往绩期内扭亏为盈

2022年持续经营业务亏损910万元

(Loss)/Profit for the year/period from continuing operations | (9,098) | 97,169 | 8,990 | 14,588 | 86,045

Summary · 第 10 页

The fluctuation of our loss/profit for the year/period from continuing operations is primarily due to the fair value changes of preferred shares and the development of our digital marketing (market education services) and digital medical research assistance services business since 2023.

Summary · 第 10 页

2024年上半年录得除税前亏损

We recorded tax credit of RMB6.6 million for the six months ended June 30, 2024 as we recorded loss before taxation of RMB32.1 million for the same period.

Financial Information · 第 365 页

We recorded income tax expenses of RMB3.0 million, primarily due to our profit before tax, mainly attributable to the increase in our revenue, partially offset by the increase in tax deductible allowance for our increase in research and development expenses associated with our increasing R&D activities.

Financial Information · 第 365 页

2022年持续经营业务净亏损约13.8亿元

In 2022, 2023 and 2024, we recorded a net loss for the year from continuing operations of RMB1.4 billion, a net profit for the year from continuing operations of RMB4.8 million and a net profit for the year from continuing operations of RMB761.6 million, respectively.

Summary · 第 16 页

The net loss from continuing operations recorded in 2022 was primarily attributable to certain non-cash items, including share-based payment expenses and fair value changes of convertible preferred shares.

Summary · 第 16 页

2022年录得净亏损，2023年恢复盈利

We recorded a net loss in 2022, primarily attributable to the combined effect of (i) the business disruption caused by the pandemic in 2022; (ii) our continuous investment in research and development to maintain our competitiveness in the market; (iii) our increased distribution and selling expenses demonstrating our long-term dedication to effective customer coverage and fulfilling our customer-centric strategies; and (iv) our investment in maintaining the stability and quality of our delivery capacity.

Financial Information · 第 250 页

The decline in performance and net loss in 2022 had been anticipated by our management as a result of pandemic-related disruptions.

Financial Information · 第 250 页

We subsequently recovered from the pandemic’s impact and recorded a net profit of RMB81.4 million in 2023, consistent with our internal forecasts.

Financial Information · 第 250 页

2022年度录得净亏损约3,600万元

In 2022, we recorded income tax credit of RMB12.2 million primarily due to a pre-tax loss of RMB48.1 million.

Financial Information · 第 348 页

Our same store sales increased in 2022 and 2023 primarily due to the rebound of consumers’ spendings after the gradual phasing-out of the COVID-19 pandemic in 2023.

Business · 第 191 页

2022年初存在累计亏损

We recorded accumulated loss as of January 1, 2022, because of lower average selling price of our capacitor films due to market competition.

Financial Information · 第 240 页

We broke-even and recognized profits in 2021, primarily attributable to (i) an increase in the revenue from the sale of our capacitor base film as a result of (a) an increase in the average selling price of our capacitor base film from 2020 to 2021, which was in line with industry trend. See “Industry Overview—Price Analysis” for details; and (b) an increase in the sales volume of our capacitor base film from 2020 to 2021, which was in line with industry trend; and (ii) a decrease in our cost of sales as a result of our enhanced economies of scale.

Financial Information · 第 240 页

Such supply-demand gap provides us with stronger bargaining power and helps us become profitable.

Financial Information · 第 240 页

2022及2023年亏损，2024年扭亏为盈

In 2023, we recorded a net loss attributable to owners of the Company of RMB2.4 billion, and in 2024 and for the six months ended June 30, 2025, we recorded a net profit attributable to owners of the Company of RMB5.9 billion and RMB2.9 billion, respectively.

Summary · 第 3 页

Although we were loss making for the years ended December 31, 2022 and 2023, no further impairment loss was recognized for non-financial assets for the same year.

Financial Information · 第 319 页

往绩记录期间经营亏损及盈亏平衡路径

We had operating losses of RMB1,008.9 million, RMB210.9 million and RMB132.3 million for the years ended December 31, 2022, 2023, and 2024, respectively.

Summary · 第 26 页

The operating losses from 2022 to 2024 were primarily due to our upfront investment in data intelligence technologies and application software and limited client cognition and market adoption of innovative solutions.

