NASN TECH (HKEX: 02261) recently unveiled its interim results for the first half of 2026, posting revenue of RMB 368.3 million, a 36.8% year-on-year increase, while gross profit reached RMB 49.26 million, up 38.7% from the prior year.

Alongside the revenue growth, the company advanced both new model design wins and volume production programs, further broadening the vehicle model coverage of its chassis control business. From an operational standpoint, the gross profit growth slightly outpaced revenue growth, with the gross margin improving to 13.4% from 13.2% in the same period last year. This indicates that as the business scale expands, the company has achieved modest margin enhancement. During the period, the adjusted net loss stood at RMB 13.45 million, signaling that profitability still requires further improvement.

The progress of vehicle model programs was a key highlight of this earnings release. In the first half of the year, NASN TECH secured 25 new model design wins and initiated volume production for 15 new models. By mid-2026, the company had accumulated design wins covering 142 models and series production spanning 80 models, with the product application scope continuing to widen. Specifically, the new design wins included 15 models equipped with the integrated intelligent braking system (NBC) and 10 models featuring the electronic stability control system (ESC), while the newly mass-produced models comprised 6 and 9 units, respectively. The design win expansion builds a pipeline for future business, whereas the increase in production models reflects progress on the delivery front, together forming the foundation for the company's business scale growth.

While advancing volume production, NASN TECH has sustained its investment in research and development. R&D expenses for the first half reached RMB 49.73 million, a 33.4% year-on-year increase, representing 13.5% of revenue. At present, the company's product portfolio spans integrated intelligent braking, electronic stability control, and electric braking assist, extending further into areas such as electro-mechanical braking and steer-by-wire. The synchronized growth of R&D spending and revenue underscores the company's continued commitment to technology development amid business expansion.

From an industry perspective, there remains substantial application headroom for chassis-by-wire solutions. According to the company's disclosed industry forecasts, the Chinese chassis-by-wire solution market is projected to grow from RMB 97.1 billion in 2025 to RMB 244.7 billion by 2030, representing a compound annual growth rate of approximately 20.3%. This market outlook provides growth opportunities for relevant suppliers, though the ability to translate technological positioning into sustained deliveries will hinge on the execution of concrete projects.

On August 7 this year, NASN TECH was listed on the Main Board of the Hong Kong Stock Exchange. With access to broader financing channels, the company has gained new support for R&D, production delivery, and market expansion. The subsequent production ramp-up of existing design win projects, along with profitability improvements achieved as the business scales, will serve as key indicators for assessing its operational performance in the coming phase.