BEIJING, Oct. 26,
2023 /PRNewswire/ -- NaaS Technology Inc. ("NaaS" or
the "Company") (Nasdaq: NAAS), the first U.S. listed EV charging
service company in China, today
announced its unaudited financial results for the third quarter
ended September 30, 2023.
Third Quarter 2023 Financial Highlights:
- Revenues1 grew by 536% year over year to a record
setting RMB170.9 million
(US$23.4 million) in the third
quarter of 2023.
- Gross margin increased from 6.1% to 27.4% year over year in the
third quarter of 2023.
- Gross profit grew 28 times year over year to RMB46.8 million (US$6.4
million) in the third quarter of 2023.
- Non-IFRS2 net loss attributable to ordinary
shareholders was RMB175.7
million (US$24.1 million) in
the third quarter of 2023 and non-IFRS net margin attributable to
ordinary shareholders improved from negative 359% to negative
103%.
Third Quarter 2023 Operational Highlights:
- Charging volume transacted through NaaS' network reached
1,383 GWh in the third quarter of 2023, representing an increase of
66% year over year.
- Gross transaction value transacted through NaaS' network
reached RMB1.3 billion (US$178.8 million) in the third quarter of 2023,
representing an increase of 58% year over year.
- Number of orders transacted through NaaS' network reached
59.2 million in the third quarter of 2023, representing an increase
of 58% year over year.
- As of September 30,
2023, NaaS' network had connected 767,611 EV chargers covering
73,710 charging stations, up by 76% from 436,296 and 65% from
44,767 as of September 30, 2022,
respectively.
1 Effective
as of the third quarter of 2023, the Company has changed its income
statement presentation and retrospectively recast prior periods'
income statement to conform to the current period presentation. The
Company is now reporting revenues under Charging Services, Energy
Solutions and New Initiatives, which management believes better
reflects NaaS' expanded business offerings. See "Change in
presentation of income statement" in this press release for
additional information.
|
2 Non-IFRS
net loss was arrived at after excluding share-based compensation
expenses, equity-settled listing costs, fair value changes of
instruments convertible to shares of the Company, and fair value
changes of financial assets at fair value through profit or loss.
Non-IFRS net margin was calculated by dividing non-IFRS net loss by
total revenue. Please refer to the section titled "Unaudited
reconciliations of IFRS and non-IFRS results" for
details.
|
Recent Developments
Became the First Batch of Strategic Enterprises of OASES
in Hong Kong
In October 2023, the Company
formed a partnership with the Hong Kong S.A.R. Office for
Attracting Strategic Enterprises ("OASES"), becoming one of its
inaugural strategic enterprises. OASES will assist NaaS to set up,
develop, and operate in Hong Kong,
where the Company will focus on energy data analytics R&D. The
Company expects to establish a research center in the Hong Kong
Science Park by the end of 2023 and to provide algorithm support
for its global energy assets' operations, leveraging local R&D
and academic resources in Hong
Kong.
Won Bid for Leading Integrated
"PV-storage-charging-swapping" Project
In September 2023, the Company won
a RMB67.18 million contract for the
initial phase of the Anji Green and Low-carbon Supply Chain
Construction Project located at Anshan Station. The Company will
provide one-stop PV-storage-charging-swapping solutions, including
supply, procurement, installation, and grid connection of charging
systems, battery swapping systems, PV systems, and energy storage
systems. The project entails the installation of 458 DCFC chargers,
a 4,205.4 kW distributed photovoltaic system, 36 energy storage and
charging cabinets, and two leading domestic heavy-duty truck
battery swapping stations. The Company will leverage its
"Comprehensive Energy Management Platform" and "battery detection
technology" to achieve seamless energy operations. Upon completion,
the project will provide charging services for 1,800 heavy-duty
trucks and small EVs in the Anji County.
