NaaS Technology Inc (NAAS) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the NaaS Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions). I must advise you that this conference is being recorded today. I would now like to turn the conference over to your first speaker today, Ms. Cynthia Tan, Senior IR Director. Thank you, and please go ahead.

女士們，先生們，感謝你們的支持，歡迎來到 NaaS 第四季度和 2022 年全年收益電話會議。 （操作員說明）。我必須告訴你，今天正在錄製這次會議。我現在想把會議轉交給今天的第一位發言人，高級 IR 總監 Cynthia Tan 女士。謝謝，請繼續。

Thank you, operator. Hello, everyone, and welcome to NaaS Fourth Quarter and Full Year 2022 Earnings Conference Call. The company's results were issued earlier today and are posted online. Joining me today on the call are Ms. Cathy Wang Yang, our Chief Executive Officer; and Mr. Alex Wu, our President and Chief Financial Officer.

謝謝你，運營商。大家好，歡迎來到 NaaS 第四季度和 2022 年全年收益電話會議。該公司的業績今天早些時候發布並發佈在網上。今天和我一起參加電話會議的是我們的首席執行官 Cathy Wang Yang 女士；以及我們的總裁兼首席財務官 Alex Wu 先生。

For today's agenda, Ms. Wang will provide an overview of industry trends and recent performance highlights, and Mr. Wu will discuss our operating and financial results. Before we continue, I refer you to our safe Harbor Statement in the earnings press release. which applies to this call as we will make forward-looking statements. Also, please note that this call includes discussion of certain non-IFRS financial measures. Please refer to our earnings release which contains a reconciliation of non-IFRS measures to the most comparable IFRS measures. Finally, please note that unless otherwise stated, all figures mentioned during the conference call are in RMB. I will now turn the call over to our CEO, Ms. Cathy Wang Yang.

在今天的議程中，王女士將概述行業趨勢和近期業績亮點，吳先生將討論我們的經營和財務業績。在我們繼續之前，我建議您閱讀我們在收益新聞稿中的安全港聲明。這適用於此次電話會議，因為我們將做出前瞻性陳述。另外，請注意，本次電話會議包括對某些非 IFRS 財務指標的討論。請參閱我們的收益發布，其中包含非 IFRS 措施與最可比的 IFRS 措施的調節。最後請注意，除非另有說明，電話會議中提到的所有數字均以人民幣為單位。我現在將把電話轉給我們的首席執行官 Cathy Wang Yang 女士。

Hi. Good morning, everyone. I hope you are great. I'm Cathy Wang, the CEO of NaaS. It's my pleasure and such honor to share NaaS' Fourth Quarter and the Full Year of 2022 Earnings Result. Discuss our recent development with all of you. Firstly, I'd like to discuss with you the long-term trend of energy transformation as well the potential for new energy development and the context of the global consensus on carbon neutrality. Elon Musk recently announced Part 3 of Tesla's master plan as you may be aware. In a nutshell, this is a plan for fully replaced traditional energy with the new one.

你好。大家，早安。我希望你很棒。我是 NaaS 的 CEO Cathy Wang。很高興和榮幸地分享 NaaS 的第四季度和 2022 年全年收益結果。與大家討論我們最近的發展。首先，我想和大家談談能源轉型的長期趨勢和新能源發展的潛力，以及全球達成碳中和共識的背景。如您所知，Elon Musk 最近宣布了 Tesla 總體規劃的第 3 部分。簡而言之，這是一個以新能源全面替代傳統能源的計劃。

The traditional energy face issues of environmental pollution and low efficiency, while new energy offer clear advantage in terms of being clean, environmentally friendly, safe and efficient. The energy transition is irreversible global trend. So developing clean energy, reducing carbon emissions and building a green plant have become the most significant area of consensus among countries throughout the world, including China, the United States, Europe and the Middle East.

傳統能源面臨環境污染、效率低下等問題，而新能源在清潔、環保、安全、高效等方面優勢明顯。能源轉型是不可逆轉的全球趨勢。因此，發展清潔能源、減少碳排放、建設綠色工廠已成為包括中國、美國、歐洲和中東在內的世界各國最重要的共識。

EV sales in China reached 6.9 million units in 2022, accounting for 60% of total global sales. This year, that number is expected to reach 9 million. According to CIC, the number of ICE cars in China will be peaking around 2025. While the results will continue to grow, and the number of EV surpassed ICE cars by 2036. The total number of cars in China, is predicted to exceed 424 million by 2050, with the number of EVs over 328 million. At the same time, the total investment in the supporting EV-charging industry will exceed RMB 30 trillion.

