NaaS(US:NAAS)2022-08-22 19:55Financial Data and Key Metrics Changes - In Q2 2022, net total revenues increased by 47%, while net revenues surged by 5.9 times year-over-year, reflecting strong operational efficiency improvements [6][15] - For the first half of 2022, overall revenues rose by 90%, reaching RMB 1.8 billion [6] - Non-IFRS net loss for the first half was RMB 140.3 million, a year-over-year increase of 19%, with the non-IFRS net loss rate decreasing from 209% to 130% [15] Business Line Data and Key Metrics Changes - Net offline services revenue increased by 4.3 times in the first half and by 5.6 times in Q2, driven by strong growth in offline charging stations revenue [6] - Total charging volume reached 1.06 GWh, an increase of 160% year-over-year [7] Market Data and Key Metrics Changes - In the first half of 2022, global new electric vehicle sales increased by 71%, with China's new passenger EV sales reaching 2.34 million, representing 66% of the global total [10] - China's total number of EVs surpassed 10 million by the end of June 2022, with a penetration rate of 26.7% for used passenger EVs in July [10] Company Strategy and Development Direction - The company aims to build a smart charging network and improve efficiency across the market, anticipating a significant increase in charging demand as the number of EVs grows [12][13] - NaaS is positioned as a service provider within the industry value chain, offering a one-stop solution for various stakeholders, including site selection, procurement, and operational support [20][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the macroeconomic environment and COVID-19 lockdowns but emphasized the company's resilience and growth potential [6] - The company expects total electricity charged to increase by 99% year-over-year in the second half of 2022, reaching 2,700 GWh [13] Other Important Information - The company secured an additional RMB 400 million in financing to further develop charging operations and improve charger sales [15] - The Chinese market is transitioning from oil to electric vehicles, with expectations of increased EV adoption and a more rational pricing environment as the market matures [25][26] Q&A Session Summary Question: Could you elaborate on the role of the Company in cooperation with charging operators and downstream OEMs? - The company serves as a service provider within the industry value chain, offering a one-stop solution for site selection, procurement, and operational support to both upstream and downstream players [19][20] Question: How do we expect to price more in the U.S. market? - The company highlighted the transition from oil to electric vehicles, noting that electric prices will become more rational as the market matures and the number of private EVs increases [25][26] Question: What are the cost advantages available to the Company through centralized power procurement? - The company mentioned that while centralized procurement can lower costs, the level of savings varies by province due to different levels of market liberalization [30][31]