During the Track Record Period, our redemption liabilities primarily represented preferred shares issued to investors with redemption rights.
Financial Information · p. 224
Our redemption liabilities decreased from RMB1,196.5 million as of December 31, 2024 to nil as of December 31, 2025, primarily due to the waiver of redemption rights by the holders of preferred shares in September 2025.
We recorded redemption liabilities of RMB51.1 million as of December 31, 2025 and RMB52.0 million as of April 30, 2026.
Financial Information · p. 185
Our redemption liabilities were primarily associated with the issuance of new shares with redemption rights of one of our subsidiaries to a third-party investor.
As of January 1, 2024, our financial instruments with preferred rights amounted to RMB972.6 million, which are measured at fair value with fair value being determined based on significant unobservable inputs using valuation techniques.
Financial Information · p. 265
We recorded other net losses of RMB119.1 million in 2024, reflecting losses from changes in fair value of financial instruments with preferred rights of RMB124.7 million, representing fair value losses of the preferred shares issued to the investors, as offset by net gains of RMB5.7 million attributed to favorable changes in fair value of financial assets at FVTPL.
Financial Information · p. 269
We did not record any loss related to changes in fair value of financial instruments with preferred rights in 2025, as the special rights agreement was terminated on August 29, 2024 and the corresponding adjustments to the value of financial instruments with preferred rights were completed.
Changes in the carrying amount of redemption liabilities represent changes in the amortized cost of the redemption liabilities in connection with the special rights granted to certain of our investors.
Financial Information · p. 221
[REDACTED] expenses relate to the [REDACTED], while the redemption liabilities will be converted into equity of the Company upon [REDACTED].
As of December 31, 2023, 2024 and 2025 and April 30, 2026, our redemption liabilities amounted to RMB893.4 million, RMB1,021.2 million, RMB1,376.3 million and RMB1,410.0 million, respectively, which was due to the issuance of shares with preferential rights.
Financial Information · p. 241
Upon [REDACTED], our redemption liabilities will be re-designated from liabilities to equity as a result of the automatic conversion of the shares with preferential rights into ordinary shares.
Financial Information · p. 241
Interest expenses on redemption liabilities related to preferential rights of the [REDACTED] Investors accounted for a significant portion of our finance costs.
We recorded changes in the carrying amount of redemption liabilities of RMB21.1 million, RMB78.8 million and RMB112.5 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 182
Our changes in the carrying amount of redemption liabilities increased by 42.9% from RMB78.8 million in 2024 to RMB112.5 million in 2025, representing the increase in interest expenses on our redemption liabilities, primarily attributable to the recognition of new redemption liabilities and the increase in the expected redemption amounts.
Financial Information · p. 184
We recorded redemption liabilities of RMB530.8 million, RMB709.5 million, RMB845.1 million and RMB864.4 million, respectively, as of December 31, 2023, 2024 and 2025, and April 30, 2026.
We recorded fair value losses on convertible redeemable preferred shares of RMB145.0 million, RMB221.8 million and RMB88.3 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 229
From March 2021 to August 2025, we had received several rounds of investments, pursuant to which we have issued convertible redeemable preferred shares.
Financial Information · p. 242
As such preferred shares were recorded as financial liabilities, this higher fair value is recorded as a loss in our consolidated statements of profit or loss and other comprehensive income because it represented an increase in the liability owed to the holders of such preferred shares.
Changes in the carrying amount of liabilities recognized for financial instruments issued to investors represent changes in the carrying amount of our Shares with preferential rights, which are measured at the higher amount expected to be paid to the investors upon redemption or liquidation, which is assumed to be at the dates of issuance and at the end of each reporting period.
Financial Information · p. 223
We do not expect to record any further changes in the carrying amount of such Shares as they will be redesignated to equity upon the completion of the Listing.
Summary · p. 6
Add: changes in the carrying amount of liabilities recognized for financial instruments issued to investors | 164,506 | 251,161 | 282,288
In 2024, 2025 and the three months ended March 31, 2025 and 2026, our changes in fair value of financial instruments issued to investors amounted to RMB94.0 million, RMB154.9 million, RMB27.0 million and RMB27.8 million, respectively.
Financial Information · p. 233
These instruments with special rights we issued to our pre-[REDACTED] investors will be transferred to equity upon the [REDACTED], and we do not expect to record further gains or losses in relation to valuation changes in such instruments after the [REDACTED].
Financial Information · p. 233
Our losses in fair value of financial instruments issued to investors increased from RMB94.0 million in 2024 to RMB154.9 million in 2025, primarily related to changes in the valuation of instruments with special rights we issued to our pre-[REDACTED] investors.
Our redemption liabilities increased from RMB585.3 million as of December 31, 2023 to RMB858.5 million as of December 31, 2024, and further increased to RMB1,479.6 million as of December 31, 2025, primarily due to the changes in the carrying value of financial liabilities arising from the redemption rights granted to Pre-[REDACTED] Investors.
Financial Information · p. 210
Upon the first submission of [REDACTED] to the Stock Exchange, the redemption rights granted by us will be automatically terminated and the redemption liabilities will be reclassified to equity, such that our net liabilities position would turn into net assets position.
