港股IPO招股书披露先例 · 355 家公司，355 项
此类事项指申请人在招股书中呈报经调整净亏损／利润或经调整EBITDA等非国际财务报告准则计量，通过加回股份支付开支、上市开支、可赎回优先股公平值变动及赎回负债利息等项目反映经营业绩。相关披露多见于概要、风险因素、业务及财务资料等章节，一般列明计量的定义、各调整项目的具体金额及经调整业绩数字，并说明该等计量有助于跨期及同业比较、剔除非现金或一次性项目影响，同时提示其可能与其它公司同类计量不可比、作为分析工具存在局限，不应孤立看待或替代按国际财务报告准则呈报的业绩分析。
Share-based payments | 7,791 | 11,853 | 11,786 | 8,803 | 9,288
Summary · 第 9 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our Directors are of the view that (1) share-based payments are non-cash items; and (2) listing expenses are related to the Global Offering.
Summary · 第 9 页
To supplement our consolidated financial statements, which are presented in accordance with IFRS, we also use adjusted net (loss)/profit (non-IFRS measure) as an additional financial measure, which is not required by, or presented in accordance with IFRS.
Financial Information · 第 237 页
We define adjusted net (loss)/profit (non-IFRS measure) as (loss)/profit for the periods adjusted by adding back share-based payment expenses and listing expense.
Financial Information · 第 237 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The use of this non-IFRS measure should not be considered as a substitute for analysis of our results of operations or financial condition as reported under IFRS.
Financial Information · 第 237 页
We define adjusted net loss (non-IFRS measure) as loss for the year, adjusted for share-based payment expenses and [REDACTED] expenses.
Summary · 第 7 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The adjusted net loss (non-IFRS measure) increased significantly in 2025 compared with 2023 and 2024, primarily because our loss for the year increased substantially in 2025, while the non-IFRS adjustments remained limited in amount.
Summary · 第 7 页
Adjusted net loss (non-IFRS measure) represents net loss excluding (i) fair value changes of preferred shares and other financial liabilities, which are non cash in nature and non-recurring after [REDACTED], (ii) share-based payment expenses, which is non cash in nature, and (iii) [REDACTED] expense, which is nonrecurring after [REDACTED].
Financial Information · 第 177 页
Share-based payment expenses | 15,661 | 33,272 | 475,164
Financial Information · 第 177 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our adjusted net loss (non-IFRS measure) decreased during the Track Record Period, primarily attributable to our rapid revenue growth, continued improvement in cost efficiency, as well as operating leverage achieved through more disciplined control of operating expenses as a percentage of revenue, as our business scaled.
Summary · 第 7 页
To supplement our consolidated financial statements, which are presented in accordance with IFRSs, we also use adjusted (loss)/profit for the year/period (non-IFRS measure) as an additional financial measure, which is not required by, or presented in accordance with IFRSs.
Summary · 第 13 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Notably, excluding fair value losses on redemption liabilities on equity shares, share-based payment expenses and listing expenses, we had adjusted loss for the year/period (non-IFRS measure) of RMB79.1 million in 2022, RMB7.1 million in 2024, RMB4.4 million in the nine months ended September 30, 2024 and RMB17.5 million in the nine months ended September 30, 2025, and adjusted profit for the year (non-IFRS measure) of RMB13.3 million in 2023.
Summary · 第 18 页
We define adjusted net loss (non-IFRS measure) as net loss for the year/period adjusted by adding back equity settled share-based payment expenses, changes in the carrying amount of the redemption liability and listing expenses.
Summary · 第 8 页
We believe this non-IFRS measure facilitates comparisons of operating performance from year to year and company to company by eliminating potential impacts of certain items.
Summary · 第 8 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Changes in the carrying amount of the redemption liability represents the changes in the carrying amount of the redeemable special rights that we granted to certain Pre-IPO Investors.
Summary · 第 8 页
We define adjusted net profit (non-IFRS measure) as profit for the year/period adjusted by adding back (i) share-based payment expenses, (ii) professional fees, (iii) listing expenses; and (iv) finance cost of interest on redemption liabilities.
Summary · 第 7 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We believe this non-IFRS measure facilitates comparisons of operating performance from year to year and company to company by eliminating potential impacts of certain items.
Financial Information · 第 239 页
We define adjusted net loss (non-IFRS measure) as loss for the year/period adjusted by adding back share-based payments relating to a share incentive scheme we adopted in 2021 and a share incentive scheme launched by Inner Mongolia Sinuo New Material Technology Co., Ltd. (內蒙古斯諾新材料科技有 限公司, “Inner Mongolia Sinuo”), our non-wholly owned subsidiary, in 2022, which is non-cash in nature.
Summary · 第 8 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We believe that this measure provides useful information to investors and others in understanding and evaluating our results of operations in the same manner as it helps our management.
Summary · 第 8 页
To supplement our consolidated financial statements which are presented in accordance with IFRS, we also use EBITDA (non-IFRS measure)/adjusted EBITDA (non-IFRS measure) and adjusted net profit (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with, IFRS.
