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Nianyi Zou

Research Analyst at UBS Asset Management Americas Inc.

Nianyi Zou is an Executive Director and Senior Equity Research Analyst at UBS, specializing in analysis of the U.S. biotechnology sector with focused coverage of innovative therapeutics companies including CRISPR Therapeutics, Bluebird Bio, and Allogene Therapeutics. He is recognized for his data-driven investment recommendations, and his performance track record is reflected in a consistently high accuracy rate, with noted ranking among top biotech analysts on platforms such as TipRanks and The Wall Street Journal, achieving annualized returns above sector averages. Zou began his career in equity research at UBS after completing his academic training at the University of Miami and has progressed steadily, holding roles as Associate and Analyst before rising to Executive Director. He holds FINRA Series 7, 63, 86, and 87 licenses and has been commended for his insightful sector perspectives, frequently participating in industry panels and client events.

Nianyi Zou's questions to NaaS Technology (NAAS) leadership

Question · Q3 2024

Nianyi Zou from UBS questioned the long-term sustainability of NaaS's first-time non-IFRS net profit and asked about trends in user subsidies and their effect on overall profitability.

Answer

CFO Steven Sim expressed confidence in sustaining profitability, driven by continued growth in high-margin services, operating leverage from scaling, and AI-driven efficiencies. Regarding subsidies, he noted that as the market stabilized, NaaS began reducing subsidies in early 2024. This shift fostered a more sustainable revenue model, improved take rates to historic highs, and did not impede user growth, which was instead driven by better user experience and organic acquisition channels.

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Question · Q2 2024

Nianyi Zou of UBS requested more detail on the operational metrics behind the company's improved financial performance, specifically asking about the gross take rate (GTR) and net take rate (NTR).

Answer

Alex Wu, President and CFO, stated that the GTR reached an all-time high due to two main factors: an improved algorithm driving better results for CPOs, which allows for higher commission rates, and the successful onboarding of more 'long-tail' CPOs where NaaS has greater bargaining power. Regarding the NTR, Wu noted that advanced algorithms have improved user acquisition efficiency, evidenced by a nearly 30% quarter-over-quarter increase in net VIP member additions, which helped push the share of profitable orders to 70%.

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Question · Q2 2024

Nianyi Zou of UBS requested more detail on the operational metrics behind the company's improved financial performance, specifically asking about the gross take rate (GTR) and net take rate (NTR).

Answer

Alex Wu, President and CFO, explained that the GTR reached an all-time high due to two factors: their algorithm improving operational outcomes for CPOs, which allows for better commission rates, and an increase in 'long-tail' CPOs joining the platform, where NaaS has stronger bargaining power. Regarding the NTR, Mr. Wu stated it was driven higher by advanced algorithms improving user acquisition and retention efficiency, evidenced by a nearly 30% quarter-over-quarter increase in net VIP member additions.

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