We recorded gross profit of RMB7.4 million in 2020, and incurred gross loss of RMB47.1 million, RMB142.6 million, RMB86.4 million and RMB35.0 million in 2021, 2022 and the six months ended June 30, 2022 and 2023, respectively, primarily due to the significant operation costs incurred for our medical institutions during the ramp-up stage.
Summary · p. 1
We expect to incur net loss for 2023 and 2024, and net operating cash outflow in 2023.
Summary · p. 14
Based on the foregoing, our Directors are of the view that our business is sustainable despite the current lossmaking.
Our Group recorded accumulated losses as of January 1, 2020 primarily due to the provisions for impairment loss of trade and bills receivables made prior to the Track Record Period in 2016 in relation to the outstanding amount due from Tianjin Hengzeng.
Financial Information · p. 382
Our Group has been profitable (i.e. it has made a net profit in a financial year) prior to the Track Record Period from the year ended December 31, 2017 onwards up to the year ended December 31, 2022 and for the six months ended June 30, 2023.
Financial Information · p. 382
With this qualification, we were able to gain trust from customers regarding our capability and take on larger municipal public construction projects, which in turn contributed significantly to the turnaround of our business from 2017 onwards.
We had a net loss of RMB220.6 million, RMB1,654.5 million, RMB2,086.1 million and RMB768.3 million in 2020, 2021 and 2022 and the six months ended June 30, 2023, respectively.
Summary · p. 7
We expect to remain loss-making at net loss level and generate net operating cash outflow for the years ending December 31, 2023 and 2024, and 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.
For FY2020, FY2021, FY2022, 6M2022 and 6M2023, we incurred net losses of RMB707.0 million, RMB917.5 million, RMB987.4 million, RMB515.2 million and RMB547.9 million, respectively.
Summary · p. 2
The net losses were primarily due to the decrease in gross profit margin during the Track Record Period and the substantial expenditures in relation to (i) our R&D expenses, primarily comprised of employee benefit expenses for our R&D staff, to enhance our core technologies and product and service offerings to maintain our established position in the smart service robotic products and services market
Business · p. 369
We expect to continue to incur substantial selling and marketing expenses, general and administrative expenses and R&D expenses, and record net loss in 2023. We also expect to continue to record net losses in the near future.
In 2020, 2021 and 2022 and for the six months ended June 30, 2022 and 2023, we recorded an adjusted loss (Non-IFRS Accounting Standards measure) of RMB35.7 million, RMB34.1 million, RMB16.9 million, RMB33.6 million and RMB46.2 million, respectively.
Summary · p. 20
To further reinforce our presence and competitiveness in the emerging autonomous driving market, we have been focusing on R&D, product development and expansion of customer base, rather than seeking short-term return or profitability.
Business · p. 296
Despite that we have been loss-making since 2020 and we expect to incur net loss and net operating cash outflow in 2023, which is primarily due to the expected increase in R&D expenses for new autonomous driving solutions, share-based payments and listing expenses in 2023, we have achieved a steady growth in terms of revenue and sales volume.
In 2020, 2021 and 2022 and the six months ended June 30, 2022 and 2023, we recorded net losses of RMB53.3 million, RMB804.2 million, RMB450.8 million, RMB705.5 million and RMB919.7 million, respectively, primarily attributable to (i) low utilization rate resulting from production capacity expansion, (ii) raw material prices fluctuation, (iii) product mix and pricing strategy, (iv) operational expenditure and (v) the EV industry market conditions in early 2023.
Summary · p. 7
We believe that we will be able to become profitable and generate operating cash inflow in 2025, and we plan to achieve that through the following in addition to our adjustment of product prices:
We recorded net losses for the years ended 31 December 2020, 2021 and 2022 and the five months ended 31 May 2023 primarily due to (i) share-based payments we recorded for the years ended 31 December 2020 and 2021 from equity transactions of equity interests in the Single Largest Shareholder and Share Incentive Scheme, (ii) impairment loss on intangible asset related to 9SSL fuel cell stacks license and impairment loss on inventories, (iii) the impairment loss of our trade receivables, and (iv) the continuous expansion of our business scale during the Track Record Period and the resulting increase in the relevant expenses.
