Hong Kong IPO disclosure precedents · 21 companies, 21 items
Historically profitable company or segment turning to losses during the track record due to industry downturn, weak demand or costs (e.g. acquisition fixed costs) not absorbed by revenue.
We recorded profits of RMB79.5 million in 2023 and RMB63.2 million in 2024, and then we recorded loss of RMB45.0 million in 2025 and loss for the period of RMB74.7 million for the four months ended April 30, 2026.
Business · p. 174
Our net losses in 2025 and the four months ended April 30, 2026 were primarily attributable to the PV industry downturn, and, to a lesser extent, losses incurred by the SiPh assembly and testing business, due to its low revenue base being insufficient to absorb the fixed costs incurred following the ficonTEC Acquisition.
Business · p. 174
As demand for AI infrastructure continues to grow and an increasing number of our in-progress SiPh projects reach customer acceptance and are recognized as revenue, we expect our SiPh revenue to continue to increase over time.
This market could not support our growth in electronic circuit copper foil business, and we were not able to charge high premiums in processing fee and average selling prices, resulting in our loss-making for this business segment in 2023 and 2024.
Financial Information · p. 208
As inventories have gradually normalized and demand from emerging applications continues to expand, the industry has started to recover since late 2025.
We turned from net profit in the three months ended March 31, 2025 to net loss in the same period in 2026 primarily due to increase in research and development expenses and net foreign exchange losses.
We recorded net profit for the year ended December 31, 2023 at RMB1.7 million, while we incurred net loss for the year ended December 31, 2024 and 2025 at RMB12.9 million and RMB16.1 million, respectively.
Business · p. 192
The loss in 2024 was primarily due to a significant increase in selling and distribution expenses as a result of our sales and marketing efforts.
Summary · p. 7
In 2025, we recorded an adjusted net profit (non-HKFRS measure) of RMB[REDACTED]. This was primarily because customer acquisition costs were effectively controlled due to the sales and marketing efforts in 2024 and the growing reputation of our products, which led to a 38.5% revenue growth.
Our revenue increased from RMB1,887.3 million in 2023 to RMB2,512.1 million in 2024, and we recorded a profit of RMB112.3 million in 2024, compared to a loss of RMB396.8 million in 2023.
Business · p. 179
Our significant R&D investment has, to a considerable extent, affected our profitability during the Track Record Period, as we continued to allocate resources to support clinical development and pipeline expansion to support our long-term growth.
Business · p. 179
Our selling and distribution expenses increased from RMB436.2 million in 2023 to RMB694.1 million in 2024 and further to RMB843.1 million in 2025, primarily due to the expansion of our sales team, increased product promotion and nationwide market development efforts, as well as the continued implementation of our commercialization strategies in connection with new product launches.
We recorded a net loss of RMB182.4 million in 2025, compared to a net profit of RMB88.7 million in 2024, primarily due to (i) the recognition of issuance of shares and dividends to Pre-IPO Investors of RMB240.3 million in the net other losses/gains in 2025, (ii) listing expenses of RMB19.1 million incurred in 2025, and (iii) an increase in share-based compensation expenses from RMB8.3 million in 2024 to RMB15.4 million in 2025.
Summary · p. 5
We expect to improve our performance in 2026 through the planned commercialization of a number of R&D projects that we have already developed in response to market demand, as well as through the continuous expansion of our sales channels and enhancement of our internal operational efficiency.
As a result of the foregoing, our loss before taxation of RMB668.8 million for 2023 changed to a profit before taxation of RMB890.1 million for 2024.
Financial Information · p. 235
As a result of the foregoing, our profit before taxation of RMB890.1 million for 2024 changed to a loss before taxation of RMB101.3 million for 2025.
Financial Information · p. 231
(i) Fair value adjustments of biological assets were excluded as such changes represent non-cash, non-operating measurement differences arising from the valuation of biological assets under IAS 41.
We define adjusted net profit (non-IFRS measure) as profit for the year adjusted for equity settled share-based payment expenses, changes in the amount of redemption liabilities and [REDACTED] expenses.
Summary · p. 7
Equity-settled share-based payment expenses are non-cash in nature.
Financial Information · p. 157
Changes in the carrying amount of the redemption liabilities are neither related to the ordinary course of our business nor indicative of our ongoing core operating performance.
(Loss)/profit for the year/period | (83,366) | 1,895 | 17,869 | 9,037 | (15,588)
Summary · p. 9
We recorded loss for the year of approximately RMB29.9 million in 2025, primarily due to increases in listing expenses, share-based payment and R&D expenses.
Summary · p. 19
our revenue demonstrated steady growth, increasing by 24.6% from RMB310.4 million in 2024 to RMB386.9 million in 2025
We recorded a loss for the year of RMB817.7 million in 2024, primarily due to a decline in gross profit resulting from decreased revenue and gross profit margin.
Business · p. 256
In the first nine months of 2025, our business gradually recovered from the temporary downturn in 2024.
