NaaS Technology Inc (NAAS) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the NaaS Third Quarter 2024 earnings conference call.

女士們，先生們，感謝你們的支持，歡迎參加 NaaS 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員指示）

I must advise you that this conference is being recorded. I would now like to turn the conference over to your first speaker today, Mr. John Wang, the company's Investor Relations Director. Thank you, and please go ahead.

我必須告訴你，這次會議正在錄音。現在，我想將會議交給今天的第一位發言者，公司投資者關係總監 John Wang 先生。謝謝，請繼續。

Thank you, operator. Hello, everyone, and welcome to NaaS Third Quarter 2021 earnings conference call. The company's results were issued earlier today and are posted online. Joining me on the call today are Ms. Cathy Wang Yang, our Chief Executive Officer; and Mr. Steven Sim, our Chief Financial Officer. For today's agenda, Ms. Wang will provide an overview of our business highlights, and Mr. Sim will discuss our operating results and go through our financial highlights.

謝謝您，接線生。大家好，歡迎參加 NaaS 2021 年第三季財報電話會議。該公司的業績已於今天稍早發布並在網路上公佈。今天與我一起參加電話會議的還有我們的執行長 Cathy Wang Yang 女士和我們的財務長 Steven Sim 先生。在今天的議程中，王女士將概述我們的業務亮點，而沈先生將討論我們的經營業績並介紹我們的財務亮點。

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 -- discussions 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.

在我們繼續之前，請參閱收益新聞稿中的安全港聲明，該聲明適用於本次電話會議，因為我們將做出前瞻性陳述。另外，請注意，本次電話會議討論了某些非國際財務報告準則的財務指標。請參閱我們的收益報告，其中包含非國際財務報告準則指標與最具可比性的國際財務報告準則指標的對帳。

Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB. I will now turn the call over to our CEO, Ms. Cathy Wang Yang. Cathy, please go ahead.

最後，請注意，除非另有說明，本次電話會議中提到的所有數字均以人民幣為單位。現在我將電話轉給我們的執行長 Cathy Wang Yang 女士。凱茜，請繼續。

[Interpreted] Hello, everyone. I'm NaaS's CEO, Cathy Wang. Today, I'm excited to share our performance highlights for the third quarter of 2024 and take this opportunity to update our investors on our business progress.

[翻譯]大家好。我是 NaaS 的執行長 Cathy Wang。今天，我很高興與大家分享我們 2024 年第三季的業績亮點，並藉此機會向投資者通報我們的業務進展。

First, I'd like to announce a significant milestone. After achieving operational breakeven in June during the second quarter, we delivered a positive non-IFRS net profit for the first time in a single quarter through strategic iteration, cost reduction and efficiency gains and technological advancement. In the third quarter, our non-IFRS net profit reached RMB20.6 million.

首先，我想宣布一個重要的里程碑。在第二季6月份實現營運損益平衡後，我們透過策略迭代、降本增效、技術進步，實現了單季首次非國際財務報告準則淨利為正。第三季度，我們的非國際財務報告準則淨利達到人民幣2,060萬元。

Our core charging services business reported revenues of RMB42.37 million in the third quarter, a year-over-year increase of 36%. While strategically concentrating on high-growth, high-margin core charging services, our overall gross margin has improved for four consecutive quarters, reaching an all-time high of 57% in the third quarter. This move is clearly producing positive outcomes.

我們的核心充電服務業務第三季營收4,237萬元人民幣，較去年同期成長36%。在策略上專注於高成長、高利潤的核心充電服務的同時，我們的整體毛利率連續四個季度提高，第三季達到57%的歷史新高。此舉顯然正在產生正面成果。

This quarter, we accelerated our strategic shift towards the core charging services business. This strategy is centered on fully leveraging our technological capabilities and analytical insights to meet the market's demand for AI-driven and digitalized charging resource allocation. Furthermore, by concentrating on our core business, we are unlocking greater profit potential laying a more sustainable growth foundation for the company.

本季度，我們加快了向核心充電服務業務的策略轉變。該策略的核心是充分利用我們的技術能力和分析洞察力來滿足市場對人工智慧驅動和數位化充電資源配置的需求。此外，透過專注於核心業務，我們正在釋放更大的獲利潛力，為公司奠定更永續的成長基礎。

We've also significantly reduced operating costs. For instance, selling and marketing expenses as a percentage of revenue decreased to 67% in the third quarter of 2024 from 160% in the third quarter of 2023, substantially improving our operational efficiency. Meanwhile, the number of users transacting through the NaaS platform grew by 30% year-over-year this quarter with user activity hitting a record high. These achievements have directly enhanced the company's profitability.

我們也大幅降低了營運成本。例如，銷售和行銷費用佔收入的百分比從 2023 年第三季的 160% 下降到 2024 年第三季的 67%，大幅提高了我們的營運效率。同時，本季透過NaaS平台進行交易的用戶數量較去年同期成長30%，用戶活躍度創歷史新高。這些成績的取得，直接提升了公司的獲利能力。

China's new energy vehicle market continues to grow rapidly. According to the China Association of Automobile Manufacturers, September 2024 saw record-breaking monthly reduction in sales of new energy vehicles, with domestic sales increasing by 45.5% year-over-year and the EV market share in new car sales continuing to surpass 50%.

