1、Morningstar Equity Analyst Note|Report as of 1 Jul 2025 08:20,UTC|Reporting Currency:CNY|Trading Currency:HKD|Exchange:HONG KONG EXCHANGES AND CLEARING LTDPage 1 of 132025 Morningstar.All Rights Reserved.Unless otherwise provided in a separate agreement,you may use this report only in the country in

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3、e opinions expressed are as of the date written and are subject to change without notice.Except as otherwise required by law,Morningstar shall not be responsible for any trading decisions,damages or other losses resulting from,or related to,the information,data,analyses or opinions or their use.The

4、information contained herein is the proprietary property of Morningstar and may not be reproduced,in whole or in part,or used in any manner,without the prior written consent of Morningstar.Investment research is produced and issued by subsidiaries of Morningstar,Inc.including,but not limited to,Morn

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6、23202420252026Revenue(CNY Mil)6,2069,42212,01014,466Revenue Growth%36.251.827.520.5Operating Income(Mil)-1,679-756360796Operating Margin%-27.1-8.03.05.5Adjusted EBITDA(Mil)-6954091,2011,664Adjusted EBITDA Margin%-11.24.310.011.5Earnings Per Share(Diluted)(CNY)-0.66-0.060.220.36Adjusted Earnings Per