As of December 31, 2023, 2024, 2025 and February 28, 2026, we had financial liabilities at fair value through profit or loss of nil, RMB410.2 million, RMB773.4 million and RMB773.4 million, respectively, mainly representing the redemption liabilities relating to our Series A Preferred Shares.
Financial Information · p. 223
Fair value losses of financial liabilities at fair value through profit or loss represent changes in the fair value of the convertible preferred shares issued by us and relate to changes in our valuation.
Our redemption liabilities amounted to RMB250.1 million, RMB258.9 million, nil and nil as of December 31, 2023, 2024, 2025 and February 28, 2026, being the most recent practicable date for determining our indebtedness as we entered into a termination agreement with those Pre-[REDACTED] Investors with special rights in August 2025 to terminate redemption right.
Financial Information · p. 207
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.
In 2023, 2024 and 2025, we recorded fair value changes of preferred shares, warrants and convertible notes of RMB438.7 million, RMB328.0 million and RMB202.6 million, respectively, accounting for 49.7%, 37.2% and 23.0% of the net loss for the respective years.
Business · p. 148
Upon completion of the [REDACTED], such fair value changes will cease to arise, thereby materially improving our financial position.
Business · p. 148
Our preferred shares, warrants and convertible notes increased from RMB2,311.1 million as of December 31, 2023 to RMB2,676.8 million as of December 31, 2024, and further increased to RMB2,924.4 million as of December 31, 2025, which was primarily due to the increased valuation of such shares.
During the Track Record Period, the changes in carrying amount of convertible redeemable preferred shares represented the changes caused by the accrued compound interest of the issue price of our convertible redeemable preferred shares, which amounted to RMB54.8 million, RMB58.1 million and RMB58.2 million in 2023, 2024 and 2025.
Financial Information · p. 241
Such financial instruments amounted to RMB743.7 million, RMB735.7 million and RMB776.9 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 253
As we are obligated to redeem the preferred shares in cash upon occurrence of the contingent events which are beyond our control, we classify the convertible redeemable preferred shares issued as financial liabilities.
Our redemption liabilities amounted to RMB482.8 million, RMB840.3 million and nil as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 252
Changing in carrying amount on redemption liabilities represent the non-cash, interest expense recorded to reflect interest incurred on our obligation to repurchase shares held by previous-round investors, which has been reclassified to equity upon termination of the redemption right.
We recognized the preferential rights associated with the shares held by certain independent investors, including redemption rights and liquidation preferences, as redemption liabilities.
Financial Information · p. 228
Our redemption liabilities amounted to RMB354.0 million, RMB369.2 million and nil as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 228
Accordingly, the carrying amount of these redemption liabilities was derecognized upon the termination of the preferential rights on October 30, 2025.
Our redemption liabilities amounted to RMB691.8 million and RMB914.9 million as of December 31, 2023 and 2024, respectively.
Financial Information · p. 244
We did not record any redemption liability as of December 31, 2025 because the redemption rights of the investors were terminated in September 2025.
Financial Information · p. 244
We do not expect to record any further fair value changes in financial instruments issued to investors as such liabilities will be redesignated from liabilities to equity as a result of the automatic conversion into ordinary shares upon the [REDACTED].
As of December 31, 2023, 2024 and 2025, our redemption liabilities amounted to RMB1,227.2 million, RMB1,456.1 million and RMB2,121.1 million, respectively.
Financial Information · p. 255
We recognized losses from changes in the carrying amount of redemption liabilities of RMB118.5 million, RMB108.8 million and RMB249.4 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 240
We recognized the redemption liabilities at their present value of the redemption amount, with changes in such carrying amounts being booked in profit or loss, arising from redemption rights issued to [REDACTED] Investors.
Changes in the carrying amount of redemption liabilities | – | – | 158,491
Summary · p. 11
Our management considers that (i) equity-settled share-based payment expenses and changes in the carrying amount of redemption liabilities are non-cash in nature and do not result in cash outflow, and (ii) [REDACTED] are expenses relating to the [REDACTED].
The balance of these instruments increased from RMB230.5 million as of December 31, 2023, to RMB313.3 million as of December 31, 2024, primarily due to an additional RMB60.0 million in preferred share issuances and a corresponding RMB22.8 million finance costs.
Financial Information · p. 229
The balance of redemption liabilities decreased to nil as of December 31, 2025, resulting from the derecognition of financial liabilities after the termination of all preferred shareholder rights.
Financial Information · p. 229
Interest expenses on redemption liabilities represent the non-cash, interest expense recorded to reflect interest incurred on our conditional obligation to redeem equity securities issued in our previous series financing rounds.
We have redemption liability arising from a put option arrangements with non-controlling shareholders of Yangzhou Yuntong.
