In addition to our robust revenue growth during the Track Record Period, we have narrowed our gross loss margin since 2021, from -24.2% in 2021 to -10.7% in 2022, and further decreased to -7.0% in 2023.
Summary · 第 2 页
On the other hand, we have recorded operating losses, net losses and adjusted net losses (Non-IFRS measure) during the Track Record Period primarily due to the costs and expenses incurred by us to quickly establish our presence in major cities of the Greater Bay Area and increase our penetration rates in those markets.
Summary · 第 2 页
Regardless of the commercialization of our Robotaxi services, we will be unable to achieve breakeven in 2024, 2025, 2026 and 2027.
We recorded net loss of RMB448.4 million, RMB156.2 million and RMB359.3 million in 2021, 2022 and 2023, respectively.
Summary · 第 10 页
For these reasons, similar to other SaaS solution providers, the breakeven period for service providers in the relatively niche market of financial and tax-related transaction digitalization in China may take over 10 years, according to the F&S Report.
Business · 第 263 页
Based on the foregoing, our Directors are of the view that our business is sustainable despite the current loss-making position.
We recorded net loss of RMB2,137.3 million in 2021, RMB1,438.6 million in 2022, and RMB1,906.3 million in 2023.
Summary · 第 4 页
while our R&D expenses, general and administrative expenses, contract fulfillment costs and selling and marketing expenses increased as our business grew, we recorded net losses during the Track Record Period.
Summary · 第 29 页
We expect that we will continue to be loss-making in 2024 primarily due to the anticipated costs and expenses associated with (i) the implementation of our commercialization plan, particularly in the U.S. and Europe, and (ii) increased share-based payment expenses.
We had net losses during the Track Record Period, primarily because we incurred substantial research and development expenses, administrative expenses and selling and distribution expenses during the process of rapid expansion of our SaaS business.
Summary · 第 24 页
According to Frost & Sullivan, SaaS solution providers often experience losses when expanding their business due to the time lag between revenue recognition and operational expenses.
Financial Information · 第 413 页
In the future, we plan to further enhance our financial performance by: (i) expanding our customer base; (ii) improving product performance and enriching the product matrix to increase contract value per user; and (iii) effectively managing costs and expenses.
Loss for the year from continuing operations | (181,980) | (684,979) | (802,602)
Financial Information · 第 441 页
Primarily attributable to our historical investment in research and development of our technologies and our talents as well as our selling and marketing expenses incurred, we recorded an adjusted net loss (non-IFRS measure) in 2021. Due to the increase in our revenue and the overall gross profit margin, we recorded adjusted net profits (non-IFRS measure) in 2022 and 2023.
Financial Information · 第 441 页
As we have been focusing on expanding our business scale via investing in our AI technologies and commercializing such technologies into a portfolio of products and services, rather than seeking immediate financial returns or profitability, we laid a solid foundation for long-term sustainability.
We incurred net loss of RMB368.7 million, RMB746.8 million, RMB916.9 million, RMB648.5 million and RMB606.7 million, in 2020, 2021, 2022 and for the nine months ended September 30, 2022 and 2023, respectively.
Summary · 第 18 页
We recorded RMB328.5 million, RMB687.3 million, RMB805.0 million, RMB569.7 million and RMB470.7 million of share of net loss of associates using the equity method in 2020, 2021, 2022 and for the nine months ended September 30, 2022 and 2023, respectively, representing 89.1%, 92.0%, 87.8%, 87.8% and 77.6% of our net losses for the respective years/periods.
Financial Information · 第 398 页
According to Frost & Sullivan, it typically takes a number of years for a new player like LianTong to reach the breakeven point.
Due to the impact of the COVID-19 pandemic for the year ended 31 March 2021 and the increase in operating expenses for the year ended 31 March 2023, we recorded operating loss in Trans World Austria during the respective years.
Summary · 第 22 页
After the full resumption in business after the COVID-19 pandemic and with stringent cost management, Trans World Austria achieved net operating profit of HK$3.4 million for the six months ended 30 September 2023.
