other than the Group’s functional currency. The following tables demonstrate the sensitivity at the end of the reporting period to a reasonably possible change in the United States dollar (“US$”) and HK$ exchange rates, with all other variables held constant, of the Group’s profit/(loss) before tax. The impact on the Group’s profit/(loss) before tax is due to changes in the fair values of monetary assets and liabilities. The Group’s exposure to foreign currency risk for all other currencies is not material. For the year ended December 31, 2021 Change in exchange rate Effect on loss before tax RMB’000 US$ +5 % 1,606 -5 % (1,606 ) HK$ +5 % — -5 % — For the year ended December 31, 2020 Change in exchange rate Effect on loss before tax RMB’000 US$ +5 % (608 ) –5 % 608 HK$ +5 % — –5 % — For the year ended December 31, 2019 Change in exchange rate Effect on profit before tax RMB’000 US$ +5 % ( 1,302 ) –5 % 1,302 HK$ +5 % 1,672 –5 % (1,672 ) Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. Maximum exposure and year-end The tables below show the credit quality and the maximum exposure to credit risk based on the Group’s credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end As at December 31, 2021 12-month expected credit losses Lifetime expected credit losses Stage 1 Stage 2 Stage 3 Simplified approach Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade receivables — — — 116,776 116,776 Financial assets included in prepayments, other receivables and other assets —Normal* 7,743 — — — 7,743 Net investments in subleases—Normal* 355 — — — 355 Amounts due from related parties—Doubtful* 306 — 2,000 — 2,306 Amounts due from shareholders—Normal* 100 — — — 100 Cash and cash equivalents —not yet past due 59,045 — — — 59,045 67,549 — 2,000 116,776 186,325 As at December 31, 2020 12-month expected credit losses Lifetime expected credit losses Stage 1 Stage 2 Stage 3 Simplified approach Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade receivables — — — 192,540 192,540 Financial assets included in prepayments, other receivables and other assets —Normal* 6,525 — — — 6,525 Net investments in subleases—Normal* 413 — — — 413 Amounts due from related parties—Normal* 1,763 — — — 1,763 Amounts due from shareholders—Normal* 100 — — — 100 Cash and cash equivalents —not yet past due 25,719 — — — 25,719 34,520 — — 192,540 227,060 * The credit quality of the financial assets included in prepayments, other receivables and other assets, net investments in subleases, and amounts due from related parties and shareholders is considered to be “normal” when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise quality Trade receivables Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and control relating to customer credit risk management. The Group has significant credit risk concentration from its largest customers’ trade receivables. The Group’s largest customer’s trade receivables represent % and % of the Group’s gross trade receivables as at December 31, 2021 and 2020, respectively. The Group’s five largest customers’ trade receivables represent % and % of the Group’s gross trade receivables as at December 31, 2021 and 2020, respectively. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns. The calculation reflects the probability-weighted Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix: Days past due Current 1 - 90 days 91 - 180 Days Over 181 days Total December 31, 2021 Expected credit loss rate 2.80 % 3.30 % 7.66 % 16.47 % 4.86 % Gross carrying amount (RMB’000) 65,102 22,232 19,686 9,756 116,776 Expected credit loss (RMB’000) 1,824 733 1,508 1,607 5,672 Days past due Current 1 - 90 days 91 - 180 Days Over 181 days Total December 31, 2020 Expected credit loss rate 2.39 % 3.42 % 6.39 % 16.36 % 5.62 % Gross carrying amount (RMB’000) 95,140 30,351 34,680 32,369 192,540 Expected credit loss (RMB’000) 2,270 1,039 2,215 5,294 10,818 Liquidity risk The Group monitors its risk of a shortage of funds using a liquidity planning tool. The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans, other borrowings and lease liabilities. The table below summarises the maturity profile of the Group’s financial liabilities as at the end of the reporting period based on the contractual undiscounted payments: On demand Less than 1 year Over 1 year Total RMB’000 RMB’000 RMB’000 RMB’000 As at December 31, 2021 Interest-bearing loans and borrowings 10,000 34,804 6,205 51,009 Lease liabilities — 2,571 811 3,382 Trade payables — 30,514 — 30,514 Due to a shareholder 325 — — 325 Other payables and accruals — 20,381 — 20,381 As at December 31, 2020 Interest-bearing loans and borrowings 10,000 54,306 — 64,306 Lease liabilities — 8,263 13,515 21,778 Trade payables — 27,310 — 27,310 Due to a shareholder 325 — — 325 Due to a related party — 7,177 — 7,177 Other payables and accruals — 29,485 — 29,485 Excessive risk concentration Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group’s performance to developments affecting a particular industry. In order to avoid excessive concentrations of risk, the Group’s policies and procedures include specific guidelines to focus on the maintenance of a diversified portfolio. The Group assessed the concentration of risk with respect to refinancing its debts and concluded it to be low. 18.5 Changes in liabilities arising from financing activities Interest- bearing Lease Due to a Due to RMB’000 RMB’000 RMB’000 RMB’000 As at January 1, 2019 39,700 2,161 — — Changes from financing activities 15,300 (2,560 ) — — Additions — 14,499 — — Accretion of interest — 613 — — As at December 31, 2019 and January 1, 2020 55,000 14,713 — — Changes from financing activities 5,000 (4,688 ) — 7,177 Changes from operating activities — (778 ) — — Acquisition of a subsidiary — — 325 — Additions — 5,682 — — Accretion of interest — 2,561 — — As at December 31, 2020 and January 1, 2021 60,000 17,490 325 7,177 Changes from financing activities (12,461 ) (3,648 ) — (7,177 ) Lease termination — (14,379 ) — — Additions — 2,734 — — Accretion of interest — 1,082 — — As at December 31, 2021 47,539 3,279 325 — |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 19. Cash and cash equivalents December 31, 2021 December 31, 2020 RMB’000 RMB’000 Cash and cash equivalents 59,045 25,719 At December 31, 2021, the cash and cash equivalents of the Group denominated in RMB amounted to RMB16,046,000 (2020: RMB22,649,000). The RMB is not freely convertible into other currencies, however, under Mainland China’s Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business. |
Issued Capital and Reserves
Issued Capital and Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Equity and liabilities [abstract] | |
Issued capital and reserves | 20. Issued capital and reserves The authorised share capital consisted of 50,000,000 shares at a par value of US$0.001 per share, of which 41,718,902 shares were designated as Class A ordinary shares and 8,281,098 as Class B ordinary shares after the completion of the Company’s initial public offering (“IPO”) and such designation was retrospectively disclosed in the consolidated financial statements. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each share of Class A ordinary shares is entitled to one vote per share and is not convertible into Class B ordinary shares under any circumstances. Each share of Class B ordinary shares is entitled to ten votes per share and is convertible into one Class A ordinary share at any time by the holder thereof. Upon any transfer of Class B ordinary shares by a holder thereof to any person or entity that is not an affiliate of the holder, such Class B ordinary shares are automatically and immediately converted into an equal number of Class A ordinary shares. There was no transfer between Class A ordinary shares and Class B ordinary shares in the years ended December 31, 2019, 2020 and 2021, respectively. As of December 31, 2021, there were 21,285,625 Class A ordinary shares and 8,281,098 Class B ordinary shares outstanding (2020: 16,285,625 Class A ordinary shares and 8,281,098 Class B ordinary shares), respectively. On February 29, 2020, the Company issued Class A ordinary shares with an aggregate fair value of RMB in exchange for the acquisition of a % equity interest of Rosenkavalier. On March 4, 2020, Class A ordinary shares were allotted and issued to an independent third party for a cash consideration of US$ 12,999,997 , excluding issuance costs of RMB On January 12, 2021, the Company completed its initial public offering and was listed on the New York Stock Exchange. Class A ordinary shares were issued at a price of US$ 10 per share for proceeds of US$ From September to December 2021, the Company completed a treasury share repurchase from Tiger Brokers (NZ) Limited for an aggregate of 49,609 Class A ordinary shares with a consideration of US$199,000 (equivalent to RMB1,274,000). As at December 31, 2021, the treasury stock account includes 49,609 Class A ordinary shares outstanding (2020: Nil) for the distributions of share-based payments at exercise of share options as disclosed in Note 29 to the financial statements. Statutory restrictions The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s subsidiaries, VIEs and subsidiaries of the VIEs registered in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The consolidated results of operations reflected in the consolidated financial statements prepared in accordance with IFRSs differ from those reflected in the statutory financial statements of the Company’s subsidiaries. Under PRC law, the Company’s subsidiaries, VIEs and the subsidiaries of the VIEs located in the PRC (collectively referred as the “PRC entities”) are required to provide for certain statutory reserves, namely a general reserve, an enterprise expansion fund and a staff welfare and bonus fund. The PRC entities are required to allocate at least 10% of their after-tax Amounts restricted that include statutory reserve funds, as determined in accordance |
Trade Payables
Trade Payables | 12 Months Ended |
Dec. 31, 2021 | |
Trade Payables [Abstract] | |
Trade payables | 21. Trade payables December 31, 2021 December 31, 2020 RMB’000 RMB’000 Trade payables 30,514 27,310 Trade payables include Terms and conditions of the above financial liabilities are as follows: • Trade payables are non-interest-bearing • For explanations on the Group’s liquidity risk management processes, refer to Note 18.4. |
Contract Liabilities
Contract Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Contract Liabilities [Abstract] | |
Contract liabilities | 22. Contract liabilities The balance represented the receipts in advance from customers. December 31, 2021 December 31, 2020 January 1, 2020 RMB’000 RMB’000 RMB’000 Deferred revenue Subscriptions and licensing 12,050 13,827 13,294 Smart music learning 11,784 11,074 3,191 Music events and performances 38 — — Total contract liabilities 23,872 24,901 16,485 Current 23,506 24,314 16,049 Non-current 366 587 436 2021 2020 2019 RMB’000 RMB’000 RMB’000 Amounts of revenue recognised in the respective reporting period that was included in the contract liabilities at the beginning of the respective reporting period 20,821 13,874 12,395 Contract liabilities include deferred revenue relating to the subscription and licensing of music content and music education products and services. |
Interest Bearing Loans and Borr
Interest Bearing Loans and Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
Interest bearing loans and borrowings | 23. Interest-bearing Effective interest rate Maturity December 31, 2021 December 31, 2020 % RMB’000 RMB’000 Current: Unsecured RMB10 million bank loan 4.25 (2020: 4.25) On demand (2020: On demand) 10,000 10,000 Unsecured RMB20 million other borrowings 12 (2020: 12) December 31, 2022 (2020: September 19, 2021) 20,000 50,000 Unsecured RMB23 million other borrowings 6.85 December 31, 2022 11,493 — 41,493 60,000 Non-current: Unsecured RMB23 million other borrowings 6.85 April 20, 2023 6,046 — 47,539 60,000 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Leases [Abstract] | |
Leases | 24. Leases Group as a lessee The Group has lease contracts for various items of property, plant and equipment. Leases of a building and music education equipment generally have lease terms between 3 and 5 years. The Group also has certain leases with lease terms of 12 months or less and leases of low-value assets. The Group applies recognition exemptions for “short-term leases” and “leases of low-value assets” for these leases. Set out below are the carrying amounts of right-of-use Building Music education equipment Total RMB’000 RMB’000 RMB’000 At January 1, 2020 2,569 8,159 10,728 Additions 1,286 4,396 5,682 Acquisition from business combinations (Note 8) 2,988 — 2,988 Depreciation charge (2,525 ) (1,955 ) (4,480 ) At December 31, 2020 4,318 10,600 14,918 Additions 2,259 475 2,734 Depreciation charge (3,443 ) (696 ) (4,139 ) Lease termination (74 ) (10,379 ) (10,453 ) As December 31, 2021 3,060 — 3,060 Set out below are the carrying amounts of lease liabilities and the movements during the years: 2021 2020 RMB’000 RMB’000 At January 1 17,490 14,713 Additions 2,734 5,682 Accretion of interest 1,082 2,561 Covid-19-related — (778 ) Lease termination (14,379 ) — Payments (3,648 ) (4,688 ) At December 31 3,279 17,490 Current 2,486 7,660 Non-current 793 9,830 2021 2020 2019 RMB’000 RMB’000 RMB’000 Depreciation expense of right-of-use 4,139 4,480 1,618 Interest expense on lease liabilities 1,082 2,561 613 Covid-19-related — (778 ) — Expense relating to short term leases and leases of low-value 1,604 775 112 Total amount recognised in profit or loss 6,825 7,038 2,343 The total cash outflow for leases included in the statements of cash flows is as follows: 2021 2020 2019 RMB’000 RMB’000 RMB’000 Total cash outflow for leases 5,252 5,463 2,672 Group as a lessor The Group entered into sub-lease three and a hal Future minimum rentals receivable under non-cancellable December 31, 2021 December 31, 2020 RMB’000 RMB’000 Amounts receivable: Within one year 357 219 After one year but within two years — 219 After two years but within five years — — Total future undiscounted minimum rentals receivable 357 438 Unearned finance income (2 ) (25 ) Net investments in subleases 355 413 Current 355 211 Non-current — 202 |
Other Payables and Accruals
Other Payables and Accruals | 12 Months Ended |
Dec. 31, 2021 | |
Other Payables And Accruals [Abstract] | |
Other payables and accruals | 25. Other payables and accruals December 31, 2021 December 31, 2020 RMB’000 RMB’000 Accruals 10,372 11,018 Other payables 39,057 46,210 Payable to database suppliers 3,000 2,189 Interest payables 5,749 7,704 Total other payables and accruals 58,178 67,121 Current 58,178 67,121 Non-current — — Other payables are non-interest |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Related party disclosures | 26. Related party disclosures Note 7 provides information about the Group’s structure, including details of the subsidiaries. The following table provides the total amount of transactions that are entered into with related parties for the relevant financial years. Interest income on net investments in subleases Revenue from a related party Acquisition of a subsidiary Copyright RMB’000 RMB’000 RMB’000 RMB’000 Shareholder of the Company 2021 — — — — 2020 — — 174,944 — 2019 — — — — BMF Culture* 2021 — — — — 2020 23 — — — 2019 85 349 — — Naxos ^ 2021 — — — 7,743 2020 — — — — 2019 — — — — * A director of the Company is the controlling shareholder of Rosenkavalier, the parent company of BMF Culture. BMF Culture became a subsidiary of the Group since February 29, 2020. Further details are disclosed in note 8 to the consolidated financial statements. ^ Naxos refers to Naxos Global Distribution Limited, Naxos Rights International Limited and their affiliates and subsidiaries, of which a director of the Company is the controlling shareholder. Outstanding balances at December 31, 2021 and 2020 are unsecured and interest-free payables Net investments in subleases Due from related parties /shareholders Due to a related party/ a shareholder RMB’000 RMB’000 RMB’000 Shigoo Limited # 2021 — 306 — 2020 — 663 7,177 Shanghai Xuanshi Culture Communication Co., Ltd. ^ 2021 — — — 2020 — 1,100 — Shareholders of the Company 2021 — 100 325 2020 — 100 325 # A director of the Company is the controlling shareholder of Shigoo Limited. The amount due from Shigoo Limited was unsecured, interest-free and repayable on demand, while the amount due to Shigoo Limited was unsecured, interest-free and repayable within one year. ^ A joint venture of the Group. The amount due from the joint venture was unsecured, interest-free and repayable within one year. The carrying amount of RMB2,000,000 was fully impaired during the year ended December 31, 2021. The following table provides compensation of key management personnel of the Group: 2021 2020 2019 RMB’000 RMB’000 RMB’000 Short term employee benefits 7,833 7,875 1,241 Equity-settled share-based payment expenses 30,650 14,269 — Post employment benefits 518 356 369 Total compensation paid to key management personnel 39,001 22,500 1,610 The amounts disclosed in the table are the amounts recognised as an expense during the reporting periods related to key management personnel. |
Notes to the Consolidated State
Notes to the Consolidated Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2021 | |
Statement of cash flows [abstract] | |
Notes to the consolidated statements of cash flows | 27. Notes to the consolidated statements of cash flows Major non-cash (a) During the year ended December 31, 2020, the Group acquired a (b) During the year ended December 31, 2020, the Group and two independent third parties entered into an agreement to offset the non-current non-current non-current non-current non-cash (c) During the year ended December 31, 2021, the Group had non-cash right-of-use (d) During the year ended December 31, 2021, the Group entered into finance lease arrangements in respect of property, plant and equipment with a total capital value at the inception of the leases of RMB475,000 (2020: RMB4,396,000) (Note 24). |
Standards Issued But Not Yet ef
Standards Issued But Not Yet effective | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of expected impact of initial application of new standards or interpretations [abstract] | |
Standards issued but not yet effective | 28. Standards issued but not yet effective The new and amended standards that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these new and amended standards, if applicable, when they become effective. Amendments to IFRS 3 Reference to the Conceptual Framework 1 Amendments to IFRS 10 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 3 IFRS 17 Insurance Contracts 2 Amendments to IFRS 17 Insurance Contracts 2,4 Amendment to IFRS 17 Initial Application of IFRS 17 and IFRS 9 – Comparative Information 2 Amendments to IAS 1 Classification of Liabilities as Current or Non-current 2 Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies 2 Amendments to IAS 8 Definition of Accounting Estimates 2 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction 2 Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use 1 Amendments to IAS 37 Onerous Contracts - Cost of Fulfilling a Contract 1 Annual Improvements to IFRSs 2018-2020 Amendments to IFRS 1, IFRS 9, Illustrative Examples accompanying 1 1. Effective for annual periods beginning on or after 1 January 2022 2. Effective for annual periods beginning on or after 1 January 2023 3. No mandatory effective date yet determined but available for adoption 4. As a consequence of the amendments to IFRS 17 issued in October 2020, the effective date of IFRS 17 was deferred to 1 January 2023, and IFRS 4 was amended to extend the temporary exemption that permits insurers to apply IAS 39 rather than IFRS 9 for annual periods beginning before 1 January 2023. The adoption of the above new and amended standards and interpretations are not expected to have a material impact on the Group’s financial statements. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-based payments | 29. Share-based Share Option Agreement In October 2019, the Group entered into an agreement with a financial consultant (“Share Option Agreement”), pursuant to which share options of the Company are granted to the financial consultant in respect of his services to the Group in the forthcoming years. The maximum number of share options granted under the Share Option Agreement to the financial consultant is 3% of the total number of ordinary shares of the Company on the Listing Dates (as defined below). The exercise price of the share options is the offer price of the underlying shares of the Company issued in the final financing arrangement prior to the Company’s IPO. The share options can only be vested if (i) the financial consultant becomes an employee of the Group prior to the date of successful listing of the Company’s shares through the IPO (the “Listing Date”); and (ii) there is the successful listing of the Company’s shares through the IPO (“IPO Performance Condition”); and (iii) the financial consultant remains as an employee of the Group over the vesting period as specified in the Share Option Agreement. All share options will be vested over 24 months after the Listing Date. Unexercised portion will be forfeited after 48 months after Listing Date. There are caps for share options to be exercised in the periods as specified below: Vesting period of the relevant percentage of the options Cap of options exercisable After 6 months since the Listing Date 1% of the total shares After 12 months since the Listing Date 2% of the total shares After 18 months since the Listing Date 2.5% of the total shares After 24 months since the Listing Date 3% of the total shares There are no cash settlement alternatives. The Group does not have a past practice of cash settlement for these share options. The Group accounts for the share options granted under the Share Option Agreement as equity-settled share-based In April 2020, the financial consultant was appointed as the Chief Financial Officer of the Group. The share options granted under the Share Option Agreement remain effective and the terms of the share options remain unchanged, except that the exercise price of the share options is now the higher of US$7.5 million and the offer price of the underlying shares the Company issued in its last round of financing prior to the Company’s IPO. (a) The fair value of equity-settled share options granted during the year ended December 31, 2020, was estimated as at the date of grant using a binomial model, taking into account the terms and conditions upon which the options were granted. The following table lists the inputs to the model used: Assumptions Inputs Dividend yield (%) 0 % Expected volatility (%) (note) 49 % Risk-free interest rate (%) 0.36 % Suboptimal factor 2.5 Forfeiture rate 0 % Option life (years) 4.78 Share price (US$ per share) 8.67 Note: Expected volatility is determined by reference to a peer group of publicly (b) The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year: 2021 WAEP US$ 2021 Number 2020 WAEP US$ 2020 Number At January 1 8.46 887,002 8.46 887,002 Granted during the year — — — — Forfeited during the year — — — — Exercised during the year — — — — Expired during the year — — — — At December 31 8.46 887,002 8.46 887,002 (c) The exercise prices and exercise periods of the share options outstanding as at the end of the reporting period are as follows: 2021 2020 Exercise period Number of options Number of options Exercise price US$ July 12, 2021 – January 12, 2025 295,667 295,667 8.46 January 12, 2022 – January 12, 2025 295,667 295,667 8.46 July 12, 2022 – January 12, 2025 147,834 147,834 8.46 January 12, 2023 – January 12, 2025 147,834 147,834 8.46 887,002 887,002 2020 ESOP Plan The Group adopted an equity incentive plan (the “2020 ESOP Plan”) for grants of share options and restricted shares of the Company’s ordinary shares to directors, officers and employees of the Company and its subsidiaries. In October, 2020, the Group’s board of directors approved the 2020 ESOP Plan. The maximum aggregate number of Class A ordinary shares that may be issued pursuant to all awards under the 2020 ESOP Plan shall be 1,227,000. The 2020 ESOP Plan lapses on the tenth anniversary of the grant date. 1,125,334 share options and 101,666 Class A restricted shares were granted under the 2020 ESOP Plan, at an exercise price of US$0.01 per share. 