Financial Information · p. 221
The adjustments will be recognized as ‘‘Other expense’’ or ‘‘Other income and gains’’ in the statement of profit or loss and other comprehensive income. If the put option expires without delivery, the carrying amount of the liability is reclassified to equity.
Our fair value losses of convertible redeemable preferred shares amounted to a loss of RMB185.6 million, RMB328.1 million and RMB339.0 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 224
Our financial liabilities related to convertible and redeemable preferred shares gradually increased from RMB2,489.8 million as of December 31, 2023 to RMB2,707.9 million as of December 31, 2024 and RMB2,767.8 million as of December 31, 2025, primarily due to our increased market valuation.
Financial Information · p. 236
These special rights shall all be automatically terminated upon the [REDACTED] except for the redemption rights which shall be suspended on the date immediately before the date of our first submission of [REDACTED] application to the Stock Exchange and shall be restored under certain circumstances.
As of December 31, 2023, 2024 and 2025 and February 28, 2026, we recorded redemption liabilities of RMB548.4 million, RMB579.2 million, RMB581.9 million and RMB585.6 million.
Financial Information · p. 174
We recorded changes in the carrying amount of redemption liabilities of RMB11.1 million, RMB30.8 million and RMB56.9 million in 2023, 2024 and 2025.
Financial Information · p. 161
Changes in the carrying amount of the redemption liabilities are neither related to the ordinary course of our business nor indicative of our ongoing core operating performance.
We recorded redemption liabilities of RMB2,774.6 million, RMB3,788.5 million and RMB4,091.5 million as of December 31, 2023, 2024 and 2025 respectively.
Financial Information · p. 223
Pursuant to the terms of the relevant agreements, we recorded interest expense on these redemption liabilities in the amount of RMB205.5 million, RMB243.9 million and RMB303.1 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 223
We expect to turn our net liabilities position as of December 31, 2025 into net assets upon [REDACTED], as the carrying amount of redemption liabilities will be reclassified from financial liabilities to equity as a result of the termination of the aforesaid preferred rights upon [REDACTED].
Our redemption liabilities on ordinary shares represent the redemption liabilities we bore in relation to the ordinary shares we issued during the various rounds of pre-[REDACTED] investments.
Financial Information · p. 259
Our redemption liabilities on ordinary shares increased from RMB2,780.8 million as of December 31, 2024 to RMB3,014.0 million as of December 31, 2025, primarily due to the completion of our Series D Investments and accumulation of corresponding interest liabilities with each passing year.
During the Track Record Period, the changes in carrying amount of redemption liabilities represent the amount of changes in our obligations arising from the preferential rights granted to an investor, and the investor was granted a right to put back to us the registered capital acquired upon occurrence of certain events which cannot be controlled by us.
Financial Information · p. 218
Our redemption liabilities amounted to RMB30.8 million, RMB33.2 million, RMB35.9 million and RMB38.3 million as of December 31, 2022, 2023, 2024 and October 31, 2025, respectively.
Financial Information · p. 241
Upon the Listing, we expect that our redemption liabilities will automatically be re-classified to equity and therefore no more changes in carrying amount of the redemption liabilities will be recognized on our consolidated statements of profit or loss.
As of December 31, 2023 and 2024, we had redemption liabilities of RMB332.3 million and RMB503.7 million, respectively.
Financial Information · p. 243
In 2023, 2024 and 2025, we had changes in carrying amounts of redemption liabilities of RMB23.2 million, RMB35.7 million and RMB11.9 million, respectively.
Financial Information · p. 222
In April 2025, the special rights granted to our investors were terminated pursuant to the supplemental agreements entered into between us and our investors. Accordingly, the redemption liabilities were converted from liabilities into equity, and we had no redemption liabilities as of December 31, 2025 and January 31, 2026.
Redemption liabilities at FVTPL arise from the preferred shares issued by our Company under various financing agreements.
Financial Information · p. 250
We incurred net other losses of RMB333.2 million in 2025, primarily driven by the fair value loss on redemption liabilities at FVTPL of RMB334.9 million in relation to the fair value change of our preferred shares.
Financial Information · p. 252
Our redemption liabilities at FVTPL increased by 41.4% from RMB1,214.5 million as of December 31, 2024 to RMB1,716.9 million as of December 31, 2025, primarily due to higher fair value of our preferred shares resulting from financing activities during the year.
Our preferred shares and other financial liabilities at FVPL increased from RMB2,942.1 million as of December 31, 2023 to RMB3,728.2 million as of December 31, 2024 and further increased to RMB4,230.0 million as of December 31, 2025 due to the increased valuation of our company as the result of improvement in our business operations and financial results.
Financial Information · p. 193
Fair value changes of preferred shares and other financial liabilities were negative RMB136.5 million, negative RMB323.3 million, and negative RMB238.6 million in 2023, 2024, and 2025, respectively, mainly due to the increase in the fair value of our Company during the Track Record Period, driven by the improvements in operating performance and market conditions.