The application of the non-HKFRS financial measure has limitations as an analytical tool, and you should not consider it in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under HKFRS Accounting Standards.
Financial Information · p. 219
We define adjusted net profit (non-HKFRS financial measure) as loss for the year adjusted by adding back fair value loss on convertible redeemable preferred shares, equity-settled share-based payments and [REDACTED] expenses.
Below we set out our adjusted net profit/(loss) (a non-IFRS measure) for the years ended 31 December 2023, 2024 and 2025, derived from our net profit/(loss) under IFRSs by adding back (i) share-based payment expenses and (ii) listing expenses.
Summary · p. 6
These measures are not recognised under IFRSs, may differ from similar measures used by other companies, and should not be considered in isolation from the IFRS financial information.
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 define adjusted net profit/(loss) (non-IFRS measure) as loss for the years adjusted by adding back share-based payments and interest on redemption liabilities.
Summary · p. 7
(2) Interest on redemption liabilities represents the interest expense recognized in respect of redemption rights granted to certain investors, as agreed in connection with the Company’s equity financing transactions during the Track Record Period.
Summary · p. 7
The presentation of such non-IFRS measures when shown in conjunction with the corresponding IFRS measures facilitates a comparison of our operating performance by eliminating the impact of certain expenses to allow investors to consider metrics used by our management.
We define adjusted net loss (a non-IFRS measure) as loss for the year adjusted by certain items including: (i) [REDACTED] expense related to the [REDACTED], and (ii) equity-settled share-based payment expenses related to our share-based arrangement, which are non-cash in nature.
Summary · p. 8
Our adjusted net loss (a non-IFRS measure) decreased from RMB274.1 million in 2023 to RMB119.7 million in 2024, and further to RMB74.7 million in 2025.
Summary · p. 8
The use of this non-IFRS measure has limitations as an analytical tool, and you should not consider it in isolation from, or as 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 profit (non-IFRS measure) as profit/(loss) for the period, adjusted by adding back recognition of equity-settled share-based payment expenses, which are non-cash in nature, acquisition related expense, net of tax impact, which is non-operation and one-off in nature.
Summary · p. 8
Acquisition related expense, net of tax impact | — | — | — | — | — | — | 50,516 | 415.9 | — | —
Summary · p. 8
We believe that these measures facilitate comparisons of operating performance from period to period and company to company by eliminating the potential impact of items, such as certain non-cash or non-recurring items.
We define adjusted net (loss)/profit (non-IFRS measure) for the year as the profit/(loss) for the year adjusted by adding back (i) share-based payments, (ii) [REDACTED] expense, (iii) fair value change on financial instruments issued to investors, and (iv) effect of preferred share term modifications.
Financial Information · p. 226
We believe that these non-IFRS measures facilitate comparisons of operating performance from period to period and company to company by eliminating potential impacts of certain items.
We use adjusted net profit (Non-HKFRS measure), which is a non-HKFRS financial measure, to evaluate our operating results and for financial and operational decision-making purposes.
Summary · p. 9
Add: [REDACTED] | — | — | 19,765
Summary · p. 9
Our adjusted net profit subsequently decreased to HK$101.6 million in 2025
We define our adjusted profit for the year (non-IFRS measure) as profit or loss for the year adjusted by adding back (i) changes in the carrying amount of redemption liabilities reflecting non-cash changes in the carrying amount of the redeemable special rights granted to certain Pre-[REDACTED] Investors, which will be reclassified from liabilities to equity upon completion of the [REDACTED]; (ii) share-based compensation expenses relating to the share-based awards that we grant to participants of our share incentive scheme and is a non-cash expense; and (iii) [REDACTED] expenses relating to this [REDACTED], which are one-off in nature.
Summary · p. 11
Adjusted profit for the year (non-IFRS measure) should not be considered in isolation or construed as an alternative to profit or loss for the year.
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.
Adjusted net profit (non-IFRS measure) refers to profit for the year adjusted by fair value changes of convertible redeemable preferred shares and [REDACTED].
Financial Information · p. 197
We believe these non-IFRS measures facilitate comparisons of operating performance from year to year and company to company by eliminating potential impacts of certain items that our management does not consider to be indicative of our operating performance.
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.
We define adjusted net loss (non-IFRS measure) as loss for the year adjusted for (1) listing expenses, as such expenses are related to the Global Offering, (2) change in the carrying amount of redemption liabilities, as the redemption liabilities will be converted into equity of our Company upon Listing, and (3) equity-settled share-based payments expenses which are non-cash expenses arising from the share incentives that we grant to employees.
Summary · p. 4
After adjusting (1) listing expense; (2) change in the carrying amount of redemption liabilities; and (3) equity-settled share-based payments expenses, our adjusted net loss (non-IFRS measure) was RMB23.7 million, RMB23.7 million and RMB8.9 million in 2023, 2024 and
Business · p. 161
The use of such 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 Accounting Standards.
We define ‘‘adjusted net profit (a non-IFRS measure)’’ as profit for the year adjusted for listing expenses.
Summary · p. 8
The non-IFRS measure should not be considered in isolation or construed as alternatives to their most directly comparable financial measures prepared in accordance with the IFRS.
After elimination of the effects of listing expenses, gains or loss in connection with puttable shares liabilities and share-based compensation, in 2023, 2024 and 2025, our adjusted net loss (non-HKFRS measure) was RMB13.5 million, RMB7.0 million and RMB9.3 million, respectively.
Business · p. 208
Our adjusted loss (non-HKFRS measure) for the three years ended was RMB13.5 million, RMB7.0 million and RMB9.3 million respectively.
We define adjusted net profit/(loss) as loss for the year/period adjusted by adding back (i) [REDACTED], which are expenses incurred in relation to this [REDACTED], (ii) share-based payment expenses, which are primarily non-cash in nature, and (iii) interest on redemption right liabilities, which is related to the preferential rights granted to certain Pre-[REDACTED] Investors and is non-cash in nature, and the redemption right liabilities will be reclassified to equity of our Company upon the completion of the [REDACTED].
Summary · p. 8
Adjusted net profit/(loss) for the year (non-HKFRS measure) | (57,362) | (27,680) | 7,283 | (14,159) | (17,453)
Summary · p. 9
Although we recorded adjusted net profit (non-HKFRS measure) of RMB7.3 million in 2025 and adjusted net loss (non-HKFRS measure) of RMB17.5 million for the three months ended March 31, 2026, our results for the first quarter were affected by our customers’ business cycles.
(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.