Established Strategic Collaborations with ZSY, China
Construction Bank, CIID and Tengzhou Municipal Government,
Shandong
In September 2023, the Company
entered into diverse strategic collaborations with ZSY Financial
Services ("ZSY"), China Construction Bank ("CCB"), Hubei Provincial
Communications Investment Industrial Development ("CIID"), and the
People's Government of Tengzhou City, Shandong Province. In partnership with ZSY and
CCB, the Company will help advance the integration of financial
services with the domestic and global new energy sectors. With
CIID, the Company will contribute to the construction of expressway
service areas and energy supply infrastructure, accelerating the
establishment of a comprehensive energy supply network for
expressways. With the People's Government of Tengzhou City, the
Company will drive innovation and promote digitalized energy
management to support the transportation energy transformation in
Tengzhou City.
Conversion of LMR Convertible Notes
The Company issued a US$30 million convertible note and a
US$40 million convertible note to LMR
Multi-Strategy Master Fund Limited, an affiliate of LMR Partners
Limited, in July and September 2023,
respectively. Up to date, an aggregate principal amount of
US$33 million under these notes has
been converted into our American depositary shares, each
representing ten Class A ordinary shares, and the remaining
principal amount of the
notes totals US$37 million.
"Our exceptional third quarter operating and financial results
reflect the significant expansion of our business. Led by our
increasing capabilities in energy management and storage solutions,
our total revenues increased six-fold year-over-year and tripled
quarter-over-quarter," said Ms. Yang
Wang, NaaS' CEO. "We have fortified our local footprint by
extending our partnership networks and winning new, important
contracts in energy storage, including securing the leading
integrated 'PV-storage-charging-swapping' project in Anji.
Meanwhile, our expansion beyond mainland China has already yielded fruitful result and
contributed 32.7% of total revenues this quarter. The consistent
recognition we've received for our integrated energy infrastructure
solutions, both domestically and internationally, underscores our
commitment to the global energy transition across the key drivers
of renewables, electrification, and energy storage improvements. As
we further advance, sustainable, clean energy solutions on a global
scale, we endeavor to become a leading integrated new energy asset
management and services provider."
"We're pleased with our stellar third-quarter performance fueled
by the significant growth in our energy solutions business, which
contributed 81% of our revenues in the quarter," added Mr.
Alex Wu, NaaS' president and chief
financial officer. "With our expansion and high-growth profile, our
profitability trajectory has become much more visible, as evidenced
by the significant jump in our third-quarter gross margin to 27.4%
from 6.1% in the same period last year. Furthermore, our focus on
achieving economies of scale affords us increased operating
leverage and sustainable growth. We maintain our previous guidance,
anticipating full-year 2023 revenues between RMB500 million (US$69
million) and RMB600 million
(US$82 million), marking a notable
year over year increase of five to six fold. As we continue to grow
our business, both in domestic and international markets, we remain
dedicated to providing sustainable new energy solutions while
exploring diverse opportunities that drive the industry
forward."
Third Quarter 2023 Financial Results:
Revenues
Total revenues reached RMB170.9
million (US$23.4 million) in
the third quarter of 2023, representing an increase of 536% year
over year. The rapid increase was mainly attributable to strong
execution and delivery in the Company's energy solutions projects
throughout the third quarter of 2023.
Charging services revenues contributed RMB31.5 million (US$4.3
million) in the third quarter of 2023, with a growth rate of
23% year over year. The increase was primarily attributable to an
overall increase in charging volume completed through NaaS' EV
Charging network. The Company offered platform-based incentives to
end-users to boost the use of its network. Costs associated with
end-user incentives and recorded as reductions to total revenues
totaled RMB82.9 million (US$11.4 million) and RMB61.3 million for the third quarter of 2023 and
2022, respectively.
Energy solutions revenues increased from RMB0.3 million year over year to RMB138.8 million (US$19.0
million) in the third quarter of 2023. The increase was
primarily driven by revenues from the on-going delivery of energy
solution projects to provide renewable energy generation, energy
management and storage solutions.
New initiatives revenues were RMB0.6
million (US$0.1 million) in
the third quarter of 2023, as the Company continued to launch new
initiatives to expand its market offerings.
Cost of revenues, gross profit and margin
Total cost of revenues increased 392% year over year to
RMB124.1 million (US$17.0 million) as the Company made significant
progress in delivering various energy solution projects in mainland
China and international
markets.
