The decrease in our trading value in 2024 was mainly due to the policy changes by the exchanges during the first quarter.
Business · 第 234 页
In 2023 and 2024 and for the six months ended June 30, 2024 and 2025, operating loss from our market making business amounted to RMB16.8 million, RMB8.4 million, RMB6.3 million, and RMB9.4 million, respectively, representing -1.3%, -0.6%, -0.9% and -1.6% of our operating income during those periods, respectively.
Business · 第 235 页
In response, we have engaged a new team as well as designed and upgraded our trading strategies.
We had a net loss of RMB263.0 million, RMB255.1 million, RMB580.8 million, RMB122.6 million and RMB455.1 million in 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively.
Business · 第 325 页
Despite our continued increase in customer base, we may continue to incur net losses and net operating cash outflow in the foreseeable future.
Summary · 第 27 页
We expect our operating expenses as a percentage of revenue to decrease as we continue to ramp up our sales, achieve revenue growth and economies of scale with higher efficiency in our research and development, sales and marketing and administrative activities, thereby lowering our spending as a percentage of revenue on such activities.
During the Track Record Period, we recorded losses for the year/period of HK$585.2 million, HK$580.0 million, HK$1,189.6 million, HK$772.6 million and HK$506.7 million for 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively.
Summary · 第 9 页
The investment cycle demonstrates that early-stage losses are not only expected but also essential to establish the compliance, technology and client trust foundations of our platform.
Summary · 第 11 页
Going forward, as we continue scaling up, we expect to make measurable progress in narrowing our losses and achieving long-term sustainable profitability.
上海宝济药业股份有限公司Shanghai Bao Pharmaceuticals Co., Ltd.02659.HK
往绩记录期间持续净亏损
We currently have no products approved for commercial sale and were loss-making during the Track Record Period.
Summary · 第 23 页
Substantially all of our net losses resulted from research and development expenses and administrative expenses.
Summary · 第 23 页
We expect that we will continue to record net losses for the year ending December 31, 2025, primarily because (i) we incurred other expenses for the six months ended June 30, 2025 arising from provision for losses on an ongoing litigation associated with a technology transfer agreement, which is not related to any of our Core Products or any drug candidates included in our pipeline chart; (ii) we expect to incur significant research and development expenses as we continue to advance and expand our pipeline and enhance our proprietary technology platforms; and (iii) we expect to incur listing expenses in connection with our proposed Listing.
We incurred net losses of RMB282.4 million, RMB780.5 million and RMB1,118.0 million in 2022, 2023 and the six months ended June 30, 2025, respectively, and achieved net profit of RMB3,707.5 million in 2024.
Summary · 第 2 页
We recorded net losses of RMB282.4 million, RMB780.5 million and RMB1,118.0 million in 2022, 2023 and the six months ended June 30, 2025, respectively, primarily in relation to: (i) our substantial investment in R&D activities for the development of ADC, bispecific as well as multi-specific antibody drugs, and (ii) the reduction of revenue from the sale of pharmaceutical products.
Summary · 第 8 页
In 2024, we recorded a net profit of RMB3,707.5 million, primarily due to an US$800 million upfront payment received in March 2024 under the BMS Agreement, which represented our first revenue recorded from our innovative drug portfolio.
Our Group has been loss-making and recorded accumulated losses since our establishment in 2017.
Business · 第 385 页
During the years ended December 31, 2022, 2023, 2024 and six months ended June 30, 2025, 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.
Financial Information · 第 448 页
We expect to record net loss in 2025 primarily due to anticipated increases in our research and development expenses and selling expenses.
In 2022, 2023 and 2024 and six months ended June 30, 2024 and 2025, we incurred net loss for the period of US$148.3 million, US$125.3 million, US$275.0 million, US$51.8 million and US$90.6 million, and adjusted net loss (non-GAAP measure) of US$133.6 million, US$118.5 million, US$153.6 million, US$55.9 million and US$74.4 million, respectively.
Summary · 第 30 页
At the early stage of its development, large-scale commercialization of Level 4 autonomous driving solutions has not yet been achieved, and therefore the full monetization potential for our robotaxi and robotruck services remains unrealized.
Business · 第 391 页
In 2022, 2023 and 2024 and six months ended June 30, 2024 and 2025, we recorded research and development expenses of US$153.6 million, US$122.7 million, US$240.2 million, US$58.7 million and US$96.5 million, representing 224.6%, 170.7%, 320.1%, 237.6% and 272.4% of our total revenues, respectively.
