In 2021, 2022 and 2023 and for the six months ended June 30, 2023 and 2024, we incurred losses for the period of RMB2,063.6 million, RMB8,720.4 million, RMB6,739.1 million, RMB1,888.5 million and RMB5,098.1 million, respectively, and adjusted net loss (Non-IFRS measure) of RMB1,103.2 million, RMB1,891.4 million, RMB1,635.2 million, RMB996.0 million and RMB803.9 million, respectively.
Summary · 第 24 页
In the coming years, we plan to break-even and realize profitability by implementing business initiatives of expanding revenue scale, maintaining gross margin profile, enhancing operating leverage and improving operations of CARIZON.
Financial Information · 第 385 页
In 2021, 2022 and 2023 and for the six months ended June 30, 2023 and 2024, we recorded share of net losses of investments accounted for using the equity method of RMB2.5 million, RMB34.3 million, RMB112.1 million, RMB16.8 million and RMB181.6 million, respectively.
Our loss for the year increased from RMB212.8 million in 2022 to RMB324.1 million in 2023 primarily because of (i) the fluctuation in the fair value changes of financial assets at fair value through profit or loss from a gain of RMB30.9 million in 2022 to a loss of RMB54.7 million in 2023, and (ii) the increase in fair value losses on convertible redeemable preferred shares from RMB83.8 million in 2022 to RMB156.1 million in 2023, partially offset by the increase in our gross profit from RMB228.6 million in 2022 to RMB280.2 million in 2023.
Summary · 第 12 页
According to iResearch, companies operating in the audiovisual PaaS industry have generally yet to achieve profitability, given their heavy investments upfront especially in research and the general pricing strategies adopted to quickly capture additional market share.
Summary · 第 15 页
Having said that, we still expect to record net losses in 2024, primarily due to fair value losses on convertible redeemable preferred shares, share-based payments and listing expenses expected to be incurred and in light of the competitive market environment and our financial performance improvement initiatives as set out in the section headed “Business — Business Sustainability and Path to Profitability” continues to take effect.
浙江太美医疗科技股份有限公司Zhejiang Taimei Medical Technology Co., Ltd.02576.HK
往绩记录期间持续亏损且预期继续亏损
In 2021, 2022, 2023 and the three months ended March 31, 2024, we incurred net losses of RMB479.6 million, RMB422.6 million, RMB356.4 million and RMB118.2 million, respectively.
Summary · 第 10 页
We have been loss-making since our establishment in 2013, and we will continue to be loss-making in the foreseeable future, including 2024, when we expect to continue to incur operating cash outflow.
Summary · 第 11 页
We believe these historical factors to be no longer applicable or are expected to be alleviated in our new phase of development because (i) our substantial investments in market education is expected to subside given (A) we have proven the capabilities of our solutions, (B) we have become the most widely adopted digital solution provider for pharmaceutical and medical device R&D and commercialization in China in terms of number of customers, according to CIC, and (C) our current broad coverage of the number of customers would allow us to conduct sales and marketing activities more cost efficiently, which is expected to generate word-of-mouth effect that could alleviate the need for continuous market education; (ii) software development expenses have passed the peak, as in 2023, we optimized less efficient product lines and substantially completed the SaaS transformation of pharmaceutical and medical device commercialization software which have a higher margin than previously offered customized commercialization software, and streamlined our R&D headcount, while optimizing our software development process through improving the application of our core technologies; and (iii) our solutions become more profitable as they scale without proportionally increasing our costs and expenses.
We expect to continue to incur net loss for the year ending December 31, 2024 as we continue to advance our research and development activities.
Summary · 第 26 页
Our results of operations are significantly affected by our cost structure, particularly research and development costs, administrative expenses and finance costs.
Financial Information · 第 453 页
We expect our research and development costs to continue to increase for the foreseeable future as we move these drug candidates, either from preclinical studies to clinical trials, or further to more advanced clinical trials, and as we continue to support the clinical trials of our drug candidates as treatments for additional indications.
黑芝麻智能国际控股有限公司Black Sesame International Holding Limited02533.HK
往绩记录期间持续净亏损且2024年预期继续亏损
We had a net (loss)/profit of RMB(2,356.5) million, RMB(2,753.9) million, RMB(4,855.1) million, RMB(1,106.7) million and RMB1,203.3 million in 2021, 2022, 2023 and the three months ended March 31, 2023 and 2024, respectively.
