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.
The BeiGene Agreement was later terminated on the date of May 18, 2025 as specified in the termination notice provided by BeiGene.
Summary · 第 16 页
Our Directors confirmed that, having made enquiries with BeiGene, BeiGene’s decision to terminate this agreement was driven by its internal reassessment of portfolio priorities, rather than any unfavorable safety and efficacy results observed in the clinical trials of LBL-007.
Summary · 第 16 页
We are not obliged to return any payments received or make any payments to BeiGene in respect of the termination of this agreement.
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.
云知声智能科技股份有限公司UNISOUND AI TECHNOLOGY CO., LTD.09678.HK
前五大客户世茂集团清盘呈请及大额减值
As of December 31, 2024, we had outstanding trade receivables of RMB28.7 million, of which we made provision of RMB26.3 million, and net contract assets of RMB0.1 million, with Shimao Group.
Business · 第 230 页
In January 2025, a winding-up petition was filed against Shimao Group by CPYM Link Investment Limited in connection with a guarantee provided by Shimao Group for a cross border loan relating to CMB International Finance Limited, which was subsequently ordered to be withdrawn by the Hong Kong High Court on February 25, 2025.
Business · 第 230 页
We do not plan to secure new projects from Shimao Group currently, and may consider individual projects depending on the relevant risk profiles on a case-by-case basis.
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.
周六福珠宝股份有限公司Zhou Liu Fu Jewellery Co., Ltd.06168.HK
往绩期后金价上涨影响消费情绪
The increase in gold price had a short-term impact on end consumer sentiment, leading to a wait-and-see attitude among certain end consumers.
Summary · 第 14 页
Despite the continued increase in the price of gold, our business operations remained relatively stable primarily because (i) gold jewelry consumption has become increasingly popular, with end consumers increasingly recognizing the investment value of gold products; (ii) we have continued to experience growth in online sales channels, driven by the growing popularity of online jewelry shopping; and (iii) we continue to introduce new products catering to evolving consumer demands.
Summary · 第 14 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, 2024, being the end date of our latest consolidated financial statements, and there has been no event since December 31, 2024 that would materially affect the information shown in the Accountants’ Report set out in Appendix I to this prospectus.
Based on the unaudited management accounts of our Group for the four months ended 30 April 2025, our revenue recorded a decrease primarily due to the decrease in revenue recorded in April 2025 as compared with April 2024, mainly as a result of a decrease in the sales of garden hose (for which monthly purchase was relatively uneven during the Track Record Period) and electro-thermic appliances.
Summary · 第 24 页
Our revenue and net profit for FY2025 is expected to experience a decrease as compared to that of FY2024, mainly due to (i) the Sino-U.S. and global trade tension, (ii) the possible decrease in exchange gain due to the uncertainty in foreign exchange and (iii) an increase in professional fees to be incurred for the Listing and after the Listing.
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.
海南钧达新能源科技股份有限公司Hainan Drinda New Energy Technology Co., Ltd.02865.HK
2024年季度业绩下滑且2025年首季仍亏损
Our utilization rate decreased from 95.7% in the first quarter of 2024 to 86.4%, 73.2% and 70.5% in the second, third and fourth quarters of 2024 primarily due to the decrease in the average selling price of N-type TOPCon cells, in response to which we strategically prioritized orders with higher profitability and optimized our production volume.
Business · 第 298 页
Stepping into 2025, we increased our gross profit and gross profit margin in the first quarter of 2025 compared with the fourth quarter of 2024.
Business · 第 298 页
According to the latest orders on hand as of April 1, 2025, the average selling price for our orders in and outside of China is RMB0.28/W and RMB0.29/W, respectively, which shows further increases compared with the first quarter of 2025.
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.
江苏宏信超市连锁股份有限公司JIANGSU HORIZON CHAIN SUPERMARKET COMPANY LIMITED02625.HK
预期FY2024及FY2025纯利按年下降
Based on our unaudited financial information for the year ended 31 December 2024 as set out in Appendix IIB to this prospectus, our Directors expect that there will be a decrease in our net profit for the year ended 31 December 2024 as compared to that for FY2023, which was primarily attributable to (i) the decrease in our revenue from our retail operations mainly driven by the decrease in revenue from sales of food as a result of the change in food consumption behaviour of consumer and our cessation of sales of tobacco products as disclosed above; and
Summary · 第 24 页
(ii) the increase in Listing expenses, and was partially offset by the increase in our revenue from our wholesale operations mainly driven by the increase in revenue from sales of food as a result of the change in food consumption behaviour of consumer as disclosed above.