2022年中國電動汽車銷量達到690萬輛，佔全球總銷量的60%。今年，這一數字有望達到 900 萬。據中投公司預測，中國內燃機汽車保有量將在2025年左右達到峰值，而結果將持續增長，到2036年電動汽車保有量將超過內燃機汽車。中國汽車保有量預計將超過4.24億輛到2050年，電動汽車保有量將超過3.28億輛。同時，電動汽車充電配套產業總投資將超過30萬億元。

In 2022, China rose to the global leader in terms of the existing number of EV cars, EV incremental growth and EV export volume. 2022 was also an important year for NaaS. As we complete our Nasdaq listing and strengthened our leadership position and charging service network. In 2022, our Chinese charging network expanded rapidly with a year-over-year rise in total charging volume of 116%, accounting for 20% of China's total public charging volume. At the end of 2022, we had connected 515,000 chargers in 50,000 charging stations across over 330 cities. We take advantage of this strong EV charging network.

2022年，中國電動汽車保有量、電動汽車增量增速和電動汽車出口量均躍居全球領先地位。 2022 年對於 NaaS 來說也是重要的一年。隨著我們完成納斯達克上市並加強我們的領導地位和充電服務網絡。 2022年，我們中國的充電網絡快速擴張，充電總量同比增長116%，佔中國公共充電總量的20%。截至 2022 年底，我們已在 330 多個城市的 50,000 個充電站連接了 515,000 個充電器。我們利用這個強大的電動汽車充電網絡。

We expand our one-stop service to energy asset operation, providing end-to-end one-stop solutions covering the whole cycle of charging station construction, operation and upgrading. Serving enterprise throughout the new energy value chain. Looking ahead, as the leading player in the world's largest EV market, we aim to see the historical opportunities of energy transformation by leveraging our unique business model and the industry position and commit to working together with partners to promote carbon emissions reduction in transportation and achieve the goal of carbon peaking and neutrality. Now I will turn the call over to Alex our President and CFO, for a closer look at our operating and financial performance.

我們將一站式服務拓展至能源資產運營，提供覆蓋充電站建設、運營、升級全週期的端到端一站式解決方案。服務於整個新能源價值鏈的企業。展望未來，作為全球最大電動汽車市場的領跑者，我們將利用自身獨特的商業模式和行業地位，把握能源轉型的歷史機遇，致力於與合作夥伴共同推動交通領域碳減排，實現碳達峰和中和的目標。現在我將把電話轉給我們的總裁兼首席財務官亞歷克斯，讓他更仔細地了解我們的運營和財務業績。

Thank you, Cathy. Hello, everyone, and thank you for joining our call today. Our strong performance in the fourth quarter capped off a year of rapid growth for NaaS. Riding on the tailwinds of the explosive EV market we continued to solidify our leadership across our charging service network and significantly scaled our client base for our one-stop charging solutions, nearly doubling our net revenues year-over-year in the fourth quarter.

謝謝你，凱茜。大家好，感謝您今天加入我們的電話會議。我們在第四季度的強勁表現為 NaaS 一年的快速增長畫上了句號。乘著爆炸性電動汽車市場的順風，我們繼續鞏固我們在整個充電服務網絡中的領導地位，並顯著擴大我們的一站式充電解決方案的客戶群，第四季度我們的淨收入同比增長近一倍。

To effectively address the industry's pain points, NaaS offers one-stop services including online and offline charging solutions and other innovative businesses for charging stations, auto OEMs and other enterprises across the new energy value chain. Thanks to strong customer endorsement of our one-stop EV charging solutions, our net revenues increased by 177% year-over-year in the full year of 2022 to RMB 92.8 million.

為有效解決行業痛點，NaaS為充電站、汽車主機廠等新能源價值鏈企業提供包括線上線下充電解決方案等創新業務在內的一站式服務。由於客戶對我們的一站式 EV 充電解決方案的強烈認可，我們的淨收入在 2022 年全年同比增長 177% 至人民幣 9,280 萬元。

Online charging services are the cornerstone of our business. Our high-quality services aided by network effects have driven our rapid market share expansion in the EV charging service industry. In 2022, gross transaction value through NaaS network reached RMB 2.7 billion, representing an increase of 119% year-over-year, with net take rate expanded by 3.74 bps.

在線充電服務是我們業務的基石。我們藉助網絡效應提供的優質服務推動了我們在電動汽車充電服務行業的快速市場份額擴張。 2022年，通過NaaS網絡的總交易額達到27億元人民幣，同比增長119%，淨利率上升3.74個基點。

Building on the foundation of our EV charging network, we focused on expanding our services to provide one-stop EV charging solutions, which cover each stage of our charging stations' life cycle. These range from construction to operation and upgrades, and they will be our growth engine and source of profitability going forward. Since 2022, we have made significant strides in our business across these stages, garnering recognition from an increasing number of customers with offline EV charging solutions, contributing 44% of our revenue in 2022.