Total gross profit increased 28 times year over year from
RMB1.6 million to RMB46.8 million (US$6.4
million), benefiting from solid revenue growth and
significant year over year improvement in gross margin to 27.4%
from 6.1%. Gross margin improved as the Company started to reap
benefits from its know-how and capabilities in delivering and
executing energy solution projects of different scales.
Operating expenses
Total operating expenses were RMB285.3
million (US$39.1 million) in
the third quarter of 2023. Operating expenses as a percentage of
revenues improved year over year from 385% to 167%, demonstrating
the Company's increased operating leverage.
Selling and marketing expenses increased from RMB67.7 million to RMB160.2 million (US$22.0
million) in the third quarter of 2023. The increase in
selling and marketing expenses was mainly attributable to higher
incentives to end-users and sales and marketing efforts relating to
the energy solutions business. Costs associated with excess
incentives to end-users included in selling and marketing expenses
were RMB78.0 million (US$10.7 million) in the third quarter of 2023,
compared with RMB38.6 million in the
same period of 2022.
Administrative expenses increased from RMB25.5 million to RMB107.7 million (US$14.8
million) in the third quarter of 2023. The increase in
administrative expenses was largely due to an increase in headcount
and professional service fees to support the Company's domestic and
international business expansion.
Research and development expenses increased from RMB10.3 million to RMB17.4
million (US$2.4 million) in
the third quarter of 2023. The increase in research and development
expenses was primarily due to the continued expansion of the
Company's research and development team to enhance the Company's
charging services and energy solutions business.
Finance costs
Finance costs were RMB8.5 million
(US$1.2 million) for the third
quarter of 2023, compared with finance costs of RMB9.8 million for the same period of 2022.
Income tax expenses
NaaS' income tax expenses were RMB2.2
million (US$0.3 million) for
the third quarter of 2023, compared with income tax expenses of
RMB3.8 million for the same period of
2022.
Net loss and non-IFRS net loss attributable to ordinary
shareholders; Net margin and non-IFRS net margin
Net loss attributable to ordinary shareholders was RMB366.9 million (US$50.3
million) for the third quarter of 2023, compared with a net
loss attributable to ordinary shareholders of RMB109.1 million for the same period of 2022.
Non-IFRS net loss attributable to ordinary shareholders was
RMB175.7 million (US$24.1 million) for the third quarter of 2023,
compared with non-IFRS net loss attributable to ordinary
shareholders of RMB96.5 million for
the same period of 2022. Net margin improved from negative 406% to
negative 214%, whereas non-IFRS net margin improved from negative
359% to negative 103%. Please refer to the section titled
"Unaudited reconciliations of IFRS and non-IFRS results" for
details.
Outlook
Based on preliminary assessment of the current market
conditions, the Company reaffirms its previous guidance and expects
its full-year 2023 revenues to be between RMB500 million (US$69
million) and RMB600 million
(US$82 million), representing a year
over year increase of 5 to 6 times. The Company expects its
full-year 2024 revenues to be between RMB2
billion (US$274 million) and
RMB3 billion (US$411 million). The foregoing is the current and
preliminary view of NaaS' management and is subject to changes and
uncertainties.
Conference Call Information
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern time on
October 26, 2023 (8:00 PM Beijing/Hong
Kong time on October 26,
2023).
Participants who wish to join the conference call should
register online at:
https://s1.c-conf.com/diamondpass/10034495-gsp92v.html
Once registration is completed, participants will receive the
dial-in information for the conference call.
Participants joining the conference call should dial-in at least
10 minutes before the scheduled start time.
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
http://ir.enaas.com.
A replay of the conference call will be accessible approximately
two hours after the conclusion of the live call until November 2, 2023, by dialing the following
telephone numbers:
United States: 1 855 883
1031
China: 400 1209 216
Replay Access Code: 10034495
Exchange Rate
This press release contains translations of certain RMB amounts
into USD at specified rates solely for the convenience of the
reader. Unless otherwise stated, all translations from RMB to USD
were made at the rate of RMB7.2960 to
US$1.00, the noon buying rate in
effect on September 29, 2023, in the
H.10 statistical release of the Federal Reserve Board. The Company
makes no representation that the RMB or USD amounts referred could
be converted into USD or RMB, as the case may be, at any particular
rate or at all. For analytical presentation, all percentages are
calculated using the numbers presented in the financial statements
contained in this earnings release.