We recorded gross profit of RMB7.4 million in 2020, and incurred gross loss of RMB47.1 million, RMB142.6 million, RMB86.4 million and RMB35.0 million in 2021, 2022 and the six months ended June 30, 2022 and 2023, respectively, primarily due to the significant operation costs incurred for our medical institutions during the ramp-up stage.
Summary · 第 1 页
We expect to incur net loss for 2023 and 2024, and net operating cash outflow in 2023.
Summary · 第 14 页
Based on the foregoing, our Directors are of the view that our business is sustainable despite the current lossmaking.
We had a net loss of RMB220.6 million, RMB1,654.5 million, RMB2,086.1 million and RMB768.3 million in 2020, 2021 and 2022 and the six months ended June 30, 2023, respectively.
Summary · 第 7 页
We expect to remain loss-making at net loss level and generate net operating cash outflow for the years ending December 31, 2023 and 2024, and we are not able to predict when we will be able to start generating net profits and net operating cash inflow due to the fast-evolving business environment and competitive landscape.
For FY2020, FY2021, FY2022, 6M2022 and 6M2023, we incurred net losses of RMB707.0 million, RMB917.5 million, RMB987.4 million, RMB515.2 million and RMB547.9 million, respectively.
Summary · 第 2 页
The net losses were primarily due to the decrease in gross profit margin during the Track Record Period and the substantial expenditures in relation to (i) our R&D expenses, primarily comprised of employee benefit expenses for our R&D staff, to enhance our core technologies and product and service offerings to maintain our established position in the smart service robotic products and services market
Business · 第 369 页
We expect to continue to incur substantial selling and marketing expenses, general and administrative expenses and R&D expenses, and record net loss in 2023. We also expect to continue to record net losses in the near future.
In 2020, 2021 and 2022 and for the six months ended June 30, 2022 and 2023, we recorded an adjusted loss (Non-IFRS Accounting Standards measure) of RMB35.7 million, RMB34.1 million, RMB16.9 million, RMB33.6 million and RMB46.2 million, respectively.
Summary · 第 20 页
To further reinforce our presence and competitiveness in the emerging autonomous driving market, we have been focusing on R&D, product development and expansion of customer base, rather than seeking short-term return or profitability.
Business · 第 296 页
Despite that we have been loss-making since 2020 and we expect to incur net loss and net operating cash outflow in 2023, which is primarily due to the expected increase in R&D expenses for new autonomous driving solutions, share-based payments and listing expenses in 2023, we have achieved a steady growth in terms of revenue and sales volume.
In 2020, 2021 and 2022 and the six months ended June 30, 2022 and 2023, we recorded net losses of RMB53.3 million, RMB804.2 million, RMB450.8 million, RMB705.5 million and RMB919.7 million, respectively, primarily attributable to (i) low utilization rate resulting from production capacity expansion, (ii) raw material prices fluctuation, (iii) product mix and pricing strategy, (iv) operational expenditure and (v) the EV industry market conditions in early 2023.
Summary · 第 7 页
We believe that we will be able to become profitable and generate operating cash inflow in 2025, and we plan to achieve that through the following in addition to our adjustment of product prices:
We incurred net losses of RMB1,184.2 million, RMB188.2 million, RMB283.1 million and RMB147.4 million in 2020, 2021, 2022 and the six months ended June 30, 2023, respectively.
Summary · 第 17 页
As a result, we had accumulated losses of RMB1,073.2 million, RMB1,258.2 million, RMB1,542.7 million and RMB1,695.2 million as of December 31, 2020, 2021, 2022 and June 30, 2023, respectively.
Summary · 第 17 页
We had operated profitably prior to the COVID-19 outbreak and intend to re-achieve profitability primarily by (i) further expanding our POS network especially under the partner model by increasing the density of our POSs with a strategic focus on tier one and tier two cities in the PRC, which will enable us to manage our logistics and operational costs more efficiently and to better benefit from economies of scale, (ii) further developing our advertising and system support services alongside the expansion of our POS network, and (iii) effectively managing our costs and expenses and improving our operating leverage as, other than share-based payments and certain impairment losses incurred in certain periods during the Track Record Period, a majority of our general and administrative expenses are relatively fixed or increasing at a slower pace compared to our business scale, which will enable us to benefit from economies of scale and our business expansion.
