港股IPO招股书披露先例 · 206 家公司，206 项
这类事项指申请人在往绩记录期间各期均录得净亏损，并披露成因及盈利路径。招股书一般在概要、风险因素、业务及财务资料章节列示各期净亏损、经调整净亏损及累计亏损，归因于研发投入大、尚处商业化早期、规模效应未完全实现或成本上升等，并说明透过扩大收入规模、提升毛利率及控制经营开支实现盈利的路径，部分申请人亦明示预期短期内仍将亏损。
Profit/(loss) for the year | (15,695) | 24,191 | (120,419)
Financial Information · 第 176 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The increase in selling and distribution expenses directly affected our overall operating results in 2025.
Financial Information · 第 173 页
As a result, we recorded net loss of RMB33.9 million, RMB188.6 million and RMB2.6 million in 2023, 2024 and 2025, respectively.
Business · 第 134 页
According to CIC, most of the global lithium-ion battery electrolyte additive suppliers was loss-making 2023 to 2025.
Business · 第 134 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our cost of sales to revenue ratio decreased from 122.9% in 2024 to 90.3% in 2025, contributing to a successful transition from gross loss to gross profit.
Financial Information · 第 172 页
We recorded loss for the year from continuing operations of RMB222.7 million, RMB136.2 million and RMB55.6 million in 2023, 2024 and 2025, respectively.
Summary · 第 6 页
In addition, during the Track Record Period, we recorded a significant amount of interest accrued on liabilities from special shareholder rights of RMB125.9 million, RMB99.1 million and negative RMB2.9 million in 2023, 2024 and 2025, respectively.
Business · 第 165 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Based on the projected growth in our gross profit driven by the diversified product portfolio, as well as the decrease in operational expenses due to our continuous optimization of operational efficiency and non-recurrence of certain expenses, we are able to reach breakeven point where we record adjusted net profit (non-HKFRS measure).
Business · 第 169 页
We had net losses of RMB239.9 million, RMB155.2 million and RMB269.8 million in 2023, 2024 and 2025, respectively. Our net losses were primarily due to losses on changes in fair value of financial liabilities in relation to our convertible redeemable preferred shares and convertible instruments issued to investors.
Summary · 第 11 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Losses on changes in fair value of financial liabilities are non-cash in nature arising from the convertible redeemable preferred shares and convertible instruments issued to investors including Pre-[REDACTED] Investments.
Summary · 第 8 页
Our revenue grew from RMB663.5 million in 2023 to RMB820.0 million in 2025; gross margin expanded from 76.8% in 2023 to 82.2% in 2025; and net loss for the year narrowed from RMB646.1 million in 2023 to RMB427.9 million in 2025.
Summary · 第 11 页
While these investments typically would have in part contributed to our historical loss-making positions, we believe they are vital for achieving our market leadership today in a relatively concentrated competitive landscape — being ranked first among players in China's spatial design software industry in 2024 in terms of revenue, taking a market share of 23.2%.
Business · 第 162 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Going forward, we plan to achieve long-term profitability primarily by further (i) expanding our customer base, (ii) driving customer lifetime value, and (iii) managing costs and improving operational efficiency.
Business · 第 163 页
We recorded gross loss of RMB59.0 million, RMB96.3 million and RMB250.3 million in 2023, 2024 and 2025, respectively, representing gross loss margins of 23.8%, 23.8% and 26.5% during the same period, respectively.
Summary · 第 4 页
During the Track Record Period, many of our production lines were in the pre-commercial and ramp-up phases, with limited-volume deliveries, and the foregoing fixed and semi-fixed costs was spread over a limited volume of commercial delivery, resulting in relatively high unit costs and negative gross margins.
Summary · 第 4 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看This pathway is intended to address the main factors that contributed to our historical losses during the Track Record Period, including early-stage commercialization, low effective utilization, high upfront research and development and manufacturing investment, and operating expenses incurred ahead of larger-scale revenue generation.
Business · 第 162 页
We currently have no products approved for commercial sale and were loss-making during the Track Record Period. In 2024 and 2025, we incurred net losses of RMB113.1 million and RMB120.9 million, respectively. Substantially all of our net losses resulted from research and development expenses and administrative expenses.
