Although the Group was loss-making throughout the Track Record Period, the Directors consider such losses are common for pre-production mining companies.
Financial Information · 第 270 页
Based on the CPR, our Company is expected to achieve profitability in 2026, and positive accumulated cash flow in 2028.
江苏博迁新材料股份有限公司Jiangsu Boqian New Materials Stock Co., Ltd.
2023年度净亏损3,230万元
We recorded income tax expenses of RMB4.9 million in 2024, primarily due to a profit before tax of RMB92.3 million in 2024 compared to income tax credit of RMB0.5 million in 2023, due to a loss before tax of RMB32.8 million in 2023, primarily driven by the growth of revenue leading to an increase in our total profit before tax.
Financial Information · 第 185 页
Our gross profit increased by 158.3% from RMB71.3 million in 2023 to RMB184.2 million in 2024, and further increased by 99.8% to RMB368.0 million in 2025.
We recorded losses for the year of RMB51.9 million and RMB252.0 million in the years ended December 31, 2023 and 2024, respectively.
Summary · 第 6 页
During the Track Record Period, our profit/(loss) for the year was primarily affected by (losses)/gains arising from changes in the fair value of biological assets and changes in the carrying amount of redemption liabilities.
Summary · 第 6 页
We define adjusted profit/(loss) for the year as (loss)/profit for the year adjusted for equity-settled share-based payment expenses, changes in carrying amount of redemption liabilities, listing expenses and income tax effect related to the above items.
During the Track Record Period, we recorded net losses primarily because we remained in the R&D stage and made significant investments in our R&D activities, which was within the expectation of our Directors.
Financial Information · 第 258 页
As we progress toward the commercialization of our product candidates, we expect to narrow our losses in the foreseeable future.
We had an accumulated loss as of January 1, 2023, and incurred net loss of RMB47.7 million, RMB42.3 million and RMB47.1 million in 2023, 2024 and 2025, respectively.
Summary · 第 8 页
Our losses during the Track Record Period were primarily due to (i) our limited operating history, (ii) significant investments in R&D, (iii) selling and distribution efforts to expand market presence, and (iv) our economies of scale still materializing.
Summary · 第 8 页
We believe that we can achieve our profitability by expanding our revenue scale, enhancing our gross margin and enhancing our operating leverage.
Our income tax credit decreased from RMB74.6 million for the year ended December 31, 2023 to RMB19.8 million for the year ended December 31, 2024, primarily because we had losses before tax for the year ended December 31, 2023 while we had taxable income for the year ended December 31, 2024.
Financial Information · 第 216 页
Our gross profit was RMB247.3 million, RMB560.6 million and RMB886.2 million for the years ended December 31, 2023, 2024 and 2025, respectively.
We incurred net losses of RMB123.6 million, RMB155.9 million, and RMB52.8 million in 2023, 2024, and 2025, respectively.
Summary · 第 6 页
These losses were principally attributable to the substantial upfront investment we made in foundational research and in building our cognitive intelligence algorithm platform and products during a period of rapid growth.
Summary · 第 6 页
Our net loss then narrowed significantly to RMB52.8 million in 2025, primarily due to the substantial growth of our revenue and the operating leverage in our business model.
We did not record any income tax expense during the Track Record Period due to our loss before taxation.
Financial Information · 第 263 页
As of the Latest Practicable Date, we had not obtained marketing approval for any drug candidates, nor had we generated any revenue from product sales.
Business · 第 202 页
During the Track Record Period, we primarily funded our working capital requirements through equity financing.
Although we achieved substantial revenue growth during the Track Record Period from US$70.9 million for the year ended December 31, 2023 to US$138.1 million for the year ended December 31, 2025, we recorded losses of US$16.4 million, US$0.2 million and US$24.5 million for the years ended December 31, 2023, 2024 and 2025, respectively, and adjusted net loss (non-IFRS measure) of US$0.1 million for the year ended December 31, 2024.
Summary · 第 9 页
Our historical losses primarily reflected early-stage investments undertaken to reposition from a conventional trade intermediary into a specialized tech-enabled cross-border e-commerce marketing services provider, including advertising for customer acquisition, building data management platform, ad placement management system, ad performance evaluation system and ad monitoring software.
Business · 第 145 页
During 2022 to 2025, we recorded aggregate profit after deducting equity-settled share-based payments, [REDACTED] expenses and changes in carrying amount of the redemption liabilities of US$4.0 million, substantially offsetting prior accumulated losses, and we expect to achieve adjusted net profit (non-IFRS measure) in 2026.
During the Track Record Period, we recorded net losses of RMB212.6 million, RMB187.2 million and RMB170.9 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Business · 第 168 页
We expect to continue to record net losses in the foreseeable future, including in 2026, as we continue to invest in research and development and expand our commercial operations.
Business · 第 168 页
We expect to record net loss in 2026, primarily attributable to our sustained investment in research and development required to refine our autonomous driving technologies and maintain our competitive edge.
Notably, we recorded a net loss of approximately RMB18.4 million for FY2023, but achieved a turnaround to a net profit of approximately RMB40.4 million and RMB29.4 million in FY2024 and FY2025, respectively.
Summary · 第 2 页
The relatively significant revenue growth in FY2024 was primarily attributable to the relatively low revenue level in FY2023, as a result of the slow down of the economy.
