In 2022, 2023 and 2024, our net loss was RMB178.1 million, RMB229.4 million and RMB274.5 million, respectively.
Summary · p. 2
Although we recorded gross profit of RMB36.8 million, the net loss widened in 2024, primarily attributable to (i) an increase in impairment loss on trade and other receivables, contract assets and financial guarantee issued of RMB44.9 million, mainly due to increases in trade receivables balances and the average aging of overdue trade receivables; (ii) an increase in administrative expenses of RMB20.8 million, in relation to listing expenses incurred in 2024; and (iii) an increase in research and development expenses of RMB13.1 million, driven by increased staff costs and material consumption.
Summary · p. 2
However, with the increasing trend of gross profit margin from 2.0% in 2023 to 5.8% in 2024 which showed an improvement in profitability, we expect a continued growth in our gross profit margin in the future, as we reduce impairment losses on inventory through enhanced inventory management and optimize inventory level.
As we strive to advance our pipeline and enhance our drug development capabilities, we expect that we will continue to recognize net losses in 2025, primarily because (i) we will continue to incur significant costs and expenses in relation to our R&D activities as we carry out and expand our preclinical and clinical development programs, and (ii) we will incur fair value change loss due to financial liabilities at fair value through profit or loss in relation to our Preferred Shares prior to the Listing.
Summary · p. 28
Furthermore, upon the successful commercialization of one or more of our ADC candidates, we expect to fund our operations in part with income generated from sales of our commercialized drugs.
In light of the above background to our historical results of operations, we historically recorded a net loss in 2021, 2022 and 2023. However, we recorded a net profit in 2024.
Summary · p. 30
We recorded net profit of RMB91.0 million in 2024.
Summary · p. 31
Intense competition has led to an average of three to five years of net loss position for new players in China’s power battery industry, according to Frost & Sullivan, because (i) it generally takes longer time for new players to establish new customer relationships given the highly concentrated and competitive market landscape; (ii) new players who enter the market at a later stage do not enjoy first-mover advantages, such as brand recognition, customer loyalty, and the ability to set standards or prices; and (iii) new players have yet to be able to leverage economies of scale and to achieve optimal operational efficiency.
To date, we have not generated any revenue from product sales and do not expect to generate any revenue from product sales before the commercialization of one or more of our drug candidates.
Business · p. 359
We recorded no income tax expense during the Track Record Period, due to our loss before taxation.
Financial Information · p. 437
Although we currently have no product approved for commercial sale and have not generated any revenue from product sales, we expect to commercialize one or more of our drug candidates over the coming years.
We recorded adjusted loss for the year (a non-IFRS measure) of RMB355.8 million in 2021 and RMB225.3 million 2022, and managed to turn it into adjusted profit for the year (a non-IFRS measure) of RMB72.9 million in 2023, primarily due to our continuous narrowing of loss for the years from 2021 to 2023.
Summary · p. 15
This is primarily due to our successful strategic diversification of our product offering to include assembly character toys.
Financial Information · p. 269
More specifically, we continued to scale up our business and execute a content driven market strategy, which resulted in a gradual increase in our gross profit margin and gradual decrease in our various operating expenses as percentage of our total revenue starting from 2022.
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.
Our loss and total comprehensive expense for the year decreased from RMB697.8 million in 2021 to RMB502.5 million in 2022, primarily due to an RMB237.9 million decrease in fair value loss of financial liabilities at FVTPL, partially offset by an increase in operating expenses and finance costs as we expanded the scale of our operations.
Summary · p. 25
We expect to remain at a net loss position in 2024, primarily due to expected significant spending on operating expenses in order to carry out research and development of our products for more indications, to establish sales relationship with more hospitals and expand sales volume, to manage our growth, and to complete this Global Offering.
We incurred net losses of RMB155.3 million, RMB255.6 million, RMB313.9 million, RMB105.3 million and RMB57.3 million in 2021, 2022 and 2023 and for the six months ended June 30, 2023 and 2024, respectively, primarily as a result of changes in carrying amount of the redemption liabilities, and to a lesser extent, our loss from operations of RMB66.4 million in 2021.
