Revenue from solutions applied in asset management industry decreased from RMB181.9 million for the nine months ended September 30, 2024 to RMB152.6 million during the same period in 2025, primarily attributable to weak market conditions followed by an overall improvement in 2025.
Summary · 第 21 页
Our gross profit margin decreased from 72.5% for the nine months ended September 30, 2024 to 58.5% during the same period in 2025, primarily attributable to our strategic decision to accommodate more customized requests from key customers during periods of market uncertainty in order to strengthen long-term relationships and sustain revenue growth.
Summary · 第 21 页
Our gross profit margin for the one month ended October 31, 2025 was lower than 12%, primarily because certain projects from diversified industries required increasing investments in integrated hardware and AI data analytic software platform as a integrated solution delivered to such customer, leading to the decrease in both overall and diversified industries gross profit margin.
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.
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.
Suzhou BenQ Hospital recorded number of inpatient visits of 25.7 thousand for the ten months ended October 31, 2025, decreasing from inpatient visits of 27.3 thousand for the same period of 2024.
Summary · 第 25 页
We expect to record a decrease in net profit for 2025, primarily due to (i) the increasing depreciation and amortization and employee benefit expenses in relation to the ramp-up period for the specialty disciplines building (專科樓) at our Nanjing BenQ Hospital, and (ii) the downward adjustment of DRG reimbursement rates of our Suzhou BenQ Hospital by Suzhou Healthcare Security Administration, in accordance with the national healthcare insurance policy, starting from the second half of 2024.
Summary · 第 25 页
Our gross profit margin decreased from 19.3% in the six months ended June 30, 2024 to 15.9% in the six months ended June 30, 2025.
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.
上海宝济药业股份有限公司Shanghai Bao Pharmaceuticals Co., Ltd.02659.HK
与Organon许可及商业化协议终止
We had entered into a license and commercialization agreement (the "Organon Agreement") with Organon (Shanghai) Pharmaceutical Trading Co., Ltd., a wholly-owned subsidiary of Organon & Co. (NYSE: OGN), in September 2024, which, along with the ancillary manufacturing and supply agreement for SJ02, were terminated on the date of July 28, 2025 pursuant to a termination notice provided by Organon on April 11, 2025.
Summary · 第 17 页
Following this termination, we regained full, global rights to develop, manufacture and commercialize SJ02.
The MAU on Consumption Guide decreased from 14.2 thousand for the five months ended May 31, 2024 to 2.1 thousand for the five months ended May 31, 2025 primarily due to the suspension of government discount coupons distributions in the first half of the year, resulting in reduction in user visits.
Business · 第 169 页
The number of automobiles sold offline under the collaboration with Auto Partner A decreased from 10,972 in 2024 to 1,755 for the five months ended May 31, 2025.
Business · 第 170 页
As a result of operating Consumption Guide under revised commercial terms with Weidaoyun and Auto Partner A, respectively, the MAU of Consumption Guide in August 2025 increased to 10,288, representing an increase by approximately 59.6% comparing against the MAU of Consumption Guide of 6,447 in August 2024.
For the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, our total revenue decreased by 63.5% from RMB5,661.2 million to RMB2,064.6 million mainly due to the decrease of license fee income and sale of pharmaceutical products.
Summary · 第 24 页
Our gross profit decreased by 65.4% from RMB5,470.3 million in the nine months ended September 30, 2024 to RMB1,893.2 million in the nine months ended September 30, 2025.
Summary · 第 24 页
As we continue to advance our pipeline and strengthen our drug development capabilities, we expect to incur a significant net loss in 2025, primarily due to costs and expenses associated with our substantial investment in R&D activities for innovative drug candidates.
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.
In the eight months ended August 31, 2025, we achieved sales of 91.7 million doses of CF017, decreasing from 139.4 million in the same period of 2024.
Summary · 第 26 页
It is expected that our overall revenue for 2025 will be lower than that for 2024 as a result of the decrease in the sales of CF017 under the VBP channel under the 2025 VBP Scheme as a result of the transitional ramp-up stage associated with the Group’s entrance into the newly covered provinces under the 2025 VBP Scheme.
Summary · 第 20 页
Our Directors confirm that, as far as they are aware, save as the decrease in sales volume and average selling price of CF017 in the five months ended May 31, 2025, there had been no material adverse change in our financial, trading position or prospects since March 31, 2025, being the date of our latest audited consolidated financial statements as set out in “Appendix I — Accountants’ Report” of this prospectus, up to the date of this prospectus.
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 our gross profit margin in the second half of 2025 to decrease compared to the first half of 2025 primarily because of (i) the gradual depletion of lower-cost gold inventories accumulated under the weighted average cost method during the Track Record Period and the persistent increasing trend of gold prices, which would result in an increase in our future production costs and erode gross profit margins; and (ii) the lower gross profit margin of our gold bullion products relative to our traditional watches coupled with the expectation of steady gold bullion sales in the second half of 2025, which would impact the overall product mix and gross profit margin.
Summary · 第 24 页
Therefore, though there is an increase in gross profit margin in the first seven months of 2025, netting off the effect of the expected decrease in the remaining period of 2025 against the expected growth in revenue and gold prices in 2025, a slight increase in gross profit margin is expected for 2025.
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.