We incurred a net loss of US$664.2 million, US$6,192.3 million and US$666.8 million in 2020, 2021 and the six months ended June 30, 2023, respectively, and had a net profit of US$1,572.6 million in 2022.
Summary · 第 15 页
We had a gross loss of US$261.5 million, US$544.7 million and US$270.2 million in 2020, 2021 and 2022, respectively, primarily because of the costs we incurred in connection with our entry into the China market in March 2020, our continued efforts to expand our market shares and our expansion into the New Markets in 2022.
Summary · 第 15 页
We expect that we will continue to record net losses for our results of operations in 2023 as we continue to incur significant non-operating expenses driven by our share-based payments and compensation expenses, finance costs and other selling, administrative and general expenses.
We also recorded net losses for the four months ended 30 April 2022 and 2023 which was primarily due to seasonality effect of our business operation.
Summary · 第 2 页
Our effective tax rate was not applicable for the four months ended 30 April 2022 and 2023 as we recorded loss before taxation of RMB23.2 million and RMB19.9 million, respectively.
In 2020, 2021, 2022 and the three months ended March 31, 2022 and 2023, we incurred net loss of RMB750.2 million, RMB1,802.1 million, RMB1,653.4 million, RMB268.2 million and RMB303.9 million, respectively.
Summary · 第 14 页
We plan to continue to enhance our financial performance by (i) effectively attracting and retaining our users, (ii) continuing to create value for users to further monetize our solutions, and (iii) effectively managing our cost and expenses, and enhancing operating leverage.
Meanwhile, we had net loss of RMB198.8 million, RMB294.7 million, RMB243.3 million, RMB84.8 million and RMB47.2 million in 2020, 2021 and 2022 and the three months ended March 31, 2022 and 2023, respectively, primarily because our growing business scale and revenue generated were unable to fully compensate for our various costs and expenses, as we were still at an early stage of monetization and continued to incur significant selling and marketing expenses, research and development expenses and administrative expenses, particularly employee benefits expenses, share-based compensation expenses, depreciation of property, plant and equipment, depreciation of right-of-use assets and short-term lease expenses, which are relatively fixed costs.
Summary · 第 17 页
Our revenue grew from RMB503.0 million in 2020 to RMB687.4 million in 2022, a CAGR of 16.9%.
Business · 第 271 页
In 2020, revenue from both segments together accounted for 73.4% of our total revenue.
We had a net loss of RMB3.4 billion, RMB3.9 billion, RMB5.8 billion, RMB2.1 billion and RMB278.5 million in 2019, 2020, 2021 and 2022 and the three months ended 31 March 2023, respectively.
Summary · 第 17 页
To that end, we have devoted considerable resources to growing our user base, broadening our service and product offerings, expanding our geographic coverage, building our fulfilment infrastructure and investing in technology, which has led to us recording accumulated losses as at 1 January 2019 and net losses during the Track Record Period.
Summary · 第 24 页
In the six months ended 30 June 2023, we have achieved positive net profit of RMB59.5 million and positive operating cash flow of RMB714.8 million, demonstrating the sustainability of our business model.
Although we currently do not have any drug that is approved for commercial sales and have not generated any revenue from sales of our drug candidates, we expect to commercialize one or more of our drug candidates over the coming years as they move towards the final stages of development.
Financial Information · 第 488 页
We expect an increase in forecast loss in the year ending December 31, 2023, primarily because we expect to incur increasing research and development expenses and administrative expenses as we continue to carry out and expand our clinical development programs and advance the research and development of pre-clinical assets.
Summary · 第 34 页
For the years ended December 31, 2021 and 2022 and the five months ended May 31, 2023, our research and development expenses amounted to RMB112.9 million, RMB157.3 million and RMB63.7 million, respectively, of which our non-cash share-based payments were RMB25.0 million, nil and nil for the same periods, respectively.