This is primarily due to the launch of our new show Moonlight over Mount Wuyi in May 2025, which is still in its early start-up stages that requires time and resources to ramp up marketing efforts and build audience interest.
Summary · 第 21 页
Our Group’s overall profitability for the year ending 31 December 2025 is therefore expected to be affected by the costs and expenses related to Moonlight over Mount Wuyi.
As informed by the financial leasing company, since July 23, 2025, Customer K has been in default with respect to certain payment obligations under its finance lease agreement with the financial leasing company.
Business · 第 300 页
We expect to record a substantial increase in net loss for the year ending December 31, 2025, primarily due to (i) share-based payments made to recognize employee contributions and to attract and retain talent, and (ii) higher impairment losses, primarily from impairment losses related to financial guarantee contract liabilities and other receivables arising from Customer K's default under its finance lease agreement, and impairment losses related to trade and notes receivables.
Summary · 第 31 页
Furthermore, as Customer K is not subject to any bankruptcy or insolvency proceedings, we do not assess its current default to be permanent.
We expect to record a net loss in 2025, primarily attributable to the continued market volatility in the global digital asset industry affecting our core business, and our continuous investment in technology infrastructure, compliance enhancement and international expansion.
Summary · 第 37 页
In response to unfavorable market conditions and thinner natural liquidity, we intentionally increased liquidity spending to deepen order books, tighten spreads and maintain execution quality for both institutional and retail customers, which led to higher liquidity provider expenses during the period.
We expect to incur net losses for the year ending December 31, 2025, mainly because we expect to continually ramp up our business in the year ending December 31, 2025 to further solidify economies of scale, and despite our continued efforts in improving our operational efficiency and gross profit margin during the Track Record Period, our net margins are expected to be adversely affected by a number of factors including: (i) significant research and development expenses, as we will continue to devote resources to enhance Level 4 autonomous driving solution;
We expect that there will be an increase in our net loss for the year ending December 31, 2025 as compared to that for the year ended December 31, 2024, primarily due to (i) an increase in our administrative expenses, mainly driven by an increase in share-based compensation expenses arising from the granting of restricted shares pursuant to a new restricted share scheme adopted in 2025 and an increase in listing expenses.
Summary · 第 23 页
Our Directors confirm that, there has been no material adverse change in our business, financial condition and results of operations since April 30, 2025, being the latest balance sheet date of our consolidated financial statements set out in Appendix I to this prospectus, and up to the date of this prospectus.
We expect to record a significant increased net loss for the year ending December 31, 2025 mainly due to the increased fair value loss of preferred shares due to the increase in our Company’s value.
Summary · 第 31 页
This investment is crucial for our long-term growth in the competitive data intelligence application software industry but will impact our short-term profitability.
We expect to incur net loss in 2025, primarily because (i) we are still in the early stage of our commercialization strategy and (ii) we continue to invest significantly into R&D activities to advance the development of our drug candidates.
Summary · 第 30 页
In July 2025, we commenced the phase 3 clinical trial of KBP-3571 for the treatment of adult RE and successfully commercialized XZP-3287.
金叶国际集团有限公司GOLDEN LEAF INTERNATIONAL GROUP LIMITED08549.HK
预计FY2025/26净利润大幅下降
Our Group expects a substantial decrease in net profit for FY2025/26 as compared to that for FY2024/25, which is mainly due to the impact of a higher Listing expenses, while the gross profit is expected to remain stable for FY2024/25 and FY2025/26 as the expected moderate increase in revenue for FY2025/26 is outweighed by the expected decrease in gross profit margin for FY2025/26.
Financial Information · 第 318 页
Our Directors confirm that, save for the expenses in connection with the Listing, up to the date of this prospectus, there has been no material adverse change in our financial position, profitability or prospects since 31 March 2025, and there had been no events since 31 March 2025 which would materially affect the information disclosed in our consolidated financial statements included in the Accountants’ Report.
上海挚达科技发展股份有限公司Shanghai Zhida Technology Development Co., Ltd.02650.HK
预计2025年度继续录得净亏损及经营现金流出
We expect to incur net losses and net operating cash outflows for the year ending December 31, 2025, mainly because we expect to continually ramp up our business in the year ending December 31, 2025 to further expand our sales channels and develop innovative products, and despite our continued efforts in improving our operational efficiency and gross margin during the Track Record Period, our net margins are expected to be adversely affected by a number of factors including: (i) we may continue to experience pricing pressure from EV automakers, who often possess greater bargaining power and may engage in price wars; (ii) significant sales and marketing expenses and research and development expenses and (iii) listing expenses.
Summary · 第 31 页
We have implemented a range of measures to enhance our profitability, including reducing our reliance on automakers, expanding our presence in retail and overseas markets, and focusing on the development of innovative, high-margin products such as EV charging robots.
