Despite our rapid growth, we were loss-making during the Track Record Period. In 2023, 2024, 2025 and the four months ended April 30, 2025 and 2026, we incurred losses for the period of RMB113.2 million, RMB98.9 million, RMB155.1 million, RMB25.3 million and RMB66.7 million, respectively.
Summary · 第 15 页
The losses for the year/period during the Track Record Period were primarily because (i) we incurred sustained high R&D investment, with research and development expenses amounting to RMB106.3 million, RMB115.1 million, RMB132.6 million, RMB33.9 million and RMB57.0 million in 2023, 2024, 2025 and the four months ended April 30, 2025 and 2026, respectively, representing approximately 51.6%, 40.3%, 32.6%, 39.4% and 43.9% of our total revenue.
Summary · 第 11 页
We expect to incur a net loss for 2026, primarily attributable to our continued investment in research and development and business expansion.
Despite such significant business growth, we recorded loss for the year/period of RMB394.2 million, RMB458.4 million, RMB335.6 million, RMB238.2 million and RMB1,094.9 million in 2023, 2024, 2025, and for the six months ended June 30, 2025 and 2026, respectively, and adjusted net loss, a non-IFRS measure, of RMB194.3 million, RMB206.2 million, RMB91.3 million, RMB59.9 million and RMB14.9 million during the same years/periods, respectively.
Summary · 第 11 页
In particular, our AI Computing Cloud Services recorded gross losses during its early ramp-up stage, as we incurred costs relating to computing resources and platform operations while the utilization of such resources and the corresponding revenue contribution remained relatively limited.
Financial Information · 第 207 页
our adjusted net loss margin, representing adjusted net loss for the year/ period divided by revenues for the respective year/period and multiplied by 100%, decreased from 182.9% in 2023 to 52.1% in 2024 and 8.3% in 2025, and from 19.6% in the six months ended June 30, 2025 to 2.5% in the six months ended June 30, 2026.
We recorded net losses in 2023 as a result of change in fair value of redemption liabilities recognized as other net losses derived from the special rights granted to investors during several rounds of financings of our Company since the date of incorporation.
Summary · 第 7 页
Our adjusted net loss (a non-IFRS measure) in 2023 was mainly due to (i) increased depreciation charges arising from purchases of equipment for a new production line by our German subsidiary, coupled with elevated energy costs in Germany during the same year, and (ii) a slight decline in sales of current sensors as a result of softening demand from downstream industries.
Summary · 第 6 页
As the relevant special rights granted to investors were terminated in August 2023, the carrying amount of the redemption liabilities had been reclassified to equity and we no longer recorded any change in fair value of redemption liabilities thereafter.
In 2023, 2024, 2025 and for three months ended March 31, 2025 and 2026, we incurred losses for the year/period of RMB1,837.5 million, RMB1,547.4 million, RMB1,515.8 million, RMB399.3 million and RMB374.9 million, respectively, and adjusted net loss (Non-IFRS measure) of RMB1,704.7 million, RMB1,440.0 million, RMB1,160.8 million, RMB358.8 million and RMB287.2 million, respectively.
Summary · 第 13 页
Our research and development expenses amounted to 82.5%, 66.0%, 42.8%, 65.9% and 51.0% of our revenue during the same years/periods.
Financial Information · 第 245 页
We expect to continue to record net loss for the year ending December 31, 2026, despite our continued efforts in expanding customer base, enhancing the competitiveness of our products, and improving gross margin.
We achieved substantial business growth while recorded net losses during the Track Record Period.
Summary · 第 12 页
Accordingly, our gross profit was insufficient to cover our research and development expenses and administrative expenses incurred to support our business expansion, thereby contributing to our loss-making position.
Business · 第 164 页
Our adjusted net loss margin (non-IFRS measure) narrowed from 36.4% in 2023 to 1.1% in the six months ended June 30, 2026, and our net loss margin narrowed from 42.3% in 2023 to 10.4% in the six months ended June 30, 2026.
During the Track Record Period, while we recorded net profit of RMB2.2 million and RMB7.8 million in 2025 and the three months ended March 31, 2026, we incurred net losses of RMB0.9 million and RMB31.4 million in 2023 and 2024, respectively.
