688277.SH

The only official evidence supplied is two CNINFO postings of the 2026 half-year report and its summary (2026-09-11), both neutral, auto-approved machine reads with no extractable figures, and there are no official filings with data at all. With the evidence silent on revenue growth, margin trajectory, order book, or cost structure, no defensible revision to the company's current curve can be grounded in primary sources; the historical series (two revenue years, 55.9% growth, latest operating margin -55.5% and flat) is too thin to extrapolate. I therefore revert each year toward the CURRENT curve, preserving its decay from 25% growth to 2.5% (below the 4.0% terminal cap) and its margin ramp from -55.5% to the 28.0% category-normal level. The key caveat for the human reviewer: the current curve already embeds an unverified assumption of full margin normalization to 28% by Y10, and nothing in the supplied evidence justifies that recovery — it is carried forward only because reverting to the current curve is the mandated default when evidence is absent, not because it is corroborated.

• Y1 · FY2026 — No official filing figures exist; only the auto-approved 2026 half-year report postings (cninfo, 2026-09-11), which contain no extractable data. Growth reverted to current-curve 25.0%; margin -55.5% held at the flat, latest reported operating level.
• Y2 · FY2027 — Evidence silent on demand and pricing; the half-year report postings give no guidance. Revert to current curve: 22.5% growth, margin -46.2%, implying continued but unverified loss narrowing.
• Y3 · FY2028 — No primary-source signal on revenue trajectory or cost base. Keep current curve: 20.0% growth, margin -36.9%; the loss reduction remains an assumption, not evidenced.
• Y4 · FY2029 — Evidence silent; the two CNINFO items are machine-passed, not human-reviewed, and carry no financials. Revert to 17.5% growth and -27.6% margin.
• Y5 · FY2030 — No filing data on scale-up or reimbursement/pricing. Hold current curve: 15.0% growth, -18.4% margin — still loss-making per the company's own current assumption.
• Y6 · FY2031 — Evidence provides nothing to support or refute mid-horizon margins; revert to current curve: 12.5% growth, -9.1% margin.
• Y7 · FY2032 — Nothing in the supplied primary signals indicates the crossover year for profitability. Keep current curve: 10.0% growth, +0.2% margin; this breakeven remains unverified and flagged for human review.
• Y8 · FY2033 — Evidence silent on operating leverage. Revert to current curve: 7.5% growth, 9.5% margin.
• Y9 · FY2034 — No approved disclosure supports approaching category-normal margins. Hold current curve: 5.0% growth, 18.7% margin.
• Y10 · FY2035 — Terminal year. Evidence is silent, so growth stays at the current-curve 2.5%, within the 4.0% cap. Margin at 28.0% is the category-normal anchor but is not justified by any supplied filing — the human reviewer should test this normalization before approving.