港股IPO招股书披露先例 · 63 家公司，63 项
往绩期内扭亏为盈指申请人于往绩记录期前段录得净亏损、其后转为盈利并披露转盈驱动因素的事项。招股书通常于概要、风险因素、业务及财务资料等章节列示各期亏损与利润金额、毛利率变化、经调整（非国际财务报告准则）计量及税项贷方与开支的相应变动，并将转亏归因于前期研发投入的商业化、规模效应带动成本下降、产品组合优化及市场需求改善；部分申请人同时说明盈利可持续性的依据假设，并提示可能无法维持盈利的风险。
(Loss)/profit for the year | (125,453) | (93,743) | 20,153
Financial Information · 第 198 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our income tax expense was nil for 2024 and 2025 as we recorded losses before tax in 2024 and had available tax losses for offset in 2025.
Financial Information · 第 207 页
In 2023, weak consumer electronics demand, post-pandemic effects and trade tensions resulted in intense industry competition and pricing pressure, leading to a net loss for the year.
Financial Information · 第 171 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Market conditions improved in 2024, driven by growth in 5G communications, AI servers and automotive electronics, with our revenue increasing 26.2% to RMB834.6 million.
Financial Information · 第 171 页
First, because our Company is still in the early stage of development, R&D investment and market development costs are large, large-scale sales have not yet formed, and the revenue scale cannot cover all cost inputs, which leads to a loss of our Company.
Financial Information · 第 236 页
Third, our Company’s primary customers are state-owned enterprises and government departments, which typically require a multi-level review process for bidding. This leads to a prolonged business development cycle.
Financial Information · 第 236 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Although our Company incurred losses in FY2023, operating performance has demonstrated steady growth, which is consistent with management’s expectations.
Financial Information · 第 236 页
Net (loss)/profit for the year | (630,867) | 135,244 | 839,648
Summary · 第 9 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We had net loss of RMB630.9 million in 2023 and net profit of RMB135.2 million in 2024, primarily attributable to substantial revenue growth from increased sales volumes and improved pricing of smart mobile and emerging edge AI devices, alongside a shift to gross profit from changes in product mix (i.e. increased offering of products used in emerging edge AI devices, which generally carry higher margin) and economies of scale.
Summary · 第 9 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We incurred net loss of RMB195.5 million in 2023, respectively, and achieved net profits of RMB27.0 million and RMB152.7 million in 2024 and 2025, respectively. Our net loss in 2023 were primarily attributable to the substantial R&D expenses of RMB344.8 million during the year.
Business · 第 109 页
We incurred net losses of RMB110.1 million in 2023, and reached breakeven and recorded net profit of RMB9.7 million in 2024.
Business · 第 157 页
However, we incurred net loss in 2023, and net cash used in operating activities in 2023 and 2024.
Business · 第 154 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We firmly believe that our proven business model, diverse and full solution coverage and R&D capabilities provide a clear and credible path to long-term profitability.
Business · 第 157 页
(Loss)/profit for the year | (8,747) | 15,765 | 32,180
Summary · 第 9 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Adjusted net (loss)/profit (non-IFRS measure) | (4,630) | 28,209 | 38,481
Summary · 第 9 页
(Loss)/profit for the year | (1,967,631) | (690,343) | 7,440
Summary · 第 5 页
Through AI-driven scheduling and enhanced operational management, we have achieved both revenue growth and profitability improvement, making us the fastest large scale mobility platform to achieve profitability in China, according to CIC.
Financial Information · 第 150 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Since our inception in 2019, we have achieved significant growth in order volume, reaching 797.2 million in 2025.
Financial Information · 第 150 页
The loss-making position of our Group as of December 31, 2024 was primarily due to the net losses on financial assets carried at fair value through profit or loss, amounting to RMB253.0 million.
Financial Information · 第 228 页
The losses arose mainly from the investment of equity securities listed in the PRC which generate a return individually and are largely independent of the Group’s other resources (for example, property, plant and equipment, right-of-use assets and intangible assets).
Financial Information · 第 228 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We recorded income tax credit of RMB17.2 million for the year ended December 31, 2024 while we recorded income tax expense of RMB13.4 million for the year ended December 31, 2025, primarily due to our turnaround from loss to profit before taxation during the period.
Financial Information · 第 217 页
We had losses in the alternative investment business in 2024 as we experienced declines in the fair value of our listed holdings and associated losses which were mainly attributable to a sharp correction in the Beijing Stock Exchange, slower-than-expected share transfers to other boards, and tighter IPO pathways.
Business · 第 128 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our performance recovered in 2025, which were supported by policy tailwinds, market improvements, and strategic realignment.
Business · 第 128 页
We recorded net loss of RMB373.5 million in 2023, primarily as we incurred significant administrative and R&D expenses as we rapidly scaled our commercial production and sales.
Summary · 第 8 页
In 2023, we were loss-making mainly because we were at the nascent stage of development, having only commenced commercial production and sales.
Summary · 第 11 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看As our sales grew rapidly through our expanding global distribution network, we achieved net profit of RMB83.8 million in 2024.
Business · 第 148 页
After recording a net loss of RMB113.8 million in 2023 due to strategic front-loaded investments, we achieved a financial turnaround with net profits of RMB15.7 million and RMB5.1 million in 2024 and 2025, respectively.
Summary · 第 1 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our financial results improved from a net loss of RMB113.8 million in 2023 to a net profit of RMB15.7 million in 2024, and an adjusted net loss (non-IFRS measure) of RMB28.1 million in 2023 to an adjusted net profit (non-IFRS measure) of RMB44.1 million in 2024, primarily due to the increase in our gross profit from RMB183.8 million in 2023 to RMB287.3 million in 2024, resulting from significant gross profit growth in our EIIR and AI-enabled intelligent products, supported by product mix optimization and operational efficiency gains from our proprietary technology upgrades.
