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 year (non-IFRS measure) as loss for such year adjusted by adding back (i) fair value changes of financial liabilities at fair value through profit or losses and (ii) share option schemes-value of employee services, (iii) share-based payment expense and (iv) [REDACTED] expenses.
Financial Information · p. 201
Our adjusted loss (non-IFRS measure) decreased significantly by 64.0% to RMB44.7 million in 2025, primarily due to (i) the expansion of our business scale, which drove growth in revenue and gross profit; (ii) enhanced business synergies driven by economies of scale, which contributed to growth in high-margin businesses; and (iii) our continuous optimization of operational efficiency and effective cost control.
We define adjusted net profit (non-IFRS measure) as profit for the year adjusted by adding back [REDACTED], fair value losses of financial liabilities at fair value through profit or loss and share-based compensation
Summary · p. 10
We do not expect to record any further changes in fair value of our convertible preferred shares after the [REDACTED] as such convertible preferred shares will be re-designated from liabilities to equity as a result of the automatic conversion into ordinary shares upon the [REDACTED], which is expected to turn our net liabilities position into net assets position following the [REDACTED].
Summary · p. 11
Such expenses in any specific year are not expected to result in future cash payments.
We define adjusted net profit (non-IFRS measure) as (loss)/profit for the year adjusted by adding back share-based payment expenses and changes in carrying amount of convertible redeemable preferred shares.
Summary · p. 9
Share-based payment expenses are non-cash in nature and arise from granting share economic rights in our share incentive platforms to senior management and employees.
We define adjusted net loss (non-IFRS measure) as loss for the year adding back (i) fair value changes of preferred shares, warrants and convertible notes; and (ii) share-based payment expenses for the same period.
Financial Information · p. 182
as a percentage of revenue, the adjusted net loss (non-IFRS measure) decreased from 112.1% in 2023 to 48.4% in 2025.
Summary · p. 8
The use of this non-IFRS measure has limitations as an analytical tool, and [REDACTED] should not consider it in isolation from, or as substitute for analysis of, our results of operations or financial conditions as reported under IFRS Accounting Standards.
We define adjusted loss for the year (non-IFRS measure) as loss for the year, adjusted by adding back interests on redemption liabilities and [REDACTED].
Summary · p. 7
The use of adjusted profit (non-IFRS measure) has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute of, our combined statements of comprehensive income or financial condition as reported under IFRS.
Adjusted loss (non-IFRS measure) | (84,020) | (98,228) | (128,400)
Summary · p. 9
Changes in the carrying amount of redemption liabilities represent the fair value change in equity instruments issued to investors with redemption rights, which gives rise to a financial liability for the redemption amount, even if our obligation to purchase is conditional on the counterparty exercising a right to redeem.
Summary · p. 9
However, our presentation of this non-IFRS measure may not be comparable to similarly titled measures presented by other companies.
We define adjusted net profit (non-IFRS measure) for the period as profit for the year/period adjusted by adding back: changing in carrying amount on redemption liabilities.
Summary · p. 6
The use of these non-IFRS measures has limitations as an analytical tool, and should not be considered in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under IFRS.
We define adjusted net loss (non-IFRS measure) as net loss for the years adjusted by adding back (i) equity-settled share based payment expenses, (ii) changes in the carrying amount of redemption liabilities and (iii) [REDACTED], and adjusted net loss margin (non-IFRS measure) as adjusted net loss (non-IFRS measure) divided by revenue.
Summary · p. 11
We adjust changes in the carrying amount of redemption liabilities because it was non-cash in nature.
Summary · p. 12
We believe these non-IFRS measures, when shown in conjunction with the corresponding IFRS measures, facilitate comparisons of operating performance from year to year and company to company by eliminating potential impacts of items.
We define adjusted net loss (a non-HKFRS measure) as loss for the year adjusted for (i) interest on redemption liabilities and (ii) [REDACTED] expenses.
Summary · p. 7
Adjusted net loss (a non-HKFRS measure) . | (59,808) | (132,709) | (188,179)
Summary · p. 7
The use of such non-HKFRS measure has limitations as an analytical tool, and you should not consider it 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 net (loss)/profit (non-IFRS measure), as loss for the year adjusted by adding back (i) share-based payments which is non-cash expense arising from the indirect acquisition of equity interest in our Company by certain management team members.
