Hong Kong IPO disclosure precedents · 206 companies, 206 items
Net losses in every period of the track record, disclosed with causes (heavy R&D, limited commercialization, lack of scale/economies, ramp-up costs) and any narrowing trend or path to profitability.
Our loss for the year decreased by approximately 16.5% from RMB345.1 million in 2024 to RMB288.1 million in 2025, reflecting the continued improvement in our financial performance as our business scales.
Summary · p. 7
Despite our strong revenue growth momentum and improvement in results of operations and financial condition during the Track Record Period, we recorded net losses throughout the Track Record Period, primarily because (i) our cost of revenue had not yet fully realized economies of scale given the rapid ramp-up of our business, as we strategically prioritized building a resilient supply chain with reputable suppliers to ensure product reliability and support customer validation, which entailed higher early-stage procurement costs, (ii) we incurred research and development costs as we made early-stage R&D investments to build a solid foundation of core technologies and continuously invested in enhancing our product performance and expanding our solution portfolio, and (iii) we recorded changes in carrying value of redemption liabilities measured at the highest amount possible that we could be required to pay to the investors with redemption rights.
We recorded loss for the year of RMB153.4 million, RMB80.8 million and RMB94.5 million in 2023, 2024 and 2025, respectively, primarily as a result of the combination of the aforementioned factors.
Business · p. 157
We expect to continue to incur loss in 2026, primarily because we are in the stage of expanding our business and operations in the rapidly growing edge AI chips and solutions industry and are continuously investing in R&D.
Our net loss was RMB471.1 million, RMB333.5 million and RMB281.1 million for 2023, 2024 and 2025, respectively.
Summary · p. 10
Our R&D expenses accounted for 50.9%, 40.7% and 31.2% of total revenue during the Track Record Period, reflecting our strategic focus on enhancing our R&D capabilities and strengthening our core technologies.
Business · p. 135
Our sales and distribution expenses accounted for 31.4%, 28.0% and 27.6% of our revenue during the Track Record Period, reflecting sustained efforts in marketing, promotion, and channel development;
During the Track Record Period, we recorded loss and total comprehensive expense for the year of RMB167.8 million, RMB290.9 million and RMB215.5 million in 2023, 2024 and 2025, respectively.
Business · p. 140
In particular, our historical losses were significantly affected by the front-loaded nature of building a commercial-scale biologics CDMO platform, under which facility construction, equipment installation, production-line qualification, quality-system buildout, personnel deployment and regulatory-readiness work must be completed before a substantial portion of the related commercial manufacturing revenue can be realized.
Summary · p. 6
Our Directors believe that we have a clear path to profitability as our project portfolio continues to expand and mature.
Notwithstanding the above rapid and sustainable development in our results of operations, we incurred loss for the year of RMB81.8 million, RMB63.6 million and RMB12.7 million in 2023, 2024 and 2025, respectively.
Business · p. 160
Despite the abovementioned (i) and (ii), we had adjusted profit for the year (non-IFRS measure) of RMB13.8 million in 2025.
Business · p. 160
Through early strategic investments in R&D, innovation, and market expansion, we have built a foundation for sustainable growth in the semiconductor transfer system market and are progressing steadily toward breakeven and profitability as we continue to scale revenue and improve operating efficiency.
We had a net loss position during the Track Record Period, which was primarily attributable to our modest revenue scale and significant cost of revenue and various expenses during the Track Record Period.
Business · p. 165
We were in a net loss position during the Track Record Period primarily because we are actively developing and expanding our product portfolio.
Business · p. 165
Our Directors are therefore of the view, and the Joint Sponsors concur, that our business is sustainable.
Despite the robust growth, our revenue and gross profit had not been able to fully cover the various costs and expenses incurred during the Track Record Period, and as a result, we incurred loss for the year of RMB841.7 million, RMB770.6 million and RMB655.6 million in 2023, 2024 and 2025, respectively, corresponding to the net loss margin of 35.8%, 24.0% and 15.8% in the respective years.
Summary · p. 13
Our recurring loss and adjusted loss (non-IFRS measure) during the Track Record Period were primarily due to (i) high finance costs, which primarily comprised the interest on interest-bearing bank and other borrowings, as we incurred such borrowings to fund our business growth, particularly the purchase of additional vehicles to expand our fleet size;
Summary · p. 13
To achieve profitability, we aim to (i) continue driving our revenue growth; (ii) improve our gross profit margin by strategically prioritizing high-margin businesses; and (iii) achieve effective control of costs and expenses, in particular our finance costs, administrative expenses, and selling and distribution expenses.
We had consistently incurred net losses during the Track Record Period, primarily due to substantial strategic investments in research and development expenses to advance our solutions, and selling and marketing expenses to expand our customer base.
Summary · p. 9
Our Directors believe that our business is commercially viable and structurally sustainable.
Business · p. 156
We plan to achieve breakeven and profitability primarily through implementing the following strategies:
We incurred net losses of RMB244.3 million, RMB108.9 million and RMB10.5 million, respectively, in 2023, 2024 and 2025.
Summary · p. 6
We did not achieve a net profit during the Track Record Period, primarily due to the following factors:
Summary · p. 10
We expect to improve our financial performance and achieve profitability in the near future through continual revenue growth, growing economies of scale and improving operating efficiency.
In 2023, 2024 and 2025, we had loss and total comprehensive expense of RMB231.2 million, RMB462.8 million and RMB207.9 million, respectively.