在我們的電動汽車充電網絡的基礎上，我們專注於擴展我們的服務，以提供一站式電動汽車充電解決方案，涵蓋我們充電站生命週期的每個階段。從建設到運營再到升級，它們將成為我們未來的增長引擎和盈利來源。自 2022 年以來，我們在這些階段的業務取得了長足進步，通過線下 EV 充電解決方案贏得了越來越多客戶的認可，2022 年貢獻了我們收入的 44%。

In the construction stage, we leveraged our big data backed industry insights, operational expertise and strong execution to offer site selection, hardware and software procurement and EPC turn-key construction solutions. As one of our ongoing projects, we provide one-stop EPC turn-key service to build charging stations in Wuhan. Commencing operations on March 26, 2023. Our first charging station is equipped with 60 DC fast chargers for a total installed capacity of 3,600 kilowatts and a total CapEx of over RMB 5 million.

在建設階段，我們利用大數據支持的行業洞察力、運營專業知識和強大的執行力，提供選址、軟硬件採購和EPC交鑰匙建設解決方案。作為我們正在進行的項目之一，我們提供一站式EPC交鑰匙服務，以在武漢建設充電站。 2023 年 3 月 26 日開始運營。我們的第一個充電站配備 60 個直流快速充電器，總裝機容量 3,600 千瓦，總資本支出超過 500 萬元人民幣。

From completion onwards, we provide operation and maintenance solutions to help clients reduce their operating costs and further improve efficiency and profitability while simultaneously increasing our recurring revenue. In operating stage, we digitalize and upgrade key aspects of our charging stations operation and management, working in concert with our capable offline services team, the online intelligent operation and maintenance system we built for our charging stations responds to users' operation and maintenance needs, improving our charging stations, repair and maintenance efficiency.

從竣工起，我們提供運維解決方案，幫助客戶降低運營成本，進一步提高效率和盈利能力，同時增加我們的經常性收入。在運營階段，我們對充電站運營管理關鍵環節進行數字化升級，協同精幹的線下服務團隊，構建充電站在線智能運維繫統，響應用戶運維需求，提高我們的充電站、維修和保養效率。

Our product offerings not only boost our customer service quality and operational efficiency, but they also help our customers stand out among local competitors. We are currently providing maintenance services for over 15,000 parking parts at 2,100 charging stations in 186 cities. In upgrade stage, we help charging stations deploy energy storage upgrades. In January of this year, we partnered with Hyper Strong, a leading energy storage system integrator and system service provider to establish a joint venture focusing on energy storage.

我們提供的產品不僅可以提高我們的客戶服務質量和運營效率，還可以幫助我們的客戶在當地競爭對手中脫穎而出。目前，我們正在為 186 個城市的 2,100 個充電站的 15,000 多個停車部件提供維護服務。在升級階段，我們幫助充電站部署儲能升級。今年1月，我們與領先的儲能係統集成商和系統服務提供商Hyper Strong合作，成立了一家專注於儲能的合資公司。

Meanwhile, we plan to launch our virtual power plant platform by mid-2023 to facilitate the establishment of a modern energy system for Charging stations. Our virtual power plant platform can promote energy efficiency and optimization, participate in the power trading market and provide various supporting services, such as peak shaving and valley filling of the broader power grid to achieve smart power dispatch.

同時，我們計劃在 2023 年中期推出我們的虛擬電廠平台，以促進充電站現代能源系統的建立。我們的虛擬電廠平台可以促進能源效率和優化，參與電力交易市場，並提供各種支持服務，例如更廣泛的電網調峰和填谷，以實現智能電力調度。

Altogether, these efforts have facilitated the construction of a modern energy system. Thanks to its effectiveness in addressing the industry's pain points and improving ROI, our one-stop solution has attracted a growing roster of leading enterprises to establish strategic partnerships with us. The most recent example is smart charging. A joint venture we established in March 2023 with smart order and Internet platform in the lodging industry. We are jointly building a shared destination charging service network for EVs to address drivers last mile charging problems during road trips. With respect to R&D, in March, we launched our self-developed automatic charging robot empowered by technologies, including deep learning, 5G and V2X, SLAM, perception and regulation.

總之，這些努力促進了現代能源體系的建設。一站式解決方案有效解決行業痛點，提升投資回報率，吸引了越來越多的龍頭企業與我們建立戰略合作夥伴關係。最近的例子是智能充電。我們於2023年3月成立的一家合資公司，在住宿行業擁有智能訂單和互聯網平台。我們正在共同建設電動汽車共享目的地充電服務網絡，以解決司機在公路旅行中的最後一英里充電問題。在研發方面，3月，我們推出了自主研發的自動充電機器人，技術賦能包括深度學習、5G和V2X、SLAM、感知和調節。

Our robots can connect with the underlying APIs of major OEMs, thus automatically opening the charging cover, accurately detecting the position of the charging port and automatically moving the charger in and out through the auto charging system of a mechanical arm. This smart and unmanned charging service can be easily deployed in parking lots without charging facilities at this time and will provide unmanned replenishment service for autonomous driving in the future. We have also started to explore overseas market by establishing our Asia Pacific and European headquarters in Singapore and Amsterdam, respectively.

