We had a net loss of RMB312.7 million, RMB344.6 million and RMB163.7 million in 2023, 2024 and 2025, respectively, primarily due to substantial research and development expenses, administrative expenses, and distribution and selling expenses incurred in connection with the expansion of our business and capabilities.
Summary · p. 6
Our gross loss margin was 24.8% and 45.5% in 2023 and 2024, respectively, before we achieved a gross profit margin of 4.8% in 2025, marking our transition towards positive gross profitability.
Summary · p. 4
We expect to achieve sustainable profitability over the medium to long term, driven by: (i) scaling commercialization, which generates operating efficiency and margin improvement as we increasingly benefit from economies of scale in procurement and system deployment; (ii) deep customer integration, which fosters high switching costs, strong customer stickiness, and expanding recurring revenue from our intelligent operations and other services; (iii) a diversified business model spanning purpose-built truck solutions, third-party truck solutions, and recurring services, which enhances revenue resilience across market cycles; (iv) improving operational efficiency, reflected in our operating expense ratio declining from approximately 83.7% in 2023 to 22.0% in 2025; (v) sustained technology leadership anchored in our proprietary AI large model foundation, which creates strong barriers to entry; and (vi) strengthening cash flow generation, with our operating cash flow turning positive in 2025 at RMB37.9 million, up from net outflows in 2023 and 2024.
In 2023, 2024 and 2025, we recorded loss for the year of RMB37.0 million, RMB15.1 million and RMB63.9 million, respectively.
Business · p. 179
Our adjusted net loss (non-IFRS measure) was RMB31.5 million in 2023, and we recorded adjusted net profit (non-IFRS measure) of RMB66.3 million and RMB107.3 million in 2024 and 2025, respectively.
Business · p. 179
Going forward, we plan to enhance our long-term profitability primarily by further (1) expanding our KA customer base, (2) retaining our customers and increasing their spending, (3) diversifying revenue streams, and (4) managing expenses and enhancing operational efficiency.
During the Track Record Period, we incurred net losses of RMB232.1 million, RMB309.0 million and RMB230.3 million in 2023, 2024 and 2025.
Summary · p. 4
Given the long development cycles and high complexity of AMOLED DDICs, our business is still in its growth phase and has not yet fully realized its profitability potential.
Business · p. 177
While this strategy has facilitated market penetration and customer acquisition, it has temporarily impacted our gross margins and overall profitability.
We expect to record a net loss for the year ending December 31, 2026, which is primarily due to our expectation that significant research and development costs and administrative expenses will be further incurred.
Our gross and net losses in 2023 and 2024 were primarily a result of a significant decline in the market prices of our major products during the Track Record Period.
Summary · p. 11
In 2025, we achieved a decisive turnaround: despite our net loss position, we recorded gross profit of RMB155.5 million (gross profit margin of 7.1%), compared to gross loss of RMB87.7 million (gross loss margin of 4.1%) in 2024.
Summary · p. 13
We believe our path to net profitability is supported by the following factors: (i) sustained margin improvement — our gross margin of 12.0% in the fourth quarter of 2025 demonstrates that we can achieve double-digit gross margins at current product price levels, and we expect further production efficiency gains as our technically upgraded production lines operate at full capacity
In 2023, weak consumer electronics demand, post-pandemic effects and trade tensions resulted in intense industry competition and pricing pressure, leading to a net loss for the year.
Financial Information · p. 171
Market conditions improved in 2024, driven by growth in 5G communications, AI servers and automotive electronics, with our revenue increasing 26.2% to RMB834.6 million.
We expect that we will continue to record net losses for the year ending December 31, 2025, primarily because (i) we expect to incur significant research and development expenses as we continue to advance and expand our product pipeline and enhance our proprietary technology platforms; and (ii) we expect to incur [REDACTED] in connection with our proposed [REDACTED].
Summary · p. 17
Loss for the year | (23,466) | (22,272)
Financial Information · p. 227
The average break-even period for comparable diagnostic instruments in the industry is typically 8 to 10 years, based on research on leading domestic listed companies such as Airdoc Technology Inc., Sansure Biotech Inc., and Assure Tech (Hangzhou) Co., Ltd.
We had a net loss of RMB139.3 million, RMB177.2 million and RMB255.9 million in 2023, 2024 and 2025, respectively.
Summary · p. 9
The net losses primarily stemmed from our position in the early ramp-up stage, where we concentrated on developing core technologies to enhance our AI algorithms and computing power, alongside the R&D and launch of AI satellites.
Summary · p. 6
We believe that the ramp-up period is an essential phase for companies in our industry.
Our loss was RMB112.2 million, RMB177.0 million and RMB61.9 million, respectively, in 2023, 2024 and 2025.