Summary · p. 9
Our adjusted net loss (a non-IFRS measure) of RMB63.0 million in 2023 was turned to an adjusted net profit (a non-IFRS measure) of RMB14.0 million in 2024, further increased to an adjusted net profit (a non-IFRS measure) of RMB31.1 million, primarily attributable to the termination of special rights.
To supplement our consolidated financial statements, which are presented in accordance with IFRSs, we also use adjusted (loss)/profit for the year/period (non-IFRS measure) as an additional financial measure, which is not required by, or presented in accordance with IFRSs.
Summary · p. 13
Notably, excluding fair value losses on redemption liabilities on equity shares, share-based payment expenses and listing expenses, we had adjusted loss for the year/period (non-IFRS measure) of RMB79.1 million in 2022, RMB7.1 million in 2024, RMB4.4 million in the nine months ended September 30, 2024 and RMB17.5 million in the nine months ended September 30, 2025, and adjusted profit for the year (non-IFRS measure) of RMB13.3 million in 2023.
We define adjusted net loss (non-IFRS measure) as net loss for the year/period adjusted by adding back equity settled share-based payment expenses, changes in the carrying amount of the redemption liability and listing expenses.
Summary · p. 8
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.
Summary · p. 8
Changes in the carrying amount of the redemption liability represents the changes in the carrying amount of the redeemable special rights that we granted to certain Pre-IPO Investors.
Loss for the year/period | (4,653) | (34,467) | (28,282) | (30,003)
Summary · p. 5
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.
Financial Information · p. 183
We define adjusted net profit/(loss) (non-IFRS measure) as loss for the year/period adjusted for share-based compensation expenses and fair value losses of convertible redeemable preferred shares.
We define adjusted net loss or profit (non-IFRS measure) as net loss or profit for the year/period adjusted by adding back (i) equity settled share-based payments; (ii) changes in the fair value of financial liabilities at fair value through profit or loss; (iii) changes in the carrying amount of redemption liabilities; and (iv) listing expense.
Summary · p. 21
Adjusted net loss or profit (non-IFRS measure) for the year/period | (142,677) | (83,704) | 16,932 | (61,346) | (46,043)
Summary · p. 21
The use of such 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 Accounting Standards.
We define adjusted loss for the year/period (non-IFRS measure) as loss 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 will be reclassified to equity after the termination of the investors’ redemption rights upon Listing, (ii) equity settled share-based payment, 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) Listing expenses, which represented expenses in relation to the Global Offering.
Summary · p. 8
However, our presentation of adjusted loss for the year/period (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
We define "adjusted net profit or loss (a non-IFRS measure)" as (loss)/profit for the years/period adjusted by adding back or deducting, as the case may be, fair value (loss)/gain of convertible redeemable preference shares, share-based compensation expenses and listing expenses.
Summary · p. 10
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.
(i) share-based payment expenses that are included in cost of sales, general administrative, research and development, and sales and marketing expenses, relates to the share-based awards that we grant to participants of our share incentive schemes and is a non-cash expense, (ii) fair value losses on financial liabilities, comprising fair value changes of convertible redeemable preferred shares which will be re-designated from liabilities to equity as a result of the automatic conversion into ordinary shares upon Listing, and convertible bonds, which have subsequently been repaid in full as of the Latest Practicable Date, and (iii) listing expenses.
Summary · p. 20
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 loss for the year/period (a non-IFRS measure) as loss for the year/period adjusted for adding back equity-settled share-based compensation expenses, changes in the carrying amount of financial instruments issued to investors, and listing expenses.
Summary · p. 15
After eliminating the impact of equity-settled sharebased compensation expenses, changes in the carrying amount of financial instruments issued to investors and listing expenses, which are not indicative of our operating performance, we had adjusted net losses (non-IFRS measure) of RMB97.4 million, RMB621.0 million, RMB2,465.6 million, RMB1,030.2 million and RMB1,752.0 million in 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively.
We define our adjusted loss for the year/period (non-IFRS measure) by adding back (i) changes in the carrying value of redemption liabilities, (ii) share-based compensation expenses, and (iii) listing expenses, to loss for the year/period.
Summary · p. 11
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 recorded adjusted loss (non-IFRS measure) of US$70.8 million for 2022, US$67.4 million for 2023, US$22.7 million for 2024 and US$15.4 million for the six months ended June 30, 2025, while we recorded adjusted profit (non-IFRS measure) of US$10.9 million for the six months ended June 30, 2024.
Summary · p. 17
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 analysis of, our results of operations or financial condition as reported under IFRS.