我們的機器人可以對接各大主機廠的底層API，通過機械臂的自動充電系統，自動打開充電蓋，準確檢測充電口位置，自動將充電器移入移出。這種智能化、無人化的充電服務，目前可以輕鬆部署在沒有充電設施的停車場，未來將為自動駕駛提供無人化的補給服務。我們也開始開拓海外市場，分別在新加坡和阿姆斯特丹設立亞太和歐洲總部。

We're delighted to have Allen Dong on our team as the General Manager for our European and Middle Eastern operations. Having worked for XPeng and ABB previously, with over a decade of experience in EVs and in charging infrastructure in particular. I believe Allen's deep insights and passion for the EV industry will provide a strong boost to our development in overseas market. On top of the comprehensive progress we have made in our business, we continue to actively fulfill our social responsibilities. In 2022, we released our first ESG report which showcased our data and achievements in 4 areas: low-carbon operation, active innovation, employee care and public well-being.

我們很高興 Allen Dong 加入我們的團隊，擔任我們歐洲和中東業務的總經理。曾就職於小鵬汽車和ABB，在電動汽車領域擁有十多年經驗，尤其是在充電基礎設施方面。相信艾倫對電動汽車行業的深刻見解和熱情，將為我們在海外市場的發展提供強大的助力。在業務取得全面進步的同時，我們繼續積極履行社會責任。 2022年，我們發布了首份ESG報告，展示了我們在低碳運營、積極創新、員工關懷和公眾福祉四方面的數據和成果。

In 2022, we achieved a carbon emission reduction of about 1.85 million tons, up 106% year-over-year.

2022年，我們實現碳減排約185萬噸，同比增長106%。

Next, I will go over some of our financial results for the fourth quarter. I will address financial highlights here and encourage you to refer to our earnings press release, which is posted online for additional details. Our total net revenues reached RMB 29.5 million in the fourth quarter, up 95% year-over-year. The rapid increase was mainly the result of increases in platform order volumes and continued improvements in operations. Our total operating costs were RMB 151.1 million in the fourth quarter.

接下來，我將回顧我們第四季度的一些財務業績。我將在這裡介紹財務重點，並鼓勵您參考我們在線發布的收益新聞稿以了解更多詳細信息。第四季度我們的總淨收入達到人民幣 2950 萬元，同比增長 95%。快速增長的主要原因是平台訂單量的增加和運營的持續改善。第四季度我們的總運營成本為人民幣 1.511 億元。

This was preliminarily due to our significant business expansion. Our net loss for the fourth quarter of 2022 was RMB 126.9 million as compared with a net loss of RMB 57.2 million for the same period of 2021. Turning to guidance for full year 2023. We expect our net revenues to be in the range of RMB 500 million and RMB 600 million. Growing by 5x to 6x from 2022. This forecast considers the company's current and preliminary view on the business situation and the market conditions, which are subject to change.

這初步是由於我們的業務大幅擴張。我們 2022 年第四季度的淨虧損為人民幣 1.269 億元，而 2021 年同期的淨虧損為人民幣 5720 萬元。轉向 2023 年全年的指引。我們預計我們的淨收入將在人民幣範圍內5億和6億人民幣。從 2022 年開始增長 5 至 6 倍。該預測考慮了公司當前和初步對業務狀況和市場狀況的看法，這些看法可能會發生變化。

Looking ahead, as Cathy mentioned, we are very bullish about the EV energy service market. We continue to gear for strong growth through our one-stop EV charging solution and continue to take a disciplined approach to cost management, prioritize investment initiatives that deliver healthy ROIs and drive efficiency gains across our organization. This concludes our prepared remarks for today. Operator, we are now ready to take questions. Thank you.

展望未來，正如 Cathy 提到的，我們非常看好電動汽車能源服務市場。我們繼續通過我們的一站式 EV 充電解決方案實現強勁增長，並繼續採取嚴格的成本管理方法，優先考慮可提供健康投資回報率的投資計劃，並推動整個組織的效率提升。我們今天準備好的發言到此結束。接線員，我們現在準備好接受提問了。謝謝。

(Operator Instructions) Your first question is from Yizhen Du from CICC.

（操作員說明）您的第一個問題來自中金公司的Yizhen Du。

Yes, yes. This is Yizhen from CICC. Maybe first, congratulations for the great performance in the last year. And I have two questions for our future development. The first one is about the offline EV charger solutions. And I'm curious about the guidance of the liabilities. In other words, what do you think of the revenue growth of offline business in this year and next year. Besides, we all know that there are several different parts in the offline business.

是的是的。我是中金公司的以真。也許首先，祝賀你在去年的出色表現。對於我們未來的發展，我有兩個問題。第一個是關於離線電動汽車充電器解決方案。我很好奇負債的指導。換句話說，你如何看待今年和明年線下業務的收入增長。此外，我們都知道線下業務有幾個不同的部分。

Which 1 or 2 or 3 parts do you think would support this growth? this is the first question. And my second question is about your EV charging robots. You know that EV charging robots is a very popular topic within China. And we see that we launched the lab smart charging robot, way to go what do you think of the application scenario and market space of this new project, you mentioned it just now that oh we need more details as this is my two questions.