Financial Information · p. 230
We strategically expanded into NEV solutions business in 2016, in recognition of the transformative potential of the NEV sector and aiming to position ourselves as an early mover in this emerging market.
Financial Information · p. 230
Based on our current business plan, order backlog, capacity utilization and cost structure, we expect to record net profit for the year ending December 31, 2026.
We recorded net losses of RMB213.1 million, RMB211.6 million and RMB230.2 million in 2023, 2024 and 2025, respectively, with narrowing losses reflecting improving operating leverage.
Business · p. 173
We believe that our current sales momentum, order backlog, and margin expansion strategy position us well to achieve net profit breakeven within the next three years.
First, because our Company is still in the early stage of development, R&D investment and market development costs are large, large-scale sales have not yet formed, and the revenue scale cannot cover all cost inputs, which leads to a loss of our Company.
Financial Information · p. 236
Third, our Company’s primary customers are state-owned enterprises and government departments, which typically require a multi-level review process for bidding. This leads to a prolonged business development cycle.
Financial Information · p. 236
Although our Company incurred losses in FY2023, operating performance has demonstrated steady growth, which is consistent with management’s expectations.
Net (loss)/profit for the year | (630,867) | 135,244 | 839,648
Summary · p. 9
We had net loss of RMB630.9 million in 2023 and net profit of RMB135.2 million in 2024, primarily attributable to substantial revenue growth from increased sales volumes and improved pricing of smart mobile and emerging edge AI devices, alongside a shift to gross profit from changes in product mix (i.e. increased offering of products used in emerging edge AI devices, which generally carry higher margin) and economies of scale.
In 2023, 2024 and 2025, we had loss for the year of RMB110.6 million, RMB71.5 million and RMB152.9 million, respectively.
Summary · p. 15
We recorded accumulated losses as of January 1, 2022, primarily because we have been in the early stages of commercialization for an extended period since our inception.
Business · p. 185
We aim to achieve profit breakeven and net operating cash inflow on a quarterly basis before the end of 2026.
As a result of the foregoing, our loss before taxation of RMB668.8 million for 2023 changed to a profit before taxation of RMB890.1 million for 2024.
Financial Information · p. 235
As a result of the foregoing, our profit before taxation of RMB890.1 million for 2024 changed to a loss before taxation of RMB101.3 million for 2025.
Financial Information · p. 231
(i) Fair value adjustments of biological assets were excluded as such changes represent non-cash, non-operating measurement differences arising from the valuation of biological assets under IAS 41.
We recorded a loss of RMB358.9 million, RMB376.6 million and RMB483.1 million for the years ended December 31, 2023, 2024 and 2025.
Summary · p. 3
These losses primarily stemmed from depreciation and amortization of production equipment, expenses of finance costs attributable to the interests in shareholder redemption right, and share payment paid to our employees.
Summary · p. 3
In the semiconductor packaging industry, companies that adopt the OSAT model typically experience a common industry cycle, which involves incurring upfront capital expenditures and R&D expenses, along with an increase in production capacities.
We were in the loss-making position during the Track Record Period with net losses of RMB389.0 million, RMB675.2 million and RMB649.1 million in 2023, 2024 and 2025, respectively.
Summary · p. 7
This primarily reflects our transition from a pre-revenue research and development phase to full-scale commercialization and production ramp-up, as we only commenced mass production and commercial sales in 2023.
Summary · p. 7
We intend to turn around our profitability through a combination of revenue scale-up, structural gross profit margin improvement and operating leverage.
We achieved rapid revenue growth during the Track Record Period, while recording losses of RMB695.5 million, RMB574.0 million and RMB916.9 million in 2023, 2024 and 2025, respectively.
Summary · p. 12
On an adjusted EBITDA basis (non-IFRS measure), our results improved from negative RMB2.1 million in 2023 to positive RMB38.0 million in 2024 and remained positive at RMB9.2 million in 2025.
Summary · p. 12
Based on the foregoing, our Directors believe that our business is sustainable and that we have a credible path to sustained profitability.
We incurred net loss of RMB195.5 million in 2023, respectively, and achieved net profits of RMB27.0 million and RMB152.7 million in 2024 and 2025, respectively. Our net loss in 2023 were primarily attributable to the substantial R&D expenses of RMB344.8 million during the year.
Our net loss was RMB581.9 million, RMB499.2 million and RMB391.8 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · p. 13
As a result of our continued investment in research and development and organizational build-out, we recorded adjusted net losses (non-IFRS measure) of RMB347.0 million, RMB239.6 million, and RMB180.2 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · p. 16
We expect that we will continue to be loss-making in 2026 primarily due to the anticipated costs and expenses associated with (i) further advancement of our nanomaterials developed from METiS platforms, (ii) increased share-based payment expenses and (iii) increased marketing expenses to commercialize our METiS solutions and our Specialist Technology Products.