In order to supplement our consolidated statement of profit or loss and other comprehensive income, which is presented in accordance with IFRS Accounting Standards, we use adjusted net (loss)/profit for the year (non-IFRS measure), which was defined as loss for the year adjusted by adding back changes in carrying value of redemption liabilities, [REDACTED] and equity-settled 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.
Summary · p. 9
We also recorded adjusted net profit (non-IFRS measure) of RMB36.5 million in 2025, demonstrating the successful commercialization of our products and the scalability of our business model.
We define adjusted net profit (non-IFRS measure), as profit and total comprehensive income for the year less fair value change of financial liabilities at FVTPL and also adjusted for [REDACTED] expenses.
Summary · p. 9
In 2023, 2024 and 2025, we recorded adjusted net profit (non-IFRS measure) of RMB65.8 million, RMB48.4 million and RMB65.2 million, respectively.
Financial Information · p. 201
However, the use of non-IFRS measures has limitations as an analytical tool, and you should not consider them in isolation from, or as a substitute for analysis of, our results of operations or financial conditions as reported under IFRS.
We define adjusted net profit or loss (Non-IFRS measure) as loss for the years adjusted by adding back (i) share-based compensations expenses, which are non-cash and non-operating in nature; (ii) fair value change of financial assets at fair value through profit or loss, which are non-cash and non-operating in nature; (iii) fair value changes of preferred shares non-recurring and non-cash in nature; and (iv) fair value changes of warrants, which are non-cash in nature.
Summary · p. 7
Nonetheless, we recorded adjusted loss (non-IFRS measure) of RMB268.6 million, RMB57.2 million in 2023 and 2024, respectively, and we recorded adjusted profit (non-IFRS measure) of RMB10.1 million in 2025.
We believe that such non-IFRS measure facilitate comparisons of operating performance from period to period and company to company by eliminating potential impacts of certain items and provides useful information to [REDACTED] and others in understanding and evaluating our performance in the same manner as they help our management.
Summary · p. 6
We define adjusted net loss (non-IFRS measure) as loss for the year adjusted for (1) equity-settled share-based payments, and (2) [REDACTED].
We define adjusted net loss as loss for the year adjusted by adding back interest on redemption liabilities.
Summary · p. 9
During the Track Record Period, we did not recognize any [REDACTED] or share-based payment compensation, and accordingly no further adjustment was made to EBITDA.
We recorded an adjusted net profit (non-HKFRS measure) of RMB[REDACTED] in 2023 (after adjusting for [REDACTED] expenses and share-based payment expenses), and an adjusted net loss (non-HKFRS measure) of RMB[REDACTED] in 2024.
Summary · p. 7
We believe that such non-HKFRS measure facilitates comparisons of operating performance from period to period by eliminating potential impacts of certain items and provides useful information to [REDACTED] and others in understanding and evaluating our consolidated results of operations in the same manner as they help our management.
(iii) adjusted net (loss) profit (non-IFRS measure) as (loss) profit for the year adjusted by adding back interest on redemption liabilities
Summary · p. 8
Adjusted net (loss) profit | (41,137) | 28,694 | 34,155
Summary · p. 9
The use of these 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 loss (non-IFRS measure) as loss for the year adjusted by finance costs associated with shares with preferential rights, [REDACTED] expenses, and equity-settled share award schemes expenses.
Financial Information · p. 194
However, such non-IFRS financial measures as we presented may not be directly comparable to similar measures presented by other companies.
To supplement our consolidated financial statements, which are presented in accordance with IFRS Accounting Standards, we also use adjusted profit/(loss) for the year (non-IFRS measure) as an additional financial measure, which is not required by, or presented in accordance with, IFRS Accounting Standards.
Financial Information · p. 204
We believe that adjusted profit/(loss) for the year (non-IFRS measure) provides useful information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as they help our management.
(i) change in fair value of paid-in capital with preferred rights, which does not arise from our ordinary course of business and is a non-cash fair value change related to our preferred rights capital instruments, which was converted on equity upon the termination of such preferred rights on September 30, 2025; and (ii) [REDACTED] expenses, which are one-off expenses related to the [REDACTED].
