In the meantime, during the Track Record Period, we recorded net losses, net current liabilities and net operating cash outflows.
Business · p. 155
As we have made significant progress in product development and commercialization, we believe that many of the historical factors that contributed to our net losses, net current liabilities and net operating cash outflows during the Track Record Period will either cease to be applicable or will be materially alleviated going forward.
Beijing TRT TCM Hospital recorded net loss of RMB1.6 million for the year ended December 31, 2024, primarily due to the cost of sales and finance costs recognized as a result of the property lease under Beijing TRT Lease Agreement dated January 29, 2024 and became effective on March 27, 2024.
Business · p. 156
Beijing TRT TCM Hospital has launched certain new services to optimize its service offering, and intends to continue to enhance its service capabilities through talent introduction and specialty cultivation, and increase efficiency while reducing cost through price negotiation with suppliers and internal management improvement, expecting to improve its profitability.
Business · p. 156
The revenue of TRT Internet Hospital decreased from RMB8.1 million for the year ended December 31, 2023 to RMB2.2 million for the year ended December 31, 2024, primarily as Cuihe Pharmacy became our subsidiary in March 2024 thus ceased to contribute management service fees to TRT Internet Hospital.
We nevertheless recorded net losses mainly due to a lower gross profit margin from market-penetration pricing, increased selling and marketing expenses to expand scale and brand recognition, significant R&D investment to support continuous product iteration, and one-off items such as goodwill impairment.
Summary · p. 13
In summary, our historical losses were primarily attributable to the fact that we are still in the process of achieving economies of scale, significant upfront R&D investments to build long-term competitiveness, and one-off factors such as the impairment of goodwill arising from the acquisition of Medo.
Business · p. 162
We are transitioning toward a higher-margin product mix and expect to achieve breakeven in the near future.
Loss for the year | (110,231) | (20,876) | (269,016)
Financial Information · p. 207
During the Track Record Period, capitalizing on our successful business expansion, particularly growth of one-stop flexible employment solutions business segment that particularly demonstrates our technology achievements, we recorded adjusted loss (non-IFRS measures) from RMB26.3 million in 2023, to RMB8.1 million in 2024, and further to RMB3.4 million in 2025.
Business · p. 156
As a result, our operating expenses (including selling and distribution expenses, administrative expenses, and research and development expenses) as a percentage of revenue decreased from 25.4% in 2023 to 11.1% in 2024 and remained at a relatively stable level of 11.4% in 2025.
Profit/(loss) for the period | 60,363 | 6.5 | 30,959 | 3.3 | 153,657 | 13.3 | (100,953) | (831.2) | 152,697 | 11.6
Summary · p. 8
Our Group’s turned loss of RMB101.0 million into profit of RMB152.7 million in the 2024 Period and 2025, respectively.
Financial Information · p. 219
the 2024 Period covered only about 30 days of actual post-Acquisition operations, during which our Group was mainly engaged in integration activities with limited business operations.
While we recorded losses in 2023, such financial performance was primarily attributable to strategic upfront investments in channel construction and market expansion rather than a deterioration in the underlying value of our Group’s assets.
Financial Information · p. 224
We recorded losses in 2025, primarily attributable to the impact of a substantial non-cash fair value change in financial instruments issued to investors.
Financial Information · p. 224
Although a net loss was reported after adjusting for non-recurring accounting items, our management determined no impairment indicators existed for non-financial assets in 2025 under IAS 36 Impairment of Assets, considering a positive operating profit from continuing operations.
We have not generated any revenue from the product sales since inception.
Financial Information · p. 235
we expect that we will continue to record net losses for the year ending December 31, 2026, primarily because (i) we expect to continue to incur 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 expect to incur [REDACTED] expenses in connection with our proposed [REDACTED].
Summary · p. 14
Our research and development costs amounted to RMB122.6 million and RMB138.9 million in 2024 and 2025, respectively.
During the Track Record Period, we recorded loss for the year of RMB91.8 million, RMB38.3 million and RMB14.4 million in 2023, 2024 and 2025, respectively.
Summary · p. 11
Our loss for the year during the Track Record Period was primarily attributable to: (i) significant investment in R&D; (ii) increase in staff costs; and (iii) changes in the carrying amount of redemption liabilities.
Summary · p. 11
we invested substantially in R&D during the Track Record Period to enhance our technological capabilities and solutions competitiveness, with R&D expenses of RMB79.5 million, RMB93.2 million and RMB108.6 million in 2023, 2024 and 2025, respectively.
As a result of the reasons set out in the section headed "Key Components of Our Consolidated Statements of Profit or Loss" below, in particular, the higher level of R&D costs, which accounted for approximately 40.1%, 23.7% and 22.1% of our total revenue for year ended December 31, 2023, 2024 and 2025 respectively, we incurred a loss of RMB127.2 million, RMB103.1 million and RMB104.4 million for years ended December 31, 2023, 2024 and 2025 respectively.
Summary · p. 9
As of January 1, 2023, our accumulated losses stood at RMB140.7 million, mainly attributable to the losses incurred between 2020 and 2022 as a result of (i) the expansion of our footprint into pan-semiconductor sectors such as PCB and photovoltaic; (ii) an increase in R&D costs to integrate AI and Big Data technologies relative to 2019; and (iii) increased recruitment of management and technical personnel.