Summary · p. 10
We expect to record a net loss for the year ending December 31, 2024, primarily due to changes in carrying amount of the redemption liabilities.
Summary · p. 25
We expect to further improve our financial performance and profitability in the near future through continuous revenue growth and improved cost efficiency.
We recorded net losses of RMB89.4 million, RMB208.6 million, RMB154.2 million, RMB106.0 million and RMB133.7 million in 2021, 2022, 2023 and the six months ended June 30, 2023 and 2024, respectively.
Summary · p. 18
Since our establishment and up to the Latest Practicable Date, we recorded net losses and did not achieve profitable primarily due to: (i) our early efforts to launch new products, enhance market acceptance and penetrate the markets of economically developing regions and (ii) our substantial investment in R&D activities.
Business · p. 237
We expect to incur net loss and net operating cash outflows for 2024 as we continue to invest in R&D activities for the development, upgrade and optimization of our healthcare AI technologies.
We had loss for year of RMB3,399.3 million, RMB2,205.5 million and RMB1,101.9 million in 2021, 2022, 2023, and we had loss for the period of RMB579.7 million and RMB488.0 million in the six months ended June 30, 2023 and 2024, respectively.
Summary · p. 2
Specifically, our operational losses during the Track Record Period were primarily due to (i) the significant depreciation of production equipment prior to the realization of economies of scale; (ii) the significant amount of R&D expenses recognized during the Track Record Period; and (iii) the increasing selling and marketing expenses during the Track Record Period.
Summary · p. 20
We expect our revenue to continue increasing, however, since we only began benefiting from economies of scale in 2021 and are still actively implementing measures to reduce the cost of sales and achieve better operating efficiency with our control over the operating expenses, we anticipate to record a loss for the year ending December 31, 2024.
In 2021, 2022 and 2023 and the six months ended June 30, 2023 and 2024, we incurred net loss of RMB139.8 million, RMB220.8 million, RMB207.2 million, RMB132.8 million and RMB112.0 million, respectively.
Summary · p. 11
We incurred net losses primarily because we were still at a ramp-up stage and have yet to fully realize economies of scale, and we aim at long-term business success and financial return in the automotive intelligence solutions industry, rather than seeking near-term profitability at the expense of long-term market potential.
Business · p. 288
Based on our current development plan and our management's estimates, we do not expect to generate any net profit before 2026.
In 2021, 2022, 2023 and the six months ended June 30, 2023 and 2024, we had loss for the year/period of RMB41.8 million, RMB52.5 million, RMB103.3 million, RMB51.7 million and RMB59.9 million, respectively.
Business · p. 260
We expect to continue to incur net losses after the Track Record Period.
In 2021, 2022, 2023 and the eight months ended August 31, 2024, the number of our loss-making restaurants (excluding the restaurants closed in the year) was 63, 66, 66 and 56, with their total amount of operating losses of RMB15.8 million, RMB18.5 million, RMB13.3 million and RMB11.2 million, respectively.
Business · p. 174
The rest two Caishou restaurants were closed in May 2024 and July 2024, respectively, which had not yet achieved initial breakeven by then, because the customer traffic in the commercial districts where they were located did not meet our expectations.
Business · p. 174
To improve the performance of our loss-making restaurants, we have adopted a set of internal measures, including, but not limited to (i) regularly reviewing all expenses to identify areas where it can optimize while not compromising quality or service, for example, renegotiating with landlords for lower rent; (ii) improving the quality of the dishes; (iii) reviewing the performance of the key restaurant employees and investing in staff training to improve service capability to attract more customers; (iv) making adjustments to the team of key restaurant employees where necessary; and (v) launching marketing events and increasing advertising activities.
We incurred net losses of RMB654.3 million, RMB546.1 million, RMB577.5 million and RMB409.4 million in 2021, 2022, 2023 and the five months ended May 31, 2024, respectively.
