We define adjusted profit/(loss) for the period (non-IFRS measure) as the profit/(loss) for the period excluding share-based payment expenses and listing expenses.
Summary · p. 7
We therefore believe that adjusting these items provides potential investors and management with greater visibility to our operating results and financial performance, so that they can assess our underlying core performance undistorted.
Summary · p. 7
our net losses in 2023 and 2024 were significantly affected by non-cash items, amounting to RMB179.9 million and RMB176.1 million in 2023 and 2024, respectively, primarily including the amortization of intangible assets, depreciation of property, plant and equipment and right-of-use assets, and equity-settled share-based payments, which did not involve cash outflows and therefore did not adversely affect our liquidity position.
We define adjusted net profit/(loss) (non-IFRS measure) as net profit/(loss) for the year/period adjusted by adding back (i) net share-based payment expense recognized in profit or loss; and (ii) [REDACTED] expenses.
Summary · p. 10
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 our adjusted loss for the year/period (non-IFRS measure) by adding back (i) changes in the carrying amount of redemption liabilities; (ii) equity-settled share-based payment expenses; and (iii) listing expenses, to loss for the year/period.
Financial Information · p. 252
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 define adjusted net profit (non-HKFRS measure) as profit/(loss) for the year/period adjusted by (i) fair value gains/(losses) on CRPS, (ii) share-based payment expenses for modification of CRPS, (iii) share-based payments to employees and (iv) [REDACTED].
Financial Information · p. 204
We believe this non-HKFRSs measure facilitates comparisons of operating performance from period to period and company to company by eliminating potential impacts of certain items.
We define adjusted net loss (non-IFRS measure) as loss for the year/period adjusted for adding back [REDACTED], share-based payment expenses, and changes in the carrying amount of redemption liabilities.
Financial Information · p. 222
Our adjusted net loss (non-IFRS measures) narrowed from 2023 to 2024, primarily reflecting revenue growth and a decrease in cost of revenue, which was mainly attributable to our enhanced cost-control initiatives.
Financial Information · p. 222
approximately RMB16.6 million (HK$19.2 million) of the listing expenses have been charged to profit or loss during the Track Record Period
We define adjusted net profit (non-IFRS measure) as profit for the year/period adding back equity-settled share-based payment expenses, changes in the carrying amount of redemption liabilities and [REDACTED].
Summary · p. 10
Our adjusted net profit (non-IFRS measure) increased from RMB49.9 million in 2023 to RMB67.3 million in 2024, and remained stable at RMB67.9 million in 2025.
Financial Information · p. 201
The use of these non-IFRS measures have 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.
We define adjusted net profit (non-CASBE measure) as net profit adding back (i) interest expenses on financial liabilities related to shareholders' special rights, arising from certain special rights granted to certain Pre-[REDACTED] investors which were terminated in 2023, resulting in the reclassification of the relevant liabilities into equity; (ii) share-based payment expenses, which are non-cash in nature; and (iii) [REDACTED] incurred in connection with the [REDACTED].
Financial Information · p. 214
In addition to the factors described above, our net profit in 2023 was further affected by interest expenses on financial liabilities related to shareholders' special rights of RMB554.4 million, arising from certain special rights granted to certain Pre-[REDACTED] investors which were terminated in 2023, resulting in the derecognition of the relevant liabilities and no such interest expenses were subsequently incurred.
Financial Information · p. 215
Our effective tax rate in 2023 was significantly higher than the statutory rate of 25%, primarily due to the recognition of non-deductible financial expenses of RMB554.4 million on financial liabilities related to shareholders' special rights, which had a disproportionately significant impact on the effective tax rate given our profit before income tax of RMB146.0 million in 2023.
(i) equity-settled share-based payment expenses, representing non-cash expenses arising from granting share options and restricted shares to eligible individuals, and (ii) [REDACTED] expenses, representing expenses incurred in connection with the [REDACTED], the previous application for the listing of our Shares on the ChiNext market of the Shenzhen Stock Exchange and the listing of our Shares on the NEEQ.
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 adjusted net profit/(loss) (non-IFRS measure) as profit/(loss) for the year/period adjusted for [REDACTED] related to the [REDACTED] and share-based payment expenses.
Summary · p. 8
We recorded adjusted net profit (non-IFRS measure) of RMB10.2 million in 2025, mainly due to an increase of RMB46.0 million in gross profit for the year, as adjusted by share-based payment expenses of RMB4.4 million.
