港股IPO招股书披露先例 · 150 家公司，150 项
以股份为基础的付款指申请人授出购股权、股份奖励等权益工具换取服务所产生、对经营业绩影响重大的费用。招股书通常于概要、风险因素、业务及财务资料章节披露各年度开支金额、其计入行政或研发销售等开支的情况及对盈亏的影响，并说明该等开支属非现金性质、一般于经调整利润（非IFRS计量）中加回，部分申请人亦预计相关费用未来可能增加。
Share-based compensation expenses are non-cash expenses arising from granting share awards to our employees.
Summary · 第 7 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Share-based compensation expenses | 25,135 | 38,078 | 61,805
Summary · 第 7 页
Share-based payments represented the non-cash expenses in relation to our share award to certain senior management members, employees and third-party consultant.
Summary · 第 9 页
We have incurred considerable general and administrative expenses during the Track Record Period, primarily attributable to (i) the share-based payments aimed at driving performance and aligning the interests of key personnel with the long-term growth of the business, (ii) the depreciation of charges of property, plant and equipment related our headquarters acquired in 2024 and (iii) the [REDACTED] expenses incurred in 2024 and 2025, all of which was necessary to support the continued growth of our business and enhance our satellite AIT capabilities.
Business · 第 164 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看In addition, a significant portion of our operating expenses was related to our employee benefit expenses and share-based payment expenses, which are less likely to increase proportionally along with our revenue growth as we scale up.
Business · 第 174 页
Share-based compensation expenses mainly represent expenses incurred in connection with our Pre-IPO Incentive Schemes, which is a non-cash item.
Summary · 第 11 页
Our Group has set up a share compensation plan for the Company’s directors and consultants, and our Group’s employees.
Financial Information · 第 247 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看For the measurement of the fair value of equity-settled transactions with employees at the grant date, our Group uses a binomial model.
Financial Information · 第 247 页
We define adjusted net (loss)/profit for the year (non-IFRS measure) as net profit or loss for the year adjusted by adding back share-based payment expenses and [REDACTED] expenses.
Summary · 第 9 页
— Share-based payment expenses | 130,870 | 338,054 | 253,905
Summary · 第 9 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Share-based payments are non-cash in nature and mainly represent arrangements under which we receive services from employees in exchange for our equity instruments.
Summary · 第 9 页
Share-based payments expenses are non-cash expenses arising from granting restricted share units to the Directors and our employees.
Summary · 第 6 页
Employees (including directors) of our Group receive remuneration in the form of share-based payments, whereby employees render services in exchange for equity instruments (“equity-settled transactions”).
Financial Information · 第 235 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The cost of equity-settled transactions is recognised in employee benefit expense, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled.
Financial Information · 第 236 页
Share-based payment expenses(2) | 26,080 | 35,682 | 74,529
Summary · 第 4 页
We adjust share-based payment expenses because they are non-cash in nature.
Summary · 第 5 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Administrative expenses as a percentage of revenue decreased from 10.5% in 2023 to 7.5% in 2024, and increased to 11.6% in 2025, primarily due to increase in equity-settled share-based payment expense.
Business · 第 176 页
Share-based payment expenses | – | – | 141,148
Summary · 第 7 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We define adjusted EBITDA (non-IFRS measure) as EBITDA (non-IFRS measure) excluding share-based payment expenses, [REDACTED] expenses and changes in the carrying amount of redemption liabilities.
Summary · 第 7 页
Share-based payment is a non-cash expense arising from granting share-based awards to selected employees.
Summary · 第 13 页
We have engaged an independent valuer to determine the fair value of the options and awards granted to employees, which is expensed over the vesting periods.
Financial Information · 第 247 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We also incurred administrative expenses of RMB85.5 million, RMB90.6 million, and RMB196.0 million in 2023, 2024 and 2025, respectively, primarily due to changes in staffing structure, share-based compensation and continued investment in management and compliance capabilities to support business expansion and listing preparation.
