We define our adjusted net loss (non-IFRS measure) as net loss adjusted by adding back (i) share-based payment expenses, which are non-cash in nature and represent expenses arising from the grant of restricted interests to our employees, and (ii) interest expenses on redemption liabilities, which represent the interest expenses accrued on the redemption liabilities arising from the special rights granted to pre-[REDACTED] investors that will be terminated upon [REDACTED].
Summary · p. 11
We use adjusted net loss (non-IFRS measure), which is a non-IFRS financial measure, in evaluating our operating results and for financial and operational decision-making purposes.
Summary · p. 11
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.
In addition, our adjusted annual profit (non-IFRS measure) amounted to RMB67.0 million, RMB136.4 million and RMB177.3 million, respectively, with adjusted annual net profit margins (non-IFRS measure) of 0.3%, 0.8% and 1.1%, respectively, during the Track Record Period
Business · p. 151
We define adjusted net profit (non-IFRS measure) as profit for the year, adjusted by adding back share-based payment expenses and [REDACTED].
Financial Information · p. 223
We believe that adjusted net profit (non-IFRS measure) and adjusted net profit margin (non-IFRS measure) provide useful information to investors and others in understanding and evaluating our consolidated statements of profit or loss and other comprehensive income in the same manner as they help our management.
We define adjusted net profit for the years (non-IFRS measure) as net profit for the years adjusted by adding back share-based payment expenses.
Summary · p. 8
(1) Share-based payment expenses represent expenses recognized for equity-settled awards granted under our employee equity incentive plans.
Summary · p. 8
Our adjusted net profit (non-IFRS measure) increased by 8.8% from RMB219.5 million in 2023 to RMB238.7 million in 2024, and further increased by 86.2% to RMB444.5 million in 2025, which was in line with our gross profit growth.
To supplement our consolidated financial statements, which are presented in accordance with IFRS, we also use adjusted net profit (Non-IFRS Measure) and adjusted EBITDA (Non-IFRS Measure) as additional financial measures, which are not required by, or presented in accordance with IFRS.
Summary · p. 5
Share-based compensation expenses mainly represent the consideration in the form of equity instruments for services performed by our employees, which are not expected to result in future cash payments, and are therefore non-cash in nature.
We define our adjusted loss for the year (non-IFRS measure) by adding back (i) share-based compensation expense, (ii) changes in fair value of Preferred Shares and other financial liabilities, and
Summary · p. 8
We exclude these items because they are not expected to result in future cash payments or relate to this Global Offering.
Summary · p. 8
Adjusted loss for the year (non-IFRS measure) | (1,093,037) | (147.2) | (959,204) | (72.4) | (302,804) | (12.6)
We define adjusted net loss for the year (non-IFRS measure) as net loss for the year adjusted by adding back (i) share-based payment expenses and (ii) listing expense.
Summary · p. 11
The use of this non-IFRS measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results of operations or financial condition as reported under IFRS.
We use adjusted loss, a non-IFRS financial measure, in evaluating our operating results and for financial and operational decision-making purposes.
Financial Information · p. 206
Adjusted loss (non-IFRS measures) represents loss for the year excluding share-based payment expenses, which is a non-cash item, and fair value losses of financial liabilities at fair value through profit or loss, which mainly represent changes in the fair value of equity shares with redemption rights issued by us to pre-[REDACTED] investors and relate to changes in our valuation.
Financial Information · p. 206
Adjusted loss (non-IFRS measures) should not be considered in isolation or construed as an alternative to loss for the year or any other measure of performance or as an indicator of our operating performance.
We define adjusted net loss or profit (non-IFRS measure) as loss for the year adjusted by adding back (i) equity settled share-based payment expenses, which are non-cash in nature and arise from granting economic rights in our share incentive platforms to senior management and employees; and (ii) 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 [REDACTED].
Summary · p. 8
After eliminating the impact of items including (i) equity settled share-based payment expenses and (ii) changes in the carrying amount of redemption liabilities, we recorded adjusted net loss for the year (non-IFRS measure) of RMB66.8 million and RMB13.7 million in 2023 and 2024, respectively, and turned around and recorded adjusted net profit for the year (non-IFRS measure) of RMB20.5 million in 2025.
We define adjusted net loss (non-IFRS measure) as net loss for the years adjusted by share-based payment expenses and [REDACTED] expenses.
