Our adjusted net loss was RMB433.8 million, RMB609.1 million and RMB564.9 million in 2023, 2024 and 2025, respectively, and our adjusted net loss margin was 101.9%, 30.9% and 14.3%, respectively.
Summary · p. 7
We believe these measures help [REDACTED] better understand the underlying trend of our operating performance by excluding certain items that are not considered indicative of our core operations, and facilitate period-to-period comparison.
We define adjusted net loss (non-IFRS measure) as loss for the year adjusted for share-based payment expenses, [REDACTED] expenses, changes in the carrying amount of redemption liabilities, accrued financial charges of convertible notes and changes in fair value on the derivative components of convertible notes.
Summary · p. 7
Adjusted net loss (non-IFRS measure) | (242,700) | (193,987) | (204,711)
Summary · p. 7
The use of these non-IFRS measures has limitations as an analytical tool, and you should not consider them in isolation from, or as substitutes for an analysis of, our consolidated statements of profit or loss and other comprehensive income or financial condition as reported under IFRS Accounting Standards.
(i) interest expense on redemption liabilities, (ii) fair value changes of convertible loan, (iii) finance charges paid for issuance of convertible loan, and (iv) share-based compensation.
Summary · p. 13
However, our presentation of adjusted net loss (a non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
We defined adjusted net profit/loss for the year as profit/loss for the year adjusted by adding back (i) equity-settled share-based payment expenses, and (ii) fair value losses on financial liabilities at FVTPL, to profit/loss for the year.
We recorded an adjusted profit (non-IFRS) of US$390.6 million, US$500.8 million, and US$560.3 million in 2023, 2024 and 2025, respectively.
Summary · p. 9
We define our adjusted profit for the year (non-IFRS) by adding back (i) share-based compensation expenses, (ii) changes in fair value of redeemable convertible preferred shares, and (iii) [REDACTED] expenses, to profit for the year.
Financial Information · p. 250
We exclude these items because they are not expected to result in future cash payments.
We define adjusted net loss as net loss for the year adjusted by adding back equity-settled share-based payment expenses and listing expenses related to the Global Offering and adjusted net loss margin as adjusted net loss divided by revenue.
Summary · p. 8
Adjusted net loss | (55,776) | (44,675) | (26,089)
We define adjusted net profit (non-IFRS measure) as profit for the year excluding share-based payment expenses, [REDACTED] expenses and fair value change on other financial instruments.
Financial Information · p. 177
We recorded fair value change on other financial instruments of RMB28.4 million, RMB1.8 million and RMB37.0 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 183
We recorded fair value change on other financial instruments of RMB1.8 million in 2024 and RMB37.0 million in 2025, primarily due to the mandatory distribution rights attached to our ordinary shares.
We define adjusted net profit/(loss) (non-IFRS measure) as profit/(loss) for the period/year adjusted by adding back changes in fair values of financial liabilities on shares with preferential rights, [REDACTED] expenses and share-based payment expenses.
Summary · p. 11
However, our presentation of adjusted net profit/(loss) (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
We define adjusted profit for the year (a non-IFRS measure) as profit for the year adjusted for equity-settled share-based payment expenses (a non-cash item) and [REDACTED].
Summary · p. 7
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 loss (non-IFRS measure) as loss for the period adjusted for share-based payment expenses and [REDACTED].
Financial Information · p. 218
The use of such 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 the IFRSs.
To supplement our consolidated financial statements which are presented in accordance with IFRS Accounting Standards, we also use adjusted net profit (non-IFRS measure) as additional financial measure, which is not required by, or presented in accordance with IFRS Accounting Standards.
Summary · p. 9
We define adjusted net profit (non-IFRS measure) as profit for the period adjusted for equity-settled share-based payment expenses and [REDACTED].
We define adjusted net profit (non-IFRS measure) as net profit for the years adjusted by adding back share-based payment expenses.
Summary · p. 7
However, our presentation of adjusted net profit (non-IFRS measure) may not be comparable to similar item measures presented by other companies.
Summary · p. 7
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 Accounting Standards.
We believe that the presentation of such non-IFRS measure when shown in conjunction with the corresponding IFRS measures provides useful information to [REDACTED] and management in facilitating a comparison of our operating performance from period to period and company to company by eliminating potential impacts of certain items.
Summary · p. 6
However, the use of non-IFRS 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 condition as reported under IFRS.
We define our adjusted net profit (non-IFRS measure) by adding back (i) fair value changes of convertible and redeemable preferred shares, which were non-cash in nature and the convertible and redeemable preferred shares will be reclassified into equity following the [REDACTED], and (ii) share-based payment expenses, which were non-cash in nature.
Financial Information · p. 188
However, presentation of adjusted EBITDA (non-IFRS measure) and adjusted net profit (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
We define non-IFRS adjusted net loss as loss and total comprehensive loss adjusted for the impact of interest on redemption liabilities on ordinary shares and equity-settled share-based payment expenses, which are non-cash items, and [REDACTED], which are non-recurring.
Summary · p. 8
Our non-IFRS adjusted net loss further narrowed by 60.1% from RMB192.7 million in 2024 to RMB76.9 million in 2025.
Financial Information · p. 169
The use of the non-IFRS financial measure has limitations as an analytical tool, and you should not consider it isolation from, or as substitutes for analysis of, our results of operations as reported under the IFRS Accounting Standards.
The following table reconciles our adjusted profit (non-IFRS measure) for the year presented in accordance with IFRS, which is profit for the year.
Summary · p. 9
The use of these non-IFRS measures has limitations as analytical tools, and you should not consider them in isolation form, or as substitutes for analysis of, or our results of operations as reported under IFRS.
Adjusted EBITDA (non-IFRS) is calculated as EBITDA (non-IFRS) further adjusted by adding back [REDACTED] related to the [REDACTED].
Summary · p. 4
The use of the non-IFRS measure has limitations as an analytical tool, and [REDACTED] 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 define adjusted net profit (non-IFRS measure) as profit for the year adjusted for equity-settled share-based payment expenses, expenses related to previous A-share listing attempt, [REDACTED] and changes in the carrying amount of redemption liabilities.
Summary · p. 8
We believe that such non-IFRS measure facilitates comparisons of operating performance from period to period and company to company by eliminating the potential impact of items that our management does not consider to be indicative of our operating performance.
To supplement our consolidated financial information that is presented in accordance with IFRS Accounting Standards, we also use adjusted net (loss)/profit, EBITDA and adjusted EBITDA as additional financial measures, which are not required by, or presented in accordance with IFRS Accounting Standards.
Financial Information · p. 203
Non-IFRS adjusted net (loss)/profit for the year/period was calculated by taking (loss)/profit for the year and adding back (i) share-based payment compensation and (ii) [REDACTED] expenses.
Financial Information · p. 203
The use of such 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 condition as reported under IFRS Accounting Standards.
To supplement our consolidated financial statements presented in accordance with IFRS Accounting Standards, we use adjusted net (loss)/profit (non-IFRS measure), adjusted net (loss)/profit margin (non-IFRS measure), EBIT (non-IFRS measure), EBIT margin (non-IFRS measure), adjusted EBIT (non-IFRS measure) and adjusted EBIT margin (non-IFRS measure), as additional financial measures, which are not required by, or presented in accordance with IFRS Accounting Standards.
The use of non-IFRS measures has limitations as an analytical tool, and [REDACTED] 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.