(i) an increase in the fair value loss of our redemption liabilities on equity as a result of the redemption liabilities arising from the preferred shares that we issued during Pre-IPO financing. We do not expect to record any further changes in fair value of our convertible preferred shares after the Listing 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 Listing;
Summary · p. 23
We define adjusted (loss)/profit for the year/period (non-IFRS measure) as loss for the year/period adjusted by adding back (i) fair value losses on redemption liabilities on equity shares, (ii) share-based payment expenses and (iii) listing expenses.
Our redemption liabilities increased from RMB1,456.1 million as of December 31, 2022 to RMB1,572.6 million as of December 31, 2023, and further increased to RMB1,698.8 million as of December 31, 2024 and RMB1,799.4 million as of September 30, 2025, primarily due to incrementally accumulated principal and interest amounts over time.
Financial Information · p. 257
Upon completion of the Global Offering, the financial liabilities will be re-designated from liabilities to equity as a result of the termination of such redeemable special rights of the Pre-IPO Investors.
We will not incur such finance cost of interest on redemption liabilities upon Listing as the redemption liabilities will be reclassified to equity when the redemption rights lapse upon Listing.
Summary · p. 7
As of December 31, 2022, 2023, 2024, September 30, 2025 and January 31, 2026, our redemption liabilities were nil, nil, nil, RMB664.2 million and RMB669.1 million, respectively, primarily representing our obligation to purchase our equity instruments, which is conditional on certain investor’s exercising right to redeem.
A substantial portion of our loss during the Track Record Period was attributable to non-cash and non-recurring items, including (i) fair value losses on convertible redeemable preferred shares of €1.5 million, €29.6 million, €25.8 million and €30.1 million in 2023, 2024 and the nine months ended September 30, 2024 and 2025, respectively, which will cease upon automatic conversion of all preferred shares into ordinary shares upon [REDACTED];
Business · p. 131
When the redemption rights held by the shareholders of the convertible redeemable preferred shares are unconditionally terminated, redemption liabilities are reclassified and credited to equity.
Financial Information · p. 182
As of December 31, 2023 and 2024, September 30, 2025 and January 31, 2026, our convertible redeemable preferred shares amounted to €58.7 million, €98.4 million, €118.0 million and €124.9 million, respectively.
As of December 31, 2022, 2023, 2024, September 30, 2025 and December 31, 2025, we had redemption liabilities of nil, RMB1,459.5 million, RMB1,672.1 million, RMB2,024.8 million and RMB2,063.4 million, respectively.
Financial Information · p. 398
Our redemption liabilities increased from nil as of December 31, 2022 to RMB1,459.5 million as of December 31, 2023, primarily due to the recognition of our redemption liabilities arising from redemption rights issued to Pre-IPO Investors in 2023, as a result of the Reorganization.
Financial Information · p. 398
We had changes in the fair value of financial liabilities at fair value through profit or loss of nil, RMB19.8 million, RMB21.4 million, RMB14.6 million and RMB5.7 million in 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, respectively.
We recorded RMB131.4 million, RMB157.7 million, RMB225.0 million, RMB164.0 million and RMB295.0 million in changes in the carrying amount of redemption liabilities in the consolidated statements of profit or loss for 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, respectively.
Summary · p. 14
The shares with preferred rights will be reclassified from liabilities to equity upon Listing.
Summary · p. 14
Upon Listing, all of our financial instruments issued to investors will be converted into ordinary shares.
We recorded fair value loss of convertible redeemable preference shares of RMB87.4 million and RMB289.4 million in 2022 and 2023, respectively, and recorded fair value gain of convertible redeemable preference shares of RMB128.8 million, RMB80.0 million and RMB77.3 million in 2024 and the eight months ended August 31, 2024 and 2025.
Financial Information · p. 350
In addition, the issuance of certain preference shares during 2024 also decreased the fair value of convertible redeemable preference shares due to dilution effect.
Financial Information · p. 358
The convertible redeemable preference shares will be automatically converted into ordinary Shares and accounted for as an increase in share capital and share premium upon the Listing, after which we do not expect to recognize any further loss or gain on fair value changes from the convertible redeemable preference shares.
We recorded fair value loss on financial liabilities of US$60.5 million, US$176.8 million, US$214.2 million, US$128.1 million and US$313.5 million in 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, respectively.
Financial Information · p. 423
Our convertible redeemable preferred shares further increased to US$2,321.2 million as of September 30, 2025, primarily due to (i) additional issuances of Series Pre-B+ shares totaling US$35.8 million, (ii) issuances of Series Pre-B++ shares totaling US$390.5 million, and (iii) fair value adjustments of US$313.0 million, reflecting continued increases in our valuation.
Financial Information · p. 445
These preferred shares are redeemable upon the occurrence of specified events and will be automatically converted into ordinary shares of the Company upon the completion of the Listing.
We recognized the financial instruments at present value of financial instruments, with changes in such carrying amounts being booked in profit or loss, arising from redemption rights issued to Pre-IPO Investors. These redemption rights issued will be terminated and converted into equity upon the Global Offering.
Summary · p. 15
The Convertible Bond bears interest up to 8% per annum. In May 2025, the bond holders converted all outstanding Convertible Bonds into our financial instruments issued to investors.
We recorded non-current redemption liabilities of RMB7,382.2 million, RMB8,053.1 million, RMB8,743.0 million and RMB18,560.9 million, as of December 31, 2022, 2023 and 2024 and October 31, 2025, respectively.