Change in presentation of income statement
Effective as of the third quarter of 2023, the Company
implemented certain changes to align its income statement
presentation more closely with the manner in which the Company's
management currently receives and uses financial information to
evaluate business performance following the Company's expansion of
business lines, extension of its services to a broader range of
energy asset owners, including EV charging stations, PV and energy
asset owners, and recent acquisitions. The Company now reports its
revenues under three primary categories:
Charging services revenue, which includes income
from the provision of mobility connectivity solutions to EV
charging stations and the provision of charging services at
charging stations that NaaS operates under its full station
operation model. NaaS' mobility connectivity solutions include
mobility services delivered in conjunction with Kuaidian,
its partnered platform that is operated by a third-party service
provider, and SaaS products that optimize the marketing, operations
and energy efficiency of charging stations connected to NaaS'
network.
Energy solutions revenue, which includes income
from the provision of integrated charging facilities and energy
storage solutions that cover the planning, deployment, production
and optimization of EV charging, renewable energy and energy
storage systems for energy asset owners.
New initiatives revenue, which includes income
from electricity procurement services and other services that aim
to enhance the efficiency and profitability of energy assets
including charging stations, PV and energy storage assets.
The Company retrospectively recast prior periods' income
statement information to conform to the current period
presentation. The recasting involved the recategorization of
revenues from mobility connectivity services and from full station
operation model to charging services revenue; the inclusion of
revenues from EPC services, hardware procurement, station upgrade
and maintenance services to energy solutions revenue; and the
reclassification of income from electricity procurement,
non-charging services such as food and beverage and online
advertising, virtual power plant and charging robots to new
initiatives revenue. These changes have no material impact on NaaS'
previously reported consolidated net revenues, net income or net
income per share.
Non-IFRS Financial Measure
The Company uses non-IFRS net profit/loss and non-IFRS net
margin for the period, which are non-IFRS financial measures, in
evaluating its operating results and for financial and operational
decision-making purposes. NaaS believes that non-IFRS net
profit/loss and non-IFRS net margin help identify underlying trends
in the Company's business that could otherwise be distorted by the
effect of certain expenses that the Company includes in its results
for the period. NaaS believes that non-IFRS net profit/loss and
non-IFRS net margin for the period provide useful information about
its results of operations, enhances the overall understanding of
its past performance and future prospects and allow for greater
visibility with respect to key metrics used by its management in
its financial and operational decision-making.
Non-IFRS net profit/loss and non-IFRS net margin for the period
should not be considered in isolation or construed as an
alternative to operating profit or net profit for the period or any
other measure of performance or as an indicator of its operating
performance. Investors are encouraged to review non-IFRS net
profit/loss and IFRS net margin for the period and the
reconciliation to their most directly comparable IFRS measures.
Non-IFRS net profit/loss and non-IFRS net margin for the period
presented here may not be comparable to similarly titled measures
presented by other companies. Other companies may calculate
similarly titled measures differently, limiting their usefulness as
comparative measures to the Company's data. NaaS encourages
investors and others to review its financial information in its
entirety and not rely on a single financial measure.
Non-IFRS net profit/loss for the period represents profit/loss
for the period excluding share-based compensation expenses,
equity-settled listing costs, fair value changes of
convertible and redeemable preferred shares, and fair value changes
of financial assets at fair value through profit or loss. Non-IFRS
margin for the period is calculated by dividing non-IFRS net loss
for the period by total revenue for the period.
Merger Transactions
On June 10, 2022, RISE Education
Cayman Ltd, the Company's predecessor, completed the merger and
other related transactions (the "Merger Transactions") with Dada
Auto Inc. ("Dada"), as a result of which Dada became a wholly-owned
subsidiary of the Company and the Company assumed and began
conducting the principal business of Dada. The name of the Company
was changed from "RISE Education Cayman Ltd" to "NaaS Technology
Inc." and its ticker was changed from "REDU" to "NAAS."
About NaaS Technology Inc.
