Business Context and Reporting Period
Company: NaaS Technology Inc.
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: Six months ended June 30, 2026
Filing Date: August 14, 2026
Business Overview: NaaS operates an asset-light, platform-based charging services model. The company has completed a strategic transformation exiting capital-intensive offline operations to focus on AI-powered supply-and-demand matching and energy management.
Key Financial Metrics
| Metric | Six Months Ended June 30, 2026 (RMB'000) | Six Months Ended June 30, 2025 (RMB'000) | 2026 USD Equivalent |
|---|---|---|---|
| Total Revenues | 45,461 | 66,601 | $6,700 |
| Gross Profit | 38,672 | 64,374 | $5,699 |
| Gross Margin | 85% | 97% | - |
| Operating Profit | 28,924 | (39,109) | $4,263 |
| Net Profit | 19,780 | 65,371 | $2,916 |
| Net Profit Attributable to Shareholders | 16,108 | 66,072 | $2,375 |
| Operating Cash Flow | 39,700 | 13,000 | $5,900 |
| Cash and Cash Equivalents (as of June 30, 2026) | 77,233 | - | $11,383 |
| Total Borrowings (Current + Non-Current) | 573,496 | 582,724 | $84,523 |
Note: USD amounts translated at RMB 6.7851 to US$1.00.
Material Changes vs. Prior Period
- Operating Profitability: The company recorded its first-ever operating profit of RMB28.9 million, reversing an operating loss of RMB39.1 million in the prior year. This was driven by an 82% reduction in operating expenses.
- Revenue Decline: Total revenues decreased 32% to RMB45.5 million, reflecting a strategic shift to prioritize order quality and profitability over transaction volume. Charging services revenue dropped 31% to RMB43.9 million.
- Expense Rationalization: Total operating expenses fell to RMB19.1 million from RMB104.5 million. Selling and marketing expenses dropped 81%, and general and administrative expenses dropped 91%.
- Net Profit Volatility: Net profit decreased 70% to RMB19.8 million. The prior year's higher profit included a one-time fair value gain of approximately RMB135.7 million on financial instruments, which was absent in the current period.
- Cash Flow Improvement: Operating cash flow increased to RMB39.7 million from RMB13.0 million, while cash consumption decreased significantly from RMB52.0 million in the prior year to RMB5.0 million.
Guidance, Outlook, and Risks
Management Commentary
Management attributes the results to a completed strategic transformation to an asset-light model. The CEO highlighted the transition to AI-powered services and enterprise-grade energy management. The CFO emphasized that the current cost base is permanently lower, with gross margins stabilizing around 85-86%.
Recent Developments
- Acquisition: In July 2026 (post-period), the company acquired China Newlink Holding Limited to enhance its EV data portfolio and AI monetization capabilities.
- Sustainability: Selected for inclusion in the S&P Global Sustainability Yearbook 2025.
Risks and Contingencies
- Arbitration Award: On July 14, 2026, an arbitral tribunal held the company liable for damages regarding a terminated 2023 acquisition of Charge Amps AB. Management believes existing provisions cover the exposure and do not expect a material adverse impact.
- Forward-Looking Risks: Risks include U.S.-China trade tensions, RMB exchange rate fluctuations, competition, regulatory changes in China's EV sector, and the ability to retain talent.
Investor Verification Checklist
- Sustainability of Margins: Verify if the 85% gross margin is sustainable without the non-recurring share-based compensation credits seen in the prior year.
- Revenue Trajectory: Assess whether the 32% revenue decline is a one-time structural adjustment or indicative of shrinking market share.
- Debt Structure: Review the composition of RMB573.5 million in total borrowings and upcoming maturity schedules.
- Arbitration Exposure: Confirm the adequacy of provisions set aside for the Charge Amps AB arbitration award.
- Acquisition Integration: Monitor the financial impact and integration progress of the China Newlink Holding Limited acquisition.