During the Track Record Period, we recorded net losses primarily due to (i) pricing pressure on certain mature PMIC products amid competitive market conditions, which affected our segment gross profit margin from time to time, (ii) early-stage economics of our power device business prior to scale, (iii) sustained R&D investment to support our PMIC design-wins and product platforms, and (iv) finance costs associated with redemption liabilities up to late February 2025.
Financial Information · p. 223
We incurred net losses of RMB506.3 million, RMB697.1 million, RMB277.8 million, RMB159.5 million and recorded a net profit of RMB28.5 million in 2023, 2024, 2025 and the four months ended April 30, 2025 and 2026, respectively.
Financial Information · p. 223
Our overall strategy to achieve profitability is to focus on R&D-led growth and translate that into higher-quality revenue, improving gross profit margin and operating leverage.
During the Track Record Period, we recorded gross losses of RMB39.9 million, RMB34.1 million and RMB33.9 million in 2023, 2024 and 2025, respectively.
Summary · p. 11
Nevertheless, as we progressively streamlined our organizational structure, optimized staffing, strengthened expense controls and allocated resources more efficiently, our net loss narrowed from RMB655.5 million in 2023 to RMB418.9 million in 2024 and RMB307.4 million in 2025, and further narrowed from RMB103.3 million for the four months ended April 30, 2025 to RMB91.4 million for the corresponding period in 2026.
Business · p. 142
Nevertheless, none of the market participants had achieved corporatelevel breakeven or sustained profitability from their respective battery-swapping businesses.
We incurred losses during the Track Record Period, primarily attributable to (i) unrealized benefits of developing and engaging with top-tier customers; (ii) continued efforts and investments on enhancing product maturity; (iii) significant upfront investment in R&D initiatives; and (iv) significant cost of sales and operating expenses incurred during our promotion of cloud-based services.
Summary · p. 10
While these substantial R&D investments serve as the foundation for our product innovation, business growth, and long-term competitiveness, they have not yet resulted in revenue growth comparable to our R&D investments and contributed to our losses during the Track Record Period.
Business · p. 174
We believe we can achieve profitability through revenue growth, improved gross profit margin and enhanced operational efficiency.
We turned from net profit in the three months ended March 31, 2025 to net loss in the same period in 2026 primarily due to increase in research and development expenses and net foreign exchange losses.
While we incurred net losses in 2023 and 2024, we have experienced positive turnaround in our business and financial performance, recording a net profit in 2025 and in the three months ended March 31, 2026.
Summary · p. 17
During the Track Record Period, we recorded net losses of RMB14.0 million and RMB37.1 million in 2023 and 2024.
Financial Information · p. 213
In the future, we aim to maintain sustainable profitability primarily through: (i) driving revenue growth; (ii) optimizing our product mix to improve gross profit margin; (iii) optimizing supply chain layout and strengthening stable supply capacity; (iv) strengthening R&D capabilities; and (v) adopting prudent order and inventory management.
All of our drug candidates are currently in the development stage.
Financial Information · p. 220
During the Track Record Period, research and development expenses were the largest component of our operating expenses, reflecting our strategic focus on advancing the development of our drug candidates.
Financial Information · p. 221
We expect our research and development expenses to continue to represent a significant portion of our total operating expenses in the near term as we advance our pipeline and pursue regulatory approvals.
We did not generate revenue in 2024, 2025 and the four months ended April 30, 2026.
Financial Information · p. 220
In 2024, 2025 and the four months ended April 30, 2025 and 2026, we recorded net losses of RMB242.7 million, RMB270.4 million, RMB82.2 million and RMB89.3 million, respectively.
Financial Information · p. 220
We expect to record a net loss for the year ending 31 December 2026, primarily driven by continued investment in research and development activities.
Our income tax credit of RMB14.1 million in 2023 turned into income tax expenses of RMB85.7 million in 2024, primarily due to an increase in our current tax, as a result of the turnaround from our loss before tax in 2023 to profit before tax in 2024.
This resulted in a gross loss of RMB504.5 million in 2023 and RMB105.5 million in 2024, and net losses of RMB753.1 million, RMB405.1 million and RMB328.7 million in 2023, 2024 and 2025, respectively.
Summary · p. 5
As our capacity utilization improved over time, we achieved a clear inflection point, turning to gross profit of RMB100.1 million in 2025, and we had net profit of RMB50.1 million for the three months ended March 31, 2026.
We recorded RMB12.2 million, RMB81.9 million and RMB345.5 million in loss for the period/year in 2023, 2024 and 2025, respectively, primarily due to significant initial investments in computing resources and research and development to scale our AI infrastructure, substantial share-based compensation expenses, and interest expenses on redemption liabilities.
Summary · p. 12
We expect absolute R&D expenses and near-term net losses to continue as we expand our commercial scale.
Summary · p. 15
During the Track Record Period, we recorded a loss for the period/year of RMB12.2 million, RMB81.9 million and RMB345.5 million in 2023, 2024 and 2025, respectively, alongside an adjusted net loss (non-IFRS measure) of RMB12.2 million, RMB54.0 million and RMB187.1 million for the same periods
Although we incurred net loss of RMB352.1 million, RMB206.9 million and RMB234.2 million in 2023, 2024 and 2025, respectively.