您認為哪 1 或 2 或 3 部分會支持這種增長？這是第一個問題。我的第二個問題是關於你們的 EV 充電機器人。你知道電動汽車充電機器人在中國是一個非常熱門的話題。而且我們看到我們推出了實驗室智能充電機器人，你覺得這個新項目的應用場景和市場空間如何，你剛才提到了哦，我們需要更多細節，因為這是我的兩個問題。

Thank you, Yizhen, for your questions. Let me address them one by one. So, first question about the offline business growth. I think let me reiterate what are some of the services that we provide to our customers in the offline space. We provide the one-stop turn-key solutions to charging stations across the life cycle of the charging station in 3 stages: initial building, operating and upgrading stage. In initial building stage, we provide support for big data backed size selection, hardware and software procurement and EPC, which is design and construction of the site.

謝謝怡真，謝謝你的提問。讓我一一解決。所以，首先是關於線下業務增長的問題。我想讓我重申一下我們在線下為客戶提供的一些服務。我們分三個階段為充電站的整個生命週期提供一站式交鑰匙解決方案：初始建設、運營和升級階段。在初期建設階段，我們提供大數據支持的選型、軟硬件採購和EPC的支持，即站點的設計和建設。

In the operating stage, we provide services like user acquisition, operation maintenance and non-charging services, such as fast food and auto vendor machine. In the upgrading stage, we helped our customers build technological upgrades, including energy storage, solar PV, virtual power plant and electricity trading. So these are the list of services that we provide to our customers. During the course of 2023 and 2024, of course. We will continue to build our capabilities and help our customers establish these key capabilities through our services.

在運營階段，我們提供用戶獲取、運營維護和非收費服務，如快餐和自動販賣機。在升級階段，我們幫助客戶進行技術升級，包括儲能、太陽能光伏、虛擬電站和電力交易。這些是我們為客戶提供的服務列表。當然是在 2023 年和 2024 年期間。我們將繼續構建我們的能力，並通過我們的服務幫助我們的客戶建立這些關鍵能力。

All of these services have pretty high ceiling in terms of the amount of services we can provide to them. Specifically, I think for operations like user acquisition, hardware and software procurement, EPC, operation and maintenance and definitely energy storage. These are the same reps we can help our customers in the short to mid term. And I can see that we will be able to make a decent amount of revenue from these services. And these revenues will support our growth for this year and next year. And I think as the China's growth potential for charging station building and charging station operation continues to expand. We will have a lot of opportunities in these 3 years to deliver.

就我們可以為他們提供的服務數量而言，所有這些服務都有相當高的上限。具體來說，我認為對於用戶獲取、硬件和軟件採購、EPC、運維和儲能等操作。這些是我們可以在中短期內幫助客戶的相同代表。我可以看到，我們將能夠從這些服務中獲得可觀的收入。這些收入將支持我們今年和明年的增長。而且我認為隨著中國充電站建設和充電站運營的增長潛力不斷擴大。在這 3 年中，我們將有很多機會來實現。

And currently, we already have quite a lot of projects either running or in pipeline for us to acquire. So that's the answer for the first question. For the second question regarding charging robot, thanks a lot for the interest. Since we released the charging robot about a couple of weeks ago, we've received quite a lot of interest from all over the world really in Australia, Japan and Middle East. The current charging robot that we've shown in the video is a prototype which we plan to commercialize in the next 3 to 4 months as a fully commercialized product. Currently, what we plan to do is continue to expand the laboratory capacity of the charging robots.

目前，我們已經有相當多的項目正在運行或正在籌備中供我們收購。這就是第一個問題的答案。關於充電機器人的第二個問題，非常感謝您的關注。自從我們大約幾週前發布充電機器人以來，我們已經收到了來自世界各地的大量興趣，尤其是在澳大利亞、日本和中東。我們在視頻中展示的當前充電機器人是一個原型，我們計劃在未來 3 到 4 個月內將其作為完全商業化的產品商業化。目前，我們計劃做的是繼續擴大充電機器人的實驗室能力。

In terms of use cases, I think there are 2 types of use cases. In the near term, the use case will be specific to the enclosed areas like charging ports, commercial properties and parks, industrial parks. So those areas that have a closed area that can serve a listed number of vehicles or parking lots. In the long term, I think the charging robot is an excellent option for autonomous driving.

在用例方面，我認為有兩種類型的用例。在短期內，用例將特定於封閉區域，如充電端口、商業地產和公園、工業園區。因此，那些具有封閉區域的區域可以為列出數量的車輛或停車場提供服務。從長遠來看，我認為充電機器人是自動駕駛的絕佳選擇。

We believe in the future, autonomous driving is clearly the trend. And when you have autonomous driving, we need to have automated charging. So the 2 key functions of the charging robots are one, that it's capable to connect to all kinds of APIs from different OEMs because those OEMs are already using our APIs to locate the charging service. So we've had the connections already. That's number one.

