We define adjusted net loss (non-IFRS measure) as loss and total comprehensive loss for the year adjusted by adding back share-based payment compensation and [REDACTED] expense.
Summary · p. 6
To supplement our consolidated financial statements, which are presented in accordance with IFRSs, we also use adjusted net loss (non-IFRS measure) and adjusted EBITDA (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with, IFRS.
We define adjusted net loss (non-IFRS measure) as loss for the year/period adjusted for equity-settled share-based payments, fair value changes on financial liabilities at FVTPL and [REDACTED] expenses.
Summary · p. 11
Adjusted net loss for the year (non-IFRS measure) | (130,433) | (151,274)
Financial Information · p. 221
We believe that such non-IFRS measure facilitates comparisons of operating performance from period to period and company to company by eliminating potential impact 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.
We define adjusted net profit (Non-IFRS measure) as profit for the periods adjusted by adding back (i) sharebased payments, which are non-cash in nature, and (ii) listing expenses, which relate to the Global Offering.
In light of the foregoing factors and adjustments, our Directors are of the view that the loss for the year does not accurately represent our underlying financial performance.
Financial Information · p. 231
Our adjusted net loss (non-IFRS measure) amounted to RMB99.1 million, RMB30.2 million and RMB23.8 million in 2023, 2024 and 2025, respectively.
Summary · p. 8
However, our presentation of adjusted net loss (non-IFRS measure), EBITDA (non-IFRS measure) and adjusted EBITDA (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
We define adjusted net loss (Non-IFRS measure) as net loss adjusted by adding back (i) share-based payment expenses, including share-based payment expenses to employees, consultants and an investor, (ii) fair value changes of financial instruments issued to investors, and (iii) listing expenses.
Summary · p. 18
Adjusted net loss (non-IFRS measure) should not be considered in isolation or construed as an alternative to net loss or any other measure of performance or as an indicator of our operating performance.
We define adjusted net profit (non-IFRS measure) for the period as net profit for the period adjusted by adding back share-based payment, financial cost on financial instruments with preferred rights at amortised cost and [REDACTED] expenses.
Summary · p. 9
However, such non-IFRS measures that we presented may not be directly comparable to similar measures presented by other companies.
We define adjusted net loss for the year from continuing operations (non-HKFRS measure) as net loss for the year from continuing operations adjusted by adding back (i) professional fees in relation to previous listing attempt, (ii) [REDACTED], (iii) share-based payment expenses, and (iv) interest accrued on liabilities from special shareholder rights.
Financial Information · p. 219
However, such non-HKFRS financial measure may not be directly comparable to similar measures presented by other companies, and you should not consider it in isolation form or as a substitute for our results of operations or financial condition as reported under HKFRS.
We define adjusted net profit (non-IFRS measure) as net profit for the period adjusted by adding back equity-settled share-based payment expenses, losses on changes in fair value of financial liabilities, and listing expenses, and adjusted net profit margin (non-IFRS measure) as adjusted net profit (non-IFRS measure) divided by revenue.
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 a substitute for an analysis of, our results of operations or financial condition as reported under IFRS.
We define adjusted net profit (non-HKFRS financial measure) as profit for the year adding back (i) change in fair value of redemption liabilities on equity shares, (ii) equity-settled share-based payment expenses, and (iii) [REDACTED] expenses.
Financial Information · p. 220
Adjusted net profit, a non-HKFRS financial measure | 65,325 | 86,660 | 82,925
Summary · p. 10
The presentation of these non-HKFRS financial measures is not intended to be considered in isolation or as substitutes for the financial information prepared and presented in accordance with HKFRS.
We define adjusted profit for the year (non-IFRS measure) as profit for the year adjusted by adding back [REDACTED], which represents the professional service fees, [REDACTED] and other fees incurred in connection with the [REDACTED].
Summary · p. 5
Adjusted profit for the year (non-IFRS measure) | 36,799 | 66,111 | 75,962
Summary · p. 5
We believe that such non-IFRS measure, when presented in conjunction with the corresponding IFRS measures, provides useful information to [REDACTED] and our management in facilitating a comparison of our operating performance from year to year by eliminating the impacts of certain items.