中國新能源汽車市場持續快速成長。根據中國汽車工業協會統計，2024年9月，新能源汽車銷量月降幅創歷史新高，國內銷量年增45.5%，電動車在新車銷量的佔比持續超過50%。

Amid this robust growth environment, our priorities for the fourth quarter of 2024 and full year 2025 will center on profitability, scale and technology. We will continue to strategically focus on the interconnectivity charging services, leverage technology and innovation support growth on both the supply and demand side and our scale to strengthen our industry position and enhance profitability by capitalizing on economies of scale.

在這種強勁的成長環境下，我們 2024 年第四季和 2025 年全年的重點將集中在獲利能力、規模和技術上。我們將繼續策略性地專注於互聯互通充電服務，利用技術和創新支持供需雙方的成長以及我們的規模，以加強我們的產業地位，並透過利用規模經濟來提高獲利能力。

Next, please welcome our newly appointed CFO, Steven Sim, who will provide a detailed overview of our strategic progress, along with our operational and financial performance. We're excited to have Steve join us. Born and raised in Singapore and with over 20 years of experience in domestic and international capital markets, and a background in big four accounting firms and US-listed companies, he brings deep practical experience in corporate capital strategic expansion and financial management. We trust his extensive expertise will empower our business and create more value for our shareholders. Steven, over to you.

接下來，請歡迎我們新任命的財務長 Steven Sim，他將詳細概述我們的策略進展以及我們的營運和財務表現。我們很高興史蒂夫能加入我們。出生並成長於新加坡，擁有超過20年國內外資本市場經驗，並有四大會計師事務所及美國上市公司背景，對企業資本策略擴張及財務管理有著深厚的實務經驗。我們相信，他豐富的專業知識將增強我們的業務並為我們的股東創造更多價值。史蒂文，交給你了。

Thank you for a warm welcome. Hello, everyone, and thank you for joining us. I'm Steven Sim, the new Chief Financial Officer of NaaS. I'm delighted to join the team at such a pivotal time for our company and to review the substantial progress we've made for this quarter. We are intensifying our focus on core charging services, leveraging AI to optimize supply and demand connectivity.

謝謝你們的熱烈歡迎。大家好，感謝大家的參與。我是 Steven Sim，NaaS 新任財務長。我很高興在公司如此關鍵的時刻加入團隊，並回顧我們本季的重大進展。我們正在加強對核心充電服務的關注，並利用人工智慧來優化供需連接。

This shift, coupled with phasing out low-margin energy solutions, has improved profitability with record high gross margins and our first positive quarterly non-IFRS net income. For details about the non-IFRS measures and reconciliation with IFRS measures, please refer to our press release.

這一轉變，加上逐步淘汰低利潤的能源解決方案，提高了盈利能力，實現了創紀錄的高毛利率和我們首次實現非國際財務報告準則季度淨收入為正。有關非國際財務報告準則措施及與國際財務報告準則措施協調的詳細信息，請參閱我們的新聞稿。

Our NEF platform enhances efficiency for touchpoint operators show promising monetization potential through collaborations like the Zhejiang government project. We are strengthening our EV charging ecosystem with key partnerships, including FAW Volkswagen and IM Motors, and expanding our network of touchpoint operators and charges. Notably, our October partnership in Fujian adds 100 stations and 1,600 charges, enhancing connectivity and convenience.

我們的 NEF 平台提高了接觸點營運商的效率，並透過浙江政府計畫等合作展現出良好的獲利潛力。我們正在與一汽大眾和IM Motors等主要合作夥伴加強我們的電動車充電生態系統，並擴大我們的接觸點營運商和充電網路。值得注意的是，我們十月與福建的合作增加了 100 個站點和 1,600 個充電點，增強了連結性和便利性。

Our AI-driven NEF system optimizes charging operations and unlock customer site benefits like subsidy allocations and better user experiences. Early success includes the Fujian platform, demonstrating NEF's value in boosting efficiency and monetization. On ESG, our sustainability remains central to NaaS, our 2023 ESG report highlights efforts to expand green energy access and partnerships with initiatives like the Carbon Inclusive City Corporation Alliance and China ESG alliance, reinforcing our leadership in sustainable development. Through focused strategy, ecosystem growth and innovation, NaaS is positioned for long-term success and value creation.