我們相信在未來，自動駕駛顯然是大勢所趨。當你有自動駕駛時，我們需要有自動充電。所以充電機器人的兩個關鍵功能是一個，它能夠連接到來自不同 OEM 的各種 API，因為這些 OEM 已經在使用我們的 API 來定位充電服務。所以我們已經有了聯繫。這是第一。

And number two is, the Chinese robot has state of the art technologies to help detect and plug in the charging gun into the vehicle, which is a technological challenge. But we managed to do both nicely. So I think the technology really empowers us to go for the autonomous driving in the future, where for autonomous driving we'll have automated charging. So those are the 2 use cases I see. one in short term one in the long term. But for the next step, what we'll do is we will test this charging robot in those areas where people have shown interest, and we'll prepare the charging robot to be commercially used in some of those scenarios. Thank you.

第二，中國機器人擁有最先進的技術來幫助檢測充電槍並將其插入車輛，這是一項技術挑戰。但我們成功地做到了這兩點。所以我認為這項技術確實使我們能夠在未來實現自動駕駛，對於自動駕駛，我們將擁有自動充電功能。所以這些是我看到的 2 個用例。一個是短期的，一個是長期的。但是下一步，我們要做的是在人們表現出興趣的那些領域測試這個充電機器人，並且我們會準備充電機器人在其中一些場景中進行商業使用。謝謝。

The next question is from Eugene Hsiao from Macquarie Capital.

下一個問題來自麥格理資本的 Eugene Hsiao。

This is Eugene Hsiao from Macquarie. Cathy, Alex, I appreciate your time to answer our questions. I have two questions. First, I'd like to understand a bit more about how we think about the current and future profitability differences between the two major business segments on the online EV charging platform and then the offline EV charging services and how you think that develops over the next few years.

我是 Macquarie 的 Eugene Hsiao。 Cathy、Alex，非常感謝您抽出寶貴時間回答我們的問題。我有兩個問題。首先，我想多了解一下我們如何看待在線電動汽車充電平台和線下電動汽車充電服務兩大業務板塊之間當前和未來的盈利能力差異，以及您如何看待未來的發展幾年。

Okay. Thanks, Eugene. Let me address this question. I think we have a clear path to profitability on both online and offline EV charging solutions, but the path will be different for apparently different businesses. For online charging platform, I think let's talk about the current performance first. The NTI has been continuously improving for the past couple of quarters. The NTI improvement has been improved by about 3.74 bps in 2022, and we can see the trend continues in first quarter 2023. The way to see the online charging business is in a way pretty simple, right?

好的。謝謝，尤金。讓我來回答這個問題。我認為我們在線上和線下電動汽車充電解決方案上都有一條清晰的盈利路徑，但對於明顯不同的企業來說，這條路徑會有所不同。對於在線收費平台，我覺得還是先說一下目前的表現吧。 NTI 在過去幾個季度一直在不斷改進。 NTI 改進在 2022 年提高了約 3.74 個基點，我們可以看到這一趨勢在 2023 年第一季度繼續。看在線充電業務的方式在某種程度上非常簡單，對吧？

So we have two sets of customers. The first set of customers is the operating vehicles, the second set of the customer is a private vehicles, the private cars. The operating vehicles are cost sensitive or price sensitive, but they obviously provide quite a lot of charging volume. The private vehicles are not price sensitive, but they charge less of it, right? So the easy way to think about it is the operating vehicles are what we call the VIPs. So they're charging effectively doesn't make money, but their VIP contributes to our royalty fee. The private vehicles, their charging actually makes money, we make a takeaway rate from the private vehicles.

所以我們有兩組客戶。第一組客戶是運營車輛，第二組客戶是私家車，私家車。運營車輛對成本或價格敏感，但顯然提供了相當多的充電量。私家車對價格不敏感，但他們收費較低，對吧？因此，考慮它的簡單方法是運營車輛就是我們所說的 VIP。所以他們有效收費並沒有賺錢，但他們的 VIP 貢獻了我們的特許權使用費。私家車，他們的收費實際上是賺錢的，我們從私家車上收取外賣費。

So currently as the number of EVs grow on a pretty significant number year-over-year, as Cathy introduced before, we believe the percentage in the mix of EVs weighed out to private vehicles in the future, according to the [end] in the future. So when we have the mixture of those two type of vehicles change towards private vehicles we will have higher and higher NTIs and eventually will be able to a breakeven and start making a profit. So I think we've already seen the clear trend from a quarter-to-quarter comparison and a year-over-year comparison. And we believe the trend will continue.