50%, 30%, 10% and 10% of the share options and restricted shares will vest on October 1, 2021, October 1, 2022, October 1, 2023 and October 1, 2024, respectively, on the condition that (i) directors, officers, employees and consultants of the Company remain in service; and (ii) the Company completes its initial public offering within 12 months after the adoption of the 2020 ESOP Plan by the board of the directors. (a) The fair value of equity-settled share options and restricted shares granted during the year ended December 31, 2020, was estimated as at the date of grant using a binomial model, taking into account the terms and conditions upon which the options were granted. The following table lists the inputs to the model used: Assumptions Inputs Dividend yield (%) 0 % Expected volatility (%) (note) 50 % Risk-free interest rate (%) 0.88 % Suboptimal factor 1.0 - 2.5 Forfeiture rate 0 % Option life (years) 10 Share price (US$ per share) 9.03 Note: Expected volatility is determined by reference to a peer group of publicly traded companies. No other feature of the options granted was incorporated into the measurement of fair value. (b) The following share options and restricted shares were outstanding under the 2020 ESOP Plan during the year: 2021 WAEP US$ 2021 Number of options 2021 Number of restricted shares 2020 WAEP 2020 Number of options 2020 Number of restricted shares At January 1, 2021 0.01 1,125,334 101,666 0.01 1,125,334 101,666 Granted during the year — — — — — — Forfeited during the year — — — — — — Exercised during the year — — — — — — Expired during the year — — — — — — At December 31, 2021 0.01 1,125,334 101,666 0.01 1,125,334 101,666 (c) The exercise prices and exercise periods of the share options and restricted shares outstanding as at the end of the reporting period are as follows: Exercise period 2021 Number of options 2021 Number of restricted shares 2020 Number of options 2020 Number of restricted shares Exercise price US$ October 1, 2021 – October 30, 2030 562,666 50,832 562,666 50,832 0.01 October 1, 2022 – October 30, 2030 337,600 30,500 337,600 30,500 0.01 October 1, 2023 – October 30, 2030 112,534 10,167 112,534 10,167 0.01 October 1, 2024 – October 30, 2030 112,534 10,167 112,534 10,167 0.01 1,125,334 101,666 1,125,334 101,666 The fair values of the share options and restricted shares granted under the Share Option Agreement and 2020 ESOP Plan in 2020 were US$3,182,000 and US$10,950,000, respectively, of which the Group recognised a share-based payment expense of RMB53,933,000 (equivalent to appro xim ate approximately At the end of the reporting period, the Company had 2,012,336 and 101,666 share options and Class A restricted shares outstanding, respectively. If the outstanding share options and restricted shares wer e exercised in full, an additional 2,114,002 Class A |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Commitments [Abstract] | |
Commitments | 30. Commitments The Group had the following purchase commitments at the end of the reporting period which are not yet reflected in the financial statements. December 31, 2021 December 31, 2020 RMB’000 RMB’000 Intangible assets 5,000 25,025 Smart musical instruments 6,091 1,028 11,091 26,053 |
Events After the Reporting Peri
Events After the Reporting Period | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the reporting period | 31. Events after the reporting period Subsequent to the year end, in January 2022, the Company acquired Beijing Successor Teaching Equipment Co., Ltd (“Beijing Successor”) at a consideration of a total R MB 12.5 million, including both cash consideration and contingent equity consideration depending on future performance achieved by the acquiree. Since the acquisition of Beijing Successor was completed shortly before the date of approval of these financial statements, it is not practicable to disclose further details relating to the acquisition. In February 2022, the Company entered into an agreement for a strategic investment in KOLO, which aims to utilise blockchain technology and NFT applications to drive innovation in the classical music industry, increase the monetisation of classical music digital assets, build a digital economy for musicians, provide value to users, and foster mutually-beneficial partnerships among industry participants |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of preparation | 2.1 Basis of preparation The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements of the Company were authorised for issue in accordance with a resolution of the directors passed on May 2, 2022. The consolidated financial statements are prepared on a going concern basis. The consolidated financial statements are prepared on a historical cost basis, except for equity investment at fair value through profit or loss (“FVTPL”) that has been measured at fair value. The consolidated financial statements are presented in Renminbi |
Basis of consolidation | 2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries (collectively referred to as the “Group”) as at December 31, 2021 and 2020. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: • Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee • The ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement(s) with the other vote holders of the investee • Rights arising from other contractual arrangements • The Group’s voting rights and potential voting rights The Group re-assesses Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the parent of the Group and to the non-controlling non-controlling intra-group A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling |
Business combinations and goodwill | a) Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at the acquisition date fair value, and the amount of any non-controlling non-controlling Acquisition-related The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments a) Business combinations and goodwill (continued) Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling re-assesses After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating Where goodwill is allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the operation disposed of and the portion of the CGU retained. |
Investment in a joint venture | b) Investment in a joint venture A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group’s investment in a joint venture is accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group’s share of net assets of joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment separately. b) Investment in a joint venture (continued) The consolidated statement of profit or loss and other comprehensive income reflects the Group’s share of the results of operations of the joint venture. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The aggregate of the Group’s share of profit or loss of a joint venture is shown on the face of the consolidated statement of profit or loss and other comprehensive income outside operating profit and represents profit or loss after tax and non-controlling The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognises the loss within ‘Share of profit/(loss) of a joint venture’ in the consolidated statement of profit or loss and other comprehensive income. Upon loss of joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss. |
Current versus non-current classification | c) Current versus non-current The Group presents assets and liabilities in the statement of financial position based on current/non-current • Expected to be realised or intended to be sold or consumed in the normal operating cycle • Held primarily for the purpose of trading • Expected to be realised within twelve months after the reporting period or • Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when: • It is expected to be settled in the normal operating cycle • It is held primarily for the purpose of trading • It is due to be settled within twelve or • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current |
Revenue from contracts with customers | d) Revenue from contracts with customers Revenue from contracts with customers is recognised when control of the services or goods are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services or goods. Revenue is recognised net of value added taxes (“VAT”) as the VAT is levied on the customer and the Group is collecting VAT on behalf of third parties. The Group does not adjust the transaction price for the effects of a significant financing component if the period between when the entity transfers the promised good or service and when the customer pays for that good or service is within one year. The revenue arrangements with a significant financing component are immaterial for the reporting periods. The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided in Note 3. The Group is in the business of distributing commercial copyrights, provision of music education solutions, sales of musical instruments and provision of services related to music events and performances. Subscription revenue Subscription revenue is generated from the sale of smart music devices and providing customers with the right to access the Group’s and third-party (i) Subscription revenue - music content database services The Group provides web-based mobile-based (e.g. 24-hour short-term (ii) Subscription revenue - third-party The Group acts as an agent for database owners which provide database services to colleges and public libraries. The Group recognises revenue at the net amount that is retained from these arrangements. The performance obligation is satisfied when the Group has sold the database services and the payment is generally due in 7 to 365 days after the database owners begin to provide database access to the customers. (iii) Subscription revenue - sale of smart musical instruments The Group sells hardware with embedded content and revenue is recognised upon delivery of the instruments Licensing Licensing revenue is generated by licensing certain music copyrights to internet music service providers for digital streaming or downloading through their online platforms. Licensing customers also include, to a much lesser extent, digital music service providers, smart hardware manufacturers and game developers. The licensing business mainly includes two types of contracts: (i) licensing with fixed payment; and (ii) licensing with a minimum guarantee and a revenue-sharing (i) Licensing - with a fixed payment The Group licenses specific music content to the customers. Revenue is recognised when the licensed copyright is made available for the customer’s use and benefit, typically upon transfer of the licensed content to the customer. Payment is generally due within 90 to 365 days from the transfer. (ii) Licensing - with a minimum guarantee and a revenue-sharing For these arrangements, the Group typically: (i) licenses a specific listing of music content; and (ii) licenses future music content on an if-and-when-available revenue-sharing The minimum guarantee is generally due in 7 to 365 days from delivery of the existing music content, and the royalties from the revenue-sharing Smart music learning business The Group has two business models for its smart music learning business: sale of smart music products and smart music learning classes. (i) Sale of smart music products Revenue from the sale of smart music products includes the sale of: (i) integrated Kukey smart pianos; (ii) a self-developed around-ear (ii) Smart music learning The Group provides music education classes conducted through Kukey smart pianos. The performance obligation is satisfied overtime as the student attends the music education class and customers have generally prepaid for the smart music learning services. Music events and performances (i) Music festival events services The Group executes music festival events for the organisers. The Group also provides related sponsorship services to the patrons who sponsor these music festivals. The sponsorship services may include placement of advertisements in the music festivals and organising pre-concert The Group recognises revenue from services related to music festival events over time as the music festival takes place and recognises sponsorship service revenue over time when such services are provided to the patrons because the customer simultaneously receives and consumes the benefits provided by the Group. (ii) Music performance services The Group executes music performance activities for the organisers. The Group recognises revenue from music performance services over time as the music performance takes place because the customer simultaneously receives and consumes the benefits provided by the Group. (iii) Sale of smart playback devices The Group sells hardware with embedded content and revenue is recognised upon delivery of the instruments. The payment is generally due within 1 year from delivery. Cost to obtain a contract The Group applies the optional practical expedient to immediately expense costs to obtain a contract if the amortisation period of the asset that would have been recognised is one year or less. Otherwise, the contract costs are capitalised and amortised on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the contract costs related. Contract balances Trade receivables A receivable is recognised if an amount of consideration that is unconditional is due from the customer (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in section l) Financial instruments—initial recognition and subsequent measurement. Contract liabilities A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer). Variable consideration The licensing with a minimum guarantee and revenue-sharing revenue-sharing revenue-sharing The revenue-sharing usage-based |
Government grants | e) Government grants Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset. When the Group receives grants of non-monetary |
Taxes | f) Taxes Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Current income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: • When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss • In respect of taxable temporary differences associated with investments in subsidiaries and a joint venture, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future Deferred tax assets are recognised for all deductible temporary differences, and the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: • When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss • In respect of deductible temporary differences associated with investments in subsidiaries and a joint venture, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed In assessing the recoverability of deferred tax assets, the Group relies on the same forecast assumptions used elsewhere in the financial statements and in other management reports. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognised subsequently if new information about facts and circumstances change. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognised in profit or loss. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Sales tax Expenses and assets are recognised net of the amount of sales tax, except: • When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item, as applicable. • When receivables and payables are stated with the amount of sales tax included, the net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. |
Foreign currencies | g) Foreign currencies The Group’s consolidated financial statements are presented in RMB, which is also the parent company’s functional currency. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation and the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. i) Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognised in profit or loss with the exception of monetary items that are designated as part of the hedge of the Group’s net investment in a foreign operation. These are recognised in OCI until the net investment is disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recognised in OCI. Non-monetary In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary non-monetary non-monetary non-monetary ii) Group companies On consolidation, the assets and liabilities of foreign operations are translated into RMB at the rate of exchange prevailing at the reporting date and their profit or loss is translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date. |
Property, plant and equipment | h) Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the plant and equipment. When significant parts of plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Depreciation is calculated on a straight-line • Leasehold improvements Over the lease terms • Music education equipment 5 years • Furniture and fixtures 3 to 4 years • Office equipment 3 to 5 years An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss when the asset is derecognised. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. |
Leases | i) Leases The Group assesses at contract inception whether a contract is, or contains, a lease, that is, whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value right-of-use i) Right-of-use The Group recognises right-of-use Right-of-use right-of-use Right-of-use straight-line If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use non-financial ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, similar security, the funds necessary to obtain an asset of a similar value to the right-of-use iii) Short-term leases and leases of low-value The Group applies the short-term lease recognition exemption to its short-term leases of warehouses (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the recognition exemption for leases of low-value low-value Group as a lessor A lease is classified as a finance lease if the Group transfers substantially all the risks and rewards incidental to ownership of an asset. Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. For subleases, the Group, as the intermediate lessor, classifies the sublease by reference to the right-of-use For subleases classified as finance leases, the Group derecognises the right-of-use right-of-use |
Borrowing costs | j) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. |
Intangible assets | k) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category that is consistent with the function of the intangible assets. An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss. Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: • The technical feasibility of completing the intangible asset so that the asset will be available for use or sale • Its intention to complete and its ability and intention to use or sell the asset • How the asset will generate future economic benefits • The availability of resources to complete the asset • The ability to measure reliably the expenditure during development Research and development costs (continued) Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. Amortisation is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. Software Software is stated at cost less any impairment losses and is amortised on the straight-line Copyrights Copyrights are stated at cost less any impairment losses and are amortised on the straight-line |