我們的人工智慧驅動的 NEF 系統優化了充電操作並釋放了客戶網站優勢，例如補貼分配和更好的用戶體驗。早期的成功包括福建平台，證明了 NEF 在提高效率和貨幣化方面的價值。在 ESG 方面，我們的永續性仍然是 NaaS 的核心，我們的 2023 年 ESG 報告強調了擴大綠色能源取得管道的努力以及與低碳城市企業聯盟和中國 ESG 聯盟等倡議的合作，從而加強了我們在永續發展方面的領導地位。透過重點策略、生態系統成長和創新，NaaS 有望實現長期成功並創造價值。

Next, for our financial highlights. In Q3, we reached a major milestone by achieving our first ever positive quarterly non-IFRS net income of RMB20.6 million. Following our non-IFRS breakeven in June -- for details about our non-IFRS measures and reconciliation with IFRS measures, please refer to our press release.

接下來是我們的財務亮點。第三季度，我們實現了一個重要的里程碑，首次實現非國際財務報告準則季度淨利潤為 2,060 萬元。繼我們 6 月份實現非國際財務報告準則盈虧平衡之後，有關我們的非國際財務報告準則衡量指標以及與國際財務報告準則衡量指標的調節的詳細信息，請參閱我們的新聞稿。

This accomplishment reflects the strength of our strategic direction and operational execution. Charging services revenue surged by 36% year-over-year, reaching RMB42.4 million this quarter, a testament to the efficacy of our strategic focus on high-margin core offerings. This is due to our continuous expansion in both supply and demand side, along with our technology development to keep improving efficiency.

這項成就體現了我們策略方向和營運執行的實力。本季充電服務收入年增 36%，達到 4,240 萬元，證明了我們對高利潤核心產品的策略重點的有效性。這是因為我們在供給和需求方面的不斷擴張，以及我們的技術發展以不斷提高效率。

Energy Solutions revenue were RMB0.56 million driven by our strategic shift to focus on high-margin platform business. The company exited Energy Solution businesses through various ways. For example, we announced the sale center power to our parent company, NewLink in August 2024.

能源解決方案收入為 56 萬元，這得益於我們向高利潤平台業務的策略轉變。該公司透過各種方式退出能源解決方案業務。例如，我們在2024年8月宣布將銷售中心權力移交給母公司NewLink。

Again, as mentioned earlier, we have been deliberately transitioning away from lower-margin, capital-intensive energy solutions projects to concentrate on our core charging services business, which offer higher growth potential and profitability. As a result, there was a substantial improvement in our gross profit margin, which reached a historical high of 57%, up from 29% in the same period last year.

再次，如前所述，我們一直在刻意擺脫利潤率較低、資本密集型的能源解決方案項目，轉而專注於我們的核心充電服務業務，該業務具有更高的成長潛力和盈利能力。因此，我們的毛利率大幅提升，由去年同期的29%上升至57%的歷史新高。

Cost efficiency remains central to our strategy for sustainable growth. In Q3 2024, we achieved significant reductions in operating expenses with sales expenses decreasing by 81% year-over-year, marking the fourth consecutive quarter of substantial declines. The substantial reduction in sales expenses was primarily driven by our improving sales strategies, operating efficiency and customer subsidy schemes.

成本效益仍然是我們永續成長策略的核心。2024年第三季度，我們實現了營業費用的大幅削減，其中銷售費用年減81%，連續第四個季度大幅下降。銷售費用的大幅減少主要得益於我們改進的銷售策略、營運效率和客戶補貼計畫。

As a result, despite these reductions, we maintain strong customer engagement with transaction users through the company's platform increasing by 34% year-over-year, and user activity reaching record high. These results demonstrate our disciplined cost management effectively supports engagement and market expansion without compromising performance.

因此，儘管有所減少，我們仍透過公司平台與交易用戶保持著強勁的客戶互動，交易用戶數量較去年同期成長 34%，用戶活躍度創歷史新高。這些結果表明，我們嚴格的成本管理有效地支持了參與和市場擴張，同時又不影響績效。

Our focus on scaling high-margin charging services supported by a 49% year-over-year increase in connected charges and AI-powered tools like the NEF system which optimizes charger placement, utilization and dynamic pricing. These advancements are driving growth, profitability, and efficiency as we expand.

我們專注於擴大高利潤充電服務，這得益於連網充電量年增 49% 以及 NEF 系統等人工智慧工具，可優化充電器的放置、利用率和動態定價。隨著我們的擴張，這些進步正在推動成長、獲利能力和效率。

This quarter, we reduced sales expenses by 41.7% quarter-over-quarter and administrative expenses by 15.5% quarter-over-quarter, while transaction users grew by 34% year-over-year. These results demonstrate the effectiveness of our disciplined cost controls in supporting growth without compromising engagement. Looking ahead, our asset-light model enable us to scale efficiently while improving gross margins and delivering sustainable value for shareholders.

本季，我們的銷售費用較上季下降41.7%，管理費用較上季下降15.5%，交易用戶較去年同期成長34%。這些結果證明了我們嚴格的成本控制在支持成長方面有效性，同時又不損害參與度。展望未來，我們的輕資產模式使我們能夠有效擴大規模，同時提高毛利率並為股東創造可持續的價值。

By focusing on high-growth opportunities and leveraging technology, we are well positioned to maintain this momentum in the coming quarters. This concludes our prepared remarks for today. We are now ready to take questions. Thank you.

