We recorded loss for the year from continuing operations of RMB222.7 million, RMB136.2 million and RMB55.6 million in 2023, 2024 and 2025, respectively.
Summary · p. 6
In addition, during the Track Record Period, we recorded a significant amount of interest accrued on liabilities from special shareholder rights of RMB125.9 million, RMB99.1 million and negative RMB2.9 million in 2023, 2024 and 2025, respectively.
Business · p. 165
Based on the projected growth in our gross profit driven by the diversified product portfolio, as well as the decrease in operational expenses due to our continuous optimization of operational efficiency and non-recurrence of certain expenses, we are able to reach breakeven point where we record adjusted net profit (non-HKFRS measure).
We had net losses of RMB239.9 million, RMB155.2 million and RMB269.8 million in 2023, 2024 and 2025, respectively. Our net losses were primarily due to losses on changes in fair value of financial liabilities in relation to our convertible redeemable preferred shares and convertible instruments issued to investors.
Summary · p. 11
Losses on changes in fair value of financial liabilities are non-cash in nature arising from the convertible redeemable preferred shares and convertible instruments issued to investors including Pre-[REDACTED] Investments.
Our revenue grew from RMB663.5 million in 2023 to RMB820.0 million in 2025; gross margin expanded from 76.8% in 2023 to 82.2% in 2025; and net loss for the year narrowed from RMB646.1 million in 2023 to RMB427.9 million in 2025.
Summary · p. 11
While these investments typically would have in part contributed to our historical loss-making positions, we believe they are vital for achieving our market leadership today in a relatively concentrated competitive landscape — being ranked first among players in China's spatial design software industry in 2024 in terms of revenue, taking a market share of 23.2%.
Business · p. 162
Going forward, we plan to achieve long-term profitability primarily by further (i) expanding our customer base, (ii) driving customer lifetime value, and (iii) managing costs and improving operational efficiency.
We recorded net loss of RMB373.5 million in 2023, primarily as we incurred significant administrative and R&D expenses as we rapidly scaled our commercial production and sales.
Summary · p. 8
In 2023, we were loss-making mainly because we were at the nascent stage of development, having only commenced commercial production and sales.
Summary · p. 11
As our sales grew rapidly through our expanding global distribution network, we achieved net profit of RMB83.8 million in 2024.
We recorded gross loss of RMB59.0 million, RMB96.3 million and RMB250.3 million in 2023, 2024 and 2025, respectively, representing gross loss margins of 23.8%, 23.8% and 26.5% during the same period, respectively.
Summary · p. 4
During the Track Record Period, many of our production lines were in the pre-commercial and ramp-up phases, with limited-volume deliveries, and the foregoing fixed and semi-fixed costs was spread over a limited volume of commercial delivery, resulting in relatively high unit costs and negative gross margins.
Summary · p. 4
This pathway is intended to address the main factors that contributed to our historical losses during the Track Record Period, including early-stage commercialization, low effective utilization, high upfront research and development and manufacturing investment, and operating expenses incurred ahead of larger-scale revenue generation.
We currently have no products approved for commercial sale and were loss-making during the Track Record Period. In 2024 and 2025, we incurred net losses of RMB113.1 million and RMB120.9 million, respectively. Substantially all of our net losses resulted from research and development expenses and administrative expenses.
Summary · p. 12
We currently have no products approved for commercialization and have not generated any revenue from drug product sales.
Financial Information · p. 228
Our results of operations may be adversely affected if our research and development progress and clinical data fail to meet expectations.
Despite our rapid growth, we were loss-making during the Track Record Period.
Business · p. 175
In 2023, 2024 and 2025, we incurred selling and marketing expenses of RMB209.4 million, RMB213.8 million and RMB191.6 million, representing 30.6%, 28.8% and 20.6% of our revenue for the same periods, respectively.
Business · p. 175
Despite our net losses during the Track Record Period, we believe that we have established a clear path toward sustained profitability.
Given that we sustained losses for the years ended December 31, 2023 and 2024, primarily due to our strategic effort to enhance MEMS market share and capture market position through offering competitive pricing, and the continuous significant investment in MEMS and Semiconductor test probes research and development, indicating potential impairment of its non-financial assets, we diligently carried out impairment testing at the end of December 31, 2023 and 2024.
Our net loss narrowed from RMB881.8 million in 2023 to RMB708.6 million in 2024 and further to RMB456.4 million in 2025.
Summary · p. 8
Our net losses during the Track Record Period were primarily attributable to: (i) fair value changes of preferred shares, warrants and convertible notes, which amounted to RMB438.7 million, RMB328.0 million and RMB202.6 million in 2023, 2024 and 2025, respectively, are non-cash in nature and will cease to arise upon completion of the [REDACTED];
Summary · p. 8
After adjusting for the above fair value changes and share-based payment expenses, our adjusted net loss (non-IFRS measure) narrowed by 42.8% from RMB437.3 million in 2023 to RMB250.0 million in 2025
Loss for the year | (296,467) | (12.7) | (600,879) | (26.0) | (527,813) | (16.9)
Summary · p. 8
Our R&D expenses amounted to RMB947.2 million, RMB1,247.3 million and RMB1,312.7 million in 2023, 2024 and 2025, respectively, representing 40.7%, 53.8% and 41.7% of our total revenue in the respective years.
Financial Information · p. 157
In alignment with increasing market demand, we anticipate our high-margin IP licensing revenue will improve our financial performance
In 2023, 2024, and 2025, we recorded net losses of RMB151.4 million, RMB183.9 million and RMB206.9 million, respectively.
