Summary of Qingdao TGOOD Electric Conference Call Industry Overview - The conference call discusses the electric vehicle (EV) charging industry in China, particularly focusing on the government's initiatives to enhance charging infrastructure. - The "Three-Year Action Plan to Doubling Electric Vehicle Charging Facility Service Capacity (2025-2027)" aims to increase the number of EV charging facilities from 12.82 million units by the end of 2024 to 28 million by the end of 2027, with a total power charging capacity of 30GW to support 80 million vehicles [1][2][6]. Key Points and Arguments - **Government Support**: The plan is backed by six PRC government departments, indicating strong governmental support for the expansion of EV charging infrastructure [1][2]. - **Market Growth**: In the first eight months of 2025, China added 4.53 million new charging facilities, representing an 88.5% year-over-year increase. The total public EV charging volume also grew by 51.7% year-over-year to 52,490 GWh [1][7]. - **TGOOD's Position**: Qingdao TGOOD Electric is positioned to benefit from this growth, being the top EV charging operator in China with a 47.0% year-over-year increase in charging volume to 12,065 GWh in the same period [1][7]. - **Expansion Opportunities**: TGOOD plans to expand its business into residential districts by providing centralized installation and operation services for residential charging facilities, as well as increasing vehicle-grid integration projects to generate additional income from power markets [1][2]. Financial Performance - **Earnings Summary**: - 2023A: Net Profit of RMB 491 million, Diluted EPS of RMB 0.469, EPS growth of 79.1% - 2024A: Net Profit of RMB 917 million, Diluted EPS of RMB 0.868, EPS growth of 85.3% - 2025E: Net Profit of RMB 1,234 million, Diluted EPS of RMB 1.169, EPS growth of 34.7% - 2026E: Net Profit of RMB 1,529 million, Diluted EPS of RMB 1.448, EPS growth of 23.8% - 2027E: Net Profit of RMB 1,778 million, Diluted EPS of RMB 1.684, EPS growth of 16.3% [2]. Valuation and Target Price - The target price for TGOOD is set at RMB 29.8, with an expected share price return of 5.3% and a total expected return of 6.0% [4][10]. Risks - Key risks that could affect TGOOD's share price include: - Slower-than-expected additions of EV charging capacity - Lower-than-expected utilization of EV charging due to competition - Less-than-expected demand for renewable electrical equipment [11]. Conclusion - The conference call highlights the significant growth potential in the EV charging sector in China, driven by government initiatives and increasing demand. TGOOD is well-positioned to capitalize on these trends, although it faces certain risks that could impact its performance.

Group 1 - Fluence Energy and DTEK Group have completed Ukraine's largest battery energy storage project, a 200 megawatt system capable of storing 400 megawatt hours, enough to power 600,000 homes for 2 hours [2] - The project was built in just 6 months and is Fluence's first to be commissioned entirely remotely, supported by advanced training of Ukrainian engineers in Europe [2] - We ride has launched its autonomous robo bus in Belgium, planning public road tests in mid-September with a safety officer on board [3] Group 2 - After the trial, the shuttles aim to enter regular service and eventually operate fully driverless, improving first and last mile connectivity within the city's transit network [3] - Redwire has opened a 15,000 square foot rapid capabilities facility in New Mexico to accelerate the development of space-based defense systems [3] - Blank Charging has joined the UK's POA platform, adding 850 public charging locations and about 3,500 connectors, expanding PA's network to over 67,000 connectors [4]

Core Viewpoint - NaaS Technology Inc. has received a notification from Nasdaq regarding non-compliance with the minimum market value of listing securities, requiring the company to regain compliance by December 10, 2025 [1][2] Group 1: Compliance and Listing Status - The company is currently not in compliance with the minimum market value of listing securities (MVLS) of US$35 million, as per Nasdaq Listing Rule 5550(b)(2) [1] - NaaS has 180 days to regain compliance by maintaining a market value of US$35 million or more for at least ten consecutive business days [1][2] - The receipt of the MVLS Notice does not lead to immediate delisting, and the company's Class A ordinary shares continue to trade on Nasdaq under the symbol "NAAS" [2] Group 2: Financial Standards - The company also does not meet other listing requirements, including maintaining stockholders' equity of at least US$2.5 million and a net income standard of US$500,000 in the most recently completed fiscal year or in two of the last three fiscal years [1] Group 3: Company Overview - NaaS Technology Inc. is the first U.S.-listed EV charging service company in China and is a subsidiary of Newlinks Technology Limited [3] - The company provides new energy asset operation services and utilizes advanced technology to optimize charging supply and demand, enhancing the charging experience for electric vehicle users [3]

