NASN Tech reported interim revenue of RMB368.31 million for the six months ended 30 June 2026, up 36.8% year on year, driven by a 40.6% jump in brake-by-wire solution sales to RMB366.69 million. The core NBC one-box product led the advance, securing 15 new design wins and powering total design wins to 142 across 24 OEMs, with 80 vehicle models in mass production.

Gross profit rose 38.7% to RMB49.26 million, nudging gross margin up 0.2 percentage points to 13.4% on scale benefits and product-mix improvements. However, intensified investment in sales, administration and R&D expanded operating loss to RMB38.19 million, compared with RMB7.80 million a year earlier. Selling and marketing costs surged 282.1% to RMB14.91 million, primarily due to higher share-based payments, while administrative expenses climbed 67.0% to RMB32.88 million, reflecting listing-related charges. R&D spending increased 33.2% to RMB49.73 million as the company accelerated product upgrades, including an L3-ready NBC redundancy solution and electric mechanical brake (EMB) development.

Net finance costs widened 14.4% to RMB71.44 million, mainly from interest accretion on redemption liabilities that were reclassified to equity post-listing in August 2026. Consequently, reported net loss deepened to RMB109.63 million from RMB70.18 million. Adjusted net loss, excluding share-based payments, redemption-related finance costs and listing expenses, stood at RMB13.45 million versus RMB7.17 million in the prior-year period.

Operationally, NASN Tech maintained momentum in customer penetration: NBC solutions are now in 25 mass-produced models, while ESC solutions saw nine additional model launches. The company’s customer base spans traditional domestic OEMs, emerging EV brands and an overseas OEM, mitigating single-customer concentration risk.

Liquidity remained adequate with RMB198.53 million in cash, equivalents, restricted cash, fair-value financial assets and short-term deposits as of 30 June 2026. Net cash used in operating activities narrowed to RMB131.11 million from RMB212.45 million, supported by gross margin gains and working-capital efficiencies. Capital expenditures totaled RMB93.03 million, mainly for factory and R&D equipment, with outstanding capex commitments of RMB87.20 million.

Post-period, NASN Tech completed its Hong Kong IPO on 7 August 2026, raising net proceeds of approximately HKD526.60 million. The flotation also terminated previously recognised redemption liabilities, which were transferred to equity. No interim dividend was declared.