We have not generated any revenue from the product sales since inception.
Financial Information · 第 235 页
we expect that we will continue to record net losses for the year ending December 31, 2026, primarily because (i) we expect to continue to incur costs and expenses in relation to our R&D activities as we carry out and expand our preclinical and clinical development programs; and (ii) we expect to incur [REDACTED] expenses in connection with our proposed [REDACTED].
Summary · 第 14 页
Our research and development costs amounted to RMB122.6 million and RMB138.9 million in 2024 and 2025, respectively.
During the Track Record Period, we recorded loss for the year of RMB91.8 million, RMB38.3 million and RMB14.4 million in 2023, 2024 and 2025, respectively.
Summary · 第 11 页
Our loss for the year during the Track Record Period was primarily attributable to: (i) significant investment in R&D; (ii) increase in staff costs; and (iii) changes in the carrying amount of redemption liabilities.
Summary · 第 11 页
we invested substantially in R&D during the Track Record Period to enhance our technological capabilities and solutions competitiveness, with R&D expenses of RMB79.5 million, RMB93.2 million and RMB108.6 million in 2023, 2024 and 2025, respectively.
As a result of the reasons set out in the section headed "Key Components of Our Consolidated Statements of Profit or Loss" below, in particular, the higher level of R&D costs, which accounted for approximately 40.1%, 23.7% and 22.1% of our total revenue for year ended December 31, 2023, 2024 and 2025 respectively, we incurred a loss of RMB127.2 million, RMB103.1 million and RMB104.4 million for years ended December 31, 2023, 2024 and 2025 respectively.
Summary · 第 9 页
As of January 1, 2023, our accumulated losses stood at RMB140.7 million, mainly attributable to the losses incurred between 2020 and 2022 as a result of (i) the expansion of our footprint into pan-semiconductor sectors such as PCB and photovoltaic; (ii) an increase in R&D costs to integrate AI and Big Data technologies relative to 2019; and (iii) increased recruitment of management and technical personnel.
Financial Information · 第 218 页
The Directors believe that the consistent growth in gross profit and the sequential reduction in adjusted net losses during the Track Record Period indicate that we are moving towards the growth and scaling phase.
Some of our self-operated stores recorded net loss during the Track Record Period, primarily due to the following reasons: (i) certain lossmaking stores in core business districts have relatively high rental and labor costs but are strategically important for enhancing brand awareness and attracting potential customers; (ii) lossmaking stores acquired as part of the acquisition of Leyou Group in 2023; (iii) upfront investments in newly opened stores during their preparation and ramp-up stages; and (iv) lossmaking stores acquired as part of the acquisition of Hairology Group in 2025.
Business · 第 147 页
In 2023, 2024 and 2025, we closed 15, 35 and 27 loss-making stores, respectively, after considering the costs of early lease termination.
广东真健康医疗科技开发股份有限公司Guangdong True Health Medical Technology Development Co., Ltd.02697.HK
往绩记录期间各年度均录得净亏损
Loss for the year | (92,156) | (90,113)
Financial Information · 第 237 页
In 2024 and 2025, our research and development expenses amounted to RMB50.8 million and RMB56.9 million, respectively, representing 40.4% and 39.7% of our total operating expenses (being research and development expenses, administrative expenses and selling and distribution expenses), respectively.
Financial Information · 第 235 页
As our production volume and revenue grow, we expect our cost of sales as a percentage of revenue may decrease, which will drive our future business growth.
We recorded loss for the year of RMB168.8 million, RMB168.8 million and RMB170.6 million in 2023, 2024 and 2025, respectively.
Summary · 第 2 页
We expect that we will record a net loss for the year ended December 31, 2026, primarily because we are in the stage of expanding our business and operations, further commercializing our products and continuously investing in our products in R&D.
Summary · 第 10 页
With improvements in gross profit margin and operating leverage, we expect to achieve net profit breakeven and operating cash flow breakeven within next two years.
We achieved sustained revenue growth while remaining loss-making during the Track Record Period.
