Hong Kong IPO disclosure precedents · 110 companies, 110 items
Adjusted measures adding back changes in carrying amount, interest or fair value of redeemable/preferred share liabilities or share buyback obligations.
We define adjusted net loss (non-IFRS measure) as loss for the year/period adjusted for changes in fair value of financial liabilities at FVTPL, [REDACTED] and share-based payments.
Summary · p. 8
We believe that such non-IFRS measures facilitate comparisons of operating performance from period to period and company to company by eliminating potential impact 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 profit for the year/period (non-HKFRS measure) as profit/(loss) for the year/period adjusted for the fair value change of convertible preference shares, convertible preference share dividends and unwinding interest on redemption liabilities, which were non-recurring and non-operating in nature.
Summary · p. 8
After adjusting for the fair value change of convertible preference shares, convertible preference share dividends and unwinding interest on redemption liabilities arising from the Buy-back Arrangement, our adjusted net profit in 2023, 2024, 2025 and the six months ended June 30, 2025 and 2026 was US$74.2 million, US$78.3 million, US$87.9 million, US$45.6 million and US$39.6 million, respectively.
We define the adjusted net (loss)/profit (a non-IFRS measure) as (loss)/profit for the year by eliminating (i) change in fair value of redemption liabilities, (ii) equity-settled share-based payment expenses and (iii) [REDACTED] expenses.
Financial Information · p. 227
Our management considers that both change in fair value of redemption liabilities and equity-settled share-based payment expenses are non-cash in nature.
Financial Information · p. 227
(Loss)/profit for the year | (66,562) | 9,852 | 52,584 | 17,814 | 47,932
We define adjusted net loss (non-IFRS measure) as net loss for the year/period adjusted by adding back finance costs on redemption financial liabilities, [REDACTED] expenses and amortization of customer relationship and adjusted net loss margin (non-IFRS measure) as adjusted net loss (non-IFRS measure) divided by revenue.
Financial Information · p. 213
The use of these non-IFRS measures 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.
To supplement our consolidated financial statements prepared under IFRS, we use adjusted net loss (non-IFRS measure) as an additional financial measure, which is not required by, or presented in accordance with, IFRS.
Summary · p. 11
This measure has analytical limitations, and you should not consider it in isolation, or as a substitute for analyzing, our results of operations or financial condition as reported under IFRS.
We define adjusted net loss (non-IFRS measure) as loss for the year/period adjusted for share-based payment, interest on redemption liabilities, exchange realignment on redemption liabilities, foreign exchange differences on intercompany balances, losses on fair value changes of derivative liabilities and [REDACTED].
Summary · p. 6
Our adjusted net loss (non-IFRS measure) and the absolute amount of adjusted EBITDA (non-IFRS measure) decreased during the Track Record Period, primarily due to the decrease in our loss for the year/period, which was mainly 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-HKFRS measure) as profit for the year/period adjusted by adding back (i) equity-settled share-based payment expenses, (ii) changes in the carrying amount of redemption liabilities and (iii) [REDACTED], net of income tax.
Summary · p. 9
The use of this non-HKFRS measure should not be considered as a substitute for an analysis of our results of operations or financial condition as reported under HKFRS.
The presentation of such non-HKFRS measure when shown in conjunction with the corresponding HKFRS measures facilitates a comparison of our operating performance by eliminating the impact of (i) interest on redemption liabilities, (ii) [REDACTED], (iii) share-based payment expenses and (iv) restructuring expenses, representing one-off tax expenses incurred in connection with the restructuring arrangement.
Summary · p. 8
The use of the non-HKFRS measures has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for or superior to, an analysis of our results of operations or financial condition as reported under HKFRS.
We define adjusted net loss (non-IFRS measure) as loss for the year/period adjusted for share-based payments, [REDACTED] expenses and finance costs on redemption financial liabilities.
Financial Information · p. 229
The use of such non-IFRS measures has limitations as analytical tools, 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.
We define adjusted net loss (Non-IFRS measure) as loss for the years/periods adjusted by adding back share-based payment expenses, interest expense on redemption liabilities and [REDACTED] expenses.
Summary · p. 7
The use of Non-IFRS measures has limitations as an analytical tool, and [REDACTED] should not consider it in isolation from, or as a substitute for analysis of, our results of operations or financial condition as reported under IFRS Accounting Standards.
Adjusted net profit for the year/period (non-IFRS measure) was calculated by taking profit for the year/period and adding back (i) equity-settled share-based payment expenses, which were non-cash in nature, (ii) fair value change on financial liabilities at FVPL, which was non-cash in nature, and (iii) [REDACTED] in relation to the proposed [REDACTED] and [REDACTED].
Summary · p. 11
Our adjusted net profit (non-IFRS measure) remained relatively stable at RMB328.0 million, RMB329.8 million and RMB329.7 million in 2023, 2024 and 2025, respectively.
Summary · p. 12
The use of these non-IFRS measures has limitations as analytical tools, 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.
We define our adjusted loss for the year/period (non-IFRS measure) by adding back (i) changes in the carrying amount of redemption liabilities; (ii) equity-settled share-based payment expenses; and (iii) listing expenses, to loss for the year/period.
