During the Track Record Period, we recorded losses for the year/period of HK$585.2 million, HK$580.0 million, HK$1,189.6 million, HK$772.6 million and HK$506.7 million for 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively.
Summary · p. 9
The investment cycle demonstrates that early-stage losses are not only expected but also essential to establish the compliance, technology and client trust foundations of our platform.
Summary · p. 11
Going forward, as we continue scaling up, we expect to make measurable progress in narrowing our losses and achieving long-term sustainable profitability.
We recorded tax credit of RMB6.6 million for the six months ended June 30, 2024 as we recorded loss before taxation of RMB32.1 million for the same period.
Financial Information · p. 365
We recorded income tax expenses of RMB3.0 million, primarily due to our profit before tax, mainly attributable to the increase in our revenue, partially offset by the increase in tax deductible allowance for our increase in research and development expenses associated with our increasing R&D activities.
In 2022, 2023 and 2024, we recorded a net loss for the year from continuing operations of RMB1.4 billion, a net profit for the year from continuing operations of RMB4.8 million and a net profit for the year from continuing operations of RMB761.6 million, respectively.
Summary · p. 16
The net loss from continuing operations recorded in 2022 was primarily attributable to certain non-cash items, including share-based payment expenses and fair value changes of convertible preferred shares.
We currently have no products approved for commercial sale and were loss-making during the Track Record Period.
Summary · p. 23
Substantially all of our net losses resulted from research and development expenses and administrative expenses.
Summary · p. 23
We expect that we will continue to record net losses for the year ending December 31, 2025, primarily because (i) we incurred other expenses for the six months ended June 30, 2025 arising from provision for losses on an ongoing litigation associated with a technology transfer agreement, which is not related to any of our Core Products or any drug candidates included in our pipeline chart; (ii) we expect to incur significant research and development expenses as we continue to advance and expand our pipeline and enhance our proprietary technology platforms; and (iii) we expect to incur listing expenses in connection with our proposed Listing.
We recorded a net loss in 2022, primarily attributable to the combined effect of (i) the business disruption caused by the pandemic in 2022; (ii) our continuous investment in research and development to maintain our competitiveness in the market; (iii) our increased distribution and selling expenses demonstrating our long-term dedication to effective customer coverage and fulfilling our customer-centric strategies; and (iv) our investment in maintaining the stability and quality of our delivery capacity.
Financial Information · p. 250
The decline in performance and net loss in 2022 had been anticipated by our management as a result of pandemic-related disruptions.
Financial Information · p. 250
We subsequently recovered from the pandemic’s impact and recorded a net profit of RMB81.4 million in 2023, consistent with our internal forecasts.
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.
In 2022, we recorded income tax credit of RMB12.2 million primarily due to a pre-tax loss of RMB48.1 million.
Financial Information · p. 348
Our same store sales increased in 2022 and 2023 primarily due to the rebound of consumers’ spendings after the gradual phasing-out of the COVID-19 pandemic in 2023.
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 accumulated loss as of January 1, 2022, because of lower average selling price of our capacitor films due to market competition.
Financial Information · p. 240
We broke-even and recognized profits in 2021, primarily attributable to (i) an increase in the revenue from the sale of our capacitor base film as a result of (a) an increase in the average selling price of our capacitor base film from 2020 to 2021, which was in line with industry trend. See “Industry Overview—Price Analysis” for details; and (b) an increase in the sales volume of our capacitor base film from 2020 to 2021, which was in line with industry trend; and (ii) a decrease in our cost of sales as a result of our enhanced economies of scale.
Financial Information · p. 240
Such supply-demand gap provides us with stronger bargaining power and helps us become profitable.
We incurred net losses of RMB282.4 million, RMB780.5 million and RMB1,118.0 million in 2022, 2023 and the six months ended June 30, 2025, respectively, and achieved net profit of RMB3,707.5 million in 2024.
Summary · p. 2
We recorded net losses of RMB282.4 million, RMB780.5 million and RMB1,118.0 million in 2022, 2023 and the six months ended June 30, 2025, respectively, primarily in relation to: (i) our substantial investment in R&D activities for the development of ADC, bispecific as well as multi-specific antibody drugs, and (ii) the reduction of revenue from the sale of pharmaceutical products.
Summary · p. 8
In 2024, we recorded a net profit of RMB3,707.5 million, primarily due to an US$800 million upfront payment received in March 2024 under the BMS Agreement, which represented our first revenue recorded from our innovative drug portfolio.
Our Group has been loss-making and recorded accumulated losses since our establishment in 2017.
Business · p. 385
During the years ended December 31, 2022, 2023, 2024 and six months ended June 30, 2025, we were still in net loss, which was within the expectation of the Directors as we are spending heavily on our research and development activities.
Financial Information · p. 448
We expect to record net loss in 2025 primarily due to anticipated increases in our research and development expenses and selling expenses.
In 2022, 2023 and 2024 and six months ended June 30, 2024 and 2025, we incurred net loss for the period of US$148.3 million, US$125.3 million, US$275.0 million, US$51.8 million and US$90.6 million, and adjusted net loss (non-GAAP measure) of US$133.6 million, US$118.5 million, US$153.6 million, US$55.9 million and US$74.4 million, respectively.
Summary · p. 30
At the early stage of its development, large-scale commercialization of Level 4 autonomous driving solutions has not yet been achieved, and therefore the full monetization potential for our robotaxi and robotruck services remains unrealized.