During the Track Record Period, we recorded adjusted net losses (Non-HKFRS measure) primarily because revenue and gross profit growth were insufficient to cover relatively high operating expenses, which were driven by continued investment in market expansion activities and ongoing technology optimization efforts aimed at enhancing the maturity of our solutions.
Summary · 第 21 页
Our net losses increased from RMB502.9 million in 2023 to RMB1,255.0 million in 2024, primarily due to a significant increase in changes in fair value of financial liabilities at shares with preferential rights, partially offset by a decrease in administrative expenses in relation to the aforementioned Employee Incentive Scheme.
Summary · 第 21 页
We expect that we will continue to record net loss in 2025 primarily due to (i) the relatively higher change in fair value of redeemable liabilities, and (ii) share-based payments made to recognize employee contributions and to attract and retain talents.
上海挚达科技发展股份有限公司Shanghai Zhida Technology Development Co., Ltd.02650.HK
持续亏损且往绩期间亏损逐年扩大
During the Track Record Period, we incurred net losses of RMB25.1 million, RMB58.1 million and RMB235.9 million in 2022, 2023 and 2024, respectively.
Summary · 第 1 页
As of March 31, 2025, we recorded accumulated losses of RMB338.6 million.
Business · 第 252 页
The increase from 2023 to 2024 was mainly due to (i) the decrease in revenue primarily driven by the decrease in the sales of products, as automaker customers adjusted their procurement targets due to pricing pressures and strategic considerations, and (ii) the increase in operating expenses in relation to our business growth and the Global Offering.
In 2022, 2023, 2024 and for the five months ended May 31, 2024 and 2025, we incurred net loss of RMB452.2 million, RMB283.8 million, RMB540.8 million, RMB244.8 million and RMB219.9 million, respectively, and adjusted net loss (non-IFRS measure) of RMB390.5 million, RMB218.4 million, RMB352.4 million, RMB167.6 million and RMB164.5 million for the same periods, respectively.
Summary · 第 19 页
Our losses during the Track Record Period were primarily due to (i) our limited operating history of smart cockpit solutions, (ii) significant investments in R&D, (iii) our economies of sale still materializing, (iv) moderate pricing approach to gain a larger market share, and (v) investment in attracting and retaining talent.
Summary · 第 19 页
We plan to achieve breakeven and profitability primarily through (i) capturing market opportunity, (ii) strengthening existing collaborations and attracting new customers, and (iii) expanding overseas markets.
However, we have incurred net losses since our inception and anticipate that we will continue to incur net losses for the foreseeable future.
Summary · 第 30 页
While GFH925 has received NDA approval from the NMPA, which we expect to bring us revenue from drug sales, GFH375 and other pipeline products have not been approved for commercial sale, and we had not generated any revenue from product sales during the Track Record Period.
Financial Information · 第 503 页
During the Track Record Period, we incurred negative cash flows from our operations and our operating cash outflows mainly resulted from our research and development costs.
健康160国际有限公司160 Health International Limited02656.HK
自成立以来持续亏损但亏损持续收窄
We have remained loss-making since inception, primarily due to the capital-intensive nature of the digital healthcare and wellness industry, ongoing strategic investments, and our evolving business model geared toward long-term growth.
Business · 第 379 页
Such losses were primarily attributable to the high level of costs of sales and services relative to revenue, together with our substantial ongoing investments in sales and marketing, as well as research and development to connect more medical resources, expand operational scale and strengthen market position, which could not be immediately offset by revenue generated.
Business · 第 380 页
Taking into account (i) the continued expansion of our business, particularly the growth of our digital healthcare and wellness solutions, and (ii) the cost and expenses control measures we have implemented, which have begun to show positive results in 2024 and for the three months ended March 31, 2025, we expect to continue to further narrow net loss for the year ending December 31, 2025.
We incurred net losses of RMB300.8 million, RMB476.0 million, RMB102.4 million, RMB106.9 million and RMB17.5 million (US$2.4 million) in 2022, 2023, 2024 and the three months ended March 31, 2024 and 2025, respectively, primarily due to substantial operating expenses, particularly continued investments in research and development and sales and marketing activities to support our long-term growth.
Summary · 第 18 页
While we recorded rapid revenue growth from ADAS LiDAR products — accounting for 26.3%, 37.2%, 61.3%, and 62.7% of our net revenues in 2022, 2023, 2024 and the three months ended March 31, 2025, respectively — we have not yet achieved sufficient production volume to fully realize economies of scale and to offset our significant costs and operating expenses.
