We granted stock incentive to our employees, which are viewed as share-based payment transaction in substance.
Financial Information · p. 201
Estimating the fair value of share-based payment transactions requires the determination of the most appropriate valuation model, which depends on the terms and conditions of the grant.
Our loss for the year increased from RMB98.9 million in 2024 to RMB155.1 million in 2025 despite a substantial increase in gross profit, primarily due to (i) an increase in administrative expense, primarily attributable to share-based payments granted to our administrative personnel in 2025, (ii) an increase in selling expense, primarily due to strengthened marketing and branding efforts, more promotional services utilized and expansion of sales team, (iii) an increase in R&D expense, primarily attributable to increased number of R&D personnel and our increased need for new product development, (iv) an increase in [REDACTED] expense and (v) an increase in finance costs, primarily attributable to an increase in interest on bank loans, as we increased borrowings in 2025.
Summary · p. 12
Share-based payment expenses are non-cash in nature and represent the arrangement under which we receive services from employees as consideration for our equity instruments.
(1) Equity-settled share-based payment expenses relate to share awards we offered to our employees and directors.
Summary · p. 7
We define adjusted net loss (Non-IFRS measure) as loss for the years adjusted by adding back
(i) equity-settled share-based payment expenses, which are non-cash in nature, and (ii) listing expenses, which relate to the Global Offering.
(1) Non-cash expenses arising from shares granted to qualified directors and employees under our Group’s share-based incentive scheme.
Summary · p. 12
We expect to record a net loss in 2026, primarily due to share-based payment expenses and continued investment in research and development as we further expand our business operations, and listing expenses.
Equity-settled share-based payment expenses mainly represent the non-cash employee benefit expenses incurred in connection with our awards granted to management and key employees. Such expenses in any specific period are not expected to result in future cash payments.
In 2023, we incurred a net loss of RMB837.3 million and adjusted loss (non-IFRS measure) of RMB639.2 million, primarily attributable to: (i) sustained weak demand in our end markets, particularly in key sectors such as mobile phones and computers, driven by the global economic slowdown, continued de-stocking efforts by downstream enterprise customers for the majority of 2023, and rising inflation; and (ii) an increase in operating expenses, largely due to increased investment in R&D, alongside additional costs related to share-based payments and service fees associated with our acquisitions during the year.
Our administrative expenses amounted to RMB12.2 million, RMB111.2 million, RMB6.2 million and RMB22.7 million in 2024 and 2025 and the six months ended June 30, 2025 and 2026, respectively.
Financial Information · p. 231
Our administrative expenses increased during the Track Record Period, primarily due to increases in our share-based payment expenses and [REDACTED] expenses.
Equity-settled share award expenses mainly represent the non-cash employee benefit expenses incurred in connection with our award to management and key employees.
Summary · p. 15
Such expenses in any specific period are not expected to result in future cash payments.
Share-based payment expenses are non-cash expenses arising from share awards granted to certain management personnel and employees and do not result in cash outflow.
Summary · p. 7
We recorded a net loss of RMB2.5 million in the three months ended March 31, 2026, primarily because we made share-based payments of RMB25.1 million under the Pre-IPO Share Option Scheme and incurred listing expenses of RMB12.5 million.
Business · p. 165
Nevertheless, we expect our net profit for 2026 to decrease as compared with 2025, primarily due to equity-settled share-based payments and listing expenses.
Net share-based payment expense recognized in profit/(loss) is calculated using share-based payment expense for the year/period (per financial statements), which is RMB119,328 thousand, RMB21,042 thousand, RMB16,003 thousand, RMB8,027 thousand and RMB2,677 thousand, for the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2025 and 2026, respectively, plus the movement of capitalized share-based payment expense disclosed as contract fulfillment costs, which is RMB(9,481) thousand, RMB9,545 thousand, RMB186 thousand, RMB186 thousand and nil, for the years ended December 31, 2023, 2024, 2025 and the six months ended June 30,2025 and 2026, respectively.
During each period of the Track Record Period, we only recorded share-based payment expenses for modification of CRPS in 2025, amounting to RMB954.6 million.
Financial Information · p. 213
On September 8, 2025, we issued 618,917,203 new Ordinary Shares to our Shareholders, including our Pre-[REDACTED] Investors, pursuant to the supplemented shareholders’ agreement on the same date.
Financial Information · p. 213
Share-based payments to employees mainly represent expenses associated with the equity incentive plans designed for management and employees who have demonstrated outstanding performance.
Share-based payment expenses represented non-cash employee benefit expenses incurred in connection with share awards granted to our management and eligible employees for their contributions to our Group.
Summary · p. 9
Such expenses included share-based payment expenses associated with employee incentive arrangements designed to attract, retain and incentivise employees in support of the Group’s continued development.
Our adjusted net loss (non-IFRS measure) decreased from RMB39.3 million in 2023 to RMB36.4 million in 2024, primarily due to an increase of RMB15.0 million in gross profit, as adjusted by share-based payment expenses of RMB10.6 million.
Financial Information · p. 228
Share-based payment expenses are non-cash expenses arising from share award schemes for the purpose of providing incentives and rewards to eligible participants who contribute to the success of our operations.
Equity-settled share-based payment expenses are non-cash in nature and mainly represent the arrangement that we receive services from employees and others providing similar services as consideration for our equity instruments.
Summary · p. 8
Equity-settled share-based payment expenses are not expected to result in future cash payments.
These business partners included a franchisee, some suppliers and other people in our industry who may provide us with insights and industry resources that potentially contribute to our future business expansion.
Summary · p. 8
As a result of the increase in our share-based payments as included in operating expenses, our profit for the year decreased by 15.0% from RMB167.1 million in 2023 to RMB142.0 million in 2024.
Equity-settled share-based payment expenses are non-cash in nature.
Summary · p. 6
Our net profit declined during the period, mainly due to (i) changes in our product mix, (ii) increased R&D expenses, (iii) absence of gains on investment in listed securities, and (iv) increased equity-settled share-based compensation.
Summary · p. 6
Had the fair value change of the listed securities not been taken into account, our net profit might decline in 2026, primarily due to: (i) potential changes in our product mix, as the downstream markets for our higher-margin memory chip products are expected to face headwinds; (ii) a planned increase in R&D expenditure to support our expanded R&D activities; and (iii) additional share-based compensation expenses.
Our net loss increased from the 2024 to 2025, primarily due to the significant increase in our operating expenses, arising from the share-based payment to our employees and the incurring of [REDACTED] expenses.
Summary · p. 9
Equity-settled share-based payment expenses are non-cash in nature and represent the arrangement under which we receive services from employees as consideration for our equity instruments.
the aggregate of our selling and distribution expenses and administrative expenses exceeded our R&D expenses for the year ended December 31, 2025 primarily due to non-recurring expenses incurred under our selling and distribution expenses and administrative expenses during the year ended December 31, 2025, including share-based compensation expenses of approximately RMB9.1 million as a result of the awards granted under the Pre-[REDACTED] Equity Incentive Scheme during the year ended December 31, 2025 and [REDACTED] expenses of approximately RMB[REDACTED] million.
Business · p. 184
For illustrative purpose, by excluding share-based compensation expenses and [REDACTED] expenses, the aggregate of our selling and distribution expenses and administrative expenses for the years ended December 31, 2025 would amount to approximately RMB31.4 million which remains less than our R&D expenses of approximately RMB34.9 million (after excluding share-based compensation expenses under our R&D expenses);