因此，正如 Cathy 之前介紹的那樣，目前電動汽車的數量同比增長相當可觀，我們認為，根據 [end] 在未來，電動汽車的混合比例將超過私家車。未來。因此，當我們將這兩種類型的車輛混合使用私家車時，我們的 NTI 將越來越高，最終將能夠實現收支平衡並開始盈利。所以我認為我們已經從季度比較和同比比較中看到了明顯的趨勢。我們相信這種趨勢將繼續下去。

So from the online perspective, what we need to do is to continue doing our job properly and improve our operational efficiency. And at the same time, I'm sure we have -- where we can keep and grow our percentage in the market. So that's for the online solutions. For the off-line solutions, I think it's pretty straightforward in a way because these are all the B2B type of services, and we make positive gross margin for all of our services in the three stages that we provide. So for the offline solutions, I think naturally, we will be able to make money. Currently, we're in the expansion stage, where we need to build the infrastructure, the technology, the teams to deliver the significant growth, but the business itself in offline self solution area is profitable.

所以從線上來看，我們要做的就是繼續做好本職工作，提高運營效率。同時，我相信我們有——我們可以保持和增加我們在市場上的百分比。這就是在線解決方案。對於線下解決方案，我認為它在某種程度上非常簡單，因為這些都是 B2B 類型的服務，我們在提供的三個階段為所有服務創造了積極的毛利率。所以對於線下的解決方案，我想自然是可以賺錢的。目前，我們正處於擴張階段，我們需要建立基礎設施、技術和團隊來實現顯著增長，但線下自助解決方案領域的業務本身是有利可圖的。

And one more question from me. You mentioned on the prepared remarks that you've hired Allen and then you've also opened offices in Singapore and Europe, looking at the Middle East. Could you give a little bit more color on, I guess, the -- any overseas expansion plans and maybe some timing on when you think that would actually pan out.

我還有一個問題。你在準備好的評論中提到你已經聘請了艾倫，然後你還在新加坡和歐洲開設了辦事處，著眼於中東。我想，你能否給出更多的顏色——任何海外擴張計劃，以及你認為什麼時候會真正成功的時間。

Sure, sure. Thank you,. And this is a great and important initiative for us. So we are NASDAQ listed company, and we always see ourselves as a global company. We don't really see ourselves as a China-based company only. We see ourselves as a global company. So ever since our listing, we have started our overseas expansion plan. We've done some homework really, and we compared notes of the experience that people like Allen has in European market with the ecosystem of China EV charging market. And we find striking similarities between the two markets, right?

一定一定。謝謝你，。這對我們來說是一項偉大而重要的舉措。所以我們是納斯達克上市公司，我們始終將自己視為一家全球性公司。我們並不僅僅將自己視為一家總部位於中國的公司。我們將自己視為一家全球性公司。所以自從我們上市之後，我們就開始了我們的海外擴張計劃。我們確實做了一些功課，我們將像艾倫這樣的人在歐洲市場的經驗筆記與中國電動汽車充電市場的生態系統進行了比較。我們發現這兩個市場之間有驚人的相似之處，對吧？

And that gives us confidence that for mature markets, the ecosystem tends to be similar. Although in some cases, people call them different names of different layers, but they tend to be very similar. So what we believe now is the charging ecosystem in China is the most advanced and most mature, and we should be able to replicate some of the best practices that we've accumulated in China over the years to other less developed market in terms of EV charging. So that's really our strategy to start with. What we've come to done is we've marked down key regions, Europe, Middle East and Asia Pacific. We obviously will use different type of strategies to deal with those three different type of markets.

這讓我們相信，對於成熟市場，生態系統往往是相似的。儘管在某些情況下，人們稱它們為不同層次的不同名稱，但它們往往非常相似。所以我們現在認為中國的充電生態系統是最先進和最成熟的，我們應該能夠將我們多年來在中國積累的一些最佳實踐複製到其他欠發達的電動汽車市場收費。所以這真的是我們開始的策略。我們要做的是標記關鍵地區，歐洲、中東和亞太地區。我們顯然會使用不同類型的策略來應對這三種不同類型的市場。

Allen is our General Manager for Middle East and Europe.

Allen 是我們的中東和歐洲總經理。

For Europe, which is a mature market, we plan to look at a potential M&A strategy, which will help us acquire the brand network in Europe. Because it's a mature market. In the Middle East, we plan to work with some of the local governments to look at how can we help the countries build their charging network. Middle East is a very unique market. To be successful in the Middle East, we will have to work with the local ecosystem. So that's exactly what we are doing in the Middle East.

對於成熟市場的歐洲，我們計劃研究潛在的併購策略，這將有助於我們獲得歐洲的品牌網絡。因為這是一個成熟的市場。在中東，我們計劃與一些地方政府合作，研究如何幫助這些國家建設充電網絡。中東是一個非常獨特的市場。要想在中東取得成功，我們必須與當地的生態系統合作。這正是我們在中東所做的。

In Southeast Asia and in Japan, we're working with some of the energy companies to look at how can we leverage their existing network in the energy supply system to build the charging network, which we believe is probably the one -- the strategy that we can use with the most leverage. So we're changing some of those energy companies, and we believe we'll be able to see some of the results in this year. So we are changing all different type of opportunities. And I think for this year, what we can do is we'll clearly establish our existence in the overseas market, and we'll be able to land 1 or 2 major projects. And that's what we plan to achieve this year. Thank you.