Financial Information · p. 218
The Directors believe that the consistent growth in gross profit and the sequential reduction in adjusted net losses during the Track Record Period indicate that we are moving towards the growth and scaling phase.
Some of our self-operated stores recorded net loss during the Track Record Period, primarily due to the following reasons: (i) certain lossmaking stores in core business districts have relatively high rental and labor costs but are strategically important for enhancing brand awareness and attracting potential customers; (ii) lossmaking stores acquired as part of the acquisition of Leyou Group in 2023; (iii) upfront investments in newly opened stores during their preparation and ramp-up stages; and (iv) lossmaking stores acquired as part of the acquisition of Hairology Group in 2025.
Business · p. 147
In 2023, 2024 and 2025, we closed 15, 35 and 27 loss-making stores, respectively, after considering the costs of early lease termination.
In 2024 and 2025, our research and development expenses amounted to RMB50.8 million and RMB56.9 million, respectively, representing 40.4% and 39.7% of our total operating expenses (being research and development expenses, administrative expenses and selling and distribution expenses), respectively.
Financial Information · p. 235
As our production volume and revenue grow, we expect our cost of sales as a percentage of revenue may decrease, which will drive our future business growth.
We recorded loss for the year of RMB168.8 million, RMB168.8 million and RMB170.6 million in 2023, 2024 and 2025, respectively.
Summary · p. 2
We expect that we will record a net loss for the year ended December 31, 2026, primarily because we are in the stage of expanding our business and operations, further commercializing our products and continuously investing in our products in R&D.
Summary · p. 10
With improvements in gross profit margin and operating leverage, we expect to achieve net profit breakeven and operating cash flow breakeven within next two years.
In 2023, 2024 and 2025, the number of loss-making self-operated offline stores were 31, 83 and 71, respectively.
Business · p. 132
These loss-making self-operated offline stores were primarily because we strategically opened self-operated offline stores as “local first stores” in new and emerging markets during the Track Record Period.
Business · p. 132
All of our loss-making self-operated online stores in 2024 have achieved profitability in 2025.
We achieved sustained revenue growth while remaining loss-making during the Track Record Period.
Business · p. 154
Our loss for the year narrowed from RMB115.1 million in 2023 to RMB51.7 million in 2025. Our loss for the period increased from RMB28.7 million for the three months ended March 31, 2025 to RMB144.4 million for the same period in 2026.
Business · p. 154
We recorded net losses throughout the Track Record Period, primarily because (i) we incurred substantial research and development costs as we invested in technology and expanded our enterprise growth AI applications and solutions, and (ii) we recognized non-cash or non-operating items, including share-based payments, interest on redemption right liabilities and [REDACTED] expense.
We recorded loss of RMB108.6 million, RMB17.9 million and RMB100.1 million in 2023, 2024 and 2025, respectively, primarily because we were in the course of a strategic transition from lower-speed products to higher-speed products during the Track Record Period.
Summary · p. 13
we recorded gross losses in 2023 primarily due to the change in the focus of our product portfolio, as we sold a higher proportion of lower-speed products, including optical transceivers and AOC, such activities to reduce inventory levels.
Business · p. 158
despite that we have recorded gross profits in 2024 and 2025, we recorded net losses during the same years because we incurred substantial R&D expenses during the Track Record Period.
In 2023, 2024 and 2025, we had net losses of RMB17.2 million, RMB27.7 million and RMB46.7 million, respectively.
Business · p. 208
With expanding sales, we expect to reach the breakeven point in the near future.
Financial Information · p. 277
We expect to see enhanced profitability in our digital insurance services business, fueled by several key factors: (i) revenue growth; (ii) cost efficiencies gained from improved solutions development processes; (iii) economies of scale achieved through broadened scenario coverage; and (iv) efficient management of working capitals.
We recorded net losses in 2024 and 2025. During the Track Record Period, on the one hand, our R&D expenses were on a steady increase, as we invested heavily in the discovery, research and development of biopharmaceuticals; on the other hand, the profitability of our caffeine products and nutritional products experienced a downward pressure.
Business · p. 183
Our operating loss of biopharmaceuticals increased by 17.6% from RMB623.7 million in 2023 to RMB733.2 million in 2024, and further increased by 36.2% to RMB998.6 million in 2025.
Business · p. 184
Going forward, we seek to improve our profitability by implementing the following measures.
Our net liabilities of RMB1,341.2 million as of December 31, 2024 changed to net assets of RMB503.2 million as of December 31, 2025, primarily attributable to termination of redemption liabilities on ordinary shares of RMB1,975.9 million, capital injection of RMB535.8 million and share-based payment compensation of RMB260.8 million, partially offset by loss for the year of RMB751.8 million and recognition of redemption liabilities on ordinary shares of RMB172.5 million.
Summary · p. 10
We expect to incur a net loss for the year ending December 31, 2026, because we continue to incur research and development and share-based payment expenses as well as listing expenses for the Global Offering.
During the Track Record Period, we have reported net and operating losses, and we expect these losses to persist in the near term.
Summary · p. 7
This is mainly due to our continued investments in research and development, as well as our efforts to rapidly expand our customer base and market presence.
Summary · p. 7
We anticipate that we will continue to incur net loss for the year ending December 31, 2026, primarily because we are in the stage of expanding our business and operations in the rapidly growing AI market and are continuously investing in research and development.