Business · 第 154 页
Our loss for the year narrowed from RMB115.1 million in 2023 to RMB51.7 million in 2025. Our loss for the period increased from RMB28.7 million for the three months ended March 31, 2025 to RMB144.4 million for the same period in 2026.
Business · 第 154 页
We recorded net losses throughout the Track Record Period, primarily because (i) we incurred substantial research and development costs as we invested in technology and expanded our enterprise growth AI applications and solutions, and (ii) we recognized non-cash or non-operating items, including share-based payments, interest on redemption right liabilities and [REDACTED] expense.
We recorded loss of RMB108.6 million, RMB17.9 million and RMB100.1 million in 2023, 2024 and 2025, respectively, primarily because we were in the course of a strategic transition from lower-speed products to higher-speed products during the Track Record Period.
Summary · 第 13 页
we recorded gross losses in 2023 primarily due to the change in the focus of our product portfolio, as we sold a higher proportion of lower-speed products, including optical transceivers and AOC, such activities to reduce inventory levels.
Business · 第 158 页
despite that we have recorded gross profits in 2024 and 2025, we recorded net losses during the same years because we incurred substantial R&D expenses during the Track Record Period.
In 2023, 2024 and 2025, we had net losses of RMB17.2 million, RMB27.7 million and RMB46.7 million, respectively.
Business · 第 208 页
With expanding sales, we expect to reach the breakeven point in the near future.
Financial Information · 第 277 页
We expect to see enhanced profitability in our digital insurance services business, fueled by several key factors: (i) revenue growth; (ii) cost efficiencies gained from improved solutions development processes; (iii) economies of scale achieved through broadened scenario coverage; and (iv) efficient management of working capitals.
We recorded net losses in 2024 and 2025. During the Track Record Period, on the one hand, our R&D expenses were on a steady increase, as we invested heavily in the discovery, research and development of biopharmaceuticals; on the other hand, the profitability of our caffeine products and nutritional products experienced a downward pressure.
Business · 第 183 页
Our operating loss of biopharmaceuticals increased by 17.6% from RMB623.7 million in 2023 to RMB733.2 million in 2024, and further increased by 36.2% to RMB998.6 million in 2025.
Business · 第 184 页
Going forward, we seek to improve our profitability by implementing the following measures.
Our net liabilities of RMB1,341.2 million as of December 31, 2024 changed to net assets of RMB503.2 million as of December 31, 2025, primarily attributable to termination of redemption liabilities on ordinary shares of RMB1,975.9 million, capital injection of RMB535.8 million and share-based payment compensation of RMB260.8 million, partially offset by loss for the year of RMB751.8 million and recognition of redemption liabilities on ordinary shares of RMB172.5 million.
Summary · 第 10 页
We expect to incur a net loss for the year ending December 31, 2026, because we continue to incur research and development and share-based payment expenses as well as listing expenses for the Global Offering.
Although the Group was loss-making throughout the Track Record Period, the Directors consider such losses are common for pre-production mining companies.
Financial Information · 第 270 页
Based on the CPR, our Company is expected to achieve profitability in 2026, and positive accumulated cash flow in 2028.
During the Track Record Period, we recorded net losses primarily because we remained in the R&D stage and made significant investments in our R&D activities, which was within the expectation of our Directors.
Financial Information · 第 258 页
As we progress toward the commercialization of our product candidates, we expect to narrow our losses in the foreseeable future.
We had an accumulated loss as of January 1, 2023, and incurred net loss of RMB47.7 million, RMB42.3 million and RMB47.1 million in 2023, 2024 and 2025, respectively.
Summary · 第 8 页
Our losses during the Track Record Period were primarily due to (i) our limited operating history, (ii) significant investments in R&D, (iii) selling and distribution efforts to expand market presence, and (iv) our economies of scale still materializing.
Summary · 第 8 页
We believe that we can achieve our profitability by expanding our revenue scale, enhancing our gross margin and enhancing our operating leverage.
We incurred net losses of RMB123.6 million, RMB155.9 million, and RMB52.8 million in 2023, 2024, and 2025, respectively.