Financial Information · p. 407
Changes in the carrying value of redemption liabilities are non-cash in nature, and the redemption liabilities will be automatically converted into the equity of our Company upon the completion of the Global Offering.
In 2022 and 2023, we recorded fair value losses on convertible redeemable preferred shares of US$138.1 million and US$126.1 million, respectively, and we recorded a gain of US$9.0 million in 2024.
Financial Information · p. 395
This change was mainly due a smaller increase in the fair value of our preferred shares, as our market valuation was relatively stable with modest growth following completion of our Series E financing, compared to the significant valuation increases and fair value losses recorded in the first half of 2024.
Changes in carrying amount of financial instruments issued to investors relate to the redemption rights granted to investors in historical financings. Such redemption rights were terminated in 2023 and the redemption liabilities recognized was reclassified to equity.
Financial Information · p. 299
We define adjusted net loss (non-IFRS measure) as net loss for the year adjusted by adding back changes in carrying amount of financial instruments issued to investors, share-based payment and listing expenses.
Our redemption liabilities increased from RMB101.5 million as of December 31, 2023 to RMB131.6 million as of December 31, 2024, which were primarily resulted from the redemption liabilities to Series B+ Investors.
Financial Information · p. 486
When the redemption rights related to the redeemable ordinary shares are terminated, the redemption liabilities on ordinary shares are extinguished and credited to equity.
We recorded fair value changes of convertible redeemable preferred shares of losses of RMB150.6 million, RMB48.3 million, RMB50.4 million and RMB25.5 million in 2022, 2023, 2024 and the six months ended June 30, 2024, respectively.
Financial Information · p. 261
The convertible redeemable preferred shares were issued in our equity financings, which will be re-designated as equity upon the Listing along with the automatic conversion of convertible redeemable preferred shares into ordinary shares.
Financial Information · p. 261
We recorded convertible preferred shares of RMB1,601.1 million, RMB1,683.5 million, RMB1,753.6 million, and RMB1,623.6 million as of December 31, 2022, 2023 and 2024 and June 30, 2025, respectively, generally as a result of fluctuations in the equity valuation of our preferred shares and foreign exchange rate between U.S. dollars and Renminbi.
Financial cost on financial instruments with preferred rights at amortized cost was in relation to financial instruments with preferred rights in connection with our issuance of ordinary shares to pre-IPO investors that conferred the redemption rights.
Financial Information · p. 390
The financial instruments with preferred rights at amortized cost will be re-designated from liabilities to equity as a result of the automatic conversion into ordinary shares upon Listing.
These redemption rights can be exercised upon the occurrence of specified events and the redemption liabilities will be automatically converted into the equity of our Company upon the completion of the Global Offering.
Financial Information · p. 457
Our redemption liabilities increased from HK$140.2 million as of December 31, 2022 to HK$1,000.2 million as of December 31, 2023, further increased to HK$1,284.5 million as of December 31, 2024, and subsequently increased to HK$1,725.1 million as of June 30, 2025, primarily due to additional issuance of preferred shares and the interest expenses.
Financial Information · p. 457
Our convertible bonds issued to the ultimate holding company, our parent company, a fund managed by a subsidiary, and third parties amounted to HK$333.2 million as of December 31, 2022, which were subsequently converted into preferred shares in 2023 as a result of a voluntary conversion initiated by us.
As of December 31, 2022, 2023 and 2024 and June 30, 2025, our convertible preferred shares had fair values of RMB5.6 billion, RMB7.5 billion, RMB7.7 billion and RMB7.6 billion, respectively.
Financial Information · p. 338
We designate the entire convertible preferred shares as financial liabilities at fair value through profit or loss with fair value change recognized in “fair value changes of convertible preferred shares” in profit or loss.
Financial Information · p. 311
The convertible preferred shares will automatically convert into ordinary shares upon the completion of the Global Offering, and no further loss or gain on fair value changes is expected to be recognized afterwards.
The redemption liability arose due to certain preferential rights granted to an investor, namely Ma'anshan Cornerstone Yixiang Equity Investment Partnership Enterprise (LLP) ("Cornerstone Yixiang"), who was entitled to require the Company to redeem its equity interest, pursuant to the capital increase agreement entered into between Cornerstone Yixiang and the Company in December 2017.
Financial Information · p. 324
During the years ended 31 December 2022, 2023 and 2024, and the eight months ended 31 August 2024 and 2025, we recorded our changes in the carrying amount of the redemption liability RMB4.99 million, RMB3.01 million, RMB0.16 million, RMB0.16 million and nil, respectively.
Financial Information · p. 324
On 28 February 2024, Cornerstone Yixiang waived all preferential rights stipulated under the Capital Increase Agreement and the Repurchase Agreement. As a result, the redemption liability became nil in 2024.
Our changes in carrying amount of financial instruments with preferred rights primarily related to recognition of financial liabilities arising from the Company’s obligation to buy back certain shareholders’ investments upon the occurrence of any specified contingent redemption events which are not within the Company or the Group’s control based on the shareholders’ agreement entered into among the Company, certain members of the Group and each of the Company’s shareholders in May 2022.
Financial Information · p. 277
Our changes in carrying amount of financial instruments with preferred rights was RMB155.7 million for the year ended December 31, 2024.
Financial Information · p. 277
When the preferential rights are automatically terminated upon the Listing, the carrying amount of the financial liabilities then will be reclassified from current liabilities to other reserve with no further gain or loss.