Hong Kong IPO disclosure precedents · 192 companies, 193 items
deterioration after the track record period (lower revenue or margin, loss of a major customer or supplier, regulatory change), or an expected loss for the current year
however, despite our continued efforts in improving our operational efficiency during the Track Record Period, we expect to record a net loss for the year ending December 31, 2026 which is expected to be affected by a number of factors including (i) research and development expenses, as we will continue to devote resources to researching new solutions, new risk scenarios and cutting-edge technologies; and (ii) the listing expenses.
Summary · p. 22
Our Directors have confirmed that, up to the date of this prospectus, there has been no material adverse change in our financial or trading position or prospects since December 31, 2025, being the end date of our latest audited consolidated financial statements
We expect to remain loss-making and net operating cash outflow position in 2026, primarily because we expect to continuously invest in our research and development activities in order to stay competitive to capture opportunities arising from the rapid development of AI technologies.
Summary · p. 17
Our Directors have confirmed that, up to the date of this prospectus, there has been no material adverse change in our financial or trading position or prospects since December 31, 2025, being the end date of our latest audited financial statements, and there has been no event since December 31, 2025 that would materially affect the information shown in the Accountants’ Report set out in Appendix I to this prospectus.
Based on the unaudited financial information, during the four months ended April 30, 2026, we recorded a decrease in revenue from the provision of decision intelligence solutions, primarily attributable to the decrease in completed projects as compared to the corresponding period in 2025.
Financial Information · p. 248
there had been no material adverse change in our financial or trading position or prospects since December 31, 2025
We expect to incur an increased net loss for the year ending December 31, 2026, primarily due to an increase in finance cost and an increase in research and development costs and administrative expenses as a result of our progress in clinical trial and the expansion of our R&D team.
Our net profit/(loss) for the period between January 1, 2026 and the Latest Practicable Date experienced downward pressure from factors including (i) increasing battery cell prices, (ii) reduction in export tax rebate rate effective April 1, 2026 in accordance with rules and regulations promulgated jointly by China’s Ministry of Finance and the SAT, (iii) increased share-based payment, (iv) lower average selling price in line with prevailing industry-wide pricing trend, and (v) [REDACTED] expenses. We expect that our net profit/(loss) for 2026 may decline compared to 2025.
Summary · p. 18
Save as disclosed above, after due and careful consideration, our Directors confirm that, as of the date of the document, there has been no material adverse change in our financial and trading position or prospects since December 31, 2025, and there is no event since December 31, 2025 which would materially affect the information shown in the Accountants’ Report set out in Appendix I to this document.
We expect to record an increase in net loss in 2026, primarily due to (i) our continued investment in R&D as we advance the development of our drug candidates, and (ii) an increase in share-based payment expenses.
Summary · p. 12
Our Directors confirm that, up to the date of this prospectus, there has been no material adverse change in our operations, financial performance, market position or prospects since December 31, 2025, being the end date of the periods reported on in the Accountants’ Report in Appendix I to this prospectus, and there is no event since December 31, 2025 that would materially affect the information as set out in the Accountants’ Report in Appendix I to this prospectus.
As a result, we expect to continue to incur an increase in net loss in 2026. Such expected increase in net loss is primarily attributable to (i) continued research and development expenses incurred in connection with the advancement of our core products, including ongoing Phase III clinical trials, related follow-up activities and preparation for regulatory submissions, (ii) increased expenditures associated with NDA filing and CMC-related work as our core products progress towards commercialization and (iii) continued investment in pipeline expansion, including the development of additional indications and earlier-stage candidates, as well as the related increase in R&D personnel costs.
Summary · p. 14
After performing sufficient due diligence work which our Directors consider appropriate and after due and careful consideration, our Directors confirm that, up to the date of this Document, there had been no material adverse change in our financial or trading position or prospects since March 31, 2026, being the end date of the periods reported in Appendix I to this Document, and there is no event since March 31, 2026 that would materially affect the information as set out in the Accountants’ Report in Appendix I to this Document.
Despite the continuous growth in our business scale, we anticipate continuing to record a net loss for the year ending December 31, 2026, primarily because (i) we expect an increase in our administrative expenses primarily attributable to professional service fees related to the Global Offering and an increase in staff costs in line with our overall business growth, (ii) we expect an increase in our selling and distribution expenses as we continuously invest in marketing systems and brand promotion in order to develop new customers, and (iii) we expect an increase in research and development expenses as we continue to attract and retain research and development talent.
