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.
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.
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.
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.
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.
These factors all resulted in our accumulated losses of RMB1,405.9 million as of January 1, 2023.
Summary · 第 14 页
Although we continued to incur significant research and development expenses for our other pipeline products, as well as growing selling and distribution expenses as our sales activities expanded, we were able to gradually decrease our losses during the Track Record Period due to the launch and sales of ZEGFROVY^®^ and golidocitinib.
Summary · 第 14 页
Going forward, we expect to sustain our revenue growth and achieve profitability taking into account the following factors: (i) revenue growth from sales of golidocitinib; (ii) potential license fee income pursuant to the AstraZeneca Agreement; (iii) diversification of our revenue sources through new drug candidates and the expansion of indications of golidocitinib; (iv) continued improvement in selling and marketing efficiency and output and the expected significant decrease in selling and marketing expenses regarding ZEGFROVY^®^; and (v) enhanced economies of scale to control administrative and other operating expenses.
We recorded loss for the year of RMB158.5 million for the year ended December 31, 2023, profit for the year of RMB12.4 million for the year ended December 31, 2024, loss for the year of RMB16.0 million for the year ended December 31, 2025 and loss for the period of RMB39.0 million for the six months ended June 30, 2026.
Business · 第 185 页
Notwithstanding the expected loss in 2026, we believe our path to profitability should be assessed based on the combined effect of the foregoing initiatives, rather than by reference to short-term fluctuations in ASP or margin in any single year/period.
Business · 第 188 页
We therefore believe that the combination of gradual product mix upgrade, continued cost optimization and scale expansion, selective overseas expansion, higher-margin licensing and services opportunities, and disciplined expense management provides the key commercial basis for us to improve profitability over time.
In 2023, 2024 and 2025 and the three months ended March 31, 2025 and 2026, we incurred net loss for the period of RMB401.0 million, RMB283.3 million, RMB360.2 million, RMB70.6 million and RMB56.8 million, and adjusted net loss (non-IFRS measure) of RMB334.4 million, RMB214.3 million, RMB109.0 million, RMB39.2 million and RMB33.5 million respectively.
Summary · 第 11 页
Specifically, our historical net loss was primarily due to early stage of commercialization, significant research and development investment and upfront investments in the expansion and enhancement of our sales network.
Summary · 第 11 页
To achieve breakeven and our sustained profitable growth in the long term, we aim to continuously (i) expand our revenue scale by, among others, capturing substantial market opportunities, extending industry coverage and application scenarios of our products, boosting customer repurchase and sales efficiency and scaling up international operations with localized operations; (ii) improve our gross profit margin by continuous R&D innovation, strengthening supply chain management and expanding overseas markets with favorable gross margin profile; and
Our accumulated losses then increased to RMB2,789.4 million as of December 31, 2025, primarily due to our net loss of RMB278.6 million in 2025.
Summary · 第 5 页
In 2025, we recorded net loss of RMB278.6 million, primarily due to share-based payment expenses for modification of CRPS of RMB954.6 million in 2025, arising from the new Ordinary Shares we issued to our Shareholders, including our Pre-[REDACTED] investors, pursuant to the supplemented shareholders’ agreement dated on September 8, 2025, partially offset by an increase in gross profit.
We had loss for the year/period of RMB62.6 million, RMB122.2 million, RMB345.6 million, RMB116.8 million and RMB109.1 million in 2023, 2024, 2025 and the six months ended June 30, 2025 and 2026, respectively.
Business · 第 167 页
During the Track Record Period, although we achieved revenue growth, we continued to record net losses, primarily as (i) we continued to make significant investments in research and development and sales and marketing to support business expansion, and (ii) the recognition of redemption liabilities arising from our financing activities and the changes in the carrying amount of such liabilities negatively affected our profit before tax.
Summary · 第 11 页
As of January 1, 2023, we carried accumulated losses of RMB958.9 million, primarily comprising (i) accumulated changes in the carrying amount of redemption liabilities of RMB749.5 million, and (ii) an accumulated loss from operations of RMB209.4 million prior to 2023.
