广东金晟新能源股份有限公司Guangdong Jinsheng New Energy Co., Ltd.
往绩期间持续净亏损，2025年毛利率转正
Our gross and net losses in 2023 and 2024 were primarily a result of a significant decline in the market prices of our major products during the Track Record Period.
Summary · 第 11 页
In 2025, we achieved a decisive turnaround: despite our net loss position, we recorded gross profit of RMB155.5 million (gross profit margin of 7.1%), compared to gross loss of RMB87.7 million (gross loss margin of 4.1%) in 2024.
Summary · 第 13 页
We believe our path to net profitability is supported by the following factors: (i) sustained margin improvement — our gross margin of 12.0% in the fourth quarter of 2025 demonstrates that we can achieve double-digit gross margins at current product price levels, and we expect further production efficiency gains as our technically upgraded production lines operate at full capacity
We had a net loss of RMB139.3 million, RMB177.2 million and RMB255.9 million in 2023, 2024 and 2025, respectively.
Summary · 第 9 页
The net losses primarily stemmed from our position in the early ramp-up stage, where we concentrated on developing core technologies to enhance our AI algorithms and computing power, alongside the R&D and launch of AI satellites.
Summary · 第 6 页
We believe that the ramp-up period is an essential phase for companies in our industry.
Our loss was RMB112.2 million, RMB177.0 million and RMB61.9 million, respectively, in 2023, 2024 and 2025.
Financial Information · 第 230 页
We strategically expanded into NEV solutions business in 2016, in recognition of the transformative potential of the NEV sector and aiming to position ourselves as an early mover in this emerging market.
Financial Information · 第 230 页
Based on our current business plan, order backlog, capacity utilization and cost structure, we expect to record net profit for the year ending December 31, 2026.
We recorded net losses of RMB213.1 million, RMB211.6 million and RMB230.2 million in 2023, 2024 and 2025, respectively, with narrowing losses reflecting improving operating leverage.
Business · 第 173 页
We believe that our current sales momentum, order backlog, and margin expansion strategy position us well to achieve net profit breakeven within the next three years.
In 2023, 2024 and 2025, we had loss for the year of RMB110.6 million, RMB71.5 million and RMB152.9 million, respectively.
Summary · 第 15 页
We recorded accumulated losses as of January 1, 2022, primarily because we have been in the early stages of commercialization for an extended period since our inception.
Business · 第 185 页
We aim to achieve profit breakeven and net operating cash inflow on a quarterly basis before the end of 2026.
We recorded a loss of RMB358.9 million, RMB376.6 million and RMB483.1 million for the years ended December 31, 2023, 2024 and 2025.
Summary · 第 3 页
These losses primarily stemmed from depreciation and amortization of production equipment, expenses of finance costs attributable to the interests in shareholder redemption right, and share payment paid to our employees.
Summary · 第 3 页
In the semiconductor packaging industry, companies that adopt the OSAT model typically experience a common industry cycle, which involves incurring upfront capital expenditures and R&D expenses, along with an increase in production capacities.
We were in the loss-making position during the Track Record Period with net losses of RMB389.0 million, RMB675.2 million and RMB649.1 million in 2023, 2024 and 2025, respectively.
Summary · 第 7 页
This primarily reflects our transition from a pre-revenue research and development phase to full-scale commercialization and production ramp-up, as we only commenced mass production and commercial sales in 2023.
Summary · 第 7 页
We intend to turn around our profitability through a combination of revenue scale-up, structural gross profit margin improvement and operating leverage.
We achieved rapid revenue growth during the Track Record Period, while recording losses of RMB695.5 million, RMB574.0 million and RMB916.9 million in 2023, 2024 and 2025, respectively.
Summary · 第 12 页
On an adjusted EBITDA basis (non-IFRS measure), our results improved from negative RMB2.1 million in 2023 to positive RMB38.0 million in 2024 and remained positive at RMB9.2 million in 2025.
Summary · 第 12 页
Based on the foregoing, our Directors believe that our business is sustainable and that we have a credible path to sustained profitability.
Our net loss was RMB581.9 million, RMB499.2 million and RMB391.8 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · 第 13 页
As a result of our continued investment in research and development and organizational build-out, we recorded adjusted net losses (non-IFRS measure) of RMB347.0 million, RMB239.6 million, and RMB180.2 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · 第 16 页
We expect that we will continue to be loss-making in 2026 primarily due to the anticipated costs and expenses associated with (i) further advancement of our nanomaterials developed from METiS platforms, (ii) increased share-based payment expenses and (iii) increased marketing expenses to commercialize our METiS solutions and our Specialist Technology Products.
Loss for the year | (95,794) | (102,311) | (28,567)
Summary · 第 6 页
We recorded an adjusted net loss of RMB86.6 million in FY2023, a net loss of RMB87.2 million in FY2024, and a net profit of RMB22.3 million in FY2025 under adjustments by the non-HKFRS measure.
In 2023, 2024 and 2025, we had net losses of RMB68.5 million, RMB56.5 million and RMB62.5 million, respectively.
Summary · 第 5 页
During the Track Record Period, our net losses were primarily attributable to R&D and market expansion of robot lawn mower, which was still in the ramp-up phase.