Summary · p. 13
We also anticipate continuing to have net cash used in operating activities for the year ending December 31, 2026.
As we strive to advance our drug pipeline and enhance our research and development capabilities, we expect to continue recognizing a significant increase in net losses in 2026, primarily due to (i) the increase in R&D expenses driven by (a) the increase in the testing and technical service costs and material expenses as we continue to advance clinical development of drug candidates, and (b) the increase in staff costs due to an increase in R&D headcount, as well as share-based payment expenses; and (ii) the increase in administrative expenses due to an increase in the number of administrative personnel and an overall increase in salaries and bonuses as well as share-based payment expenses, to support our platform development and preparation for future commercialization.
In the three months ended 31 March 2026, we experienced a slight decrease in revenue compared to the same period in 2025, primarily due to a decrease in revenue from smart home solutions driven by increased competition in the home service robot sector and reduced market demand for smart meters.
Summary · p. 14
Our Directors have confirmed that, since 31 December 2025 and up to the date of this Document, there has been no material adverse change in our financial or trading position or prospects and no event has occurred that would materially affect the information shown in our financial information set forth in the Accountants' Report included in Appendix I to this Document.
We expect certain decreases in revenue generated from display chip products and gross profit margin in 2026, together with a shift in product mix, primarily attributable to our strategic focus on the development chip products in relation to automotive industry.
We expect our net loss (non-IFRS measure) in 2026 to increase as compared with 2025, primarily because we are incurring significant investments in product iteration for our nextgeneration products.
For the three months ended March 31, 2026, we recorded a net loss, primarily due to (i) significant fluctuations in gold prices, the time lag in passing increased costs on to customers and lower capacity utilization as a result of insufficient order volume, which in turn increased unit depreciation and labor costs and led to a decline in gross profit and (ii) increased R&D expenses, share-based compensation expenses and foreign exchange losses as compared with the corresponding period in 2025, which further contributed to the decline in profitability.
Summary · p. 12
Since then, gold price fluctuations moderated and our utilization rates also improved.
Summary · p. 12
Saved as disclosed above, our Directors confirmed that, as of the date of this document, there has been no material adverse change in our financial position since December 31, 2025 and up to the Latest Practicable Date, and there has been no event since December 31, 2025 that would materially affect the information as set out in ‘‘Appendix I — Accountants’ Report’’ to this document.
Although we record revenue in 2025, we still anticipate incurring significant net loss for the year ending December 31, 2026, primarily attributable to (i) the changes in fair value of our preferred shares; and (ii) an increase of our research and development expenses as we further advance the development of our drug candidates.
In addition, we expect to incur net loss in 2026 because we are still in the ramp-up stage and expect to continue to make significant R&D investment, and we also expect to incur one-off share-based payment expenses in 2026.
We expect to incur a significant increase in net loss in 2026 compared to 2025, primarily because (i) we anticipate recognizing substantial fair value losses on convertible redeemable preferred shares in connection with our Preferred Shares as a result of the [REDACTED], and (ii) we will continue to incur significant costs and expenses related to our R&D activities as we advance our Core Product and other pipeline candidates.
In May 2026, during an internal tax review process and following a series of communications with relevant tax authority, we made supplementary enterprise income tax payments of RMB348 million, late payment surcharges of RMB176 million and an additional enterprise income tax payment of fiscal year 2025 of RMB232 million.
Summary · p. 13
After performing sufficient due diligence work which our Directors consider appropriate and after due and careful consideration, our Directors confirm that, save as disclosed above, up to the date of this document, there has been no material adverse change in our financial or trading position or prospects since December 31, 2025, which is the end date of the periods reported on in the Accountants’ Report included in Appendix I to this document, and there is no event since December 31, 2025 that would materially affect the information as set out in the Accountants’ Report included in Appendix I to this document.
Based on the latest information currently available to us, we currently expect to continue to record a substantial net loss in 2026 despite the fact that the price of ethanol is gradually recovering, and our capacity utilization rate is also improving in the first quarter of 2026.
We expect to record net losses for the years ending December 31, 2026 and 2027, primarily attributable to significant costs and expenses associated with driver engagement and retention, commissions paid to aggregation platforms, technology and operational enhancements and research and development activities.
Summary · p. 13
Our Directors have confirmed that, up to the date of this document, there has been no material adverse change in our financial or trading position or prospects since December 31, 2025, being the end date of our latest audited financial statements