We define our adjusted net (loss)/profit (non-IFRS measure) as loss for the year adjusted by adding back (i) share-based compensation expenses, (ii) changes in the carrying amount of redemption liabilities, and (iii) listing expenses.
Summary · p. 7
This item is non-cash in nature, as all the preferred shares of the Company will be automatically converted into ordinary shares upon the completion of the Listing.
Summary · p. 7
On a non-IFRS basis we achieved adjusted net profit (non-IFRS measure) of RMB57.1 million in 2025, reflecting improving scale benefits.
We define adjusted net profit (non-HKFRS measure) as profit excluding the effects of share-based payments expense and listing expenses.
Summary · p. 7
The use of such non-HKFRS 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 conditions as reported under HKFRS.
We define adjusted net profit/(loss) (non-IFRS measure) for the year as the profit/(loss) for the year adjusted to add back equity-settled share-based payment expenses and listing expenditures.
Summary · p. 7
Adjusted net profit/(loss) (non-IFRS measure) for the year | (249,498) | 150,205 | 3,234,932
To supplement our consolidated statements of profit or loss which are presented in accordance with IFRSs, we use adjusted net loss (Non-IFRS measure) as non-IFRS measures, which are not required by, or presented in accordance with, IFRSs.
Financial Information · p. 214
Adjusted net loss (Non-IFRS measure) | (277,551) | (496,058) | (765,693)
Financial Information · p. 215
The use of Non-IFRS measures has limitations as an analytical tool, and [REDACTED] should not consider it in isolation from, or as a 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 loss for the year adjusted by share-based compensation and [REDACTED] expenses.
Summary · p. 11
We believe that these items should be adjusted for when calculating our adjusted net loss (non-IFRS measure) in order to provide potential [REDACTED] with a complete and fair understanding of our operating results, especially in making period-to-period comparisons of, and assessing the profile of, our operating and financial performance, and making comparisons with other comparable companies with similar business operations.
Financial Information · p. 233
Adjusted net loss (non-IFRS measure) for the year | (103,194) | (89,799)
We define adjusted loss for the year (non-IFRS measure) as loss for such year adjusted by adding back (i) fair value changes of financial liabilities at fair value through profit or losses and (ii) share option schemes-value of employee services, (iii) share-based payment expense and (iv) [REDACTED] expenses.
Financial Information · p. 201
Our adjusted loss (non-IFRS measure) decreased significantly by 64.0% to RMB44.7 million in 2025, primarily due to (i) the expansion of our business scale, which drove growth in revenue and gross profit; (ii) enhanced business synergies driven by economies of scale, which contributed to growth in high-margin businesses; and (iii) our continuous optimization of operational efficiency and effective cost control.
We define adjusted net profit (non-IFRS measure) as profit for the year adjusted by adding back [REDACTED], fair value losses of financial liabilities at fair value through profit or loss and share-based compensation
Summary · p. 10
We do not expect to record any further changes in fair value of our convertible preferred shares after the [REDACTED] as such convertible preferred shares will be re-designated from liabilities to equity as a result of the automatic conversion into ordinary shares upon the [REDACTED], which is expected to turn our net liabilities position into net assets position following the [REDACTED].
Summary · p. 11
Such expenses in any specific year are not expected to result in future cash payments.
We define adjusted net profit (non-IFRS measure) as profit for the year adjusted by adding back [REDACTED], share-based payment expenses and finance cost on redemption liabilities.
Financial Information · p. 181
Share-based payment expenses are non-cash in nature, representing the arrangement under which we received services from employees as consideration for our equity instruments.
Financial Information · p. 181
Finance cost on redemption liabilities refers to the expenses we incur related to the liabilities we have assumed for the redemption of these ordinary shares.
We define the adjusted net profit (a non-IFRS measure) as profit for the year by eliminating our equity-settled share-based payment expenses. Our management considers that equity-settled share-based payment expenses are non-cash in nature and do not result in cash outflow.
Summary · p. 10
Profit for the year | 37,116 | 18,054 | 41,181
Summary · p. 10
The use of such non-IFRS measure has limitations as an analytical tool, and you should not consider it in isolation form, or as substitute for analysis of, our results of operations or financial condition as reported under IFRS.