Hong Kong IPO disclosure precedents · 37 companies, 37 items
Presentation of EBITDA and adjusted EBITDA (including pre-IFRS 16 lease adjustments) with adjustments such as share-based payments, disposals or lease expenses.
We adjust EBITDA to eliminate the effect of certain non-cash and non-recurring items, including share-based payments, gain on disposal of property, plant and equipment and a subsidiary and [REDACTED] expenses.
Financial Information · p. 149
The use of adjusted EBITDA and adjusted EBITDA (pre-IFRS 16) has material limitations as an analytical tool, as these adjusted non-IFRS measures do not account for all items that impact our profit or loss for the relevant periods.
We use adjusted net loss for the year/period (non-IFRS measure), EBITDA (non-IFRS measure) and adjusted EBITDA (non-IFRS measure), adjusted by [REDACTED] expense and share-based payments, as additional financial measures, which are not required by, or presented in accordance with IFRS Accounting Standards to evaluate our operating performance.
Financial Information · p. 205
However, adjusted net loss for the year/period (non-IFRS measure), EBITDA (non-IFRS measure) and adjusted EBITDA (non-IFRS measure) have material limitations as analytical tools.
To supplement our consolidated financial statements presented in accordance with IFRSs, we use adjusted profit/(loss) (non-IFRS measures) for the period and adjusted EBITDA (non-IFRS measures) as additional financial measures, which are not required by, or presented in accordance with IFRSs.
Summary · p. 11
(1) Share-based payment expenses are non-cash expenses.
The use of these non-IFRS measures has limitations as an analytical tool, and [REDACTED] should not consider them in isolation from, or as substitute for analysis of, the Group’s results of operations or financial condition as reported under IFRS Accounting Standards.
We define adjusted net loss (a non-IFRS measure) as loss for the year adjusted by certain items including: (i) [REDACTED] expense related to the [REDACTED], and (ii) equity-settled share-based payment expenses related to our share-based arrangement, which are non-cash in nature.
Summary · p. 8
Our adjusted net loss (a non-IFRS measure) decreased from RMB274.1 million in 2023 to RMB119.7 million in 2024, and further to RMB74.7 million in 2025.
Summary · p. 8
The use of this non-IFRS measure has limitations as an analytical tool, and you should not consider it in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under IFRS.
We define adjusted net profit (non-IFRS measure) as profit/(loss) for the period, adjusted by adding back recognition of equity-settled share-based payment expenses, which are non-cash in nature, acquisition related expense, net of tax impact, which is non-operation and one-off in nature.
Summary · p. 8
Acquisition related expense, net of tax impact | — | — | — | — | — | — | 50,516 | 415.9 | — | —
Summary · p. 8
We believe that these measures facilitate comparisons of operating performance from period to period and company to company by eliminating the potential impact of items, such as certain non-cash or non-recurring items.
We use adjusted EBITDA (non-IFRS measure) and adjusted net profit (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with IFRS, to supplement our consolidated financial statements which are presented under IFRS.
Summary · p. 4
We define adjusted EBITDA (non-IFRS measure) as EBITDA (non-IFRS measure), being profit/loss for the year adjusted by income tax credit, finance costs, net, changes in the carrying amount of redemption liabilities, depreciation of property and equipment, depreciation of right-of-use assets and amortization of intangible assets, adjusted for (i) share-based compensation, which are non-cash in nature, (ii) [REDACTED] expenses in relation to the [REDACTED], and (iii) fair value losses on financial liabilities, which represent the difference between the subscription price and the fair value of the shares subscribed by specific Shareholders at the settlement date under fixed-price share subscriptions, which is non-cash in nature.
We define adjusted loss (non-IFRS measure) as loss for the year adjusted by finance costs associated with shares with preferential rights, [REDACTED] expenses, and equity-settled share award schemes expenses.
Financial Information · p. 194
However, such non-IFRS financial measures as we presented may not be directly comparable to similar measures presented by other companies.
We define adjusted net loss (non-IFRS measure) as loss for the year adjusted by adding back share-based payment expenses and [REDACTED] expenses.
Summary · p. 10
We believe that the non-IFRS measures facilitate comparisons of operating performance from period to period and company to company.
Summary · p. 10
The uses of the non-IFRS measures have limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for an analysis of, our results of operations or financial condition as reported under IFRS.
To supplement our consolidated financial statements prepared in accordance with IFRS, we also use adjusted net (loss)/profit (non-IFRS measure) and adjusted EBITDA (non-IFRS measure).
Summary · p. 9
[REDACTED] expenses are added back because they are directly attributable to the [REDACTED], non-recurring and not reflective of our underlying operating performance.