Summary · 第 15 页
Such net losses were primarily because we made significant research and development investments, with research and development costs increasing from RMB54.6 million in 2023 to RMB76.7 million in 2024.
Summary · 第 15 页
However, there is the possibility of continued losses due to increases in costs and expenses along with our business expansion, as well as our continuous investment in research and development.
We recorded adjusted net losses (non-IFRS measure) of RMB61.2 million, RMB61.6 million, RMB43.2 million and RMB27.5 million in 2023, 2024, 2025, and the six months ended June 30, 2026 respectively, primarily attributable to our ramp-up stage, during which we focused on product innovation, technological enhancement, capacity expansion and market development for new product lines.
Business · 第 151 页
We expect to continue to incur net losses in the near term as we continue to invest in R&D and commercialization.
Summary · 第 9 页
As our business continues to scale, we expect our losses to gradually narrow and achieve net profit and net operating cash inflows in the next two years.
We recorded profits of RMB79.5 million in 2023 and RMB63.2 million in 2024, and then we recorded loss of RMB45.0 million in 2025 and loss for the period of RMB74.7 million for the four months ended April 30, 2026.
Business · 第 174 页
Our net losses in 2025 and the four months ended April 30, 2026 were primarily attributable to the PV industry downturn, and, to a lesser extent, losses incurred by the SiPh assembly and testing business, due to its low revenue base being insufficient to absorb the fixed costs incurred following the ficonTEC Acquisition.
Business · 第 174 页
As demand for AI infrastructure continues to grow and an increasing number of our in-progress SiPh projects reach customer acceptance and are recognized as revenue, we expect our SiPh revenue to continue to increase over time.
During the Track Record Period, we recorded loss for the year/period of RMB1,009.0 million, RMB1,255.7 million, RMB827.5 million, RMB441.3 million and RMB430.9 million in 2023, 2024 and 2025 and for the six months ended June 30, 2025 and 2026, respectively, primarily attributable to a combination of operating factors and certain financing-related and non-operating items.
Summary · 第 7 页
In particular, we expect to continue recording net losses and increasing operating cash outflows for the year ending December 31, 2026.
Summary · 第 11 页
From an execution perspective, we plan to achieve long-term profitability through three primary strategies: (i) driving revenue growth, (ii) optimizing business mix, and (iii) improving costs and operating expense efficiency.
Moreover, we achieved a turnaround to profitability in the six months ended June 30, 2026, recording a net profit of RMB84.2 million, compared with a net loss of RMB245.4 million for the corresponding period in 2025.
Summary · 第 7 页
Our significant R&D expenditures may affect profitability in the periods in which they are incurred, while the resulting products and solutions may not begin generating revenue until later periods following completion, validation, customer design-in and volume-production ramp-up.
We recorded accumulated losses as of January 1, 2023, and incurred adjusted net losses and net operating cash outflows during the Track Record Period primarily because we continued to invest heavily in research and development, technical talent and market expansion to build our core AI and big data infrastructure capabilities.
Summary · 第 14 页
We expect to incur a net loss for the year ending December 31, 2026 primarily because we will continue to invest in research and development, sales and market expansion and have yet to fully realize operating leverage, despite the resumption of revenue growth.
Summary · 第 14 页
Our loss for the period narrowed from RMB142.9 million for the six months ended June 30, 2025 to RMB112.8 million for the six months ended June 30, 2026.
In 2023, 2024, 2025, and the six months ended June 30, 2026, we incurred losses for the year/period of RMB113.8 million, RMB117.9 million, RMB99.7 million and RMB63.7 million, respectively.
Summary · 第 7 页
Our losses during the Track Record Period were primarily attributed to our stage of development, business model and long-term growth strategy.
Business · 第 156 页
We expect this improvement trajectory to continue in 2026, driven by revenue growth, continued gross margin improvement and declining operating expense ratios, but cannot confirm that we will achieve adjusted net profit in 2026.
This market could not support our growth in electronic circuit copper foil business, and we were not able to charge high premiums in processing fee and average selling prices, resulting in our loss-making for this business segment in 2023 and 2024.
