In 2023, 2024, 2025 and for the four months ended April 30, 2025 and 2026, our profit for the year/period amounted to RMB92.0 million, RMB26.4 million, RMB139.0 million, RMB49.7 million and RMB45.2 million, respectively.
Summary · p. 3
As a result, we recorded share-based payments of RMB1.6 million, RMB72.1 million, RMB4.6 million, RMB4.6 million and nil in 2023, 2024, 2025 and for the four months ended April 30, 2025 and 2026, respectively.
Summary · p. 3
Share-based payments are non-cash in nature and do not result in cash outflow and [REDACTED] expenses are expenses relates to previous A-share listing attempt and the [REDACTED] and are non-recurring in nature.
The adjusted profit for the year/period (Non-IFRS measure) represents our profit for the year/period before share-based compensation expenses and [REDACTED].
Summary · p. 7
Share-based compensation expenses are non-cash in nature.
The significant increases in 2024 and 2025 were primarily driven by an increase in our computing resource costs, as well as substantial share-based compensation expenses recognized following the grant of equity incentives to our R&D employees.
Financial Information · p. 174
We recorded share-based compensation liabilities, including both current and non-current portions, of nil, RMB14.5 million and RMB107.3 million as of December 31, 2023, 2024 and 2025, respectively.
(ii) share-based payments, which represent the non-cash employees and external consultants benefit expenses incurred in connection with our award to employees, as these expenses in any specific period are not expected to result in future cash payments;
Summary · p. 10
We expect to record an increase in net loss in 2026, primarily due to (i) the plan to implement a new employee equity incentive plan to align the interests of employees and appeal to skilled professionals, encouraging employees to focus on sustainable financial growth and long-term gains, and (ii) the increase in [REDACTED].
Our net loss increased from RMB157.5 million in 2023 to RMB191.8 million in 2024, primarily due to (1) the increase in finance costs, primarily due to an increase in interests on redemption liabilities, as a result of the increasing interests accrued on the redemption rights of the Pre-IPO Investors included in our financing arrangements along with our increasing financing activities, (2) the increase in administrative expenses, primarily due to the increase in the share-based compensation recognized in relation to an equity transaction between Shareholders of the Company, and (3) the increase in impairment losses under ECL model, net of reversal, primarily due to the increase in impairment losses recognized on trade receivables as a result of the increased trade receivables in line with revenue growth.
Summary · p. 6
Share-based payment expenses are non-cash expenses arising from the share incentives that we grant to employees.
Summary · p. 6
In 2026, we expect to record increasing net loss, primarily as a result of (1) the share-based compensation expenses recognized prior to the Listing, as the vesting condition of the shares awarded is contingent on the Listing, and therefore no share-based compensation expenses is recognized until the Listing is concluded highly probable in 2026; and (2) the further accrual of interest expense on redemption liabilities in connection with our Pre-IPO Investments, which is expected to adversely affect our financial performance in 2026.
We define adjusted net profit (Non-IFRS measure) as profit for the years adjusted by adding back share-based payment expenses, which are non-cash in nature.
We define adjusted net profit (non-HKFRS financial measure) as loss for the year adjusted by adding back fair value loss on convertible redeemable preferred shares, equity-settled share-based payments and [REDACTED] expenses.
Share-based payment expenses were related to the non-cash employee benefit expenses incurred in connection with our award to management and key employees.
Summary · p. 11
We define adjusted net loss for the year (non-IFRS measure) as net loss for the year adjusted by adding back (i) share-based payment expenses and (ii) listing expense.
Our administrative expenses increased from RMB80.5 million in 2024 to RMB88.1 million in 2025 mainly due to an increase in equity-settled share-based payment expenses and the [REDACTED] expenses.
Business · p. 162
Furthermore, our adjusted net loss (a non-IFRS measure) reflects the add-back of the increased expenses incurred during the Track Record Period, including (i) [REDACTED] expenses related to our [REDACTED]; and (ii) equity-settled share-based payment expenses under our share-based arrangement to incentivize our employees.
Adjusted loss (non-IFRS measures) represents loss for the year excluding share-based payment expenses, which is a non-cash item, and fair value losses of financial liabilities at fair value through profit or loss, which mainly represent changes in the fair value of equity shares with redemption rights issued by us to pre-[REDACTED] investors and relate to changes in our valuation.
(ii) share-based payment, arising from granting share incentives to senior management and selected employees, which is non-cash in nature
Summary · p. 10
Our net liabilities of RMB1,341.2 million as of December 31, 2024 changed to net assets of RMB503.2 million as of December 31, 2025, primarily attributable to termination of redemption liabilities on ordinary shares of RMB1,975.9 million, capital injection of RMB535.8 million and share-based payment compensation of RMB260.8 million, partially offset by loss for the year of RMB751.8 million and recognition of redemption liabilities on ordinary shares of RMB172.5 million.
Equity-settled share-based payment expenses consist of non-cash expenses arising from granting restricted stock units and share options to eligible individuals under a share-based incentive scheme and our Share Option Scheme.
Equity-settled share-based payments represent non-cash employee benefit expenses incurred in connection with our award to key personnel.
Financial Information · p. 213
We recorded adjusted net profit (non-IFRS measure) of US$59 thousand and US$2.4 million for the years ended December 31, 2023 and 2025, respectively, and adjusted net loss (non-IFRS measure) of US$0.1 million for the year ended December 31, 2024.
Our loss for the year increased from RMB80.8 million in 2024 to RMB94.5 million in 2025, primarily due to an increase in equity-settled share-based payment expenses, and an increase in administrative expenses, mainly as a result of the [REDACTED] in relation to the [REDACTED] of RMB[REDACTED] million.
Summary · p. 7
We define adjusted net loss (non-IFRS measure) as loss for the year adjusted for (1) equity-settled share-based payments, and (2) [REDACTED].
(iii) the impact of certain non-cash items, such as equity-settled share-based payment expenses, changes in the carrying amount of ordinary shares with redemption rights, and [REDACTED] expenses.
Business · p. 160
equity-settled share-based payment expenses relate to the share-based awards that we grant to employees, non-employee consultants and Directors and are non-cash in nature;
Share-based payment expenses are non-cash in nature and are employee related expenses arising from grant of shares under our employee incentive scheme.
Summary · p. 6
Our significant net loss in 2023 was primarily attributable to the substantial share-based payment expenses incurred during the year.
Summary · p. 10
Our net loss decreased from RMB224.3 million in 2023 to RMB108.9 million in 2024 partially due to the share-based payment expenses incurred in 2023.
Equity-settled share-based payment is non-cash in nature arising from the grant of options to our Directors, senior management, employees and consultants and does not result in cash outflows.
Summary · p. 7
partially offset by an increase in general and administrative expenses of RMB11.1 million primarily as a result of increased employee compensation mainly attributable to share-based payment in relation to share options granted under our share option scheme.
Employee benefit expenses continue to be the largest component of the administrative and other expenses during the Track Record Period, representing salaries, bonuses and share-based payment expenses relating to the share options granted to administrative personnel, which fundamentally support our daily operations.
Business · p. 177
Accretion of redemption liabilities and equity-settled share-based payments expenses are non-cash in nature.