Business · p. 258
We recorded net cash generated from operating activities of RMB300.1 million for the first nine months of 2025, as compared to net cash used in operating activities of RMB531.1 million in the same period of 2024, attributable to our net profit of RMB29.7 million for the nine months ended September 30, 2025 and our improved cash conversion cycle.
We recorded profit of RMB250.1 million in 2022 and loss of RMB305.3 million in 2023 and RMB402.9 million in 2024.
Summary · p. 11
Given our loss making position in 2023 and 2024, we expect that we may not be able to turn our losses into profits for the year ending December 31, 2025, as the pace of recovery in downstream market demand is expected to take time, and the full financial impact of our strategic initiatives, including launching new products, securing volume orders from major customers and implementing measures to improve our cost structure and operational efficiency, is expected to take time to be fully realized.
Summary · p. 27
In the coming years, we plan to break even and realize profitability by implementing business initiatives of achieving sustained growth in revenue, managing gross profit profile and enhancing operating efficiency.
However, we recorded a net loss of RMB500.3 million in 2024, primarily due to the gross loss incurred as a result of write-down of inventories recorded during the year affected mainly by the decreasing price trend of the SiC epitaxial wafers as a result of temporary oversupply.
Summary · p. 2
For the five months ended May 31, 2025, although our revenue decreased to RMB256.8 million from the corresponding period in 2024 of RMB297.3 million, our gross loss and net loss positions recorded in 2024 have turned to gross profit and net profit positions for the five months ended May 31, 2025.
Summary · p. 2
Subsequent to the Track Record Period, in spite of a decreasing trend in the selling price of our products, we are taking measures to improve our operational efficiency and narrow our losses through different means.
We recorded net profit of RMB131.0 million, net loss of RMB356.2 million and net loss of RMB135.6 million in 2022, 2023 and 2024, respectively.
Summary · p. 11
(i) we recorded a gain of RMB61.6 million in changes in carrying amount of financial instruments issued to investors in 2022, a loss of RMB584.3 million in 2023, and a loss of RMB345.0 million in 2024, as a result of changes in the valuation of our Company; and (ii) the fluctuation in our revenue during the Track Record Period.
Summary · p. 11
We expect that we will record profit for the year ending December 31, 2025, primarily due to gains from changes in carrying amount of financial instruments issued to investors expected to be recognized in 2025.
Primarily due to the industry-wide continued decrease in PV cell price from the fourth quarter of 2023 to the fourth quarter of 2024, we incurred a net loss of RMB591.1 million for 2024.
Summary · p. 6
In addition, while we incurred a net loss of RMB174.3 million, such a loss narrowed by RMB11.8 million and RMB76.2 million compared to the second and third quarter, when we incurred net losses of RMB186.1 million and RMB250.5 million, respectively.
Business · p. 298
As we further refine our technology, cost, and business strategy in conjunction with positive developments in the PV industry, we expect our overall financial performance in 2025 to improve from our 2024 level.
Profit/(loss) for the year/period | 37,571 | 48,686 | 53,431 | (11,065) | (4,599)
Summary · p. 13
As a percentage of our total revenue, the aggregate amount of our operating costs (being our R&D expenses, selling and marketing expenses and general and administrative expenses) accounted for approximately 42.5%, 43.7%, 62.9% and 110.0% of our total revenue during the Track Record Period, respectively.
Financial Information · p. 402
We expect that the absolute amount of our R&D expenses will continue to increase along with our business growth and will continue to contribute to a large proportion of our total operating costs in the foreseeable future so as to further enhance our key technologies in the market.
However, we recorded a net loss of RMB1,514.2 million for the year ended December 31, 2023 as compared to a net profit of RMB1,029.9 million for the year ended December 31, 2022.
Summary · p. 3
Our net loss also decreased from RMB811.5 million in the first half of 2023 to RMB260.2 million in the first half of 2024.
Summary · p. 4
Given our loss making position in the first half of 2024, we expect there is a possibility that we may not be able to turn our losses into profits and we may remain loss-making for the year ending December 31, 2024.
Profit/(loss) for the year | 36,384 | (85,811) | (29,201)
Summary · p. 16
Our management considers that changes in carrying amount of redeemable capital contributions is a non-cash item, primarily due to which we incurred net loss for the year of 2022 and 2023 and such carrying amount will be reclassified from financial liabilities to equity upon completion of the Listing and the Global Offering.
Summary · p. 16
Thanks to our technology infrastructure and standardized solution offerings, we are able to maintain stable profitability from our operations, with our adjusted net profit (a non-IFRS measure) amounting to RMB62.3 million, RMB71.7 million and RMB117.7 million in 2021, 2022 and 2023, respectively.
As a result of the foregoing, we had profit before taxation of RMB1,791.3 million and loss before taxation of RMB185.5 million in 2021 and 2022, respectively.
Financial Information · p. 387
We had a loss of RMB234.1 million in 2022, and a gain of RMB1,521.2 million and RMB209.3 million in 2021 and 2023, respectively, from the change in fair value of Preferred Shares.
Financial Information · p. 377
We remained profitable in terms of adjusted net profit (non-IFRS measure) during the Track Record Period.