透過專注於高成長機會和利用技術，我們有能力在未來幾季保持這一勢頭。我們今天的準備演講到此結束。我們現在準備好回答問題。謝謝。

(Operator instructions)

（操作員指示）

Ting Song, Goldman Sachs.

宋婷，高盛。

Congratulations on the (inaudible) this quarter. I would like to explore the progress you have made on gross profit and margin improvement in third quarter this year. Could you elaborate more on how you are able to make it and what we could expect (inaudible). This is my first question.

恭喜本季（聽不清楚）。我想了解一下你們今年第三季在毛利和利潤率改善方面取得的進展。您能否詳細說明您是如何做到這一點的，以及我們可以期待什麼（聽不清楚）。這是我的第一個問題。

And for the second one, I would like to ask for the improving operational efficiency this year, which is important to the company, as you mentioned before, I would like to know more about your operational expense trends and how you could narrow your operational loss this quarter.

第二個問題，我想問今年營運效率的提高，這對公司來說很重要，正如您之前提到的，我想更多地了解您的營運費用趨勢以及如何縮小本季的營運損失。

Thank you, Ting. Let me take your question. This is Steven. For the first question on the positive profitability and the progress on the gross profit and margin improvement. In Q3 2024, we achieved a gross profit increase of 19%, reaching RMB25.1 million from RMB21.1 million in Q2 quarter-on-quarter. This substantial growth in gross profit last phase of success and executing strategy, focusing on high-margin revenue stream and cost control leveraging on our advantage of our platform increasing in scale.

謝謝你，婷。我來回答你的問題。這是史蒂文。第一個問題是關於獲利能力的正面變化以及毛利和利潤率改善的進展。2024年第三季度，我們實現毛利季增19%，由第二季的2,110萬元增加到2,510萬元。毛利的大幅成長是成功執行策略的最後階段，我們專注於高利潤收入流和成本控制，並利用我們平台規模擴大的優勢。

Our gross margin also reached a historical high, and this was an improvement from 38% in Q2 to 57% in Q3. This substantial improvement underscores the effectiveness of our strategy and also focusing on our core business and not diluting our focus on the noncore capital expenditure heavy business. Our margin growth is also as a result of optimization and enhance operational efficiency across departments. As we went through our department reviews and overall operating efficiency, we continue to do so on an ongoing basis, and this efficiency will further enhance our margin performance to allow us to deliver continuous and improved profitability.

我們的毛利率也達到了歷史最高水平，從第二季的38%提高到第三季的57%。這項實質的改進凸顯了我們策略的有效性，也顯示我們專注於核心業務，並且不會削弱我們對非核心資本支出密集業務的關注。我們的利潤率成長也是跨部門優化和提高營運效率的結果。在我們進行部門審查和整體營運效率的同時，我們將繼續持續這樣做，這種效率將進一步提高我們的利潤率表現，使我們能夠持續提高獲利能力。

On a moving forward basis, I think in our prepared remarks, we did mention that the goal is to deepen these efficiencies and to keep gross margin strong. It is a challenge as well as, at the same time for us, as we reach the scale with the continuous growth in the number of EVs on the road, I think we are confident about continued improvements in the upcoming quarters.

展望未來，我想在我們準備好的評論中，我們確實提到目標是提高效率並維持強勁的毛利率。這對我們來說也是一個挑戰，同時，隨著道路上電動車數量的不斷增長，我們達到了一定的規模，我認為我們對未來幾季的持續改善充滿信心。

I think on the second question, you mentioned on operating efficiency also. And I mentioned in my previous answer, some aspects already. And I guess, on the operating expense trend, let me just elaborate more. As I mentioned in my previous answer, we implemented a series of aggressive cost control measures to the extent possible without sacrificing growth across all operational areas, and this resulted in notable reductions in expenses and operational losses.

我認為在第二個問題上，您也提到了營運效率。我在之前的回答中已經提到了一些方面。我想，關於營業費用趨勢，我可以更詳細地說明一下。正如我在先前的回答中提到的，我們在不犧牲所有營運領域成長的情況下盡可能地實施了一系列積極的成本控制措施，這顯著減少了費用和營運損失。

And selling expenses saw a major cut decreasing from RMB50.9 million in Q2 to RMB29.7 million in Q3, again reflecting our efforts to streamline company resources and focus on cost-effective projects. And this is by optimizing customer subsidy policies and improving the sales team efficiencies.

銷售費用也大幅削減，從第二季的5,090萬元降至第三季的2,970萬元人民幣，這再次反映了我們為精簡公司資源和專注於具有成本效益的專案所做的努力。這是透過優化客戶補貼政策和提高銷售團隊效率來實現的。

Administrative expenses on R&D basis, there was a 15% reduction from Q2 to Q3, and this was reduced by RMB8.9 million. And again, on a going forward basis, as we scale, we should see more operating leverage and our fixed costs should cover higher scale and more growth without increasing the fixed cost percentage in tandem.