Core Viewpoint - NaaS Technology Inc. has received a Notice of Non-Compliance from Nasdaq due to the late filing of its annual report for the fiscal year ended December 31, 2024, but this does not immediately affect its listing or trading status on Nasdaq [1][2]. Compliance and Regulatory Summary - The Notice indicates non-compliance with Nasdaq Listing Rule 5250(c)(1), which mandates timely submission of periodic financial reports to the U.S. Securities and Exchange Commission [2]. - NaaS has 60 calendar days from the date of the Notice to submit a compliance plan, and if accepted, may receive an extension of up to 180 calendar days to regain compliance, potentially until November 11, 2025 [3]. Company Commitment and Operations - NaaS is committed to addressing the compliance issue promptly and is working diligently to complete and file its Annual Report as soon as possible [4]. - NaaS Technology Inc. is the first U.S. listed EV charging service company in China and is a subsidiary of Newlinks Technology Limited, focusing on energy digitalization [5]. - The company leverages advanced technology to connect charging supply with demand, enhancing the charging experience for EV users [5][6]. - NaaS also empowers charging stations and operators through data-driven operational optimization, improving efficiency and profitability across the ecosystem [6].

Core Insights - NaaS Technology Inc. has been awarded the 2025 Sustainable Consumer Engagement Award by the British Chamber of Commerce Shanghai, highlighting its leadership in sustainable consumption practices and ESG performance [1][2][3] Group 1: Award and Recognition - The award is part of a significant sustainability recognition program in China, honoring companies with exemplary environmental impact and commercial innovation [2] - NaaS is the only EV charging service company to receive this award, emphasizing its unique position in the market [1][2] Group 2: Evaluation Criteria - The award criteria focus on the development of green product portfolios, low-carbon marketing systems, and effective sustainability communications [3] - Special attention is given to how companies influence consumer awareness and promote environmentally conscious purchasing behavior [3] Group 3: Company Achievements - NaaS was ranked first in China's retail industry and seventh globally in S&P Global's 2024 Corporate Sustainability Assessment, scoring 72 points and placing in the top 1% of global retail companies [4] - The company has introduced an upgraded ESG strategy called the GREEN strategy, which includes five key pillars: Governance, Reinvention, Eco-consciousness, Empathy, and Nurture [4] Group 4: Operational Capabilities - NaaS utilizes AI technologies to match EV charging supply and demand, enhancing the charging experience for EV owners [5] - As of September 30, 2024, NaaS has connected over 96,000 charging stations and 1.146 million chargers, establishing a digital and low-carbon service ecosystem [5][6]

Core Viewpoint - NaaS Technology Inc. is changing the ratio of its American Depositary Shares (ADSs) to Class A ordinary shares from 1:200 to 1:800, effective April 28, 2025, which is equivalent to a one-for-four reverse ADS split [1][2]. Company Overview - NaaS Technology Inc. is the first U.S.-listed EV charging service company in China and a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China [4]. - The company provides new energy asset operation services and utilizes advanced technology to match charging supply with demand, enhancing the charging experience for electric vehicle users [4]. Impact of ADS Ratio Change - The change in the ADS Ratio is expected to increase the ADS trading price proportionally, although there is no assurance that the price will be four times greater than before the change [3]. - Existing ADS holders will need to surrender four current ADSs for one new ADS, with fractional entitlements aggregated and sold by the depositary bank [2]. - The change will not affect the underlying Class A ordinary shares, and no shares will be issued or cancelled in connection with the change [2].