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.
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.
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.
征祥医药（南京）集团股份有限公司Zenshine Pharmaceuticals (Nanjing) Group Co., Ltd.
往绩期间净亏损且预计2026年亏损扩大
During the Track Record Period, we made net losses primarily because we were still in the process of continuous research and development expenditures, which was within the expectation of our Directors.
Financial Information · 第 234 页
We expect our loss to increase in 2026 compared to 2025, primarily because we expect to record an increase in (i) research and development expenses, mainly driven by the initiation of the combined phase 3 clinical trials for indication expansion to post-exposure prophylaxis with both sebaloxavir marboxil tablets and sebaloxavir marboxil for suspension; and (ii) our selling and distribution expenses as a result of anticipated expansion of our sales and marketing team and enhanced marketing efforts following the commercialization of our Core Product in 2025.
Summary · 第 19 页
In 2024, 2025 and the six months ended June 30, 2025 and 2026, our research and development costs were RMB100.0 million, RMB112.1 million, RMB64.3 million and RMB42.8 million, respectively, accounting for 82.9%, 75.8%, 86.2% and 61.8% in terms of our total operating expenses (including our research and development costs, selling expenses and administrative and other operating expenses) for the same period respectively.
We expect to record a significant increase in net loss for the year ending December 31, 2026, primarily due to (i) an increase in research and development expenses, especially as we plan to advance TSN1611 into next-phase clinical trial, and expand our combination therapy clinical trials; and (ii) increase in expenses in connection with the [REDACTED] incurred in 2026.
Summary · 第 19 页
We have incurred net losses since our inception and anticipate that we will continue to incur net losses for the foreseeable future.
Summary · 第 19 页
However, developing drug candidates requires substantial financial investments over an extended period.
As we have no product approved for commercial sale and therefore have not generated any revenue, we expect to incur increased net loss in the year ending December 31, 2026.
Summary · 第 14 页
For the years ended December 31, 2024 and 2025 and the six months ended June 30, 2025 and 2026, our research and development costs amounted to RMB54.4 million, RMB77.9 million, RMB25.6 million and RMB82.2 million, respectively, and our administrative expenses amounted to RMB18.8 million, RMB39.8 million, RMB10.6 million and RMB33.1 million, respectively.
Financial Information · 第 244 页
As we further our pre-clinical studies and continue to support the clinical trials of our product candidates, we expect our research and development costs and administrative expenses to continue to increase for the year ending December 31, 2026.
We expect that we will continue to record an increase in net losses for the year ending December 31, 2026 compared to the year of 2025, 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; and (ii) we expect to incur [REDACTED] expenses in connection with our proposed [REDACTED].
Summary · 第 13 页
During the Track Record Period, we did not pay any income tax as we did not record any taxable profit.
Financial Information · 第 244 页
We expect that our cash needs in the near future will primarily relate to progressing the development of our drug candidates towards initiating various stages of clinical trials, receiving regulatory approval and commencing commercialization, as well as expanding our drug candidate portfolio.
We recorded a net loss of RMB32.6 million in 2023 and RMB68.1 million in 2025, and net operating cash outflows of RMB63.4 million in 2023 and RMB125.2 million in 2025.
Summary · 第 12 页
The loss was primarily attributable to the Group's continued investment in research and development, increased listing expenses of RMB14.1 million, and higher impairment losses on financial assets and contract assets mainly due to the increase in the trade receivables balance resulting from revenue growth.
Summary · 第 7 页
Given our net loss and negative operating cash flow positions in 2025, we expect to remain in a net loss position for the year ending 31 December 2026, primarily due to our planned increased R&D investment to strengthen our strategic positioning and development in the robotics sector, as well as the impact of listing expenses.
北京中科闻歌科技股份有限公司Beijing Zhongke WengeAI Science and Technology Co., Ltd.01956.HK
往绩期间持续净亏损且短期料持续
During the Track Record Period, we have reported net and operating losses, and we expect these losses to persist in the near term.
Summary · 第 7 页
This is mainly due to our continued investments in research and development, as well as our efforts to rapidly expand our customer base and market presence.
Summary · 第 7 页
We anticipate that we will continue to incur net loss for the year ending December 31, 2026, primarily because we are in the stage of expanding our business and operations in the rapidly growing AI market and are continuously investing in research and development.
