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.
We define adjusted net profit (non-IFRS measure) as profit and total comprehensive income for the year adjusted by equity-settled share-based payment expenses and Listing expenses together with related income tax.
Summary · p. 7
The use of such non-IFRS measure has limitations as an analytical tool, and you should not consider them in isolation from, as a substitute for, analysis of, or superior to, our results of operations or financial condition as reported under IFRSs.
Financial Information · p. 224
Equity-settled share-based payment expenses represent the non-cash employee benefit expenses incurred in connection with our share incentive schemes.
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.
To supplement our consolidated financial statements that are presented in accordance with IFRS, we also use adjusted net profit attributable to owners of the parent (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with, IFRS.
Financial Information · p. 204
We define adjusted net profit attributable to owners of the parent (non-IFRS measure) as net profit attributable to parent for the year adjusted by adding back (i) fair value changes of redemption liabilities; (ii) share-based payment expenses; and (iii) non-recurring government grants.
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 profit for the year (non-IFRS measure) as profit for the year by adding back share-based compensation, interest expense on redemption liabilities and [REDACTED].
Summary · p. 8
Our management considers that (i) share-based compensation, which relates to restricted stock units that we granted to our employees for their contribution to us, is non-cash in nature and does not result in cash outflow, (ii) interest expense on redemption liabilities is a non-cash item and is not indicative of our operating performance, and such redemption liabilities in relation to preferred rights granted to [REDACTED] have been cancelled in full in May 2025, and (iii) [REDACTED], which relate to this [REDACTED].
We define adjusted net profit (non-IFRS measure) as profit for the year adjusted by fair value changes of financial instruments issued to investors which represent the Series A Preferred Shares issued in our equity financing and equity-settled share-based payment expenses.
Summary · p. 7
However, the term of adjusted net profit (non-IFRS measure) is not defined under IFRS.
To supplement our consolidated financial statements presented in accordance with IFRS Accounting Standards, we use adjusted profit/(loss) for the year and EBITDA as additional financial measures, which are not required by, or presented in accordance with IFRS Accounting Standards.
Financial Information · p. 203
We believe that these non-IFRS measures facilitate comparisons of operating performance from year to year and company to company and provide useful information to investors in understanding and evaluating our consolidated results of operations in the same manner as they help management.
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.
We define adjusted net loss (non-HKFRS measure) as loss for the years/periods adjusted by adding back share-based payment expenses, interest expense on redemption liabilities and [REDACTED], and deducting gain on non-substantive modification of redemption liabilities.
Financial Information · p. 212
We believe that these items should be adjusted for when calculating our adjusted net loss (non-HKFRS measure) in order to provide potential [REDACTED] with a complete and fair understanding of our operating results
Financial Information · p. 212
Adjusted net loss (Non-HKFRS Measure) for the Year | (149,142) | (104,613) | (83,268)
We define adjusted net (loss)/profit (non-IFRS measure) as net (loss)/profit for the years adjusted by adding back share-based payment expenses, which is a non-cash item, and listing expenses.
Summary · p. 6
Listing expenses | — | — | 17,426
Summary · p. 7
However, our presentation of adjusted net (loss)/profit (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
To supplement our consolidated financial statements that are presented in accordance with IFRS, we also use adjusted profit for the year (a non-IFRS measure), as an additional financial measure, which is not required by, or presented in accordance with IFRS.
Summary · p. 6
(1) Equity-settled share-based payments relate to the share awards we granted to our employees under the Share Incentive Plan and were non-cash in nature.
We use adjusted EBITDA (non-IFRS measure) and adjusted net profit (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with IFRS, to supplement our consolidated financial statements which are presented under IFRS.
Summary · p. 4
We define adjusted EBITDA (non-IFRS measure) as EBITDA (non-IFRS measure), being profit/loss for the year adjusted by income tax credit, finance costs, net, changes in the carrying amount of redemption liabilities, depreciation of property and equipment, depreciation of right-of-use assets and amortization of intangible assets, adjusted for (i) share-based compensation, which are non-cash in nature, (ii) [REDACTED] expenses in relation to the [REDACTED], and (iii) fair value losses on financial liabilities, which represent the difference between the subscription price and the fair value of the shares subscribed by specific Shareholders at the settlement date under fixed-price share subscriptions, which is non-cash in nature.
We define adjusted net loss (non-HKFRS measure) as loss for the year excluding the effects of fair value losses on convertible redeemable preferred shares, share-based payment expenses and [REDACTED] expenses.
Summary · p. 9
The adjustments have been consistently made during the Track Record Period.
We define adjusted loss for the year (non-HKFRS measure) as loss for the year adjusted for listing expenses, changes in the carrying amount of liabilities recognized for financial instruments issued to investors and equity-settled share-based payment expenses.
Summary · p. 6
The use of such non-HKFRS 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 HKFRS Accounting Standards.
We define adjusted net loss (non-HKFRS measure) as loss for the year/period adjusted by adding back (i) equity-settled share-based payments, (ii) changes in fair value of financial instruments issued to investors, and (iii) [REDACTED].
Financial Information · p. 230
In particular, the non-HKFRS measure eliminates the impact of certain expenses, including equity-settled share-based payments, changes in fair value of financial instruments issued to investors and [REDACTED].