Business · 第 308 页
In addition to narrowing our net losses throughout the Track Record Period, we achieved an adjusted net income (non-GAAP measure) of RMB13.7 million in 2024, making us the first LiDAR company globally to attain a full-year non-GAAP net profit, according to CIC.
佳鑫国际资源投资有限公司Jiaxin International Resources Investment Limited03858.HK
往绩记录期间各期均录得净亏损
We recorded net loss throughout the Track Record Period, as we primarily focused on preparing our Boguty Project for commercial production during the Track Record Period and just commenced commercial production for phase I in April 2025.
Financial Information · 第 409 页
We periodically monitored and evaluated our cash outflows and loss position in each reporting period and found that it was in line with our budget in material aspect.
Financial Information · 第 409 页
As a result, our historical operating results are not indicative of the operating results we expect to experience when our Boguty Project becomes fully operational.
We have not been profitable and have incurred operating losses during the Track Record Period.
Summary · 第 21 页
In 2023, 2024 and the three months ended March 31, 2024 and 2025, we had net losses of RMB362.2 million, RMB301.2 million, RMB86.6 million and RMB75.4 million, respectively.
Summary · 第 21 页
We expect that we will continue to record net losses for the year ending December 31, 2025, primarily because (i) we expect to incur significant research and development expenses as we continue to advance and expand our pipeline and enhance our technology platforms; and (ii) we expect to incur listing expenses in connection with our proposed Listing.
武汉大众口腔医疗股份有限公司Wuhan Dazhong Dental Medical Co., Ltd.02651.HK
21家牙科机构往绩期间录得毛亏损
During the Track Record Period, a total of 21 of our dental institutions recorded gross loss. In particular, 18 newly established and 3 newly acquired dental institutions recorded gross loss due to the upfront investment during their preparation or ramp-up stage.
Business · 第 200 页
As of the Latest Practicable Date, among the 10 dental institutions recorded gross loss for the year ended December 31, 2024, (i) three dental institutions achieved profit turnaround, (ii) two dental institutions were voluntarily disposed by us, while (iii) the remaining five were still in the loss-making position, among which three dental institutions had substantial upfront investment at their ramp-up stage and the remaining two outside Wuhan implemented conservative marketing strategies in reaction to slower-thanexpected post-pandemic economic recovery.
In 2022, 2023 and 2024, we recorded net loss of RMB1,567.1 million, RMB1,126.7 million and RMB831.5 million, respectively.
Summary · 第 16 页
Our historical losses are, to a large extent, attributable to the unique characteristics and early-stage development of the global AMR solutions market, coupled with our strategic focus on business expansion and innovation.
Summary · 第 22 页
Our loss from operations also narrowed from RMB476.1 million in 2023 to RMB127.6 million in 2024.
During the Track Record Period, we did not generate any revenue from the sale of pharmaceutical products and incurred operating losses.
Financial Information · 第 481 页
While we currently have no drugs approved for commercial sales and have not generated any revenue from drug sales, we expect to commercialise one or more of our drug candidates over the coming years as they move toward the final stages of development and if they receive the requisite regulatory approvals.
Financial Information · 第 468 页
We expect to generate additional income from commercialisation collaboration of certain of our drug candidates in the future.
云知声智能科技股份有限公司UNISOUND AI TECHNOLOGY CO., LTD.09678.HK
往绩记录期间持续净亏损且预计2025年继续亏损
Our net losses in 2022, 2023 and 2024 were RMB375.4 million, RMB376.2 million and RMB454.2 million, primarily because we incurred significant amounts of R&D expenses during the Track Record Period as our business grew rapidly.
Summary · 第 9 页
We expect to have net losses for the year ending December 31, 2025 and in the near future, primarily due to (i) our continuous investment in R&D activities, and (ii) finance cost of interest on redemption liabilities, incurred on our conditional obligation to redeem equity securities issued in our previous financing of Series.
Summary · 第 14 页
Nevertheless, our net losses as a percentage of our revenue decreased from 62.5% in 2022, to 51.7% in 2023 and further decreased to 48.4% in 2024.
Loss for the year | (411,576) | (238,894) | (543,279)
Summary · 第 14 页
We turned around an adjusted loss (non-HKFRS measure) of RMB44.6 million for the year ended December 31, 2022 to an adjusted profit (non-HKFRS measure) of RMB20.8 million for the year ended December 31, 2023, and our adjusted profit (non-HKFRS measure) increased to RMB42.3 million for the year ended December 31, 2024, primarily due to the continued growth in our businesses, the improved gross profit margin as more of our postpartum centers became more mature, as well as our ability to control our expenses.