NaaS Technology Inc. (NAAS) Balance Sheet

NASDAQ: NAASAssets, liabilities, debt and equity over 10 years.

NAAS balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥451.2M assets = CN¥1.21B liabilities + −CN¥754.8M equity

Liabilities exceed assets: shareholders’ equity is negative (−CN¥754.8M).

Both columns are drawn to the same scale: what NAAS owns equals what it owes plus shareholders’ equity. Hover a block for its value.

NAAS financial health

Current ratio0.19

Tight · current assets cover current liabilities 0.19×

Equity / assets−176.4%

Thin equity · of assets funded by shareholders

Cash / debt13.4%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles0.4%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

NAAS balance sheet trends, 2016–2025

NaaS Technology Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥1.50B2016	CN¥451.2M2025	−12.5%/yr
Total liabilities	CN¥1.10B2016	CN¥1.21B2025	+1.0%/yr
Shareholders’ equity	CN¥407.2M2016	−CN¥796.1M2025	—
Cash & short-term investments	CN¥640.0M2016	CN¥81.2M2025	−20.5%/yr
Total debt	CN¥371.3M2016	CN¥607.7M2025	+5.6%/yr
Net cash (debt)	CN¥268.7M2016	−CN¥526.5M2025	−CN¥795.3M
Working capital	−CN¥55.6M2016	−CN¥909.7M2025	−CN¥854.1M
Current ratio	0.932016	0.192025	−0.74
Debt / equity	0.912016	1.182022	+0.27
Shares outstanding	31K2016	3.0M2025	+66.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NAAS assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

