Key Highlights

● Operating profit was RMB28.9 million, a first for the company.

● Revenue fell to RMB45.5 million.

● Operating expenses fell 82% to RMB19.1 million.

● Cash stood at RMB77.2 million.

NaaS Technology Inc. (NASDAQ:NAAS) is in focus because its half-year report for the six months ended 30 June 2026, furnished to the US Securities and Exchange Commission on 14 August 2026, showed the first operating profit in the company's history, even as revenue fell. The Chinese electric vehicle charging services group reports in renminbi (RMB), so the figures below are in that currency unless stated.

A China-focused charging platform

NaaS provides online EV charging services in China, including mobility connectivity through its Kuaidian platform, software-as-a-service products for charging station management and operations, and energy solutions covering site selection and infrastructure development. The shares trade on the Nasdaq, giving a Market Value of about US$75.72 million. The company pays no dividend.

The half-year numbers

Revenue for the first half of 2026 was RMB45.5 million (US$6.7 million), down from RMB66.6 million a year earlier. Operating profit was RMB28.9 million (US$4.3 million), compared with an operating loss of RMB39.1 million in the first half of 2025. Net profit was RMB19.8 million (US$2.9 million), against RMB65.4 million in the prior-year period. The lower net profit is mainly attributable to the absence of a one-time Fair Value gain recognised in the first half of 2025.

Operating expenses fell 82% to RMB19.1 million, and gross Margin was 85%. Cash consumption narrowed to RMB5.0 million from RMB52.0 million, and Operating Cash Flow was RMB39.7 million. Cash stood at RMB77.2 million (US$11.4 million) at 30 June 2026.

What management says

The chief executive described the first half of 2026 as a defining moment, marked by the company's first operating profit since inception and a shift towards an asset-light platform model. The chief financial officer said operating profitability reflected a permanently lower cost base rather than a favourable period. Revenue declined because management prioritised order quality and profitability over Volume growth.

Looking ahead, management said it plans to concentrate on artificial intelligence-powered supply-demand matching and enterprise-grade energy management services as fleet electrification accelerates. After the period end, the company completed its Acquisition of China Newlink Holding Limited.

A Leaner Cost Base Delivers a Historic First

The scale is small. Half-year revenue of RMB45.5 million is well below the prior year, and the profit improvement rests largely on a cost base cut sharply rather than on growth. The prior-year net profit was flattered by a one-off gain, so comparisons need care. NaaS regained Nasdaq compliance in August 2026 after earlier notices over minimum market value, a reminder that the listing has been under pressure.

Points to watch include how the China Newlink acquisition is integrated, whether operating profit is sustained when the next results are published, and whether the company keeps meeting Nasdaq listing requirements. The parent entity was named on China's Top 100 Private Service Enterprises list on 29 September 2026, though that is recognition rather than a financial measure.