Summary · 第 26 页
Our adjusted net losses (non-IFRS measure) were primarily due to the significant amounts of selling expenses, general and administrative expenses and R&D expenses incurred during the Track Record Period.
Summary · 第 27 页
In the future, we aim to maintain sustainability and achieve profitability through: (i) enriching and expanding our products and solutions; (ii) expanding customer base; and (iii) enhancing our operational efficiency and economies of scale.
Our net loss decreased to RMB196.7 million in 2023, primarily because we had attracted and retained a larger paying user base, and leveraged our supply chain capabilities to procure pharmaceutical and healthcare products at more attractive prices.
Summary · 第 13 页
In 2021 and 2022, our adjusted net loss (non-HKFRS measure) was RMB206.8 million and RMB89.4 million, respectively.
Summary · 第 16 页
Going forward, we expect to sustain our revenue growth and achieve profitability by, among other things, (i) building economies of scale, controlling operating expenses and further improving our operating efficiency by enhancing the productivity of our in-house teams, adapting our staffing strategy to evolving business requirements, streamlining internal workflows, and leveraging technology to drive cost-efficient and centralized management; (ii) building a high-quality user base by expanding and diversifying our product portfolio, especially high-margin, prescription, and difficult-to-source drugs for chronic diseases, to meet evolving user needs; (iii) introducing products and services which can bring higher value-added and increased scale, including content offerings in multimedia formats; and (iv) lowering procurement costs and improving our gross profit margin by leveraging our growing procurement volumes and strengthened bargaining power to negotiate more favorable input prices and procurement terms.
In addition to our robust revenue growth during the Track Record Period, we have narrowed our gross loss margin since 2021, from -24.2% in 2021 to -10.7% in 2022, and further decreased to -7.0% in 2023.
Summary · 第 2 页
On the other hand, we have recorded operating losses, net losses and adjusted net losses (Non-IFRS measure) during the Track Record Period primarily due to the costs and expenses incurred by us to quickly establish our presence in major cities of the Greater Bay Area and increase our penetration rates in those markets.
Summary · 第 2 页
Regardless of the commercialization of our Robotaxi services, we will be unable to achieve breakeven in 2024, 2025, 2026 and 2027.
We recorded net loss of RMB448.4 million, RMB156.2 million and RMB359.3 million in 2021, 2022 and 2023, respectively.
Summary · 第 10 页
For these reasons, similar to other SaaS solution providers, the breakeven period for service providers in the relatively niche market of financial and tax-related transaction digitalization in China may take over 10 years, according to the F&S Report.
Business · 第 263 页
Based on the foregoing, our Directors are of the view that our business is sustainable despite the current loss-making position.
上海声通信息科技股份有限公司Shanghai Voicecomm Information Technology Co., Ltd.02495.HK
2022及2023年分别净亏损8,580万及2,920万元
Profit/(loss) for the year | 36,384 | (85,811) | (29,201)
Summary · 第 16 页
Our management considers that changes in carrying amount of redeemable capital contributions is a non-cash item, primarily due to which we incurred net loss for the year of 2022 and 2023 and such carrying amount will be reclassified from financial liabilities to equity upon completion of the Listing and the Global Offering.
Summary · 第 16 页
Thanks to our technology infrastructure and standardized solution offerings, we are able to maintain stable profitability from our operations, with our adjusted net profit (a non-IFRS measure) amounting to RMB62.3 million, RMB71.7 million and RMB117.7 million in 2021, 2022 and 2023, respectively.
As a result of the foregoing, we had profit before taxation of RMB1,791.3 million and loss before taxation of RMB185.5 million in 2021 and 2022, respectively.
Financial Information · 第 387 页
We had a loss of RMB234.1 million in 2022, and a gain of RMB1,521.2 million and RMB209.3 million in 2021 and 2023, respectively, from the change in fair value of Preferred Shares.
Financial Information · 第 377 页
We remained profitable in terms of adjusted net profit (non-IFRS measure) during the Track Record Period.
Among our 34 boutiques that have been in operation during the Track Record Period, we had five, three, and one loss-making boutique(s) in 2021, 2022, and 2023, respectively.
Business · 第 199 页
Net operating losses incurred by our loss-making boutiques amounted to approximately RMB5.2 million, RMB4.6 million, and RMB0.1 million for the same corresponding years, primarily due to the adverse effects of the COVID-19 pandemic from 2021 to 2022, which was substantially eliminated in 2023.