NAAS liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

NAAS debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

NAAS balance sheet in Chinese yuan

NaaS Technology Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	CN¥81.2M	CN¥135.8M	CN¥534.3M	CN¥513.4M	CN¥8.5M	CN¥3.7M	CN¥999.0M	CN¥1.29B	CN¥1.06B	CN¥640.0M
Cash & equivalents	CN¥81.2M	CN¥126.6M	CN¥436.2M	CN¥513.4M	CN¥8.5M	CN¥3.7M	CN¥999.0M	CN¥1.29B	CN¥1.06B	CN¥640.0M
Short-term investments	CN¥9.2M	CN¥9.2M	CN¥98.1M	CN¥0	—	CN¥300,000	—	—	—	—
Receivables	CN¥21.7M	CN¥44.5M	CN¥355.6M	CN¥156.7M	CN¥38.5M	CN¥21.7M	CN¥7.5M	CN¥12.8M	CN¥11.2M	CN¥976,000
Inventory	CN¥17,010	CN¥0	CN¥22.5M	−CN¥130.0M	CN¥48.1M	CN¥23.0M	CN¥8.7M	CN¥11.3M	CN¥7.9M	CN¥5.5M
Other current assets	CN¥111.2M	CN¥259.2M	CN¥231.6M	CN¥390.8M	CN¥57.7M	CN¥0	CN¥69.7M	CN¥90.1M	CN¥67.4M	CN¥61.2M
Total current assets	CN¥214.2M	CN¥439.5M	CN¥1.14B	CN¥930.8M	CN¥152.8M	CN¥48.4M	CN¥1.08B	CN¥1.40B	CN¥1.14B	CN¥707.7M
Property, plant & equipment (net)	CN¥3.9M	CN¥7.4M	CN¥18.4M	CN¥19.6M	CN¥20.3M	CN¥19.2M	CN¥747.7M	CN¥128.4M	CN¥100.2M	CN¥75.7M
Goodwill & intangible assets	CN¥1.6M	CN¥2.3M	CN¥53.4M	CN¥833,000	CN¥25.3M	CN¥342.8M	CN¥875.8M	CN¥690.0M	CN¥676.3M	CN¥687.6M
Long-term investments	CN¥92.8M	CN¥199.4M	CN¥240.7M	CN¥140.8M	CN¥5.0M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other non-current assets	CN¥138.7M	CN¥2.0M	CN¥8.6M	CN¥13.9M	CN¥0	CN¥0	CN¥93.7M	CN¥60.1M	CN¥37.4M	CN¥29.2M
Total assets	CN¥451.2M	CN¥650.6M	CN¥1.47B	CN¥1.11B	CN¥178.1M	CN¥67.6M	CN¥2.80B	CN¥2.28B	CN¥1.96B	CN¥1.50B
Liabilities
Accounts payable	CN¥231.0M	CN¥104.2M	CN¥152.1M	CN¥49.2M	CN¥16.9M	CN¥11.0M	CN¥7.6M	CN¥1.2M	CN¥6.0M	CN¥585,365
Short-term debt	CN¥527.1M	—	CN¥352.8M	CN¥44.9M	CN¥7.1M	CN¥231.0M	CN¥291.9M	CN¥82.5M	CN¥29.7M	CN¥38.2M
Deferred revenue	CN¥32.5M	—	CN¥101.1M	CN¥33.5M	CN¥25.1M	CN¥563.7M	CN¥716.6M	CN¥1.00B	CN¥812.8M	CN¥601.3M
Total current liabilities	CN¥1.12B	CN¥1.35B	CN¥817.0M	CN¥192.1M	CN¥136.1M	CN¥1.17B	CN¥1.23B	CN¥1.28B	CN¥1.03B	CN¥763.4M
Long-term debt	CN¥81.0M	CN¥51.1M	CN¥681.8M	CN¥465.2M	CN¥108.3M	CN¥191.4M	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥2.6M	CN¥4.6M	CN¥14.1M	CN¥16.2M	CN¥20.5M	CN¥18.6M	—	—	—	—
Other long-term liabilities	CN¥1.2M	CN¥3.3M	CN¥9.9M	CN¥9.8M	CN¥0	CN¥0	CN¥944.1M	CN¥561.1M	CN¥629.9M	CN¥338.5M
Total liabilities	CN¥1.21B	CN¥1.40B	CN¥1.51B	CN¥667.1M	CN¥148.7M	CN¥1.92B	CN¥2.18B	CN¥1.84B	CN¥1.66B	CN¥1.10B
Shareholders' equity
Common stock & paid-in capital	CN¥239,146	—	CN¥165.2M	CN¥146.7M	CN¥7.0M	CN¥7.0M	CN¥6.9M	CN¥7.1M	CN¥6.8M	CN¥6.1M
Retained earnings (deficit)	−CN¥8.70B	−CN¥8.25B	−CN¥7.34B	−CN¥6.03B	−CN¥393.9M	−CN¥138.2M	−CN¥127.1M	−CN¥248.7M	−CN¥315.5M	−CN¥134.3M
Accumulated other comprehensive income	CN¥76.8M	—	−CN¥65.7M	−CN¥35.2M	CN¥5.2M	CN¥145.0M	CN¥145.7M	CN¥120.8M	CN¥86.4M	CN¥83.0M
Minority interest	CN¥41.3M	CN¥321,000	CN¥3.4M	CN¥0	—	—	—	—	—	—
Total shareholders' equity	−CN¥796.1M	−CN¥754.5M	−CN¥47.0M	CN¥438.9M	CN¥29.4M	CN¥495.1M	CN¥608.9M	CN¥455.8M	CN¥310.1M	CN¥407.2M
Key figures
Total debt	CN¥607.7M	CN¥51.1M	CN¥1.04B	CN¥519.3M	CN¥19.6M	CN¥244.9M	CN¥1.13B	CN¥584.9M	CN¥623.4M	CN¥371.3M
Net cash (debt)	−CN¥526.5M	CN¥84.7M	−CN¥507.2M	−CN¥6.0M	−CN¥11.1M	−CN¥241.2M	−CN¥127.4M	CN¥703.2M	CN¥432.5M	CN¥268.7M
Working capital	−CN¥909.7M	−CN¥910.9M	CN¥326.9M	CN¥738.6M	CN¥16.7M	−CN¥1.12B	−CN¥148.7M	CN¥123.4M	CN¥111.7M	−CN¥55.6M
Tangible book value	−CN¥797.7M	−CN¥756.8M	−CN¥100.4M	CN¥438.0M	CN¥4.1M	CN¥152.3M	−CN¥266.9M	−CN¥234.3M	−CN¥366.2M	−CN¥280.4M
Shares outstanding	3.0M	2.76B	706K	687K	669K	35K	36K	36K	32K	31K
Current ratio	0.19	0.33	1.40	4.84	1.12	0.04	0.88	1.10	1.11	0.93
Quick ratio	0.09	0.13	1.09	3.49	0.34	0.02	0.82	1.02	1.04	0.84
Debt / equity	—	—	—	1.18	0.67	0.49	1.85	1.28	2.01	0.91
Equity / assets	−176.4%	−116.0%	−3.2%	39.7%	16.5%	732.4%	21.7%	20.0%	15.9%	27.1%