在東南亞和日本，我們正在與一些能源公司合作，研究如何利用他們在能源供應系統中的現有網絡來建設充電網絡，我們認為這可能是一個——戰略我們可以使用最大的槓桿。所以我們正在改變其中一些能源公司，我們相信我們將能夠在今年看到一些結果。所以我們正在改變所有不同類型的機會。而且我認為今年，我們能做的就是明確我們在海外市場的存在，我們將能夠落地一兩個大項目。這就是我們今年計劃實現的目標。謝謝。

Great. Thanks so much. If you don't mind, just one more. I'm interested in understanding a bit more about the relationship with the parent company with Newlink and then where do you feel that there could be some synergies there.

偉大的。非常感謝。不介意的話再來一個我有興趣更多地了解與母公司與 Newlink 的關係，然後你覺得那裡可能存在一些協同效應。

Sure. Thanks, Eugene, for that question. So the parent company is called Newlink Group. Newlink Group is an energy digitalization and energy asset operation company. And it's China's largest energy digital service company. Currency sales 300 million users through its digital app and covers 25,000 gas stations in China. So there are a couple of synergies that we can clearly see. The first is from a customer perspective, using digital app called Tuanyou has 300 million registered users. So these users gradually -- these users are drivers of ICE vehicles and they're gradually migrating to EVs.

當然。尤金，謝謝你提出這個問題。所以母公司叫做Newlink Group。 Newlink Group是一家能源數字化和能源資產運營公司。它是中國最大的能源數字服務公司。 Currency 通過其數字應用程序銷售 3 億用戶，覆蓋中國 25,000 個加油站。因此，我們可以清楚地看到一些協同作用。首先是從客戶的角度來看，使用數字應用程序團友有3億註冊用戶。所以這些用戶逐漸 - 這些用戶是 ICE 車輛的司機，他們正在逐漸遷移到電動汽車。

We have done an analysis between for the people that are continuing our EV service, there have been around 70% user overlap. So I believe the 300 million drivers or 300 million users, effectively a very good user conversion pipeline for our online solutions. The second point is in terms of the gas station, so Newlink Group covers about 25,000 gas stations. And a lot of those gas stations owners are already doing the charging station business or seriously considering the charging station business.

我們對繼續使用我們的 EV 服務的人進行了分析，發現大約有 70% 的用戶重疊。所以我相信 3 億驅動程序或 3 億用戶，實際上是我們在線解決方案的一個非常好的用戶轉換管道。第二點是在加油站方面，所以Newlink Group覆蓋了大約25000個加油站。很多加油站老闆已經在做充電站業務，或者正在認真考慮充電站業務。

We have done a survey about 30% of the gas station owners are interested to construct a charging station. So those are the people that have land and resources in the local network, and they need help to support them and to build a charging station from an expertise perspective, and we have existing relationship with them. So these are the good candidates for us to convert from a station pipeline perspective.

我們做了一個調查，大概有30%的加油站老闆有興趣建設充電站。所以那些在本地網絡中擁有土地和資源的人，他們需要幫助來支持他們並從專業角度建立充電站，我們與他們有現有的關係。因此，從車站管道的角度來看，這些都是我們轉換的好人選。

And obviously, in terms of our local network, Newlink Group has got an established local network or in many, many cities in China because it has a very successful and very big fueling business. So the same local network can be leveraged for the charging and for the charging station management business, as a matter of fact, they're already helping NaaS in terms of the maintenance and service business that I just mentioned because the maintenance service business has already managed about 15,000 parking lots across 168 cities. So the local network of Newlink also tends to be quite helpful in terms of the synergy.

顯然，就我們的本地網絡而言，Newlink Group 已經建立了本地網絡或在中國的許多許多城市，因為它擁有非常成功且非常大的燃料業務。所以充電和充電站管理業務可以利用同一個本地網絡，事實上，他們已經在我剛才提到的維護和服務業務方面幫助NaaS，因為維護服務業務已經管理著 168 個城市的約 15,000 個停車場。因此，就協同效應而言，Newlink 的本地網絡往往也很有幫助。

If there are no further questions now, I'd like to turn the call back over to the company for closing remarks.

如果現在沒有其他問題，我想將電話轉回公司以作結束語。

Thank you once again for joining us today. If you have further questions, please feel free to contact us.

再次感謝您今天加入我們。如果您還有其他問題，請隨時與我們聯繫。

Thank you. That does conclude the conference call. You may now disconnect your lines. Thank you.

謝謝。這確實結束了電話會議。您現在可以斷開線路。謝謝。