We define adjusted net profit (Non-IFRS measure) as profit for the years/periods adjusted by adding back share-based payment expenses, which are non-cash in nature.
Summary · p. 7
The use of Non-IFRS measures has limitations as an analytical tool, and investors 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.
Adjusted profit/(loss) (Non-IFRS measures) for the year/period | 44,605 | (86,692) | (96,971) | (57,634) | 56,301
Summary · p. 10
(ii) interest expenses related to redemption liabilities were recorded purely because of the redemption rights we granted to some of our investors in our previous financing rounds, and such redemption rights had been terminated effective on February 27, 2025 as agreed by us and the relevant investors, and will no longer affect our financial performance going forward;
Summary · p. 10
Our adjusted profit/(loss) declined from an adjusted profit (Non-IFRS measures) of RMB44.6 million in 2023 to an adjusted loss (Non-IFRS measures) of RMB86.7 million in 2024, mainly due to lower gross profit and higher R&D expenses.
We define adjusted loss for the period (non-IFRS measure) by excluding changes in the carrying amount of redemption liabilities, share-based payment expenses and [REDACTED] expenses.
Summary · p. 7
This item is adjusted as it is non-cash in nature and is not expected to result in future cash outflows.
Summary · p. 8
adjusted as it relates to non-recurring expenses associated with the [REDACTED] and is not indicative of our ongoing operating performance.
To supplement our consolidated financial statements which are presented in accordance with IFRSs, we also use adjusted profit (a non-IFRS measure) as an additional financial measure, which is not required by, or presented in accordance with, IFRSs.
Summary · p. 6
The use of this non-IFRS measure has limitations as an analytical tool, and you should not consider it in isolation, or as substitute for analysis of, our results of operations or financial position as reported under IFRSs.
We define the adjusted net profit (non-IFRS measure) as profit for the year/period adjusted by adding back (i) equity-settled share-based payment, which are non-cash in nature; (ii) changes in the carrying amount of financial instruments issued to [REDACTED], and the financial liabilities would be reclassified to equity upon the [REDACTED]; and (iii) [REDACTED] expenses in relation to our
Summary · p. 6
For the years ended December 31, 2023, 2024 and 2025, and for the three months ended March 31, 2025 and 2026, our adjusted net profit (non-IFRS measure) was RMB146.6 million, RMB71.5 million, RMB180.9 million, RMB38.1 million and RMB31.4 million, respectively.
We define adjusted net profit (non-IFRS measure) as profit for the year/period adjusted by adding back equity-settled share-based payment expenses, which are non-cash in nature.
Financial Information · p. 143
We believe that this non-IFRS measure provides useful information to [REDACTED] and others in understanding and evaluating our consolidated results of operations in the same manner as it helps our management.
To supplement our consolidated financial statements presented in accordance with IFRSs, we use adjusted profit/(loss) (non-IFRS measures) for the period and adjusted EBITDA (non-IFRS measures) as additional financial measures, which are not required by, or presented in accordance with IFRSs.
Summary · p. 11
(1) Share-based payment expenses are non-cash expenses.
The adjusted profit for the year/period (Non-IFRS measure) represents our profit for the year/period before share-based compensation expenses and [REDACTED].
Summary · p. 7
We believe that our adjusted profit for the year (Non-IFRS measure) helps illustrate the underlying trends in our business as it eliminates the impacts of non-recurring item.
The use of these non-IFRS measures has limitations as an analytical tool, and [REDACTED] should not consider them in isolation from, or as substitute for analysis of, the Group’s results of operations or financial condition as reported under IFRS Accounting Standards.
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 decide to exclude [REDACTED] because these expenses relate to [REDACTED] and are not expected to recur in future or result in future cash payments.
Summary · p. 6
We define our adjusted profit and total comprehensive income (our non-IFRS financial measure) for the year as profit and total comprehensive income for the year adjusted by adding back the [REDACTED] expenses recorded in our consolidated financial statements.
We define adjusted net loss (non-HKFRS measure) as loss for the year or period adjusted for interest on redemption liabilities, modification on redemption liabilities, share-based payment expenses and listing expenses.
Financial Information · p. 227
However, our presentation of adjusted net loss (non-HKFRS measure) may not be comparable to similarly titled measures presented by other companies.
We define adjusted net (loss)/profit (non-IFRS measure) as loss for the year/period adjusted by adding back items including (i) changes in the carrying amounts of redemption rights issued to investors, (ii) equity-settled share-based payments and (iii) [REDACTED].
Summary · p. 8
Eliminating the impact of these items, our adjusted net loss increased from RMB17.8 million in 2023 to RMB40.6 million in 2024, and narrowed to RMB39.3 million in 2025. We recorded an adjusted net profit of RMB1.9 million in the four months ended April 30, 2026, compared to an adjusted net loss of RMB11.6 million in the same period of 2025.
Financial Information · p. 229
The use of adjusted net (loss)/profit (non-IFRS measure) and adjusted (loss)/profit margin (non-IFRS measure) have 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 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 (non- HKFRS measure) as loss for the year, adjusted for share-based payment, listing expenses and fair value changes on financial liabilities at FVTPL.
Summary · p. 5
The use of these non-HKFRS measures has limitations as an analytical tool, and investors should not consider them in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under HKFRS Accounting Standards.