NaaS Technology (NAAS) Q2 2025 earnings summary

Executive summary

• Achieved net profit of RMB65.4 million for the first half of 2025, reversing a net loss of RMB363.2 million year-over-year.

• Gross margin surged to 97%, up 65 percentage points from the prior year, with gross profit rising 81% year-over-year.

• Strategic focus shifted to platform-based, asset-light charging business, optimizing cost and efficiency.

• Proportion of profitable orders increased to 75% from 64% year-over-year.

Financial highlights

• Total revenue was RMB66.6 million, down 40% year-over-year due to a shift away from capital-intensive businesses.

• Charging services revenue was RMB63.5 million, with a significant reduction in low-margin business.

• Operating costs dropped 97% to RMB2.2 million, driven by the transition to an asset-light model.

• Operating expenses fell 68% year-over-year to RMB104.5 million, with selling, administrative, and R&D expenses all sharply reduced.

• Net profit attributable to shareholders was RMB66.1 million, compared to a net loss of RMB362.9 million a year ago.

• Non-IFRS net loss attributable to shareholders narrowed by 63% year-over-year to RMB61.0 million.

• Cash and cash equivalents stood at RMB74.7 million as of June 30, 2025.

Outlook and guidance

• Plans to leverage AI for optimizing EV charging supply-demand matching and expand enterprise-grade energy management services.

• Long-term ESG goal to achieve net-zero greenhouse gas emissions across Scopes 1, 2, and 3 by 2050.