In addition to this cost, we anticipate to incur additional professional fees and expenses after the [REDACTED]. As a result, we may expect a decrease in net profit for FY2025.
Summary · 第 8 页
Save as above, our Directors confirm that there have been no material adverse changes to our financial or trading position after the Track Record Period and up to the date of this document.
As a result of the foregoing, our loss for the year increased by 4.1% from RMB56.8 million in 2024 to RMB59.2 million in 2025.
Summary · 第 21 页
(4) our administrative expenses increased significantly from RMB19.7 million in 2024 to RMB42.3 million in 2025, primarily driven by higher listing-related expenses, an increase in employee benefit expenses, and additional professional service fees relating to our shareholding restructuring.
Summary · 第 21 页
Our Directors confirm that, up to the date of this prospectus, there has been no material adverse change in our financial or trading position since October 31, 2025 (being the date on which the latest audited consolidated financial information of our Group was prepared) and there is no event since October 31, 2025 which would materially affect the information shown in our consolidated financial statements included in the Accountants’ Report in Appendix I to this prospectus.
杭州铜师傅文创（集团）股份有限公司HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD.00664.HK
2025年毛利率及年内利润同比下降
Our profit and total comprehensive income for the year decreased from RMB79.0 million in 2024 to RMB47.8 million in 2025, primarily attributable to listing expenses of RMB20.2 million incurred during the year, and was also impacted by higher raw material costs (primarily driven by copper prices) and higher selling and marketing expenses incurred in connection with our offline channel expansion initiatives, including our initial development of premium retail supermarket chain channels toward the end of 2025, and, as we ramped up production and deliveries in anticipation of such premium retail supermarket chain channels which typically operate under customary credit terms, increases in inventories and trade receivables.
Summary · 第 11 页
our gross profit margin decreased from 35.4% to 33.7%, mainly due to higher raw material costs, primarily due to increases in copper prices
Summary · 第 11 页
Our Directors confirm that, up to the date of this prospectus, there has been no material adverse change in our financial or trading position or prospects since September 30, 2025, being the end of the last financial year/period reported on in the Accountant’s Report as set out in Appendix I to this prospectus.
We expect a significant decrease in net profit for the year ending December 31, 2025 and net loss in the fourth quarter of 2025, despite our continued efforts in expanding customer base, enhancing the competitiveness of our products, and improving gross margin.
Summary · 第 23 页
The decrease in our net profit is attributable to a number of factors including: (i) average selling prices of SiC epitaxial wafers are lower in 2025 as compared to 2024 and if the inventory de-stocking of downstream industry of SiC industry persists, which may continue to exert pricing pressure on us, we may continue to experience significant decrease in our net profit; (ii) share-based payment expenses remained and will remain an ongoing expense from 2025 to 2029, as we provide long-term incentive programs to employees to motivate and retain talent; and (iii) we incurred larger amount of listing expenses in 2025, whereas the listing expenses in 2024 were relatively minimal.
Based on our unaudited financial information for the year ended 31 December 2025 as set out in Appendix IIB to this prospectus, our Directors expect that there will be an increase in our net loss for the year ended 31 December 2025 as compared to that for FY2024, which was primarily attributable to (i) an increase in Listing expenses, and (ii) an increase in our purchase of computing power services since late 2024 for further development and training of iMedImage^®^ foundation model in line with our strategic R&D plan.
We recorded a profit of RMB8.7 million in 2024 and a loss of RMB45.8 million in 2025, which was primarily due to the increase in research and development expenses and listing expenses.
Summary · 第 16 页
We recorded an impairment of trade receivables of RMB22.8 million as of December 31, 2025, compared with RMB7.5 million as of December 31, 2024.
