We define adjusted net loss (non-IFRS measure) as loss for the year/period adjusted by adding back listing expenses and share-based payment expenses.
Summary · p. 8
Share-based payment expenses are non-cash in nature and represent the arrangement under which we receive services from employees as consideration for our equity instruments.
Summary · p. 8
The use of this non-IFRS measure should not be considered as substitute for analysis of, our results of operations or financial condition as reported under IFRSs.
We define adjusted net loss for the year/period (non-HKFRS measure) as loss for the periods adjusted by adding back equity-settled share award expenses and listing expenses.
Summary · p. 15
The use of this non-HKFRS measure should not be considered as a substitute for analysis of our results of operations or financial condition as reported under HKFRS.
We define adjusted profit/(loss) for the period (non-IFRS measure) as the profit/(loss) for the period excluding share-based payment expenses and listing expenses.
Summary · p. 7
We therefore believe that adjusting these items provides potential investors and management with greater visibility to our operating results and financial performance, so that they can assess our underlying core performance undistorted.
Summary · p. 7
our net losses in 2023 and 2024 were significantly affected by non-cash items, amounting to RMB179.9 million and RMB176.1 million in 2023 and 2024, respectively, primarily including the amortization of intangible assets, depreciation of property, plant and equipment and right-of-use assets, and equity-settled share-based payments, which did not involve cash outflows and therefore did not adversely affect our liquidity position.
We define adjusted net profit/(loss) (non-IFRS measure) as profit/(loss) for the year/period adjusted for [REDACTED] related to the [REDACTED] and share-based payment expenses.
Summary · p. 8
We recorded adjusted net profit (non-IFRS measure) of RMB10.2 million in 2025, mainly due to an increase of RMB46.0 million in gross profit for the year, as adjusted by share-based payment expenses of RMB4.4 million.
Below we set out our adjusted net profit/(loss) (a non-IFRS measure) for the years ended 31 December 2023, 2024 and 2025, derived from our net profit/(loss) under IFRSs by adding back (i) share-based payment expenses and (ii) listing expenses.
Summary · p. 6
These measures are not recognised under IFRSs, may differ from similar measures used by other companies, and should not be considered in isolation from the IFRS financial information.
We define ‘‘adjusted net profit (a non-IFRS measure)’’ as profit for the year adjusted for listing expenses.
Summary · p. 8
The non-IFRS measure should not be considered in isolation or construed as alternatives to their most directly comparable financial measures prepared in accordance with the IFRS.
We define adjusted net profit (non-IFRS measure) as profit and total comprehensive income for the year adjusted by equity-settled share-based payment expenses and Listing expenses together with related income tax.
Summary · p. 7
The use of such non-IFRS measure has limitations as an analytical tool, and you should not consider them in isolation from, as a substitute for, analysis of, or superior to, our results of operations or financial condition as reported under IFRSs.
Financial Information · p. 224
Equity-settled share-based payment expenses represent the non-cash employee benefit expenses incurred in connection with our share incentive schemes.
We define adjusted net (loss)/profit (non-IFRS measure) as net (loss)/profit for the years adjusted by adding back share-based payment expenses, which is a non-cash item, and listing expenses.
Summary · p. 6
Listing expenses | — | — | 17,426
Summary · p. 7
However, our presentation of adjusted net (loss)/profit (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
We define adjusted net loss (non-HKFRS measure) as loss for the year/period adjusted by adding back (i) equity-settled share-based payments, (ii) changes in fair value of financial instruments issued to investors, and (iii) [REDACTED].
Financial Information · p. 230
In particular, the non-HKFRS measure eliminates the impact of certain expenses, including equity-settled share-based payments, changes in fair value of financial instruments issued to investors and [REDACTED].
We recorded an adjusted net profit (non-HKFRS measure) of RMB[REDACTED] in 2023 (after adjusting for [REDACTED] expenses and share-based payment expenses), and an adjusted net loss (non-HKFRS measure) of RMB[REDACTED] in 2024.