研發管理費用第三季較第二季減少15%，減少890萬元。而且，從未來來看，隨著規模的擴大，我們應該看到更多的經營槓桿，我們的固定成本應該能夠涵蓋更大的規模和更多的成長，而無需同時增加固定成本百分比。

And overall, this effort accumulated in a 44% reduction in operational cost losses compared with the last quarter. And total operating losses decreased by RMB39 million from Q2. This reduction has been possible due to our proactive approach in also identifying certain cost savings opportunity and scaling down on central projects maximize the efficiency of our resource.

總體而言，與上一季相比，這項努力累積使營運成本損失減少了 44%。總營業虧損較第二季減少0.39億元。之所以能夠實現這一削減，是因為我們採取了積極主動的方法，發現了某些成本節約機會，並縮減了中央項目，從而最大限度地提高了資源效率。

We will continue to do so to the best our abilities and to really tap into the market potential but, at the same time, come up with a more focused streamlined approach to the business. Thank you.

我們將繼續盡最大努力，真正挖掘市場潛力，同時，提出更有針對性的精簡業務方法。謝謝。

Amber, Jefferies.

安伯，杰弗里斯。

Congrats on your outstanding results. I have two questions. It seems your revenue composition is shifting rapidly and margins are improving due to your strategic focus on your core charging service. Could you please talk about the background and why you made that decision? And how has it been impacting the company's operations and financials?

恭喜你取得優異的成績。我有兩個問題。由於你們將策略重點放在核心充電服務上，你們的收入組成似乎正在迅速變化，利潤率也在提高。您能談談背景以及做出該決定的原因嗎？它對公司的營運和財務有何影響？

And my second question is competition is tough in any market and it seems NaaS has done so well. What competitive advantage does NaaS plan to leverage to maintain its leadership in a market like this.

我的第二個問題是，任何市場的競爭都很激烈，而 NaaS 似乎表現得很好。NaaS 計劃利用什麼競爭優勢來保持其在這樣的市場中的領先地位。

Amber, on your first question on the revenue composition and the focus on our core business I think from day 1, NaaS's strategy has to be -- has been building a key platform business linking our customers to the various charging services. And going back to this core business is nothing new except that it realigns our thinking in what the long-term value in the business will be. Therefore, our strategic focus is really a key initiative in our ongoing efforts to achieve not just profitability, but also to go back to what we do best in increasing the value of the platform.

Amber，關於你關於收入組成和核心業務重點的第一個問題，我認為從第一天起，NaaS 的策略就必須是——建立一個關鍵的平台業務，將我們的客戶與各種充電服務聯繫起來。回歸核心業務並不是什麼新鮮事，只不過它讓我們重新思考業務的長期價值。因此，我們的策略重點實際上是我們持續努力的關鍵舉措，不僅要實現盈利，還要回歸到我們最擅長的領域，提高平台的價值。

And unlike the Energy Solutions business, which we previously mentioned in the past quarters, that requires heavy investments and deep knowledge on operations, focusing on the long-term lower margin business. And we are retreating from that because we believe that business doesn't give our shareholder the best value, so we are returning to a higher margin asset line business allowing us to scale efficiently.

與我們之前幾個季度提到的能源解決方案業務不同，該業務需要大量投資和深入的營運知識，專注於長期利潤率較低的業務。而我們之所以放棄這項業務，是因為我們認為該業務並沒有為我們的股東帶來最大的價值，所以我們將回歸利潤率更高的資產線業務，這使我們能夠有效地擴大規模。

This shift has already shown significant impact on our financials with the company gross profit margins reaching a record high 57%. Additionally, by simplifying our business lines and focusing on core services, we are able to better allocate resources to areas that drive growth in our users and on our costs and also delivering better services to help our charging partners find more and better customers, and deliver higher margins for them. So this, in turn, will allow us to return more value to the platform and in turn to our users. That's the answer to the first question.

這一轉變已經對我們的財務狀況產生了重大影響，而公司毛利率達到了創紀錄的 57%。此外，透過簡化業務線並專注於核心服務，我們能夠更好地將資源分配到推動用戶和成本成長的領域，並提供更好的服務，幫助我們的充電合作夥伴找到更多更好的客戶，並為他們帶來更高的利潤。因此，這反過來將使我們能夠為平台和用戶帶來更多價值。這就是第一個問題的答案。

On the second question on competition, I would say that we've done very well in a very competitively tough market. And I think the whole point of really growing a platform business is to essentially focus on delivering values, as I mentioned in my last answer to both various stakeholders in the platform. And to do so, we have a few distinct advantages.

關於競爭的第二個問題，我想說，在競爭非常激烈的市場中，我們做得非常好。我認為，真正發展平台業務的全部意義在於從本質上專注於提供價值，正如我在上次回答平台各個利害關係人的問題時所提到的那樣。為了實現這一目標，我們擁有一些明顯的優勢。

We have a key advantage to our advanced AI power analytics which essentially takes in all our user behavior data, and these analytics provide real-time insights that enable operators to optimize operations dynamically and helping users locate chargers instantly at an optimized price. These tools enhance charging efficiency, boost station utilization and profitability, and ensure seamless experience for both operators and users.

