We decide to exclude [REDACTED] because these expenses relate to [REDACTED] and are not expected to recur in future or result in future cash payments.
Summary · p. 6
We define our adjusted profit and total comprehensive income (our non-IFRS financial measure) for the year as profit and total comprehensive income for the year adjusted by adding back the [REDACTED] expenses recorded in our consolidated financial statements.
We define adjusted net loss (non- HKFRS measure) as loss for the year, adjusted for share-based payment, listing expenses and fair value changes on financial liabilities at FVTPL.
Summary · p. 5
The use of these non-HKFRS measures has limitations as an analytical tool, and investors should not consider them in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under HKFRS Accounting Standards.
We use adjusted net profit (Non-HKFRS measure), which is a non-HKFRS financial measure, to evaluate our operating results and for financial and operational decision-making purposes.
Summary · p. 9
Add: [REDACTED] | — | — | 19,765
Summary · p. 9
Our adjusted net profit subsequently decreased to HK$101.6 million in 2025
We define adjusted net profit/(loss) as loss for the year/period adjusted by adding back (i) [REDACTED], which are expenses incurred in relation to this [REDACTED], (ii) share-based payment expenses, which are primarily non-cash in nature, and (iii) interest on redemption right liabilities, which is related to the preferential rights granted to certain Pre-[REDACTED] Investors and is non-cash in nature, and the redemption right liabilities will be reclassified to equity of our Company upon the completion of the [REDACTED].
Summary · p. 8
Adjusted net profit/(loss) for the year (non-HKFRS measure) | (57,362) | (27,680) | 7,283 | (14,159) | (17,453)
Summary · p. 9
Although we recorded adjusted net profit (non-HKFRS measure) of RMB7.3 million in 2025 and adjusted net loss (non-HKFRS measure) of RMB17.5 million for the three months ended March 31, 2026, our results for the first quarter were affected by our customers’ business cycles.
We define adjusted loss for the year (non-HKFRS measure) as loss for the year adjusted for listing expenses, changes in the carrying amount of liabilities recognized for financial instruments issued to investors and equity-settled share-based payment expenses.
Summary · p. 6
The use of such non-HKFRS measure 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 HKFRS Accounting Standards.
To supplement our consolidated financial statements, which are presented in accordance with IFRS Accounting Standards, we also use adjusted profit/(loss) for the year (non-IFRS measure) as an additional financial measure, which is not required by, or presented in accordance with, IFRS Accounting Standards.
Financial Information · p. 204
We believe that adjusted profit/(loss) for the year (non-IFRS measure) provides useful information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as they help our management.
We define adjusted profit for the year (a non-IFRS measure) as profit for the year adjusted for [REDACTED].
Financial Information · p. 200
Our adjusted profit for the period (a non-IFRS measure) increased from RMB60.4 million in the year ended 31 December 2024 to RMB74.3 million in the year ended 31 December 2025, primarily due to improved profitability.
To supplement our financial information, which is presented in accordance with IFRS Accounting Standards, we also provide adjusted net profit (non-IFRS measure) as an additional financial measure, which is not presented in accordance with IFRS Accounting Standards ("non-IFRS measure").
Financial Information · p. 185
We define adjusted net profit (non-IFRS measure) as profit for the year adjusted by adding back [REDACTED] expenses.
Financial Information · p. 185
However, this non-IFRS measure has inherent limitations as an analytical tool and should not be considered in isolation or as a substitute for our results of operations or financial condition presented in accordance with IFRS Accounting Standards.
To supplement our consolidated financial statements which are presented in accordance with the IFRS, we also use certain non-IFRS measure, namely, adjusted net profit (non-IFRS measure), as an additional financial metric.
Summary · p. 5
We believe that it facilitates comparison of our operating performance by eliminating potential impacts of [REDACTED], which are non-recurring and non-operating in nature, and presents our management and our Shareholders and potential [REDACTED] alike with useful information for understanding and evaluating our consolidated results of operations.
We define adjusted loss (non-HKFRS measure) as loss for the year adjusted by adding back (i) loss from changes in fair value of financial liabilities at FVTPL, (ii) [REDACTED], and (iii) share-based payments.
Financial Information · p. 226
Adjusted loss (non-HKFRS measure) for the year | (14,658) | (12,663)
Financial Information · p. 227
The use of the non-HKFRS measure has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for, or superior to, analysis of our results of operations or financial condition as reported under HKFRS Accounting Standards.
