We incurred net losses RMB96.6 million in 2023, which narrowed significantly to RMB21.8 million in 2024 and further to RMB5.8 million in 2025.
Business · 第 149 页
Our expectation to achieve and sustain profitability is based on reasonable assumptions, including: (i) continued increase in orders from customers, (ii) no material disruption to our production or delivery schedules, (iii) further improvement in unit economics driven by scale and product optimization, and (iv) no material adverse change in the macroeconomic, regulatory, or competitive environment.
Although we currently have no product approved for commercial sale and have not generated any revenue from product sales, we expect to commercialize one or more of our drug candidates over the coming years as they progress through late-stage development.
Financial Information · 第 246 页
In 2024 and 2025, our research and development expenses were RMB338.1 million and RMB179.7 million, respectively, accounting for 96.8% and 92.4% of our total operation expenses (representing research and development expenses and administrative expenses) for the same periods, respectively.
Financial Information · 第 246 页
During the Track Record Period and up to the Latest Practicable Date, we have primarily funded our working capital requirements through proceeds from equity financing.
During the Track Record Period, our management did not consider net losses as an indication of the impairment for the non-financial assets mainly due to the factors that (i) we recorded net loss primarily caused by significant costs and expenses in relation to R&D which is consistent with our management’s expectations; (ii) our R&D were carried forward as planned during the Track Record Period; and (iii) the fair value of our principal business significantly exceeded the carrying amounts of our net assets based on our management’s assessment.
We have incurred net losses during the Track Record Period, primarily due to (i) strategic investments in research and development to advance our technologies and in sales and marketing activities to attract and retain more customers and (ii) our business strategies which broadens the adoption of our solutions with flexible pricing models.
Summary · 第 7 页
Our historical loss-making position is attributable to several key factors: (i) heavy upfront investment in foundational technologies; (ii) strategic pricing to accelerate adoption and design-wins; and (iii) early-stage business lines with long-term monetization potential.
Summary · 第 9 页
In addition, with our growing installation volume and base of mass-production design-wins, we believe we are well positioned to transition toward sustainable profitability in the medium term.
Our net loss was RMB546.0 million, RMB735.1 million and RMB991.1 million in 2023, 2024 and 2025, respectively.
Summary · 第 9 页
Our net losses primarily resulted from being in a ramp-up stage, with a strategic focus on long-term success and financial returns in the industrial AI agents market, rather than pursuing near-term profitability at the expense of future market potential.
Business · 第 139 页
While we have not yet achieved profitability, the combination of sustained revenue growth, improving gross profit margins and declining operating expense ratios supports our path toward breakeven and long-term profitability.
江苏泽景汽车电子股份有限公司JIANGSU NEW VISION AUTOMOTIVE ELECTRONICS CO., LTD.02632.HK
往绩记录期间各期均录得净亏损
These strategic investments, while resulting in loss for the year/period of RMB256.1 million, RMB174.6 million, RMB137.9 million, RMB127.8 million and RMB343.7 million in 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, respectively, have led to competitive advantages, fueling our rapid growth.
Summary · 第 18 页
In particular, we expect that our profitability will be enhanced in the next few years, primarily by (i) driving revenue growth; (ii) enhancing economies of scale; (iii) strengthening operating leverage; and
Summary · 第 18 页
(iv) optimizing working capital. With the industry’s growth trajectory aligning with our capacity to deliver cost-optimized solutions at mass scale, we are poised to transform early-stage investments into sustainable profitability, capturing value as the market matures.
浙江凯乐士科技集团股份有限公司Zhejiang Galaxis Technology Group Co., Ltd.02729.HK
往绩记录期间各年均录得净亏损
As we continued to expand our customer base and effectively improved our operating efficiency, our loss for the year narrowed from RMB209.6 million and RMB241.6 million in 2022 and 2023, to RMB178.1 million in 2024.
Summary · 第 12 页
While we have incurred losses during our growth phase, we believe we are well-positioned to achieve profitability through a combination of initiatives, including the following:
Summary · 第 12 页
We expect to achieve our gross margin improvement by implementing the following: (i) introduce technologically advanced products to create significant value for customers, which in turn enhances our pricing flexibility and drives our margin growth; (ii) enhance supply chain management through cost management of materials, implementation, manufacturing and labor and enhanced inventory management and procurement practices; and (iii) business mix optimization through capturing an increasing proportion of higher-margin after-sales services and single-function robot deployments, and pursuing targeted expansion into overseas markets.