Financial instruments | l) Financial instruments—initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. i) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price as disclosed in section (d) Revenue from contracts with customers. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are “solely payments of principal and interest (SPPI)” on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows while financial assets classified and measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual cash flows and selling. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in two categories: • Financial assets at amortised cost (debt instruments) • Financial assets at fair value through profit or loss Financial assets at amortised cost (debt instruments) Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in profit or loss. This category includes an unlisted equity investment which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on the equity investment are credited to profit or loss when the right of payment has been established. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated statement of financial position) when: • The rights to receive cash flows from the asset have expired or • The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Impairment Further disclosures relating to impairment of financial assets are also provided in the following notes: • Disclosures of significant accounting judgements, estimates and assumptions Note 3 • Trade receivables Note 16 • Prepayments, other receivables and other assets Note 17 • Related party disclosures Note 26 The Group recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. General approach ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial assets at amortised cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for trade receivables which apply the simplified approach as detailed below. Stage 1—Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month Stage 2—Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired Stage 3—Financial assets that are credit-impaired credit-impaired) Simplified approach For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking ii) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in one category: • Financial liabilities at amortised cost (loans and borrowings) Financial liabilities at amortised cost (loans and borrowings) After initial recognition, interest-bearing Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is recognised in profit or loss. This category generally applies to interest-bearing Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss. iii) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. |
Inventories | m) Inventories All inventories are finished goods. Inventories are valued at the lower of cost (determined on a first-in, first-out slow-moving |
Impairment of non-financial assets | n) Impairment of non-financial Further disclosures relating to impairment of non-financial • Disclosures for significant accounting judgements, estimates and assumptions Note 3 • Property, plant and equipment Note 12 • Intangible assets Note 13 • Goodwill Note 14 The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term Impairment losses are recognised in profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor does it exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss. Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. |
Cash and cash equivalents | o) Cash and cash equivalents Cash and cash equivalents in the consolidated statement of financial position comprise cash at banks and on hand and short-term For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term |
Provisions | p) Provisions General Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in profit or loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax Warranty provisions The Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related to these assurance-type warranty-related Onerous contracts If the Group has a contract that is onerous, the present obligation under the contract is recognised and measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognises any impairment loss that has occurred on assets dedicated to that contract. An onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract (i.e., both incremental costs and an allocation of costs directly related to contract activities). |
Pensions and other post-employment benefits | q) Pensions and other post-employment Full time employees of the Group in the PRC participate in a government mandated multi-employer |
Share-based payments | r) Share-based Employees (including senior executives) and consultants of the Group receive remuneration in the form of share-based (equity-settled Equity-settled The cost of equity-settled That cost is recognised in administrative expenses, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled Service and non-market non-vesting Non-vesting No expense is recognised for awards that do not ultimately vest because non-market non-vesting non-vesting When the terms of an equity-settled share-based The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share. |
Related parties | s) Related parties A party is considered to be related to the Group if: (a) the party is a person or a close member of that person’s family and that person (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or of a parent of the Group; or (b) the party is an entity where any of the following conditions applies: (i) the entity and the Group are members of the same group; (ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity); (iii) the entity and the Group are joint ventures of the same third party; (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity; (v) the entity is a post-employment (vi) the entity is controlled or jointly controlled by a person identified in (a); (vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and (viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group. |
Fair value measurement | t) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability or • In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1—Quoted (unadjusted) market prices in active markets for identical assets or liabilities • Level 2—Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable • Level 3—Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above. |
Share capital | u) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Changes in accounting policies and disclosures | 2.4 Changes in accounting policies and disclosures The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2021. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Interest Rate Benchmark Reform – Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). The amendments include the following practical expedients: • A practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest • Permit changes required by the IBOR reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued • Provide temporary relief to entities from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component These amendments had no impact on the consolidated financial statements of the Group. The Group intends to use the practical expedients in future periods if they become applicable. Covid-19-Related Amendments to IFRS 16 On 28 May 2020, the IASB issued Covid-19-Related Covid-19 Covid-19 Covid-19 The amendment was intended to apply until 30 June 2021, but as the impact of the Covid-19 Covid-19-related the |
Treasury shares | v) Treasury shares Own equity instruments which are reacquired and held by the Company or the Group (treasury shares) are recognised directly in equity at cost. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments. |
Corporate and Group Information
Corporate and Group Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of General Information About Financial Statements [Line Items] | |
Schedule of Direct or Indirect Interests in Subsidiaries | As at the date of these consolidated financial statements, the Company had direct or indirect interests in the subsidiaries as set out below, all of which are private entities with limited liability. All companies now comprising the Group have adopted December 31 as their financial year-end date. Percentage of ownership/interest/ voting rights Name Place and date of incorporation/ establishment Directly Indirectly Issued and fully paid ordinary share capital/ registered capital Principal activities Rococo Holding Limited (“Rococo”) British Virgin Islands (“BVI”), limited liability company September 21, 2017 100 % — United States Dollar (“US$”) 1 Investment holding Rosenkavalier Limited (“Rosenkavalier”) BVI, limited liability company October 2, 2019 100 % — US$100 Investment holding Gauguin Limited (“Gauguin”) Hong Kong, limited liability company October 6, 2017 — 100 % Hong Kong Dollar (“HK$”) 60,000,000 Investment holding Degas Limited (“Degas”) Hong Kong, limited liability company November 1, 2019 — 100 % HK$60,000,000 Investment holding Kuke Future International Technology (Beijing) Co., Ltd.* (“Kuke International”) PRC, limited liability company December 14, 2017 — 100 % US$10,000,000 Investment holding Beijing Lecheng Future Culture Media Co., Ltd.* (“Beijing Lecheng”) PRC, limited liability company November 28, 2019 — 100 % US$10,000,000 Investment holding Beijing Kuke Music Co. Ltd.* (formerly known as Beijing Cathay Orient Information Technology Company Limited) (“Beijing Kuke Music”) PRC, June 7, 2000, limited liability company, changed to joint stock limited liability company on February 16, 2016 — 100 % RMB16,213,275 Distribution of commercial copyrights and provision of music education solutions Beijing Naxos Cultural Communication Co. Ltd.* (“Naxos China”) PRC, limited liability company January 25, 2016 — 51 % RMB2,000,000 Distribution of commercial copyrights Beijing Music Festival Culture Communication Co., Ltd.* (“BMF Culture”) PRC, limited liability company August 26, 2003 — 100 % RMB19,500,000 Distribution of commercial copyrights, sale of musical instruments and provision of services related to music events and performances * The English names of these companies represent the best efforts made by the directors of the Company to translate their Chinese names as these companies do not have official English names. Percentage of ownership/interest/ voting rights Name Place and date of incorporation/ establishment Directly Indirectly Issued and fully paid ordinary share capital/ registered capital Principal activities Beijing Kuke Music Education Technology Co., Ltd.* (“Music Education”) PRC, limited liability company April 14, 2021 — 100 % RMB10,000,000 Investment holding Shanghai Kuke Fangyue Education Technology Center LLP* (“Kuke Fangyue”) PRC, limited partnership June 24, 2021 — 60 % — Dormant Shanghai Kuke Xingkong Cultural Media Center LLP* (“Kuke Xingkong”) PRC, limited partnership June 25, 2021 — 90 % — Dormant Shanghai Kuke Linhui Education Technology Center LLP* (“Kuke Linhui”) PRC, limited partnership July 6, 2021 — 90 % — Dormant Fuzhou Kuke Education Technology Co., PRC, limited liability company August 17, 2021 — 80 % RMB200,000 Dormant Tianjin Kuke Xingkong Education Consulting., Ltd. * PRC, limited liability company August 2, 2021 — 96 % RMB200,000 Dormant Shijiazhuang Kuke Linhui Education Technology Co., PRC, limited liability company July 22, 2021 — 96 % RMB400,000 Dormant |
Group | |
Disclosure Of General Information About Financial Statements [Line Items] | |
Schedule of Direct or Indirect Interests in Subsidiaries | Subsidiaries The consolidated financial statements of the Group include: % equity interest Name Principal activities Place of incorporation/registration December 31, 2021 December 31, 2020 Rococo Investment holding BVI 100 % 100 % Rosenkavalier Investment holding BVI 100 % 100 % Gauguin Investment holding Hong Kong 100 % 100 % Degas Investment holding Hong Kong 100 % 100 % Kuke International Investment holding PRC 100 % 100 % Beijing Lecheng Investment holding PRC 100 % 100 % Naxos China Distribution of commercia PRC 51 % 51 % Music Education Investment holding PRC 100 % — Kuke Fangyue Dormant PRC 60 % — Kuke Xingkong Dormant PRC 90 % — Kuke Linhui Dormant PRC 90 % — Fuzhou Kuke Dormant PRC 80 % — Tianjin Kuke Dormant PRC 96 % — Shijiazhuang Kuke Dormant PRC 96 % — VIEs of the Group include: % beneficial interest Name Principal activities Place of registration December 31, 2021 December 31, 2020 Beijing Kuke Music Distribution of commercia provision of music education PRC 100 % 100 % BMF Culture Distribution of commercia sale of musical instruments and provision of services related to PRC 100 % 100 % |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of Property, Plant and Equipment | Depreciation is calculated on a straight-line • Leasehold improvements Over the lease terms • Music education equipment 5 years • Furniture and fixtures 3 to 4 years • Office equipment 3 to 5 years |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [abstract] | |
Schedule of Disaggregation of Revenue from Contracts with Customers | Set out below is the disaggregation of the Group’s revenue from contracts with customers Subscription and licensing Smart Music events and Total RMB’000 RMB’000 RMB’000 RMB’000 Year ended December 31, 2021 Revenue from contracts with customers 100,454 118,061 77,382 295,897 Cost of sales (18,195 ) (43,548 ) (64,283 ) (126,026 ) Gross profit 82,259 74,513 13,099 169,871 Year ended December 31, 2020 Revenue from contracts with customers 76,583 58,784 27,514 162,881 Cost of sales (8,725 ) (17,319 ) (18,237 ) (44,281 ) Gross profit 67,858 41,465 9,277 118,600 Year ended December 31, 2019 Revenue from contracts with customers 81,901 64,153 — 146,054 Cost of sales (20,330 ) (12,013 ) — (32,343 ) Gross profit 61,571 52,140 — 113,711 2021 2020 2019 RMB’000 RMB’000 RMB’000 Geographical markets Southern China 160,354 82,481 55,597 Northern China 135,543 80,400 90,457 Total revenue from contracts with customers 295,897 162,881 146,054 Timing of revenue recognition Revenue recognised at a point in time 218,885 119,998 126,646 Revenue recognised over time 77,012 42,883 19,408 Total revenue from contracts with customers 295,897 162,881 146,054 |
Schedule of Amounts of Transaction Prices Allocated to Remaining Performance Obligations (Unsatisfied or Partially Unsatisfied) | The amounts of transaction prices allocated to the remaining performance 2021 2020 RMB’000 RMB’000 Amounts expected to be recognised as revenue: Within 1 year 1,778 1,215 After 1 year 1,163 499 2,941 1,714 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Schedule of Segment Information | Subscription, licensing and For the years ended December 31, Music events and For the years ended December 31, Total For the years ended December 31, 2021 2020 2019 2021 2020 2019 2021 2020 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment revenue: Sales to external customers 218,515 135,367 146,054 77,382 27,514 — 295,897 162,881 146,054 Segment results: The Group 27,749 25,936 70,418 1,426 2,244 — 29,175 28,180 70,418 Share of loss of a joint venture ^ — — — (491 ) (9 ) — (491 ) (9 ) — 27,749 25,936 70,418 935 2,235 — 28,684 28,171 70,418 Reconciliation: Finance income 79 1,621 258 Foreign exchange differences, net (1,032 ) 361 1,173 Other unallocated gains — 8 — Corporate and other unallocated expenses (79,711 ) (34,209 ) (3,357 ) Non-lease (6,602 ) (7,544 ) (2,629 ) (Loss)/profit before tax (58,582 ) (11,592 ) 65,863 Other segment information Depreciation of property, plant and equipment 10,385 2,001 1,251 324 256 — 10,709 2,257 1,251 Depreciation of right-of-use 3,143 3,383 1,618 996 1,097 — 4,139 4,480 1,618 Amortisation of intangible assets 8,422 5,366 3,762 — — — 8,422 5,366 3,762 Impairment losses on financial assets, net 18,498 34,177 3,088 2,155 1,063 — 20,653 35,240 3,088 ^ The Group has discontinued recognition of its share of loss of a joint venture and the unrecognised December Subscription, licensing and smart music business Music events and Total As at December 31, As at December 31, As at December 31, 2021 2020 2021 2020 2021 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Restated) (Restated) (Restated) Segment assets 797,424 595,503 251,987 246,773 1,049,411 842,276 Reconciliation: Corporate and other unallocated assets 59,888 35,077 1,109,299 877,353 Segment liabilities 102,110 126,604 12,680 1,854 114,790 128,458 Reconciliation: Corporate and other unallocated liabilities 52,850 87,726 167,640 216,184 Other segment information Investment in a joint venture — — — 491 — 491 Capital expenditure* 295,473 158,755 — 769 295,473 159,524 * Capital expenditure consists of additions of property, plant and equipment, intangible assets, right-of-use and non-current |
Schedule of Revenue from Major Customers | Revenue from major customers of the Group which individually accounted for 10% or more of the Group’s revenue was derived from the subscription, licensing and smart music learning business segment. The respective revenue generated by these customers for each reporting period is set out below: 2021 2020 2019 RMB’000 RMB’000 RMB’000 Customer 1 60,226 22,146 N/A * Customer 2 46,358 18,868 N/A * * The corresponding revenue from these customers is not disclosed as it individually did not contribute 10% or more to the Group’s revenue at |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Capital Management [Abstract] | |
Summary of Group Capital Management | December 31, 2021 December 31, 2020 RMB’000 RMB’000 Interest-bearing loans and borrowings (Note 23) 47,539 60,000 Lease liabilities (Note 24) 3,279 17,490 Trade payables (Note 21) 30,514 27,310 Other payables and accruals (Note 25) 58,178 67,121 Amount due to a related party (Note 26) — 7,177 Amount due to a shareholder (Note 26) 325 325 Cash and cash equivalents (Note 19) (59,045 ) (25,719 ) Net debt 80,790 153,704 Equity attributable to equity holders of the parent 936,638 656,101 Total equity attributable to equity holders of the parent and net debt 1,017,428 809,805 Gearing ratio 8 % 19 % |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about business combination [abstract] | |
Schedule of Fair Values of Identifiable Assets and Liabilities as at Date of Acquisition | The fair values of the identifiable assets and liabilities of Rosenkavalier Group acquired as at the date of acquisition were as follows: Fair value recognised on acquisition RMB’000 Cash and cash equivalents 1,073 Property, plant and equipment (Note 12) 769 Right-of-use 2,988 Trade receivables 9,671 Prepayments, other receivables and other assets 12,151 Inventories 2 Identifiable intangible assets (Note 13) 26,000 Deferred tax assets 537 Deferred tax liabilities (1,472 ) Trade payables (188 ) Due to related parties (1,261 ) Lease liabilities (2,988 ) Other payables and accruals (507 ) Total identifiable net assets at fair value 46,775 Goodwill arising on acquisition 237,225 Purchase consideration 284,000 Satisfied by: Issuance of ordinary shares 284,000 Analysis of cash flows on acquisition: Net cash inflows and cash acquired (including in net cash 1,073 |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Profit or loss [abstract] | |
Summary of Other Income, Net | 9.1.1 Other income, net 2021 2020 2019 RMB’000 RMB’000 RMB’000 Government grants* 3,963 1,218 1,054 Covid-19-related — 778 — Foreign exchange differences, net (1,032 ) 361 1,173 Additional deduction of VAT 502 1,864 684 Bad debt recovery 5,201 — 200 Others 66 164 719 Total other income, net 8,700 4,385 3,830 |
Summary of Finance Costs | 9.2 Finance costs 2021 2020 2019 RMB’000 RMB’000 RMB’000 Interest on loans and borrowings 6,602 7,544 2,629 Interest on lease liabilities 1,082 2,561 613 Total finance costs 7,684 10,105 3,242 |
Summary of Finance Income | 9.3 Finance income 2021 2020 2019 RMB’000 RMB’000 RMB’000 Bank interest income 34 45 155 Interest income on loans receivable — 1,527 — Interest income on net investments in subleases 45 49 103 Total finance income 79 1,621 258 |
Summary of Depreciation, Amortisation and Costs of Inventories | 9.4 Depreciation, amortisation and costs of inventories 2021 2020 2019 RMB’000 RMB’000 RMB’000 Included in cost of sales: Depreciation of property, plant and equipment 9,709 1,448 233 Depreciation of right-of-use 696 1,955 66 Amortisation of intangible assets 8,271 5,326 3,720 Costs of inventories recognised as an expense 18,782 11,489 12,465 Included in selling expenses: Depreciation of right-of-use 821 516 489 Included in administrative expenses: Depreciation of property, plant and equipment 1,000 809 1,018 Depreciation of right-of-use 2,622 2,009 1,063 Amortisation of intangible assets 151 40 42 |
Summary of Wages and Salaries and Pension Scheme Contributions | 9.6 Wages and salaries and pension scheme contributions 2021 2020 2019 RMB’000 RMB’000 RMB’000 Wages and salaries 41,473 29,798 19,245 Equity-settled share-based payment expenses 53,933 19,416 — Pension scheme contributions 3,485 129 3,053 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Summary of Components of Income Tax Expense | The major components of income years Consolidated profit or loss 2021 2020 2019 RMB’000 RMB’000 RMB’000 Current income tax: Current income tax charge 1,783 10,143 9,174 Overprovision in prior years (1,899 ) (1,912 ) — Deferred tax 1,151 (4,609 ) (73 ) Income tax expense reported in profit or loss 1,035 3,622 9,101 |
Summary of Reconciliation of Tax Expense and Accounting Profit | Reconciliation of tax expense and the accounting profit/(loss) multiplied by China’s domestic tax rate of 25% for 2021, 2020 and 2019: 2021 2020 2019 RMB’000 RMB’000 RMB’000 Accounting (loss)/profit before tax (58,582 ) (11,592 ) 65,863 At China’s statutory income tax rate (14,645 ) (2,898 ) 16,466 Effect of lower tax rate (Note) 16,922 8,691 (6,460 ) Loss attributable to a joint venture 123 2 — Non-deductible 824 1,718 31 Super deductions (2,406 ) (2,086 ) (1,028 ) Adjustments in respect of current tax of previous periods (1,899 ) (1,912 ) — Unrecognised tax losses 2,116 107 92 At the effective income tax rate of -2% (2020: -31%; 1,035 3,622 9,101 Income tax expense reported in profit or loss 1,035 3,622 9,101 Note: The amount represented (i) a reduced enterprise income tax rate of 15% and certain other preferential tax benefits available to a qualified HNTE under PRC tax laws and regulations entitled by Beijing Kuke Music and (ii) the effects of different tax rates in relation to other jurisdictions. |
Summary of Deferred Tax | Deferred tax Reconciliation of deferred tax assets and liabilities: December 31, 2021 December 31, 2020 RMB’000 RMB’000 Deferred tax assets 7,736 8,917 Deferred tax liabilities (1,417 ) (1,447 ) Net deferred tax 6,319 7,470 |
Summary of Reconciliation of Deferred Tax Assets and Liabilities | January 1, 2020 Acquisition from business combinations Credited/ (charged) to profit or loss December 31, 2020 RMB’000 RMB’000 RMB’000 RMB’000 Leases 8 77 10 95 Expected credit losses on debt financial assets 2,386 55 3,941 6,382 Trade payables, accrual and provisions 1,402 — 1,038 2,440 Tax losses — 405 (405 ) — Fair value adjustment arising from business combinations — (1,472 ) 25 (1,447 ) Total 3,796 (935 ) 4,609 7,470 January 1, 2021 Acquisition from business combinations Credited/ (charged) to profit or loss December 31, 2021 RMB’000 RMB’000 RMB’000 RMB’000 Leases 95 — 61 156 Expected credit losses on debt financial assets 6,382 — (1,314 ) 5,068 Trade payables, accrual and provisions 2,440 — 72 2,512 Fair value adjustment arising from business combinations (1,447 ) — 30 (1,417 ) Total 7,470 — (1,151 ) 6,319 |