NaaS Technology Inc.(Nasdaq: NAAS) 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
asset's lifecycle and facilitating energy transition. As of
September 30, 2023, NaaS had
connected 767,611 chargers covering 73,710 charging stations,
representing 41.6% and 50.0% of China's public charging market share
respectively.
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
NAAS TECHNOLOGY
INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE
LOSS
|
|
|
|
For the Three Months
Ended
|
|
|
For the Nine Months
Ended
|
|
|
September 30,
2022
|
|
|
September 30,
2023
|
|
|
September 30,
2022
|
|
|
September 30,
2023
|
(In thousands, except
for share and per share and per ADS data)
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charging services
revenues
|
|
25,519
|
|
|
|
31,506
|
|
|
|
4,318
|
|
|
|
60,323
|
|
|
|
81,516
|
|
|
|
11,173
|
Energy solutions
revenues
|
|
265
|
|
|
|
138,795
|
|
|
|
19,023
|
|
|
|
1,492
|
|
|
|
171,099
|
|
|
|
23,451
|
New initiatives
revenues
|
|
1,087
|
|
|
|
643
|
|
|
|
88
|
|
|
|
1,544
|
|
|
|
3,104
|
|
|
|
425
|
Revenues
|
|
26,871
|
|
|
|
170,944
|
|
|
|
23,429
|
|
|
|
63,359
|
|
|
|
255,719
|
|
|
|
35,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(25,233)
|
|
|
|
(124,115)
|
|
|
|
(17,011)
|
|
|
|
(64,377)
|
|
|
|
(183,667)
|
|
|
|
(25,174)
|
Gross
profit
|
|
1,638
|
|
|
|
46,829
|
|
|
|
6,418
|
|
|
|
(1,018)
|
|
|
|
72,052
|
|
|
|
9,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other gains,
net
|
|
6,346
|
|
|
|
4,965
|
|
|
|
681
|
|
|
|
8,954
|
|
|
|
11,926
|
|
|
|
1,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
(67,713)
|
|
|
|
(160,199)
|
|
|
|
(21,957)
|
|
|
|
(170,154)
|
|
|
|
(312,684)
|
|
|
|
(42,857)
|
Administrative
expenses
|
|
(25,486)
|
|
|
|
(107,668)
|
|
|
|
(14,757)
|
|
|
|
(2,149,647)
|
|
|
|
(414,974)
|
|
|
|
(56,877)
|
Research and
development expenses
|
|
(10,256)
|
|
|
|
(17,418)
|
|
|
|
(2,387)
|
|
|
|
(25,361)
|
|
|
|
(36,431)
|
|
|
|
(4,993)
|
Total operating
expenses
|
|
(103,455)
|
|
|
|
(285,285)
|
|
|
|
(39,101)
|
|
|
|
(2,345,162)
|
|
|
|
(764,089)
|
|
|
|
(104,727)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(95,471)
|
|
|
|
(233,491)
|
|
|
|
(32,002)
|
|
|
|
(2,337,226)
|
|
|
|
(680,111)
|
|
|
|
(93,217)
|
Finance
costs
|
|
(9,819)
|
|
|
|
(8,539)
|
|
|
|
(1,170)
|
|
|
|
(10,081)
|
|
|
|
(22,842)
|
|
|
|
(3,131)
|
Fair value changes of
convertible and redeemable preferred
shares
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,158,498)
|
|
|
|
—
|
|
|
|
—
|
Fair value changes of
financial instruments at fair value through
profit or loss
|
|
—
|
|
|
|
(120,985)
|
|
|
|
(16,582)
|
|
|
|
1,753
|
|
|
|
(105,854)
|
|
|
|
(14,508)
|
Loss before income
tax
|
|
(105,290)
|
|
|
|
(363,015)
|
|
|
|
(49,754)
|
|
|
|
(5,504,052)
|
|
|
|
(808,807)
|
|
|
|
(110,856)
|
Income tax
expenses
|
|
(3,760)
|
|
|
|
(2,178)
|
|
|
|
(298)
|
|
|
|
(6,457)
|
|
|
|
(415)
|
|
|
|
(57)
|
Net
loss
|
|
(109,050)
|
|
|
|
(365,193)
|
|
|
|
(50,052)
|
|
|
|
(5,510,509)
|
|
|
|
(809,222)
|
|
|
|
(110,913)
|
Net loss
attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the company
|
|
(109,050)
|
|
|
|
(366,863)
|
|
|
|
(50,281)
|
|
|
|
(5,510,509)
|
|
|
|
(811,183)
|
|
|
|
(111,182)
|
Non-controlling interests
|
|
—
|
|
|
|
1,670
|
|
|
|
229
|
|
|
|
—
|
|
|
|
1,961
|
|
|
|
269
|
|
|
(109,050)
|
|
|
|
(365,193)
|
|
|
|
(50,052)
|
|
|
|
(5,510,509)
|
|
|
|
(809,222)
|
|
|
|
(110,913)
|
NAAS TECHNOLOGY
INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE
LOSS
|
|
|
|
For the Three Months
Ended
|
|
|
For the Nine Months
Ended
|
|
|
September 30,
2022
|
|
|
September 30,
2023
|
|
|
September 30,
2022
|
|
|
September 30,
2023
|
(In thousands, except
for share and per share and per ADS data)
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per share for loss attributable to the
ordinary shareholders of the Company (Expressed in RMB
per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.05)
|
|
|
|
(0.16)
|
|
|
|
(0.02)
|
|
|
|
(2.97)
|
|
|
|
(0.37)
|
|
|
|
(0.05)
|
Diluted
|
|
|
(0.05)
|
|
|
|
(0.16)
|
|
|
|
(0.02)
|
|
|
|
(2.97)
|
|
|
|
(0.37)
|
|
|
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per ADS for loss attributable to the
ordinary shareholders of the Company (Expressed in RMB
per ADS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.51)
|
|
|
|
(1.63)
|
|
|
|
(0.22)
|
|
|
|
(29.74)
|
|
|
|
(3.66)
|
|
|
|
(0.50)
|
Diluted
|
|
|
(0.51)
|
|
|
|
(1.63)
|
|
|
|
(0.22)
|
|
|
|
(29.74)
|
|
|
|
(3.66)
|
|
|
|
(0.50)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares outstanding-basic
|
|
|
2,137,608,219
|
|
|
|
2,249,586,003
|
|
|
|
2,249,586,003
|
|
|
|
1,852,683,306
|
|
|
|
2,218,815,732
|
|
|
|
2,218,815,732
|
Weighted average number
of ordinary shares outstanding-
diluted
|
|
|
2,137,608,219
|
|
|
|
2,249,586,003
|
|
|
|
2,249,586,003
|
|
|
|
1,852,683,306
|
|
|
|
2,218,815,732
|
|
|
|
2,218,815,732
|
Net
loss
|
|
|
(109,050)
|
|
|
|
(365,193)
|
|
|
|
(50,052)
|
|
|
|
(5,510,509)
|
|
|
|
(809,222)
|
|
|
|
(110,913)
|
Other comprehensive
loss that will not be reclassified to profit
or loss in subsequent period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
value changes on equity investment designated at fair
value through other comprehensive loss, net of tax
|
|
|
—
|
|
|
|
(4,363)
|
|
|
|
(602)
|
|
|
|
—
|
|
|
|
(25,979)
|
|
|
|
(3,583)
|
Currency translation differences
|
|
|
17,222
|
|
|
|
(1,258)
|
|
|
|
(173)
|
|
|
|
16,638
|
|
|
|
(1,583)
|
|
|
|
(218)
|
Other comprehensive
loss, net of tax
|
|
|
17,222
|
|
|
|
(5,621)
|
|
|
|
(775)
|
|
|
|
16,638
|
|
|
|
(27,562)
|
|
|
|
(3,801)
|
Total comprehensive
loss
|
|
|
(91,828)
|
|
|
|
(370,814)
|
|
|
|
(50,827)
|
|
|
|
(5,493,871)
|
|
|
|
(836,784)
|
|
|
|
(114,714)
|
Total comprehensive
loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the company
|
|
|
(91,828)
|
|
|
|
(372,484)
|
|
|
|
(51,056)
|
|
|
|
(5,493,871)
|
|
|
|
(838,745)
|
|
|
|
(114,983)
|
Non-controlling interests
|
|
|
—
|
|
|
|
1,670
|
|
|
|
229
|
|
|
|
—
|
|
|
|
1,961
|
|
|
|
269
|
|
|
|
(91,828)
|
|
|
|
(370,814)
|
|
|
|
(50,827)
|
|
|
|
(5,493,871)
|
|
|
|
(836,784)
|
|
|
|
(114,714)
|
NAAS
TECHNOLOGY INC.