Summary · 第 24 页
Our Directors expect that there will be a decrease in our net profit for the year ending 31 December 2025 as compared to that for the year ended 31 December 2024, which is primarily attributable to (i) the increase in Listing expenses; (ii) increase in professional service fee for compliance following the Listing; and (iii) the increase in relocation expenses in respect of our relocation plan in respect of Muyuan Central Kitchen
Based on our unaudited financial information for FY2024, we recorded revenue of approximately RMB752.8 million for FY2024, representing an increase of 15.0% as compared to FY2023.
Summary · 第 23 页
However, our financial performance for FY2025 may be affected if, among other things, the Ruble further depreciates or there are other changes to the Russian market causing a decrease in their demand for our babycare products in the near future and our efforts in expanding our sales in the domestic market in China may not be able to compensate such decrease in revenue from the Russian market.
Summary · 第 23 页
As a result, we may not be able to maintain our adjusted level of net profit (excluding listing expense) for FY2025 at the same level for FY2024.
南山铝业国际控股有限公司Nanshan Aluminium International Holdings Limited02610.HK
印尼新规或要求出口外汇全额留存境内
As at the Latest Practicable Date, as advised by our Indonesia Legal Advisers, the Government of Indonesia has issued Government Regulation No. 8 of 2025, which requires exporters in certain sectors, including non-oil and gas mining, plantations, forestry, and fisheries, to retain 100% of their foreign exchange earnings (DHE) in Indonesia for at least one year.
Summary · 第 15 页
If alumina is later confirmed to be included in the forthcoming Ministry of Finance regulations, it may likely impact our liquidity, foreign exchange exposure, and financial flexibility of our Group. We will assess and implement appropriate measures in response to any confirmed regulatory changes.
南山铝业国际控股有限公司Nanshan Aluminium International Holdings Limited02610.HK
支柱二规则或致FY2025重大补足税
Our Group is part of Nanshan Group which qualifies as an in-scope MNE under Pillar Two Legislations and therefore, our Group will be subject to the Pillar Two Legislations issued in Singapore and Indonesia starting from FY2025.
Summary · 第 15 页
Thus, the implementation of Pillar Two Legislations may result in material top-up tax liabilities for our operations in Indonesia for FY2025.
Summary · 第 16 页
From compliance perspective, the Pillar Two top-up tax returns for FY2025 are expected to be due no earlier than 30 June 2027.
Despite our business growth, we may experience a significant increase in net loss for the year ending December 31, 2024, primarily due to fair value changes on convertible redeemable preferred shares, which in turn was the result of higher valuation of our Company, and a significant increase in share-based compensations.
Summary · 第 26 页
Our Directors confirmed that, as of the date of this prospectus, there has been no material adverse change in our financial position since June 30, 2024, and there has been no event since June 30, 2024 that would materially affect the information as set out in the Accountants' Report in Appendix I to this prospectus.
安徽海螺材料科技股份有限公司Anhui Conch Material Technology Co., Ltd.02560.HK
2024年首四个月收入同比下降6.9%
Our revenue for the four months ended 31 October 2024 experienced a decrease by approximately 6.9% as compared to the same period in 2023 based on our unaudited management accounts, primarily attributable to the decrease in our overall average selling price primarily attributable to the decrease in the purchase cost for major raw materials as compared to the same period in 2023.
Summary · 第 26 页
Our sales volume for the four months ended 31 October 2024 increased by 3.8% as compared to the same period in 2023 based on our unaudited management accounts, primarily due to an increased demand for our concrete admixtures primarily attributable to the steady stream of purchase orders for concrete admixtures received by our Kunming Production Plant and Huludao Production Plant, the businesses of which have been ramping up since the commencement of production in 2023 and 2024 respectively, which was partially offset by the decrease in our sales volume of cement admixtures primarily attributable to reduced demand for our cement admixtures from certain customers.
Summary · 第 27 页
Our Directors have confirmed that, since 30 June 2024 and up to the date of this prospectus, there has been no material adverse change in our financial or trading position or prospects and no event has occurred that would materially affect the information shown in our consolidated financial statements for FY2021, FY2022, FY2023 and 6M2024 set out in the Accountants’ Report included in Appendix I to this prospectus.