Summary · 第 26 页

We plan to achieve breakeven and profitability in the operating level by expanding our revenue scale, improving gross margin, and enhancing operating leverage.

Summary · 第 27 页

2022及2023年录得净亏损，2024年扭亏

In 2022 and 2023, we recorded net loss amounting to RMB507.1 million and RMB490.0 million, respectively, and our adjusted net loss (non-IFRS measure) amounted to RMB379.4 million, RMB205.7 million in the same periods, respectively.

Business · 第 219 页

In 2024 and the six months ended June 30, 2025, we recorded net profit of RMB10.6 million and net loss of RMB39.5 million, respectively, and adjusted net profit (non-IFRS measure) of RMB49.0 million and RMB47.0 million, respectively.

Business · 第 219 页

For these reasons, it takes a longer time for SaaS service providers to achieve breakeven.

Business · 第 217 页

2022年录得净亏损4900万元

We incurred net loss of RMB49.4 million in 2022, primarily because we only commenced large-scale commercialization of our first inhalation formulation product, CF017 in September 2021 and this product remained in ramp-up stage, whereas we incurred relatively high selling and distribution expenses to promote our inhalation formulation products; R&D expenses to develop new inhalation formulation products; and administrative expenses to support our daily operation.

Summary · 第 16 页

Our efforts in technology build-up and drug development over the years necessitated significant investments in R&D, which resulted in accumulated losses of RMB808.3 million as of January 1, 2022.

Summary · 第 20 页

Our Directors believe that, considering the above, our business is, and will continue to be sustainable and profitable in the future.

Summary · 第 22 页

2022年录得净亏损2120万元

We recorded a net loss of RMB21.2 million in 2022, followed by a net profit of RMB27.2 million in 2023, RMB58.5 million in 2024, RMB28.2 million and RMB48.5 million for the six months ended June 30 2024 and 2025.

Summary · 第 24 页

Our relatively low net loss in 2022 was primarily due to (i) the low gross profit rate in relation to the limited product range, low pricing, and market entry of certain products via complimentary and trial-size packs; and (ii) a relatively high proportion of selling expenses in order to expand distribution channels, enhance brand awareness and reach a broader customer base.

Summary · 第 24 页

2022年及2023年净亏损，2024年扭亏为盈

In 2022 and 2023, we recorded net losses of RMB175.7 million and RMB45.7 million, respectively, but have successfully achieved a turnaround in 2024 with a net profit of RMB179.0 million.

Summary · 第 2 页

In 2024, we turned around our loss-making position with a net profit of RMB179.0 million and an adjusted net profit (non-IFRS measure) of RMB189.2 million, primarily due to our improvement in gross profit margin on both conductive and semi-insulating SiC semiconductor materials resulting from economies of scale and the continued release of production capacity at our Shanghai production plant, benefiting from its ramp-up, leading to lower average costs on products sold, partially offset by increased operating expenses, including selling expenses, administrative expenses and R&D expenses.

Summary · 第 14 页

2022及2023年净亏损，2024年转亏为盈

In 2023, we recorded a net loss of US$717 million, compared to a net loss of US$320 million in 2022.

Financial Information · 第 362 页

In 2024, we recorded a net profit of US$10 million, as compared to a net profit attributable to Equity Holders of the Company (non-IFRS measure) of US$24 million, the difference being primarily due to the attribution of a portion of FWD Life Malaysia’s net loss to the non-controlling interests.

Financial Information · 第 377 页

The net profit in 2024 compared to net loss in 2023 was mainly driven by (i) gains in the net investment result of US$241 million in 2024 due to positive capital market movements, compared to losses in the net investment result of US$632 million in 2023 due to adverse capital market movements, and investment losses on disposal of financial investments related to the Athene Reinsurance transaction in Japan, which accounted for US$505 million of loss before tax in 2023, and (ii) improved expense discipline in 2024 resulting in a reduction in expenses.

Financial Information · 第 377 页

2021至2023年净亏损，2024年扭亏为盈

In light of the above background to our historical results of operations, we historically recorded a net loss in 2021, 2022 and 2023. However, we recorded a net profit in 2024.