(Loss)_Earnings per Share (Tabl
(Loss)/Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Schedule of Income and Share Data Used in Basic and Diluted (Loss)/Earnings Per Share | The following table reflects the income/(loss) and 2021 2020 2019 RMB’000 RMB’000 RMB’000 (Loss)/profit attributable to ordinary equity holders of the parent for basic and diluted (loss)/earnings per share calculations – Class A ordinary shares (42,792 ) (10,642 ) 30,593 – Class B ordinary shares (16,778 ) (5,781 ) 25,513 2021 2020 2019 Weighted average number of ordinary shares in issue during the year for basic and diluted (loss)/earnings per share calculations – Class A ordinary shares 21,121,241 15,244,686 9,929,929 – Class B ordinary shares 8,281,098 8,281,098 8,281,098 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | Leasehold improvements Music education equipment Furniture and fixtures Office equipment Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost At January 1, 2020 3,638 2,793 232 685 7,348 Acquisition from business combinations (Note 8) 498 — 103 168 769 Additions — 15,440 — 68 15,508 Disposals — (7 ) — (42 ) (49 ) At December 31, 2020 4,136 18,226 335 879 23,576 Additions 425 53,830 6 166 54,427 Disposals — (1,859 ) — (15 ) (1,874 ) At December 31, 2021 4,561 70,197 341 1,030 76,129 Accumulated depreciation At January 1, 2020 (2,227 ) (294 ) (114 ) (594 ) (3,229 ) Depreciation charge for the year (631 ) (1,464 ) (65 ) (97 ) (2,257 ) Disposals — 6 — 39 45 At December 31, 2020 (2,858 ) (1,752 ) (179 ) (652 ) (5,441 ) Depreciation charge for the year (804 ) (9,710 ) (72 ) (123 ) (10,709 ) Disposals — 462 — 2 464 At December 31, 2021 (3,662 ) (11,000 ) (251 ) (773 ) (15,686 ) Net carrying amount At December 31, 2021 899 59,197 90 257 60,443 At December 31, 2020 1,278 16,474 156 227 18,135 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Detailed Information About Intangible Assets | Software Copyrights Total RMB’000 RMB’000 RMB’000 Cost At January 1, 2020 391 176,901 177,292 Acquisition from business combinations (Note 8) — 26,000 26,000 Additions - acquired separately — 73,962 73,962 At December 31, 2020 391 276,863 277,254 Additions - acquired separately 64 237,557 237,621 At December 31, 2021 455 514,420 514,875 Accumulated amortisation At January 1, 2020 (339 ) (8,448 ) (8,787 ) Charge for the year (40 ) (5,326 ) (5,366 ) At December 31, 2020 (379 ) (13,774 ) (14,153 ) Charge for the year (30 ) (8,392 ) (8,422 ) At December 31, 2021 (409 ) (22,166 ) (22,575 ) Net carrying amount At December 31, 2021 46 492,254 492,300 At December 31, 2020 12 263,089 263,101 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reconciliation of changes in goodwill [abstract] | |
Summary of Goodwill | Subscription, licensing and smart music business Music events business Total RMB’000 RMB’000 RMB’000 Cost and net carrying amount at January 1, 2020 — — — Acquisition from business combinations (Note 8) 1,610 235,615 237,225 Cost and net carrying amount at December 31, 2020, January 1, 2021, and December 31, 2021 1,610 235,615 237,225 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Classes of current inventories [abstract] | |
Schedule of Inventories | December 31, 2021 December 31, 2020 RMB’000 RMB’000 Finished goods 7,307 950 |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade Receivables [Abstract] | |
Schedule of Trade Receivables | December 31, 2021 December 31, 2020 RMB’000 RMB’000 Trade receivables Receivables from third-party customers 116,776 192,540 Allowance for ECLs (5,672 ) (10,818 ) Total trade receivables 111,104 181,722 |
Schedule of Allowance for ECLs | The movements in allowance for ECLs are as follows: 2021 2020 RMB’000 RMB’000 At the beginning of the year (10,818 ) (3,346 ) Impairment losses, net (18,653 ) (34,983 ) Amount written off as uncollectible 23,799 27,511 At the end of the year (5,672 ) (10,818 ) |
Prepayments, Other Receivable_2
Prepayments, Other Receivables and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Prepayments Other Receivables And Other Assets [Abstract] | |
Schedule of Prepayments, Other Receivables and Other Assets | December 31, 2021 December 31, 2020 RMB’000 RMB’000 Non-current Prepayments 213 — Deposits 94,858 95,328 Other receivables 146 48 Total 95,217 95,376 Current Prepayments 29,368 22,146 Deposits 244 89 Loan receivable — 3,000 Other receivables 4,489 3,288 Total 34,101 28,523 |
Schedule of Allowance for ECLs | The movements in allowance for ECLs are as follows: 2021 2020 RMB’000 RMB’000 At the beginning of the year — (806 ) Impairment losses, net — * (257 ) Amount written off as uncollectible — 1,063 At the end of the year — * — * * Less than RMB 1,000 |
Financial Assets and Financia_2
Financial Assets and Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Financial Assets | 18.1 Financial assets December 31, 2021 December 31, 2020 RMB’000 RMB’000 Financial assets at FVTPL Non-current Equity investment at FVTPL 1,000 — Total non-current 1,000 — Total financial assets at FVTPL 1,000 — Financial assets at amortised cost Current Trade receivables (Note 16) 111,104 181,722 Financial assets included in prepayments, other receivables and other assets 4,733 6,377 Net investments in subleases 355 211 Amounts due from related parties 306 1,763 Amounts due from shareholders 100 100 Cash and cash equivalents 59,045 25,719 Total current financial assets at amortised cost 175,643 215,892 Non-current Financial assets included in prepayments, other receivables and other assets 3,010 148 Net investments in subleases — 202 Total non-current 3,010 350 Total financial assets at amortised cost 178,653 216,242 Total financial assets 179,653 216,242 |
Schedule of Financial Liabilities | 18.2 Financial liabilities Lease liabilities and other financial liabilities at amortised cost, with carrying amounts December 31, 2021 December 31, 2020 RMB’000 RMB’000 Current Trade payables 30,514 27,310 Financial liabilities included in other payables and accruals 20,381 29,485 Amount due to a related party — 7,177 Amount due to a shareholder 325 325 Interest-bearing loans and borrowings 41,493 60,000 Lease liabilities 2,486 7,660 95,199 131,957 Non-current Interest-bearing loans and borrowings 6,046 — Lease liabilities 793 9,830 6,839 9,830 Total 102,038 141,787 |
Schedule of Quantitative Disclosures Of Financial Instruments IN The Fair Value Measurement Hierarchy | Quantitative disclosures of the Group’s financial instruments in the fair value measurement hierarchy as at December 31, 2021 Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 Financial asset for which fair value is disclosed: An unlisted investment measured at fair value through profit or loss — 1,000 — 1,000 |
Schedule of Foreign Currency Risk | The following tables demonstrate the sensitivity at the end of the reporting period to a reasonably possible change in the United States dollar (“US$”) and HK$ exchange rates, with all other variables held constant, of the Group’s profit/(loss) before tax. The impact on the Group’s profit/(loss) before tax is due to changes in the fair values of monetary assets and liabilities. The Group’s exposure to foreign currency risk for all other currencies is not material. For the year ended December 31, 2021 Change in exchange rate Effect on loss before tax RMB’000 US$ +5 % 1,606 -5 % (1,606 ) HK$ +5 % — -5 % — For the year ended December 31, 2020 Change in exchange rate Effect on loss before tax RMB’000 US$ +5 % (608 ) –5 % 608 HK$ +5 % — –5 % — For the year ended December 31, 2019 Change in exchange rate Effect on profit before tax RMB’000 US$ +5 % ( 1,302 ) –5 % 1,302 HK$ +5 % 1,672 –5 % (1,672 ) |
Schedule of Credit Quality and Maximum Exposure to Credit Risk | The tables below show the credit quality and the maximum exposure to credit risk based on the Group’s credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end As at December 31, 2021 12-month expected credit losses Lifetime expected credit losses Stage 1 Stage 2 Stage 3 Simplified approach Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade receivables — — — 116,776 116,776 Financial assets included in prepayments, other receivables and other assets —Normal* 7,743 — — — 7,743 Net investments in subleases—Normal* 355 — — — 355 Amounts due from related parties—Doubtful* 306 — 2,000 — 2,306 Amounts due from shareholders—Normal* 100 — — — 100 Cash and cash equivalents —not yet past due 59,045 — — — 59,045 67,549 — 2,000 116,776 186,325 As at December 31, 2020 12-month expected credit losses Lifetime expected credit losses Stage 1 Stage 2 Stage 3 Simplified approach Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade receivables — — — 192,540 192,540 Financial assets included in prepayments, other receivables and other assets —Normal* 6,525 — — — 6,525 Net investments in subleases—Normal* 413 — — — 413 Amounts due from related parties—Normal* 1,763 — — — 1,763 Amounts due from shareholders—Normal* 100 — — — 100 Cash and cash equivalents —not yet past due 25,719 — — — 25,719 34,520 — — 192,540 227,060 * The credit quality of the financial assets included in prepayments, other receivables and other assets, net investments in subleases, and amounts due from related parties and shareholders is considered to be “normal” when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise quality |
Information About Credit Risk Exposure on Group's Trade Receivables Using Provision Matrix | Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix: Days past due Current 1 - 90 days 91 - 180 Days Over 181 days Total December 31, 2021 Expected credit loss rate 2.80 % 3.30 % 7.66 % 16.47 % 4.86 % Gross carrying amount (RMB’000) 65,102 22,232 19,686 9,756 116,776 Expected credit loss (RMB’000) 1,824 733 1,508 1,607 5,672 Days past due Current 1 - 90 days 91 - 180 Days Over 181 days Total December 31, 2020 Expected credit loss rate 2.39 % 3.42 % 6.39 % 16.36 % 5.62 % Gross carrying amount (RMB’000) 95,140 30,351 34,680 32,369 192,540 Expected credit loss (RMB’000) 2,270 1,039 2,215 5,294 10,818 |
Maturity Profile of Groups Financial Liabilities at End of Reporting Period Based on Contractual Undiscounted Payments | The table below summarises the maturity profile of the Group’s financial liabilities as at the end of the reporting period based on the contractual undiscounted payments: On demand Less than 1 year Over 1 year Total RMB’000 RMB’000 RMB’000 RMB’000 As at December 31, 2021 Interest-bearing loans and borrowings 10,000 34,804 6,205 51,009 Lease liabilities — 2,571 811 3,382 Trade payables — 30,514 — 30,514 Due to a shareholder 325 — — 325 Other payables and accruals — 20,381 — 20,381 As at December 31, 2020 Interest-bearing loans and borrowings 10,000 54,306 — 64,306 Lease liabilities — 8,263 13,515 21,778 Trade payables — 27,310 — 27,310 Due to a shareholder 325 — — 325 Due to a related party — 7,177 — 7,177 Other payables and accruals — 29,485 — 29,485 Excessive risk concentration |
Schedule of Changes in Liabilities Arising from Financing Activities | Interest- bearing Lease Due to a Due to RMB’000 RMB’000 RMB’000 RMB’000 As at January 1, 2019 39,700 2,161 — — Changes from financing activities 15,300 (2,560 ) — — Additions — 14,499 — — Accretion of interest — 613 — — As at December 31, 2019 and January 1, 2020 55,000 14,713 — — Changes from financing activities 5,000 (4,688 ) — 7,177 Changes from operating activities — (778 ) — — Acquisition of a subsidiary — — 325 — Additions — 5,682 — — Accretion of interest — 2,561 — — As at December 31, 2020 and January 1, 2021 60,000 17,490 325 7,177 Changes from financing activities (12,461 ) (3,648 ) — (7,177 ) Lease termination — (14,379 ) — — Additions — 2,734 — — Accretion of interest — 1,082 — — As at December 31, 2021 47,539 3,279 325 — |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | December 31, 2021 December 31, 2020 RMB’000 RMB’000 Cash and cash equivalents 59,045 25,719 |
Trade Payables (Tables)
Trade Payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade Payables [Abstract] | |
Summary of Trade Payables | December 31, 2021 December 31, 2020 RMB’000 RMB’000 Trade payables 30,514 27,310 |
Contract Liabilities (Tables)
Contract Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Contract Liabilities [Abstract] | |
Schedule of Receipts in Advance from Customers | The balance represented the receipts in advance from customers. December 31, 2021 December 31, 2020 January 1, 2020 RMB’000 RMB’000 RMB’000 Deferred revenue Subscriptions and licensing 12,050 13,827 13,294 Smart music learning 11,784 11,074 3,191 Music events and performances 38 — — Total contract liabilities 23,872 24,901 16,485 Current 23,506 24,314 16,049 Non-current 366 587 436 |
Schedule of Amount of Revenue Recognised in Respective Reporting Periods that was Included in Contract Liabilities at Beginning of Reporting Period | 2021 2020 2019 RMB’000 RMB’000 RMB’000 Amounts of revenue recognised in the respective reporting period that was included in the contract liabilities at the beginning of the respective reporting period 20,821 13,874 12,395 |
Interest Bearing Loans and Bo_2
Interest Bearing Loans and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
Schedule of Interest Bearing Loans and Borrowings | Effective interest rate Maturity December 31, 2021 December 31, 2020 % RMB’000 RMB’000 Current: Unsecured RMB10 million bank loan 4.25 (2020: 4.25) On demand (2020: On demand) 10,000 10,000 Unsecured RMB20 million other borrowings 12 (2020: 12) December 31, 2022 (2020: September 19, 2021) 20,000 50,000 Unsecured RMB23 million other borrowings 6.85 December 31, 2022 11,493 — 41,493 60,000 Non-current: Unsecured RMB23 million other borrowings 6.85 April 20, 2023 6,046 — 47,539 60,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Leases [Abstract] | |
Summary of Carrying Amounts of Right-of-Use Assets Recognised and Movements During Years | Set out below are the carrying amounts of right-of-use Building Music education equipment Total RMB’000 RMB’000 RMB’000 At January 1, 2020 2,569 8,159 10,728 Additions 1,286 4,396 5,682 Acquisition from business combinations (Note 8) 2,988 — 2,988 Depreciation charge (2,525 ) (1,955 ) (4,480 ) At December 31, 2020 4,318 10,600 14,918 Additions 2,259 475 2,734 Depreciation charge (3,443 ) (696 ) (4,139 ) Lease termination (74 ) (10,379 ) (10,453 ) As December 31, 2021 3,060 — 3,060 |
Summary of Carrying Amounts of Lease Liabilities and Movements During Years | Set out below are the carrying amounts of lease liabilities and the movements during the years: 2021 2020 RMB’000 RMB’000 At January 1 17,490 14,713 Additions 2,734 5,682 Accretion of interest 1,082 2,561 Covid-19-related — (778 ) Lease termination (14,379 ) — Payments (3,648 ) (4,688 ) At December 31 3,279 17,490 Current 2,486 7,660 Non-current 793 9,830 |
Summary of Amounts Recognised in Profit or Loss | 2021 2020 2019 RMB’000 RMB’000 RMB’000 Depreciation expense of right-of-use 4,139 4,480 1,618 Interest expense on lease liabilities 1,082 2,561 613 Covid-19-related — (778 ) — Expense relating to short term leases and leases of low-value 1,604 775 112 Total amount recognised in profit or loss 6,825 7,038 2,343 |
Summary of Total Cash Outflow for Leases Included in Statement of Cash Flows | The total cash outflow for leases included in the statements of cash flows is as follows: 2021 2020 2019 RMB’000 RMB’000 RMB’000 Total cash outflow for leases 5,252 5,463 2,672 |
Summary of Future Minimum Rentals Receivable under Non-cancellable Finance Leases | Future minimum rentals receivable under non-cancellable December 31, 2021 December 31, 2020 RMB’000 RMB’000 Amounts receivable: Within one year 357 219 After one year but within two years — 219 After two years but within five years — — Total future undiscounted minimum rentals receivable 357 438 Unearned finance income (2 ) (25 ) Net investments in subleases 355 413 Current 355 211 Non-current — 202 |
Other Payables and Accruals (Ta
Other Payables and Accruals (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Payables And Accruals [Abstract] | |
Components of Other Payables and Accruals | December 31, 2021 December 31, 2020 RMB’000 RMB’000 Accruals 10,372 11,018 Other payables 39,057 46,210 Payable to database suppliers 3,000 2,189 Interest payables 5,749 7,704 Total other payables and accruals 58,178 67,121 Current 58,178 67,121 Non-current — — |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Transactions Between Related Parties | The following table provides the total amount of transactions that are entered into with related parties for the relevant financial years. Interest income on net investments in subleases Revenue from a related party Acquisition of a subsidiary Copyright RMB’000 RMB’000 RMB’000 RMB’000 Shareholder of the Company 2021 — — — — 2020 — — 174,944 — 2019 — — — — BMF Culture* 2021 — — — — 2020 23 — — — 2019 85 349 — — Naxos ^ 2021 — — — 7,743 2020 — — — — 2019 — — — — * A director of the Company is the controlling shareholder of Rosenkavalier, the parent company of BMF Culture. BMF Culture became a subsidiary of the Group since February 29, 2020. Further details are disclosed in note 8 to the consolidated financial statements. ^ Naxos refers to Naxos Global Distribution Limited, Naxos Rights International Limited and their affiliates and subsidiaries, of which a director of the Company is the controlling shareholder. Outstanding balances at December 31, 2021 and 2020 are unsecured and interest-free payables Net investments in subleases Due from related parties /shareholders Due to a related party/ a shareholder RMB’000 RMB’000 RMB’000 Shigoo Limited # 2021 — 306 — 2020 — 663 7,177 Shanghai Xuanshi Culture Communication Co., Ltd. ^ 2021 — — — 2020 — 1,100 — Shareholders of the Company 2021 — 100 325 2020 — 100 325 # A director of the Company is the controlling shareholder of Shigoo Limited. The amount due from Shigoo Limited was unsecured, interest-free and repayable on demand, while the amount due to Shigoo Limited was unsecured, interest-free and repayable within one year. ^ A joint venture of the Group. The amount due from the joint venture was unsecured, interest-free and repayable within one year. The carrying amount of RMB2,000,000 was fully impaired during the year ended December 31, 2021. |
Summary of Compensation of Key Management Personnel | The following table provides compensation of key management personnel of the Group: 2021 2020 2019 RMB’000 RMB’000 RMB’000 Short term employee benefits 7,833 7,875 1,241 Equity-settled share-based payment expenses 30,650 14,269 — Post employment benefits 518 356 369 Total compensation paid to key management personnel 39,001 22,500 1,610 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Schedule of Vesting Period of Relevant Percentage of Options | There are caps for share options to be exercised in the periods as specified below: Vesting period of the relevant percentage of the options Cap of options exercisable After 6 months since the Listing Date 1% of the total shares After 12 months since the Listing Date 2% of the total shares After 18 months since the Listing Date 2.5% of the total shares After 24 months since the Listing Date 3% of the total shares |
Share Option Agreement | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Lists of Inputs Used in Binomial Model for Estimating Fair Value of Equity-Settled Share Options and Restricted Shares Granted | (a) The fair value of equity-settled share options granted during the year ended December 31, 2020, was estimated as at the date of grant using a binomial model, taking into account the terms and conditions upon which the options were granted. The following table lists the inputs to the model used: Assumptions Inputs Dividend yield (%) 0 % Expected volatility (%) (note) 49 % Risk-free interest rate (%) 0.36 % Suboptimal factor 2.5 Forfeiture rate 0 % Option life (years) 4.78 Share price (US$ per share) 8.67 Note: Expected volatility is determined by reference to a peer group of publicly |
Summary of Share Options Outstanding | (b) The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year: 2021 WAEP US$ 2021 Number 2020 WAEP US$ 2020 Number At January 1 8.46 887,002 8.46 887,002 Granted during the year — — — — Forfeited during the year — — — — Exercised during the year — — — — Expired during the year — — — — At December 31 8.46 887,002 8.46 887,002 |
Summary of Exercise Prices and Exercise Periods of Share Options and Restricted Shares Outstanding | (c) The exercise prices and exercise periods of the share options outstanding as at the end of the reporting period are as follows: 2021 2020 Exercise period Number of options Number of options Exercise price US$ July 12, 2021 – January 12, 2025 295,667 295,667 8.46 January 12, 2022 – January 12, 2025 295,667 295,667 8.46 July 12, 2022 – January 12, 2025 147,834 147,834 8.46 January 12, 2023 – January 12, 2025 147,834 147,834 8.46 887,002 887,002 |
2020 ESOP Plan | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Lists of Inputs Used in Binomial Model for Estimating Fair Value of Equity-Settled Share Options and Restricted Shares Granted | (a) The fair value of equity-settled share options and restricted shares granted during the year ended December 31, 2020, was estimated as at the date of grant using a binomial model, taking into account the terms and conditions upon which the options were granted. The following table lists the inputs to the model used: Assumptions Inputs Dividend yield (%) 0 % Expected volatility (%) (note) 50 % Risk-free interest rate (%) 0.88 % Suboptimal factor 1.0 - 2.5 Forfeiture rate 0 % Option life (years) 10 Share price (US$ per share) 9.03 Note: Expected volatility is determined by reference to a peer group of publicly traded companies. No other feature of the options granted was incorporated into the measurement of fair value. |
Summary of Exercise Prices and Exercise Periods of Share Options and Restricted Shares Outstanding | (c) The exercise prices and exercise periods of the share options and restricted shares outstanding as at the end of the reporting period are as follows: Exercise period 2021 Number of options 2021 Number of restricted shares 2020 Number of options 2020 Number of restricted shares Exercise price US$ October 1, 2021 – October 30, 2030 562,666 50,832 562,666 50,832 0.01 October 1, 2022 – October 30, 2030 337,600 30,500 337,600 30,500 0.01 October 1, 2023 – October 30, 2030 112,534 10,167 112,534 10,167 0.01 October 1, 2024 – October 30, 2030 112,534 10,167 112,534 10,167 0.01 1,125,334 101,666 1,125,334 101,666 |
