Core Insights - NaaS Technology Inc. has formed a strategic partnership with Xiaomi Auto to enhance EV charging interconnectivity and user experience [1][7] - The collaboration aims to provide seamless and efficient charging solutions for Xiaomi EV owners through NaaS's extensive charging network [2][7] Industry Overview - China's NEV market is rapidly expanding, with production and sales exceeding 12 million units in 2024, resulting in a total of 31.4 million NEVs on the road [3] - EVs have accounted for over 50% of new car sales for consecutive months since late 2023, highlighting the importance of charging accessibility and efficiency as competitive differentiators for automakers [3] Company Growth and Strategy - Xiaomi Auto has seen significant growth since its market entry in 2024, with over 135,000 deliveries, surpassing industry expectations [4] - NaaS Technology focuses on optimizing EV charging efficiency through AI-driven solutions, enhancing the charging experience for users and operational efficiency for charging station operators [5][6] Technological Innovation - NaaS has established partnerships with major automakers and integrated with digital mapping and shared mobility services to create a comprehensive smart charging ecosystem [6] - The NaaS Energy Fintech (NEF) system is an AI-powered platform that supports intelligent site selection, investment return analysis, dynamic service pricing, and automated operations management for charging infrastructure [6] Future Outlook - The partnership with Xiaomi Auto is expected to expand NaaS's charging network and improve user experiences, aligning with the company's commitment to innovation and clean energy transition [7]

Investment Rating - The report initiates coverage on NaaS (NAAS.US) with a "Buy" rating and a target price of $3.20, indicating a potential upside of 178% from the current price of $1.15 [4][3]. Core Insights - NaaS is positioned as a leading electric vehicle charging service platform in China, capitalizing on a vast market opportunity as the industry expands [5][8]. - The company has focused its strategy in 2024 on a light-asset business model, resulting in a significant increase in gross margin from 19% in Q4 2023 to 57% in Q3 2024, and a turnaround in net profit margin from -525% to 46% in the same period [3][22]. - The report anticipates that NaaS will achieve breakeven in 2025, transitioning from a startup valuation model to a growth company valuation model, with projected revenues of 1.83 billion, 2.29 billion, and 3.60 billion yuan for 2024-2026 [3][43]. Summary by Sections Company Overview - NaaS, established in 2019 and listed on NASDAQ in 2022, is the largest electric vehicle charging service provider in China, offering charging solutions and value-added services to electric vehicle owners and partners [8][9]. Market Growth - The electric vehicle market in China is rapidly expanding, with the number of electric vehicles expected to exceed 45 million by 2025, driven by policy support and technological advancements [17][18]. - The charging service market has developed a "car-pile synergy" model, with public charging stations expected to reach approximately 3.58 million by the end of 2024 [18][21]. Strategic Focus - In 2024, NaaS has strategically focused on its core charging service business, which now contributes over 95% of total revenue, with a notable increase in gross profit from 12 million yuan in Q4 2023 to 25 million yuan in Q3 2024 [22][24]. Competitive Landscape - The competitive environment is improving, with NaaS enhancing its bargaining power due to a fragmented supply market and a reduction in competition among peers [30][34]. - The company has seen its gross take rate increase from approximately 10% in 2023 to 16.1% in Q3 2024, indicating improved negotiation capabilities with charging station operators [33][29]. AI and Data Utilization - NaaS is leveraging its extensive transaction data to develop AI-driven solutions that enhance operational efficiency and user engagement, establishing a comprehensive ecosystem with various partners [39][40]. Valuation Transition - The report predicts a shift in NaaS's valuation from a startup model to a growth company model, with expected revenue growth and profitability improvements leading to a target price of $3.20 based on a 1.4x P/S ratio for 2025 [3][43].