Business · p. 170
We believe, as our business scale grows, we can obtain more favorable pricing and payment terms from our clients, which will enable us to improve our profitability.
Business · p. 170
During the Track Record Period, our adjusted loss (non-HKFRS measures) showed a positive trend towards reaching breakeven.
The loss incurred by RIGOL Malaysia in 2024 and 2025 is primarily due to non-transfer pricing commercial factors that RIGOL Malaysia was a newly established company and its business operations were in the start-up stage.
Despite our rapid revenue growth, we recorded net losses during the Track Record Period.
Business · p. 192
We recorded loss for the year of RMB157.5 million, RMB191.8 million and RMB179.3 million in the same periods, respectively.
Business · p. 192
As our revenue continues to scale up, we expect to achieve economies of scale with enhanced operating leverage, whereby operating expenses would not increase proportionally with revenue.
Our net losses were primarily attributable to our early commercialization and ramp-up stage, as we only commenced vehicle deliveries in late December 2022 and therefore incurred substantial upfront investment in product development, sales and marketing, channel expansion and organizational build-out before scale benefits could fully emerge.
Business · p. 151
As we continue to invest in business expansion, sales and marketing, and research and development, our profitability in the near term may remain under pressure, and we may continue to record net losses for the year ending December 31, 2026.
Summary · p. 12
Looking ahead, we plan to improve our financial performance and progress toward profitability by increasing revenue scale, improving gross margin and enhancing operating leverage.
In 2023, 2024 and 2025 and the four months ended April 30, 2025 and 2026, we recorded net losses of RMB482.3 million, RMB426.1 million, RMB127.5 million, RMB18.2 million and RMB21.3 million, respectively.
Financial Information · p. 229
Given that our business focus on scale expansion from 2023 to the first three quarters of 2025 remained on growth, and we provided relatively higher drivers' service fees above the industry average in order to rapidly establish our transportation capacity base.
Financial Information · p. 229
We recorded an adjusted net profit (non-IFRS measure) of RMB1.9 million in the four months ended April 30, 2026.
Our net losses were RMB2,570.3 million, RMB3,205.7 million and RMB3,457.9 million in 2023, 2024 and 2025, respectively, while our adjusted losses for the year (non-IFRS measure) narrowed from RMB1,093.0 million in 2023 to RMB302.8 million in 2025.
Summary · p. 13
Our historical losses on an adjusted basis were primarily attributable to (i) the relatively early stage of revenue scale-up, as a significant portion of our solutions remained in development, testing or pre-massproduction phases; (ii) sustained strategic investment in research and development to build core AD technologies ahead of large-scale commercialization; and (iii) upfront selling and administrative expenses incurred to support customer acquisition and organizational expansion prior to the realization of operating leverage.
Business · p. 183
Our ability to achieve and sustain profitability will depend on our ability to execute our business strategy, including improving solution competitiveness, expanding our customer base and monetization, maintaining disciplined investment in technology, and enhancing operating efficiency.
We recorded net losses of RMB56.5 million, RMB78.8 million and RMB358.7 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Business · p. 194
We recorded adjusted net profit (non-HKFRS financial measure) of RMB19.3 million, RMB25.8 million and RMB42.6 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Business · p. 194
Going forward, we expect to achieve long-term profitability through effective cost control measures.
In 2023, 2024 and 2025, we incurred losses of RMB333.7 million, RMB390.1 million and RMB515.6 million, respectively.
Summary · p. 4
Our accumulated losses were primarily attributable to the heavy upfront investment associated with our Company-provided fleet model in the early stages, sustained research and development efforts to establish the technological foundation of our solutions, and relatively high customer acquisition costs in a nascent industry.
Summary · p. 4
We expect to break even in terms of both net profit and operating cash inflow over the next three to five years.
As of January 1, 2023, our accumulated losses were primarily due to our products remaining in the R&D and market expansion stages, without achieving mass production or cost optimization.
Summary · p. 15
We believe our robust R&D pipeline, scalable production capabilities, comprehensive product portfolio as well as strong commercialization capabilities have laid a solid foundation for our business sustainability and long-term development.
Summary · p. 15
As our business and revenue grew during the Track Record Period, we benefited from economies of scale and experienced a significant improvement in the gross loss margins of our SiC products.
We recorded a net loss of RMB32.6 million in 2023 and RMB68.1 million in 2025, and net operating cash outflows of RMB63.4 million in 2023 and RMB125.2 million in 2025.
Summary · p. 12
The loss was primarily attributable to the Group's continued investment in research and development, increased listing expenses of RMB14.1 million, and higher impairment losses on financial assets and contract assets mainly due to the increase in the trade receivables balance resulting from revenue growth.
Summary · p. 7
Given our net loss and negative operating cash flow positions in 2025, we expect to remain in a net loss position for the year ending 31 December 2026, primarily due to our planned increased R&D investment to strengthen our strategic positioning and development in the robotics sector, as well as the impact of listing expenses.