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.
Summary · p. 7
We define adjusted net profit or loss (non-IFRS measure) as loss for the year adjusted by adding back [REDACTED] expenses, equity-settled share-based payments expenses and accretion of redemption liabilities.
Financial Information · p. 206
However, our presentation of adjusted net profit or loss (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
To supplement our consolidated statements of profit or loss presented in accordance with IFRS, we also use adjusted net profit (Non-IFRS measure), which are not required by, or presented in accordance with IFRS and such presentation facilitates a comparison of our operating performance by eliminating the impact of certain expenses to allow investors to consider metrics used by our management.
Summary · p. 4
According to the relevant requirements under IFRS 2 share-based payments, the cash dividend of RMB81,357,000 and the fair value of RMB158,950,000 for 29,546,551 issued shares was charged to the consolidated income statements.
We define adjusted net loss (Non-IFRS Measure) for the year as net loss for the year adjusted by adding back (i) interests on redemption liabilities, (ii) modification of redemption liabilities and (iii) [REDACTED] expenses.
Summary · p. 5
Our adjusted net loss (Non-IFRS Measure) increased by 5.0% from 2023 to 2024, but declined by 61.4% from 2024 to 2025, reflecting a markedly accelerated pace of reduction.
Summary · p. 6
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.
We define adjusted net (loss)/profit (non-IFRS measure) as loss for the year adjusted for share-based compensation expenses, fair value changes of convertible redeemable preferred shares, [REDACTED] and exchange loss resulting from our one-off refund payments to certain preferred shareholders in 2025.
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.
Summary · p. 7
Our adjusted net loss (non-IFRS measure) was RMB31.5 million in 2023, and we recorded adjusted net profit (non-IFRS measure) of RMB66.3 million and RMB107.3 million in 2024 and 2025, respectively.
We define adjusted profit/(loss) for the year (a non-IFRS measure) as loss for the year adjusted for listing expenses and share-based compensations (a non-cash item).
Summary · p. 6
Our share-based compensation increased from RMB14.8 million in 2023 to RMB84.8 million in 2024.
Financial Information · p. 191
We recorded a relatively lower share-based compensation in 2023, primarily due to the reassessment and extension of the vesting period for certain grants.
We define adjusted net profit (non-IFRS measure) as profit for the year adjusted by adding back listing expenses in relation to our prior PRC listing plan and the Global Offering.
Summary · p. 12
Our net profit further decreased from RMB21.5 million in 2024 to RMB9.2 million in 2025, primarily due to the recognition of one-off listing expenses of RMB15.7 million incurred in connection with the Global Offering in 2025.
We define adjusted net profit (non-HKFRS measure), as profit for the year adding listing expenses.
Summary · p. 10
To supplement our consolidated statements of profit or loss and other comprehensive income presented in accordance with HKFRS Accounting Standards, we also use adjusted net profit (non-HKFRS measure), as an additional financial measure, which is not required by, or presented in accordance with HKFRS Accounting Standards.
Financial Information · p. 237
However, the use of non-HKFRS measure 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 HKFRS Accounting Standards.
We define adjusted net loss (non-IFRS measure) as loss for the year adjusted by adding back share-based payment expenses and [REDACTED] expenses.
Summary · p. 10
We believe that the non-IFRS measures facilitate comparisons of operating performance from period to period and company to company.
Summary · p. 10
The uses of the non-IFRS measures 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.
To supplement our consolidated financial statements which are presented in accordance with the IFRS, we also use certain non-IFRS measure, namely, adjusted net profit (non-IFRS measure), as an additional financial metric.
Summary · p. 5
We believe that it facilitates comparison of our operating performance by eliminating potential impacts of [REDACTED], which are non-recurring and non-operating in nature, and presents our management and our Shareholders and potential [REDACTED] alike with useful information for understanding and evaluating our consolidated results of operations.
We define adjusted loss (non-HKFRS measure) as loss for the year adjusted by adding back (i) loss from changes in fair value of financial liabilities at FVTPL, (ii) [REDACTED], and (iii) share-based payments.
Financial Information · p. 226
Adjusted loss (non-HKFRS measure) for the year | (14,658) | (12,663)
Financial Information · p. 227
The use of the non-HKFRS 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 condition as reported under HKFRS Accounting Standards.
We define adjusted net profit (non-IFRS measure) as profit excluding the effects of [REDACTED] with respect to the [REDACTED].
Summary · p. 9
The use of the non-IFRS measure has material limitations as an analytical tool, and you should not view it in isolation or as a substitute for our profit for the year or any other operating performance measure that is calculated in accordance with IFRS.