Summary · p. 18
The net losses were primarily attributable to (i) the continuous expansion of our business scale during the Track Record Period that led to increased expenses and raw material costs; (ii) substantial impairment losses on trade receivables recognized; and (iii) significant impairment losses on inventories, particularly in 2022, resulting from rapid product iterations towards high-output fuel cell systems and the decline in market prices.
Summary · p. 18
Considering the early stage of industry development and our ongoing investment in R&D expenses, production costs, and other expenses to seize market share and enhance product competitiveness, we anticipate recording net losses in 2024.
Our net losses from continuing operations decreased from RMB1,808.0 million for 2021 to RMB900.0 million for 2022, primarily attributable to our continued gross profit improvement associated with our ongoing strategic focus on our retail core service cloud solutions as well as the decreases in our selling and marketing expenses attributable to the decrease in promotional incentives to retail consumers for our e-commerce service cloud solutions and our general efforts to control costs and optimize our operational efficiency in 2022.
Summary · p. 12
We recorded accumulated losses of RMB5,199.4 million, RMB6,008.2 million, RMB6,601.5 million, and RMB6,836.4 million as of December 31, 2021, 2022 and 2023 and June 30, 2024, respectively.
Summary · p. 13
Going forward, we plan to achieve long-term profitability and improve our cash flow position in view of our net operating cash outflows as of June 30, 2024, with our overall increase in revenue and through a series of cost control and efficiency enhancement measures, including: (i) refining our organizational structure to maximize employee potential and streamline responsibilities, (ii) upgrading our IT infrastructure to improve performance while managing cloud operations costs, and (iii) redesigning our office space to reduce our lease expense.
We had aggregate operating losses from our e-commerce stores of RMB4.7 million, RMB2.9 million, RMB2.2 million and RMB1.7 million in 2021, 2022 and 2023 and the six months ended June 30, 2024, respectively, primarily due to the establishment of new e-commerce stores and the operational expenses of e-commerce stores.
Business · p. 336
The costs we incurred in association with many of such stores, including marketing and promotion fees, staff salaries and other miscellaneous expenses, exceeded the gross profits we derived from sales of products in such stores because they were still in the sales ramp-up stage.
Business · p. 336
We had an aggregate operating loss of RMB0.6 million from our self-operated stores in 2023, primarily due to we established several self-operated stores in 2023, all of which have yet to reach breakeven, thereby causing an operating loss.
For the years ended December 31, 2021, 2022 and 2023 and the five months ended May 31, 2023 and 2024, we recorded loss for the year/period of RMB75.2 million, RMB96.2 million, RMB75.0 million, RMB44.2 million and RMB96.8 million, respectively.
Summary · p. 16
Based on the foregoing, we believe that we will be able to achieve revenue growth, gradually narrow our net losses and improve our operating cash flows, and thereby gradually achieve break-even in the near future.
Business · p. 344
However, with the breakthroughs in R&D, significant growth of downstream customer demand buoyed by favorable government policies, and large-scale mass production capabilities, we expect to gradually achieve economies of scale in our business operations, reduce our production costs and thereby, improve our profitability.
Our net (loss)/profit for the year improved from a loss of RMB589.9 million in 2021 to a profit of RMB223.2 million in 2022, and further to a profit of RMB520.1 million in 2023.
Financial Information · p. 329
As a result, we made provisions for impairment losses of RMB984.4 million on the inventories which were mainly affected by the Amazon Incident for the year ended December 31, 2021.
The loss throughout the Track Record Period was mainly due to the short period of commercialization of Utidelone Injection, given that it was only approved for marketing in 2021 and was included in the NRDL in 2023, and large amount of R&D expenses we incurred for the implementation of clinical plans, because our Group is still at the early stage of business development.
Financial Information · p. 462
Accordingly, our management concluded that there was no impairment indicator of noncurrent non-financial assets as of December 31, 2022 and 2023 and May 31, 2024.
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.