Summary of Share Options and Restricted Shares Outstanding | (b) The following share options and restricted shares were outstanding under the 2020 ESOP Plan during the year: 2021 WAEP US$ 2021 Number of options 2021 Number of restricted shares 2020 WAEP 2020 Number of options 2020 Number of restricted shares At January 1, 2021 0.01 1,125,334 101,666 0.01 1,125,334 101,666 Granted during the year — — — — — — Forfeited during the year — — — — — — Exercised during the year — — — — — — Expired during the year — — — — — — At December 31, 2021 0.01 1,125,334 101,666 0.01 1,125,334 101,666 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments [Abstract] | |
Summary of Commitments | December 31, 2021 December 31, 2020 RMB’000 RMB’000 Intangible assets 5,000 25,025 Smart musical instruments 6,091 1,028 11,091 26,053 |
Corporate Information - Additio
Corporate Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of General Information About Financial Statements [Line Items] | |
Entity incorporation, state or country code | E9 |
Entity incorporation, date of incorporation | Sep. 13, 2017 |
Principal activities | investment holding |
Subsidiaries | |
Disclosure Of General Information About Financial Statements [Line Items] | |
Principal activities | distribution of commercial copyrights, provision of music education solutions, sales of musical instruments and provision of services related to music events |
Rosenkavalier Group | |
Disclosure Of General Information About Financial Statements [Line Items] | |
Percentage of equity interest in subsidiaries | 100.00% |
Corporate Information - Schedul
Corporate Information - Schedule of Direct or Indirect Interests in Subsidiaries (Details) | 12 Months Ended | |||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2021HKD ($) | Mar. 04, 2020CNY (¥) | Feb. 29, 2020CNY (¥) | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Date of incorporation/establishment | Sep. 13, 2017 | |||||
Issued and fully paid ordinary share capital/registered capital | ¥ 194,000 | ¥ 162,000 | ¥ 12,999,997,000 | ¥ 284,000,000,000 | ||
Principal activities | investment holding | |||||
Variable Interest Entity | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Principal activities | Distribution of commercial copyrights, sale of musical instruments and provision of services related to music events and performances | |||||
Rococo | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Rococo | |||||
Description of place and date of incorporation/establishment | British Virgin Islands (“BVI”), limited liability company September 21, 2017 | |||||
Place of incorporation/establishment | BVI | |||||
Date of incorporation/establishment | Sep. 21, 2017 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 100.00% | 100.00% | ||||
Issued and fully paid ordinary share capital/registered capital | $ | $ 1 | |||||
Principal activities | Investment holding | |||||
Rosenkavalier | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Rosenkavalier | |||||
Place of incorporation/establishment | BVI | |||||
Date of incorporation/establishment | Oct. 2, 2019 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 100.00% | 100.00% | ||||
Issued and fully paid ordinary share capital/registered capital | $ | 100 | |||||
Principal activities | Investment holding | |||||
Gauguin | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Gauguin | |||||
Place of incorporation/establishment | Hong Kong | |||||
Date of incorporation/establishment | Oct. 6, 2017 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 100.00% | 100.00% | ||||
Issued and fully paid ordinary share capital/registered capital | $ | $ 60,000,000 | |||||
Principal activities | Investment holding | |||||
Degas | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Degas | |||||
Place of incorporation/establishment | Hong Kong | |||||
Date of incorporation/establishment | Nov. 1, 2019 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 100.00% | 100.00% | ||||
Issued and fully paid ordinary share capital/registered capital | $ | $ 60,000,000 | |||||
Principal activities | Investment holding | |||||
Kuke International | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Kuke International | |||||
Place of incorporation/establishment | PRC | |||||
Date of incorporation/establishment | Dec. 14, 2017 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 100.00% | 100.00% | ||||
Issued and fully paid ordinary share capital/registered capital | $ | 10,000,000 | |||||
Principal activities | Investment holding | |||||
Beijing Lecheng | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Beijing Lecheng | |||||
Place of incorporation/establishment | PRC | |||||
Date of incorporation/establishment | Nov. 28, 2019 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 100.00% | 100.00% | ||||
Issued and fully paid ordinary share capital/registered capital | $ | $ 10,000,000 | |||||
Principal activities | Investment holding | |||||
Beijing Kuke Music | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Beijing Kuke Music Co. Ltd.* (formerly known as Beijing Cathay Orient Information Technology Company Limited) (“Beijing Kuke Music”) | |||||
Beijing Kuke Music | Variable Interest Entity | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Beijing Kuke Music | |||||
Place of incorporation/establishment | PRC | |||||
Date of incorporation/establishment | Feb. 16, 2016 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 100.00% | 100.00% | ||||
Issued and fully paid ordinary share capital/registered capital | ¥ 16,213,275 | |||||
Principal activities | Distribution of commercial copyrights and provision of music education solutions | |||||
Naxos China | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Naxos China | |||||
Place of incorporation/establishment | PRC | |||||
Date of incorporation/establishment | Jan. 25, 2016 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 51.00% | 51.00% | ||||
Issued and fully paid ordinary share capital/registered capital | ¥ 2,000,000 | |||||
Principal activities | Distribution of commercial copyrights | |||||
BMF Culture | Variable Interest Entity | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | BMF Culture | |||||
Place of incorporation/establishment | PRC | |||||
Date of incorporation/establishment | Aug. 26, 2003 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 100.00% | 100.00% | ||||
Issued and fully paid ordinary share capital/registered capital | ¥ 19,500,000 | |||||
Principal activities | Distribution of commercial copyrights, sale of musical instruments and provision of services related to music events and performances | |||||
Music Education [Member] | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Beijing Kuke Music Education Technology Co., Ltd.* (“Music Education”) | |||||
Description of place and date of incorporation/establishment | PRC, limited liability company April 14, 2021 | |||||
Place of incorporation/establishment | PRC | |||||
Date of incorporation/establishment | Apr. 14, 2021 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 100.00% | |||||
Issued and fully paid ordinary share capital/registered capital | ¥ 10,000,000 | |||||
Principal activities | Investment holding | |||||
Kuke Fangyue [Member] | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Shanghai Kuke Fangyue Education Technology Center LLP* (“Kuke Fangyue”) | |||||
Description of place and date of incorporation/establishment | PRC, limited partnership June 24, 2021 | |||||
Place of incorporation/establishment | PRC | |||||
Date of incorporation/establishment | Jun. 24, 2021 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 60.00% | |||||
Principal activities | Dormant | |||||
Kuke Xingkong [Member] | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Shanghai Kuke Xingkong Cultural Media Center LLP* (“Kuke Xingkong”) | |||||
Description of place and date of incorporation/establishment | PRC, limited partnership June 25, 2021 | |||||
Place of incorporation/establishment | PRC | |||||
Date of incorporation/establishment | Jun. 25, 2021 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 90.00% | |||||
Principal activities | Dormant | |||||
Kuke Linhui [Member] | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Shanghai Kuke Linhui Education Technology Center LLP* (“Kuke Linhui”) | |||||
Description of place and date of incorporation/establishment | PRC, limited partnership July 6, 2021 | |||||
Place of incorporation/establishment | PRC | |||||
Date of incorporation/establishment | Jul. 6, 2021 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 90.00% | |||||
Principal activities | Dormant | |||||
Fuzhou Kuke [Member] | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Fuzhou Kuke Education Technology Co.,Ltd.* (“Fuzhou Kuke”) | |||||
Description of place and date of incorporation/establishment | PRC, limited liability company August 17, 2021 | |||||
Place of incorporation/establishment | PRC | |||||
Date of incorporation/establishment | Aug. 17, 2021 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 80.00% | |||||
Issued and fully paid ordinary share capital/registered capital | ¥ 200,000 | |||||
Principal activities | Dormant | |||||
Tianjin Kuke [Member] | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Tianjin Kuke | |||||
Description of place and date of incorporation/establishment | PRC, limited liability company August 2, 2021 | |||||
Place of incorporation/establishment | PRC | |||||
Date of incorporation/establishment | Aug. 2, 2021 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 96.00% | 0.00% | ||||
Issued and fully paid ordinary share capital/registered capital | ¥ 200,000 | |||||
Principal activities | Dormant | |||||
Shijiazhuang Kuke [Member] | Consolidated Entity Excluding Variable Interest Entities | ||||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||||
Name | Shijiazhuang Kuke | |||||
Description of place and date of incorporation/establishment | PRC, limited liability company July 22, 2021 | |||||
Place of incorporation/establishment | PRC | |||||
Date of incorporation/establishment | Jul. 22, 2021 | |||||
Percentage of ownership/interest/voting rights, directly or indirectly | 96.00% | 0.00% | ||||
Issued and fully paid ordinary share capital/registered capital | ¥ 400,000 | |||||
Principal activities | Dormant |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021CNY (¥)Contract | Dec. 31, 2020CNY (¥) | |
Disclosure Of Significant Accounting Policies [Line Items] | ||
Number of contracts | Contract | 2 | |
Royalties exceeding minimum guaranteed amount | ¥ 0 | |
Budgets and forecast calculations period | 5 years | |
Impairment loss | ¥ 0 | |
Awards recognised expense | ¥ 0 | |
Adjustments to IFRS 16 | ||
Disclosure Of Significant Accounting Policies [Line Items] | ||
Title of new IFRS | IFRS 16 | |
Software | ||
Disclosure Of Significant Accounting Policies [Line Items] | ||
Estimated useful economic life of intangible assets | 3 years | |
Top of Range | ||
Disclosure Of Significant Accounting Policies [Line Items] | ||
Goods and service payment period | 1 year | |
Licensing with fixed payment period | 365 days | |
Licensing with minimum guarantee period | 365 days | |
Amortisation period of asset | 1 year | |
Short-term leases of warehouses | 12 months | |
Short term liquid deposits maturity period | 3 months | |
Top of Range | Copyrights | ||
Disclosure Of Significant Accounting Policies [Line Items] | ||
Estimated useful economic life of intangible assets | 49 years | |
Top of Range | Music Content Database Services | ||
Disclosure Of Significant Accounting Policies [Line Items] | ||
Subscription service payment period | 365 days | |
Top of Range | Third Party Database Service | ||
Disclosure Of Significant Accounting Policies [Line Items] | ||
Subscription service payment period | 365 days | |
Top of Range | Sale of Smart Music Devices | ||
Disclosure Of Significant Accounting Policies [Line Items] | ||
Goods and service payment period | 1 year | |
Subscription service payment period | 1 year | |
Bottom of Range | ||
Disclosure Of Significant Accounting Policies [Line Items] | ||
Licensing with fixed payment period | 90 days | |
Licensing with minimum guarantee period | 7 days | |
Bottom of Range | Copyrights | ||
Disclosure Of Significant Accounting Policies [Line Items] | ||
Estimated useful economic life of intangible assets | 15 years | |
Bottom of Range | Music Content Database Services | ||
Disclosure Of Significant Accounting Policies [Line Items] | ||
Subscription service payment period | 7 days | |
Bottom of Range | Third Party Database Service | ||
Disclosure Of Significant Accounting Policies [Line Items] | ||
Subscription service payment period | 7 days |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Estimated Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Significant Accounting Policies [Line Items] | |||
Applicable tax rate | 25.00% | 25.00% | 25.00% |
Preferential tax Rate | 15.00% | ||
Preferential Tax Rate, Usage Term | 3 years | ||
Leasehold Improvements | |||
Disclosure Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | Over the lease terms | ||
Music Education Equipment | |||
Disclosure Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 5 years | ||
Enterprise [Member] | High and New Technology Enterprises [Member] | |||
Disclosure Of Significant Accounting Policies [Line Items] | |||
Applicable tax rate | 15.00% | ||
Bottom of Range | Furniture and Fixtures | |||
Disclosure Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 3 years | ||
Bottom of Range | Office Equipment | |||
Disclosure Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 3 years | ||
Top of Range | Furniture and Fixtures | |||
Disclosure Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 4 years | ||
Top of Range | Office Equipment | |||
Disclosure Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 5 years |
Significant Accounting Judgem_2
Significant Accounting Judgements, Estimates and Assumptions - Additional Information (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Significant Accounting Policies [Abstract] | ||
Deferred tax assets | ¥ 7,736 | ¥ 8,917 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue from Contracts with Customers (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | ¥ 295,897 | ¥ 162,881 | ¥ 146,054 |
Cost of sales | (126,026) | (44,281) | (32,343) |
Gross profit | 169,871 | 118,600 | 113,711 |
Southern China | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 160,354 | 82,481 | 55,597 |
Northern China | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 135,543 | 80,400 | 90,457 |
Revenue Recognised at a Point in Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 218,885 | 119,998 | 126,646 |
Revenue Recognised Over Time | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 77,012 | 42,883 | 19,408 |
Subscription and licensing | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 100,454 | 76,583 | 81,901 |
Cost of sales | (18,195) | (8,725) | (20,330) |
Gross profit | 82,259 | 67,858 | 61,571 |
Music events and performances | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 77,382 | 27,514 | |
Cost of sales | (64,283) | (18,237) | |
Gross profit | 13,099 | 9,277 | |
Smart Music Learning Business [Member] | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contracts with customers | 118,061 | 58,784 | 64,153 |
Cost of sales | (43,548) | (17,319) | (12,013) |
Gross profit | ¥ 74,513 | ¥ 41,465 | ¥ 52,140 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Schedule of Amounts of Transaction Prices Allocated to Remaining Performance Obligations (Unsatisfied or Partially Unsatisfied) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | ||
Amounts expected to be recognised as revenue | ¥ 2,941 | ¥ 1,714 |
Within 1 Year | ||
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | ||
Amounts expected to be recognised as revenue | 1,778 | 1,215 |
After 1 Year | ||
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | ||
Amounts expected to be recognised as revenue | ¥ 1,163 | ¥ 499 |
Segment Information - Additiona
Segment Information - Additional Information (Details) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥)Segments | Dec. 31, 2019CNY (¥) | |
Disclosure Of Operating Segments [Line Items] | |||
Number of reportable operating segments | Segments | 2 | ||
Unrecognised share of losses of joint ventures | ¥ 997,000 | ¥ 0 | ¥ 0 |
Cumulative unrecognised share of losses of joint ventures | ¥ 997,000 | ¥ 0 | |
Bottom Of Range [Member] | |||
Disclosure Of Operating Segments [Line Items] | |||
Customers concentration risk, percentage of revenue | 10.00% | 10.00% | 10.00% |
PRC | Bottom Of Range [Member] | |||
Disclosure Of Operating Segments [Line Items] | |||
Percentage of revenue from external customers | 90.00% | ||
Percentage of non-current assets (other than financial instruments) | 90.00% |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 12, 2021 | |
Disclosure Of Operating Segments [Line Items] | ||||
Revenue | ¥ 295,897 | ¥ 162,881 | ¥ 146,054 | |
Share of loss of a joint venture | (491) | (9) | 0 | |
(Loss)/profit before tax | (58,582) | (11,592) | 65,863 | |
Finance income | 79 | 1,621 | 258 | |
Foreign exchange differences, net | (1,032) | 361 | 1,173 | |
Other operating expenses | (2,904) | (18) | (42) | |
Non-lease related finance costs | (6,602) | (7,544) | (2,629) | |
Assets | 1,109,299 | 877,353 | ||
Liabilities | 167,640 | 216,184 | ¥ 216,184 | |
Other segment information | ||||
Depreciation of property, plant and equipment | 10,709 | 2,257 | 1,251 | |
Depreciation of right-of-use assets | 4,139 | 4,480 | 1,618 | |
Amortisation of intangible assets | 8,422 | 5,366 | 3,762 | |
Impairment losses on financial assets, net | 20,653 | 35,240 | 3,088 | |
Capital expenditure | 295,473 | 159,524 | ||
Music events and performances business [Member] | ||||
Disclosure Of Operating Segments [Line Items] | ||||
Revenue | 77,382 | 27,514 | ||
Share of loss of a joint venture | (491) | (9) | ||
Other segment information | ||||
Depreciation of property, plant and equipment | 324 | 256 | ||
Depreciation of right-of-use assets | 996 | 1,097 | ||
Amortisation of intangible assets | 0 | 0 | ||
Impairment losses on financial assets, net | 2,155 | 1,063 | ||
Subscription Licensing And Smart Music Learning Business [Member | ||||
Disclosure Of Operating Segments [Line Items] | ||||
Revenue | 218,515 | 135,367 | 146,054 | |
Share of loss of a joint venture | 0 | 0 | 0 | |
Other segment information | ||||
Depreciation of property, plant and equipment | 10,385 | 2,001 | 1,251 | |
Depreciation of right-of-use assets | 3,143 | 3,383 | 1,618 | |
Amortisation of intangible assets | 8,422 | 5,366 | 3,762 | |
Impairment losses on financial assets, net | 18,498 | 34,177 | 3,088 | |
Group | ||||
Disclosure Of Operating Segments [Line Items] | ||||
(Loss)/profit before tax | 29,175 | 28,180 | 70,418 | |
Operating Segments | ||||
Disclosure Of Operating Segments [Line Items] | ||||
(Loss)/profit before tax | 28,684 | 28,171 | 70,418 | |
Assets | 1,049,411 | 842,276 | ||
Liabilities | 114,790 | 128,458 | ||
Other segment information | ||||
Investment in a joint venture | 491 | |||
Operating Segments | Music events and performances business [Member] | ||||
Disclosure Of Operating Segments [Line Items] | ||||
(Loss)/profit before tax | 935 | 2,235 | ||
Assets | 251,987 | 246,773 | ||
Liabilities | 12,680 | 1,854 | ||
Other segment information | ||||
Investment in a joint venture | 491 | |||
Capital expenditure | 0 | 769 | ||
Operating Segments | Subscription Licensing And Smart Music Learning Business [Member | ||||
Disclosure Of Operating Segments [Line Items] | ||||
(Loss)/profit before tax | 27,749 | 25,936 | 70,418 | |
Assets | 797,424 | 595,503 | ||
Liabilities | 102,110 | 126,604 | ||
Other segment information | ||||
Capital expenditure | 295,473 | 158,755 | ||
Operating Segments | Group | Music events and performances business [Member] | ||||
Disclosure Of Operating Segments [Line Items] | ||||
(Loss)/profit before tax | 1,426 | 2,244 | ||
Operating Segments | Group | Subscription Licensing And Smart Music Learning Business [Member | ||||
Disclosure Of Operating Segments [Line Items] | ||||
(Loss)/profit before tax | 27,749 | 25,936 | 70,418 | |
Other Unallocated | ||||
Disclosure Of Operating Segments [Line Items] | ||||
Other gains | 0 | 8 | 0 | |
Corporate and Other Unallocated | ||||
Disclosure Of Operating Segments [Line Items] | ||||
Other operating expenses | (79,711) | (34,209) | ¥ (3,357) | |
Assets | 59,888 | 35,077 | ||
Liabilities | ¥ 52,850 | ¥ 87,726 |
Segment Information - Schedul_2
Segment Information - Schedule of Revenue from Major Customers (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Major Customers [Line Items] | |||
Revenue | ¥ 295,897 | ¥ 162,881 | ¥ 146,054 |
Customer 1 | |||
Disclosure Of Major Customers [Line Items] | |||
Revenue | 60,226 | 22,146 | |
Customer 2 | |||
Disclosure Of Major Customers [Line Items] | |||
Revenue | ¥ 46,358 | ¥ 18,868 |
Segment Information - Schedul_3
Segment Information - Schedule of Revenue from Major Customers (Parenthetical) (Details) - Bottom Of Range [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Major Customers [Line Items] | |||
Customers concentration risk, percentage of revenue | 10.00% | 10.00% | 10.00% |
Customer 1 | |||
Disclosure Of Major Customers [Line Items] | |||
Customers concentration risk, percentage of revenue | 10.00% | 10.00% | |
Customer 2 | |||
Disclosure Of Major Customers [Line Items] | |||
Customers concentration risk, percentage of revenue | 10.00% | 10.00% |
Capital Management - Additional
Capital Management - Additional Information (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Capital Management [Line Items] | ||
Gearing ratio percentage | 8.00% | 19.00% |
Top of Range | ||
Disclosure Of Capital Management [Line Items] | ||
Gearing ratio percentage | 50.00% |
Capital Management - Summary of
Capital Management - Summary of Group Capital Management (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Capital Management [Abstract] | ||||
Interest bearing loans and borrowings (Note 23) | ¥ 47,539 | ¥ 60,000 | ||
Lease liabilities (Note 24) | 3,279 | 17,490 | ¥ 14,713 | |
Trade payables (Note 21) | 30,514 | 27,310 | ||
Other payables and accruals (Note 25) | 58,178 | 67,121 | ||