Financial Information · p. 199
Our adjusted net profit (non-IFRS measure) increased from RMB112.7 million in 2023 to RMB141.7 million in 2024, primarily due to an increase in our overall gross profit.
We define adjusted net profit (non-IFRS measure) as profit for the year adding back (i) [REDACTED], (ii) equity-settled share-based payment expenses, and (iii) interest expenses on redemption liabilities on ordinary shares incurred for the same year.
Summary · p. 5
Equity-settled share-based payment expenses related to Incentive Shares we granted to our eligible employees and Directors under our equity-settled share incentive plan, which are non-cash in nature.
Financial Information · p. 211
Interest expenses on redemption liabilities on ordinary shares related to issuance of shares to a [REDACTED] Investor in 2022, which are non-cash in nature.
We define adjusted net loss (non-IFRS measure) as net loss for the year adjusted by adding back share-based payments and [REDACTED] expenses.
Financial Information · p. 226
The use of such 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 loss (non-IFRS measure) as net loss adjusted by adding back share-based compensation expenses and listing expenses.
Summary · p. 11
The use of the 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 conditions as reported under IFRS.
Summary · p. 11
Our net loss and adjusted net loss (non-IFRS measure) narrowed from RMB180.6 million in 2023 to RMB160.9 million in 2024, primarily attributable to the higher gross profits of (i) autonomous driving software solutions, primarily attributable to an increase in the revenue from autonomous driving software solutions resulting from an increase in average contract value of our autonomous driving software solutions; and (ii) our autonomous driving kit solutions, primarily attributable to an increase in the revenue from autonomous driving kit solutions in relation to an increase in the number of customers and average contract value.
To supplement our consolidated financial statements prepared in accordance with IFRS, we also use adjusted net (loss)/profit (non-IFRS measure) and adjusted EBITDA (non-IFRS measure).
Summary · p. 9
[REDACTED] expenses are added back because they are directly attributable to the [REDACTED], non-recurring and not reflective of our underlying operating performance.
Summary · p. 9
However, these non-IFRS measures may not be directly comparable to similarly titled measures used by other companies and should not be considered 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)/profit (non-IFRS measure) as (loss)/profit for the year adjusted for share-based payments expenses and listing expenses.
Summary · p. 6
To supplement our consolidated financial statements which are presented in accordance with the IFRS Accounting Standards, we also use adjusted net (loss)/profit (non-IFRS measure) as additional financial measure, which is not required by, or presented in accordance with, the IFRS Accounting Standards.
We define adjusted net loss (non-IFRS measure) as loss for the year adjusted for share-based payment expenses and listing expenses.
Financial Information · p. 220
Our adjusted net loss (non-IFRS measure) increased from RMB52.3 million in 2024 to RMB86.6 million in 2025, primarily due to an increase to RMB152.9 million in loss for the year, primarily as a result of an increase to RMB85.3 million in administrative expenses, an increase to RMB70.8 million of research and development expenses, and an increase to RMB26.2 million in other expenses, partially offset by an increase to RMB96.2 million in gross profit, as adjusted by the share-based payment expenses of RMB49.7 million and the listing expenses of RMB16.6 million.
We define adjusted net profit (non-HKFRS measure) as profit for the year adjusted by adding back (i) equity-settled share award expenses and (ii) [REDACTED].
Summary · p. 11
Equity-settled share award expenses arise from granting share-based payment to selected employees, the amount of which is non-cash in nature.
Summary · p. 11
In 2023, 2024 and 2025, our adjusted net profit (non-HKFRS measure) amounted to RMB156.0 million, RMB304.3 million and RMB409.1 million, respectively.
To supplement our consolidated financial statements prepared in accordance with IFRS Accounting Standards, we also use adjusted (loss)/profit for the year (non-IFRS measure) as an additional financial measure.
Financial Information · p. 217
(i) Fair value adjustments of biological assets were excluded as such changes represent non-cash, non-operating measurement differences arising from the valuation of biological assets under IAS 41.
Financial Information · p. 217
Our Directors consider that the above adjustments remove the effects of items that do not reflect our current operating activity or cash generation.
Adjusted net loss (non-IFRS measure) | (266,313) | (237,868) | (273,907)
Summary · p. 4
We adjust interest on redemption liabilities because it is a non-cash and non-operating item.
Summary · p. 5
We adjust [REDACTED] expenses because it is considered non-recurring, one-off [REDACTED] expenses rather than part of the our ordinary operating performance.