Summary · 第 12 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We define adjusted EBITDA (non-IFRS measure) as EBITDA (non-IFRS measure) adjusted by adding back equity-settled share option expense and listing expenses.
Summary · 第 12 页
Loss for the year/period | (4,653) | (34,467) | (28,282) | (30,003)
Summary · 第 5 页
We believe this non-IFRS measure facilitates comparisons of operating performance from year to year and company to company by eliminating potential impacts of certain items.
Financial Information · 第 183 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We define adjusted net profit/(loss) (non-IFRS measure) as loss for the year/period adjusted for share-based compensation expenses and fair value losses of convertible redeemable preferred shares.
Financial Information · 第 183 页
Adjusted net profit (Non-IFRS measure) for the year was calculated by taking profit for the year and adding back
Summary · 第 11 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看(i) the [REDACTED] expenses in relation to the [REDACTED]; and (ii) equity-settled share-based payment expenses paid to our employees.
Summary · 第 11 页
We define adjusted net profit (non-IFRS measure) as profit for the period adjusted for share-based payment expenses.
Financial Information · 第 226 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We believe that such non-IFRS measure facilitate comparisons of operating performance from period to period and company to company by eliminating potential impacts of certain items and provides useful information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as they help our management.
Summary · 第 7 页
We define adjusted net loss (non-IFRS measure) as loss for the year/period adjusted by adding back [REDACTED] and share-based payment expenses.
Financial Information · 第 232 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The adjustments had been consistently made during the Track Record Period.
Financial Information · 第 232 页
We define adjusted net profit (non-IFRS measure) as profit for the year/period adjusted for (i) share-based payment expenses, which are non-cash in nature; and (ii) listing expenses, which relate to the Global Offering.
Summary · 第 12 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The use of such non-IFRS measure has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for an analysis of, our results of operations or financial condition as reported under IFRS.
Summary · 第 12 页
To supplement our consolidated financial statements of profit or loss that are presented in accordance with IFRS, we also use EBITDA (non-IFRS measure) and adjusted EBITDA (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with IFRS.
Financial Information · 第 318 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The use of such non-IFRS measures have limitations as an analytical tool, and you should not consider it in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under IFRS.
Financial Information · 第 318 页
We define adjusted net profit (non-HKFRS Accounting Standards measure) as profit for the year adjusted for share-based payments.
Summary · 第 9 页
Our share-based payments consist of non-cash expenses arising from granting options and restricted shares to eligible individuals under our restricted share incentive plans, the amount of which may not directly correlate with the underlying performance of our business operations.
Summary · 第 9 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看However, our presentation of the adjusted net profit may not be comparable to similarly titled measures presented by other companies.
Summary · 第 9 页
We define adjusted net loss or profit (non-IFRS measure) as net loss or profit for the year/period adjusted by adding back (i) equity settled share-based payments; (ii) changes in the fair value of financial liabilities at fair value through profit or loss; (iii) changes in the carrying amount of redemption liabilities; and (iv) listing expense.
Summary · 第 21 页
Adjusted net loss or profit (non-IFRS measure) for the year/period | (142,677) | (83,704) | 16,932 | (61,346) | (46,043)
Summary · 第 21 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The use of such non-IFRS measures has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for an analysis of, our results of operations or financial condition as reported under IFRS Accounting Standards.
Summary · 第 21 页
To supplement our consolidated statements of profit or loss which are presented in accordance with IFRSs, we use adjusted net profit (Non-IFRS measure) and adjusted net profit margin (Non-IFRS measure), which are not required by, or presented in accordance with, IFRSs.
Summary · 第 9 页
We define adjusted net profit (Non-IFRS measure) as profit for the periods adjusted by adding back (i) share-based payments, and (ii) listing expenses, which relate to the Global Offering.
Summary · 第 10 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The use of Non-IFRS measures has limitations as an analytical tool, and investors should not consider it in isolation from, or as a substitute for analysis of, our results of operations or financial condition as reported under IFRS Accounting Standards.
Summary · 第 10 页
We define adjusted loss for the year/period (non-IFRS measure) as loss for the year/period adjusted by adding back (i) changes in the carrying amount of redemption liabilities, representing the carrying amounts changes of the redemption rights granted by us, which is non-cash in nature and will be reclassified to equity after the termination of the investors’ redemption rights upon Listing, (ii) equity settled share-based payment, which was non-cash in nature and represented the employee benefit expenses incurred in connection with our award to management and key employees, and (iii) Listing expenses, which represented expenses in relation to the Global Offering.
Summary · 第 8 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看However, our presentation of adjusted loss for the year/period (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies.
Summary · 第 8 页
We define "adjusted net profit or loss (a non-IFRS measure)" as (loss)/profit for the years/period adjusted by adding back or deducting, as the case may be, fair value (loss)/gain of convertible redeemable preference shares, share-based compensation expenses and listing expenses.
Summary · 第 10 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The use of this non-IFRS measure has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for an analysis of, our results of operations or financial condition as reported under IFRS.
Summary · 第 10 页