Amount due to a related party (Note 26) | 0 | 7,177 | ||
Amount due to a shareholder (Note 26) | 325 | 325 | ||
Cash and cash equivalents (Note 19) | (59,045) | (25,719) | ¥ (23,010) | ¥ (31,128) |
Net debt | 80,790 | 153,704 | ||
Equity attributable to equity holders of the parent | 936,638 | 656,101 | ||
Total equity attributable to equity holders of the parent and net debt | ¥ 1,017,428 | ¥ 809,805 | ||
Gearing ratio percentage | 8.00% | 19.00% |
Group Information - Schedule of
Group Information - Schedule of Direct or Indirect Interests in Subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Principal activities | investment holding | |
Variable Interest Entity | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Principal activities | Distribution of commercial copyrights, sale of musical instruments and provision of services related to music events and performances | |
Rococo | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Rococo | |
Principal activities | Investment holding | |
Place of incorporation/registration | BVI | |
% equity/beneficial interest | 100.00% | 100.00% |
Rosenkavalier | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Rosenkavalier | |
Principal activities | Investment holding | |
Place of incorporation/registration | BVI | |
% equity/beneficial interest | 100.00% | 100.00% |
Gauguin | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Gauguin | |
Principal activities | Investment holding | |
Place of incorporation/registration | Hong Kong | |
% equity/beneficial interest | 100.00% | 100.00% |
Degas | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Degas | |
Principal activities | Investment holding | |
Place of incorporation/registration | Hong Kong | |
% equity/beneficial interest | 100.00% | 100.00% |
Kuke International | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Kuke International | |
Principal activities | Investment holding | |
Place of incorporation/registration | PRC | |
% equity/beneficial interest | 100.00% | 100.00% |
Beijing Lecheng | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Beijing Lecheng | |
Principal activities | Investment holding | |
Place of incorporation/registration | PRC | |
% equity/beneficial interest | 100.00% | 100.00% |
Naxos China | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Naxos China | |
Principal activities | Distribution of commercial copyrights | |
Place of incorporation/registration | PRC | |
% equity/beneficial interest | 51.00% | 51.00% |
Beijing Kuke Music | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Beijing Kuke Music Co. Ltd.* (formerly known as Beijing Cathay Orient Information Technology Company Limited) (“Beijing Kuke Music”) | |
Beijing Kuke Music | Variable Interest Entity | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Beijing Kuke Music | |
Principal activities | Distribution of commercial copyrights and provision of music education solutions | |
Place of incorporation/registration | PRC | |
% equity/beneficial interest | 100.00% | 100.00% |
BMF Culture | Variable Interest Entity | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | BMF Culture | |
Principal activities | Distribution of commercial copyrights, sale of musical instruments and provision of services related to music events and performances | |
Place of incorporation/registration | PRC | |
% equity/beneficial interest | 100.00% | 100.00% |
Music Education | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Music Education | |
Principal activities | Investment holding | |
Place of incorporation/registration | PRC | |
% equity/beneficial interest | 100.00% | 0.00% |
Kuke Fangyue | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Kuke Fangyue | |
Principal activities | Dormant | |
Place of incorporation/registration | PRC | |
% equity/beneficial interest | 60.00% | 0.00% |
Kuke Xingkong | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Kuke Xingkong | |
Principal activities | Dormant | |
Place of incorporation/registration | PRC | |
% equity/beneficial interest | 90.00% | 0.00% |
Kuke Linhui | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Kuke Linhui | |
Principal activities | Dormant | |
Place of incorporation/registration | PRC | |
% equity/beneficial interest | 90.00% | 0.00% |
Fuzhou Kuke | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Fuzhou Kuke | |
Principal activities | Dormant | |
Place of incorporation/registration | PRC | |
% equity/beneficial interest | 80.00% | 0.00% |
Tianjin Kuke [Member] | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Tianjin Kuke | |
Principal activities | Dormant | |
Place of incorporation/registration | PRC | |
% equity/beneficial interest | 96.00% | 0.00% |
Shijiazhuang Kuke [Member] | Consolidated Entity Excluding Variable Interest Entities | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name | Shijiazhuang Kuke | |
Principal activities | Dormant | |
Place of incorporation/registration | PRC | |
% equity/beneficial interest | 96.00% | 0.00% |
Group Information - Additional
Group Information - Additional Information (Details) - Group - Beijing Kuke Music - Kuke International | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of General Information About Financial Statements [Line Items] | |
Percentage of profits before tax for payment of business support and consulting services fee | 100.00% |
Exclusive service agreement, prior written notice period for termination | 1 month |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - CNY (¥) | Feb. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about business combination [line items] | |||
Percentage of equity interests acquired | 100.00% | ||
Percentage of third party equity interests acquired | 38.40% | ||
Business acquisition of ordinary shares issued | 4,856,273 | ||
Issuance of ordinary shares | ¥ 284,000,000,000 | ||
Revenue | ¥ 31,885,000 | ||
Profit (loss) | 3,362,000 | ||
Business acquisition of revenue | 162,881,000 | ||
Business acquisition of profit (loss) | 16,572,000 | ||
Goodwill recognised as part of acquisition | 237,225,000 | ||
Goodwill recognised expected deductible for tax purposes | 0 | ||
Trade receivables | 671,000 | ||
Financial assets included in prepayments, other receivables and other assets | 10,064,000 | ||
Other receivables of expected uncollectable | ¥ 218,000 | ||
Acquisition of transaction cost included in administrative expenses in profit or loss | ¥ 934,000 | ¥ 320,000 | |
Lung Yu And He Yu [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of equity interests acquired | 61.60% |
Business Combinations - Schedul
Business Combinations - Schedule of Fair Values of Identifiable Assets and Liabilities as at Date of Acquisition (Details) - CNY (¥) | Feb. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Business Combinations [Line Items] | ||||
Trade receivables | ¥ 671,000 | |||
Goodwill arising on acquisition | 237,225,000 | |||
Issuance of ordinary shares | 284,000,000,000 | |||
Net cash inflows and cash acquired (including in net cash flows used in investing activities) | ¥ (291,205,000) | ¥ (121,337,000) | ¥ (37,308,000) | |
Rosenkavalier Group | ||||
Disclosure Of Business Combinations [Line Items] | ||||
Cash and cash equivalents | 1,073,000 | |||
Property, plant and equipment (Note 12) | 769,000 | |||
Right-of-use assets (Note 24) | 2,988,000 | |||
Trade receivables | 9,671,000 | |||
Prepayments, other receivables and other assets | 12,151,000 | |||
Inventories | 2,000 | |||
Identifiable intangible assets (Note 13) | 26,000,000 | |||
Deferred tax assets | 537,000 | |||
Deferred tax liabilities | (1,472,000) | |||
Trade payables | (188,000) | |||
Due to related parties | (1,261,000) | |||
Lease liabilities | (2,988,000) | |||
Other payables and accruals | (507,000) | |||
Total identifiable net assets at fair value | 46,775,000 | |||
Goodwill arising on acquisition | 237,225,000 | |||
Purchase consideration | 284,000,000 | |||
Issuance of ordinary shares | 284,000,000 | |||
Net cash inflows and cash acquired (including in net cash flows used in investing activities) | ¥ 1,073,000 |
Other Income and Expenses - Sum
Other Income and Expenses - Summary of Other Income, Net (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income And Expenses [Line Items] | |||
Total other income, net | ¥ 8,700 | ¥ 4,385 | ¥ 3,830 |
Government Grants | |||
Other Income And Expenses [Line Items] | |||
Total other income, net | 3,963 | 1,218 | 1,054 |
Covid 19 Related Rent Concessions from a Lessor | |||
Other Income And Expenses [Line Items] | |||
Total other income, net | 778 | ||
Foreign Exchange Differences, Net | |||
Other Income And Expenses [Line Items] | |||
Total other income, net | (1,032) | 361 | 1,173 |
Additional Deduction of VAT | |||
Other Income And Expenses [Line Items] | |||
Total other income, net | 502 | 1,864 | 684 |
Bad Debt Recovery | |||
Other Income And Expenses [Line Items] | |||
Total other income, net | 5,201 | 200 | |
Others | |||
Other Income And Expenses [Line Items] | |||
Total other income, net | ¥ 66 | ¥ 164 | ¥ 719 |
Other Income and Expenses - S_2
Other Income and Expenses - Summary of Finance Costs (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Interest on loans and borrowings | ¥ 6,602 | ¥ 7,544 | ¥ 2,629 |
Interest on lease liabilities | 1,082 | 2,561 | 613 |
Total finance costs | ¥ 7,684 | ¥ 10,105 | ¥ 3,242 |
Other Income and Expenses - S_3
Other Income and Expenses - Summary of Finance Income (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Bank interest income | ¥ 34 | ¥ 45 | ¥ 155 |
Interest income on loans receivable | 1,527 | ||
Interest income on net investments in subleases | 45 | 49 | 103 |
Total finance income | ¥ 79 | ¥ 1,621 | ¥ 258 |
Other Income and Expenses - S_4
Other Income and Expenses - Summary of Depreciation, Amortisation and Costs of Inventories (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation Amortisation And Costs Of Inventories [Line Items] | |||
Depreciation of property, plant and equipment | ¥ 10,709 | ¥ 2,257 | ¥ 1,251 |
Depreciation of right-of-use assets | 4,139 | 4,480 | 1,618 |
Amortisation of intangible assets | 8,422 | 5,366 | 3,762 |
Included in Cost of Sales | |||
Depreciation Amortisation And Costs Of Inventories [Line Items] | |||
Depreciation of property, plant and equipment | 9,709 | 1,448 | 233 |
Depreciation of right-of-use assets | 696 | 1,955 | 66 |
Amortisation of intangible assets | 8,271 | 5,326 | 3,720 |
Costs of inventories recognised as an expense | 18,782 | 11,489 | 12,465 |
Included in Selling Expenses | |||
Depreciation Amortisation And Costs Of Inventories [Line Items] | |||
Depreciation of right-of-use assets | 821 | 516 | 489 |
Included in Administrative Expenses | |||
Depreciation Amortisation And Costs Of Inventories [Line Items] | |||
Depreciation of property, plant and equipment | 1,000 | 809 | 1,018 |
Depreciation of right-of-use assets | 2,622 | 2,009 | 1,063 |
Amortisation of intangible assets | ¥ 151 | ¥ 40 | ¥ 42 |
Other Income and Expenses - Add
Other Income and Expenses - Additional Information (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Research and development costs | ¥ 27,811,000 | ¥ 12,598,000 | ¥ 10,258,000 |
Forfeited contributions available to reduce its contributions to the pension scheme | 0 | 0 | 0 |
Other operating expense | 1,112,000 | 4,000 | 41,000 |
Compensation Payables On Contract Terminations | ¥ 622,000,000 | ¥ 0 | ¥ 0 |
Other Income and Expenses - S_5
Other Income and Expenses - Summary of Wages and Salaries and Pension Scheme Contributions (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Classes of employee benefits expense [abstract] | |||
Wages and salaries | ¥ 41,473 | ¥ 29,798 | ¥ 19,245 |
Equity-settled share-based payment expenses | 53,933 | 19,416 | |
Pension scheme contributions | ¥ 3,485 | ¥ 129 | ¥ 3,053 |
Income Tax - Summary of Compone
Income Tax - Summary of Components of Income Tax Expense (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Current income tax charge | ¥ 1,783 | ¥ 10,143 | ¥ 9,174 |
Over provision in prior years | (1,899) | (1,912) | |
Deferred tax | 1,151 | (4,609) | (73) |
Income tax expense reported in profit or loss | ¥ 1,035 | ¥ 3,622 | ¥ 9,101 |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Statutory tax rate | 25.00% | 25.00% | 25.00% |
Withholding tax rate | 10.00% | ||
Investments in subsidiaries and joint venture | ¥ 217,324,000 | ¥ 189,561,000 | |
Uncertain Tax Positions | ¥ 1,395,000 | 411,000 | |
Subsidiaries Tax Years Remain Open To Examination | 2018 through 2021 | ||
Bottom of Range | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Tax losses carryforward period | 1 year | ||
Withholding tax rate | 5.00% | ||
Top of Range | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Tax losses carryforward period | 5 years | ||
Withholding tax rate | 10.00% | ||
Tax losses | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Tax losses | ¥ 9,133,000 | ¥ 550,000 |
Income Tax - Summary of Reconci
Income Tax - Summary of Reconciliation of Tax Expense and Accounting Profit (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Accounting (loss)/profit before tax | ¥ (58,582) | ¥ (11,592) | ¥ 65,863 |
At China's statutory income tax rate | (14,645) | (2,898) | 16,466 |
Effect of lower tax rate | 16,922 | 8,691 | (6,460) |
Loss attributable to a joint venture | 123 | 2 | |
Non-deductible expenses for tax purposes | 824 | 1,718 | 31 |
Super deductions | (2,406) | (2,086) | (1,028) |
Adjustments in respect of current tax of previous periods | (1,899) | (1,912) | |
Unrecognised tax losses | 2,116 | 107 | 92 |
Income tax expense reported in profit or loss | ¥ 1,035 | ¥ 3,622 | ¥ 9,101 |
Income Tax - Summary of Recon_2
Income Tax - Summary of Reconciliation of Tax Expense and Accounting Profit (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Effective income tax rate | 2.00% | 31.00% | 14.00% |
Change in tax rate | 15.00% | 15.00% | 15.00% |
Income Tax - Summary of Deferre
Income Tax - Summary of Deferred Tax (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Major components of tax expense (income) [abstract] | ||
Deferred tax assets | ¥ 7,736 | ¥ 8,917 |
Deferred tax liabilites | (1,417) | (1,447) |
Net deferred tax | ¥ 6,319 | ¥ 7,470 |
Income Tax - Summary of Recon_3
Income Tax - Summary of Reconciliation of Deferred Tax Assets and Liabilities (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning of period | ¥ 7,470 | ¥ 3,796 |
Acquisition from business combinations | 0 | (935) |
Credited/ (charged) to profit or loss | (1,151) | 4,609 |
Ending of period | 6,319 | 7,470 |
Leases | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning of period | 95 | 8 |
Acquisition from business combinations | 0 | 77 |
Credited/ (charged) to profit or loss | 61 | 10 |
Ending of period | 156 | 95 |
Expected Credit Losses on Debt Financial Assets | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning of period | 6,382 | 2,386 |
Acquisition from business combinations | 0 | 55 |
Credited/ (charged) to profit or loss | (1,314) | 3,941 |
Ending of period | 5,068 | 6,382 |
Trade Payables, Accrual and Provisions | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning of period | 2,440 | 1,402 |
Acquisition from business combinations | 0 | |
Credited/ (charged) to profit or loss | 72 | 1,038 |
Ending of period | 2,512 | 2,440 |
Tax losses | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Acquisition from business combinations | 405 | |
Credited/ (charged) to profit or loss | (405) | |
Fair Value Adjustment Arising from Business Combinations | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning of period | (1,447) | |
Acquisition from business combinations | 0 | (1,472) |
Credited/ (charged) to profit or loss | 30 | 25 |
Ending of period | ¥ (1,417) | ¥ (1,447) |
(Loss)_Earnings Per Share - Add
(Loss)/Earnings Per Share - Additional Information (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
Earnings per share [abstract] | |
Adjustment to basic earnings per share | ¥ 0 |
(Loss)_Earnings Per Share - Sch
(Loss)/Earnings Per Share - Schedule of Income and Share Data Used in the Basic and Diluted (Loss)/Earnings Per Share Calculations (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class A Ordinary Shares [Member] | |||
Earnings per share [line items] | |||
(Loss)/profit attributable to ordinary equity holders of the parent for basic and diluted (loss)/earnings per share calculations | ¥ (42,792) | ¥ (10,642) | ¥ 30,593 |
Weighted average number of ordinary shares in issue during the year for basic and diluted (loss)/earnings per share calculations | 21,121,241 | 15,244,686 | 9,929,929 |
Class B ordinary shares [Member] | |||
Earnings per share [line items] | |||
(Loss)/profit attributable to ordinary equity holders of the parent for basic and diluted (loss)/earnings per share calculations | ¥ (16,778) | ¥ (5,781) | ¥ 25,513 |
Weighted average number of ordinary shares in issue during the year for basic and diluted (loss)/earnings per share calculations | 8,281,098 | 8,281,098 | 8,281,098 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | ¥ 18,135 | ||
Depreciation charge for the year | (10,709) | ¥ (2,257) | ¥ (1,251) |
Property, plant and equipment at end of period | 60,443 | 18,135 | |
Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | 23,576 | 7,348 | |
Acquisition from business combinations (Note 8) | 769 | ||
Additions | 54,427 | 15,508 | |
Disposals | (1,874) | (49) | |
Property, plant and equipment at end of period | 76,129 | 23,576 | 7,348 |
Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | (5,441) | (3,229) | |
Depreciation charge for the year | (10,709) | (2,257) | |
Disposals | 464 | 45 | |
Property, plant and equipment at end of period | (15,686) | (5,441) | (3,229) |
Leasehold Improvements | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | 1,278 | ||
Property, plant and equipment at end of period | 899 | 1,278 | |
Leasehold Improvements | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | 4,136 | 3,638 | |
Acquisition from business combinations (Note 8) | 498 | ||
Additions | 425 | ||
Property, plant and equipment at end of period | 4,561 | 4,136 | 3,638 |
Leasehold Improvements | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | (2,858) | (2,227) | |
Depreciation charge for the year | (804) | (631) | |
Property, plant and equipment at end of period | (3,662) | (2,858) | (2,227) |
Music Education Equipment | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | 16,474 | ||
Property, plant and equipment at end of period | 59,197 | 16,474 | |
Music Education Equipment | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | 18,226 | 2,793 | |
Additions | 53,830 | 15,440 | |
Disposals | (1,859) | (7) | |
Property, plant and equipment at end of period | 70,197 | 18,226 | 2,793 |
Music Education Equipment | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | (1,752) | (294) | |
Depreciation charge for the year | (9,710) | (1,464) | |
Disposals | 462 | 6 | |
Property, plant and equipment at end of period | (11,000) | (1,752) | (294) |
Furniture and Fixtures | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | 156 | ||
Property, plant and equipment at end of period | 90 | 156 | |
Furniture and Fixtures | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | 335 | 232 | |
Acquisition from business combinations (Note 8) | 103 | ||
Additions | 6 | ||
Property, plant and equipment at end of period | 341 | 335 | 232 |
Furniture and Fixtures | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | (179) | (114) | |
Depreciation charge for the year | (72) | (65) | |
Property, plant and equipment at end of period | (251) | (179) | (114) |
Office Equipment | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | 227 | ||
Property, plant and equipment at end of period | 257 | 227 | |
Office Equipment | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | 879 | 685 | |
Acquisition from business combinations (Note 8) | 168 | ||
Additions | 166 | 68 | |
Disposals | (15) | (42) | |
Property, plant and equipment at end of period | 1,030 | 879 | 685 |
Office Equipment | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property, plant and equipment at beginning of period | (652) | (594) | |
Depreciation charge for the year | (123) | (97) | |
Disposals | 2 | 39 | |
Property, plant and equipment at end of period | ¥ (773) | ¥ (652) | ¥ (594) |
Intangible Assets - Summary of
Intangible Assets - Summary of Detailed Information About Intangible Assets (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Intangible Assets [Line Items] | |||
Beginning Balance | ¥ 263,101 | ||
Charge for the year | (8,422) | ¥ (5,366) | ¥ (3,762) |
Ending Balance | 492,300 | 263,101 | |
Cost | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning Balance | 277,254 | 177,292 | |
Acquisition from business combinations (Note 8) | 26,000 | ||
Additions - acquired separately | 237,621 | 73,962 | |
Ending Balance | 514,875 | 277,254 | 177,292 |
Accumulated Depreciation | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning Balance | (14,153) | (8,787) | |
Charge for the year | (8,422) | (5,366) | |
Ending Balance | (22,575) | (14,153) | (8,787) |
Software | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning Balance | 12 | ||
Ending Balance | 46 | 12 | |
Software | Cost | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning Balance | 391 | 391 | |
Additions - acquired separately | 64 | ||
Ending Balance | 455 | 391 | 391 |
Software | Accumulated Depreciation | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning Balance | (379) | (339) | |
Charge for the year | (30) | (40) | |
Ending Balance | (409) | (379) | (339) |
Copyrights | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning Balance | 263,089 | ||
Ending Balance | 492,254 | 263,089 | |
Copyrights | Cost | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning Balance | 276,863 | 176,901 | |
Acquisition from business combinations (Note 8) | 26,000 | ||
Additions - acquired separately | 237,557 | 73,962 | |
Ending Balance | 514,420 | 276,863 | 176,901 |
Copyrights | Accumulated Depreciation | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning Balance | (13,774) | (8,448) | |
Charge for the year | (8,392) | (5,326) | |
Ending Balance | ¥ (22,166) | ¥ (13,774) | ¥ (8,448) |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2021CNY (¥) | |
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | |
Acquisition from business combinations | ¥ 237,225 |
Cost and net carrying amount, ending balance | 237,225 |