Summary · p. 10
We plan to narrow our net losses and achieve profitability by focusing on the following strategies: (i) driving revenue growth; (ii) improving gross profit margin; and (iii) enhancing R&D efficiency.
We recorded gross loss of RMB8.8 million, RMB62.9 million and RMB49.7 million in 2023, 2024 and 2025, respectively, while our gross loss margin narrowed from 40.1% in 2023 to 24.4% in 2024 and further to 8.6% in 2025.
Business · p. 156
In 2023, 2024 and 2025, our R&D expenses were RMB66.2 million, RMB93.6 million and RMB146.6 million, representing 301.8%, 36.3% and 25.3% of our total revenue for the same years, respectively.
Business · p. 157
In the foreseeable future, we plan to improve our financial performance and progress toward profitability by expanding our revenue and business scale, improving our gross margin through higher production utilization and cost optimization, and enhancing operating efficiency while maintaining disciplined investment in R&D and commercialization.
We recorded no income tax expense for the years ended 2025, due to our loss before tax.
Financial Information · p. 248
We incurred tax expense of RMB10.7 million in 2024 mainly in relation to our profit recorded for the same period. We did not incur tax expense in 2025.
Financial Information · p. 250
As we accelerate the clinical development of ES102 and other lead assets in the next three to five years, we expect our research and development costs to be significant going forward.
In 2023, 2024 and 2025, we had net losses of RMB738.1 million, RMB527.7 million and RMB358.2 million, respectively.
Business · p. 181
We are not able to predict when we will be able to start generating net profits and net operating cash inflow due to the fast-evolving business environment and competitive landscape.
Business · p. 182
Specifically, we aim to secure long-term financial success by focusing on the following strategies: (i) driving revenue growth; (ii) improving gross profit margin; (iii) enhancing operating leverage; and (iv) solidifying working capital sufficiency.
We recorded net losses in 2023, 2024 and 2025, primarily due to intense competition in the mobility services industry in the PRC during the past few years.
Business · p. 145
Our gross profit margin increased steadily from 6.6% in 2023 to 7.0% in 2024, and further increased to 11.0% in 2025.
Business · p. 145
We have implemented, and will continue to implement, the following business initiatives to maintain sustainable growth, enhance operating efficiency and achieve profitability.
Our net loss narrowed in 2025, primarily attributable to (i) our revenue growth driven by our optimized product model, improved operational efficiency and deepened partnerships with key account customers; and (ii) lower selling and marketing expenses arising from our enhanced cost-effectiveness and strategic shift towards meticulous operations.
Summary · p. 7
Our Directors are of the view that our Group can turn around the loss-making position and maintain sustainable business growth, considering that (i) the prospects of the global digital human agent market and industries where our enterprise customers operate; (ii) our demonstrated track record in controlling our costs, driving gross profit margin and efficiency improvement; and (iii) our future business strategies for sustainable growth and the abovementioned measures for revenue growth and operational efficiency enhancement.
Summary · p. 12
Our loss for the year decreased by 76.8% from RMB111.7 million in 2024 to RMB25.9 million in 2025, primarily as a result of decreased operating loss.
We had a net loss of RMB312.7 million, RMB344.6 million and RMB163.7 million in 2023, 2024 and 2025, respectively, primarily due to substantial research and development expenses, administrative expenses, and distribution and selling expenses incurred in connection with the expansion of our business and capabilities.
Summary · p. 6
Our gross loss margin was 24.8% and 45.5% in 2023 and 2024, respectively, before we achieved a gross profit margin of 4.8% in 2025, marking our transition towards positive gross profitability.
Summary · p. 4
We expect to achieve sustainable profitability over the medium to long term, driven by: (i) scaling commercialization, which generates operating efficiency and margin improvement as we increasingly benefit from economies of scale in procurement and system deployment; (ii) deep customer integration, which fosters high switching costs, strong customer stickiness, and expanding recurring revenue from our intelligent operations and other services; (iii) a diversified business model spanning purpose-built truck solutions, third-party truck solutions, and recurring services, which enhances revenue resilience across market cycles; (iv) improving operational efficiency, reflected in our operating expense ratio declining from approximately 83.7% in 2023 to 22.0% in 2025; (v) sustained technology leadership anchored in our proprietary AI large model foundation, which creates strong barriers to entry; and (vi) strengthening cash flow generation, with our operating cash flow turning positive in 2025 at RMB37.9 million, up from net outflows in 2023 and 2024.
In 2023, 2024 and 2025, we recorded loss for the year of RMB37.0 million, RMB15.1 million and RMB63.9 million, respectively.
Business · p. 179
Our adjusted net loss (non-IFRS measure) was RMB31.5 million in 2023, and we recorded adjusted net profit (non-IFRS measure) of RMB66.3 million and RMB107.3 million in 2024 and 2025, respectively.
Business · p. 179
Going forward, we plan to enhance our long-term profitability primarily by further (1) expanding our KA customer base, (2) retaining our customers and increasing their spending, (3) diversifying revenue streams, and (4) managing expenses and enhancing operational efficiency.
During the Track Record Period, we incurred net losses of RMB232.1 million, RMB309.0 million and RMB230.3 million in 2023, 2024 and 2025.
Summary · p. 4
Given the long development cycles and high complexity of AMOLED DDICs, our business is still in its growth phase and has not yet fully realized its profitability potential.
Business · p. 177
While this strategy has facilitated market penetration and customer acquisition, it has temporarily impacted our gross margins and overall profitability.