|
UNAUDITED
RECONCILIATIONS OF IFRS AND NON-IFRS RESULTS
|
|
|
|
For the Three Months
Ended
|
|
|
For the Nine Months
Ended
|
|
|
September 30,
2022
|
|
|
September 30,
2023
|
|
|
September 30,
2022
|
|
|
September 30,
2023
|
(In thousands, except
for share and per
share and per ADS data)
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted net loss
attributable to ordinary shareholders of
the Company to Net loss attributable to
ordinary shareholders of the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary
shareholders of the Company
|
|
|
(109,050)
|
|
|
|
(366,863)
|
|
|
|
(50,281)
|
|
|
|
(5,510,509)
|
|
|
|
(811,183)
|
|
|
|
(111,182)
|
Add: Share-based
compensation expenses
|
|
|
12,521
|
|
|
|
70,160
|
|
|
|
9,616
|
|
|
|
198,781
|
|
|
|
319,348
|
|
|
|
43,770
|
Equity-settled listing costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,912,693
|
|
|
|
—
|
|
|
|
—
|
Fair value
changes of instruments
convertible to shares of the Company
|
|
|
|
|
|
120,400
|
|
|
|
16,502
|
|
|
|
|
|
|
120,400
|
|
|
|
16,502
|
Fair value
changes of convertible and
redeemable preferred shares
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,158,498
|
|
|
|
—
|
|
|
|
—
|
Fair value
changes of financial assets
at fair value through profit or loss
|
|
|
—
|
|
|
|
585
|
|
|
|
80
|
|
|
|
(1,753)
|
|
|
|
(14,546)
|
|
|
|
(1,994)
|
Adjusted net loss
attributable to
ordinary shareholders of the Company
|
|
|
(96,529)
|
|
|
|
(175,718)
|
|
|
|
(24,083)
|
|
|
|
(242,290)
|
|
|
|
(385,981)
|
|
|
|
(52,904)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net basic
and diluted loss per
share for loss attributable to the
ordinary shareholders of the Company
(Expressed in RMB per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.05)
|
|
|
|
(0.08)
|
|
|
|
(0.01)
|
|
|
|
(0.13)
|
|
|
|
(0.17)
|
|
|
|
(0.02)
|
Diluted
|
|
|
(0.05)
|
|
|
|
(0.08)
|
|
|
|
(0.01)
|
|
|
|
(0.13)
|
|
|
|
(0.17)
|
|
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net basic
and diluted loss per
ADS for loss attributable to the
ordinary shareholders of the Company
(Expressed in RMB per ADS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.45)
|
|
|
|
(0.78)
|
|
|
|
(0.11)
|
|
|
|
(1.31)
|
|
|
|
(1.74)
|
|
|
|
(0.24)
|
Diluted
|
|
|
(0.45)
|
|
|
|
(0.78)
|
|
|
|
(0.11)
|
|
|
|
(1.31)
|
|
|
|
(1.74)
|
|
|
|
(0.24)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary
shares outstanding-basic
|
|
|
2,137,608,219
|
|
|
|
2,249,586,003
|
|
|
|
2,249,586,003
|
|
|
|
1,852,683,306
|
|
|
|
2,218,815,732
|
|
|
|
2,218,815,732
|
Weighted average number
of ordinary
shares outstanding-diluted
|
|
|
2,137,608,219
|
|
|
|
2,249,586,003
|
|
|
|
2,249,586,003
|
|
|
|
1,852,683,306
|
|
|
|
2,218,815,732
|
|
|
|
2,218,815,732
|
NAAS TECHNOLOGY
INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
|
As of
|
|
December 31,
2022
|
|
|
September 30,
2023
|
(In
