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 profit or loss (Non-IFRS measure) as loss for the years adjusted by adding back (i) share-based compensations expenses, which are non-cash and non-operating in nature; (ii) fair value change of financial assets at fair value through profit or loss, which are non-cash and non-operating in nature; (iii) fair value changes of preferred shares non-recurring and non-cash in nature; and (iv) fair value changes of warrants, which are non-cash in nature.
Summary · p. 7
Nonetheless, we recorded adjusted loss (non-IFRS measure) of RMB268.6 million, RMB57.2 million in 2023 and 2024, respectively, and we recorded adjusted profit (non-IFRS measure) of RMB10.1 million in 2025.
We define adjusted net loss as loss for the year adjusted by adding back interest on redemption liabilities.
Summary · p. 9
During the Track Record Period, we did not recognize any [REDACTED] or share-based payment compensation, and accordingly no further adjustment was made to EBITDA.
(iii) adjusted net (loss) profit (non-IFRS measure) as (loss) profit for the year adjusted by adding back interest on redemption liabilities
Summary · p. 8
Adjusted net (loss) profit | (41,137) | 28,694 | 34,155
Summary · p. 9
The use of these non-IFRS measures 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.
(i) change in fair value of paid-in capital with preferred rights, which does not arise from our ordinary course of business and is a non-cash fair value change related to our preferred rights capital instruments, which was converted on equity upon the termination of such preferred rights on September 30, 2025; and (ii) [REDACTED] expenses, which are one-off expenses related to the [REDACTED].
Summary · p. 7
Without considering changes in fair value of paid-in capital with preferred rights and [REDACTED] expense, our adjusted net loss (non-IFRS measure) would have been RMB108.8 million, RMB95.3 million and RMB129.9 million in 2023, 2024 and 2025, respectively.
To supplement our consolidated financial statements, which are presented in accordance with IFRS Accounting Standards, we use adjusted loss for the year (non-IFRS measure) as an additional financial measure, which is defined as loss and total comprehensive expense for such year adjusted by adding back (i) loss on fair value changes of financial liabilities at fair value through profit or losses, and (ii) [REDACTED].
Summary · p. 5
Our adjusted loss for the year (non-IFRS measure) decreased significantly by 95.0% from RMB88.1 million in 2023 to RMB4.4 million in 2024 and increased to RMB10.9 million in 2025.
Our adjusted net loss (Non-IFRS measure) as a percentage of revenue narrowed during the Track Record Period.
Summary · p. 9
Adjusted net loss (non-IFRS measure) | (98,559) | (216,408) | (230,815)
Summary · p. 10
The application of the 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 Accounting Standards.
We define adjusted net loss (non-IFRS measure) as loss for the year adjusted by adding back interest expenses on redemption liabilities and share-based payment.
Financial Information · p. 239
The use of this non-IFRS measure as an analytical tool has limitations, 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 (Non-IFRS Measure) for the year as net loss for the year adjusted by adding back (i) interests on redemption liabilities, (ii) modification of redemption liabilities and (iii) [REDACTED] expenses.
Summary · p. 5
Our adjusted net loss (Non-IFRS Measure) increased by 5.0% from 2023 to 2024, but declined by 61.4% from 2024 to 2025, reflecting a markedly accelerated pace of reduction.
Summary · p. 6
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.
We define adjusted net profit (non-IFRS measure) as profit for the year adding back (i) [REDACTED], (ii) equity-settled share-based payment expenses, and (iii) interest expenses on redemption liabilities on ordinary shares incurred for the same year.
Summary · p. 5
Equity-settled share-based payment expenses related to Incentive Shares we granted to our eligible employees and Directors under our equity-settled share incentive plan, which are non-cash in nature.
Financial Information · p. 211
Interest expenses on redemption liabilities on ordinary shares related to issuance of shares to a [REDACTED] Investor in 2022, which are non-cash in nature.
To supplement our consolidated financial statements prepared in accordance with IFRS Accounting Standards, we also use adjusted (loss)/profit for the year (non-IFRS measure) as an additional financial measure.
Financial Information · p. 217
(i) Fair value adjustments of biological assets were excluded as such changes represent non-cash, non-operating measurement differences arising from the valuation of biological assets under IAS 41.