Summary · 第 6 页
These losses were principally attributable to the substantial upfront investment we made in foundational research and in building our cognitive intelligence algorithm platform and products during a period of rapid growth.
Summary · 第 6 页
Our net loss then narrowed significantly to RMB52.8 million in 2025, primarily due to the substantial growth of our revenue and the operating leverage in our business model.
We did not record any income tax expense during the Track Record Period due to our loss before taxation.
Financial Information · 第 263 页
As of the Latest Practicable Date, we had not obtained marketing approval for any drug candidates, nor had we generated any revenue from product sales.
Business · 第 202 页
During the Track Record Period, we primarily funded our working capital requirements through equity financing.
Although we achieved substantial revenue growth during the Track Record Period from US$70.9 million for the year ended December 31, 2023 to US$138.1 million for the year ended December 31, 2025, we recorded losses of US$16.4 million, US$0.2 million and US$24.5 million for the years ended December 31, 2023, 2024 and 2025, respectively, and adjusted net loss (non-IFRS measure) of US$0.1 million for the year ended December 31, 2024.
Summary · 第 9 页
Our historical losses primarily reflected early-stage investments undertaken to reposition from a conventional trade intermediary into a specialized tech-enabled cross-border e-commerce marketing services provider, including advertising for customer acquisition, building data management platform, ad placement management system, ad performance evaluation system and ad monitoring software.
Business · 第 145 页
During 2022 to 2025, we recorded aggregate profit after deducting equity-settled share-based payments, [REDACTED] expenses and changes in carrying amount of the redemption liabilities of US$4.0 million, substantially offsetting prior accumulated losses, and we expect to achieve adjusted net profit (non-IFRS measure) in 2026.
While we achieved sustained business growth, we incurred a loss for the years of RMB189.4 million, RMB293.5 million and RMB222.9 million in 2023, 2024 and 2025, respectively, and an adjusted net loss (a non-HKFRS measure), which excludes fair value losses on convertible redeemable preferred shares and share-based payment expenses, of RMB37.1 million, RMB61.6 million and RMB104.6 million in the same years, respectively.
Business · 第 146 页
As a result, our unit cost of revenue for AI cloud computing services remained relatively high, and our revenue was not yet sufficient to fully absorb these reserved capacity costs, which contributed to net losses for this business segment during the Track Record Period.
Business · 第 146 页
We expect to continue to incur net losses for the year ending December 31, 2026, primarily because we expect to incur substantial research and development expenses, administrative expenses and selling and marketing expenses related to our ongoing operations in 2026.
Our loss for the year decreased from RMB351.3 million for 2024 to RMB330.6 million for 2025, primarily due to the increase of our gross profit, which was generally in line with our overall increase in revenue.
Summary · 第 6 页
Our accumulated losses amounted to RMB488.8 million as of January 1, 2023, primarily due to (1) the short commercialization history of our products, as we only began to recognize revenue for our TPMS SoC products and BMS SoC products in 2017 and 2020, respectively; and (2) our significant investment into R&D from our inception in 2015, as our automotive-grade SoC products are technologically innovative in nature and demand substantial upfront research, testing and validation before reaching mass production.
Business · 第 179 页
Throughout the Track Record Period and in the near future, we expect that, with our business expansion in automotive electronics market and the enhanced net profit generation capacity, we will further achieve a substantial increase in revenue and gross profit, thus achieving breakeven of net profit in the near future and subsequently realize profitability.
In 2024, 2025 and the three months ended March 31, 2025 and 2026, we incurred losses for the year/period of RMB226.4 million, RMB312.5 million, RMB99.7 million and RMB73.1 million, respectively.
Summary · 第 9 页
We expect that we will record net losses in 2026, primarily because (i) we expect to incur research and development expenses as we continue to advance the clinical development of our drug candidates, and (ii) we will incur changes in fair value of financial instruments issued to investors in relation to special rights issued to Pre-[REDACTED] investors prior to the [REDACTED].
Summary · 第 13 页
During the years ended December 31, 2024, 2025 and the three months ended March 31, 2026, we were still in net loss, which was within the expectation of the Directors as we are spending heavily on our research and development activities.