NaaS Technology Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥77.2M	CN¥77.2M	CN¥82.4M	CN¥81.2M	CN¥74.8M	CN¥74.8M	CN¥135.8M	CN¥374.7M	CN¥617.7M	CN¥381.5M	CN¥506.4M	CN¥703.3M
Cash & equivalents	CN¥77.2M	CN¥77.2M	CN¥81.2M	CN¥81.2M	CN¥74.7M	CN¥74.7M	CN¥126.6M	CN¥127.9M	CN¥516.5M	CN¥297.1M	CN¥436.2M	CN¥396.1M
Short-term investments	CN¥0	CN¥1.3M	CN¥1.3M	CN¥249.2M	CN¥9.2M	—	CN¥9.2M	CN¥246.9M	CN¥101.2M	CN¥84.5M	CN¥70.2M	CN¥307.2M
Receivables	CN¥18.3M	CN¥18.3M	CN¥21.7M	CN¥21.7M	CN¥34.8M	CN¥34.8M	CN¥44.5M	CN¥540.8M	CN¥181.7M	CN¥142.2M	CN¥150.8M	CN¥334.0M
Inventory	CN¥17,000	CN¥17,000	CN¥17,000	CN¥17,000	CN¥67,000	CN¥67,000	CN¥0	CN¥4.1M	CN¥29.6M	CN¥22.3M	CN¥22.5M	CN¥18.9M
Other current assets	CN¥117.0M	CN¥117.0M	CN¥109.9M	CN¥109.9M	CN¥292.6M	CN¥292.6M	CN¥259.2M	CN¥54.9M	CN¥349.5M	CN¥471.7M	CN¥464.3M	CN¥555.7M
Total current assets	CN¥212.5M	CN¥212.5M	CN¥214.0M	CN¥212.8M	CN¥402.2M	CN¥402.2M	CN¥439.5M	CN¥974.6M	CN¥1.18B	CN¥1.02B	CN¥1.14B	CN¥1.61B
Property, plant & equipment (net)	CN¥722,000	CN¥722,000	CN¥3.9M	CN¥3.9M	CN¥5.4M	CN¥5.4M	CN¥7.4M	CN¥12.2M	CN¥22.6M	CN¥16.2M	CN¥18.4M	CN¥17.2M
Goodwill & intangible assets	CN¥1.2M	CN¥1.2M	CN¥1.6M	CN¥42.0M	CN¥2.0M	CN¥2.0M	CN¥2.3M	CN¥2.5M	CN¥52.7M	CN¥52.7M	CN¥53.4M	CN¥52.2M
Long-term investments	CN¥78.3M	CN¥0	CN¥92.8M	CN¥0	CN¥0	CN¥0	CN¥199.4M	CN¥227.5M	CN¥207.1M	CN¥201.4M	CN¥240.7M	CN¥119.5M
Other non-current assets	CN¥0	CN¥78.3M	CN¥194,000	CN¥52.6M	CN¥211.2M	CN¥211.2M	CN¥2.0M	CN¥71.0M	CN¥0	CN¥7.0M	CN¥8.6M	CN¥9.2M
Total assets	CN¥292.7M	CN¥292.7M	CN¥312.6M	CN¥311.3M	CN¥620.7M	CN¥620.7M	CN¥650.6M	CN¥1.29B	CN¥1.39B	CN¥1.30B	CN¥1.47B	CN¥1.81B
Liabilities
Accounts payable	CN¥240.4M	CN¥240.4M	CN¥230.8M	CN¥237.7M	CN¥183.8M	CN¥183.8M	CN¥104.2M	CN¥150.0M	CN¥114.8M	CN¥148.0M	CN¥152.1M	CN¥181.1M
Short-term debt	CN¥519.1M	CN¥519.1M	—	CN¥503.2M	CN¥753.0M	CN¥753.0M	—	CN¥1.09B	CN¥160.4M	CN¥488.2M	CN¥345.6M	CN¥660.0M
Deferred revenue	—	—	—	CN¥55.6M	CN¥32.5M	—	—	—	CN¥55.6M	CN¥101.1M	—	—
Total current liabilities	CN¥1.13B	CN¥1.13B	CN¥1.12B	CN¥1.12B	CN¥1.17B	CN¥1.17B	CN¥1.35B	CN¥1.49B	CN¥433.0M	CN¥885.3M	CN¥817.0M	CN¥1.08B
