Q2 2024 NaaS Technology Inc Earnings Call Transcript
Key Points
- Achieved first positive non-IFRS average net profit in June 2024.
- Revenue increased by 89% year over year to RMB91.7 million in Q2 2024.
- Gross profit grew 59% year over year to RMB30.5 million in Q2 2024.
- Formed strategic partnerships with major automotive industry players, including Geely, Hyundai, and Great Wall Motors.
- Launched nearly 50 chargers in Q2 2024 and on track to bring nearly 1,000 additional chargers online by Q3 2024.
- Net loss margin, although improved, still exists.
- High dependency on the Chinese market, which may pose risks if market conditions change.
- Significant reliance on partnerships with automotive manufacturers for growth.
- Operating expenses, although reduced, remain high relative to revenue.
- Potential challenges in maintaining the rapid growth rate and scaling operations efficiently.
Ladies and gentlemen, thank you for standing by, and welcome to the NaaS' second-quarter and first-half 2024 earnings conference call. (Operator Instructions) 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, company's Investor Relations Director. Thank you, and please go ahead.
Thank you, operator, and hello, everyone. And welcome to NaaS second-quarter and first-half 2024 earnings conference call. The company's results were issued earlier today and are posted online.
Joining me on the call today are Ms. Kathy Wang Yang, our Chief Executive Officer; and Mr. Alex Wu, our President and Chief Financial Officer.
For today's agenda, Ms. Wang will provide an overview of our recent performance and highlights. Mr. Wu will discuss our operating results and go through our financial highlights.
Before we continue, I refer you to our Safe Harbor statement in the earnings press release, which applies to
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