Pop Mart is going to buy a house in Beijing and bid farewell to renting. 1、 Core events 1. Subject: The entire building of Building 4, Taikoo Place, Chaoyang District, Beijing (formerly known as Yidi Port Phase II) 2. Scale: 16 floors above ground, with a construction area of approximately 44000 square meters 3. Date: Officially announced in 2026, expected to be delivered in Q3 of 2026, and officially settled in after the Spring Festival of 2027 4. Purpose: To replace Wangjing Leasing Headquarters and serve as the new headquarters building for the group 2、 Price estimation 1. Unit price of Grade A office buildings in the core area: 35000 to 40000 yuan/square meter 2. Estimated total price of the entire building: RMB 1.5-1.8 billion 3. Financial foundation: Net profit by 2025, sufficient cash reserves on paper, and no pressure on cash flow 3、 Financial impact 1. Say goodbye to long-term leasing and save 80-100 million rental costs annually 2. Conversion to self owned fixed assets, with controllable impact of annual depreciation on profits 3. Real estate holdings in core areas with long-term asset preservation properties 4、 Strategic and Business Impact 1. The office area is about 8 times that of the original headquarters, accommodating 2000-3000 people for work 2. Integrating IP incubation, design and development, global operation, and offline experience 3. Top tier location landmarks enhance brand influence and industry leading position 4. Space expansion to support business and global expansion in the next 3-5 years 5、 Capital Market&Industry Impact 1. During the trough period, buy bottom core assets and release confidence in the long-term development of domestic trendy games 2. The company's attributes are light assets, trendy consumption, and the addition of commercial real estate and heavy asset valuation logic 3. Industry benchmark effect, opening up the trend of top IP companies holding their own core office assets