We define adjusted net profit (non-IFRS measure) as profit excluding the effects of [REDACTED] with respect to the [REDACTED].
Summary · p. 9
The use of the non-IFRS measure has material limitations as an analytical tool, and you should not view it in isolation or as a substitute for our profit for the year or any other operating performance measure that is calculated in accordance with IFRS.
Financial Information · p. 199
Our adjusted net profit (non-IFRS measure) increased from RMB112.7 million in 2023 to RMB141.7 million in 2024, primarily due to an increase in our overall gross profit.
Our adjusted net loss was RMB433.8 million, RMB609.1 million and RMB564.9 million in 2023, 2024 and 2025, respectively, and our adjusted net loss margin was 101.9%, 30.9% and 14.3%, respectively.
Summary · p. 7
We believe these measures help [REDACTED] better understand the underlying trend of our operating performance by excluding certain items that are not considered indicative of our core operations, and facilitate period-to-period comparison.
We define adjusted net profit (non-IFRS measure) for the period as net profit for the period adjusted by adding back share-based payment, financial cost on financial instruments with preferred rights at amortised cost and [REDACTED] expenses.
Summary · p. 9
However, such non-IFRS measures that we presented may not be directly comparable to similar measures presented by other companies.
We define adjusted net loss for the year from continuing operations (non-HKFRS measure) as net loss for the year from continuing operations adjusted by adding back (i) professional fees in relation to previous listing attempt, (ii) [REDACTED], (iii) share-based payment expenses, and (iv) interest accrued on liabilities from special shareholder rights.
Financial Information · p. 219
However, such non-HKFRS financial measure may not be directly comparable to similar measures presented by other companies, and you should not consider it in isolation form or as a substitute for our results of operations or financial condition as reported under HKFRS.
We define our adjusted net (loss)/profit (non-IFRS measure) as loss for the year adjusted by adding back (i) share-based compensation expenses, (ii) changes in the carrying amount of redemption liabilities, and (iii) listing expenses.
Summary · p. 7
This item is non-cash in nature, as all the preferred shares of the Company will be automatically converted into ordinary shares upon the completion of the Listing.
Summary · p. 7
On a non-IFRS basis we achieved adjusted net profit (non-IFRS measure) of RMB57.1 million in 2025, reflecting improving scale benefits.
We define adjusted net (loss)/profit (non-IFRS measure) as profit for the period adjusted by adding back share-based payment, interest expenses on redemption liabilities and [REDACTED].
Summary · p. 10
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.
Adjusted net loss (non-IFRS measure) represents net loss excluding (i) fair value changes of preferred shares and other financial liabilities, which are non cash in nature and non-recurring after [REDACTED], (ii) share-based payment expenses, which is non cash in nature, and (iii) [REDACTED] expense, which is nonrecurring after [REDACTED].
Our adjusted net loss (non-IFRS measure) decreased during the Track Record Period, primarily attributable to our rapid revenue growth, continued improvement in cost efficiency, as well as operating leverage achieved through more disciplined control of operating expenses as a percentage of revenue, as our business scaled.
We define adjusted net profit (non-IFRS measure) as profit for the year/period adjusted by adding back (i) share-based payment expenses, (ii) professional fees, (iii) listing expenses; and (iv) finance cost of interest on redemption liabilities.
Summary · p. 7
We believe this non-IFRS measure facilitates comparisons of operating performance from year to year and company to company by eliminating potential impacts of certain items.
As we generate profit from basis trading primarily by capturing the basis between the spot market and the futures market, trading income alone does not reflect the underlying profitability of the business.
Business · p. 234
Trade income from basis trading | 374 | – | 1,873 | 330 | 61
Business · p. 234
Using comprehensive gains from basis trading business allows us to consider the combined impacts of basis trading, hedging transactions and commodity trading, providing a useful analysis of investment gains and effectiveness of our basis trading.
We define adjusted profit (non-IFRS measure) as (loss)/profit for the year/period, excluding share-based compensation, changes in the carrying amount of financial instruments with preferred rights and listing expenses.
Summary · p. 11
Our adjusted profit for the year (non-IFRS measure) increased from RMB126.3 million in 2022 to RMB147.6 million in 2023
Summary · p. 12
The use of these non-IFRS measures has limitations as an analytical tool, and you should not consider them in isolation from, or as substitutes for an analysis of, our consolidated statement of profit or loss or financial condition as reported under IFRS Accounting Standards.