Subscription Licensing And Smart Music Learning Business [Member] | |
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | |
Acquisition from business combinations | 1,610 |
Cost and net carrying amount, ending balance | 1,610 |
Music events and performances business | |
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | |
Acquisition from business combinations | 235,615 |
Cost and net carrying amount, ending balance | ¥ 235,615 |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Music Events Business | |
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | |
Financial budgets covering period | 5 years |
Cash flow projections pre-tax discount rate | 21.70% |
Growth rate percentage of cash flows beyond five year period | 3.00% |
Subscription Licensing And Smart Music Learning Business [Member] | |
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | |
Financial budgets covering period | 5 years |
Cash flow projections pre-tax discount rate | 19.70% |
Growth rate percentage of cash flows beyond five year period | 3.00% |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Classes of current inventories [abstract] | ||
Finished goods | ¥ 7,307 | ¥ 950 |
Trade Receivables - Schedule of
Trade Receivables - Schedule of Trade Receivables (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Trade receivables | |||
Total trade receivables | ¥ 111,104 | ¥ 181,722 | |
Trade receivables [member] | |||
Trade receivables | |||
Receivables from third‑party customers | 116,776 | 192,540 | |
Allowance for ECLs | (5,672) | (10,818) | ¥ (3,346) |
Total trade receivables | ¥ 111,104 | ¥ 181,722 |
Trade Receivables - Schedule _2
Trade Receivables - Schedule of Allowance for ECLs (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Trade Receivables [Line Items] | |||
Impairment losses, net | ¥ 20,653 | ¥ 35,240 | ¥ 3,088 |
Trade receivables [member] | |||
Trade Receivables [Line Items] | |||
At the beginning of the year | (10,818) | (3,346) | |
Impairment losses, net | (18,653) | (34,983) | |
Amount written off as uncollectible | 23,799 | 27,511 | |
At the end of the year | ¥ (5,672) | ¥ (10,818) | ¥ (3,346) |
Prepayments, Other Receivable_3
Prepayments, Other Receivables and Other Assets - Schedule of Prepayments, Other Receivables and Other Assets (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
NON-CURRENT ASSETS | ||
Total non-current assets | ¥ 896,981 | ¥ 638,365 |
CURRENT ASSETS | ||
Total | 34,101 | 28,523 |
Prepayments Other Receivables and Other Assets | ||
NON-CURRENT ASSETS | ||
Prepayments | 213 | 0 |
Deposits | 94,858 | 95,328 |
Other receivables | 146 | 48 |
Total non-current assets | 95,217 | 95,376 |
CURRENT ASSETS | ||
Prepayments | 29,368 | 22,146 |
Deposits | 244 | 89 |
Loan receivable | 0 | 3,000 |
Other receivables | 4,489 | 3,288 |
Total | ¥ 34,101 | ¥ 28,523 |
Prepayments, Other Receivable_4
Prepayments, Other Receivables and Other Assets - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Prepayments Other Receivables And Other Assets [Line Items] | ||
Assets recognised from the costs incurred to obtain a contract | ¥ 353,000 | |
Prepayments Other Receivables and Other Assets | ||
Prepayments Other Receivables And Other Assets [Line Items] | ||
Loan receivable current interest free and repayable period | 1 year |
Prepayments, Other Receivable_5
Prepayments, Other Receivables and Other Assets - Schedule of Allowance for ECLs (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Prepayments Other Receivables And Other Assets [Line Items] | ||||
Impairment losses, net | ¥ (20,653) | ¥ (35,240) | ¥ (3,088) | |
Prepayments Other Receivables and Other Assets | ||||
Prepayments Other Receivables And Other Assets [Line Items] | ||||
At the beginning of the year | 0 | (806) | ||
Impairment losses, net | 0 | [1] | (257) | |
Amount written off as uncollectible | 0 | 1,063 | ||
At the end of the year | ¥ 0 | [1] | ¥ 0 | ¥ (806) |
[1] | Less than RMB 1,000 |
Prepayments, Other Receivable_6
Prepayments, Other Receivables and Other Assets - Schedule of Allowance for ECLs(Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2021CNY (¥) | |
Prepayments Other Receivables And Other Assets [Line Items] | |
Value Are Less Than Thousand In Allowance | ¥ 1,000 |
Financial Assets and Financia_3
Financial Assets and Financial Liabilities - Schedule of Financial Assets (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets at FVTPL | ||||
Equity investment at FVTPL | ¥ 1,000 | |||
Total non-current financial assets at FVTPL | 1,000 | |||
Total financial assets at FVTPL | 1,000 | |||
Current | ||||
Trade receivables | 111,104 | ¥ 181,722 | ||
Financial assets included in prepayments, other receivables and other assets | 4,733 | 6,377 | ||
Net investments in subleases | 355 | 211 | ||
Amounts due from related parties | 306 | 1,763 | ||
Amounts due from shareholders | 100 | 100 | ||
Cash and cash equivalents | 59,045 | 25,719 | ¥ 23,010 | ¥ 31,128 |
Total current financial assets | 175,643 | 215,892 | ||
Non-current | ||||
Financial assets included in prepayments, other receivables and other assets | 3,010 | 148 | ||
Net investments in subleases | 0 | 202 | ||
Total non-current financial assets at amortised cost | 3,010 | 350 | ||
Total financial assets at amortised cost | 178,653 | 216,242 | ||
Total financial assets | ¥ 179,653 | ¥ 216,242 |
Financial Assets and Financia_4
Financial Assets and Financial Liabilities - Schedule of Financial Liabilities (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current | ||
Trade payables | ¥ 30,514 | ¥ 27,310 |
Financial liabilities included in other payables and accruals | 20,381 | 29,485 |
Amount due to a related party | 0 | 7,177 |
Amount due to a shareholder | 325 | 325 |
Interest-bearing loans and borrowings | 41,493 | 60,000 |
Lease liabilities | 2,486 | 7,660 |
Total current financial liabilities | 95,199 | 131,957 |
Non-current | ||
Interest-bearing loans and borrowings | 6,046 | 0 |
Lease liabilities | 793 | 9,830 |
Total non-current financial liabilities | 6,839 | 9,830 |
Total | ¥ 102,038 | ¥ 141,787 |
Financial Assets and Financia_5
Financial Assets and Financial Liabilities - Schedule of Quantitative Disclosures Of Financial Instruments IN The Fair Value Measurement Hierarchy (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial asset for which fair value is disclosed: | ||
An unlisted investment measured at fair value through profit or loss | ¥ 1,000 | ¥ 0 |
Unlisted Investment [Member] | ||
Financial asset for which fair value is disclosed: | ||
An unlisted investment measured at fair value through profit or loss | 1,000 | |
Unlisted Investment [Member] | Level 1 of fair value hierarchy [member] | ||
Financial asset for which fair value is disclosed: | ||
An unlisted investment measured at fair value through profit or loss | 0 | |
Unlisted Investment [Member] | Level 2 of fair value hierarchy [member] | ||
Financial asset for which fair value is disclosed: | ||
An unlisted investment measured at fair value through profit or loss | 1,000 | |
Unlisted Investment [Member] | Level 3 of fair value hierarchy [member] | ||
Financial asset for which fair value is disclosed: | ||
An unlisted investment measured at fair value through profit or loss | ¥ 0 |
Financial Assets and Financia_6
Financial Assets and Financial Liabilities - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Financial Instruments [Line Items] | ||
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets | ¥ 0 | ¥ 0 |
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets | 0 | 0 |
Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities | 0 | 0 |
Transfers out of Level 2 into Level 1 of fair value hierarchy, liabilities | 0 | 0 |
Transfers into Level 3 of fair value hierarchy, assets | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, assets | 0 | 0 |
Transfers into Level 3 of fair value hierarchy, liabilities | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, liabilities | ¥ 0 | ¥ 0 |
Trade receivables [member] | Largest Customer | ||
Disclosure Of Financial Instruments [Line Items] | ||
Credit risk concentration | 17.00% | 7.00% |
Trade receivables [member] | Five Largest Customers | ||
Disclosure Of Financial Instruments [Line Items] | ||
Credit risk concentration | 47.00% | 28.00% |
Financial Assets and Financia_7
Financial Assets and Financial Liabilities - Schedule of Foreign Currency Risk (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
US | Change in Exchange Rate +5% | |||
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items] | |||
Change in exchange rate | 5.00% | 5.00% | 5.00% |
Effect on profit (loss) before tax | ¥ 1,606 | ¥ (608) | |
US | Change in Exchange Rate -5% | |||
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items] | |||
Change in exchange rate | 5.00% | 5.00% | 5.00% |
Effect on profit (loss) before tax | ¥ (1,606) | ¥ 608 | ¥ 1,302 |
HK | Change in Exchange Rate +5% | |||
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items] | |||
Change in exchange rate | 5.00% | 5.00% | 5.00% |
Effect on profit (loss) before tax | ¥ 1,672 | ||
HK | Change in Exchange Rate -5% | |||
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items] | |||
Change in exchange rate | 5.00% | 5.00% | 5.00% |
Effect on profit (loss) before tax | ¥ (1,672) |
Financial Assets and Financia_8
Financial Assets and Financial Liabilities - Schedule of Credit Quality and Maximum Exposure to Credit Risk (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | ¥ 186,325 | ¥ 227,060 | |
12-month Expected Credit Losses | Stage 1 | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | 67,549 | 34,520 | |
Lifetime Expected Credit losses | Stage 3 | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | 2,000 | ||
Lifetime Expected Credit losses | Simplified Approach | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | 116,776 | 192,540 | |
Trade receivables [member] | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | 116,776 | 192,540 | |
Trade receivables [member] | Lifetime Expected Credit losses | Simplified Approach | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | 116,776 | 192,540 | |
Financial assets, class [member] | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | [1] | 7,743 | 6,525 |
Financial assets, class [member] | 12-month Expected Credit Losses | Stage 1 | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | [1] | 7,743 | 6,525 |
Net Investments in Subleases - Normal | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | [1] | 355 | 413 |
Net Investments in Subleases - Normal | 12-month Expected Credit Losses | Stage 1 | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | [1] | 355 | 413 |
Amounts Due from Related Parties-Normal | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | [1] | 2,306 | 1,763 |
Amounts Due from Related Parties-Normal | 12-month Expected Credit Losses | Stage 1 | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | [1] | 306 | 1,763 |
Amounts Due from Related Parties-Normal | Lifetime Expected Credit losses | Stage 3 | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | [1] | 2,000 | |
Amounts Due from Shareholders-Normal | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | [1] | 100 | 100 |
Amounts Due from Shareholders-Normal | 12-month Expected Credit Losses | Stage 1 | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | [1] | 100 | 100 |
Cash and Cash Equivalents - Not Yet Past Due | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | 59,045 | 25,719 | |
Cash and Cash Equivalents - Not Yet Past Due | 12-month Expected Credit Losses | Stage 1 | |||
Disclosure Of Reconciliation Of Changes In Loss Allowance And Explanation Of Changes In Gross Carrying Amount For Financial Instruments [Line Items] | |||
Credit quality and maximum exposure to credit risk | ¥ 59,045 | ¥ 25,719 | |
[1] | The credit quality of the financial assets included in prepayments, other receivables and other assets, net investments in subleases, and amounts due from related parties and shareholders is considered to be “normal” when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be “doubtful”. |
Financial Assets and Financia_9
Financial Assets and Financial Liabilities - Information About Credit Risk Exposure on Group's Trade Receivables Using Provision Matrix (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Provision Matrix [Line Items] | ||
Expected credit loss rate | 4.86% | 5.62% |
Gross carrying amount (RMB'000) | ¥ 179,653 | ¥ 216,242 |
Expected credit loss (RMB'000) | ¥ 5,672 | ¥ 10,818 |
Current | ||
Disclosure Of Provision Matrix [Line Items] | ||
Expected credit loss rate | 2.80% | 2.39% |
Expected credit loss (RMB'000) | ¥ 1,824 | ¥ 2,270 |
1-90 Days | ||
Disclosure Of Provision Matrix [Line Items] | ||
Expected credit loss rate | 3.30% | 3.42% |
Expected credit loss (RMB'000) | ¥ 733 | ¥ 1,039 |
91-180 Days | ||
Disclosure Of Provision Matrix [Line Items] | ||
Expected credit loss rate | 7.66% | 6.39% |
Expected credit loss (RMB'000) | ¥ 1,508 | ¥ 2,215 |
Over 181 days | ||
Disclosure Of Provision Matrix [Line Items] | ||
Expected credit loss rate | 16.47% | 16.36% |
Expected credit loss (RMB'000) | ¥ 1,607 | ¥ 5,294 |
Gross Carrying Amount | ||
Disclosure Of Provision Matrix [Line Items] | ||
Gross carrying amount (RMB'000) | 116,776 | 192,540 |
Gross Carrying Amount | Current | ||
Disclosure Of Provision Matrix [Line Items] | ||
Gross carrying amount (RMB'000) | 65,102 | 95,140 |
Gross Carrying Amount | 1-90 Days | ||
Disclosure Of Provision Matrix [Line Items] | ||
Gross carrying amount (RMB'000) | 22,232 | 30,351 |
Gross Carrying Amount | 91-180 Days | ||
Disclosure Of Provision Matrix [Line Items] | ||
Gross carrying amount (RMB'000) | 19,686 | 34,680 |
Gross Carrying Amount | Over 181 days | ||
Disclosure Of Provision Matrix [Line Items] | ||
Gross carrying amount (RMB'000) | ¥ 9,756 | ¥ 32,369 |
Financial Assets and Financi_10
Financial Assets and Financial Liabilities - Maturity Profile of Groups Financial Liabilities at End of Reporting Period Based on Contractual Undiscounted Payments (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |||
Lease liabilities | ¥ 3,279 | ¥ 17,490 | ¥ 14,713 |
Due to a shareholder | 325 | 325 | |
Other payables and accruals | 39,057 | 46,210 | |
Group | |||
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |||
Interest-bearing loans and borrowings | 51,009 | 64,306 | |
Lease liabilities | 3,382 | 21,778 | |
Trade payables | 30,514 | 27,310 | |
Due to a shareholder | 325 | 325 | |
Due to a related party | 7,177 | ||
Other payables and accruals | 20,381 | 29,485 | |
Group | On Demand | |||
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |||
Interest-bearing loans and borrowings | 10,000 | 10,000 | |
Due to a shareholder | 325 | 325 | |
Group | Less than 1 Year | |||
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |||
Interest-bearing loans and borrowings | 34,804 | 54,306 | |
Lease liabilities | 2,571 | 8,263 | |
Trade payables | 30,514 | 27,310 | |
Due to a related party | 7,177 | ||
Other payables and accruals | 20,381 | 29,485 | |
Group | Over 1 year | |||
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |||
Interest-bearing loans and borrowings | 6,205 | ||
Lease liabilities | ¥ 811 | ¥ 13,515 |
Financial Assets and Financi_11
Financial Assets and Financial Liabilities - Schedule of Changes in Liabilities Arising from Financing Activities (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest - Bearing Loans and Borrowings | |||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | |||
Beginning balance | ¥ 60,000 | ¥ 55,000 | ¥ 39,700 |
Changes from financing activities | (12,461) | 5,000 | 15,300 |
Ending balance | 47,539 | 60,000 | 55,000 |
Lease Liabilities | |||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | |||
Beginning balance | 17,490 | 14,713 | 2,161 |
Changes from financing activities | (3,648) | (4,688) | (2,560) |
Changes from operating activities | (778) | ||
Lease termination | (14,379) | ||
Additions | 2,734 | 5,682 | 14,499 |
Accretion of interest | 1,082 | 2,561 | 613 |
Ending balance | 3,279 | 17,490 | ¥ 14,713 |
Due to a Shareholder | |||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | |||
Beginning balance | 325 | ||
Acquisition of a subsidiary | 325 | ||
Ending balance | 325 | 325 | |
Due to a Related Party | |||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | |||
Beginning balance | 7,177 | ||
Changes from financing activities | ¥ (7,177) | 7,177 | |
Ending balance | ¥ 7,177 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | ||
Cash and cash equivalents | ¥ 59,045 | ¥ 25,719 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) - CNY (¥) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | ¥ 59,045,000 | ¥ 25,719,000 | ¥ 23,010,000 | ¥ 31,128,000 |
Group | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | ¥ 16,046,000 | ¥ 22,649,000 |
Issued Capital and Reserves - A
Issued Capital and Reserves - Additional Information (Details) $ / shares in Units, $ in Thousands | Jan. 12, 2021CNY (¥) | Jan. 12, 2021USD ($)$ / sharesshares | Mar. 04, 2020CNY (¥)shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2021$ / shares | Feb. 29, 2020CNY (¥)shares |
Issued capital and reserves [Line Items] | ||||||||||
Issued capital | ¥ | ¥ 12,999,997,000 | ¥ 194,000 | ¥ 194,000 | ¥ 162,000 | ¥ 284,000,000,000 | |||||
Percentage of equity interests acquired | 100.00% | |||||||||
Issuance costs | ¥ | ¥ 557,000 | |||||||||
Minimum percentage of after tax profit to be kept as statutory reserve | 10.00% | 10.00% | ||||||||
Percentage at which rights to discontinue allocations to statutory reserve | 50.00% | 50.00% | ||||||||
Restricted amount included in statutory reserve fund | ¥ | ¥ 9,420,000 | ¥ 9,420,000 | 9,213,000 | |||||||
Consideration Paid For Treasury Share | ¥ | ¥ 1,274,000 | |||||||||
Par value per share | $ / shares | $ 0.001 | |||||||||
Proceeds from issue of ordinary shares | ¥ | ¥ 292,958,000 | ¥ 90,406,000 | ¥ 0 | |||||||
Number of shares authorised | 50,000,000 | 50,000,000 | ||||||||
Initial Public Offering [Member] | ||||||||||
Issued capital and reserves [Line Items] | ||||||||||
Issuance costs | ¥ 36,282,000 | $ 5,600 | ||||||||
Treasury shares [member] | ||||||||||
Issued capital and reserves [Line Items] | ||||||||||
Consideration Paid For Treasury Share | $ | $ 199,000 | |||||||||
Repurchase Of Treasury Share | 49,609 | 49,609 | ||||||||
Class A Ordinary Shares [Member] | ||||||||||
Issued capital and reserves [Line Items] | ||||||||||
Shares issued | 1,499,423 | 4,856,273 | ||||||||
Number of shares outstanding | 21,285,625 | 21,285,625 | 16,285,625 | |||||||
Number of shares authorised | 41,718,902 | 41,718,902 | ||||||||
Voting rights entitled per share | one vote | |||||||||
Class A Ordinary Shares [Member] | Initial Public Offering [Member] | ||||||||||
Issued capital and reserves [Line Items] | ||||||||||
Shares issued | 5,000,000 | |||||||||
Par value per share | $ / shares | $ 10 | |||||||||
Proceeds from issue of ordinary shares | ¥ 323,730,000 | $ 50,000 | ||||||||
Class A Ordinary Shares [Member] | Treasury shares [member] | ||||||||||
Issued capital and reserves [Line Items] | ||||||||||
Number of shares outstanding | 49,609 | 49,609 | ||||||||
Class B Ordinary Shares [Member] | ||||||||||
Issued capital and reserves [Line Items] | ||||||||||
Number of shares outstanding | 8,281,098 | 8,281,098 | 8,281,098 | |||||||
Number of shares authorised | 8,281,098 | 8,281,098 | ||||||||
Voting rights entitled per share | ten votes |
Trade Payables - Summary of Tra
Trade Payables - Summary of Trade Payables (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade Payables [Abstract] | ||
Trade payables | ¥ 30,514 | ¥ 27,310 |
Trade Payables - Additional Inf
Trade Payables - Additional Information (Details) - CNY (¥) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Trade Payables [Line Items] | ||
Trade Payables Balances With Related Companies Amount | ¥ 9,155,000 | |
Bottom Of Range [Member] | ||
Trade Payables [Line Items] | ||
Trade payables settlement period | 1 day | |
Top of Range | ||
Trade Payables [Line Items] | ||
Trade payables settlement period | 30 days |
Contract Liabilities - Schedule
Contract Liabilities - Schedule of Receipts in Advance from Customers (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Deferred revenue | |||
Total contract liabilities | ¥ 23,872 | ¥ 24,901 | ¥ 16,485 |
Current | 23,506 | 24,314 | 16,049 |
Non-current | 366 | 587 | 436 |
Subscriptions and Licensing | |||
Deferred revenue | |||
Total contract liabilities | 12,050 | 13,827 | 13,294 |
Smart music learning | |||
Deferred revenue | |||
Total contract liabilities | 11,784 | 11,074 | 3,191 |
Music events and performances | |||
Deferred revenue | |||
Total contract liabilities | ¥ 38 | ¥ 0 | ¥ 0 |
Contract Liabilities - Schedu_2
Contract Liabilities - Schedule of Amount of Revenue Recognised in Respective Reporting Periods that was Included in Contract Liabilities at Beginning of Reporting Period (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Contract Liabilities [Abstract] | |||
Amount of revenue recognised in the respective reporting periods that was included in the contract liabilities at the beginning of the reporting period | ¥ 20,821 | ¥ 13,874 | ¥ 12,395 |
Interest Bearing Loans and Bo_3
Interest Bearing Loans and Borrowings - Schedule of Interest Bearing Loans and Borrowings (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information About Borrowings [Line Items] | ||
Unsecured other borrowings, current | ¥ 23,000 | |
Unsecured borrowing, current | 41,493 | ¥ 60,000 |
Unsecured other borrowings, Non current | 6,046 | 0 |
Unsecured other borrowings, Non current | 47,539 | 60,000 |
Unsecured Bank Loans [Member] | ||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||
Unsecured bank loans, current | ¥ 10,000 | ¥ 10,000 |
Effective interest rate | 4.25% | 4.25% |
Maturity | On demand | On demand |
Unsecured other borrowings, Non current | ¥ 23,000 | |
Unsecured Other Borrowings [Member] | ||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||
Unsecured other borrowings, current | ¥ 20,000 | ¥ 50,000 |
Effective interest rate | 12.00% | 12.00% |
Maturity | December 31, 2022 | September 19, 2021 |
Unsecured Other Borrowings One [Member] | ||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||
Unsecured other borrowings, current | ¥ 11,493 | |
Effective interest rate | 6.85% | |
Maturity | December 31, 2022 | |