Summary · p. 7
We believe that such non-HKFRS measure facilitates comparisons of operating performance from period to period by eliminating potential impacts of certain items and provides useful information to [REDACTED] and others in understanding and evaluating our consolidated results of operations in the same manner as they help our management.
We define adjusted net loss (non-IFRS measures) as loss for the year, adjusted for changes in fair value of preferred shares and [REDACTED] expense.
Summary · p. 9
While we recorded a significant increase in net loss in 2025, our adjusted net loss (non-IFRS measures), which excluded the impact of the change in fair value of preferred shares and [REDACTED] expenses, narrowed in 2025 as compared to 2024 and 2023 on an year-over-year basis.
We define adjusted net profit (non-IFRS measure) as profit for the year adjusted by adding back listing expenses in relation to our prior PRC listing plan and the Global Offering.
Summary · p. 12
Our net profit further decreased from RMB21.5 million in 2024 to RMB9.2 million in 2025, primarily due to the recognition of one-off listing expenses of RMB15.7 million incurred in connection with the Global Offering in 2025.
We define adjusted net profit (non-HKFRS measure), as profit for the year adding listing expenses.
Summary · p. 10
To supplement our consolidated statements of profit or loss and other comprehensive income presented in accordance with HKFRS Accounting Standards, we also use adjusted net profit (non-HKFRS measure), as an additional financial measure, which is not required by, or presented in accordance with HKFRS Accounting Standards.
Financial Information · p. 237
However, the use of non-HKFRS measure 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 conditions as reported under HKFRS Accounting Standards.
We define adjusted net (loss)/profit (non-IFRS measure) as (loss)/profit for the year adjusted for share-based payments expenses and listing expenses.
Summary · p. 6
To supplement our consolidated financial statements which are presented in accordance with the IFRS Accounting Standards, we also use adjusted net (loss)/profit (non-IFRS measure) as additional financial measure, which is not required by, or presented in accordance with, the IFRS Accounting Standards.
To supplement our consolidated financial statements which are presented in accordance with IFRS Accounting Standards, we also use adjusted net profit (non-IFRS measure) as additional financial measure, which is not required by, or presented in accordance with IFRS Accounting Standards.
Summary · p. 9
We define adjusted net profit (non-IFRS measure) as profit for the period adjusted for equity-settled share-based payment expenses and [REDACTED].
We define adjusted profit for the year (non-IFRS measure) as profit for the year adjusted by adding back [REDACTED], which represents the professional service fees, [REDACTED] and other fees incurred in connection with the [REDACTED].
Summary · p. 5
Adjusted profit for the year (non-IFRS measure) | 36,799 | 66,111 | 75,962
Summary · p. 5
We believe that such non-IFRS measure, when presented in conjunction with the corresponding IFRS measures, provides useful information to [REDACTED] and our management in facilitating a comparison of our operating performance from year to year by eliminating the impacts of certain items.
We define adjusted net profit (Non-HKFRS measure) as profit for the year adjusted for (i) share-based payment expenses and (ii) [REDACTED].
Summary · p. 4
The use of such Non-HKFRS measures has limitations as analytical tools and you should not consider them in isolation from, or as a substitute for the analysis of, our results of operations or financial condition as reported under HKFRS.
We define adjusted loss (non-IFRS measure) as loss, excluding share-based payments and listing expenses.
Summary · p. 11
The use of adjusted loss (non-IFRS measure) has limitations as an analytical tool, and you should not consider them in isolation from, or as a substitute for an analysis of, our results of operations or financial condition as reported under IFRS Accounting Standards.
We define adjusted net profit (non-IFRS measure) as profit and total comprehensive income for the year/period, comprising listing expenses, as they are expenses relating to the Global Offering.
Summary · p. 7
Listing expenses | – | – | – | – | 12,821
Summary · p. 7
The use of these non-IFRS measures has limitations as an analytical tool, and you should not consider them in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under IFRS.