During the Track Record Period, we recorded gross losses of RMB39.9 million, RMB34.1 million and RMB33.9 million in 2023, 2024 and 2025, respectively.
Summary · 第 11 页
Nevertheless, as we progressively streamlined our organizational structure, optimized staffing, strengthened expense controls and allocated resources more efficiently, our net loss narrowed from RMB655.5 million in 2023 to RMB418.9 million in 2024 and RMB307.4 million in 2025, and further narrowed from RMB103.3 million for the four months ended April 30, 2025 to RMB91.4 million for the corresponding period in 2026.
Business · 第 142 页
Nevertheless, none of the market participants had achieved corporatelevel breakeven or sustained profitability from their respective battery-swapping businesses.
We incurred losses during the Track Record Period, primarily attributable to (i) unrealized benefits of developing and engaging with top-tier customers; (ii) continued efforts and investments on enhancing product maturity; (iii) significant upfront investment in R&D initiatives; and (iv) significant cost of sales and operating expenses incurred during our promotion of cloud-based services.
Summary · 第 10 页
While these substantial R&D investments serve as the foundation for our product innovation, business growth, and long-term competitiveness, they have not yet resulted in revenue growth comparable to our R&D investments and contributed to our losses during the Track Record Period.
Business · 第 174 页
We believe we can achieve profitability through revenue growth, improved gross profit margin and enhanced operational efficiency.
All of our drug candidates are currently in the development stage.
Financial Information · 第 220 页
During the Track Record Period, research and development expenses were the largest component of our operating expenses, reflecting our strategic focus on advancing the development of our drug candidates.
Financial Information · 第 221 页
We expect our research and development expenses to continue to represent a significant portion of our total operating expenses in the near term as we advance our pipeline and pursue regulatory approvals.
We did not generate revenue in 2024, 2025 and the four months ended April 30, 2026.
Financial Information · 第 220 页
In 2024, 2025 and the four months ended April 30, 2025 and 2026, we recorded net losses of RMB242.7 million, RMB270.4 million, RMB82.2 million and RMB89.3 million, respectively.
Financial Information · 第 220 页
We expect to record a net loss for the year ending 31 December 2026, primarily driven by continued investment in research and development activities.
This resulted in a gross loss of RMB504.5 million in 2023 and RMB105.5 million in 2024, and net losses of RMB753.1 million, RMB405.1 million and RMB328.7 million in 2023, 2024 and 2025, respectively.
Summary · 第 5 页
As our capacity utilization improved over time, we achieved a clear inflection point, turning to gross profit of RMB100.1 million in 2025, and we had net profit of RMB50.1 million for the three months ended March 31, 2026.
We recorded RMB12.2 million, RMB81.9 million and RMB345.5 million in loss for the period/year in 2023, 2024 and 2025, respectively, primarily due to significant initial investments in computing resources and research and development to scale our AI infrastructure, substantial share-based compensation expenses, and interest expenses on redemption liabilities.
Summary · 第 12 页
We expect absolute R&D expenses and near-term net losses to continue as we expand our commercial scale.
Summary · 第 15 页
During the Track Record Period, we recorded a loss for the period/year of RMB12.2 million, RMB81.9 million and RMB345.5 million in 2023, 2024 and 2025, respectively, alongside an adjusted net loss (non-IFRS measure) of RMB12.2 million, RMB54.0 million and RMB187.1 million for the same periods
Although we incurred net loss of RMB352.1 million, RMB206.9 million and RMB234.2 million in 2023, 2024 and 2025, respectively.
Business · 第 170 页
We believe, as our business scale grows, we can obtain more favorable pricing and payment terms from our clients, which will enable us to improve our profitability.
Business · 第 170 页
During the Track Record Period, our adjusted loss (non-HKFRS measures) showed a positive trend towards reaching breakeven.
Despite our rapid revenue growth, we recorded net losses during the Track Record Period.
Business · 第 192 页
We recorded loss for the year of RMB157.5 million, RMB191.8 million and RMB179.3 million in the same periods, respectively.
Business · 第 192 页
As our revenue continues to scale up, we expect to achieve economies of scale with enhanced operating leverage, whereby operating expenses would not increase proportionally with revenue.
Our net losses were primarily attributable to our early commercialization and ramp-up stage, as we only commenced vehicle deliveries in late December 2022 and therefore incurred substantial upfront investment in product development, sales and marketing, channel expansion and organizational build-out before scale benefits could fully emerge.
Business · 第 151 页
As we continue to invest in business expansion, sales and marketing, and research and development, our profitability in the near term may remain under pressure, and we may continue to record net losses for the year ending December 31, 2026.
Summary · 第 12 页
Looking ahead, we plan to improve our financial performance and progress toward profitability by increasing revenue scale, improving gross margin and enhancing operating leverage.
In 2023, 2024 and 2025 and the four months ended April 30, 2025 and 2026, we recorded net losses of RMB482.3 million, RMB426.1 million, RMB127.5 million, RMB18.2 million and RMB21.3 million, respectively.
Financial Information · 第 229 页
Given that our business focus on scale expansion from 2023 to the first three quarters of 2025 remained on growth, and we provided relatively higher drivers' service fees above the industry average in order to rapidly establish our transportation capacity base.
Financial Information · 第 229 页
We recorded an adjusted net profit (non-IFRS measure) of RMB1.9 million in the four months ended April 30, 2026.