Summary · p. 7
Without considering changes in fair value of paid-in capital with preferred rights and [REDACTED] expense, our adjusted net loss (non-IFRS measure) would have been RMB108.8 million, RMB95.3 million and RMB129.9 million in 2023, 2024 and 2025, respectively.
To supplement our consolidated financial statements prepared in accordance with IFRS, we also use certain non-IFRS measures, including EBITDA, adjusted net profit (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.
Financial Information · p. 125
We define adjusted net profit as profit for the year, adjusted for equity settled share-based payments, which are non-cash in nature.
Financial Information · p. 125
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 net loss (non-IFRS measures) as loss for the year, adjusted for changes in fair value of preferred shares and [REDACTED] expense.
Summary · p. 9
While we recorded a significant increase in net loss in 2025, our adjusted net loss (non-IFRS measures), which excluded the impact of the change in fair value of preferred shares and [REDACTED] expenses, narrowed in 2025 as compared to 2024 and 2023 on an year-over-year basis.
We define adjusted profit for the year (a non-IFRS measure) as profit for the year adjusted for [REDACTED].
Financial Information · p. 200
Our adjusted profit for the period (a non-IFRS measure) increased from RMB60.4 million in the year ended 31 December 2024 to RMB74.3 million in the year ended 31 December 2025, primarily due to improved profitability.
To supplement our consolidated financial statements, which are presented in accordance with IFRS Accounting Standards, we use adjusted loss for the year (non-IFRS measure) as an additional financial measure, which is defined as loss and total comprehensive expense for such year adjusted by adding back (i) loss on fair value changes of financial liabilities at fair value through profit or losses, and (ii) [REDACTED].
Summary · p. 5
Our adjusted loss for the year (non-IFRS measure) decreased significantly by 95.0% from RMB88.1 million in 2023 to RMB4.4 million in 2024 and increased to RMB10.9 million in 2025.
Our adjusted net loss (Non-IFRS measure) as a percentage of revenue narrowed during the Track Record Period.
Summary · p. 9
Adjusted net loss (non-IFRS measure) | (98,559) | (216,408) | (230,815)
Summary · p. 10
The application of the 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 Accounting Standards.
We define adjusted net loss (non-IFRS measure) as net loss for the year adjusted by adding back share-based payment expenses and [REDACTED] incurred in connection with the [REDACTED].
Summary · p. 7
Our adjusted net loss (non-IFRS measure) was RMB143.3 million, RMB243.1 million and RMB283.2 million in 2023, 2024 and 2025, respectively.
Summary · p. 8
As we remained in the ramp-up phase of our business and continued to invest in expanding our operations, we recorded net losses of RMB209.8 million in 2023, RMB243.1 million in 2024 and net loss of RMB336.6 million in 2025.
We define adjusted net loss (non-IFRS measure) as loss for the year adjusted by adding back interest expenses on redemption liabilities and share-based payment.
Financial Information · p. 239
The use of this non-IFRS measure as an analytical tool has limitations, 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.
To supplement our financial information, which is presented in accordance with IFRS Accounting Standards, we also provide adjusted net profit (non-IFRS measure) as an additional financial measure, which is not presented in accordance with IFRS Accounting Standards ("non-IFRS measure").
Financial Information · p. 185
We define adjusted net profit (non-IFRS measure) as profit for the year adjusted by adding back [REDACTED] expenses.
Financial Information · p. 185
However, this non-IFRS measure has inherent limitations as an analytical tool and should not be considered in isolation or as a substitute for our results of operations or financial condition presented in accordance with IFRS Accounting Standards.
We define adjusted net profit (non-IFRS measure) as profit for the year adjusted for (1) equity-settled share-based payment and (2) [REDACTED] expenses.
Summary · p. 7
After adjustment of equity-settled share-based payment and [REDACTED] expenses, our adjusted net profit (non-IFRS measure) continued to improve during the Track Record Period, amounting to RMB39.2 million, RMB59.2 million and RMB63.3 million in 2023, 2024 and 2025, respectively.
Summary · p. 7
The use of these non-IFRS measures have limitations as analytical tools, and you should not consider them in isolation from, or as substitutes for analysis of, our results of operations or financial condition as reported under IFRS Accounting Standards.