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.
To supplement our consolidated financial statements, which are presented in accordance with IFRSs, we also use certain non-IFRS measures, including adjusted loss (a non-IFRS measure) and adjusted EBITDA (a non-IFRS measure), as additional financial measures, which are not required by, or presented in accordance with, the IFRS.
Summary · p. 8
Adjusted loss for the year (a non-IFRS measure) is defined as loss for the year, as adjusted to add back the effect of share-based compensation.
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.
Our management considers that (i) equity-settled share-based payment expenses and changes in the carrying amount of redemption liabilities are non-cash in nature and do not result in cash outflow, and (ii) [REDACTED] are expenses relating to the [REDACTED].
Summary · p. 11
We recorded adjusted net profit (Non-IFRS Measure) of RMB213.4 million, RMB294.4 million and RMB522.5 million for the years ended December 31, 2023, 2024 and 2025, respectively.
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 profit (Non-HKFRS measure) as profit for the year adjusted for (i) share-based payment expenses and (ii) [REDACTED].
Summary · p. 4
The use of such Non-HKFRS measures has limitations as analytical tools and you should not consider them 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 profit for the period adjusted by adding back share-based payment, interest expenses on redemption liabilities and [REDACTED].
Summary · p. 10
Our financial results improved from a net loss of RMB113.8 million in 2023 to a net profit of RMB15.7 million in 2024, and an adjusted net loss (non-IFRS measure) of RMB28.1 million in 2023 to an adjusted net profit (non-IFRS measure) of RMB44.1 million in 2024, primarily due to the increase in our gross profit from RMB183.8 million in 2023 to RMB287.3 million in 2024, resulting from significant gross profit growth in our EIIR and AI-enabled intelligent products, supported by product mix optimization and operational efficiency gains from our proprietary technology upgrades.
We define adjusted net profit/(loss) (non-IFRS measure) as profit/(loss) for the year, adjusted for share-based compensation expenses, which are non-cash in nature, and [REDACTED].
Summary · p. 11
The use of this non-IFRS measure 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.
We define adjusted profit (non-IFRS measure) as the loss for the year adjusted by share-based compensation expenses, fair value losses of convertible redeemable preferred shares and [REDACTED] expenses.
Summary · p. 9
Our adjusted profit (non-IFRS measure) was RMB45.3 million in 2023, RMB113.1 million in 2024 and RMB56.9 million in 2025.
Summary · p. 3
The use of this non-IFRS measure should not be considered as substitute for analysis of our results of operations or financial condition as reported under IFRS.
We define adjusted net profit (non-HKFRS measure) as profit for the year adjusted by expenses for the [REDACTED].
Summary · p. 8
Given such expenses were incurred for the purpose of the [REDACTED], the adjustment has been consistently made during the Track Record Period.
Summary · p. 8
The non-HKFRS measure shall not be considered in isolation from, or as substitute for analysis of, our consolidated statement of profit or loss or financial condition as reported under HKFRS.
We define adjusted profit (non-IFRS measure) as profit for the year adjusted by adding back share-based payment expense and [REDACTED] for the [REDACTED].
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 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 profit (non-IFRS measure) for the year as profit for the year adjusted by adding back share-based payment expenses.
Summary · p. 5
Share-based payment expenses are a non-cash expenses arising from granting restricted share unit to selected directors and employees.
Summary · p. 5
The use of this non-IFRS measure 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 Accounting Standards.
We define adjusted net profit/(loss) (non-IFRS measure) as profit/(loss) for the year adjusted for share-based payment expenses, which are non-cash in nature arising from the grant of share awards to employees.
Summary · p. 8
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 adjusted loss (non-IFRS measure) as loss, excluding share-based payments and listing expenses.
Summary · p. 11
The use of adjusted loss (non-IFRS measure) 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 Accounting Standards.
We define adjusted net profit (non-IFRS measure) as profit and total comprehensive income for the year/period, comprising listing expenses, as they are expenses relating to the Global Offering.
Summary · p. 7
Listing expenses | – | – | – | – | 12,821
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 substitute for analysis of, our results of operations or financial condition as reported under IFRS.
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.