Our net losses were RMB2,570.3 million, RMB3,205.7 million and RMB3,457.9 million in 2023, 2024 and 2025, respectively, while our adjusted losses for the year (non-IFRS measure) narrowed from RMB1,093.0 million in 2023 to RMB302.8 million in 2025.
Summary · 第 13 页
Our historical losses on an adjusted basis were primarily attributable to (i) the relatively early stage of revenue scale-up, as a significant portion of our solutions remained in development, testing or pre-massproduction phases; (ii) sustained strategic investment in research and development to build core AD technologies ahead of large-scale commercialization; and (iii) upfront selling and administrative expenses incurred to support customer acquisition and organizational expansion prior to the realization of operating leverage.
Business · 第 183 页
Our ability to achieve and sustain profitability will depend on our ability to execute our business strategy, including improving solution competitiveness, expanding our customer base and monetization, maintaining disciplined investment in technology, and enhancing operating efficiency.
We recorded net losses of RMB56.5 million, RMB78.8 million and RMB358.7 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Business · 第 194 页
We recorded adjusted net profit (non-HKFRS financial measure) of RMB19.3 million, RMB25.8 million and RMB42.6 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Business · 第 194 页
Going forward, we expect to achieve long-term profitability through effective cost control measures.
In 2023, 2024 and 2025, we incurred losses of RMB333.7 million, RMB390.1 million and RMB515.6 million, respectively.
Summary · 第 4 页
Our accumulated losses were primarily attributable to the heavy upfront investment associated with our Company-provided fleet model in the early stages, sustained research and development efforts to establish the technological foundation of our solutions, and relatively high customer acquisition costs in a nascent industry.
Summary · 第 4 页
We expect to break even in terms of both net profit and operating cash inflow over the next three to five years.
As of January 1, 2023, our accumulated losses were primarily due to our products remaining in the R&D and market expansion stages, without achieving mass production or cost optimization.
Summary · 第 15 页
We believe our robust R&D pipeline, scalable production capabilities, comprehensive product portfolio as well as strong commercialization capabilities have laid a solid foundation for our business sustainability and long-term development.
Summary · 第 15 页
As our business and revenue grew during the Track Record Period, we benefited from economies of scale and experienced a significant improvement in the gross loss margins of our SiC products.
In the meantime, during the Track Record Period, we recorded net losses, net current liabilities and net operating cash outflows.
Business · 第 155 页
As we have made significant progress in product development and commercialization, we believe that many of the historical factors that contributed to our net losses, net current liabilities and net operating cash outflows during the Track Record Period will either cease to be applicable or will be materially alleviated going forward.
Beijing TRT TCM Hospital recorded net loss of RMB1.6 million for the year ended December 31, 2024, primarily due to the cost of sales and finance costs recognized as a result of the property lease under Beijing TRT Lease Agreement dated January 29, 2024 and became effective on March 27, 2024.
Business · 第 156 页
Beijing TRT TCM Hospital has launched certain new services to optimize its service offering, and intends to continue to enhance its service capabilities through talent introduction and specialty cultivation, and increase efficiency while reducing cost through price negotiation with suppliers and internal management improvement, expecting to improve its profitability.
Business · 第 156 页
The revenue of TRT Internet Hospital decreased from RMB8.1 million for the year ended December 31, 2023 to RMB2.2 million for the year ended December 31, 2024, primarily as Cuihe Pharmacy became our subsidiary in March 2024 thus ceased to contribute management service fees to TRT Internet Hospital.
We nevertheless recorded net losses mainly due to a lower gross profit margin from market-penetration pricing, increased selling and marketing expenses to expand scale and brand recognition, significant R&D investment to support continuous product iteration, and one-off items such as goodwill impairment.
Summary · 第 13 页
In summary, our historical losses were primarily attributable to the fact that we are still in the process of achieving economies of scale, significant upfront R&D investments to build long-term competitiveness, and one-off factors such as the impairment of goodwill arising from the acquisition of Medo.
Business · 第 162 页
We are transitioning toward a higher-margin product mix and expect to achieve breakeven in the near future.
Loss for the year | (110,231) | (20,876) | (269,016)
Financial Information · 第 207 页
During the Track Record Period, capitalizing on our successful business expansion, particularly growth of one-stop flexible employment solutions business segment that particularly demonstrates our technology achievements, we recorded adjusted loss (non-IFRS measures) from RMB26.3 million in 2023, to RMB8.1 million in 2024, and further to RMB3.4 million in 2025.
Business · 第 156 页
As a result, our operating expenses (including selling and distribution expenses, administrative expenses, and research and development expenses) as a percentage of revenue decreased from 25.4% in 2023 to 11.1% in 2024 and remained at a relatively stable level of 11.4% in 2025.
维健国际控股集团有限公司WinHealth International Holding Group Company Limited
2023年及2025年录得净亏损
While we recorded losses in 2023, such financial performance was primarily attributable to strategic upfront investments in channel construction and market expansion rather than a deterioration in the underlying value of our Group’s assets.
Financial Information · 第 224 页
We recorded losses in 2025, primarily attributable to the impact of a substantial non-cash fair value change in financial instruments issued to investors.
Financial Information · 第 224 页
Although a net loss was reported after adjusting for non-recurring accounting items, our management determined no impairment indicators existed for non-financial assets in 2025 under IAS 36 Impairment of Assets, considering a positive operating profit from continuing operations.