During the Track Record Period, our fair value changes on financial liabilities at FVTPL amounted to RMB33.5 million, RMB66.1 million, and nil in 2023, 2024, 2025, respectively.
Financial Information · p. 219
Our fair value changes on financial liabilities at FVTPL increased by RMB32.6 million, or 97.3% from RMB33.5 million in 2023 to RMB66.1 million in 2024, primarily attributable to the fair value changes in our shares with preferred rights classified as financial liabilities, driven by adjustments in valuation assumptions related to our improving business outlook, higher projected performances, and increased probability of a liquidity event such as an initial public offering.
Financial Information · p. 225
In 2024, our financial position improved from net liabilities of RMB812.5 million as of December 31, 2023 to net assets of RMB260.0 million as of December 31, 2024, primarily attributable to the conversion of substantially all historical rounds of shares with preferred rights into ordinary shares of RMB1,415.7 million and additional capital contributions from shareholders, partially offset by a loss and total comprehensive expense of RMB390.6 million.
We recorded fair value losses of convertible redeemable preferred shares of RMB73.0 million, RMB76.2 million and RMB147.8 million in 2023, 2024 and 2025, respectively, resulting from the increase in fair value of convertible redeemable preferred shares.
Financial Information · p. 227
On May 30, 2025, we reached an agreement with the holders of the convertible redeemable preferred shares that we repurchased 3,454,613 Series D Preferred Shares at a total consideration of USD24,000,000 in June 2025 and the holders would not exercise the redemption rights to request us to repurchase their outstanding Preferred Shares on or before December 31, 2026.
Financial Information · p. 244
We do not expect to recognize any further fair value gain or loss on convertible redeemable preferred shares in the future upon [REDACTED].
As of December 31, 2023, 2024, 2025 and April 30, 2026, we had redemption liabilities of RMB515.9 million, RMB588.4 million, RMB580.5 million and RMB618.0 million, respectively.
Financial Information · p. 208
During the Track Record Period, we recorded interest on redemption liabilities of RMB42.2 million, RMB42.5 million and RMB41.8 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 190
While we recorded net losses during the Track Record Period primarily due to interest on redemption liabilities, our business remains sustainable and is supported by substantial growth momentum.
We recorded losses from fair value changes of financial liabilities through profit or loss of RMB83.2 million, RMB12.3 million and RMB165.3 million in 2023, 2024 and 2025, respectively, primarily attributable to changes in the valuation of our Company.
Financial Information · p. 212
Our fair value loss on financial liabilities represents changes in the carrying amount of our equity share with redemption rights issued to pre-[REDACTED] investors.
Financial Information · p. 212
We do not expect to record any further fair value losses of financial liabilities at fair value through profit or loss upon the [REDACTED] as such issuance of equity shares with redemption rights will be re-designated and reclassified from liabilities to equity as a result of the termination of the redemption rights upon the [REDACTED].
Our fair value change in financial instruments issued to investors were RMB10.3 million, RMB47.4 million and RMB238.2 million, respectively, for the years ended December 31, 2023, 2024 and 2025.
Financial Information · p. 235
The fair values of the convertible redeemable preferred shares and convertible loans measured at fair value through profit or loss are determined using the valuation technique of hybrid approach, combining the discounted cash flow method, the backsolve method and the option-pricing method.
Financial Information · p. 223
These preferred shares will be reclassified from liabilities to equity as a result of the conversion into ordinary shares upon the [REDACTED]. Subsequently, we do not expect to record any further fair value change in financial instruments issued to investors.
Our redemption liabilities amounted to RMB509.2 million, RMB597.4 million, RMB714.0 million and RMB714.1 million as of December 31, 2023, 2024, and 2025 and April 30, 2026, respectively.
Financial Information · p. 203
Upon the [REDACTED], the preferential rights attached to these shares will be automatically terminated, and the corresponding redemption liabilities will be derecognized and reclassified as equity.