Investment Rating - The report initiates coverage on NaaS Technology (NAAS.US) with a "Buy" rating and a target price of $3.20, indicating a potential upside of 178% from the current price of $1.15 [4][3]. Core Insights - NaaS Technology is positioned as a leading electric vehicle charging service platform in China, capitalizing on a vast market opportunity as the industry expands rapidly [5][8]. - The company has undergone strategic refocusing in 2024, enhancing its asset-light business model, which has led to a significant increase in gross margin from 19% in Q4 2023 to 57% in Q3 2024, and a turnaround in net profit margin from -525% to 46% in the same period [3][22]. Summary by Sections Company Overview - NaaS Technology, established in 2019 and listed on NASDAQ in 2022, is a major player in China's electric vehicle charging service market, providing charging solutions and value-added services to both operators and users [8][9]. Market Growth - The Chinese electric vehicle market is experiencing rapid growth, with the number of electric vehicles expected to exceed 45 million by 2025, driven by policy support and technological advancements [17][18]. - The charging service market is also expanding, with public charging stations projected to reach approximately 358,000 by the end of 2024, reflecting a robust infrastructure development [18][21]. Strategic Focus - In 2024, the company has strategically focused on its core charging service business, which now accounts for over 95% of total revenue, leading to improved profitability metrics [22][24]. - The gross profit has increased from 12 million RMB in Q4 2023 to 25 million RMB in Q3 2024, showcasing the effectiveness of the strategic shift [22][23]. Competitive Landscape - The competitive environment is stabilizing, with major players like NaaS Technology and its closest competitor, New Electric Path, entering a phase of steady competition, reducing the intensity of rivalry [34][35]. - The company has improved its bargaining power due to the fragmented nature of the upstream charging station market, leading to an increase in its gross take rate from approximately 10% to 16.1% [33][30]. AI and Data Utilization - NaaS Technology is leveraging its extensive transaction data to enhance operational efficiency through its NEF (NaaS Energy Fintech) system, which aims to optimize service pricing and improve user engagement [39][40]. - The company is establishing a comprehensive ecosystem by collaborating with major automotive manufacturers and digital map providers, enhancing its service offerings and market reach [40][41]. Valuation Transition - The company is expected to achieve breakeven by 2025, transitioning from a startup valuation model to a growth-oriented valuation framework, with projected revenues of 1.83 billion RMB in 2024 and 2.29 billion RMB in 2025 [3][42]. - The target price of $3.20 is based on a projected P/S ratio of 1.4x for 2025, reflecting the anticipated growth and stability in the competitive landscape [43].

Investment Rating - The report initiates coverage on NaaS (NAAS.US) with a "Buy" rating and a target price of $3.20, indicating a potential upside of 178% from the current price of $1.15 [4][3]. Core Insights - NaaS is positioned as a leading electric vehicle charging service platform in China, capitalizing on a vast market opportunity as the industry expands [5][8]. - The company has shifted its strategy towards a light-asset business model, significantly improving its profitability metrics, with gross margins rising from 19% in Q4 2023 to 57% in Q3 2024 [3][22]. - The report anticipates that NaaS will achieve breakeven in 2025, transitioning from a startup valuation model to a growth-oriented valuation framework [3][43]. Summary by Sections Company Overview - NaaS, established in 2019 and listed on NASDAQ in 2022, is a major player in China's electric vehicle charging service sector, providing solutions for both operators and EV owners [8][9]. Market Growth - The Chinese electric vehicle market is experiencing rapid growth, with the number of EVs expected to exceed 45 million by 2025, driven by supportive policies and technological advancements [17][18]. - The charging service market is also expanding, with projections indicating a 50% year-on-year increase in charging volume, reaching over 110 billion kWh in 2024 [18][19]. Strategic Focus - In 2024, NaaS has refocused its strategy on its core charging service business, which now accounts for over 95% of total revenue, leading to improved operational efficiency and profitability [22][24]. - The company has established a comprehensive ecosystem with partnerships across various sectors, enhancing its market position [13][40]. Competitive Landscape - The competitive environment is stabilizing, with NaaS improving its bargaining power due to a fragmented supply base and reduced competition from smaller players [30][34]. - The report notes that NaaS's gross take rate has increased from approximately 10% in 2023 to 16.1% in Q3 2024, reflecting enhanced negotiation capabilities [33][29]. AI and Data Utilization - NaaS is leveraging its extensive transaction data to develop AI-driven solutions that optimize service delivery and enhance user engagement [39][38]. - The NEF (NaaS Energy Fintech) system is designed to improve operational efficiency and customer retention through personalized services and intelligent pricing models [39][40]. Valuation Transition - The report predicts a shift in NaaS's valuation from a startup model to a growth-oriented model by 2025, with expected revenues of 1.83 billion, 2.29 billion, and 3.60 billion yuan from 2024 to 2026 [3][42]. - The target price of $3.20 is based on a projected P/S ratio of 1.4x for 2025, reflecting the company's growth potential and stable market position [43].

