(Loss) profit for the year | (44,612) | 5,927 | 8,155
Summary · p. 8
We recorded income tax credit of RMB28.7 million in 2023, as a result of our loss-making position and the temporary differences arising from a one-off impairment losses in batteries, while income tax expense of RMB2.0 million in 2024, as a result of our increased profit before tax.
The significant improvement in our financial performance from a loss before tax of RMB8.2 million in 2023 to a profit before tax of RMB79.3 million in 2025 reflected, in part, the recovery and expansion of downstream demand during the Track Record Period.
Financial Information · p. 193
Our income tax credit increased from a credit of RMB8.9 million in 2023 to an expense of RMB0.8 million in 2024, primarily due to the deferred tax credit of RMB17.2 million from the recognition of deferred tax assets mostly arising from unutilized tax losses in 2023.
Notwithstanding the above rapid and sustainable development in our results of operations, we incurred loss for the year of RMB81.8 million, RMB63.6 million and RMB12.7 million in 2023, 2024 and 2025, respectively.
Business · p. 160
Despite the abovementioned (i) and (ii), we had adjusted profit for the year (non-IFRS measure) of RMB13.8 million in 2025.
Business · p. 160
Through early strategic investments in R&D, innovation, and market expansion, we have built a foundation for sustainable growth in the semiconductor transfer system market and are progressing steadily toward breakeven and profitability as we continue to scale revenue and improve operating efficiency.
We had a net loss position during the Track Record Period, which was primarily attributable to our modest revenue scale and significant cost of revenue and various expenses during the Track Record Period.
Business · p. 165
We were in a net loss position during the Track Record Period primarily because we are actively developing and expanding our product portfolio.
Business · p. 165
Our Directors are therefore of the view, and the Joint Sponsors concur, that our business is sustainable.
Despite the robust growth, our revenue and gross profit had not been able to fully cover the various costs and expenses incurred during the Track Record Period, and as a result, we incurred loss for the year of RMB841.7 million, RMB770.6 million and RMB655.6 million in 2023, 2024 and 2025, respectively, corresponding to the net loss margin of 35.8%, 24.0% and 15.8% in the respective years.
Summary · p. 13
Our recurring loss and adjusted loss (non-IFRS measure) during the Track Record Period were primarily due to (i) high finance costs, which primarily comprised the interest on interest-bearing bank and other borrowings, as we incurred such borrowings to fund our business growth, particularly the purchase of additional vehicles to expand our fleet size;
Summary · p. 13
To achieve profitability, we aim to (i) continue driving our revenue growth; (ii) improve our gross profit margin by strategically prioritizing high-margin businesses; and (iii) achieve effective control of costs and expenses, in particular our finance costs, administrative expenses, and selling and distribution expenses.
We had consistently incurred net losses during the Track Record Period, primarily due to substantial strategic investments in research and development expenses to advance our solutions, and selling and marketing expenses to expand our customer base.
Summary · p. 9
Our Directors believe that our business is commercially viable and structurally sustainable.
Business · p. 156
We plan to achieve breakeven and profitability primarily through implementing the following strategies:
We incurred net losses of RMB244.3 million, RMB108.9 million and RMB10.5 million, respectively, in 2023, 2024 and 2025.
Summary · p. 6
We did not achieve a net profit during the Track Record Period, primarily due to the following factors:
Summary · p. 10
We expect to improve our financial performance and achieve profitability in the near future through continual revenue growth, growing economies of scale and improving operating efficiency.
As such, we have not generated any revenue and we expect to incur a significant increase in net loss for the year ending December 31, 2026 as we continue to invest significant capital into the R&D of our pipeline, and other capabilities to complement and support our business.
Summary · p. 15
We did not generate any revenue for the years ended December 31, 2024 and 2025.
Business · p. 193
For the years ended December 31, 2024 and 2025, we recorded research and development costs of RMB98.1 million and RMB126.6 million, respectively.
In 2023, 2024 and 2025, we had loss and total comprehensive expense of RMB231.2 million, RMB462.8 million and RMB207.9 million, respectively.
Summary · p. 10
We plan to narrow our net losses and achieve profitability by focusing on the following strategies: (i) driving revenue growth; (ii) improving gross profit margin; and (iii) enhancing R&D efficiency.
We recorded gross loss of RMB8.8 million, RMB62.9 million and RMB49.7 million in 2023, 2024 and 2025, respectively, while our gross loss margin narrowed from 40.1% in 2023 to 24.4% in 2024 and further to 8.6% in 2025.
Business · p. 156
In 2023, 2024 and 2025, our R&D expenses were RMB66.2 million, RMB93.6 million and RMB146.6 million, representing 301.8%, 36.3% and 25.3% of our total revenue for the same years, respectively.
