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.
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.
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.
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.
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.
We had accumulated losses as of January 1, 2023, which were primarily attributable to a combination of our strategic expansion initiatives and financing-related expenses.
Financial Information · 第 241 页
During the years from 2020 to 2022 which are the early stage of our development, we incurred initial operating losses in connection with our strategic expansion into overseas markets.
Financial Information · 第 241 页
As a result, we recorded net profit in 2023 and successfully reversed our prior loss-making position.
We recorded net losses of RMB295.1 million, RMB150.3 million and RMB165.1 million in 2023, 2024 and 2025, respectively, and a net loss of RMB68.1 million for the six months ended June 30, 2025, compared to a net profit of RMB640.0 million for the same period in 2026.
Summary · 第 5 页
Our net losses recorded during the Track Record Period were primarily attributable to: (i) sustained high R&D investment; and (ii) early stages of commercialization; while the net profit was primarily attributable to the significant licensing revenue arising from upfront fee paid by AbbVie under the AbbVie Agreement during the six months ended June 30, 2026.
Summary · 第 5 页
We are committed to building a sustainable profitability trajectory through measures including (i) continuing to advance commercialization and build a multi-product marketing framework; (ii) strategically focusing on product R&D and continuously strengthening our competitiveness; and
We recorded a loss of RMB82.7 million in 2023, primarily due to (i) the loss arising from our discontinued operation of COSMO Moulds and (ii) increased research and development expenses incurred during a period of accelerated product commercialization and business expansion, which were not fully covered by our gross profit and other income and gains.
Summary · 第 8 页
In 2024, we returned to profitability, recording a profit of RMB65.1 million, mainly as a result of (i) the optimization of our operating expenses, including (a) enhancing sales digitalization and establishing standardized sales enablement tools to optimize sales resource allocation, (b) adopting automated reports and business intelligence dashboards to streamline management processes and reduce manual administrative work, and (c) applying AI-assisted development tools, reusable modules and low-code components to reduce repetitive development and testing work and improve research and development resource allocation; and (ii) an increase in gross profit.
Our income tax credit decreased by 77.6% from RMB39.2 million in 2023 to RMB8.8 million in 2024, primarily because we turned from loss before tax in 2023 to profit before tax in 2024.
Financial Information · 第 202 页
In view of our loss-making results in 2023, we have performed an impairment assessment of intangible assets together with property, plant, and equipment based on a value-in-use calculation.
During the Track Record Period, we recorded net losses primarily due to (i) pricing pressure on certain mature PMIC products amid competitive market conditions, which affected our segment gross profit margin from time to time, (ii) early-stage economics of our power device business prior to scale, (iii) sustained R&D investment to support our PMIC design-wins and product platforms, and (iv) finance costs associated with redemption liabilities up to late February 2025.
Financial Information · 第 223 页
We incurred net losses of RMB506.3 million, RMB697.1 million, RMB277.8 million, RMB159.5 million and recorded a net profit of RMB28.5 million in 2023, 2024, 2025 and the four months ended April 30, 2025 and 2026, respectively.
Financial Information · 第 223 页
Our overall strategy to achieve profitability is to focus on R&D-led growth and translate that into higher-quality revenue, improving gross profit margin and operating leverage.
While we incurred net losses in 2023 and 2024, we have experienced positive turnaround in our business and financial performance, recording a net profit in 2025 and in the three months ended March 31, 2026.
Summary · 第 17 页
During the Track Record Period, we recorded net losses of RMB14.0 million and RMB37.1 million in 2023 and 2024.
Financial Information · 第 213 页
In the future, we aim to maintain sustainable profitability primarily through: (i) driving revenue growth; (ii) optimizing our product mix to improve gross profit margin; (iii) optimizing supply chain layout and strengthening stable supply capacity; (iv) strengthening R&D capabilities; and (v) adopting prudent order and inventory management.
Our income tax credit of RMB14.1 million in 2023 turned into income tax expenses of RMB85.7 million in 2024, primarily due to an increase in our current tax, as a result of the turnaround from our loss before tax in 2023 to profit before tax in 2024.
Profit/(loss) for the period | 60,363 | 6.5 | 30,959 | 3.3 | 153,657 | 13.3 | (100,953) | (831.2) | 152,697 | 11.6
Summary · 第 8 页
Our Group’s turned loss of RMB101.0 million into profit of RMB152.7 million in the 2024 Period and 2025, respectively.
Financial Information · 第 219 页
the 2024 Period covered only about 30 days of actual post-Acquisition operations, during which our Group was mainly engaged in integration activities with limited business operations.
江苏博迁新材料股份有限公司Jiangsu Boqian New Materials Stock Co., Ltd.
2023年度净亏损3,230万元
We recorded income tax expenses of RMB4.9 million in 2024, primarily due to a profit before tax of RMB92.3 million in 2024 compared to income tax credit of RMB0.5 million in 2023, due to a loss before tax of RMB32.8 million in 2023, primarily driven by the growth of revenue leading to an increase in our total profit before tax.
Financial Information · 第 185 页
Our gross profit increased by 158.3% from RMB71.3 million in 2023 to RMB184.2 million in 2024, and further increased by 99.8% to RMB368.0 million in 2025.
We recorded losses for the year of RMB51.9 million and RMB252.0 million in the years ended December 31, 2023 and 2024, respectively.
Summary · 第 6 页
During the Track Record Period, our profit/(loss) for the year was primarily affected by (losses)/gains arising from changes in the fair value of biological assets and changes in the carrying amount of redemption liabilities.
Summary · 第 6 页
We define adjusted profit/(loss) for the year as (loss)/profit for the year adjusted for equity-settled share-based payment expenses, changes in carrying amount of redemption liabilities, listing expenses and income tax effect related to the above items.
Our income tax credit decreased from RMB74.6 million for the year ended December 31, 2023 to RMB19.8 million for the year ended December 31, 2024, primarily because we had losses before tax for the year ended December 31, 2023 while we had taxable income for the year ended December 31, 2024.
Financial Information · 第 216 页
Our gross profit was RMB247.3 million, RMB560.6 million and RMB886.2 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Notably, we recorded a net loss of approximately RMB18.4 million for FY2023, but achieved a turnaround to a net profit of approximately RMB40.4 million and RMB29.4 million in FY2024 and FY2025, respectively.
Summary · 第 2 页
The relatively significant revenue growth in FY2024 was primarily attributable to the relatively low revenue level in FY2023, as a result of the slow down of the economy.
(Loss) profit for the year | (44,612) | 5,927 | 8,155
Summary · 第 8 页
We recorded income tax credit of RMB28.7 million in 2023, as a result of our loss-making position and the temporary differences arising from a one-off impairment losses in batteries, while income tax expense of RMB2.0 million in 2024, as a result of our increased profit before tax.
The significant improvement in our financial performance from a loss before tax of RMB8.2 million in 2023 to a profit before tax of RMB79.3 million in 2025 reflected, in part, the recovery and expansion of downstream demand during the Track Record Period.
Financial Information · 第 193 页
Our income tax credit increased from a credit of RMB8.9 million in 2023 to an expense of RMB0.8 million in 2024, primarily due to the deferred tax credit of RMB17.2 million from the recognition of deferred tax assets mostly arising from unutilized tax losses in 2023.
Over the same period, our results improved from a net loss attributable to shareholders of RMB39.6 million in 2023 to a net profit attributable to shareholders of RMB1.5 million in 2024 and RMB47.3 million in 2025.
Summary · 第 2 页
As a result, these growth enabled economies of scale on the cost side, resulting in improved gross profit margin.