Summary · p. 9
Specifically, our historical net loss was primarily due to our strategic emphasis on long-term growth.
Summary · p. 13
To achieve breakeven and profitable growth in the long term, we aim to continuously (i) expand our revenue scale by delivering orders on hand, commercialize new product development projects, rampup SiC power device product sales and enhance pricing with favorable market conditions, (ii) improve our product margin by enhancing pricing, shift product mix towards higher-margin offerings, collaborate with foundry partners to drive cost reduction, and strengthening inventory management, and (iii) enhance operating efficiency by effective expense management.
In 2023, 2024 and 2025, we had net losses of RMB260.0 million, RMB200.2 million and RMB384.3 million, respectively, representing 241.5%, 78.5% and 113.1% of our total revenue, respectively.
Business · p. 168
Our net losses were primarily due to being in the ramp-up phase, where our efforts were concentrated on product innovation, technological advancement and scaling up mass production, and continuous expansion of customer base.
Business · p. 168
We plan to achieve profitability primarily by (i) expanding our revenue sources, including through penetration into different sectors, technological upgrade and product iteration, expansion of sales network, overseas market expansion and talent acquisition; (ii) improving operating efficiency through continuous technology advancement, economies of scale and manufacturing efficiency; and (iii) enhancing operating leverage across research and development, general and administrative, and selling and marketing expenses.
We recorded net losses during the Track Record Period. For 2023, 2024 and 2025, our net losses were RMB37.8 million, RMB22.3 million and RMB17.9 million, respectively, with a narrowing loss margin year by year.
Summary · p. 7
We have a clear and achievable path to profitability and expect to achieve breakeven within the two financial years after the [REDACTED].
Summary · p. 8
Based on the foregoing and considering that our increased contribution from high-margin products, gradual realization of economies of scale, improvement in production capacity and optimization of finance costs, our Directors are of the view that our Group has a sustainable business and are on track to achieve positive adjusted net profit within two years.
After recording a net loss of RMB113.8 million in 2023 due to strategic front-loaded investments, we achieved a financial turnaround with net profits of RMB15.7 million and RMB5.1 million in 2024 and 2025, respectively.
Summary · p. 1
Our financial results improved from a net loss of RMB113.8 million in 2023 to a net profit of RMB15.7 million in 2024, and an adjusted net loss (non-IFRS measure) of RMB28.1 million in 2023 to an adjusted net profit (non-IFRS measure) of RMB44.1 million in 2024, primarily due to the increase in our gross profit from RMB183.8 million in 2023 to RMB287.3 million in 2024, resulting from significant gross profit growth in our EIIR and AI-enabled intelligent products, supported by product mix optimization and operational efficiency gains from our proprietary technology upgrades.
Profit/(Loss) for the year | (176,206) | 610,912 | 2,426,575
Summary · p. 11
During the Track Record Period, our revenue, gross profit margin and net profit/(loss) experienced fluctuations primarily in line with the rapid expansion of our snack and beverage retail business.
Summary · p. 11
As our business matured, operational efficiency improved and margins were released, supported by optimized cost structure, centralized procurement and better expense control.
We had net loss of RMB98.4 million, RMB48.5 million, and RMB163.5 million in 2023, 2024, and 2025, respectively, because we had been making significant investments to establish and maintain our market position in AI ASICs.
Summary · p. 3
The historical net losses during the Track Record Period reflect the deliberate strategies that we adopted to gain share in a rapidly expanding market rather than inefficiency in operations.
Summary · p. 3
We intend to establish a clear, sustainable path to profitability primarily through the following measures.
Our loss for the period was RMB159.5 million, RMB230.8 million and RMB322.4 million in 2023, 2024 and 2025, respectively.
Summary · p. 3
RMB56.9 million in 2025 mainly due to the increase in our loss for the year from RMB230.8 million in 2024 to RMB322.4 million in 2025, which was mainly attributable to the increases in our research and development expenses and selling and distribution expenses, partially offset by the increase in our gross profit.
Financial Information · p. 219
Our adjusted profit (non-IFRS measure) was RMB45.3 million in 2023, RMB113.1 million in 2024 and RMB56.9 million in 2025.
During the Track Record Period, our Company had O&L hotels which incurred gross operating losses (calculated as the revenue deducting the operating cost and fees), where were primarily due to (i) renovation and upgrading of hotel rooms; (ii) cost for marketing and promotional activities for hotel branding; (iii) relatively low RevPAR for some newly opened hotels; and (iv) the challenging market environment in which our O&L hotels operated.
Business · p. 121
During the Track Record Period, our Company had 41, 55 and 43 loss-making O&L hotels in the PRC with aggregated gross operating losses of RMB13.7 million, RMB24.8 million, and RMB20.7 million, respectively.
Business · p. 121
For the same periods, our Company had 41, 41, and 92 O&L overseas hotels with aggregated gross operating losses of EURO3.6 million, EURO4.8 million and EURO8.6 million, respectively.
We define adjusted net profit (non-IFRS measure) as profit for the year adjusted for equity settled share-based payment expenses, changes in the amount of redemption liabilities and [REDACTED] expenses.
Summary · p. 7
Equity-settled share-based payment expenses are non-cash in nature.
Financial Information · p. 157
Changes in the carrying amount of the redemption liabilities are neither related to the ordinary course of our business nor indicative of our ongoing core operating performance.