Summary · 第 30 页

We recorded net profit of RMB91.0 million in 2024.

Summary · 第 31 页

Intense competition has led to an average of three to five years of net loss position for new players in China’s power battery industry, according to Frost & Sullivan, because (i) it generally takes longer time for new players to establish new customer relationships given the highly concentrated and competitive market landscape; (ii) new players who enter the market at a later stage do not enjoy first-mover advantages, such as brand recognition, customer loyalty, and the ability to set standards or prices; and (iii) new players have yet to be able to leverage economies of scale and to achieve optimal operational efficiency.

Summary · 第 28 页

往绩记录期间年内亏损及经调整扭亏

We recorded adjusted loss for the year (a non-IFRS measure) of RMB355.8 million in 2021 and RMB225.3 million 2022, and managed to turn it into adjusted profit for the year (a non-IFRS measure) of RMB72.9 million in 2023, primarily due to our continuous narrowing of loss for the years from 2021 to 2023.

Summary · 第 15 页

This is primarily due to our successful strategic diversification of our product offering to include assembly character toys.

Financial Information · 第 269 页

More specifically, we continued to scale up our business and execute a content driven market strategy, which resulted in a gradual increase in our gross profit margin and gradual decrease in our various operating expenses as percentage of our total revenue starting from 2022.

Summary · 第 15 页

2021年净亏损5.899亿元

Our net (loss)/profit for the year improved from a loss of RMB589.9 million in 2021 to a profit of RMB223.2 million in 2022, and further to a profit of RMB520.1 million in 2023.

Financial Information · 第 329 页

As a result, we made provisions for impairment losses of RMB984.4 million on the inventories which were mainly affected by the Amazon Incident for the year ended December 31, 2021.

Financial Information · 第 365 页

2021年及2022年净亏损，2023年扭亏为盈

(Loss)/profit for the year | (381,960) | (15,058) | 36,574

Summary · 第 15 页

— Flagship imaging centers | (3,366) | (3.3) | (9,716) | (9.4) | 15,078 | 11.3

Summary · 第 16 页

Our gross profit margin increased from 29.6% in 2021 to 30.2% in 2022, and further increased to 35.8% in 2023, primarily due to the increase in our revenue during the Track Record Period and the economies of scale we have achieved for imaging center business due to our brand awareness, competitiveness achieved and chain-oriented development.

Summary · 第 16 页

2021及2022年录得净亏损

We experienced net losses in 2021 and 2022, primarily due to fair value losses on financial liabilities at FVTPL during the respective years. We generated net profit in 2023, primarily as we significantly increased our revenue and experienced less fair value loss on financial liabilities at FVTPL as compared with 2022.

Summary · 第 13 页

2020年初存在累计亏损其后恢复盈利

Our Group recorded accumulated losses as of January 1, 2020 primarily due to the provisions for impairment loss of trade and bills receivables made prior to the Track Record Period in 2016 in relation to the outstanding amount due from Tianjin Hengzeng.

Financial Information · 第 382 页

Our Group has been profitable (i.e. it has made a net profit in a financial year) prior to the Track Record Period from the year ended December 31, 2017 onwards up to the year ended December 31, 2022 and for the six months ended June 30, 2023.

Financial Information · 第 382 页

With this qualification, we were able to gain trust from customers regarding our capability and take on larger municipal public construction projects, which in turn contributed significantly to the turnaround of our business from 2017 onwards.

Financial Information · 第 383 页

2022年首四个月除税前亏损490万元

We had positive effective tax rates of 48.4% for the four months ended April 30, 2022 and negative effective tax rate of (37.3)% for the four months ended April 30, 2023 since we recorded loss before tax of RMB4.9 million for the four months ended April 30, 2022 while profit before tax of RMB2.5 million for the four months ended April 30, 2023.

Financial Information · 第 324 页

In addition, we recorded a relatively higher effective tax rate of 48.4% for the four months ended April 30, 2022, as our lower profitability during this period deferred the tax benefits from additional deductions for qualified research and development expenses.

Financial Information · 第 324 页