Losses turned to profit in track record

(Loss)/profit for the year | (125,453) | (93,743) | 20,153

Financial Information · p. 198

Our income tax expense was nil for 2024 and 2025 as we recorded losses before tax in 2024 and had available tax losses for offset in 2025.

Financial Information · p. 207

In 2023, weak consumer electronics demand, post-pandemic effects and trade tensions resulted in intense industry competition and pricing pressure, leading to a net loss for the year.

Financial Information · p. 171

Market conditions improved in 2024, driven by growth in 5G communications, AI servers and automotive electronics, with our revenue increasing 26.2% to RMB834.6 million.

Financial Information · p. 171

First, because our Company is still in the early stage of development, R&D investment and market development costs are large, large-scale sales have not yet formed, and the revenue scale cannot cover all cost inputs, which leads to a loss of our Company.

Financial Information · p. 236

Third, our Company’s primary customers are state-owned enterprises and government departments, which typically require a multi-level review process for bidding. This leads to a prolonged business development cycle.

Financial Information · p. 236

Although our Company incurred losses in FY2023, operating performance has demonstrated steady growth, which is consistent with management’s expectations.

Financial Information · p. 236

Net (loss)/profit for the year | (630,867) | 135,244 | 839,648

Summary · p. 9

We had net loss of RMB630.9 million in 2023 and net profit of RMB135.2 million in 2024, primarily attributable to substantial revenue growth from increased sales volumes and improved pricing of smart mobile and emerging edge AI devices, alongside a shift to gross profit from changes in product mix (i.e. increased offering of products used in emerging edge AI devices, which generally carry higher margin) and economies of scale.

Summary · p. 9

We incurred net loss of RMB195.5 million in 2023, respectively, and achieved net profits of RMB27.0 million and RMB152.7 million in 2024 and 2025, respectively. Our net loss in 2023 were primarily attributable to the substantial R&D expenses of RMB344.8 million during the year.

Business · p. 109

We incurred net losses of RMB110.1 million in 2023, and reached breakeven and recorded net profit of RMB9.7 million in 2024.

Business · p. 157

However, we incurred net loss in 2023, and net cash used in operating activities in 2023 and 2024.

Business · p. 154

We firmly believe that our proven business model, diverse and full solution coverage and R&D capabilities provide a clear and credible path to long-term profitability.

Business · p. 157

(Loss)/profit for the year | (8,747) | 15,765 | 32,180

Summary · p. 9

Adjusted net (loss)/profit (non-IFRS measure) | (4,630) | 28,209 | 38,481

Summary · p. 9

(Loss)/profit for the year | (1,967,631) | (690,343) | 7,440

Summary · p. 5

Through AI-driven scheduling and enhanced operational management, we have achieved both revenue growth and profitability improvement, making us the fastest large scale mobility platform to achieve profitability in China, according to CIC.

Financial Information · p. 150

Since our inception in 2019, we have achieved significant growth in order volume, reaching 797.2 million in 2025.

Financial Information · p. 150

The loss-making position of our Group as of December 31, 2024 was primarily due to the net losses on financial assets carried at fair value through profit or loss, amounting to RMB253.0 million.

Financial Information · p. 228

The losses arose mainly from the investment of equity securities listed in the PRC which generate a return individually and are largely independent of the Group’s other resources (for example, property, plant and equipment, right-of-use assets and intangible assets).

Financial Information · p. 228

We recorded income tax credit of RMB17.2 million for the year ended December 31, 2024 while we recorded income tax expense of RMB13.4 million for the year ended December 31, 2025, primarily due to our turnaround from loss to profit before taxation during the period.

Financial Information · p. 217

We had losses in the alternative investment business in 2024 as we experienced declines in the fair value of our listed holdings and associated losses which were mainly attributable to a sharp correction in the Beijing Stock Exchange, slower-than-expected share transfers to other boards, and tighter IPO pathways.

Business · p. 128

Our performance recovered in 2025, which were supported by policy tailwinds, market improvements, and strategic realignment.

Business · p. 128

We recorded net loss of RMB373.5 million in 2023, primarily as we incurred significant administrative and R&D expenses as we rapidly scaled our commercial production and sales.

Summary · p. 8

In 2023, we were loss-making mainly because we were at the nascent stage of development, having only commenced commercial production and sales.

Summary · p. 11

As our sales grew rapidly through our expanding global distribution network, we achieved net profit of RMB83.8 million in 2024.

Business · p. 148

After recording a net loss of RMB113.8 million in 2023 due to strategic front-loaded investments, we achieved a financial turnaround with net profits of RMB15.7 million and RMB5.1 million in 2024 and 2025, respectively.

Summary · p. 1

Our financial results improved from a net loss of RMB113.8 million in 2023 to a net profit of RMB15.7 million in 2024, and an adjusted net loss (non-IFRS measure) of RMB28.1 million in 2023 to an adjusted net profit (non-IFRS measure) of RMB44.1 million in 2024, primarily due to the increase in our gross profit from RMB183.8 million in 2023 to RMB287.3 million in 2024, resulting from significant gross profit growth in our EIIR and AI-enabled intelligent products, supported by product mix optimization and operational efficiency gains from our proprietary technology upgrades.

Summary · p. 10

Profit/(Loss) for the year | (176,206) | 610,912 | 2,426,575

Summary · p. 11

During the Track Record Period, our revenue, gross profit margin and net profit/(loss) experienced fluctuations primarily in line with the rapid expansion of our snack and beverage retail business.