Unsecured Other Borrowings Two [Member] | ||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||
Effective interest rate | 6.85% | |
Maturity | April 20, 2023 | |
Unsecured other borrowings, Non current | ¥ 6,046 |
Interest Bearing Loans and Bo_4
Interest Bearing Loans and Borrowings - Schedule of Interest Bearing Loans and Borrowings (Parenthetical) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||
Unsecured other borrowings, current | ¥ 23,000 | |
Interest-bearing loans and borrowings | 6,046 | ¥ 0 |
Unsecured Bank Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured bank loans received | 10,000 | 10,000 |
Interest-bearing loans and borrowings | 23,000 | |
Unsecured Other Borrowings [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Unsecured other borrowings, current | ¥ 20,000 | ¥ 50,000 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Leases [Line Items] | |
Sub-lease term | 3 years 6 months |
Bottom of Range | |
Disclosure Of Leases [Line Items] | |
Lease term | 3 years |
Top of Range | |
Disclosure Of Leases [Line Items] | |
Lease term | 5 years |
Leases - Summary of Carrying Am
Leases - Summary of Carrying Amounts of Right-of-Use Assets Recognised and Movements During Years (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Beginning Balance | ¥ 14,918,000 | ¥ 10,728,000 | |
Additions | 2,734,000 | 5,682,000 | |
Acquisition from business combinations (Note 8) | 2,988,000 | ||
Depreciation charge | (4,139,000) | (4,480,000) | ¥ (1,618,000) |
Lease Termination | (10,453,000) | ||
Ending Balance | 3,060,000 | 14,918,000 | 10,728,000 |
Building | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Beginning Balance | 4,318,000 | 2,569,000 | |
Additions | 2,259,000 | 1,286,000 | |
Acquisition from business combinations (Note 8) | 2,988,000 | ||
Depreciation charge | (3,443,000) | (2,525,000) | |
Lease Termination | (74,000) | ||
Ending Balance | 3,060,000 | 4,318,000 | 2,569,000 |
Music Education Equipment | |||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||
Beginning Balance | 10,600,000 | 8,159,000 | |
Additions | 475,000 | 4,396,000 | |
Acquisition from business combinations (Note 8) | 0 | ||
Depreciation charge | (696,000) | (1,955,000) | |
Lease Termination | (10,379,000) | ||
Ending Balance | ¥ 0 | ¥ 10,600,000 | ¥ 8,159,000 |
Leases - Summary of Carrying _2
Leases - Summary of Carrying Amounts of Lease Liabilities and Movements During Years (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |||
Beginning balance | ¥ 17,490 | ¥ 14,713 | |
Additions | 2,734 | 5,682 | |
Accretion of interest | 1,082 | 2,561 | ¥ 613 |
Covid-19 - related rent concessions from a lessor | 0 | (778) | 0 |
Lease termination | (14,379) | 0 | |
Payments | (3,648) | (4,688) | |
Ending balance | 3,279 | 17,490 | ¥ 14,713 |
Current | 2,486 | 7,660 | |
Non-current | ¥ 793 | ¥ 9,830 |
Leases - Summary of Amounts Rec
Leases - Summary of Amounts Recognised in Profit or Loss (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |||
Depreciation of right-of-use assets | ¥ 4,139 | ¥ 4,480 | ¥ 1,618 |
Interest expense on lease liabilities | 1,082 | 2,561 | 613 |
Covid-19-related rent concessions from a lessor | 0 | (778) | 0 |
Expense relating to short term leases and leases of low-value assets included in administrative expenses | 1,604 | 775 | 112 |
Total amount recognised in profit or loss | ¥ 6,825 | ¥ 7,038 | ¥ 2,343 |
Leases - Summary of Total Cash
Leases - Summary of Total Cash Outflow for Leases Included in Statement of Cash Flows (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |||
Total cash outflow for leases | ¥ 5,252 | ¥ 5,463 | ¥ 2,672 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Rentals Receivable under Non-cancellable Finance Leases (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Maturity Analysis Of Finance Lease Payments Receivable [Line Items] | ||
Total future undiscounted minimum rentals receivable | ¥ 357 | ¥ 438 |
Unearned finance income | (2) | (25) |
Net investments in subleases | 355 | 413 |
Current | 355 | 211 |
Non-current | 0 | 202 |
Within 1 Year | ||
Disclosure Of Maturity Analysis Of Finance Lease Payments Receivable [Line Items] | ||
Total future undiscounted minimum rentals receivable | 357 | 219 |
After One Year but within Two Years | ||
Disclosure Of Maturity Analysis Of Finance Lease Payments Receivable [Line Items] | ||
Total future undiscounted minimum rentals receivable | 0 | 219 |
After Two Years but within Five Years | ||
Disclosure Of Maturity Analysis Of Finance Lease Payments Receivable [Line Items] | ||
Total future undiscounted minimum rentals receivable | ¥ 0 | ¥ 0 |
Other Payables and Accruals - C
Other Payables and Accruals - Components of Other Payables and Accruals (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Payables And Accruals [Abstract] | ||
Accruals | ¥ 10,372 | ¥ 11,018 |
Other payables and accruals | 39,057 | 46,210 |
Payable to database suppliers | 3,000 | 2,189 |
Interest payables | 5,749 | 7,704 |
Total other payables and accruals | 58,178 | 67,121 |
Current | 58,178 | 67,121 |
Non-current | ¥ 0 | ¥ 0 |
Related Party Disclosures - Sum
Related Party Disclosures - Summary of Transactions Between Related Parties Amount (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Interest income on net investments in subleases | ¥ 45 | ¥ 49 | ¥ 103 |
Acquisition of a subsidiary | 284,000 | ||
Shareholder of the Company | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Acquisition of a subsidiary | 174,944 | ||
BMF Culture | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Interest income on net investments in subleases | ¥ 23 | ¥ 85 | |
Revenue from a related party | 349 | ||
Naxos [Member] | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Copyright expenses | ¥ 7,743 |
Related Party Disclosures - S_2
Related Party Disclosures - Summary of Outstanding Balances for Related Party Transactions (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Shigoo Limited | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due from related parties /shareholders | ¥ 306 | ¥ 663 |
Due to a related party/ a shareholder | 7,177 | |
Shanghai Xuanshi Culture Communication Co. Ltd | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due from related parties /shareholders | 1,100 | |
Shareholders of the company | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Due from related parties /shareholders | 100 | ¥ 100 |
Due to a related party/ a shareholder | ¥ 325 |
Related Party Disclosures - S_3
Related Party Disclosures - Summary of Compensation of Key Management Personnel (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | |||
Short term employee benefits | ¥ 7,833 | ¥ 7,875 | ¥ 1,241 |
Equity-settled share-based payment expenses | 30,650 | 14,269 | 0 |
Post employment benefits | 518 | 356 | 369 |
Total compensation paid to key management personnel | ¥ 39,001 | ¥ 22,500 | ¥ 1,610 |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Detail) ¥ in Thousands | Dec. 31, 2021CNY (¥) |
Disclosure of transactions between related parties [line items] | |
Receivables due from joint ventures | ¥ 2,000,000 |
Notes to the Consolidated Sta_2
Notes to the Consolidated Statements of Cash Flows - Additional Information (Details) - CNY (¥) | Feb. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Consolidated Statements Of Cash Flows [Line Items] | |||
Percentage of equity interests acquired | 100.00% | ||
Business acquisition of ordinary shares issued | 4,856,273 | ||
Additions to right of use assets | ¥ 2,734,000 | ¥ 5,682,000 | |
Offset Of Non-Current Loan Receivable Against a Non Current Loan Payable | 36,000,000,000 | ||
Building | |||
Disclosure Of Consolidated Statements Of Cash Flows [Line Items] | |||
Additions to right of use assets | 2,259,000 | 1,286,000 | |
Property, plant and equipment [member] | |||
Disclosure Of Consolidated Statements Of Cash Flows [Line Items] | |||
Additions to right of use assets | ¥ 475,000 | ¥ 4,396,000 | |
Rosenkavalier Group | |||
Disclosure Of Consolidated Statements Of Cash Flows [Line Items] | |||
Percentage of equity interests acquired | 100.00% | ||
Business acquisition of ordinary shares issued | 4,856,273 | ||
Business acquisition of estimated fair value | ¥ 284,000,000,000 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2020USD ($) | Oct. 31, 2019 | Dec. 31, 2021USD ($)shares$ / shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2020CNY (¥) | Dec. 31, 2021CNY (¥)shares | Oct. 30, 2020shares | Mar. 04, 2020shares | Feb. 29, 2020shares | Dec. 31, 2019shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||
Number of shares authorised | 50,000,000 | 50,000,000 | |||||||||
Share-based payment expense | $ 8,360,000 | ¥ 53,933,000 | $ 2,799,000 | ¥ 19,416,000 | |||||||
Number of share options outstanding | 2,012,336 | 2,012,336 | |||||||||
Number of restricted shares outstanding | 101,666 | 101,666 | 101,666 | ||||||||
Class A Restricted Shares [Member] | |||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||
Number of restricted shares outstanding | 101,666 | 101,666 | |||||||||
Class A Ordinary Shares [Member] | |||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||
Number of shares authorised | 41,718,902 | 41,718,902 | |||||||||
Number of restricted shares outstanding | 101,666 | 101,666 | |||||||||
Number of additional ordinary shares issued | 1,499,423 | 4,856,273 | |||||||||
On Full Exercise of Outstanding Share Options and Restricted Shares | |||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||
Additional share capital | $ 2,000 | ¥ 14,000 | |||||||||
Capital reserve | $ 7,514,000 | ¥ 49,020,000 | |||||||||
On Full Exercise of Outstanding Share Options and Restricted Shares | Class A Ordinary Shares [Member] | |||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||
Number of additional ordinary shares issued | 2,114,002 | 2,114,002 | |||||||||
Share Option Agreement | |||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||
Percentage of total number of shares on listing dates granted as share options | 3.00% | ||||||||||
Description of vesting requirements for share-based payment arrangement | The share options can only be vested if (i) the financial consultant becomes an employee of the Group prior to the date of successful listing of the Company’s shares through the IPO (the “Listing Date”); and (ii) there is the successful listing of the Company’s shares through the IPO (“IPO Performance Condition”); and (iii) the financial consultant remains as an employee of the Group over the vesting period as specified in the Share Option Agreement. All share options will be vested over 24 months after the Listing Date. | The share options can only be vested if (i) the financial consultant becomes an employee of the Group prior to the date of successful listing of the Company’s shares through the IPO (the “Listing Date”); and (ii) there is the successful listing of the Company’s shares through the IPO (“IPO Performance Condition”); and (iii) the financial consultant remains as an employee of the Group over the vesting period as specified in the Share Option Agreement. All share options will be vested over 24 months after the Listing Date. | |||||||||
Share option vesting period after Listing Date | 24 months | 24 months | |||||||||
Unexercised portion of share option forfeited period after Listing Date | 48 months | 48 months | |||||||||
Increase in exercise price of share options | $ | $ 7,500,000 | ||||||||||
Fair values of share options and restricted shares granted | $ | $ 3,182,000 | ||||||||||
Number of share options outstanding | 887,002 | 887,002 | 887,002 | 887,002 | |||||||
2020 ESOP Plan | |||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||
Description of vesting requirements for share-based payment arrangement | 50%, 30%, 10% and 10% of the share options and restricted shares will vest on October 1, 2021, October 1, 2022, October 1, 2023 and October 1, 2024, respectively, on the condition that (i) directors, officers, employees and consultants of the Company remain in service; and (ii) the Company completes its initial public offering within 12 months after the adoption of the 2020 ESOP Plan by the board of the directors. | 50%, 30%, 10% and 10% of the share options and restricted shares will vest on October 1, 2021, October 1, 2022, October 1, 2023 and October 1, 2024, respectively, on the condition that (i) directors, officers, employees and consultants of the Company remain in service; and (ii) the Company completes its initial public offering within 12 months after the adoption of the 2020 ESOP Plan by the board of the directors. | |||||||||
Description of expiration period for share-based payment arrangement | The 2020 ESOP Plan lapses on the tenth anniversary of the grant date. | The 2020 ESOP Plan lapses on the tenth anniversary of the grant date. | |||||||||
Number of share options granted | 1,125,334 | 1,125,334 | |||||||||
Exercise price of share options and restricted shares granted | $ / shares | $ 0.01 | ||||||||||
Vesting percentage of share options and restricted shares on October 1, 2021 | 50.00% | 50.00% | |||||||||
Vesting percentage of share options and restricted shares on October 1, 2022 | 30.00% | 30.00% | |||||||||
Vesting percentage of share options and restricted shares on October 1, 2023 | 10.00% | 10.00% | |||||||||
Vesting percentage of share options and restricted shares on October 1, 2024 | 10.00% | 10.00% | |||||||||
Fair values of share options and restricted shares granted | $ | $ 10,950,000 | ||||||||||
Number of share options outstanding | 1,125,334 | 1,125,334 | 1,125,334 | 1,125,334 | |||||||
Number of restricted shares outstanding | 101,666 | 101,666 | 101,666 | 101,666 | |||||||
2020 ESOP Plan | Class A Restricted Shares [Member] | |||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||
Number of restricted shares granted | 101,666 | 101,666 | |||||||||
2020 ESOP Plan | Class A Ordinary Shares [Member] | |||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||
Number of shares authorised | 1,227,000 |
Share-Based Payments - Schedule
Share-Based Payments - Schedule of Vesting Period of Relevant Percentage of Options (Details) - Share Option Agreement | 12 Months Ended |
Dec. 31, 2021 | |
Vesting Period After 6 Months Since Listing Date | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Percentage of cap of options exercisable | 1.00% |
Vesting Period After 12 Months Since Listing Date | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Percentage of cap of options exercisable | 2.00% |
Vesting Period After 18 Months Since Listing Date | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Percentage of cap of options exercisable | 2.50% |
Vesting Period After 24 Months Since Listing Date | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Percentage of cap of options exercisable | 3.00% |
Share-Based Payments - Lists of
Share-Based Payments - Lists of Inputs Used in Binomial Model for Estimating Fair Value of Equity-Settled Share Options and Restricted Shares Granted (Details) | 12 Months Ended |
Dec. 31, 2021yr$ / shares | |
Share Option Agreement | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Dividend yield (%) | 0.00% |
Expected volatility (%) (note) | 49.00% |
Risk-free interest rate (%) | 0.36% |
Suboptimal factor | 2.5 |
Forfeiture rate | 0.00% |
Option life (years) | yr | 4.78 |
Share price (US$ per share) | $ / shares | $ 8.67 |
2020 ESOP Plan | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Dividend yield (%) | 0.00% |
Expected volatility (%) (note) | 50.00% |
Risk-free interest rate (%) | 0.88% |
Forfeiture rate | 0.00% |
Option life (years) | yr | 10 |
Share price (US$ per share) | $ / shares | $ 9.03 |
2020 ESOP Plan | Bottom Of Range [Member] | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Suboptimal factor | 1 |
2020 ESOP Plan | Top of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Suboptimal factor | 2.5 |
Share-Based Payments - Summary
Share-Based Payments - Summary of Share Options Outstanding (Details) | Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Number of options, ending balance | 2,012,336 | |
Share Option Agreement | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Weighted average exercise price per share, beginning balance | $ / shares | $ 8.46 | $ 8.46 |
Weighted average exercise price per share, ending balance | $ / shares | $ 8.46 | $ 8.46 |
Number of options, beginning balance | 887,002 | 887,002 |
Number of options, ending balance | 887,002 | 887,002 |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Exercise Prices and Exercise Periods of Share Options and Restricted Shares Outstanding (Details) | 12 Months Ended | ||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares | Dec. 31, 2019shares | |
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Number of options | 2,012,336 | ||
Number of restricted shares | 101,666 | 101,666 | |
Share Option Agreement | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Number of options | 887,002 | 887,002 | 887,002 |
Share Option Agreement | Exercise Period One | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Number of options | 295,667 | 295,667 | |
Exercise price | $ / shares | $ 8.46 | ||
Share Option Agreement | Exercise Period One | Bottom Of Range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Jul. 12, 2021 | ||
Share Option Agreement | Exercise Period One | Top of Range | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Jan. 12, 2025 | ||
Share Option Agreement | Exercise Period Two | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Number of options | 295,667 | 295,667 | |
Exercise price | $ / shares | $ 8.46 | ||
Share Option Agreement | Exercise Period Two | Bottom Of Range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Jan. 12, 2022 | ||
Share Option Agreement | Exercise Period Two | Top of Range | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Jan. 12, 2025 | ||
Share Option Agreement | Exercise Period Three | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Number of options | 147,834 | 147,834 | |
Exercise price | $ / shares | $ 8.46 | ||
Share Option Agreement | Exercise Period Three | Bottom Of Range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Jul. 12, 2022 | ||
Share Option Agreement | Exercise Period Three | Top of Range | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Jan. 12, 2025 | ||
Share Option Agreement | Exercise Period Four | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Number of options | 147,834 | 147,834 | |
Exercise price | $ / shares | $ 8.46 | ||
Share Option Agreement | Exercise Period Four | Bottom Of Range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Jan. 12, 2023 | ||
Share Option Agreement | Exercise Period Four | Top of Range | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Jan. 12, 2025 | ||
2020 ESOP Plan | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Number of options | 1,125,334 | 1,125,334 | 1,125,334 |
Number of restricted shares | 101,666 | 101,666 | 101,666 |
2020 ESOP Plan | Exercise Period One | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Number of options | 562,666 | 562,666 | |
Number of restricted shares | 50,832 | 50,832 | |
Exercise price | $ / shares | $ 0.01 | ||
2020 ESOP Plan | Exercise Period One | Bottom Of Range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Oct. 1, 2021 | ||
2020 ESOP Plan | Exercise Period One | Top of Range | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Oct. 30, 2030 | ||
2020 ESOP Plan | Exercise Period Two | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Number of options | 337,600 | 337,600 | |
Number of restricted shares | 30,500 | 30,500 | |
Exercise price | $ / shares | $ 0.01 | ||
2020 ESOP Plan | Exercise Period Two | Bottom Of Range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Oct. 1, 2022 | ||
2020 ESOP Plan | Exercise Period Two | Top of Range | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Oct. 30, 2030 | ||
2020 ESOP Plan | Exercise Period Three | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Number of options | 112,534 | 112,534 | |
Number of restricted shares | 10,167 | 10,167 | |
Exercise price | $ / shares | $ 0.01 | ||
2020 ESOP Plan | Exercise Period Three | Bottom Of Range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Oct. 1, 2023 | ||
2020 ESOP Plan | Exercise Period Three | Top of Range | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Oct. 30, 2030 | ||
2020 ESOP Plan | Exercise Period Four | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Number of options | 112,534 | 112,534 | |
Number of restricted shares | 10,167 | 10,167 | |
Exercise price | $ / shares | $ 0.01 | ||
2020 ESOP Plan | Exercise Period Four | Bottom Of Range [Member] | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Oct. 1, 2024 | ||
2020 ESOP Plan | Exercise Period Four | Top of Range | |||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | |||
Exercise period | Oct. 30, 2030 |
Share-Based Payments - Summar_3
Share-Based Payments - Summary of Share Options and Restricted Shares Outstanding (Details) | Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Number of options, ending balance | 2,012,336 | |
Number of restricted shares, beginning balance | 101,666 | |
Number of restricted shares, ending balance | 101,666 | 101,666 |
2020 ESOP Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Weighted average exercise price per share, beginning balance | $ / shares | $ 0.01 | $ 0.01 |
Weighted average exercise price per share, ending balance | $ / shares | $ 0.01 | $ 0.01 |
Number of options, beginning balance | 1,125,334 | 1,125,334 |
Number of options, ending balance | 1,125,334 | 1,125,334 |
Number of restricted shares, beginning balance | 101,666 | 101,666 |
Number of restricted shares, ending balance | 101,666 | 101,666 |
Commitments - Summary of Commit
Commitments - Summary of Commitments (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments [Line Items] | ||
Commitments | ¥ 11,091 | ¥ 26,053 |
Smart musical instruments [Member] | ||
Commitments [Line Items] | ||
Commitments | 6,091 | 1,028 |
Intangible Assets | ||
Commitments [Line Items] | ||
Commitments | ¥ 5,000 | ¥ 25,025 |
Events After the Reporting Pe_2
Events After the Reporting Period - Additional Information (Details) ¥ in Millions | Jan. 31, 2022CNY (¥) |
Subsequent Event [Member] | Beijing Successor Teaching Equipment Co., Ltd [Member] | |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |
Cash Consideration And Contingent Equity Consideration | ¥ 12.5 |