Business · p. 391
In 2022, 2023 and 2024 and six months ended June 30, 2024 and 2025, we recorded research and development expenses of US$153.6 million, US$122.7 million, US$240.2 million, US$58.7 million and US$96.5 million, representing 224.6%, 170.7%, 320.1%, 237.6% and 272.4% of our total revenues, respectively.
In 2023, we recorded a net loss attributable to owners of the Company of RMB2.4 billion, and in 2024 and for the six months ended June 30, 2025, we recorded a net profit attributable to owners of the Company of RMB5.9 billion and RMB2.9 billion, respectively.
Summary · p. 3
Although we were loss making for the years ended December 31, 2022 and 2023, no further impairment loss was recognized for non-financial assets for the same year.
We had operating losses of RMB1,008.9 million, RMB210.9 million and RMB132.3 million for the years ended December 31, 2022, 2023, and 2024, respectively.
Summary · p. 26
The operating losses from 2022 to 2024 were primarily due to our upfront investment in data intelligence technologies and application software and limited client cognition and market adoption of innovative solutions.
Summary · p. 26
We plan to achieve breakeven and profitability in the operating level by expanding our revenue scale, improving gross margin, and enhancing operating leverage.
During the Track Record Period, we recorded adjusted net losses (Non-HKFRS measure) primarily because revenue and gross profit growth were insufficient to cover relatively high operating expenses, which were driven by continued investment in market expansion activities and ongoing technology optimization efforts aimed at enhancing the maturity of our solutions.
Summary · p. 21
Our net losses increased from RMB502.9 million in 2023 to RMB1,255.0 million in 2024, primarily due to a significant increase in changes in fair value of financial liabilities at shares with preferential rights, partially offset by a decrease in administrative expenses in relation to the aforementioned Employee Incentive Scheme.
Summary · p. 21
We expect that we will continue to record net loss in 2025 primarily due to (i) the relatively higher change in fair value of redeemable liabilities, and (ii) share-based payments made to recognize employee contributions and to attract and retain talents.
In 2022 and 2023, we recorded net loss amounting to RMB507.1 million and RMB490.0 million, respectively, and our adjusted net loss (non-IFRS measure) amounted to RMB379.4 million, RMB205.7 million in the same periods, respectively.
Business · p. 219
In 2024 and the six months ended June 30, 2025, we recorded net profit of RMB10.6 million and net loss of RMB39.5 million, respectively, and adjusted net profit (non-IFRS measure) of RMB49.0 million and RMB47.0 million, respectively.
Business · p. 219
For these reasons, it takes a longer time for SaaS service providers to achieve breakeven.
During the Track Record Period, we made net losses primarily because we were still in the stage of rapid business expansion and invested heavily in our R&D activities and selling and marketing activities, which was within the expectation of our Directors.
Financial Information · p. 450
However, our net loss increased by 40.9% from RMB84.0 million for the five months ended May 31, 2024 to RMB118.3 million for the five months ended May 31, 2025, primarily due to the listing expenses and share-based payments expenses we incurred.
Summary · p. 16
We expect to experience a slight increase in net loss for the year ending December 31, 2025, primarily due to the expected listing expenses and substantial research and development expenses and selling and marketing expenses as we continuously enhance our R&D capabilities and further expand our business operations.
During the Track Record Period, we incurred net losses of RMB25.1 million, RMB58.1 million and RMB235.9 million in 2022, 2023 and 2024, respectively.
Summary · p. 1
As of March 31, 2025, we recorded accumulated losses of RMB338.6 million.
Business · p. 252
The increase from 2023 to 2024 was mainly due to (i) the decrease in revenue primarily driven by the decrease in the sales of products, as automaker customers adjusted their procurement targets due to pricing pressures and strategic considerations, and (ii) the increase in operating expenses in relation to our business growth and the Global Offering.
We incurred net loss of RMB49.4 million in 2022, primarily because we only commenced large-scale commercialization of our first inhalation formulation product, CF017 in September 2021 and this product remained in ramp-up stage, whereas we incurred relatively high selling and distribution expenses to promote our inhalation formulation products; R&D expenses to develop new inhalation formulation products; and administrative expenses to support our daily operation.
Summary · p. 16
Our efforts in technology build-up and drug development over the years necessitated significant investments in R&D, which resulted in accumulated losses of RMB808.3 million as of January 1, 2022.
Summary · p. 20
Our Directors believe that, considering the above, our business is, and will continue to be sustainable and profitable in the future.
In 2022, 2023, 2024 and for the five months ended May 31, 2024 and 2025, we incurred net loss of RMB452.2 million, RMB283.8 million, RMB540.8 million, RMB244.8 million and RMB219.9 million, respectively, and adjusted net loss (non-IFRS measure) of RMB390.5 million, RMB218.4 million, RMB352.4 million, RMB167.6 million and RMB164.5 million for the same periods, respectively.
Summary · p. 19
Our losses during the Track Record Period were primarily due to (i) our limited operating history of smart cockpit solutions, (ii) significant investments in R&D, (iii) our economies of sale still materializing, (iv) moderate pricing approach to gain a larger market share, and (v) investment in attracting and retaining talent.
Summary · p. 19
We plan to achieve breakeven and profitability primarily through (i) capturing market opportunity, (ii) strengthening existing collaborations and attracting new customers, and (iii) expanding overseas markets.