Summary · p. 18
In addition, we expect to continue to record net losses until at least 2025.
Summary · p. 18
We expect to record a substantial amount of net loss and operating cash outflow in 2023 as we continue to increase investment in research and development activities, incur employee-related expenses to recruit and retain talents and expand our production scales.
We currently expect we will incur significant net loss in 2023, primarily as a result of the low market price of market hogs during the period from January to October 2023.
Summary · p. 2
We recorded a net loss of RMB2,184.5 million for the five months ended 31 May 2023 primarily because of the low market prices for pigs and yellow-feathered broilers during the period.
Summary · p. 24
Our average monthly net loss during the period from June to October 2023 improved as compared with our average monthly net loss for the period from January to May 2023.
We had positive effective tax rates of 48.4% for the four months ended April 30, 2022 and negative effective tax rate of (37.3)% for the four months ended April 30, 2023 since we recorded loss before tax of RMB4.9 million for the four months ended April 30, 2022 while profit before tax of RMB2.5 million for the four months ended April 30, 2023.
Financial Information · p. 324
In addition, we recorded a relatively higher effective tax rate of 48.4% for the four months ended April 30, 2022, as our lower profitability during this period deferred the tax benefits from additional deductions for qualified research and development expenses.
We incurred net losses of RMB1,184.2 million, RMB188.2 million, RMB283.1 million and RMB147.4 million in 2020, 2021, 2022 and the six months ended June 30, 2023, respectively.
Summary · p. 17
As a result, we had accumulated losses of RMB1,073.2 million, RMB1,258.2 million, RMB1,542.7 million and RMB1,695.2 million as of December 31, 2020, 2021, 2022 and June 30, 2023, respectively.
Summary · p. 17
We had operated profitably prior to the COVID-19 outbreak and intend to re-achieve profitability primarily by (i) further expanding our POS network especially under the partner model by increasing the density of our POSs with a strategic focus on tier one and tier two cities in the PRC, which will enable us to manage our logistics and operational costs more efficiently and to better benefit from economies of scale, (ii) further developing our advertising and system support services alongside the expansion of our POS network, and (iii) effectively managing our costs and expenses and improving our operating leverage as, other than share-based payments and certain impairment losses incurred in certain periods during the Track Record Period, a majority of our general and administrative expenses are relatively fixed or increasing at a slower pace compared to our business scale, which will enable us to benefit from economies of scale and our business expansion.
We recorded net loss in 2020 and 2021, mainly attributable to (i) the selling and distribution expenses resulting from the increase in the number of operation and store management staff and our enhanced marketing activities, and (ii) the increase in administrative expenses primarily driven by the increased employee benefits from the expansion of our administrative team.
Summary · p. 12
We recorded a net profit in 2022 and the four months ended April 30, 2023, as we had a significant increase in revenue from the fast expansion of our store network, and a substantial improvement in our operational efficiencies resulting from (i) cost control capabilities benefiting from our growing procurement volumes and enhanced economies of scale, (ii) our increasingly recognized brand, which enabled us to optimize selling and distribution expenses, and (iii) our digitalization efforts resulting in better human resource efficiency.
We incurred a net loss of US$664.2 million, US$6,192.3 million and US$666.8 million in 2020, 2021 and the six months ended June 30, 2023, respectively, and had a net profit of US$1,572.6 million in 2022.
Summary · p. 15
We had a gross loss of US$261.5 million, US$544.7 million and US$270.2 million in 2020, 2021 and 2022, respectively, primarily because of the costs we incurred in connection with our entry into the China market in March 2020, our continued efforts to expand our market shares and our expansion into the New Markets in 2022.
Summary · p. 15
We expect that we will continue to record net losses for our results of operations in 2023 as we continue to incur significant non-operating expenses driven by our share-based payments and compensation expenses, finance costs and other selling, administrative and general expenses.