我們的先進人工智慧電力分析技術具有關鍵優勢，它基本上吸收了我們所有的用戶行為數據，這些分析提供了即時洞察，使營運商能夠動態優化運營，並幫助用戶以優化的價格即時找到充電器。這些工具提高了充電效率，提高了站點利用率和盈利能力，並確保運營商和用戶的無縫體驗。

Secondly, our strong partnership with the ecosystem players including OEM charging operators and energy companies give NaaS extensive market reach. As we grow in scale, these collaborations will allow us to expand infrastructure efficiently while fostering user loyalty and retention. Lastly, our asset-light platform enables scalable growth with our heavy capital investments, and this helped us maintain a streamlined cost structure and profitability.

其次，我們與包括 OEM 充電業者和能源公司在內的生態系統參與者建立了牢固的合作夥伴關係，使 NaaS 擁有廣泛的市場覆蓋範圍。隨著規模的擴大，這些合作將使我們能夠有效地擴展基礎設施，同時培養用戶忠誠度和保留率。最後，我們的輕資產平台透過大量的資本投入實現了可擴展的成長，這有助於我們保持精簡的成本結構和獲利能力。

I think this combination of tax strategic partnership and cost-efficient growth, will enable NaaS to remain a leader in the evolving EV market, which allow us to win to meet future competitive challenges. Thank you.

我認為，稅收策略合作夥伴關係和成本效益成長的結合將使 NaaS 在不斷發展的電動車市場中保持領先地位，使我們能夠應對未來的競爭挑戰。謝謝。

James Zhou, UBS.

瑞銀的 James Zhou。

First of all, very happy to see NaaS's see some positive non-IFRS net profit for the fourth time in this quarter. And moving forward, can we expect sustainable profitability in the long run. And my second question is regarding, if we take a closer look at the further metrics influencing less strong shows, for example, one of the key trends in user subsidies? And how have they been impacting the company's overall profitability.

首先，很高興看到 NaaS 本季第四次實現非國際財務報告準則淨利。展望未來，我們能否期待長期可持續的獲利能力？我的第二個問題是，如果我們仔細觀察影響不太強勁的節目的進一步指標，例如用戶補貼的關鍵趨勢？它們對公司的整體獲利能力有何影響？

First question on the profit and on the -- what our expectation is moving forward. Again, this quarter marked a significant milestone for us with quarterly non-IFRS net profit turning positive for the first time for the whole quarter, reaching RMB20.6 million in Q3 compared to negative RMB39.9 million, a negative RMB134 million in Q3 last year. So on all aspects, quarter-on-quarter, year-on-year is a significant improvement. Obviously, we want to continue to drive the momentum to continue our profitability and to make sure is both sustainable and to really leverage on our scale and also our cost efficiency effect.

第一個問題是關於利潤以及我們對未來的期望。本季再次成為我們的一個重要里程碑，非國際財務報告準則下的季度淨利潤首次實現全季度正增長，達到人民幣 2,060 萬元，而去年同期為 1.34 億元（負）。因此從各方面來看，環比、同比都有顯著改善。顯然，我們希望繼續保持獲利能力，確保其可持續性，並真正發揮我們的規模和成本效益效應。

I think the key drivers will be a continued healthy growth in the charging services business with gross margin reaching a record 57%. I think we will want to try to maintain those margins and growth, find the right balance to grow the business on an overall basis. And similarly, on the operating leverage, our operating expenses fell by 70% year-on-year. And this is streamlined by operations and also tax efficiencies.

我認為關鍵驅動因素將是充電服務業務的持續健康成長，毛利率將達到創紀錄的 57%。我認為我們會努力維持這些利潤率和成長率，找到適當的平衡點來實現整體業務的成長。同樣，在營運槓桿方面，我們的營運費用較去年同期下降了70%。並且這透過營運和稅收效率得到簡化。

Again, we want to focus on that without sacrificing growth and user experience and our services to our partners. Looking ahead, I think we are confident in sustaining this positive trend by expanding the high-margin services. And we will leverage on our AI-driven efficiency as our core advantage, and we will continue to scale our platform. With a 49% year-on-year increase in connected charges and 34% year-on-year growth in transaction users. I think we are well positioned to deliver long-term value and maintain profitability.

再次強調，我們希望專注於此，同時不犧牲成長、使用者體驗和我們為合作夥伴提供的服務。展望未來，我認為我們有信心透過擴大高利潤服務來維持這一正面趨勢。我們將利用人工智慧驅動的效率作為我們的核心優勢，並繼續擴展我們的平台。接入費用較去年同期成長49%，交易用戶較去年同期成長34%。我認為我們有能力實現長期價值並保持盈利能力。

I think on the second question, the question is to do with trends and user subsidies and how they've been impacting the company's overall profitability. Without a doubt, our users are NaaS's main focus. Without creating the right value to our users, we cannot continue to grow and we cannot continue to give excellent value, both to them and our charging station partners.

