We were loss-making in 2023 and turned profitable starting from 2024, and recorded significant increase in net profit from 2024 to 2025.
Summary · 第 8 页
We recorded net profit of RMB70.4 million in 2024 as compared to net loss of RMB132.8 million in 2023, as a result of the substantial increase in our gross profit, primarily due to (i) increased sales of agricultural drones resulting from (a) enhanced customer satisfaction and growing interest of users and distributors driven by our continuous product innovation that improved product quality and delivered pricing advantages, (b) our business expansion in overseas markets, which broadened our customer base and sales reach, (ii) an increase in revenue contribution from our overseas sales with relatively higher gross profit margin, (iii) reduced hardware costs as we optimized the drone design through technical innovation to improve cost efficiency while maintaining performance stability, and (iv) increased sales of smart farm IoT products especially smart electric valves, driven by strong market demand, ongoing product innovation, exceptional cost efficiency and extensive sales channels.
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
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.
In 2024, we recorded net loss of RMB6.1 million, primarily due to (i) a decrease in the overall gross profit margin of our telecommunications laser chip segment, because of the downward pricing pressure on certain products within this segment as a result of intensified market competition, and (ii) an increase in our research and development expenses and selling and marketing expenses to support our ongoing R&D activities and market expansion.
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
Achieving long-term profitability hinges on our continuous efforts to improve net profit margin, which we aim to accomplish through multiple strategic initiatives.
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 recorded a loss of RMB60.7 million in 2022 and a loss of RMB56.2 million in 2023, primarily due to our cost structure and operating expenses associated with the expansion of our software-defined All-in-One AI solutions.
Summary · 第 9 页
We recorded a loss of RMB27.1 million in the nine months ended September 30, 2024 and a loss of RMB36.3 million in the nine months ended September 30, 2025, primarily due to increased operating expenses, including research and development expenses and administrative expenses, reflecting our continued investment in business expansion.
Summary · 第 9 页
However, we incurred net losses of RMB60.7 million, RMB56.2 million, and RMB36.3 million in 2022, 2023, and for the nine months ended September 30, 2025, respectively.
(Loss)/profit for the year/period | (83,366) | 1,895 | 17,869 | 9,037 | (15,588)
Summary · 第 9 页
We recorded loss for the year of approximately RMB29.9 million in 2025, primarily due to increases in listing expenses, share-based payment and R&D expenses.
Summary · 第 19 页
our revenue demonstrated steady growth, increasing by 24.6% from RMB310.4 million in 2024 to RMB386.9 million in 2025
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.
As of the Latest Practicable Date, we did not have any commercialized products.
Summary · 第 15 页
As we continue to incur R&D expenses in relation to our R&D activities to develop our drug candidates and administrative expenses in relation to our daily operations, we expect to record an increase in net loss in 2025 compared to 2024.
Summary · 第 15 页
We expect to continue to incur significant expenses and operating losses in the future as we further the clinical development and/or pre-clinical studies of our product pipeline, expand our team and grow our business.
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.
As a result, we recorded profit and net profit margin in 2023 as compared to loss and net loss margin in 2024.
Business · 第 171 页
However, in 2025, FlareFlow business incurred relatively higher selling and marketing expenses to achieve rapid user base expansion. As a result, we recorded increased loss and net loss margin for the nine months ended September 30, 2025.
Business · 第 171 页
To achieve profitability, we aim to (1) focus on driving our revenue growth in untapped overseas micro drama market and cosmic market; (2) phase out businesses that have lower profit margins; (3) achieve higher production and distribution efficiency for our overseas micro dramas business; and (4) gain effective control of selling and marketing expenses for our overseas micro dramas business.
We recorded a loss for the year of RMB817.7 million in 2024, primarily due to a decline in gross profit resulting from decreased revenue and gross profit margin.
Business · 第 256 页
In the first nine months of 2025, our business gradually recovered from the temporary downturn in 2024.
Business · 第 258 页
We recorded net cash generated from operating activities of RMB300.1 million for the first nine months of 2025, as compared to net cash used in operating activities of RMB531.1 million in the same period of 2024, attributable to our net profit of RMB29.7 million for the nine months ended September 30, 2025 and our improved cash conversion cycle.
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.