Summary · 第 10 页
Profit/(Loss) for the year | (176,206) | 610,912 | 2,426,575
Summary · 第 11 页
During the Track Record Period, our revenue, gross profit margin and net profit/(loss) experienced fluctuations primarily in line with the rapid expansion of our snack and beverage retail business.
Summary · 第 11 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看As our business matured, operational efficiency improved and margins were released, supported by optimized cost structure, centralized procurement and better expense control.
Summary · 第 11 页
We were loss-making in 2023 and turned profitable starting from 2024, and recorded significant increase in net profit from 2024 to 2025.
Summary · 第 8 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We recorded net profit of RMB70.4 million in 2024 as compared to net loss of RMB132.8 million in 2023, as a result of the substantial increase in our gross profit, primarily due to (i) increased sales of agricultural drones resulting from (a) enhanced customer satisfaction and growing interest of users and distributors driven by our continuous product innovation that improved product quality and delivered pricing advantages, (b) our business expansion in overseas markets, which broadened our customer base and sales reach, (ii) an increase in revenue contribution from our overseas sales with relatively higher gross profit margin, (iii) reduced hardware costs as we optimized the drone design through technical innovation to improve cost efficiency while maintaining performance stability, and (iv) increased sales of smart farm IoT products especially smart electric valves, driven by strong market demand, ongoing product innovation, exceptional cost efficiency and extensive sales channels.
Summary · 第 8 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看In 2024, we recorded net loss of RMB6.1 million, primarily due to (i) a decrease in the overall gross profit margin of our telecommunications laser chip segment, because of the downward pricing pressure on certain products within this segment as a result of intensified market competition, and (ii) an increase in our research and development expenses and selling and marketing expenses to support our ongoing R&D activities and market expansion.
Summary · 第 12 页
We recorded a loss of RMB60.7 million in 2022 and a loss of RMB56.2 million in 2023, primarily due to our cost structure and operating expenses associated with the expansion of our software-defined All-in-One AI solutions.
Summary · 第 9 页
We recorded a loss of RMB27.1 million in the nine months ended September 30, 2024 and a loss of RMB36.3 million in the nine months ended September 30, 2025, primarily due to increased operating expenses, including research and development expenses and administrative expenses, reflecting our continued investment in business expansion.
Summary · 第 9 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看However, we incurred net losses of RMB60.7 million, RMB56.2 million, and RMB36.3 million in 2022, 2023, and for the nine months ended September 30, 2025, respectively.
Business · 第 144 页
During the Track Record Period, we recorded adjusted net losses (a non-IFRS measure) of RMB123.0 million and RMB43.6 million in 2022 and 2023, respectively, and had an adjusted net profit (a non-IFRS measure) of RMB10.7 million, RMB24.4 million and RMB10.4 million in 2024 and the eight months ended August 31, 2024 and 2025.
Summary · 第 11 页
In 2022 and 2023, we recorded net losses of RMB221.5 million and RMB353.2 million, respectively, which were attributable to the reasons mentioned above for our adjusted net losses (a non-IFRS measure), as well as the significant impact of non-cash items such as the fair value loss of convertible redeemable preference shares and share-based compensation expenses.
Summary · 第 12 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看This expansion also required investments in labor and other resources at our headquarters to ensure efficient management across different cities.
Summary · 第 11 页
The net provision for impairment losses for FY2023 was mainly attributable to the provision for impairment losses on our contract assets of approximately RM10.0 million and RM8.8 million, respectively, arisen from our Group’s claims of prolongation costs mainly as a result of the COVID-19 pandemic for Project JB15 and Project JB16 that were completed in 2021, the customer’s certification of which was affected by the events beyond our control, including the unexpected extension of projects that caused significant cost overruns, resulting long overdue contract assets.
Financial Information · 第 279 页
Based on the impairment assessments conducted by our Directors and the independent valuer appointed by our Group, it is considered that the likelihood of recovering such claims has become increasingly uncertain.
Financial Information · 第 280 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Taking into consideration that the prolongation claims primarily comprised the additional costs incurred (i.e. subcontracting costs, costs of construction materials and supplies, labour costs, etc.) due to the unexpected extension of projects, which were of the same nature as other costs incurred for the projects prior to the unexpected delay and fell under the contract terms and conditions of letters of award, our Directors are of the view that the prolongation claims are legitimately made, and thus our Group was legally entitled to receive such claims.
Financial Information · 第 279 页
We recorded a net loss in 2022, primarily due to the impact of COVID-19 outbreak on our offline business and high initial investment and limited efficiency in our online business.
Summary · 第 17 页
Additionally, substantial upfront costs were incurred for channel development, content marketing, and logistics arrangements, resulting in overall losses for the online channels in 2022.
Summary · 第 17 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看This turnaround was driven by the recovery of offline consumption and channel expansion, maturity and accelerated growth of online channels and a series of cost reduction and efficiency improvement measures.
Summary · 第 17 页
For the years ended December 31, 2022, 2023, 2024, we recorded net loss of RMB87.0 million, RMB16.4 million, RMB3.1 million, respectively.
Summary · 第 13 页
Marking a pivotal milestone in our path to sustainability, we recorded a net profit of RMB27.9 million for the six months ended June 30, 2025, achieving profitability for the period.
Business · 第 299 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We believe our path to sustainable profitability is clearly defined and will be primarily driven by the following factors: (i) steady revenue growth; (ii) continuous gross profit improvement; (iii) operational leverage through economies of scale that will reduce our selling and distribution, administrative and research and development expenses as a percentage of our revenue; (iv) improvements of our operating cash flow position; and (v) our cost optimization and profitability enhancement measures.
Business · 第 299 页