Summary · p. 9
However, these non-IFRS measures may not be directly comparable to similarly titled measures used by other companies and should not be considered in isolation from, or as a substitute for, an analysis of our results of operations or financial condition as reported under IFRS.
Adjusted net loss (non-IFRS measure) | (266,313) | (237,868) | (273,907)
Summary · p. 4
We adjust interest on redemption liabilities because it is a non-cash and non-operating item.
Summary · p. 5
We adjust [REDACTED] expenses because it is considered non-recurring, one-off [REDACTED] expenses rather than part of the our ordinary operating performance.
We define adjusted net profit (non-IFRS measure) as profit for the year excluding share-based payment expenses, [REDACTED] expenses and fair value change on other financial instruments.
Financial Information · p. 177
We recorded fair value change on other financial instruments of RMB28.4 million, RMB1.8 million and RMB37.0 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 183
We recorded fair value change on other financial instruments of RMB1.8 million in 2024 and RMB37.0 million in 2025, primarily due to the mandatory distribution rights attached to our ordinary shares.
We define our adjusted net profit (non-IFRS measure) by adding back (i) fair value changes of convertible and redeemable preferred shares, which were non-cash in nature and the convertible and redeemable preferred shares will be reclassified into equity following the [REDACTED], and (ii) share-based payment expenses, which were non-cash in nature.
Financial Information · p. 188
However, presentation of adjusted EBITDA (non-IFRS measure) and adjusted net profit (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
Adjusted EBITDA (non-IFRS) is calculated as EBITDA (non-IFRS) further adjusted by adding back [REDACTED] related to the [REDACTED].
Summary · p. 4
The use of the non-IFRS measure has limitations as an analytical tool, and [REDACTED] should not consider it in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under IFRS.
To supplement our consolidated financial information that is presented in accordance with IFRS Accounting Standards, we also use adjusted net (loss)/profit, EBITDA and adjusted EBITDA as additional financial measures, which are not required by, or presented in accordance with IFRS Accounting Standards.
Financial Information · p. 203
Non-IFRS adjusted net (loss)/profit for the year/period was calculated by taking (loss)/profit for the year and adding back (i) share-based payment compensation and (ii) [REDACTED] expenses.
Financial Information · p. 203
The use of such non-IFRS measures has limitations as an analytical tool and you should not consider them in isolation from, or as a substitute for analysis of, our results of operations or financial condition as reported under IFRS Accounting Standards.
In light of the foregoing factors and adjustments, our Directors are of the view that the loss for the year does not accurately represent our underlying financial performance.
Financial Information · p. 231
Our adjusted net loss (non-IFRS measure) amounted to RMB99.1 million, RMB30.2 million and RMB23.8 million in 2023, 2024 and 2025, respectively.
Summary · p. 8
However, our presentation of adjusted net loss (non-IFRS measure), EBITDA (non-IFRS measure) and adjusted EBITDA (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
To supplement our consolidated financial statements, which are presented in accordance with IFRSs, we also use certain non-IFRS measures, including adjusted loss (a non-IFRS measure) and adjusted EBITDA (a non-IFRS measure), as additional financial measures, which are not required by, or presented in accordance with, the IFRS.
Summary · p. 8
Adjusted loss for the year (a non-IFRS measure) is defined as loss for the year, as adjusted to add back the effect of share-based compensation.
To supplement our consolidated financial statements which are presented in accordance with IFRS, we also use EBITDA (non-IFRS measure)/adjusted EBITDA (non-IFRS measure) and adjusted net profit (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with, IFRS.
Summary · p. 12
We define adjusted EBITDA (non-IFRS measure) as EBITDA (non-IFRS measure) adjusted by adding back equity-settled share option expense and listing expenses.
To supplement our consolidated financial statements of profit or loss that are presented in accordance with IFRS, we also use EBITDA (non-IFRS measure) and adjusted EBITDA (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with IFRS.
Financial Information · p. 318
The use of such non-IFRS measures have limitations as an analytical tool, and you should not consider it in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under IFRS.
We present these financial measures because they are used by our management to evaluate our financial performance by eliminating the impact of certain items.
Summary · p. 12
We define adjusted net (loss)/profit (a non-IFRS measure) as (loss)/profit for the year adjusted for equity-settled share-based payment expenses.
Summary · p. 13
Our adjusted-EBITDA (non-IFRS measure) has also shown significant improvement, turning from negative RMB69.1 million for the year ended December 31, 2022 to RMB5.8 million and RMB26.1 million for the years ended December 31, 2023 and 2024, respectively, and increasing from RMB0.2 million for the six months ended June 30, 2024 to RMB54.1 million for the six months ended June 30, 2025, demonstrating our enhanced operational efficiency and progress toward sustainable profitability.