Financial Information · p. 217
Our Directors consider that the above adjustments remove the effects of items that do not reflect our current operating activity or cash generation.
We define adjusted net loss (non-IFRS measure) as loss for the year adjusted for share-based payment expenses, [REDACTED] expenses, changes in the carrying amount of redemption liabilities, accrued financial charges of convertible notes and changes in fair value on the derivative components of convertible notes.
Summary · p. 7
Adjusted net loss (non-IFRS measure) | (242,700) | (193,987) | (204,711)
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 substitutes for an analysis of, our consolidated statements of profit or loss and other comprehensive income or financial condition as reported under IFRS Accounting Standards.
(i) interest expense on redemption liabilities, (ii) fair value changes of convertible loan, (iii) finance charges paid for issuance of convertible loan, and (iv) share-based compensation.
Summary · p. 13
However, our presentation of adjusted net loss (a non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
We defined adjusted net profit/loss for the year as profit/loss for the year adjusted by adding back (i) equity-settled share-based payment expenses, and (ii) fair value losses on financial liabilities at FVTPL, to profit/loss for the year.
We recorded an adjusted profit (non-IFRS) of US$390.6 million, US$500.8 million, and US$560.3 million in 2023, 2024 and 2025, respectively.
Summary · p. 9
We define our adjusted profit for the year (non-IFRS) by adding back (i) share-based compensation expenses, (ii) changes in fair value of redeemable convertible preferred shares, and (iii) [REDACTED] expenses, to profit for the year.
Financial Information · p. 250
We exclude these items because they are not expected to result in future cash payments.
We define adjusted net profit/(loss) (non-IFRS measure) as profit/(loss) for the period/year adjusted by adding back changes in fair values of financial liabilities on shares with preferential rights, [REDACTED] expenses and share-based payment expenses.
Summary · p. 11
However, our presentation of adjusted net profit/(loss) (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
We define non-IFRS adjusted net loss as loss and total comprehensive loss adjusted for the impact of interest on redemption liabilities on ordinary shares and equity-settled share-based payment expenses, which are non-cash items, and [REDACTED], which are non-recurring.
Summary · p. 8
Our non-IFRS adjusted net loss further narrowed by 60.1% from RMB192.7 million in 2024 to RMB76.9 million in 2025.
Financial Information · p. 169
The use of the non-IFRS financial measure has limitations as an analytical tool, and you should not consider it isolation from, or as substitutes for analysis of, our results of operations as reported under the IFRS Accounting Standards.
We define adjusted net loss (non-IFRS measure) as loss for the year/period adjusted for equity-settled share-based payments, fair value changes on financial liabilities at FVTPL and [REDACTED] expenses.
Summary · p. 11
Adjusted net loss for the year (non-IFRS measure) | (130,433) | (151,274)
Financial Information · p. 221
We believe that such non-IFRS measure facilitates 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 loss (Non-IFRS measure) as net loss adjusted by adding back (i) share-based payment expenses, including share-based payment expenses to employees, consultants and an investor, (ii) fair value changes of financial instruments issued to investors, and (iii) listing expenses.
Summary · p. 18
Adjusted net loss (non-IFRS measure) should not be considered in isolation or construed as an alternative to net loss or any other measure of performance or as an indicator of our operating performance.
We define adjusted net profit (non-HKFRS financial measure) as profit for the year adding back (i) change in fair value of redemption liabilities on equity shares, (ii) equity-settled share-based payment expenses, and (iii) [REDACTED] expenses.
Financial Information · p. 220
Adjusted net profit, a non-HKFRS financial measure | 65,325 | 86,660 | 82,925
Summary · p. 10
The presentation of these non-HKFRS financial measures is not intended to be considered in isolation or as substitutes for the financial information prepared and presented in accordance with HKFRS.
To supplement our consolidated statements of profit or loss which are presented in accordance with IFRSs, we use adjusted net loss (Non-IFRS measure) as non-IFRS measures, which are not required by, or presented in accordance with, IFRSs.
Financial Information · p. 214
Adjusted net loss (Non-IFRS measure) | (277,551) | (496,058) | (765,693)
Financial Information · p. 215
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.