We had net loss of RMB172.9 million in 2021 compared to net profit of RMB14.0 million in 2020, primarily due to (i) the increase in cost of sales; (ii) the increase in administrative expenses, especially share-based payments; and (iii) the increase in changes in the carrying amount of financial instruments issued to investors, despite (iv) the increase in revenue.
Summary · p. 11
Our net loss increased significantly from RMB172.9 million in 2021 to RMB564.2 million in 2022, primarily due to (i) the increase in cost of sales; and (ii) the increase in administrative expenses, especially share-based payments, despite (iii) the increase in revenue; and (iv) the decrease in changes in the carrying amount of financial instruments issued to investors.
We also recorded net losses for the four months ended 30 April 2022 and 2023 which was primarily due to seasonality effect of our business operation.
Summary · p. 2
Our effective tax rate was not applicable for the four months ended 30 April 2022 and 2023 as we recorded loss before taxation of RMB23.2 million and RMB19.9 million, respectively.
In 2020, 2021, 2022 and the three months ended March 31, 2022 and 2023, we incurred net loss of RMB750.2 million, RMB1,802.1 million, RMB1,653.4 million, RMB268.2 million and RMB303.9 million, respectively.
Summary · p. 14
We plan to continue to enhance our financial performance by (i) effectively attracting and retaining our users, (ii) continuing to create value for users to further monetize our solutions, and (iii) effectively managing our cost and expenses, and enhancing operating leverage.
Meanwhile, we had net loss of RMB198.8 million, RMB294.7 million, RMB243.3 million, RMB84.8 million and RMB47.2 million in 2020, 2021 and 2022 and the three months ended March 31, 2022 and 2023, respectively, primarily because our growing business scale and revenue generated were unable to fully compensate for our various costs and expenses, as we were still at an early stage of monetization and continued to incur significant selling and marketing expenses, research and development expenses and administrative expenses, particularly employee benefits expenses, share-based compensation expenses, depreciation of property, plant and equipment, depreciation of right-of-use assets and short-term lease expenses, which are relatively fixed costs.
Summary · p. 17
Our revenue grew from RMB503.0 million in 2020 to RMB687.4 million in 2022, a CAGR of 16.9%.
Business · p. 271
In 2020, revenue from both segments together accounted for 73.4% of our total revenue.
We had a net loss of RMB3.4 billion, RMB3.9 billion, RMB5.8 billion, RMB2.1 billion and RMB278.5 million in 2019, 2020, 2021 and 2022 and the three months ended 31 March 2023, respectively.
Summary · p. 17
To that end, we have devoted considerable resources to growing our user base, broadening our service and product offerings, expanding our geographic coverage, building our fulfilment infrastructure and investing in technology, which has led to us recording accumulated losses as at 1 January 2019 and net losses during the Track Record Period.
Summary · p. 24
In the six months ended 30 June 2023, we have achieved positive net profit of RMB59.5 million and positive operating cash flow of RMB714.8 million, demonstrating the sustainability of our business model.
Although we currently do not have any drug that is approved for commercial sales and have not generated any revenue from sales of our drug candidates, we expect to commercialize one or more of our drug candidates over the coming years as they move towards the final stages of development.
Financial Information · p. 488
We expect an increase in forecast loss in the year ending December 31, 2023, primarily because we expect to incur increasing research and development expenses and administrative expenses as we continue to carry out and expand our clinical development programs and advance the research and development of pre-clinical assets.
Summary · p. 34
For the years ended December 31, 2021 and 2022 and the five months ended May 31, 2023, our research and development expenses amounted to RMB112.9 million, RMB157.3 million and RMB63.7 million, respectively, of which our non-cash share-based payments were RMB25.0 million, nil and nil for the same periods, respectively.
We currently have no products approved for commercial sale and have not generated any revenue from product sales.
Financial Information · p. 406
Since the end of the Track Record Period, our business has continuously grown, but we expect that we will continue to record net loss in 2023, primarily because (i) we expect to incur research and development expenses as we continue to carry out and expand our clinical development programs and advance the research and development of preclinical assets; and (ii) we expect to incur listing expenses in connection with our proposed Listing.