The combination of the above factors, namely industry fluctuations, price pressures, and sustained R&D investment, resulted in our operating losses.
Summary · 第 14 页
During the Track Record Period, although we experienced a 13.3% revenue decline in 2023 despite the sales growth of our chip and lithium-ion battery anode material products due to the impact of market demand and price, we recorded revenue growth since 2024 — our revenue increased by 12.6% in 2024 as compared with 2023, and increased by 16.7% in the nine months ended September 30, 2025 as compared with the same period in 2024.
Business · 第 129 页
Leveraging the above strategies and benefiting from positive market changes, the Company believes that it will be able to gradually improve profit margins and achieve net profit breakeven in the near future.
We incurred net losses during the Track Record Period.
Summary · 第 8 页
In 2023, 2024 and the nine months ended September 30, 2024 and 2025, we recorded losses of €4.7 million, €34.5 million, €28.3 million and €30.0 million, respectively.
Business · 第 128 页
Our adjusted result subsequently improved, from an adjusted net loss of €1.4 million in the nine months ended September 30, 2024 to an adjusted net profit of €1.2 million in the nine months ended September 30, 2025, reflecting the combined effect of revenue growth, gross margin expansion and improving cost efficiency.
Our Directors are of the opinion that, taking into account the financial resources available to our Group, including revenue generated from sales of Sangbo'en, cash and cash equivalents, cash flows from financing activities, estimated net [REDACTED] from the [REDACTED] and cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including general, administrative and operating costs (including any production costs) and research and development costs for at least the next 12 months from the date of this document.
北京海致科技集团股份有限公司Beijing Haizhi Technology Group Co., Ltd.02706.HK
往绩记录期间经营亏损及净亏损
Despite our loss from operations of RMB178.6 million and RMB202.3 million, respectively, in 2022 and 2023, we recorded profit from operations of RMB3.3 million in 2024.
Summary · 第 17 页
As a result of our forward-looking efforts to develop and commercialize our solutions, we incurred substantial costs in R&D, sales activities and internal management.
Business · 第 302 页
In particular, we expect to turn net loss to net profit in the next few years by (i) continuously scaling our business and expanding the applicable scenarios of our solutions; (ii) improving profitability; and (iii) refining our cash flow management and optimizing our working capital.
In 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, we had loss for the year/period of approximately RMB611.6 million, RMB743.1 million, RMB904.2 million, RMB691.0 million and RMB855.7 million, respectively.
Summary · 第 2 页
We incurred a significant amount of R&D expenses during the Track Record Period, amounting to RMB445.6 million, RMB515.2 million, RMB589.0 million, RMB450.0 million and RMB413.9 million, respectively, in 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025.
Summary · 第 13 页
Although we had net losses during the Track Record Period, such losses were within our expectation as we transitioned from the R&D phase to the mass production.
We recorded US$73.7 million, US$269.2 million, US$465.2 million, US$304.3 million and US$512.0 million in loss for the year/period in 2022, 2023, 2024, and for the nine months ended September 30, 2024 and 2025, respectively, due to significant initial investment in foundation model R&D and AI infrastructure.
Business · 第 309 页
As we scaled up operations, we significantly improved our gross profit margin, from negative 24.7% in 2023 to 12.2% in 2024, and further to 23.3% in the nine months ended September 30, 2025.
Business · 第 309 页
We expect continued net losses in the foreseeable future as we remain largely as an R&D focused company operating in AI research space.
北京智谱华章科技股份有限公司Knowledge Atlas Technology Joint Stock Company Limited02513.HK
往绩记录期间净亏损持续扩大
While we achieved sustained business growth, we had loss for the year of RMB143.7 million, RMB788.0 million, RMB2,958.0 million, RMB1,235.6 million and RMB2,357.9 million in 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively.
Business · 第 196 页
Our losses during the Track Record Period were primarily due to our significant investments in research and development.
Business · 第 196 页
While the absolute amount of our net losses increased during the Track Record Period, we expect to turn around our net loss position through increase in revenue and enhancement in operating efficiency.
