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 loss for the period (non-IFRS measure) by excluding changes in the carrying amount of redemption liabilities, share-based payment expenses and [REDACTED] expenses.
Summary · p. 7
This item is adjusted as it is non-cash in nature and is not expected to result in future cash outflows.
Summary · p. 8
adjusted as it relates to non-recurring expenses associated with the [REDACTED] and is not indicative of our ongoing operating performance.
To supplement our consolidated financial statements which are presented in accordance with IFRSs, we also use adjusted profit (a non-IFRS measure) as an additional financial measure, which is not required by, or presented in accordance with, IFRSs.
Summary · p. 6
The use of this non-IFRS measure has limitations as an analytical tool, and you should not consider it in isolation, or as substitute for analysis of, our results of operations or financial position as reported under IFRSs.
We define adjusted net loss (non-HKFRS measure) as loss for the year or period adjusted for interest on redemption liabilities, modification on redemption liabilities, share-based payment expenses and listing expenses.
Financial Information · p. 227
However, our presentation of adjusted net loss (non-HKFRS measure) may not be comparable to similarly titled measures presented by other companies.
We define adjusted net (loss)/profit (non-IFRS measure) as loss for the year/period adjusted by adding back items including (i) changes in the carrying amounts of redemption rights issued to investors, (ii) equity-settled share-based payments and (iii) [REDACTED].
Summary · p. 8
Eliminating the impact of these items, our adjusted net loss increased from RMB17.8 million in 2023 to RMB40.6 million in 2024, and narrowed to RMB39.3 million in 2025. We recorded an adjusted net profit of RMB1.9 million in the four months ended April 30, 2026, compared to an adjusted net loss of RMB11.6 million in the same period of 2025.
Financial Information · p. 229
The use of adjusted net (loss)/profit (non-IFRS measure) and adjusted (loss)/profit margin (non-IFRS measure) 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 Accounting Standards.
The application of the non-HKFRS financial 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 HKFRS Accounting Standards.
Financial Information · p. 219
We define adjusted net profit (non-HKFRS financial measure) as loss for the year adjusted by adding back fair value loss on convertible redeemable preferred shares, equity-settled share-based payments and [REDACTED] expenses.
We define adjusted net profit/(loss) (non-IFRS measure) as loss for the years adjusted by adding back share-based payments and interest on redemption liabilities.
Summary · p. 7
(2) Interest on redemption liabilities represents the interest expense recognized in respect of redemption rights granted to certain investors, as agreed in connection with the Company’s equity financing transactions during the Track Record Period.
Summary · p. 7
The presentation of such non-IFRS measures when shown in conjunction with the corresponding IFRS measures facilitates a comparison of our operating performance by eliminating the impact of certain expenses to allow investors to consider metrics used by our management.
We define adjusted net (loss)/profit (non-IFRS measure) for the year as the profit/(loss) for the year adjusted by adding back (i) share-based payments, (ii) [REDACTED] expense, (iii) fair value change on financial instruments issued to investors, and (iv) effect of preferred share term modifications.
Financial Information · p. 226
We believe that these non-IFRS measures facilitate comparisons of operating performance from period to period and company to company by eliminating potential impacts of certain items.
We define our adjusted profit for the year (non-IFRS measure) as profit or loss for the year adjusted by adding back (i) changes in the carrying amount of redemption liabilities reflecting non-cash changes in the carrying amount of the redeemable special rights granted to certain Pre-[REDACTED] Investors, which will be reclassified from liabilities to equity upon completion of the [REDACTED]; (ii) share-based compensation expenses relating to the share-based awards that we grant to participants of our share incentive scheme and is a non-cash expense; and (iii) [REDACTED] expenses relating to this [REDACTED], which are one-off in nature.
Summary · p. 11
Adjusted profit for the year (non-IFRS measure) should not be considered in isolation or construed as an alternative to profit or loss for the year.
Adjusted net profit (non-IFRS measure) refers to profit for the year adjusted by fair value changes of convertible redeemable preferred shares and [REDACTED].
Financial Information · p. 197
We believe these non-IFRS measures facilitate comparisons of operating performance from year to year and company to company by eliminating potential impacts of certain items that our management does not consider to be indicative of our operating performance.
We define adjusted net loss (non-IFRS measure) as loss for the year adjusted for (1) listing expenses, as such expenses are related to the Global Offering, (2) change in the carrying amount of redemption liabilities, as the redemption liabilities will be converted into equity of our Company upon Listing, and (3) equity-settled share-based payments expenses which are non-cash expenses arising from the share incentives that we grant to employees.