During the Track Record Period, we recorded net losses of RMB212.6 million, RMB187.2 million and RMB170.9 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Business · 第 168 页
We expect to continue to record net losses in the foreseeable future, including in 2026, as we continue to invest in research and development and expand our commercial operations.
Business · 第 168 页
We expect to record net loss in 2026, primarily attributable to our sustained investment in research and development required to refine our autonomous driving technologies and maintain our competitive edge.
As such, we have not generated any revenue and we expect to incur a significant increase in net loss for the year ending December 31, 2026 as we continue to invest significant capital into the R&D of our pipeline, and other capabilities to complement and support our business.
Summary · 第 15 页
We did not generate any revenue for the years ended December 31, 2024 and 2025.
Business · 第 193 页
For the years ended December 31, 2024 and 2025, we recorded research and development costs of RMB98.1 million and RMB126.6 million, respectively.
We expect to record a net loss for the year ending December 31, 2026, which is primarily due to our expectation that significant research and development costs and administrative expenses will be further incurred.
We expect that we will continue to record net losses for the year ending December 31, 2025, primarily because (i) we expect to incur significant research and development expenses as we continue to advance and expand our product pipeline and enhance our proprietary technology platforms; and (ii) we expect to incur [REDACTED] in connection with our proposed [REDACTED].
Summary · 第 17 页
Loss for the year | (23,466) | (22,272)
Financial Information · 第 227 页
The average break-even period for comparable diagnostic instruments in the industry is typically 8 to 10 years, based on research on leading domestic listed companies such as Airdoc Technology Inc., Sansure Biotech Inc., and Assure Tech (Hangzhou) Co., Ltd.
We expect that we will continue to record net losses for the year ending on December 31, 2026, primarily because we expect to incur significant research and development expenses as we continue to advance and expand our pipeline and enhance our TRANDD workflow system.
We expect that we will continue to record net losses for the year ending 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; and (ii) we expect to incur [REDACTED] in connection with our proposed [REDACTED].
As of the Latest Practicable Date, we did not have any commercialized products.
Summary · 第 15 页
As we continue to incur R&D expenses in relation to our R&D activities to develop our drug candidates and administrative expenses in relation to our daily operations, we expect to record an increase in net loss in 2025 compared to 2024.
Summary · 第 15 页
We expect to continue to incur significant expenses and operating losses in the future as we further the clinical development and/or pre-clinical studies of our product pipeline, expand our team and grow our business.
As a result, we recorded profit and net profit margin in 2023 as compared to loss and net loss margin in 2024.
Business · 第 171 页
However, in 2025, FlareFlow business incurred relatively higher selling and marketing expenses to achieve rapid user base expansion. As a result, we recorded increased loss and net loss margin for the nine months ended September 30, 2025.
Business · 第 171 页
To achieve profitability, we aim to (1) focus on driving our revenue growth in untapped overseas micro drama market and cosmic market; (2) phase out businesses that have lower profit margins; (3) achieve higher production and distribution efficiency for our overseas micro dramas business; and (4) gain effective control of selling and marketing expenses for our overseas micro dramas business.
苏州瑞博生物技术股份有限公司Suzhou Ribo Life Science Co., Ltd.06938.HK
预期2025年继续录得净亏损
As we strive to advance our pipeline and enhance our drug development capabilities, we expect that we will continue to recognize net losses in 2025, primarily because we expect to incur significant costs and expenses in relation to our R&D activities.
Summary · 第 23 页
We recorded net cash used in operating activities of RMB287.5 million, RMB60.7 million and RMB96.5 million for the years ended December 31, 2023 and 2024 and the six months ended June 30, 2025, respectively.
Financial Information · 第 451 页
Going forward, we will continue to concentrate our resources on the development of the Core Product while exercising disciplined control over other expenses to manage operating cash outflows.
However, taken into account that we incurred net loss of RMB89.1 million for the six months ended June 30, 2025, we expect to remain a significant loss position for the year ending December 31, 2025, primarily because (i) we anticipate to continue to incur significant costs and expenses in relation to our R&D activities and sales and marketing initiatives as we continue to carry out clinical trials or evaluations and enhance our commercialization capabilities, and (ii) we have incurred, and expect to continue to incur, costs and expenses relating to the Global Offering.
Summary · 第 35 页
The loss throughout the Track Record Period was mainly due to the short period of commercialization of its Core Products, and large amount of R&D expenses we incurred for the implementation of clinical plans at the early stage of business development.