However, we recorded net loss of RMB553.6 million, RMB817.4 million, RMB892.4 million, RMB404.0 million and RMB609.3 million in 2022, 2023, 2024 and six months ended June 30, 2024 and 2025, respectively, and adjusted net loss (non-HKFRS measure) of RMB432.8 million, RMB609.7 million, RMB644.7 million, RMB296.9 million and RMB299.8 million in the same years/periods, respectively.
Business · 第 237 页
We incurred net losses during the Track Record Period, primarily attributable to (i) significant upfront investment in research and development initiatives, (ii) limited economies of scale, (iii) early commercialization stage, and (iv) substantial cost of sales and operating expenses.
Summary · 第 13 页
We believe we will be able to achieve profitability through a combination of revenue growth, improvement in gross profit margin and enhanced operating leverage.
In 2022, 2023 and 2024, and the six months ended June 30, 2024 and 2025, we incurred losses for the year of RMB1,474.3 million, RMB1,744.0 million, RMB1,538.1 million, RMB888.3 million and RMB1,600.5 million, respectively, and adjusted net loss (non-IFRS measure) of RMB1,038.3 million, RMB1,051.4 million, RMB767.3 million, RMB438.2 million and RMB551.6 million, respectively.
Summary · 第 19 页
In 2022, 2023 and 2024 and for the six months ended June 30,2025, our R&D expenses amounted to RMB1,017.9 million, RMB885.6 million, RMB827.0 million RMB397.1 million and RMB571.6 million, respectively.
Business · 第 240 页
In the future, we aim to maintain sustainability and achieve profitability primarily through: (i) optimizing our solutions to create value for customers; (ii) expanding customer base; and (iii) enhancing operational efficiency and economies of scale.
上海林清轩化妆品集团股份有限公司SHANGHAI FOREST CABIN COSMETICS GROUP CO., LTD.02657.HK
直营店中存在亏损门店及整改措施
In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, we recorded 57, 46, 41, 32 and 31 loss-making stores among our directly-operated stores and the aggregate losses attributable to the loss-making stores were RMB5.8 million, RMB4.0 million, RMB3.5 million, RMB2.2 million and RMB1.4 million during the same period.
Business · 第 205 页
To ensure the profitability of our store network, we conduct rigorous monthly reviews of each store's financial performance, with particular focus on identifying and addressing loss-making counters.
英矽智能INSILICO MEDICINE InSilico Medicine Cayman TopCo03696.HK
往绩期间持续亏损，经调整亏损显著收窄
Our net loss was US$221.8 million, US$211.6 million, US$17.1 million and US$19.2 million for 2022, 2023, 2024 and the six months ended June 30, 2025, respectively.
Summary · 第 22 页
Our R&D expenses accounted for 259.3%, 190.2%, 107.1% and 129.6% of total revenue during the Track Record Period, reflecting our business model of bearing the majority of pre-clinical costs before licensing pipeline assets.
Business · 第 242 页
According to Frost & Sullivan, it is an industry norm for AI-driven pharmaceutical companies like ours to incur significant R&D costs upfront, well before commercialization and/or out-licensing opportunities are realized.
In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, we recorded net losses of RMB96.5 million, RMB63.4 million, RMB97.8 million, RMB97.8 million and RMB108.0 million, respectively.
Summary · 第 2 页
Our net losses during the Track Record Period were mainly attributed to the substantial R&D expenses for our technologies and solutions, amounted to RMB258.8 million, RMB379.1 million, RMB450.4 million, RMB248.2 million and RMB168.1 million in 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively.
Summary · 第 7 页
We expect to record an increase in net losses for the year ended December 31, 2025, which is primarily due to our continued investments in the research and development of our technologies and solutions, as well as the impact of expected credit loss provisions on trade receivables.
北京五一视界数字孪生科技股份有限公司Beijing 51WORLD Digital Twin Technology Co., Ltd.06651.HK
自成立以来累计亏损9.664亿元
We had a net loss of RMB189.8 million, RMB87.1 million, RMB79.0 million, RMB65.1 million and RMB94.0 million in 2022, 2023 and 2024 and for the six months ended June 30, 2024 and 2025, respectively.
Business · 第 255 页
As a result, we were loss-making since our establishment in 2015 with accumulated losses of RMB966.4 million as of June 30, 2025.
Business · 第 256 页
(ii) expanding customer base, and (iii) enhancing our operational efficiency.