Summary · 第 16 页
Our Directors confirm that up to the date of this Prospectus, there has been no material adverse change in our financial, operational or trading position, indebtedness, mortgage, contingent liabilities, guarantees or prospects since September 30, 2025, being the end of the period reported on the Accountants’ Report included in Appendix I;
江苏泽景汽车电子股份有限公司JIANGSU NEW VISION AUTOMOTIVE ELECTRONICS CO., LTD.02632.HK
预计2025年净亏损较2024年大幅增加
We expect to record a significant increase in net loss in 2025 compared to 2024, primarily due to (i) an increase in the fair value loss of our redemption liabilities on equity as a result of the redemption liabilities arising from the preferred shares that we issued during Pre-IPO financing.
Summary · 第 23 页
Considering that the increases in such expenses are to benefit our long-term growth, and our revenue and gross profit increased in 2025 compared to 2024, we expect our losses to narrow as our business continues to scale in the future, and that our expected increases in net loss and adjusted net loss (non-IFRS measure) in 2025 do not indicate a deterioration in our long-term profitability prospects.
浙江凯乐士科技集团股份有限公司Zhejiang Galaxis Technology Group Co., Ltd.02729.HK
预计2026年将继续录得净亏损及经营现金流出
We recorded net losses and experienced net operating cash outflows during the Track Record Period, and we anticipate continuing this trend into 2026, primarily due to being in a growth phase with significant investments in research and development, market expansion, and new product development.
Summary · 第 16 页
Investors should note that the financial projections are based on our current expectations and preliminary internal estimates and are subject to inherent uncertainties, assumptions, and risks, many of which are beyond our control or are difficult to predict, including changes in global economic conditions, industry trends, customer demand, input costs, tariffs and trade restrictions, regulatory developments, and other factors outlined in the “Risk Factors” that may cause actual results to differ materially from those projected.
We expect to record net losses for 2025, primarily taking into account our net losses in the nine months ended September 30, 2025, the impact of the historical price pressures relating to our products, and our expectation to incur R&D expenses to maintain and enhance the competitiveness of our products and other operating expenses to facilitate our business expansion.
Summary · 第 15 页
Regardless of the expectation that the prices of chip products and lithium-ion battery anode material products will rebound in the future, we plan to continue to implement and continuously optimize and adjust the above-mentioned cost-cutting and efficiency-enhancing measures to achieve a turnaround from losses to profits.
北京海致科技集团股份有限公司Beijing Haizhi Technology Group Co., Ltd.02706.HK
预计2025年净亏损大幅增加
We expect to record a significant increase in net loss in 2025, primarily due to (i) the expected increase in the changes in carrying amount of redemption liabilities, mainly as a result of the recognition of our shares with redemption rights issued to Pre-IPO Investors in July 2023, as a result of the reorganization.
Summary · 第 33 页
These redemption rights issued will be terminated upon Listing and the related redemption liabilities will be reclassified from liabilities to equity accordingly; and (ii) the expected increase in administrative expenses, mainly as a result of (a) the recognition of listing expenses, (b) the recognition of share-based payment expenses, and
Our net loss for the year ended December 31, 2025 is expected to increase compared to 2024, mainly attributable to (i) one-off listing expenses and (ii) increased employee compensation expenses including equity settled share-based payments.
Summary · 第 20 页
After performing sufficient due diligence work which our Directors consider appropriate and after due and careful consideration, our Directors confirm that there has been no material adverse change in our business, financial condition and results of operations since September 30, 2025, being the latest balance sheet date of our consolidated financial statements in the Accountants’ Report as set out in Appendix I to this prospectus, and up to the date of this prospectus.
According to Frost & Sullivan, the average market selling price of finished hogs exhibited a continued downward trend from the first quarter through the fourth quarter of 2025, decreasing from approximately RMB15.1 per kg in the first quarter to RMB14.6 per kg in the second quarter and RMB14.0 per kg in the third quarter, with a more notable decrease in the fourth quarter reaching approximately RMB11.6 per kg.
Summary · 第 28 页
As a result of the foregoing, net profit decreased in the fourth quarter of 2025 in comparison with the first three quarters, mainly due to the decrease of average market selling prices.
Summary · 第 28 页
Similarly, the decrease in our financial performance in the fourth quarter of 2025 in comparison with the fourth quarter of 2024 was primarily attributable to the same industrywide price downturn, rather than any deterioration in business operations.