Financial Information · 第 208 页
As inventories have gradually normalized and demand from emerging applications continues to expand, the industry has started to recover since late 2025.
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.
Summary · 第 13 页
We recorded a net loss of RMB149.2 million and adjusted loss (non-IFRS measure) of RMB104.7 million in the four months ended April 30, 2025, primarily due to the relatively lower gross profit margin resulting from (i) the continued slow recovery of downstream end markets, particularly the consumer electronics sector, and (ii) continued de-stocking efforts by downstream customers since the second half of 2024, which collectively led to a decline in memory wafer prices and memory product prices in early 2025, extending the downward pressure on selling prices that emerged in the third quarter of 2024, which negatively affected our gross profit margin during this period.
Our loss for each year/period of the Track Record Period, amounted to RMB251.2 million, RMB151.4 million, RMB110.8 million and RMB31.2 million, respectively.
Summary · 第 8 页
As of 1 January 2022, our accumulated loss was RMB266.8 million, primarily attributable to historical R&D and operating expenses to support technology and product development and business expansion before our revenue scale was sufficient to absorb such costs.
Business · 第 178 页
We plan to achieve breakeven and profitability through business initiatives that include (i) expanding revenue scale, (ii) improving gross profit margin levels, (iii) enhancing operational efficiency, and (iv) optimizing working capital efficiency.
We expect that we will continue to record an increase in net losses for the year ended December 31, 2026, primarily because (i) we expect to incur significant research and development expenses as we continue to advance and expand our pipeline and enhance our technology platforms;
Summary · 第 15 页
(ii) we expect to incur changes in fair value of redemption liabilities on equity shares; and (iii) we expect to incur [REDACTED] expenses in connection with our proposed [REDACTED].
Summary · 第 15 页
We have not generated any revenue from the product sales since inception.
These investments were made while our revenue base was still developing and had not yet been sufficient to cover our operating expenses, resulting in net losses of RMB180.7 million in 2023, RMB84.2 million in 2024 and RMB10.5 million in the six months ended June 30, 2025.
Business · 第 200 页
We achieved a turnaround in 2025 and recorded profit for the year of RMB7.1 million in 2025 and RMB0.3 million in the six months ended June 30, 2026, primarily as a result of improvements in our operating performance.
杭州糖吉医疗科技股份有限公司HANGZHOU TANGJI MEDICAL TECHNOLOGY CO., LTD.
往绩记录期间持续净亏损且亏损扩大
Our net loss increased from RMB66.0 million in 2024 to RMB88.3 million in 2025, and our net loss increased from RMB37.7 million in the six months ended June 30, 2025 to RMB68.3 million in the same period of 2026, primarily due to (i) increased R&D expenses for advancing product development and clinical trials, (ii) increased administrative expenses from increased staff costs to support our business expansion and incurrence of listing expenses, and (iii) increased selling and marketing expenses as we intensified our efforts for the commercialization of the GBS.
We recorded net loss of RMB86.2 million, RMB95.3 million, RMB43.8 million and RMB51.9 million in 2024, 2025 and for the six months ended June 30, 2025 and 2026, respectively, primarily attributable to (i) research and development expenses incurred to support the development of various pipelines, (ii) selling expenses incurred to support our commercialization activities, (iii) administrative expenses incurred to support our ordinary course of business and (iv) finance costs incurred in connection with redemption right granted to our investors.
Summary · 第 9 页
As we complete registration and commercialization of more pipeline products, expand our distributor network and further enhance our operating efficiency, we expect to generate more net cash from our operating activities.
Financial Information · 第 252 页
With the strong growth prospects of iNO therapy market, we expect our results of operations and financial performance to improve in the future.
In terms of profitability, we recorded a net profit of RMB50.7 million in 2025, compared with net losses of RMB64.5 million and RMB96.6 million in 2023 and 2024, respectively.
Summary · 第 7 页
The net losses in 2023 and 2024 were primarily due to the broader challenging market environment, our continued investment in business expansion and product development, and the fact that our business had not yet reached sufficient scale to fully realize operating leverage, resulting in a relatively lower gross profit margin and higher expense ratios.
Summary · 第 7 页
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.