NaaS swings to operating profit of RMB 28.92 million in H1 FY26; revenue falls to RMB 45.46 million

• NaaS posts operating profit of RMB 28.9 million for H1 2026, swinging from an operating loss a year earlier.
• Revenue falls to RMB 45.5 million, down from RMB 66.6 million in the prior-year period.
• Net profit declines to RMB 19.8 million, down from RMB 65.4 million, on the absence of a prior-year fair value gain.
• Operating expenses drop 82% to RMB 19.1 million, with gross margin at 85%.
• Management cites an asset-light platform shift; July deal for China Newlink completed, expanding EV and energy data for AI monetization.

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