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NaaS Technology Launches Zhejiang Province Charging Infrastructure Governance Platform

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NaaS Technology (Nasdaq: NAAS) has successfully launched the Zhejiang Province Charging Infrastructure Governance and Supervision Service Platform in collaboration with the Energy Bureau of Zhejiang Province. The platform, awarded to NaaS in December 2023, integrates the company's proprietary NEF system with government cloud resources to optimize EV charging infrastructure layout and operations. Notable operational improvements include a reduction in marketing expenses from 177% to 57% of revenue in Q2 2024, alongside 60% growth in registered users and 90% increase in transaction users.

NaaS Technology (Nasdaq: NAAS) ha lanciato con successo la Piattaforma di Governance e Supervisione dell'Infrastruttura di Ricarica della Provincia di Zhejiang in collaborazione con l'Ufficio Energetico della Provincia di Zhejiang. La piattaforma, assegnata a NaaS a dicembre 2023, integra il sistema proprietario NEF dell'azienda con le risorse cloud governative per ottimizzare la disposizione e le operazioni dell'infrastruttura di ricarica per veicoli elettrici. Miglioramenti operativi significativi includono una riduzione delle spese di marketing dal 177% al 57% delle entrate nel secondo trimestre del 2024, insieme a una crescita del 60% degli utenti registrati e un aumento del 90% degli utenti transazionali.

NaaS Technology (Nasdaq: NAAS) ha lanzado con éxito la Plataforma de Gobernanza y Supervisión de la Infraestructura de Carga de la Provincia de Zhejiang en colaboración con la Oficina de Energía de la Provincia de Zhejiang. La plataforma, otorgada a NaaS en diciembre de 2023, integra el sistema propietario NEF de la empresa con los recursos en la nube del gobierno para optimizar la disposición y las operaciones de la infraestructura de carga de vehículos eléctricos. Mejoras operativas notables incluyen una reducción de los gastos de marketing del 177% al 57% de los ingresos en el segundo trimestre de 2024, junto con un crecimiento del 60% en los usuarios registrados y un aumento del 90% en los usuarios de transacciones.

NaaS Technology (Nasdaq: NAAS)은 절강성 충전 인프라 관리 및 감독 서비스 플랫폼을 절강성 에너지국과 협력하여 성공적으로 론칭했습니다. 2023년 12월 NaaS에 수여된 이 플랫폼은 회사의 독자적인 NEF 시스템과 정부 클라우드 자원을 통합하여 전기차 충전 인프라의 배치 및 운영을 최적화합니다. 주목할 만한 운영 개선으로는 2024년 2분기 매출에서 마케팅 비용이 177%에서 57%로 감소했으며, 등록 사용자 수가 60% 증가하고, 거래 사용자 수가 90% 증가했습니다.

NaaS Technology (Nasdaq: NAAS) a lancé avec succès la Plateforme de Gouvernance et de Supervision de l'Infrastructure de Recharge de la Province du Zhejiang en collaboration avec le Bureau de l'Énergie de la Province du Zhejiang. La plateforme, attribuée à NaaS en décembre 2023, intègre le système propriétaire NEF de l'entreprise avec les ressources cloud gouvernementales pour optimiser la disposition et les opérations de l'infrastructure de recharge pour véhicules électriques. Des améliorations opérationnelles notables incluent une réduction des dépenses marketing de 177% à 57% des revenus au deuxième trimestre 2024, ainsi qu'une augmentation de 60% des utilisateurs enregistrés et une hausse de 90% des utilisateurs de transactions.

NaaS Technology (Nasdaq: NAAS) hat erfolgreich die Plattform zur Governance und Aufsicht der Ladeinfrastruktur in der Provinz Zhejiang in Zusammenarbeit mit dem Energieministerium der Provinz Zhejiang gestartet. Die Plattform, die im Dezember 2023 an NaaS vergeben wurde, integriert das unternehmenseigene NEF-System mit den Cloud-Ressourcen der Regierung, um die Anordnung und den Betrieb der Ladeinfrastruktur für Elektrofahrzeuge zu optimieren. Bemerkenswerte betriebliche Verbesserungen umfassen eine Reduzierung der Marketingausgaben von 177% auf 57% des Umsatzes im zweiten Quartal 2024, sowie ein Wachstum von 60% bei den registrierten Nutzern und einen Anstieg von 90% bei den Transaktionsnutzern.

Positive
  • Marketing expenses reduced significantly from 177% to 57% of revenue in Q2 2024
  • Registered users increased by over 60% in Q2 2024
  • Transaction users grew by over 90% in Q2 2024
  • Secured strategic government contract for Zhejiang Province charging infrastructure platform
Negative
  • Marketing expenses still represent a high 57% of revenue despite improvement

Insights

The launch of Zhejiang's charging infrastructure platform represents a strategic advancement in NaaS's business model. The platform's integration with government cloud resources and proprietary NEF system demonstrates significant technological capabilities and creates a potential moat through public-private partnerships. The substantial improvement in marketing efficiency, with expenses dropping from 177% to 60% of revenue, coupled with 60% growth in registered users and 90% increase in transaction users, indicates strong operational leverage. However, the company's small market cap of $39.7M and continued high marketing expenses relative to revenue suggest ongoing challenges in achieving profitability. The platform's success in Zhejiang, China's leading province for EV infrastructure, could serve as a scalable model for expansion, though execution risks remain significant.