We define adjusted profit for the year/period (a non-IFRS measure) as profit for the year adjusted for listing expenses and share-based compensation (a non-cash item).
Summary · p. 5
Adjusted profit for the year/period (a non-IFRS measure) | 515,724 | 409,326 | 431,077 | 85,567 | 327,702
After excluding the impact of share-based payment expenses, changes in the carrying amount of redemption liabilities and [REDACTED], we had adjusted net profits (Non-IFRS Measure) of RMB46.8 million, RMB79.0 million, RMB80.8 million, RMB33.8 million and RMB49.1 million in 2023, 2024 and 2025 and the six months ended June 30, 2025 and 2026, respectively.
The use of this has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute 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 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 was reclassified to equity after the termination of the investors' redemption rights, (ii) equity-settled share-based payment expenses, 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) [REDACTED] expenses, which represented expenses in relation to the [REDACTED].
Summary · p. 10
However, our presentation of adjusted net profit (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
We define adjusted profit for the year/period from continuing operations (non-IFRS measure) as profit for the year/period from continuing operations, excluding equity-settled share-based payment expenses and [REDACTED] expenses.
Summary · p. 8
However, our non-IFRS measure does not have a standardized meaning prescribed by IFRS Accounting Standards, and our presentation of adjusted profit for the year/period from continuing operations (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
Summary · p. 8
Our adjusted profit for the year increased from RMB7.8 million in 2023 to RMB106.4 million in 2024, reflecting the improved profitability of our continuing operations during the year.
We define adjusted net loss (non-IFRS measure) as loss for the year adjusted by adding back (i) share-based payment expenses, (ii) financial costs associated with redemption liabilities and (iii) listing expenses, which relate to the Global Offering.
Summary · p. 11
Our adjusted net loss narrowed significantly from RMB105.4 million in 2023 to RMB29.3 million in 2025, reflecting improving operating leverage as our revenue scales.
Financial Information · p. 254
However, our presentation of adjusted net loss (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies. 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.
We define adjusted net profit (non-IFRS measure) as profit for the year/period adjusted by adding back: (i) equity-settled share-based payment expenses and (ii) [REDACTED], which relate to the [REDACTED]. The adjustments were consistently made during the Track Record Period.
Summary · p. 9
We define adjusted net profit (non-IFRS measure) as profit for the year/period adjusted by adding back: (i) equity-settled share-based payment expenses and (ii) [REDACTED], which relate to the [REDACTED]. The adjustments were consistently made during the Track Record Period. Equity-settled share-based payment expenses is a non-cash item.
Financial Information · p. 208
However, our presentation of adjusted net profit (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
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. 198
We define adjusted net profit (non-IFRS measure) as profit for the year adding back (i) share-based payments included in operating expenses, (ii) share-based payments as deduction to revenue, and (iii) [REDACTED] expenses.
We define adjusted net (loss)/profit (non-IFRS measure) as (loss)/profit and total comprehensive (expense)/income for the year/period by adding back changes in fair value of financial liabilities designated at fair value through profit or loss ("FVTPL").
Financial Information · p. 213
After excluding the impact of such non-cash and non-operating items, we recorded an adjusted net loss (non-IFRS measure) of RMB6.0 million in 2023, and subsequently turned profitable, with adjusted net profit (non-IFRS measure) of RMB29.7 million, RMB68.7 million and RMB22.1 million in 2024, 2025 and for the four months ended April 30, 2025, respectively.
We define adjusted net profit (non-IFRS measure) as profit for the year/period adjusted by adding back equity settled share-based payments.
Summary · p. 6
Our adjusted net profit (non-IFRS measure) increased significantly from RMB127.3 million in 2023 to RMB305.3 million in 2024, and further increased to RMB388.2 million in 2025.
We define adjusted net loss (non-HKFRS measure) as loss for the year/period adjusted by adding back equity-settled share-based payment expenses and [REDACTED] expenses.
Summary · p. 8
The use of this non-HKFRS measure should not be considered as substitute for analysis of, our results of operations or financial condition as reported under HKFRSs.
We use adjusted net loss for the year/period (non-IFRS measure), EBITDA (non-IFRS measure) and adjusted EBITDA (non-IFRS measure), adjusted by [REDACTED] expense and 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.
Financial Information · p. 205
However, adjusted net loss for the year/period (non-IFRS measure), EBITDA (non-IFRS measure) and adjusted EBITDA (non-IFRS measure) have material limitations as analytical tools.