NAAS · NaaS Technology Inc.

NaaS Technology Inc.'s 2025 full-year results demonstrate a significant strategic transformation as the company shifts from capital-intensive operations to an asset-light, platform-based business model. This transition drove substantial financial improvements, most notably a 42-percentage-point expansion in gross margin to 86%, achieved through the deliberate exit from lower-margin businesses like full station operations and offline energy solutions. While total revenues declined to RMB125.1 million from RMB201.0 million in 2024 due to this strategic repositioning, the company achieved a meaningful inflection in cash generation, reporting positive net operating cash flow of RMB0.5 million for the first time on a full-year basis, compared to net cash used of RMB179.1 million in 2024. Operating expenses decreased by 59% to RMB379.8 million, reflecting sustained efforts to improve operational efficiency and rationalize the cost base across selling, administrative, and research functions. The net loss narrowed by 51% to RMB450.0 million, with management commentary emphasizing the tangible financial impact of the strategic repositioning and the company's progress toward sustainable profitability. Recent developments include the completion of a 21,000-ton carbon asset transaction in Wuhan, leveraging the company's artificial intelligence technology and carbon asset management capabilities to explore new monetization paths in support of China's 'Dual Carbon' goals.