Financial Information · p. 252
We use adjusted loss for the year/period (non-IFRS measure), which is a non-IFRS measure, in evaluating our operating results and for financial and operational decision-making purposes.
We define adjusted net loss (non-IFRS measure) as loss for the year/period adjusted for adding back [REDACTED], share-based payment expenses, and changes in the carrying amount of redemption liabilities.
Financial Information · p. 222
Our adjusted net loss (non-IFRS measures) narrowed from 2023 to 2024, primarily reflecting revenue growth and a decrease in cost of revenue, which was mainly attributable to our enhanced cost-control initiatives.
Financial Information · p. 222
approximately RMB16.6 million (HK$19.2 million) of the listing expenses have been charged to profit or loss during the Track Record Period
We define adjusted net profit (non-IFRS measure) as profit for the year/period adding back equity-settled share-based payment expenses, changes in the carrying amount of redemption liabilities and [REDACTED].
Summary · p. 10
Our adjusted net profit (non-IFRS measure) increased from RMB49.9 million in 2023 to RMB67.3 million in 2024, and remained stable at RMB67.9 million in 2025.
Financial Information · p. 201
The use of these non-IFRS measures have 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 Accounting Standards.
We define adjusted net profit (non-CASBE measure) as net profit adding back (i) interest expenses on financial liabilities related to shareholders' special rights, arising from certain special rights granted to certain Pre-[REDACTED] investors which were terminated in 2023, resulting in the reclassification of the relevant liabilities into equity; (ii) share-based payment expenses, which are non-cash in nature; and (iii) [REDACTED] incurred in connection with the [REDACTED].
Financial Information · p. 214
In addition to the factors described above, our net profit in 2023 was further affected by interest expenses on financial liabilities related to shareholders' special rights of RMB554.4 million, arising from certain special rights granted to certain Pre-[REDACTED] investors which were terminated in 2023, resulting in the derecognition of the relevant liabilities and no such interest expenses were subsequently incurred.
Financial Information · p. 215
Our effective tax rate in 2023 was significantly higher than the statutory rate of 25%, primarily due to the recognition of non-deductible financial expenses of RMB554.4 million on financial liabilities related to shareholders' special rights, which had a disproportionately significant impact on the effective tax rate given our profit before income tax of RMB146.0 million in 2023.
After excluding the impact of share-based payment expenses, changes in the carrying amount of redemption liabilities and [REDACTED], we had adjusted net profits (Non-IFRS Measure) of RMB46.8 million, RMB79.0 million, RMB80.8 million, RMB33.8 million and RMB49.1 million in 2023, 2024 and 2025 and the six months ended June 30, 2025 and 2026, respectively.
The use of this has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute 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 adjusted by adding back: (i) changes in the carrying amount of redemption liabilities, representing the carrying amounts changes of the redemption rights granted by us, which is non-cash in nature and was reclassified to equity after the termination of the investors' redemption rights, (ii) equity-settled share-based payment expenses, which was non-cash in nature and represented the employee benefit expenses incurred in connection with our award to management and key employees, and (iii) [REDACTED] expenses, which represented expenses in relation to the [REDACTED].
Summary · p. 10
However, our presentation of adjusted net profit (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
We define adjusted net loss (non-IFRS measure) as loss for the year adjusted by adding back (i) share-based payment expenses, (ii) financial costs associated with redemption liabilities and (iii) listing expenses, which relate to the Global Offering.
Summary · p. 11
Our adjusted net loss narrowed significantly from RMB105.4 million in 2023 to RMB29.3 million in 2025, reflecting improving operating leverage as our revenue scales.
Financial Information · p. 254
However, our presentation of adjusted net loss (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies. The use of this non-IFRS measure has 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.
We define adjusted net (loss)/profit (non-IFRS measure) as (loss)/profit and total comprehensive (expense)/income for the year/period by adding back changes in fair value of financial liabilities designated at fair value through profit or loss ("FVTPL").
Financial Information · p. 213
After excluding the impact of such non-cash and non-operating items, we recorded an adjusted net loss (non-IFRS measure) of RMB6.0 million in 2023, and subsequently turned profitable, with adjusted net profit (non-IFRS measure) of RMB29.7 million, RMB68.7 million and RMB22.1 million in 2024, 2025 and for the four months ended April 30, 2025, respectively.
Adjusted profit/(loss) (Non-IFRS measures) for the year/period | 44,605 | (86,692) | (96,971) | (57,634) | 56,301
Summary · p. 10
(ii) interest expenses related to redemption liabilities were recorded purely because of the redemption rights we granted to some of our investors in our previous financing rounds, and such redemption rights had been terminated effective on February 27, 2025 as agreed by us and the relevant investors, and will no longer affect our financial performance going forward;
Summary · p. 10
Our adjusted profit/(loss) declined from an adjusted profit (Non-IFRS measures) of RMB44.6 million in 2023 to an adjusted loss (Non-IFRS measures) of RMB86.7 million in 2024, mainly due to lower gross profit and higher R&D expenses.