我認為第二個問題與趨勢和用戶補貼有關，以及它們如何影響公司的整體獲利能力。毫無疑問，我們的用戶是 NaaS 的主要關注點。如果不為我們的用戶創造正確的價值，我們就無法繼續發展，也無法繼續為用戶和我們的充電站合作夥伴提供卓越的價值。

The competitive landscape of the EV charging platform market has been relatively stable since 2023 which means that the companies don't need intensive customer subsidies to grab more market. I think there's been more focus on deepening relationship with our users, creating better value, improving user experience via our app, helping them find charging stations faster, delivering better costs, offering more transparent user experience, for example, helping users have an overview of when the charging cost is on a daily basis or a split into different timing. For example, it's obviously cheaper to charge at night, at the lower electricity price. So I think anecdotally, these are various things that we do well and we'll continue to improve on a going-forward basis to retain and grow our users.

自 2023 年以來，電動車充電平台市場的競爭格局相對穩定，這意味著公司不需要大量客戶補貼來搶佔更多市場。我認為我們更加重視深化與用戶的關係，創造更好的價值，透過我們的應用程式改善用戶體驗，幫助他們更快地找到充電站，提供更好的成本，提供更透明的用戶體驗，例如，幫助用戶了解每天的充電成本或分成不同的時間。例如，夜間充電顯然更便宜，因為電價較低。因此，我認為，從傳聞來看，這些都是我們做得很好的事情，我們將繼續改進，以留住和增加我們的用戶。

With that being said, the company initiated a gradual reduction in user subsidies because we believe that users other than looking at subsidies in itself also experience. Since the beginning of 2024, we have reduced, and we have seen a significant positive impact on our net and gross take rates both of which were historically high. By decreasing reliance on subsidies, we are fostering a more sustainable revenue model that does not incentivize rely on incentives to drive growth.

話雖如此，公司還是開始逐步減少用戶補貼，因為我們認為用戶除了看補貼本身之外，還會感受到。自 2024 年初以來，我們已降低了淨收入率和總收入率，並且看到了顯著的正面影響，這兩個數字都處於歷史高點。透過減少對補貼的依賴，我們正在培養一種更永續的收入模式，這種模式不會鼓勵依賴激勵措施來推動成長。

I think this focus also allows us to allocate resource more effectively focusing on higher return areas rather than subsidize growth and which in turn supports our long-term profitability growth and allow us to -- and a deeper network to benefit our users more. I think continuously optimizing customer subsidy scheme will streamline our revenue generation process.

我認為這種關注也使我們能夠更有效地分配資源，專注於回報更高的領域，而不是補貼增長，這反過來又支持了我們的長期盈利增長，並使我們能夠——以及更深層次的網絡，從而讓我們的用戶受益更多。我認為不斷優化客戶補貼計畫將簡化我們的創收流程。

Instead of using subsidies as a primary driver, we are seeing stronger organic growth. This is driven by user acquisition channels and partnership. This move also strengthened our market position by making offerings more attractive based on inherent value rather than discount-driven strategies. I think another key fact that we should keep in mind is that with the reduction in customer subsidies, newly registered users and transaction users through the company's platform also has been growing. So it's not been impacted too much.

我們不再依賴補貼作為主要驅動力，而是看到了更強勁的有機成長。這是由用戶獲取管道和合作夥伴關係所推動的。此舉也透過基於內在價值而非折扣策略提供更具吸引力的產品，從而加強了我們的市場地位。我認為我們應該牢記的另一個關鍵事實是，隨著客戶補貼的減少，透過該公司平台的新註冊用戶和交易用戶也在成長。所以沒有受到太大的影響。

Overall, it aligns with our regional becoming a profitable leader in the EV charging space with a more sustainable revenue model that can adapt and grow with market demand.

總體而言，這與我們地區成為電動車充電領域的獲利領導者的目標一致，並且擁有更永續的收入模式，可以適應市場需求並隨之增長。

Ethan Zhang, Nomura.

野村證券的 Ethan Zhang。

So first, congratulations for your results, and we saw NaaS achieved a significant increase in the charge conduction, which is a believe higher than the industry average growth rate. So my question is what do you think how do you attribute this fast growth to? And how is NaaS positioning yourself as a leader in China's expanding EV charging network.

首先，恭喜你們取得的成績，我們看到NaaS在收費傳導方面實現了顯著的成長，相信這一成長率高於產業平均。所以我的問題是，您認為這種快速成長的原因是什麼？NaaS 如何將自己定位為中國不斷擴大的電動車充電網路的領導者？

Ethan, I think this is a really good supply side question. The 39% year-on-year increase in charter connection also reflects our strategic focus on the supply side infrastructure. And this is, again, to meet the growing demand for charging with substantial growth in the number of EVs on the road and pellet on new EVs, new car sales being 50% EVs. This growth can be attributed to a combination of factors. In our case, it's through technological innovation.