Summary · 第 16 页
Equity-settled share-based payment expense is a non-cash expense arising from granting share-based awards to selected employees.
Summary · 第 9 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Equity-settled share-based payment expenses(1) | 12,715 | 11,808 | 22,768
Summary · 第 8 页
Share-based payment expenses | 42,161 | 2,246 | 3,213
Summary · 第 8 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We define adjusted net profit (non-IFRS measure) as profit for the year excluding share-based payment expenses, [REDACTED] expenses and fair value change on other financial instruments.
Financial Information · 第 177 页
Equity-settled share-based payment expenses are non-cash expenses arising from granting share options to employees.
Summary · 第 9 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Equity-settled share-based payment expenses | 1,323 | 1,466 | 2,308
Summary · 第 10 页
Share-based payment expenses were non-cash in nature and represented the arrangement under which we receive services from employees as consideration for our equity instruments.
Summary · 第 7 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Share-based payment expenses are not expected to result in future cash payments.
Summary · 第 7 页
We define adjusted net (loss)/profit (non-IFRS measure), as (loss)/profit for the year by adding back (i) share-based payments expenses related to our Pre-[REDACTED] share incentive plan, which are non-cash in nature, (ii) [REDACTED] expense which are expenses related to the [REDACTED], and (iii) loss on fair value change of financial liabilities at FVTPL relating to certain special rights granted to our Pre-[REDACTED] Investors, which is non-operating in nature and was reclassified to equity in 2025.
Summary · 第 6 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Share-based payments expenses | 43,384 | 20,870 | 8,031
Summary · 第 6 页
Share-based payment compensation | 4,117 | 12,444 | 3,221
Summary · 第 9 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Share-based payment compensation | 4,117 | 12,444 | 3,221
Financial Information · 第 204 页
Share-based payment compensation | 26,151 | 0.3 | 154,172 | 1.5 | 140,666 | 1.4
Summary · 第 7 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We exclude share-based payment compensation because it is non-cash in nature and does not result in cash outflow.
Summary · 第 6 页
The increase in net losses in 2025 primarily attribute to increased share-based compensation and listing expenses.
Business · 第 183 页
Our net loss further increased from 2024 to 2025 primarily due to a further increase in the fair value changes of financial instruments issued to investors, which rose to RMB843.5 million in 2025, as well as increases in R&D expenses, selling and marketing expenses, general and administrative expenses and share-based payment expenses in line with the expansion of our business and continued investment in commercialization and corporate development.
Summary · 第 18 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Share-based payment is non-cash in nature.
Financial Information · 第 240 页
–Equity-settled share-based payment expenses | 43,113 | 26,579 | 13,288
Financial Information · 第 176 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看we use adjusted net profit/(loss) for the year (non-IFRS measure), and adjusted EBITDA (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with IFRS Accounting Standards.
Financial Information · 第 176 页
Professional fees are in relation to previous listing attempt; share-based payment expenses are non-cash expenses; and liabilities from special shareholder rights will be converted into the Company's equity upon [REDACTED], after which no further interest will accrue.
Financial Information · 第 219 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看— Share-based payment expenses | 29,302 | 18,894 | 9,612
Financial Information · 第 220 页
We define adjusted net profit (non-HKFRS measure) as profit excluding the effects of share-based payments expense and listing expenses.
Summary · 第 7 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Share-based payments expense is non-cash in nature and are employee related expenses arising from grant of shares under our employee incentive scheme.
Financial Information · 第 234 页
Our general and administrative expenses amounted to RMB5.8 million, and RMB20.1 million for the years ended December 31, 2024 and 2025, respectively, accounting for 79.7% and 130.0% of our total revenue for the respective periods.
Financial Information · 第 228 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The increase is mainly attributable to the [REDACTED] expenses and share-based payment expenses incurred in 2025.
Financial Information · 第 228 页