We recorded a net loss of RMB21.2 million in 2022, followed by a net profit of RMB27.2 million in 2023, RMB58.5 million in 2024, RMB28.2 million and RMB48.5 million for the six months ended June 30 2024 and 2025.
Summary · p. 24
Our relatively low net loss in 2022 was primarily due to (i) the low gross profit rate in relation to the limited product range, low pricing, and market entry of certain products via complimentary and trial-size packs; and (ii) a relatively high proportion of selling expenses in order to expand distribution channels, enhance brand awareness and reach a broader customer base.
However, we have incurred net losses since our inception and anticipate that we will continue to incur net losses for the foreseeable future.
Summary · p. 30
While GFH925 has received NDA approval from the NMPA, which we expect to bring us revenue from drug sales, GFH375 and other pipeline products have not been approved for commercial sale, and we had not generated any revenue from product sales during the Track Record Period.
Financial Information · p. 503
During the Track Record Period, we incurred negative cash flows from our operations and our operating cash outflows mainly resulted from our research and development costs.
We have remained loss-making since inception, primarily due to the capital-intensive nature of the digital healthcare and wellness industry, ongoing strategic investments, and our evolving business model geared toward long-term growth.
Business · p. 379
Such losses were primarily attributable to the high level of costs of sales and services relative to revenue, together with our substantial ongoing investments in sales and marketing, as well as research and development to connect more medical resources, expand operational scale and strengthen market position, which could not be immediately offset by revenue generated.
Business · p. 380
Taking into account (i) the continued expansion of our business, particularly the growth of our digital healthcare and wellness solutions, and (ii) the cost and expenses control measures we have implemented, which have begun to show positive results in 2024 and for the three months ended March 31, 2025, we expect to continue to further narrow net loss for the year ending December 31, 2025.
We incurred net losses of RMB300.8 million, RMB476.0 million, RMB102.4 million, RMB106.9 million and RMB17.5 million (US$2.4 million) in 2022, 2023, 2024 and the three months ended March 31, 2024 and 2025, respectively, primarily due to substantial operating expenses, particularly continued investments in research and development and sales and marketing activities to support our long-term growth.
Summary · p. 18
While we recorded rapid revenue growth from ADAS LiDAR products — accounting for 26.3%, 37.2%, 61.3%, and 62.7% of our net revenues in 2022, 2023, 2024 and the three months ended March 31, 2025, respectively — we have not yet achieved sufficient production volume to fully realize economies of scale and to offset our significant costs and operating expenses.
Business · p. 308
In addition to narrowing our net losses throughout the Track Record Period, we achieved an adjusted net income (non-GAAP measure) of RMB13.7 million in 2024, making us the first LiDAR company globally to attain a full-year non-GAAP net profit, according to CIC.
We recorded net loss throughout the Track Record Period, as we primarily focused on preparing our Boguty Project for commercial production during the Track Record Period and just commenced commercial production for phase I in April 2025.
Financial Information · p. 409
We periodically monitored and evaluated our cash outflows and loss position in each reporting period and found that it was in line with our budget in material aspect.
Financial Information · p. 409
As a result, our historical operating results are not indicative of the operating results we expect to experience when our Boguty Project becomes fully operational.
In 2022 and 2023, we recorded net losses of RMB175.7 million and RMB45.7 million, respectively, but have successfully achieved a turnaround in 2024 with a net profit of RMB179.0 million.
Summary · p. 2
In 2024, we turned around our loss-making position with a net profit of RMB179.0 million and an adjusted net profit (non-IFRS measure) of RMB189.2 million, primarily due to our improvement in gross profit margin on both conductive and semi-insulating SiC semiconductor materials resulting from economies of scale and the continued release of production capacity at our Shanghai production plant, benefiting from its ramp-up, leading to lower average costs on products sold, partially offset by increased operating expenses, including selling expenses, administrative expenses and R&D expenses.
We have not been profitable and have incurred operating losses during the Track Record Period.
Summary · p. 21
In 2023, 2024 and the three months ended March 31, 2024 and 2025, we had net losses of RMB362.2 million, RMB301.2 million, RMB86.6 million and RMB75.4 million, respectively.
Summary · p. 21
We expect that we will continue to record net losses for the year ending December 31, 2025, primarily because (i) we expect to incur significant research and development expenses as we continue to advance and expand our pipeline and enhance our technology platforms; and (ii) we expect to incur listing expenses in connection with our proposed Listing.
During the Track Record Period, a total of 21 of our dental institutions recorded gross loss. In particular, 18 newly established and 3 newly acquired dental institutions recorded gross loss due to the upfront investment during their preparation or ramp-up stage.
Business · p. 200
As of the Latest Practicable Date, among the 10 dental institutions recorded gross loss for the year ended December 31, 2024, (i) three dental institutions achieved profit turnaround, (ii) two dental institutions were voluntarily disposed by us, while (iii) the remaining five were still in the loss-making position, among which three dental institutions had substantial upfront investment at their ramp-up stage and the remaining two outside Wuhan implemented conservative marketing strategies in reaction to slower-thanexpected post-pandemic economic recovery.
In 2022, 2023 and 2024, we recorded net loss of RMB1,567.1 million, RMB1,126.7 million and RMB831.5 million, respectively.
Summary · p. 16
Our historical losses are, to a large extent, attributable to the unique characteristics and early-stage development of the global AMR solutions market, coupled with our strategic focus on business expansion and innovation.
Summary · p. 22
Our loss from operations also narrowed from RMB476.1 million in 2023 to RMB127.6 million in 2024.
In 2023, we recorded a net loss of US$717 million, compared to a net loss of US$320 million in 2022.