Business · 第 146 页
We expect to turn around our net loss position through increase in revenue, improvement in gross profit margin and enhancement in operating efficiency.
We recorded a profit of RMB11.5 million in 2024, while we incurred losses of RMB2.2 million and RMB355.6 million in 2023 and 2025, respectively.
Summary · 第 15 页
Our loss in 2023 was primarily attributable to substantial initial investments in research and development activities necessary to establish our technological foundation and product offerings.
Business · 第 187 页
Our net loss in 2025 was primarily due to changes in the fair values of financial liabilities on shares with preferential rights.
Share-based payment expenses are non-cash expenses arising from restricted A-Share incentives granted under relevant schemes.
Summary · 第 8 页
Despite temporary losses, following years of substantial upfront investments in R&D, market education, as our AI inference chips and AI-native products have entered commercialization and begun to drive increasing sales volumes, enabling us to achieve significant economies of scale by spreading operating costs across a broader revenue base and positioning us to break even in the near term.
Business · 第 188 页
We expect to achieve profitability by driving revenue growth, improving gross profit margins, and optimizing operating expenses.
In 2023, 2024 and 2025, we incurred net loss of RMB262.2 million, RMB328.9 million and RMB321.2 million, respectively. Moreover, excluding the share of profits of joint ventures and associates, our net loss during the Track Record Period would be RMB675.9 million, RMB817.1 million and RMB763.9 million, respectively.
Summary · 第 4 页
Given our short operating history in the NEV segment, we have not yet reached a scale at which fixed costs, including depreciation of production facilities and amortization of development expenditures, can be effectively absorbed, which has further contributed to our net loss position.
Business · 第 151 页
since 2025, we have made substantial upfront investments in technology and solution development for our technology solutions, which remained at the beginning stage of commercialization as of the Latest Practicable Date.
美克生能源科技股份有限公司Makesense Energy Technology Co., Limited
往绩记录期间各年度均录得净亏损
We had loss and total comprehensive loss of RMB291.2 million, RMB298.7 million, and RMB235.4 million in 2023, 2024, and 2025, respectively.
Summary · 第 4 页
We were loss-making during the Track Record Period despite our disciplined level of operating expenses because we began exploring our optimal business model for the emerging modern electricity service market in 2023 and thus recorded relatively low revenue and low gross profit margin.
Summary · 第 4 页
Our loss-making during the Track Record Period reflects the deliberate strategies that we adopted to validate our business model and achieve leading position in a rapidly expanding market rather than inefficiency in operations.
Loss for the year | (152,872) | (353,052) | (483,523)
Summary · 第 7 页
We expect to further improve our profitability in the near future through continuous revenue growth.
Financial Information · 第 189 页
The decreasing adjusted EBITDA (non-IFRS measure) and adjusted net profit (non-IFRS measure) from 2023 to 2024 primarily resulted from increased operating expenses associated with our upfront investment to expand our global operations and sales network.
北京圆心科技集团股份有限公司Beijing Yuanxin Technology Group Co., Ltd.
往绩记录期间各年均录得净亏损
We had a net loss of RMB719.0 million, RMB1,094.1 million and RMB400.9 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 208 页
The net losses were incurred during the Track Record Period because we have been engaged in promoting customer engagement and enhancing our brand recognition, rather than seeking immediate financial returns or profitability, in order to lay a solid foundation for our long-term success, and to a lesser extent, our continuous investment of resources to strengthen our research and development for medical knowledge.
Financial Information · 第 208 页
In 2024, while we saw an increase in our business, as we incurred impairment losses on intangible assets of RMB175.8 million and impairment losses on disposal group of RMB19.2 million, our net loss increased.
We have invested a significant portion of our efforts and financial resources in the development of our existing product candidates, and we expect to continue to incur substantial and increasing expenditures for the development and commercialization of our product candidates.
Financial Information · 第 218 页
As the pre-clinical studies and clinical trials of our product candidates continue to progress and as we gradually bring our pipeline products to commercialization, we expect to incur additional costs in relation to research and development, manufacturing, regulatory affairs, and sales and marketing efforts, among other things.
Although we experienced revenue growth during the Track Record Period, we incurred net losses of RMB149.6 million, RMB193.1 million and RMB290.1 million.
Summary · 第 13 页
Nevertheless, as of January 1, 2023, we had accumulated losses of RMB1,697.0 million.
Summary · 第 13 页
While we expect our net loss to decrease, we do not expect to be profitable in 2026 before adjusting non-recurring items.
We incurred net losses of RMB413.5 million, RMB735.3 million and RMB1,342.4 million in 2023, 2024 and 2025, respectively, due to significant initial investment in R&D of our Specialist Technology Products.
Business · 第 183 页
Our net loss further increased from 2024 to 2025 primarily due to a further increase in the fair value changes of financial instruments issued to investors, which rose to RMB843.5 million in 2025, as well as increases in R&D expenses, selling and marketing expenses, general and administrative expenses and share-based payment expenses in line with the expansion of our business and continued investment in commercialization and corporate development.
Summary · 第 18 页
In 2026, however, we expect to record a significant increase in net losses, primarily due to our continued substantial investment in R&D and the fact that the commercialization of our products and solutions will continue to take time to materially contribute to our revenue.