Long-term debt	CN¥54.4M	CN¥0	CN¥81.0M	CN¥0	CN¥0	CN¥0	CN¥51.1M	CN¥15.2M	CN¥555.7M	CN¥563.8M	CN¥681.8M	CN¥555.2M
Lease obligations	CN¥0	—	CN¥2.6M	—	—	—	CN¥4.6M	CN¥9.9M	CN¥10.1M	CN¥12.6M	CN¥14.1M	CN¥12.4M
Other long-term liabilities	CN¥0	CN¥54.4M	CN¥1.1M	CN¥82.1M	CN¥92.9M	CN¥92.9M	CN¥3.3M	CN¥6.9M	CN¥30.7M	CN¥7.9M	CN¥9.9M	CN¥8.2M
Total liabilities	CN¥1.18B	CN¥1.18B	CN¥1.21B	CN¥1.21B	CN¥1.26B	CN¥1.26B	CN¥1.40B	CN¥1.51B	CN¥1.02B	CN¥1.46B	CN¥1.51B	CN¥1.64B
Shareholders' equity
Common stock & paid-in capital	CN¥272,000	CN¥272,000	—	CN¥239,000	CN¥422.2M	CN¥422.2M	—	CN¥184.7M	CN¥149.2M	CN¥173.9M	CN¥165.2M	CN¥151.6M
Retained earnings (deficit)	−CN¥8.67B	−CN¥8.67B	−CN¥8.69B	−CN¥8.69B	−CN¥8.19B	−CN¥8.19B	−CN¥8.25B	−CN¥7.71B	−CN¥6.48B	−CN¥7.57B	−CN¥7.34B	−CN¥6.84B
Accumulated other comprehensive income	−CN¥98.0M	−CN¥98.0M	—	−CN¥61.6M	−CN¥104.7M	−CN¥104.7M	—	−CN¥92.4M	−CN¥57.1M	−CN¥105.8M	−CN¥70.4M	−CN¥62.8M
Minority interest	CN¥45.0M	—	CN¥41.3M	—	—	—	CN¥321,000	—	—	—	—	—
Total shareholders' equity	−CN¥935.3M	−CN¥935.3M	−CN¥934.0M	−CN¥934.0M	−CN¥637.1M	−CN¥637.1M	−CN¥754.5M	−CN¥220.0M	CN¥369.3M	−CN¥164.9M	−CN¥47.0M	CN¥165.5M
Key figures
Total debt	CN¥573.5M	CN¥573.5M	CN¥81.0M	CN¥585.3M	CN¥846.0M	CN¥846.0M	CN¥51.1M	CN¥1.12B	CN¥744.4M	CN¥1.06B	CN¥1.03B	CN¥1.22B
Net cash (debt)	−CN¥496.3M	−CN¥496.3M	CN¥1.5M	−CN¥504.2M	−CN¥771.2M	−CN¥771.2M	CN¥84.7M	−CN¥740.6M	−CN¥126.7M	−CN¥675.5M	−CN¥528.0M	−CN¥517.8M
Working capital	−CN¥916.1M	−CN¥916.1M	−CN¥909.1M	−CN¥910.4M	−CN¥763.1M	−CN¥763.1M	−CN¥910.9M	−CN¥510.7M	CN¥745.6M	CN¥132.5M	CN¥326.9M	CN¥535.8M
Tangible book value	−CN¥936.5M	−CN¥936.5M	−CN¥935.6M	−CN¥975.9M	−CN¥639.1M	−CN¥639.1M	−CN¥756.8M	−CN¥222.5M	CN¥316.6M	−CN¥217.6M	−CN¥100.4M	CN¥113.3M
Shares outstanding	—	—	33.75B	4.6M	3.6M	3.6M	2.76B	842K	816K	784K	238.1M	703K
Current ratio	0.19	0.19	0.19	0.19	0.35	0.35	0.33	0.66	2.72	1.15	1.40	1.50
Quick ratio	0.08	0.08	0.09	0.09	0.09	0.09	0.13	0.62	1.85	0.59	0.80	0.96
Debt / equity	—	—	—	—	—	—	—	—	2.02	—	—	7.38
Equity / assets	−319.5%	−319.5%	−298.8%	−300.0%	−102.6%	−102.6%	−116.0%	−17.1%	26.6%	−12.7%	−3.2%	9.1%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 17, 2026); data from EODHD.