Business · 第 199 页
Among the 37 boutiques that had opened during the Track Record Period and up to the Latest Practicable Date, Fuzhou MixC Boutique (福州萬象城店) was the only one that had never recorded net profit during operation.
We recorded net loss of RMB2,137.3 million in 2021, RMB1,438.6 million in 2022, and RMB1,906.3 million in 2023.
Summary · 第 4 页
while our R&D expenses, general and administrative expenses, contract fulfillment costs and selling and marketing expenses increased as our business grew, we recorded net losses during the Track Record Period.
Summary · 第 29 页
We expect that we will continue to be loss-making in 2024 primarily due to the anticipated costs and expenses associated with (i) the implementation of our commercialization plan, particularly in the U.S. and Europe, and (ii) increased share-based payment expenses.
Our gross profit margin increased from 29.6% in 2021 to 30.2% in 2022, and further increased to 35.8% in 2023, primarily due to the increase in our revenue during the Track Record Period and the economies of scale we have achieved for imaging center business due to our brand awareness, competitiveness achieved and chain-oriented development.
We experienced net losses in 2021 and 2022, primarily due to fair value losses on financial liabilities at FVTPL during the respective years. We generated net profit in 2023, primarily as we significantly increased our revenue and experienced less fair value loss on financial liabilities at FVTPL as compared with 2022.
We had net losses during the Track Record Period, primarily because we incurred substantial research and development expenses, administrative expenses and selling and distribution expenses during the process of rapid expansion of our SaaS business.
Summary · 第 24 页
According to Frost & Sullivan, SaaS solution providers often experience losses when expanding their business due to the time lag between revenue recognition and operational expenses.
Financial Information · 第 413 页
In the future, we plan to further enhance our financial performance by: (i) expanding our customer base; (ii) improving product performance and enriching the product matrix to increase contract value per user; and (iii) effectively managing costs and expenses.
Loss for the year from continuing operations | (181,980) | (684,979) | (802,602)
Financial Information · 第 441 页
Primarily attributable to our historical investment in research and development of our technologies and our talents as well as our selling and marketing expenses incurred, we recorded an adjusted net loss (non-IFRS measure) in 2021. Due to the increase in our revenue and the overall gross profit margin, we recorded adjusted net profits (non-IFRS measure) in 2022 and 2023.
Financial Information · 第 441 页
As we have been focusing on expanding our business scale via investing in our AI technologies and commercializing such technologies into a portfolio of products and services, rather than seeking immediate financial returns or profitability, we laid a solid foundation for long-term sustainability.
We incurred net loss of RMB368.7 million, RMB746.8 million, RMB916.9 million, RMB648.5 million and RMB606.7 million, in 2020, 2021, 2022 and for the nine months ended September 30, 2022 and 2023, respectively.
Summary · 第 18 页
We recorded RMB328.5 million, RMB687.3 million, RMB805.0 million, RMB569.7 million and RMB470.7 million of share of net loss of associates using the equity method in 2020, 2021, 2022 and for the nine months ended September 30, 2022 and 2023, respectively, representing 89.1%, 92.0%, 87.8%, 87.8% and 77.6% of our net losses for the respective years/periods.
Financial Information · 第 398 页
According to Frost & Sullivan, it typically takes a number of years for a new player like LianTong to reach the breakeven point.
Due to the impact of the COVID-19 pandemic for the year ended 31 March 2021 and the increase in operating expenses for the year ended 31 March 2023, we recorded operating loss in Trans World Austria during the respective years.
Summary · 第 22 页
After the full resumption in business after the COVID-19 pandemic and with stringent cost management, Trans World Austria achieved net operating profit of HK$3.4 million for the six months ended 30 September 2023.
We expect to incur a net loss in 2024, primarily because we expect to incur (i) significant research and development expenses as we continue to advance our drug development pipeline and (ii) significant equity-settled share-based payment expenses as we need to amortize granted equity incentives over the related vesting period, while we do not expect to generate substantial revenue in 2024 as we only plan to begin commercializing QX001S, our most advanced drug candidate, in the fourth quarter of 2024.
Summary · 第 29 页
We and Zhongmei Huadong plan to begin commercializing QX001S upon expected BLA approval in the fourth quarter of 2024.