伊桑，我認為這是一個非常好的供給者問題。包機連接數年增39%也反映了我們對供應側基礎設施的策略重點。再一次，這是為了滿足日益增長的充電需求，道路上的電動車數量和新電動車的數量大幅增長，新車銷量的 50% 是電動車。這種成長可以歸因於多種因素。就我們而言，這是透過技術創新。

Again, going back to our AI-powered big data analysis. The last energy fintech system, which we call NEF, have optimized station operations and site selection. And this help our partners ensure that we place charges in the most high-demand area. This strategic partnership is helping us in forging this alliance with regional and national partners and we've been able to expand our network quickly and efficiently as we scale.

再次回到我們的人工智慧大數據分析。最後一個能源金融科技系統，我們稱之為 NEF，優化了電站營運和選址。這有助於我們的合作夥伴確保我們在需求最高的地區收費。這項戰略夥伴關係有助於我們與地區和國家合作夥伴建立聯盟，並且我們能夠在擴大規模的同時快速有效地擴展我們的網絡。

On the operating efficiency, the improvement in predictive maintenance and dynamic pricing have made our network more attractive to charging operators, and this is driving growth across the board. I think our rapid expansion make us a continuing leader in China's easy charging market. We continue to grow a strong and connected network of charging stations, and we are not just adding more charges but making sure that easy to access and efficient for EV drivers across the country.

在營運效率方面，預測性維護和動態定價的改進使我們的網路對充電營運商更具吸引力，這推動了全面成長。我認為我們的快速擴張使我們在中國便捷充電市場繼續保持領先。我們將繼續發展強大且互聯的充電站網絡，我們不僅增加更多的充電站，而且確保全國各地的電動車駕駛員都能輕鬆高效地使用充電站。

With smart site placement, advanced AI technology and strong partnership, we are creating a better, more reliable charging experience for users. This is our continuing commitment to simple fundamentals the acquisitions NaaS for the long-term success as the global EV market continues to grow.

憑藉智慧網站佈局、先進的人工智慧技術和強大的合作夥伴關係，我們正在為用戶創造更好、更可靠的充電體驗。這是我們持續致力於簡單基本面的承諾，隨著全球電動車市場的持續成長，收購 NaaS 得以長期成功。

Zhao, Tianfeng Securities.

趙天風證券.

(Inaudible) NaaS's recent partnership in Fujian promising have expanded the company's presence in key cities. How does this regional expansion contribute to NaaS's long-term strategy? And how is the company's AI power technology enhancing the user experience and operational efficiency for regional charging operators?

（聽不清楚）NaaS 最近與福建的合作有望擴大該公司在主要城市的影響力。此次區域擴張對 NaaS 的長期策略有何貢獻？公司的AI電力技術如何提升區域充電業者的使用者體驗與營運效率？

So the partnership in Fujian province significantly strengthens NaaS's regional presence, particularly in key cities like Xiamen and Fuzhou. And this extends our coverage to smaller cities like Ningde and Putian. This expansion is a crucial part of our long-term strategy to create highly interconnected EV charging network across China for our users in both large and small.

因此，與福建省的合作大大增強了 NaaS 的區域影響力，尤其是在廈門和福州等主要城市。這將我們的覆蓋範圍擴大到寧德和莆田等較小的城市。此次擴張是我們長期策略的重要組成部分，旨在為中國大大小小的用戶打造高度互聯的電動車充電網路。

And specifically with the collaboration in Fujian, we've integrated over 100 charging stations and over 1,600 DC fast chargers into our network. This really improved our general accessibility for consumers and we are also successfully working with the government at the local and national level to increase both China and the world progress towards the green future.

具體來說，透過與福建的合作，我們已將 100 多個充電站和 1,600 多個直流快速充電器整合到我們的網路中。這確實提高了我們對消費者的整體可及性，我們也成功地與地方和國家政府合作，推動中國和世界朝著綠色未來邁進。

Our AI-powered mass system, again, plays a central role in this asset, enhancing the user experience by providing real-time charging station availability, predictive maintenance and optimized site selection. For regional charging operators, this technology boosts profitability through dynamic pricing based on real-time demand and electricity supply, as I mentioned earlier, which creates a key user experience, a key friendly experience for our users. And this ensures both operational efficiency and financial sustainability.

我們的人工智慧大規模系統再次在這項資產中發揮了核心作用，透過提供即時充電站可用性、預測性維護和優化網站選擇來增強用戶體驗。對於區域充電營運商來說，正如我之前提到的，這項技術透過基於即時需求和電力供應的動態定價來提高獲利能力，這為我們的用戶創造了關鍵的用戶體驗、關鍵的友好體驗。這不僅確保了營運效率，也確保了財務可持續性。

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

由於現在沒有其他問題，我想將電話轉回給公司進行結束語。

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

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。謝謝。

This concludes the conference call. You may now disconnect your line. Thank you.

電話會議到此結束。現在您可以斷開線路了。謝謝。