In 2026, we expect to record increasing net loss, primarily as a result of (1) the share-based compensation expenses recognized prior to the Listing, as the vesting condition of the shares awarded is contingent on the Listing, and therefore no share-based compensation expenses is recognized until the Listing is concluded highly probable in 2026; and (2) the further accrual of interest expense on redemption liabilities in connection with our Pre-IPO Investments, which is expected to adversely affect our financial performance in 2026.
Summary · 第 10 页
Upon Listing, the redemption rights will be terminated and the related redemption liabilities will be derecognised, and we will no longer recognise such interest expense thereafter.
山东宝盖新材料科技股份有限公司Shandong Baogai New Materials Technology Co., Ltd.08090.HK
预期2026年度净利润可能下降
We expect that there may be a decrease in net profit for the year ending 31 December 2026, primarily due to (i) an increase in our selling and distribution expenses in 2026 resulting from the planned expansion of sales channels and enhancement of marketing capabilities; (ii) the incurrence of non-recurring Listing expenses recognized in administrative expenses; and (iii) upward pressure on raw material costs driven by fluctuations in market prices.
Financial Information · 第 262 页
Our Directors confirm that, up to the date of this prospectus, save as disclosed above, there has been no material adverse change in our financial condition, results of operations and operating cash flow, nor has there been any material adverse change in our revenue, cost of sales, gross profit, and gross profit margin since 31 December 2025 (being the date on which the latest audited consolidated financial information of our Company was prepared) and there is no event since 31 December 2025 which would materially affect the information shown in our consolidated financial statements included in the Accountants' Report in Appendix I to this prospectus.
We expect to record a significant increase in net loss for the year ending December 31, 2026, primarily due to (i) a significant loss arising from changes in the fair value of preferred shares and other financial liabilities, and (ii) continued investment in research and development as we advance our R&D activities.
Summary · 第 16 页
Our preferred shares will be re-designated from liabilities to equity upon the automatic conversion of preferred shares into ordinary shares in connection with the completion of the Global Offering.
We expect to record a net loss in 2026, primarily because of the selling and distribution expenses, administrative expenses, research and development costs and finance costs are expected to offset our gross profit.
Summary · 第 18 页
Our gross margin in the four months ended April 30, 2026 improved compared to the gross margin for the same period in 2025 and for the year ended December 31, 2025.
The rapid growth of our emerging businesses requires significant upfront investments in R&D, manufacturing processes, and product validation, which affected our gross profit margin and net profit margin.
Summary · 第 18 页
In addition, we also experienced foreign exchange fluctuations in some overseas markets in the first quarter of 2026.
Summary · 第 18 页
We have implemented various measures to support the resilience of our profitability, including (i) optimizing our product mix and continuing to expand and deepen our overseas markets; (ii) proactively optimizing our cost management and initiating negotiation with our customers in response to the increasing costs pressure; and (iii) scale-up cost-efficiency of our production bases and vertical integration of key components to lower unit manufacturing costs.
We expect to record a net loss in 2026, primarily due to continued investment in research and development, expansion of our sales and distribution network and ongoing product iteration.
维健国际控股集团有限公司WinHealth International Holding Group Company Limited
预计2026年净亏损将大幅增加
Notwithstanding the foregoing, our Group expects to record a significant increase in net loss for the year ended December 31, 2026.
Summary · 第 22 页
The expected increase in net loss does not reflect any deterioration in the underlying business performance of our Group, and we expect continued growth in revenue and operating profit for the year ended December 31, 2026.
We recorded net losses during the Track Record Period and expect to continue to incur losses after the Track Record Period in the short term, as we are in the stage of expanding our business and operations in the rapidly growing pan-semiconductor IMSS market and are continuously investing in R&D.
Summary · 第 14 页
We expect to record an increase in net loss in 2026 primarily due to (i) the increase in R&D and sales expenses to accelerate market penetration; (ii) the non-recurring [REDACTED] expenses; (iii) an increase in expected credit loss provision which is consistent with our expanded revenue base; and (iv) an increase in finance cost.
广东真健康医疗科技开发股份有限公司Guangdong True Health Medical Technology Development Co., Ltd.02697.HK
预计2026年度亏损将显著扩大
We expect a significant increase in loss position for the year ending December 31, 2026, primarily because (i) we anticipate continuing to incur substantial costs and expenses in relation to our R&D activities and sales and marketing initiatives as we proceed with on-going clinical trials or evaluations and further enhance our commercialization capabilities, and (ii) we have incurred, and expect to continue to incur, costs and expenses relating to the Global Offering.
江西生物制品研究所股份有限公司Jiangxi Institute of Biological Products Inc.06915.HK
预期2026年净利润大幅下降
However, we expect our net profit for the year ending December 31, 2026 to substantially decrease as compared to 2025.
Summary · 第 1 页
The sales volume of our Human TAT for Export Sales was 3.7 million units in the first four month of 2025 and 1.4 million units in the first four month of 2026.