Summary · p. 4
After adjusting (1) listing expense; (2) change in the carrying amount of redemption liabilities; and (3) equity-settled share-based payments expenses, our adjusted net loss (non-IFRS measure) was RMB23.7 million, RMB23.7 million and RMB8.9 million in 2023, 2024 and
Business · p. 161
The use of such 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 Accounting Standards.
After elimination of the effects of listing expenses, gains or loss in connection with puttable shares liabilities and share-based compensation, in 2023, 2024 and 2025, our adjusted net loss (non-HKFRS measure) was RMB13.5 million, RMB7.0 million and RMB9.3 million, respectively.
Business · p. 208
Our adjusted loss (non-HKFRS measure) for the three years ended was RMB13.5 million, RMB7.0 million and RMB9.3 million respectively.
To supplement our consolidated financial statements that are presented in accordance with IFRS, we also use adjusted net profit attributable to owners of the parent (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with, IFRS.
Financial Information · p. 204
We define adjusted net profit attributable to owners of the parent (non-IFRS measure) as net profit attributable to parent for the year adjusted by adding back (i) fair value changes of redemption liabilities; (ii) share-based payment expenses; and (iii) non-recurring government grants.
We define adjusted profit for the year (non-IFRS measure) as profit for the year by adding back share-based compensation, interest expense on redemption liabilities and [REDACTED].
Summary · p. 8
Our management considers that (i) share-based compensation, which relates to restricted stock units that we granted to our employees for their contribution to us, is non-cash in nature and does not result in cash outflow, (ii) interest expense on redemption liabilities is a non-cash item and is not indicative of our operating performance, and such redemption liabilities in relation to preferred rights granted to [REDACTED] have been cancelled in full in May 2025, and (iii) [REDACTED], which relate to this [REDACTED].
We define adjusted net profit (non-IFRS measure) as profit for the year adjusted by fair value changes of financial instruments issued to investors which represent the Series A Preferred Shares issued in our equity financing and equity-settled share-based payment expenses.
Summary · p. 7
However, the term of adjusted net profit (non-IFRS measure) is not defined under IFRS.
To supplement our consolidated financial statements presented in accordance with IFRS Accounting Standards, we use adjusted profit/(loss) for the year and EBITDA as additional financial measures, which are not required by, or presented in accordance with IFRS Accounting Standards.
Financial Information · p. 203
We believe that these non-IFRS measures facilitate comparisons of operating performance from year to year and company to company and provide useful information to investors in understanding and evaluating our consolidated results of operations in the same manner as they help management.
We define adjusted net loss (non-HKFRS measure) as loss for the years/periods adjusted by adding back share-based payment expenses, interest expense on redemption liabilities and [REDACTED], and deducting gain on non-substantive modification of redemption liabilities.
Financial Information · p. 212
We believe that these items should be adjusted for when calculating our adjusted net loss (non-HKFRS measure) in order to provide potential [REDACTED] with a complete and fair understanding of our operating results
Financial Information · p. 212
Adjusted net loss (Non-HKFRS Measure) for the Year | (149,142) | (104,613) | (83,268)
We define adjusted net loss (non-HKFRS measure) as loss for the year excluding the effects of fair value losses on convertible redeemable preferred shares, share-based payment expenses and [REDACTED] expenses.
Summary · p. 9
The adjustments have been consistently made during the Track Record Period.
In order to supplement our consolidated statement of profit or loss and other comprehensive income, which is presented in accordance with IFRS Accounting Standards, we use adjusted net (loss)/profit for the year (non-IFRS measure), which was defined as loss for the year adjusted by adding back changes in carrying value of redemption liabilities, [REDACTED] and equity-settled 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.
Summary · p. 9
We also recorded adjusted net profit (non-IFRS measure) of RMB36.5 million in 2025, demonstrating the successful commercialization of our products and the scalability of our business model.
We define adjusted net profit (non-IFRS measure), as profit and total comprehensive income for the year less fair value change of financial liabilities at FVTPL and also adjusted for [REDACTED] expenses.
Summary · p. 9
In 2023, 2024 and 2025, we recorded adjusted net profit (non-IFRS measure) of RMB65.8 million, RMB48.4 million and RMB65.2 million, respectively.
Financial Information · p. 201
However, the use of 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 conditions as reported under IFRS.