thousands)
|
RMB
|
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
513,351
|
|
|
|
396,072
|
|
|
54,286
|
Trade
receivables
|
|
130,004
|
|
|
|
233,704
|
|
|
32,032
|
Contract
assets
|
|
—
|
|
|
|
100,263
|
|
|
13,742
|
Financial assets at
fair value through profit or loss
|
|
—
|
|
|
|
178,146
|
|
|
24,417
|
Inventories
|
|
—
|
|
|
|
18,852
|
|
|
2,584
|
Prepayments, other
receivables and other assets
|
|
287,435
|
|
|
|
555,699
|
|
|
76,165
|
Other financial
assets
|
|
—
|
|
|
|
129,079
|
|
|
17,692
|
Total current
assets
|
|
930,790
|
|
|
|
1,611,815
|
|
|
220,918
|
Non-current
assets
|
|
|
|
|
|
|
Right-of-use
assets
|
|
17,030
|
|
|
|
12,984
|
|
|
1,780
|
Financial assets at
fair value through profit or loss
|
|
11,753
|
|
|
|
16,260
|
|
|
2,229
|
Financial assets at
fair value through other comprehensive income
|
|
129,060
|
|
|
|
103,081
|
|
|
14,128
|
Investments accounted
for using equity method
|
|
—
|
|
|
|
160
|
|
|
22
|
Property, plant and
equipment
|
|
2,600
|
|
|
|
4,263
|
|
|
584
|
Other non-current
assets
|
|
13,869
|
|
|
|
9,221
|
|
|
1,264
|
Intangible
assets
|
|
833
|
|
|
|
11,572
|
|
|
1,586
|
Goodwill
|
|
—
|
|
|
|
40,590
|
|
|
5,563
|
Total non-current
assets
|
|
175,145
|
|
|
|
198,131
|
|
|
27,156
|
Total
assets
|
|
1,105,935
|
|
|
|
1,809,946
|
|
|
248,074
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Interest-bearing bank
borrowings
|
|
38,000
|
|
|
|
149,582
|
|
|
20,502
|
Current lease
liabilities
|
|
6,853
|
|
|
|
6,567
|
|
|
900
|
Trade
payables
|
|
49,239
|
|
|
|
181,061
|
|
|
24,816
|
Income tax
payables
|
|
16,214
|
|
|
|
16,258
|
|
|
2,228
|
Convertible
bonds
|
|
—
|
|
|
|
503,888
|
|
|
69,064
|
Other payables and
accruals
|
|
81,835
|
|
|
|
218,660
|
|
|
29,971
|
Total current
liabilities
|
|
192,141
|
|
|
|
1,076,016
|
|
|
147,481
|
Non-current
liabilities
|
|
|
|
|
|
|
Non-current lease
liabilities
|
|
9,327
|
|
|
|
5,854
|
|
|
802
|
Interest-bearing bank
borrowings
|
|
465,155
|
|
|
|
555,191
|
|
|
76,095
|
Deferred tax
liabilities
|
|
438
|
|
|
|
2,344
|
|
|
321
|
Total non-current
liabilities
|
|
474,920
|
|
|
|
563,389
|
|
|
77,218
|
Total
liabilities
|
|
667,061
|
|
|
|
1,639,405
|
|
|
224,699
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
Share
capital
|
|
146,730
|
|
|
|
151,598
|
|
|
20,778
|
Additional paid in
capital
|
|
6,358,600
|
|
|
|
6,919,111
|
|
|
948,343
|
Accumulated
losses
|
|
(6,031,255)
|
|
|
|
(6,842,438)
|
|
|
(937,834)
|
Other
reserves
|
|
(35,201)
|
|
|
|
(62,763)
|
|
|
(8,602)
|
Non-controlling
interests
|
|
—
|
|
|
|
5,033
|
|
|
690
|
Total
equity
|
|
438,874
|
|
|
|
170,541
|
|
|
23,375
|
Total equity and
liabilities
|
|
1,105,935
|
|
|
|
1,809,946
|
|
|
248,074
|
View original
content:https://www.prnewswire.com/news-releases/naas-technology-inc-reports-unaudited-2023-third-quarter-financial-results-301968514.html
SOURCE NaaS Technology Inc.