Despite the continuous growth in our business operations, we anticipate continuing to record a significant increase in net loss for the year ending December 31, 2025, primarily because (i) we expect our equity-settled share-based payment expenses to further increase for the year ending December 31, 2025, taking into consideration the share-based compensation awards under the pre-IPO share option scheme adopted by our Company in August 2025 which would have one-off impact on our operating results and dilution effect to our Shareholders, and
Summary · 第 22 页
We also anticipate continuing to have net cash used in operating activities for the year ending December 31, 2025.
Summary · 第 22 页
Our Directors have confirmed that there has been no material adverse change in our financial or trading position or prospects since May 31, 2025, being the end date of our latest consolidated financial statements as set out in the Accountants’ Report included in Appendix I to this prospectus, and up to the date of this prospectus.
We expect to record an increase in net loss for the year ending December 31, 2025 due to (i) a decrease in the recognized revenue from licenses of intellectual property, (ii) an increase in expenses in connection with the Listing incurred in 2025 and (iii) an increase in R&D expenses in line with the R&D activities.
We expect a decrease in our net profit in 2025, primarily due to research and development expenses and selling and distribution expenses associated with our expected growth in sales volume.
Summary · 第 25 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 May 31, 2025 (being the date on which the latest audited consolidated financial information of our Company was prepared) and there is no event since May 31, 2025 which would materially affect the information shown in our consolidated financial statements included in our Accountants’ Report in Appendix I to this prospectus.
广州银诺医药集团股份有限公司Guangzhou Innogen Pharmaceutical Group Co., Ltd.02591.HK
预计2025年净亏损较2024年大幅增加
We anticipate a substantial increase in net loss for 2025 compared to 2024, mainly because we expect to record an increase in (i) our selling and distribution expenses as a result of anticipated expansion of our sales and marketing team and enhanced marketing efforts following the commercialization of our Core Product in 2025, and (ii) research and development expenses, mainly driven by the initiation of the Phase IIb/III clinical trial of Efsubaglutide Alfa for the treatment of obesity and being overweight and gradually scaled-up CMC production.
Summary · 第 27 页
Our Directors confirm that, as of the date of this prospectus, there had been no material adverse change in financial and trading positions or prospects of our Group since May 31, 2025, being the date on which our latest unaudited consolidated financial statements as set out in Appendix I to this prospectus, and there had been no event since May 31, 2025 which would materially affect the information in the Accountants’ Report set out in Appendix I to this prospectus.
We expect to incur net loss in 2025, attributable in part to non-recurring and non-cash items, including share-based compensation and listing expenses incurred in connection with the Global Offering.
Summary · 第 29 页
Moreover, we recorded an order intake of RMB1,015.5 million for the four months ended April 30, 2025, representing a 33.4% increase compared to the same period in 2024.
We expect to incur net loss for 2025 due to (i) the anticipated increase in staff costs associated with increase in share-based payment to be made, (ii) estimated listing expenses to be charged to profit or loss in connection with the Listing, (iii) anticipated increase in legal and professional fees and auditor fees for compliance purposes after the Listing, and
Summary · 第 26 页
(iv) that we expect no revenue to be generated in 2025. Our financial performance will be affected by the fair value change of convertible redeemable preference shares until the conversion into equity upon Listing.
Summary · 第 26 页
Our Directors confirm that, there has been no material adverse change in our financial, operational or trading positions or prospects since 31 December 2024, being the date of our consolidated financial statements as set forth in the Accountant’s Report set out in Appendix I to this prospectus, and that no material unexpected or adverse changes have occurred since the date of the issue of the relevant regulatory approvals for our drug candidates.
While our business has continued to grow after the Track Record Period, we may continue to incur a net loss for the year ending December 31, 2025, primarily due to the expected fair value loss in financial instruments issued to investors and the expected recognition of certain share-based compensation expenses as we continue to adopt share incentive plans to attract and retain talents.
We expect to incur net loss for the year ending December 31, 2025, primarily due to the significant research and development expenses costs as we continue to advance our research and development activities.
Summary · 第 28 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 December 31, 2024 (being the date on which the latest audited consolidated financial information of our Company was prepared) and there is no event since December 31, 2024 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 net loss for the year ended December 31, 2025, which will be slightly higher than the net loss of RMB3.6 million for the year ended December 31, 2024, primarily due to the expected increase in the listing expenses subject to our listing process.
Summary · 第 28 页
Our Directors confirm that, subsequent to the Track Record Period and up to the date of this prospectus, there has been no material adverse change in our business operations, the business environment in which we operate, as well as our financial or trading position, indebtedness, mortgage, contingent liabilities, guarantees or prospects.
We expect to record a net loss for the year ending December 31, 2025, which is primarily due to our expectations that significant selling and marketing expenses and research and development expenses will be further incurred.
Summary · 第 27 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 December 31, 2024, being the end of the period reported on as set out in the Accountants’ Report included in Appendix I to this Prospectus.
Despite increasing revenue, we expect to incur net loss in 2025, due to (i) our relatively early stage of development, where our gross profit are insufficient to cover operating expenses, (ii) our planned significant investments in research and development and sales team expansion, and (iii) our increased finance costs.