During the Track Record Period, we recognized the financial instruments issued to some investors as financial liabilities, because they were granted with the preferential rights to require us to redeem all of the instruments at a predetermined amount upon certain redemption or liquidation events, which are not all within our control.
Financial Information · p. 206
We recorded a fair value loss of financial liabilities at FVTPL of RMB0.8 million in 2024, as compared to a fair value gain of financial liabilities at FVTPL of RMB86.8 million in 2023.
Financial Information · p. 211
The change in fair value of financial liabilities decreased to nil in 2025 primarily due to the termination of preferential rights with effect from December 20, 2024.
Our fair value changes of preferred shares increased by 28.9% from a loss of RMB185.5 million in 2023 to a loss of RMB239.1 million in 2024, primarily as a result of the increase in the valuation of our Group in light of our future prospects.
Financial Information · p. 218
Our fair value changes of preferred shares remained relatively stable at RMB239.1 million in 2024 and RMB241.5 million in 2025.
Financial Information · p. 215
non-cash fair value changes of preferred shares, primarily due to the changes in market expectations, which further contributed to the reported losses.
Certain independent investors subscribed or acquired our ordinary shares with preferential rights that are designated as financial liabilities at FVTPL and were subsequently measured at fair value.
Financial Information · p. 179
We had fair value losses on financial liabilities at fair value through profit or loss of RMB6.0 million, RMB1.6 million and fair value gain on financial liabilities at fair value through profit or loss of RMB5.3 million in 2023, 2024 and 2025, respectively, primarily representing changes in fair value of the equity interests with preferential rights held by our investors.
Financial Information · p. 179
This change from loss to profit was primarily due to the fully settled redemption of liabilities of Series A Shares in January 2025.
Our redemption liabilities represented financial liabilities recognized in relation to the redemption rights attached to the investments from investors with preferred rights.
Financial Information · p. 200
2023, RMB1,454.1 million as of December 31, 2024, RMB1,552.6 million as of December 31, 2025 and RMB1,585.4 million as of April 30, 2026.
Financial Information · p. 201
These charges are mainly dominated by interest on redemption liabilities, which are non-cash in nature and arise from the accounting treatment of preferred shares with redemption rights.
Any changes in the carrying amount of the financial liability arising from the remeasurement of the distributions amount is recognized in profit or loss as "changes in the carrying amount of ordinary shares with redemption rights."
Financial Information · p. 200
changes in the carrying amount of ordinary shares with redemption rights are non-cash in nature, and the ordinary shares with redemption rights will be automatically converted into the equity of our Company upon the completion of the [REDACTED];
Financial Information · p. 204
(i) the classification of ordinary shares with redemption rights of RMB427.4 million as of December 31, 2025, the holders of which have agreed that their redemption rights will automatically be canceled upon [REDACTED] and the related liabilities will be re-classified to equity;
Our redemption liabilities related to the redemption right granted to our investors increased from RMB173.5 million as of December 31, 2023 to RMB351.2 million as of December 31, 2024, and further to RMB377.2 million as of December 31, 2025, in line with the payment timeline of the capital injection in 2023 and/or 2024.
Financial Information · p. 237
The redemption liabilities will be waived prior to the [REDACTED], and all accumulated interest expenses will be reclassified to equity.
In 2023, 2024 and 2025, we recorded changes in fair value of paid-in capital with preferred rights of RMB92.4 million, RMB157.8 million and RMB429.0 million, respectively.
Financial Information · p. 235
The preferred rights attached to such paid-in capital were terminated on September 30, 2025.
We recorded finance costs associated with shares with preferential rights of RMB336.7 million, RMB442.5 million and RMB437.9 million in 2023, 2024 and 2025, respectively, accounting for 14.3%, 13.8% and 10.6%, respectively, of our revenue in the corresponding periods.
Financial Information · p. 187
Furthermore, our shares with preferential rights will be re-designated from liabilities to equity as a result of the automatic conversion into ordinary shares and our net current liabilities would significantly decrease upon [REDACTED].
We recorded fair value losses on convertible redeemable preferred shares of RMB79.5 million and RMB9.7 million in 2024 and 2025, respectively, arising from the changes in our financial liabilities in relation to our convertible redeemable preferred shares reflecting the changes in the valuation of our Company.
Financial Information · p. 256
The convertible redeemable preferred shares will be re-designated from financial liabilities to equity upon the conversion of the preferred shares to ordinary shares upon the [REDACTED], which will significantly improve our financial position, and we will recognize no further loss or gain on fair value changes from convertible redeemable preferred shares subsequent to the [REDACTED].
Financial Information · p. 256
Our convertible redeemable preferred shares was RMB1,059.4 million, RMB1,069.0 million and RMB1,069.0 million as of December 31, 2024, and 2025 and March 31, 2026, respectively.
As of December 31, 2023, 2024 and 2025, we had total convertible redeemable preferred shares of RMB1,967.1 million, RMB2,082.1 million and RMB3,532.1 million, respectively.
Financial Information · p. 221
The change is primarily attributable to the increase in the valuation of our Company given the growth in our business during the year.
Financial Information · p. 210
Changes in fair value of preferred shares are non-cash in nature.