Summary · 第 12 页
We currently have no products approved for commercialization and have not generated any revenue from drug product sales.
Financial Information · 第 228 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our results of operations may be adversely affected if our research and development progress and clinical data fail to meet expectations.
Financial Information · 第 228 页
Despite our rapid growth, we were loss-making during the Track Record Period.
Business · 第 175 页
In 2023, 2024 and 2025, we incurred selling and marketing expenses of RMB209.4 million, RMB213.8 million and RMB191.6 million, representing 30.6%, 28.8% and 20.6% of our revenue for the same periods, respectively.
Business · 第 175 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Despite our net losses during the Track Record Period, we believe that we have established a clear path toward sustained profitability.
Business · 第 175 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Given that we sustained losses for the years ended December 31, 2023 and 2024, primarily due to our strategic effort to enhance MEMS market share and capture market position through offering competitive pricing, and the continuous significant investment in MEMS and Semiconductor test probes research and development, indicating potential impairment of its non-financial assets, we diligently carried out impairment testing at the end of December 31, 2023 and 2024.
Financial Information · 第 216 页
Our net loss narrowed from RMB881.8 million in 2023 to RMB708.6 million in 2024 and further to RMB456.4 million in 2025.
Summary · 第 8 页
Our net losses during the Track Record Period were primarily attributable to: (i) fair value changes of preferred shares, warrants and convertible notes, which amounted to RMB438.7 million, RMB328.0 million and RMB202.6 million in 2023, 2024 and 2025, respectively, are non-cash in nature and will cease to arise upon completion of the [REDACTED];
Summary · 第 8 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看After adjusting for the above fair value changes and share-based payment expenses, our adjusted net loss (non-IFRS measure) narrowed by 42.8% from RMB437.3 million in 2023 to RMB250.0 million in 2025
Summary · 第 8 页
Loss for the year | (296,467) | (12.7) | (600,879) | (26.0) | (527,813) | (16.9)
Summary · 第 8 页
Our R&D expenses amounted to RMB947.2 million, RMB1,247.3 million and RMB1,312.7 million in 2023, 2024 and 2025, respectively, representing 40.7%, 53.8% and 41.7% of our total revenue in the respective years.
Financial Information · 第 157 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看In alignment with increasing market demand, we anticipate our high-margin IP licensing revenue will improve our financial performance
Summary · 第 2 页
We incurred loss and total comprehensive income for the year of RMB65.2 million and RMB70.4 million in 2023 and 2024, respectively.
Financial Information · 第 154 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Nevertheless, we managed to narrow down such loss by 91.6% to RMB5.9 million in 2025.
Financial Information · 第 154 页
In 2023, 2024, and 2025, we recorded net losses of RMB151.4 million, RMB183.9 million and RMB206.9 million, respectively.
Summary · 第 9 页
Specifically, our historical net loss was primarily due to our strategic emphasis on long-term growth.
Summary · 第 13 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看To achieve breakeven and profitable growth in the long term, we aim to continuously (i) expand our revenue scale by delivering orders on hand, commercialize new product development projects, rampup SiC power device product sales and enhance pricing with favorable market conditions, (ii) improve our product margin by enhancing pricing, shift product mix towards higher-margin offerings, collaborate with foundry partners to drive cost reduction, and strengthening inventory management, and (iii) enhance operating efficiency by effective expense management.
Summary · 第 13 页
In 2023, 2024 and 2025, we had net losses of RMB260.0 million, RMB200.2 million and RMB384.3 million, respectively, representing 241.5%, 78.5% and 113.1% of our total revenue, respectively.
Business · 第 168 页
Our net losses were primarily due to being in the ramp-up phase, where our efforts were concentrated on product innovation, technological advancement and scaling up mass production, and continuous expansion of customer base.
Business · 第 168 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We plan to achieve profitability primarily by (i) expanding our revenue sources, including through penetration into different sectors, technological upgrade and product iteration, expansion of sales network, overseas market expansion and talent acquisition; (ii) improving operating efficiency through continuous technology advancement, economies of scale and manufacturing efficiency; and (iii) enhancing operating leverage across research and development, general and administrative, and selling and marketing expenses.