While we achieved sustained business growth, we incurred a loss for the years of RMB189.4 million, RMB293.5 million and RMB222.9 million in 2023, 2024 and 2025, respectively, and an adjusted net loss (a non-HKFRS measure), which excludes fair value losses on convertible redeemable preferred shares and share-based payment expenses, of RMB37.1 million, RMB61.6 million and RMB104.6 million in the same years, respectively.
Business · 第 146 页
As a result, our unit cost of revenue for AI cloud computing services remained relatively high, and our revenue was not yet sufficient to fully absorb these reserved capacity costs, which contributed to net losses for this business segment during the Track Record Period.
Business · 第 146 页
We expect to continue to incur net losses for the year ending December 31, 2026, primarily because we expect to incur substantial research and development expenses, administrative expenses and selling and marketing expenses related to our ongoing operations in 2026.
Our loss for the year decreased from RMB351.3 million for 2024 to RMB330.6 million for 2025, primarily due to the increase of our gross profit, which was generally in line with our overall increase in revenue.
Summary · 第 6 页
Our accumulated losses amounted to RMB488.8 million as of January 1, 2023, primarily due to (1) the short commercialization history of our products, as we only began to recognize revenue for our TPMS SoC products and BMS SoC products in 2017 and 2020, respectively; and (2) our significant investment into R&D from our inception in 2015, as our automotive-grade SoC products are technologically innovative in nature and demand substantial upfront research, testing and validation before reaching mass production.
Business · 第 179 页
Throughout the Track Record Period and in the near future, we expect that, with our business expansion in automotive electronics market and the enhanced net profit generation capacity, we will further achieve a substantial increase in revenue and gross profit, thus achieving breakeven of net profit in the near future and subsequently realize profitability.
In 2024, 2025 and the three months ended March 31, 2025 and 2026, we incurred losses for the year/period of RMB226.4 million, RMB312.5 million, RMB99.7 million and RMB73.1 million, respectively.
Summary · 第 9 页
We expect that we will record net losses in 2026, primarily because (i) we expect to incur research and development expenses as we continue to advance the clinical development of our drug candidates, and (ii) we will incur changes in fair value of financial instruments issued to investors in relation to special rights issued to Pre-[REDACTED] investors prior to the [REDACTED].
Summary · 第 13 页
During the years ended December 31, 2024, 2025 and the three months ended March 31, 2026, 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.
Our loss for the year decreased by approximately 16.5% from RMB345.1 million in 2024 to RMB288.1 million in 2025, reflecting the continued improvement in our financial performance as our business scales.
Summary · 第 7 页
Despite our strong revenue growth momentum and improvement in results of operations and financial condition during the Track Record Period, we recorded net losses throughout the Track Record Period, primarily because (i) our cost of revenue had not yet fully realized economies of scale given the rapid ramp-up of our business, as we strategically prioritized building a resilient supply chain with reputable suppliers to ensure product reliability and support customer validation, which entailed higher early-stage procurement costs, (ii) we incurred research and development costs as we made early-stage R&D investments to build a solid foundation of core technologies and continuously invested in enhancing our product performance and expanding our solution portfolio, and (iii) we recorded changes in carrying value of redemption liabilities measured at the highest amount possible that we could be required to pay to the investors with redemption rights.
We recorded loss for the year of RMB153.4 million, RMB80.8 million and RMB94.5 million in 2023, 2024 and 2025, respectively, primarily as a result of the combination of the aforementioned factors.
Business · 第 157 页
We expect to continue to incur loss in 2026, primarily because we are in the stage of expanding our business and operations in the rapidly growing edge AI chips and solutions industry and are continuously investing in R&D.
Our net loss was RMB471.1 million, RMB333.5 million and RMB281.1 million for 2023, 2024 and 2025, respectively.
Summary · 第 10 页
Our R&D expenses accounted for 50.9%, 40.7% and 31.2% of total revenue during the Track Record Period, reflecting our strategic focus on enhancing our R&D capabilities and strengthening our core technologies.
Business · 第 135 页
Our sales and distribution expenses accounted for 31.4%, 28.0% and 27.6% of our revenue during the Track Record Period, reflecting sustained efforts in marketing, promotion, and channel development;
During the Track Record Period, we recorded loss and total comprehensive expense for the year of RMB167.8 million, RMB290.9 million and RMB215.5 million in 2023, 2024 and 2025, respectively.
Business · 第 140 页
In particular, our historical losses were significantly affected by the front-loaded nature of building a commercial-scale biologics CDMO platform, under which facility construction, equipment installation, production-line qualification, quality-system buildout, personnel deployment and regulatory-readiness work must be completed before a substantial portion of the related commercial manufacturing revenue can be realized.
Summary · 第 6 页
Our Directors believe that we have a clear path to profitability as our project portfolio continues to expand and mature.
We recorded net profit for the year ended December 31, 2023 at RMB1.7 million, while we incurred net loss for the year ended December 31, 2024 and 2025 at RMB12.9 million and RMB16.1 million, respectively.
Business · 第 192 页
The loss in 2024 was primarily due to a significant increase in selling and distribution expenses as a result of our sales and marketing efforts.
Summary · 第 7 页
In 2025, we recorded an adjusted net profit (non-HKFRS measure) of RMB[REDACTED]. This was primarily because customer acquisition costs were effectively controlled due to the sales and marketing efforts in 2024 and the growing reputation of our products, which led to a 38.5% revenue growth.