Core Viewpoint - NaaS Technology Inc. has announced a share repurchase program allowing the company to buy back up to US$10 million of its American depositary shares over the next 12 months, effective from February 21, 2025 [1]. Company Overview - NaaS Technology Inc. is the first U.S.-listed EV charging service company in China and operates as a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China [3]. - The company provides comprehensive solutions for energy asset owners, including charging services, energy solutions, and new initiatives, supporting all stages of the energy asset lifecycle and facilitating energy transition [3]. Share Repurchase Program Details - The share repurchase may occur on the open market at prevailing prices, through privately negotiated transactions, block trades, or other legally permissible means, depending on market conditions [2]. - The Board will periodically review the share repurchase program and may adjust its terms and size as necessary [2].

Core Viewpoint - NaaS Technology Inc. is actively engaging with investors through participation in upcoming conferences, highlighting its position as the first U.S.-listed EV charging service company in China and its commitment to energy transition solutions [1][2]. Company Overview - NaaS Technology Inc. is a subsidiary of Newlinks Technology Limited, focusing on providing comprehensive energy asset solutions, including charging services and energy solutions, to support the lifecycle of energy assets [2]. Upcoming Events - NaaS will participate in the Zheshang Securities 2025 Q1 Institutional Investment Conference on February 13, 2025, in Shenzhen, China [4]. - The company will also be present at the Founder Securities 2025 Listed Companies Investor Forum on February 20, 2025, in Shenzhen, China [4].

BEIJING, Feb. 6, 2025 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S.-listed EV charging service company in China, today announced substantial expansion in its charging interconnectivity business, adding approximately 6.4 million new registered users in 2024. As of December 31, 2024, the total registered users through NaaS's strategic partner, the Kuaidian platform, reached nearly 19 million, covering over 60% of China's new energy vehicle (NEV) owners. This est ...

BEIJING, Jan. 30, 2025 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S.-listed EV charging service company in China, recently announced successful completion of China's first-ever carbon emission reduction credit transaction in the electric vehicle (EV) charging arena. In partnership with Hubei Zhongtan Asset Management Co., Ltd. ("Zhongtan Asset Management"), NaaS facilitated the sale of 1,962 tons of carbon emission reductions generated from EV charging adoptio ...

BEIJING, Jan. 23, 2025 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S.-listed EV charging service company in China, today announced a significant expansion of its charging network in the fourth quarter of 2024. The number of newly connected chargers in Q4 increased more than 50% compared to that of Q3 of 2024. Notably, over 70% of these new additions were DC fast chargers, reinforcing NaaS's commitment to accelerate fast-charging infrastructure.This milestone gr ...

BEIJING, Jan. 16, 2025 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S.-listed EV charging service company in China, today announced its charging network has successfully expanded to 360 cities in China as of year-end 2024. This represents over 50% city coverage compared to a total city count of 694 in accordance with National Bureau of Statistics of China (NBS) for year 2023. Among 360 cities NAAS covered, approximately 170 of them increased charging volume thro ...