Summary · 第 10 页
We recorded net losses during the Track Record Period. For 2023, 2024 and 2025, our net losses were RMB37.8 million, RMB22.3 million and RMB17.9 million, respectively, with a narrowing loss margin year by year.
Summary · 第 7 页
We have a clear and achievable path to profitability and expect to achieve breakeven within the two financial years after the [REDACTED].
Summary · 第 8 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Based on the foregoing and considering that our increased contribution from high-margin products, gradual realization of economies of scale, improvement in production capacity and optimization of finance costs, our Directors are of the view that our Group has a sustainable business and are on track to achieve positive adjusted net profit within two years.
Business · 第 164 页
We had net loss of RMB98.4 million, RMB48.5 million, and RMB163.5 million in 2023, 2024, and 2025, respectively, because we had been making significant investments to establish and maintain our market position in AI ASICs.
Summary · 第 3 页
The historical net losses during the Track Record Period reflect the deliberate strategies that we adopted to gain share in a rapidly expanding market rather than inefficiency in operations.
Summary · 第 3 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We intend to establish a clear, sustainable path to profitability primarily through the following measures.
Summary · 第 4 页
Our loss for the period was RMB159.5 million, RMB230.8 million and RMB322.4 million in 2023, 2024 and 2025, respectively.
Summary · 第 3 页
RMB56.9 million in 2025 mainly due to the increase in our loss for the year from RMB230.8 million in 2024 to RMB322.4 million in 2025, which was mainly attributable to the increases in our research and development expenses and selling and distribution expenses, partially offset by the increase in our gross profit.
Financial Information · 第 219 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our adjusted profit (non-IFRS measure) was RMB45.3 million in 2023, RMB113.1 million in 2024 and RMB56.9 million in 2025.
Summary · 第 3 页
During the Track Record Period, our Company had O&L hotels which incurred gross operating losses (calculated as the revenue deducting the operating cost and fees), where were primarily due to (i) renovation and upgrading of hotel rooms; (ii) cost for marketing and promotional activities for hotel branding; (iii) relatively low RevPAR for some newly opened hotels; and (iv) the challenging market environment in which our O&L hotels operated.
Business · 第 121 页
During the Track Record Period, our Company had 41, 55 and 43 loss-making O&L hotels in the PRC with aggregated gross operating losses of RMB13.7 million, RMB24.8 million, and RMB20.7 million, respectively.
Business · 第 121 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看For the same periods, our Company had 41, 41, and 92 O&L overseas hotels with aggregated gross operating losses of EURO3.6 million, EURO4.8 million and EURO8.6 million, respectively.
Business · 第 121 页
For the years ended December 31, 2023, 2024 and 2025, we had net losses of RMB265.3 million, RMB377.9 million, and RMB514.1 million, respectively, and adjusted net losses (a non-HKFRS measure) of RMB59.8 million, RMB132.7 million and RMB188.2 million, respectively.
Summary · 第 13 页
Our loss-making position during the Track Record Period was primarily attributable to the elevated technical demands and intricacies associated with the creation of smart cockpit solution.
Summary · 第 13 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our R&D expenses increased from RMB103.4 million in 2023 to RMB209.6 million in 2024 and to RMB268.1 million in 2025, accounting for 21.7%, 43.8% and 38.0% of our revenue in 2023, 2024 and 2025, respectively.
Business · 第 153 页
In 2022, 2023, 2024 and the ten months ended October 31, 2024 and 2025, we incurred net loss of RMB65.9 million, RMB94.1 million, RMB56.8 million, RMB46.9 million and RMB51.8 million, respectively.
Summary · 第 12 页
Although we may continue to incur net losses in the short term, we are optimistic about achieving profitability through business scale expansion and operational efficiency improvements.
Business · 第 173 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Achieving long-term profitability hinges on our continuous efforts to improve net profit margin, which we aim to accomplish through multiple strategic initiatives.
Business · 第 175 页