Summary · p. 8
However, our presentation of adjusted net loss (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
Summary · p. 8
Our adjusted net loss (non-IFRS measure) decreased by 17.6% from RMB101.5 million in 2024 to RMB83.6 million in 2025, mainly reflecting the increase in our gross profit by 30.2% from RMB32.8 million in 2024 to RMB42.6 million in 2025.
To supplement our consolidated financial statements that are presented in accordance with IFRS Accounting Standards, we also use adjusted net profit/(loss) (non-IFRS measure) and adjusted net profit/(loss) margin (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with, IFRS Accounting Standards.
Summary · p. 7
To supplement our consolidated financial statements that are presented in accordance with IFRS Accounting Standards, we also use adjusted net profit/(loss) (non-IFRS measure) and adjusted net profit/(loss) margin (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with, IFRS Accounting Standards.
Financial Information · p. 170
Equity-settled share-based payment expenses mainly represent the arrangement that we receive services from employees as consideration for our equity instruments.
We believe that non-IFRS measures facilitate comparisons of our operating performance by eliminating potential impacts of certain items, and present useful information in understanding and evaluating our consolidated results of operations in the same manner as they help our management.
Summary · p. 8
Share-based compensation expenses represent the fair value of the employee services received in exchange for the grant of equity instruments.
(i) interest on redemption liabilities on ordinary shares, which represents the interest accrued on the obligation to repurchase certain of our Shares held by certain Pre-IPO shareholders, which were terminated in September 2025 and such redemption liabilities were credited to other reserve; (ii) share-based payment, arising from granting share incentives to senior management and selected employees, which is non-cash in nature; and (iii) listing expense, in relation to the Global Offering.
Summary · p. 10
The use of the non-IFRS 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 conditions as reported under IFRS.
We define adjusted net loss (non-IFRS measure) as loss for the year by adding back share-based payment, which is non-cash in nature, and listing expenses, which arise from activities relating to the Global Offering.
Summary · p. 12
The use of adjusted net loss (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 accounting standards.
In 2023, 2024 and 2025, our adjusted net profit (non-IFRS measure) was RMB2,076.0 million, RMB1,861.9 million and RMB2,645.3 million, respectively.
Summary · p. 9
We believe that the presentation of these non-IFRS measures facilitates comparisons of operating performance from year to year and company to company by eliminating potential impacts of share-based compensation expense, a non-cash item, and listing expenses, which relate to the Listing.
We define adjusted net profit (non-IFRS measure) as profit for the year, excluding equitysettled share-based transactions.
Financial Information · p. 180
In 2023, 2024 and 2025, our revenue was RMB2,615.7 million, RMB3,347.0 million and RMB3,898.1 million, respectively, and our adjusted net profit (non-IFRS measure) was RMB388.7 million, RMB576.0 million and RMB693.5 million, respectively.
Financial Information · p. 177
The use of adjusted net profit (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 Accounting Standards.
The adjusted profit for the year (non-IFRS measure) reflects our net profit for the year before equity-settled share-based payment expenses, changes in carrying amount of redemption liabilities and [REDACTED] expenses.
Summary · p. 10
Adjusted profit for the year (non-IFRS measure) | 143,742 | 167,906 | 316,819
Summary · p. 10
The adjusted profit for the year (non-IFRS measure) and the adjusted net profit margin (non-IFRS measure) are not standard financial measures under IFRSs.
We define adjusted net loss (non-IFRS measure) as loss for the years adjusted for equity-settled share-based payment expenses and listing expenses.
Summary · p. 8
Our adjusted net loss (non-IFRS measure) was RMB20.9 million, RMB10.6 million and RMB2.9 million in 2023, 2024 and 2025.
Summary · p. 8
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 our adjusted net loss (non-IFRS measure) by adding back share-based payments.
Summary · p. 3
Share-based payments relate to the share-based awards that we granted and are non-cash in nature. We exclude this item because it is not expected to result in future cash payments.
Financial Information · p. 154
We use adjusted net loss, a non-IFRS financial measure, in evaluating our operating results and for financial and operational decision-making purposes.
We define adjusted profit for the year (a non-IFRS measure) as profit for the year adjusted for share-based compensations (a non-cash item) and [REDACTED] expenses.
Summary · p. 10
We believe that these non-IFRS measures facilitate comparisons of operating performance from period to period by eliminating potential impact of certain items.
We define adjusted net profit (non-IFRS measure) as net profit for the periods adjusted by adding back equity settled share-based compensation, which is a non-cash item, and listing expenses.
Summary · p. 8
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.