Business · p. 157
In the foreseeable future, we plan to improve our financial performance and progress toward profitability by expanding our revenue and business scale, improving our gross margin through higher production utilization and cost optimization, and enhancing operating efficiency while maintaining disciplined investment in R&D and commercialization.
In FY2023 and FY2025, there were two and one loss-making stores respectively.
Business · p. 119
The loss incurred by the two stores (which were subsequently closed in the same year as abovementioned) in FY2023 was mainly attributable to the closure of borders for a substantial period during FY2023, as both stores were located in the northern part of Hong Kong to which the tourists from the Chinese Mainland contributed a large portion of their revenue.
Business · p. 119
Notwithstanding the loss for the FY2023, our Directors have carefully assessed whether there were any indicators of impairment for our Group's property, plant and equipment and right-of-use assets as at 31 March 2023.
We recorded no income tax expense for the years ended 2025, due to our loss before tax.
Financial Information · p. 248
We incurred tax expense of RMB10.7 million in 2024 mainly in relation to our profit recorded for the same period. We did not incur tax expense in 2025.
Financial Information · p. 250
As we accelerate the clinical development of ES102 and other lead assets in the next three to five years, we expect our research and development costs to be significant going forward.
Over the same period, our results improved from a net loss attributable to shareholders of RMB39.6 million in 2023 to a net profit attributable to shareholders of RMB1.5 million in 2024 and RMB47.3 million in 2025.
Summary · p. 2
As a result, these growth enabled economies of scale on the cost side, resulting in improved gross profit margin.
In 2023, 2024 and 2025, we had net losses of RMB738.1 million, RMB527.7 million and RMB358.2 million, respectively.
Business · p. 181
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.
Business · p. 182
Specifically, we aim to secure long-term financial success by focusing on the following strategies: (i) driving revenue growth; (ii) improving gross profit margin; (iii) enhancing operating leverage; and (iv) solidifying working capital sufficiency.
Our revenue increased from RMB1,887.3 million in 2023 to RMB2,512.1 million in 2024, and we recorded a profit of RMB112.3 million in 2024, compared to a loss of RMB396.8 million in 2023.
Business · p. 179
Our significant R&D investment has, to a considerable extent, affected our profitability during the Track Record Period, as we continued to allocate resources to support clinical development and pipeline expansion to support our long-term growth.
Business · p. 179
Our selling and distribution expenses increased from RMB436.2 million in 2023 to RMB694.1 million in 2024 and further to RMB843.1 million in 2025, primarily due to the expansion of our sales team, increased product promotion and nationwide market development efforts, as well as the continued implementation of our commercialization strategies in connection with new product launches.
We recorded net losses in 2023, 2024 and 2025, primarily due to intense competition in the mobility services industry in the PRC during the past few years.
Business · p. 145
Our gross profit margin increased steadily from 6.6% in 2023 to 7.0% in 2024, and further increased to 11.0% in 2025.
Business · p. 145
We have implemented, and will continue to implement, the following business initiatives to maintain sustainable growth, enhance operating efficiency and achieve profitability.
Our net loss narrowed in 2025, primarily attributable to (i) our revenue growth driven by our optimized product model, improved operational efficiency and deepened partnerships with key account customers; and (ii) lower selling and marketing expenses arising from our enhanced cost-effectiveness and strategic shift towards meticulous operations.
Summary · p. 7
Our Directors are of the view that our Group can turn around the loss-making position and maintain sustainable business growth, considering that (i) the prospects of the global digital human agent market and industries where our enterprise customers operate; (ii) our demonstrated track record in controlling our costs, driving gross profit margin and efficiency improvement; and (iii) our future business strategies for sustainable growth and the abovementioned measures for revenue growth and operational efficiency enhancement.
Summary · p. 12
Our loss for the year decreased by 76.8% from RMB111.7 million in 2024 to RMB25.9 million in 2025, primarily as a result of decreased operating loss.
We recorded a net loss of RMB182.4 million in 2025, compared to a net profit of RMB88.7 million in 2024, primarily due to (i) the recognition of issuance of shares and dividends to Pre-IPO Investors of RMB240.3 million in the net other losses/gains in 2025, (ii) listing expenses of RMB19.1 million incurred in 2025, and (iii) an increase in share-based compensation expenses from RMB8.3 million in 2024 to RMB15.4 million in 2025.
Summary · p. 5
We expect to improve our performance in 2026 through the planned commercialization of a number of R&D projects that we have already developed in response to market demand, as well as through the continuous expansion of our sales channels and enhancement of our internal operational efficiency.