We recorded net losses of RMB39.3 million and RMB47.1 million, respectively, in 2023 and 2024, but in 2025, we turned profitable and recorded a net profit of RMB0.7 million, maintaining a strong growth momentum, which marked a milestone on our path to sustainable profitability.
Business · 第 195 页
We recorded net loss of RMB28.8 million in the six months ended June 30, 2026, primarily attributable to our [REDACTED] and increased R&D expenses.
Summary · 第 15 页
We believe that our path to sustainable profitability is clearly defined and will be continuously driven by (i) the rapid growth of our revenue; (ii) our ongoing cost optimization; and (iii) our continuous improvements in operational efficiency.
We also incurred operating losses for the years ended 31 December 2024 and 2025, and the five months ended 31 May 2025.
Financial Information · 第 257 页
Our R&D expenses were RMB103.1 million, RMB79.2 million, RMB27.9 million and RMB37.8 million for the years ended 31 December 2024 and 2025, and the five months ended 31 May 2025 and 2026, respectively.
Financial Information · 第 252 页
While we currently have no drugs approved for commercial sales and have not generated any revenue from drug sales, we expect to commercialise one or more of our drug candidates over the coming years as they move towards the final stages of development and if they receive the requisite regulatory approvals.
Despite our rapid revenue growth, we remained loss-making during the Track Record Period. In 2023, 2024, 2025 and the three months ended March 31, 2025 and 2026, we incurred net losses of RMB200.8 million, RMB169.5 million, RMB189.5 million, RMB40.0 million and RMB54.9 million, respectively.
Summary · 第 14 页
Our R&D expenses were RMB96.5 million, RMB87.6 million, RMB83.0 million, RMB17.4 million and RMB23.6 million in 2023, 2024, 2025 and the three months ended March 31, 2025 and 2026, respectively, accounting for 68.2%, 69.8%, 52.0%, 68.4% and 57.0% of our operating expenses in the corresponding period.
Business · 第 164 页
In the foreseeable future, we plan to enhance our profitability by expanding our revenue scale, reducing our operating costs and improving gross profit margin.
During the Track Record Period, we recorded net losses, net liabilities and net operating cash outflows.
Summary · 第 11 页
We recorded net losses of RMB28.3 million, RMB219.0 million, RMB1,764.2 million and RMB317.4 million in 2023, 2024 and 2025 and for the four months ended April 30, 2025, respectively.
Business · 第 182 页
We recorded accumulated losses at the beginning of the Track Record Period, and such accumulated losses remained as of the end of the Track Record Period.
Our recurring net losses and adjusted net losses (non-HKFRS measure) during the Track Record Period were primarily due to: (i) relatively high cost of sales as we were still in the early stage of development and our business scale has not yet reached a volume high enough to fully enjoy cost advantages from economies of scale; (ii) we incurred substantial R&D expenses to develop proprietary core technologies, product development and upgrades, as well as acquire and retain R&D talents, given the highly R&D-intensive nature of the robotics industry; and (iii) we incurred substantial sales and marketing expenses to educate potential customers about the value and functionality of our products, establish a robust sale network and acquire customers.
Summary · 第 17 页
Despite temporary losses, following years of substantial upfront investments in R&D, market education, and sales and marketing during our early commercialization stage, we believe we will be able to achieve economies of scale that position us to break even in the near term.
In 2023, 2024, 2025 and the five months ended May 31, 2025 and 2026, we recorded net losses of RMB237.2 million, RMB335.0 million, RMB331.0 million, RMB160.1 million and RMB127.5 million, respectively.
Summary · 第 13 页
Given the high entry barriers in this industry, we made substantial early-stage R&D investments that enabled us to build a solid foundation of core technologies.
Business · 第 158 页
Benefiting from the ramp-up to stable production, increased sales volume and economies of scale achieved through automated production, bulk procurement with more favorable terms and process optimization, we improved from a gross loss margin of 8.3% in 2023 to a gross profit margin of 1.3% in 2024, which also increased to 5.6% in 2025.