Financial Information · p. 203
We recorded changes in the carrying amount of the redemption liabilities of RMB124.7 million, RMB88.2 million and RMB177.9 million in 2023, 2024 and 2025.
Our fair value losses on convertible redeemable preferred shares amounted to RMB232.7 million, in 2024, as compared to fair value losses on convertible redeemable preferred shares of RMB25.7 million in 2025, respectively.
Financial Information · p. 240
Convertible redeemable preferred shares amounted to RMB2,747.1 million and RMB2,772.8 million as of December 31, 2024 and 2025, respectively.
Financial Information · p. 250
Our fair value losses on convertible redeemable preferred shares decreased from RMB232.7 million in 2024 to RMB25.7 million in 2025, reflecting changes in the fair value of our Preferred Shares.
We recorded changes in the carrying amount of redemption liabilities of negative RMB19.0 million, negative RMB18.1 million and negative RMB28.7 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 190
Such financial liabilities are measured at the higher of: (i) the investment amount paid by the investors plus an annual simple interest rate of 8% for the period commencing from the investment payment date to the redemption settlement date; and (ii) the fair value of the Company corresponding to the proportion of registered capital put by the investors.
Financial Information · p. 190
The redemption liabilities will be reclassified from liabilities to equity upon [REDACTED].
During the Track Record Period, we recognized fair value changes of convertible redeemable preferred shares of RMB55.0 million, RMB35.4 million and RMB14.0 million in 2023, 2024 and 2025, respectively, representing losses recorded in our consolidated statements of profit or loss.
Financial Information · p. 202
The convertible redeemable preferred shares will be automatically converted into Ordinary Shares immediately before the closing of the [REDACTED], and accordingly no further fair value changes will be recognized after the [REDACTED].
Financial Information · p. 202
Our convertible redeemable preferred shares amounted to RMB1,574.9 million, RMB1,634.1 million and RMB1,611.7 million as of December 31, 2023, 2024 and 2025, respectively.
We had redemption liabilities of RMB917.3 million, RMB1,062.4 million, RMB1,207.4 million and RMB818.1 million as of December 31, 2023, 2024 and 2025 and April 30, 2026, respectively.
Financial Information · p. 242
We recognized our obligation to pay cash to those investors with redemption right as financial liabilities, because not all triggering events in the relevant agreements are within our control.
Financial Information · p. 242
We had change in the carrying amount of redemption liabilities of RMB145.1 million, RMB145.1 million and RMB145.1 million in 2023, 2024 and 2025, respectively.
our puttable shares liabilities will be re-designated from liabilities to equity as a result of the automatic conversion into ordinary shares and our position of net current liabilities would turn into net current assets upon Listing.
Financial Information · p. 306
Upon the execution of shareholders’ agreement following series B financing, the agreed return rate payable by the Company for previously issued contingently redeemable preferred shares upon exercise of repurchase right was reduced, we therefore recognized a gain on modification of puttable shares liabilities in 2023.
We define adjusted net profit/(loss) as loss for the year/period adjusted by adding back (i) [REDACTED], which are expenses incurred in relation to this [REDACTED], (ii) share-based payment expenses, which are primarily non-cash in nature, and (iii) interest on redemption right liabilities, which is related to the preferential rights granted to certain Pre-[REDACTED] Investors and is non-cash in nature, and the redemption right liabilities will be reclassified to equity of our Company upon the completion of the [REDACTED].
Summary · p. 8
Interest on redemption right liabilities relates to the preferential rights granted to certain Pre-[REDACTED] Investors and is non-cash in nature, and the redemption right liabilities will be re-classified to equity of our Company upon the completion of the [REDACTED].
Our redemption liabilities on ordinary shares decreased from RMB1,712.6 million as of December 31, 2024 to nil as of December 31, 2025, primarily due to the irrevocable termination of the general redemption rights granted to the shareholders and the redemption liabilities on ordinary shares were credited to other reserve.
