On Wednesday, Nenglian Zhidian surged over 28% at one point and closed up more than 6%, at $6.05.
According to the news app, Zhixing Finance, on Wednesday, Nenglian Zhidian (NAAS.US) surged more than 28% at one point and closed up more than 6%, at $6.05. Earlier, the company released its Q2 2024 and H1 financial report and made significant progress in profitability.
Data shows that in June, Nenglian Zhidian achieved positive net profit on the operating side for the first time, with charging service profit orders accounting for more than 70%, reaching a new historical high. While the profitability continued to rise, Q2 2024 revenue reached RMB 91.7 million ($12.6 million), up 89% year-on-year. The company aims to maintain profitability in Q3 and Q4.
In addition, in the second quarter, the company's net loss and net loss rate both decreased significantly to historic lows, while gross profit increased by 59% year-on-year, amounting to RMB 30.5 million ($4.2 million).
The company stated that the improvement in profitability was due to the scale effect of its core charging service, enhanced bargaining power of its platform, and the increase in incremental users brought about by the expansion of its industry ecosystem.