Summary · p. 11

As our business matured, operational efficiency improved and margins were released, supported by optimized cost structure, centralized procurement and better expense control.

Summary · p. 11

We were loss-making in 2023 and turned profitable starting from 2024, and recorded significant increase in net profit from 2024 to 2025.

Summary · p. 8

We recorded net profit of RMB70.4 million in 2024 as compared to net loss of RMB132.8 million in 2023, as a result of the substantial increase in our gross profit, primarily due to (i) increased sales of agricultural drones resulting from (a) enhanced customer satisfaction and growing interest of users and distributors driven by our continuous product innovation that improved product quality and delivered pricing advantages, (b) our business expansion in overseas markets, which broadened our customer base and sales reach, (ii) an increase in revenue contribution from our overseas sales with relatively higher gross profit margin, (iii) reduced hardware costs as we optimized the drone design through technical innovation to improve cost efficiency while maintaining performance stability, and (iv) increased sales of smart farm IoT products especially smart electric valves, driven by strong market demand, ongoing product innovation, exceptional cost efficiency and extensive sales channels.

Summary · p. 8

In 2024, we recorded net loss of RMB6.1 million, primarily due to (i) a decrease in the overall gross profit margin of our telecommunications laser chip segment, because of the downward pricing pressure on certain products within this segment as a result of intensified market competition, and (ii) an increase in our research and development expenses and selling and marketing expenses to support our ongoing R&D activities and market expansion.

Summary · p. 12

We recorded a loss of RMB60.7 million in 2022 and a loss of RMB56.2 million in 2023, primarily due to our cost structure and operating expenses associated with the expansion of our software-defined All-in-One AI solutions.

Summary · p. 9

We recorded a loss of RMB27.1 million in the nine months ended September 30, 2024 and a loss of RMB36.3 million in the nine months ended September 30, 2025, primarily due to increased operating expenses, including research and development expenses and administrative expenses, reflecting our continued investment in business expansion.

Summary · p. 9

However, we incurred net losses of RMB60.7 million, RMB56.2 million, and RMB36.3 million in 2022, 2023, and for the nine months ended September 30, 2025, respectively.

Business · p. 144

During the Track Record Period, we recorded adjusted net losses (a non-IFRS measure) of RMB123.0 million and RMB43.6 million in 2022 and 2023, respectively, and had an adjusted net profit (a non-IFRS measure) of RMB10.7 million, RMB24.4 million and RMB10.4 million in 2024 and the eight months ended August 31, 2024 and 2025.

Summary · p. 11

In 2022 and 2023, we recorded net losses of RMB221.5 million and RMB353.2 million, respectively, which were attributable to the reasons mentioned above for our adjusted net losses (a non-IFRS measure), as well as the significant impact of non-cash items such as the fair value loss of convertible redeemable preference shares and share-based compensation expenses.

Summary · p. 12

This expansion also required investments in labor and other resources at our headquarters to ensure efficient management across different cities.

Summary · p. 11

The net provision for impairment losses for FY2023 was mainly attributable to the provision for impairment losses on our contract assets of approximately RM10.0 million and RM8.8 million, respectively, arisen from our Group’s claims of prolongation costs mainly as a result of the COVID-19 pandemic for Project JB15 and Project JB16 that were completed in 2021, the customer’s certification of which was affected by the events beyond our control, including the unexpected extension of projects that caused significant cost overruns, resulting long overdue contract assets.

Financial Information · p. 279

Based on the impairment assessments conducted by our Directors and the independent valuer appointed by our Group, it is considered that the likelihood of recovering such claims has become increasingly uncertain.

Financial Information · p. 280

Taking into consideration that the prolongation claims primarily comprised the additional costs incurred (i.e. subcontracting costs, costs of construction materials and supplies, labour costs, etc.) due to the unexpected extension of projects, which were of the same nature as other costs incurred for the projects prior to the unexpected delay and fell under the contract terms and conditions of letters of award, our Directors are of the view that the prolongation claims are legitimately made, and thus our Group was legally entitled to receive such claims.

Financial Information · p. 279

We recorded a net loss in 2022, primarily due to the impact of COVID-19 outbreak on our offline business and high initial investment and limited efficiency in our online business.

Summary · p. 17

Additionally, substantial upfront costs were incurred for channel development, content marketing, and logistics arrangements, resulting in overall losses for the online channels in 2022.

Summary · p. 17

This turnaround was driven by the recovery of offline consumption and channel expansion, maturity and accelerated growth of online channels and a series of cost reduction and efficiency improvement measures.

Summary · p. 17

For the years ended December 31, 2022, 2023, 2024, we recorded net loss of RMB87.0 million, RMB16.4 million, RMB3.1 million, respectively.

Summary · p. 13

Marking a pivotal milestone in our path to sustainability, we recorded a net profit of RMB27.9 million for the six months ended June 30, 2025, achieving profitability for the period.

Business · p. 299

We believe our path to sustainable profitability is clearly defined and will be primarily driven by the following factors: (i) steady revenue growth; (ii) continuous gross profit improvement; (iii) operational leverage through economies of scale that will reduce our selling and distribution, administrative and research and development expenses as a percentage of our revenue; (iv) improvements of our operating cash flow position; and (v) our cost optimization and profitability enhancement measures.

Business · p. 299