NAAS financial position

At the end of fiscal 2025 (December 31, 2025), NaaS Technology had total assets of CN¥451.2 million (down 30.6% from a year earlier), total liabilities of CN¥1.2 billion and shareholders' equity of -CN¥796.1 million. It held CN¥81.2 million in cash and short-term investments against CN¥607.7 million of debt, net debt of CN¥526.5 million. Its current ratio was 0.19. In the latest quarter (ended June 30, 2026) total assets were CN¥292.7 million and equity -CN¥935.3 million.

Related: NAAS income statement, NAAS cash flow statement, NAAS key metrics. See the NAAS stock overview for the latest quote and news.

NAAS balance sheet FAQ

What are NaaS Technology's total assets?

NaaS Technology reported total assets of CN¥451.2 million at the end of fiscal 2025 (December 31, 2025), compared with CN¥650.6 million a year earlier.

How much debt does NaaS Technology have?

NaaS Technology had CN¥607.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.

How much cash does NaaS Technology have?

NaaS Technology held CN¥81.2 million in cash and short-term investments at the end of fiscal 2025; with CN¥607.7 million of debt that is net debt of CN¥526.5 million.

What is NaaS Technology's book value?

NaaS Technology's shareholders' equity (book value) was -CN¥796.1 million at the end of fiscal 2025.

What is NaaS Technology's current ratio?

NaaS Technology had current assets of CN¥214.2 million and current liabilities of CN¥1.1 billion, a current ratio of 0.19 (current liabilities exceed current assets).

How much goodwill does NaaS Technology have?

NaaS Technology carried CN¥1.6 million of goodwill and intangible assets, 0.4% of total assets, at the end of fiscal 2025.