We expect to record decreased net profit primarily contributed from our frozen food storage services and loading services segments in 2025 compared to 2024.
Summary · 第 14 页
we anticipate a year-over-year decline in gross profit margin for frozen food storage services in 2025 compared to 2024, primarily because (1) we expect to record increased depreciation and amortization, labor costs, and interest costs on project construction loans in connection with ramping up our new facilities under the Phase V Expansion Project in 2025 compared to 2024, and (2) we have implemented targeted commercial incentives to maintain customer relationships with our key account customers in 2025
Summary · 第 14 页
Our Directors confirm that, up to the date of this prospectus, there has been no material adverse change in our financial or trading position since June 30, 2025 (being the date on which the latest audited consolidated financial information of our Group was prepared) and there is no event since June 30, 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 anticipate a significant increase in net loss for the year ended December 31, 2025, primarily due to the expected R&D expenses as we continue to elevate the intelligence level of our foundation models and fair value loss on financial liabilities, as the valuation of our company is expected to increase in 2025.
Summary · 第 31 页
Our Directors confirm that, up to the date of this Prospectus, there has been no material adverse change in our financial or trading position or prospects since September 30, 2025, being the end date of the periods reported in the Accountant’s Report set out in Appendix I, and there is no event since September 30, 2025 that would materially affect the information shown in the Accountant’s Report set out in Appendix I.
北京智谱华章科技股份有限公司Knowledge Atlas Technology Joint Stock Company Limited02513.HK
预期2025年净亏损显著增加
We expect to record a significant increase in net loss for 2025, as we expect to incur substantial amount of research and development expenses in this year and be affected by changes in the carrying amounts of financial instruments issued to investors.
Summary · 第 23 页
The Directors confirm that, up to the date of this prospectus, there has been no material adverse change in our financial or trading position since June 30, 2025, and there is no event since June 30, 2025 which would materially affect the information shown in the Accountants’ Report in Appendix I to this prospectus
We expect a significant increase in net loss in 2025, primarily due to the increase in share-based payments, investments in research and development and the Listing expenses.
Summary · 第 19 页
We have maintained stable business operations and development, and in the nine months ended September 30, 2025, we recorded an increase in the shipment volume of our training series and inference series, reaching 9.7 thousand units and 13.8 thousand units, respectively.
We expect to record a significant increase in net loss for the year ending December 31, 2025 despite our efforts to increase our revenue and gross profit, primarily due to (i) the expected increase in our research and development expenses due to the increase in our R&D activities given the development phases of the on-going R&D projects, mainly because we expect to intensify our R&D investment for the tape-out of our next generation products such as BR20X, and (ii) the expected increase in finance costs due to the expected increase in the balance of redemption liabilities.
英矽智能INSILICO MEDICINE InSilico Medicine Cayman TopCo03696.HK
预期2025年净亏损扩大
Our Company expects an increased net loss in 2025, primarily due to continued investment in growth initiatives, including elevated research and development activities, costs associated with the ongoing listing process, and ongoing share-based compensation.
Summary · 第 29 页
Our Directors confirm that up to the date of this Prospectus, there has been no material adverse change in our financial, operational or trading positions or prospects since June 30, 2025, being the end of the period reported on as set out in the Accountants’ Report included in Appendix I to this Prospectus.
北京五一视界数字孪生科技股份有限公司Beijing 51WORLD Digital Twin Technology Co., Ltd.06651.HK
预计2025及2026年继续亏损
Despite the foregoing, given our net loss, adjusted net loss and negative operating cash flow positions in the six months ended June 30, 2025, we expect to remain in loss-making, adjusted net loss and negative operating cash flow positions for the years ended December 31, 2025 and 2026.
Summary · 第 10 页
We expect to experience an increase in net loss for the year ending December 31, 2025, which is primarily due to (i) our selling expenses as we continue to expand our business; (ii) our investments in research and development of our technologies and solutions, and (iii) administrative expenses/share-based compensation.