Financial Information · p. 362
In 2024, we recorded a net profit of US$10 million, as compared to a net profit attributable to Equity Holders of the Company (non-IFRS measure) of US$24 million, the difference being primarily due to the attribution of a portion of FWD Life Malaysia’s net loss to the non-controlling interests.
Financial Information · p. 377
The net profit in 2024 compared to net loss in 2023 was mainly driven by (i) gains in the net investment result of US$241 million in 2024 due to positive capital market movements, compared to losses in the net investment result of US$632 million in 2023 due to adverse capital market movements, and investment losses on disposal of financial investments related to the Athene Reinsurance transaction in Japan, which accounted for US$505 million of loss before tax in 2023, and (ii) improved expense discipline in 2024 resulting in a reduction in expenses.
During the Track Record Period, we did not generate any revenue from the sale of pharmaceutical products and incurred operating losses.
Financial Information · p. 481
While we currently have no drugs approved for commercial sales and have not generated any revenue from drug sales, we expect to commercialise one or more of our drug candidates over the coming years as they move toward the final stages of development and if they receive the requisite regulatory approvals.
Financial Information · p. 468
We expect to generate additional income from commercialisation collaboration of certain of our drug candidates in the future.
Our net losses in 2022, 2023 and 2024 were RMB375.4 million, RMB376.2 million and RMB454.2 million, primarily because we incurred significant amounts of R&D expenses during the Track Record Period as our business grew rapidly.
Summary · p. 9
We expect to have net losses for the year ending December 31, 2025 and in the near future, primarily due to (i) our continuous investment in R&D activities, and (ii) finance cost of interest on redemption liabilities, incurred on our conditional obligation to redeem equity securities issued in our previous financing of Series.
Summary · p. 14
Nevertheless, our net losses as a percentage of our revenue decreased from 62.5% in 2022, to 51.7% in 2023 and further decreased to 48.4% in 2024.
Loss for the year | (411,576) | (238,894) | (543,279)
Summary · p. 14
We turned around an adjusted loss (non-HKFRS measure) of RMB44.6 million for the year ended December 31, 2022 to an adjusted profit (non-HKFRS measure) of RMB20.8 million for the year ended December 31, 2023, and our adjusted profit (non-HKFRS measure) increased to RMB42.3 million for the year ended December 31, 2024, primarily due to the continued growth in our businesses, the improved gross profit margin as more of our postpartum centers became more mature, as well as our ability to control our expenses.
During the Track Record Period, our loss for the year remained relatively stable at RMB2.0 billion in 2022 and 2023, and decreased to RMB1.2 billion in 2024.
Summary · p. 22
Our net losses incurred during the Track Record Period reflected the necessary investments made to build our shared mobility network and reach the critical mass required for our business.
Summary · p. 7
In 2023 and 2024, we reported gross profit of RMB615.4 million and RMB1,186.0 million, respectively, which represents a turnaround from the gross loss of RMB339.0 million in 2022.
We had operating losses during the Track Record Period.
Financial Information · p. 465
Accordingly, our management did not consider operating losses as an indication of the impairment for the non-financial assets.
Financial Information · p. 466
Our net assets decreased from RMB783.2 million as of December 31, 2023 to RMB525.0 million as of December 31, 2024, primarily due to a loss of RMB274.6 million for that year, mainly attributable to our research and development costs and administrative expenses incurred in 2024.
Our net loss decreased from RMB24.4 million for the year ended December 31, 2023 to RMB3.6 million for the year ended December 31, 2024, primarily because (i) Tianjin Shishi Hospital and Hefei Bayway Hospital improved their regional influence and reputation with the development of their medical disciplines, resulting in obvious business growth and significant reduction in gross losses of these two hospitals; and (ii) other self-owned hospitals continued to improve their healthcare service quality and their performance grew steadily during the same years.
Summary · p. 21
We generally recorded improving gross profit margin for our hospital business during the Track Record Period (our gross profit margin of our hospital business increased from 3.3% for the year ended December 31, 2022 to 12.8% for the year ended December 31, 2023, and further increased to 15.2% for the year ended December 31, 2024), along with the enlarging patient base and our gradual efforts in managing these hospitals in a cost-effective manner during their ramp-up stage.
Financial Information · p. 552
Our Directors believe that it is feasible for Tianjin Shishi Hospital to reach its breakeven of profit by the end of 2025, and please see the details abovementioned in the same section in this prospectus.
Loss for the year | (20,037) | (20,328) | (26,138)
Summary · p. 9
Our loss for the year increased slightly from RMB20.0 million in 2022 to RMB20.3 million in 2023, primarily because (i) our fair value losses on financial liabilities at FVTPL, which represents losses from the fair value change of our Preferred Shares, increased from RMB29.5 million in 2022 to RMB55.5 million in 2023, indicating a higher valuation of our Company, and (ii) our administrative expenses increased from RMB13.9 million in 2022 to RMB33.7 million in 2023, mainly due to the listing expenses of RMB10.8 million incurred in 2023.
Summary · p. 9
Our loss for the year increased from RMB20.3 million in 2023 to RMB26.1 million in 2024. This increase was primarily because our administrative expenses increased from RMB33.7 million to RMB56.2 million, in relation to our share-based awards to administrative personnels.
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.
We recorded loss for the year of US$56.2 million, US$69.6 million and US$92.2 million for the years ended December 31, 2022, 2023 and 2024.
Summary · p. 35
We expect to remain a loss position for the year ending December 31, 2025, primarily due to expected significant operating expenses in order to carry out research and development project.
Summary · p. 35
Over the years, as we experience a substantial increase in production volume and capitalize on our continued efforts to optimize the operational efficiencies across geographies, we anticipate significant improvements in cost efficiency and profitability driven by the advantages of economies of scale.
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.