Summary · 第 15 页
In addition, we expect to begin generating revenue from our newly launched products, including PMSG and veterinary tetanus antitoxin, in 2026, which is expected to partially offset the adverse impact of the foregoing factors on our net profit.
however, despite our continued efforts in improving our operational efficiency during the Track Record Period, we expect to record a net loss for the year ending December 31, 2026 which is expected to be affected by a number of factors including (i) research and development expenses, as we will continue to devote resources to researching new solutions, new risk scenarios and cutting-edge technologies; and (ii) the listing expenses.
Summary · 第 22 页
Our Directors have confirmed that, up to the date of this prospectus, there has been no material adverse change in our financial or trading position or prospects since December 31, 2025, being the end date of our latest audited consolidated financial statements
We expect to remain loss-making and net operating cash outflow position in 2026, primarily because we expect to continuously invest in our research and development activities in order to stay competitive to capture opportunities arising from the rapid development of AI technologies.
Summary · 第 17 页
Our Directors have confirmed that, up to the date of this prospectus, there has been no material adverse change in our financial or trading position or prospects since December 31, 2025, being the end date of our latest audited financial statements, and there has been no event since December 31, 2025 that would materially affect the information shown in the Accountants’ Report set out in Appendix I to this prospectus.
We expect to incur an increased net loss for the year ending December 31, 2026, primarily due to an increase in finance cost and an increase in research and development costs and administrative expenses as a result of our progress in clinical trial and the expansion of our R&D team.
Our net profit/(loss) for the period between January 1, 2026 and the Latest Practicable Date experienced downward pressure from factors including (i) increasing battery cell prices, (ii) reduction in export tax rebate rate effective April 1, 2026 in accordance with rules and regulations promulgated jointly by China’s Ministry of Finance and the SAT, (iii) increased share-based payment, (iv) lower average selling price in line with prevailing industry-wide pricing trend, and (v) [REDACTED] expenses. We expect that our net profit/(loss) for 2026 may decline compared to 2025.
Summary · 第 18 页
Save as disclosed above, after due and careful consideration, our Directors confirm that, as of the date of the document, there has been no material adverse change in our financial and trading position or prospects since December 31, 2025, and there is no event since December 31, 2025 which would materially affect the information shown in the Accountants’ Report set out in Appendix I to this document.
We expect to record an increase in net loss in 2026, primarily due to (i) our continued investment in R&D as we advance the development of our drug candidates, and (ii) an increase in share-based payment expenses.
Summary · 第 12 页
Our Directors confirm that, up to the date of this prospectus, there has been no material adverse change in our operations, financial performance, market position or prospects since December 31, 2025, being the end date of the periods reported on in the Accountants’ Report in Appendix I to this prospectus, and there is no event since December 31, 2025 that would materially affect the information as set out in the Accountants’ Report in Appendix I to this prospectus.
As a result, we expect to continue to incur an increase in net loss in 2026. Such expected increase in net loss is primarily attributable to (i) continued research and development expenses incurred in connection with the advancement of our core products, including ongoing Phase III clinical trials, related follow-up activities and preparation for regulatory submissions, (ii) increased expenditures associated with NDA filing and CMC-related work as our core products progress towards commercialization and (iii) continued investment in pipeline expansion, including the development of additional indications and earlier-stage candidates, as well as the related increase in R&D personnel costs.
Summary · 第 14 页
After performing sufficient due diligence work which our Directors consider appropriate and after due and careful consideration, our Directors confirm that, up to the date of this Document, there had been no material adverse change in our financial or trading position or prospects since March 31, 2026, being the end date of the periods reported in Appendix I to this Document, and there is no event since March 31, 2026 that would materially affect the information as set out in the Accountants’ Report in Appendix I to this Document.
Despite the continuous growth in our business scale, we anticipate continuing to record a net loss for the year ending December 31, 2026, primarily because (i) we expect an increase in our administrative expenses primarily attributable to professional service fees related to the Global Offering and an increase in staff costs in line with our overall business growth, (ii) we expect an increase in our selling and distribution expenses as we continuously invest in marketing systems and brand promotion in order to develop new customers, and (iii) we expect an increase in research and development expenses as we continue to attract and retain research and development talent.
Summary · 第 13 页
We also anticipate continuing to have net cash used in operating activities for the year ending December 31, 2026.
As we strive to advance our drug pipeline and enhance our research and development capabilities, we expect to continue recognizing a significant increase in net losses in 2026, primarily due to (i) the increase in R&D expenses driven by (a) the increase in the testing and technical service costs and material expenses as we continue to advance clinical development of drug candidates, and (b) the increase in staff costs due to an increase in R&D headcount, as well as share-based payment expenses; and (ii) the increase in administrative expenses due to an increase in the number of administrative personnel and an overall increase in salaries and bonuses as well as share-based payment expenses, to support our platform development and preparation for future commercialization.
We expect certain decreases in revenue generated from display chip products and gross profit margin in 2026, together with a shift in product mix, primarily attributable to our strategic focus on the development chip products in relation to automotive industry.
We expect our net loss (non-IFRS measure) in 2026 to increase as compared with 2025, primarily because we are incurring significant investments in product iteration for our nextgeneration products.