BEIJING, Nov. 7, 2024 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S.-listed EV charging service company in China, today announced its successful deployment of the "Zhejiang Province Charging Infrastructure Governance and Supervision Service Platform" (the 'Platform'). Launched in collaboration with the Energy Bureau of Zhejiang Province, this initiative represents a strategic expansion of the Company's footprint in digital infrastructure solutions for EV charging services.

NaaS was awarded the contract to lead the project in December 2023 following a competitive bidding process. Leveraging government cloud resources and data integration from the Development and Reform Commission, the Platform integrates NaaS's proprietary NEF (NaaS Energy Fintech) system to address critical charging infrastructure needs, including optimizing the layout, enhancing service uniformity, and enforcing operational standards across the province. The Platform not only streamlines the governance of existing facilities but also guides the strategic deployment of new charging sites to ensure comprehensive coverage and accessibility.

Ms. Yang Wang, Chief Executive Officer of NaaS, commented, "The operational launch of the Zhejiang Province Charging Infrastructure Governance and Supervision Service Platform marks a significant milestone in our strategic initiatives. Zhejiang Province leads the country in new energy vehicle ownership and number of public charging piles. Powered by NaaS's digital and AI capabilities, this Platform not only enhances the efficiency of charging infrastructure but also sets a benchmark for regulatory governance in the industry nationwide. We are proud to lead this transformative project, supporting the provincial government's goals of accelerating new energy vehicle adoption and advancing sustainable transportation solutions."

Mr. Steven Sim, Chief Financial Officer of NaaS, commented, "Deploying the Platform marks a pivotal step in advancing the operational and financial performance of our EV charging infrastructure in Zhejiang Province. This initiative not only enhances our footprint in the region but also leverages our proprietary NEF system to potentially unlock new monetization opportunities. The successful rollout in Zhejiang serves as a model for potential expansion into other markets, demonstrating our capability to deliver scalable and financially viable technology solutions."

Additionally, with the support of artificial intelligence, digital analytics, and other technological capabilities, the Company continues to improve operational efficiency while significantly reducing operating expenses. In the second quarter of 2024, the Company's marketing expenses accounted for 57% of revenue, compared with 177% in the second quarter of 2023. During the same period, the Company's cumulative registered users increased by over 60%, cumulative transaction users increased by over 90%, and user activity reached a record high. As NaaS continues to invest in technology research and development and deepens its data analysis and insight capabilities, the Company expects to achieve lower customer acquisition costs, higher user engagement, and business efficiency gains.

About NaaS Technology Inc.

NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. The Company provides one-stop solutions to energy asset owners comprising charging services, energy solutions and new initiatives, supporting every stage of energy assets' lifecycle and facilitating energy transition.

Safe Harbor Statement

This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NaaS' goals and strategies; its future business development, financial conditions and results of operations; its ability to continuously develop new technology, services and products and keep up with changes in the industries in which it operates; growth of China's EV charging industry and EV charging service industry and NaaS' future business development; demand for and market acceptance of NaaS' products and services; NaaS' ability to protect and enforce its intellectual property rights; NaaS' ability to attract and retain qualified executives and personnel; the COVID-19 pandemic and the effects of government and other measures that have been or will be taken in connection therewith; U.S.-China trade war and its effect on NaaS' operation, fluctuations of the RMB exchange rate, and NaaS' ability to obtain adequate financing for its planned capital expenditure requirements; NaaS' relationships with end-users, customers, suppliers and other business partners; competition in the industry; relevant government policies and regulations related to the industry; and fluctuations in general economic and business conditions in China and globally. Further information regarding these and other risks is included in NaaS' filings with the SEC.

For investor and media inquiries, please contact:

Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com

Media inquiries:
E-mail: pr@enaas.com 

Cision View original content:https://www.prnewswire.com/news-releases/naas-technology-launches-zhejiang-province-charging-infrastructure-governance-platform-302298635.html

SOURCE NaaS Technology Inc.

FAQ

What is the new platform launched by NaaS Technology (NAAS) in Zhejiang Province?

NaaS Technology launched the Zhejiang Province Charging Infrastructure Governance and Supervision Service Platform, which integrates their proprietary NEF system with government cloud resources to optimize EV charging infrastructure.

How much did NaaS Technology (NAAS) reduce its marketing expenses in Q2 2024?

NaaS Technology reduced its marketing expenses from 177% of revenue in Q2 2023 to 57% of revenue in Q2 2024.

What user growth did NaaS Technology (NAAS) achieve in Q2 2024?

NaaS Technology achieved over 60% growth in registered users and over 90% growth in transaction users during Q2 2024.

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