Our other gains/losses, net primarily consisted of fair value gains/(losses) on financial assets at fair value through profit or loss (FVTPL), fair value gains/(losses) on financial liabilities at FVTPL, gains/(losses) on disposal of property, plant and equipment, and donations.
Financial Information · p. 173
Our net other gains decreased by 85.3% from RMB12.8 million in 2024 to RMB1.9 million in 2025, primarily attributable to repurchase of preferred shares in 2025.
Financial Information · p. 179
We recorded net gains of RMB12.8 million in 2024 as compared to net losses of RMB7.5 million in 2023, primarily attributable to repurchase of preferred shares in 2024.
Our redemption liabilities arise from the redemption right granted to our Pre-[REDACTED] Investors, which amounted to RMB214.2 million, RMB214.4 million and RMB218.3 million as at December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 232
We recorded fair value changes of our redemption liabilities of RMB3.2 million, RMB0.3 million and RMB3.9 million in FY2023, FY2024 and FY2025, respectively, arising from the redemption rights granted to our Pre-[REDACTED] Investors.
Financial Information · p. 214
Under this agreement, all the Special Rights are terminated effective on the date of signature.
As of December 31, 2023, 2024, 2025 and April 30, 2026, our redemption liabilities were RMB327.1 million, RMB301.5 million, RMB320.1 million and RMB326.3 million, respectively.
Financial Information · p. 229
In 2023, 2024 and 2025, changes in carrying amount of redemption liabilities were RMB23.7 million, RMB21.1 million and RMB18.6 million, respectively, accounting for 1.1%, 0.9% and 0.7% of our total revenue in the same years, respectively.
Financial Information · p. 214
Under this conversion feature, all preferred rights of the holders of preferred shares will be terminated and the preferred shares will be automatically converted into ordinary shares upon the completion of the [REDACTED].
Our redemption liabilities primarily relate to our obligations arising from certain redemption rights and liquidation preferences granted to the holders of preferred rights in connection with our historical equity financing activities.
Financial Information · p. 207
During the Track Record Period, we recognized finance costs arising from redemption liabilities of approximately RMB32.1 million, RMB32.2 million and RMB12.6 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 207
In May 2025, we entered into a preferred rights termination agreement with the preferred shareholders, pursuant to which the agreed redemption was terminated, and the redemption liabilities were derecognized after entering into such agreement.
In 2023, we recorded a fair value gain of RMB361.9 million, primarily due to a decrease in the fair value of the convertible preferred shares.
Financial Information · p. 204
In 2024 and 2025, we recorded fair value losses of RMB29.1 million and RMB67.4 million, respectively, primarily due to an increase in the fair value of such instruments.
Financial Information · p. 204
The Series A Preferred Shares will be automatically converted into ordinary shares upon completion of the [REDACTED], and we do not expect to record further gains or losses in relation to valuation changes in such instruments after the [REDACTED].
From 2021 to 2023, we entered into certain financing agreements with several investors, pursuant to which we issued our share capital, facilitated the transfer of shares by certain original shareholders, and granted investors certain special rights.
Financial Information · p. 228
We recognized redemption liabilities of RMB2,418.0 million, RMB2,623.7 million and RMB2,823.0 million as of December 31, 2023, 2024 and 2025, respectively.
Summary · p. 9
Our changes in carrying amount of redemption liabilities amounted to RMB195.9 million, RMB205.7 million and RMB206.1 million, in 2023, 2024 and 2025, respectively.
As of December 31, 2024, December 31, 2025 and April 30, 2026, our redemption liabilities, which were unsecured and unguaranteed, amounted to nil, RMB1,159 million and RMB1,202 million, respectively.
Financial Information · p. 267
Our redemption liabilities primarily represent our obligation to purchase our equity instruments, which is conditional on the exercise by certain investors of the right to require their investments to be redeemed.