--- title: "Is Nasen Technology not fighting a battle without certainty?" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/43149082.md" description: "$NASN TECH(02261.HK) Nasen Technology (22261.HK) Company Overview Nasen Intelligent Technology (Zhejiang) Co., Ltd. focuses on intelligent driving motion control technology, with its core products being wire-controlled braking solutions (NBS, ESC, NBC). The company positions itself as the "cerebellum of intelligent driving," providing high-safety and high-precision actuator layer control through full-stack self-developed algorithms, software, and hardware. According to Frost & Sullivan, the company is the first in China to apply electric brake booster (NBS) to L4-level autonomous driving commercial operations..." datetime: "2026-08-03T07:43:38.000Z" locales: - [en](https://longbridge.com/en/topics/43149082.md) - [zh-CN](https://longbridge.com/zh-CN/topics/43149082.md) - [zh-HK](https://longbridge.com/zh-HK/topics/43149082.md) author: "[港股BEN视界](https://longbridge.com/en/profiles/13810519.md)" --- # Is Nasen Technology not fighting a battle without certainty? $NASN TECH(02261.HK) Nasen Technology (2261.HK) Company Overview Nasen Intelligent Technology (Zhejiang) Co., Ltd. focuses on intelligent driving motion control technology, with core products being brake-by-wire solutions (NBS, ESC, NBC). The company positions itself as the "cerebellum of intelligent driving," providing high-safety and high-precision actuator control through fully self-developed algorithms, software, and hardware. According to Frost & Sullivan, the company is the first in China to apply electric brake booster (NBS) to L4-level autonomous driving commercial operations. In 2025, by sales volume, it ranks among the top three domestic brake-by-wire suppliers and the second-largest independent third-party supplier in China. Products have been selected by multiple leading domestic OEMs, with cumulative nominations for NBS, ESC, and NBC continuing to grow, reaching 21, 27, and 20 mass-produced models respectively (as of March 2026). Business and Market Brake-by-wire technology is the core execution carrier for advanced intelligent driving. The global brake-by-wire solution market is expected to grow from RMB 320.8 billion in 2025 to RMB 687.8 billion in 2030 (CAGR 16.5%), while the Chinese market will grow from RMB 97.1 billion to RMB 244.7 billion during the same period (CAGR 20.3%). The localization rate of brake-by-wire systems in China was only about 22.5% in 2025, expected to rise to 60.6% by 2030, indicating significant space for domestic substitution. The company is extending from braking to steering (EPS/SBW), integrated motion control (NXU), and robotics/low-altitude aircraft fields, forming a second growth curve. Financial Performance Revenue grew rapidly during the track record period: RMB 272 million in 2023, RMB 391 million in 2024 (+43.5%), RMB 615 million in 2025 (+57.3%), and RMB 151 million in Q1 2026 (+46.9% YoY). Product structure iterated quickly, with NBC rising from near zero to become the mainstay in 2025 (approx. 49%). Gross margin increased from 1.1% in 2023 to 13.6% in 2025, and 10.1% in Q1 2026. Continuous Losses: Net losses were RMB 201 million, RMB 170 million, and RMB 190 million in 2023-2025 respectively; adjusted net loss (adding back share-based payments, redemption liability financing costs, and listing expenses) narrowed from RMB 105 million to RMB 29 million, showing operational improvement. Main reasons for losses include high R&D investment (accounting for a high proportion of operating expenses), capacity ramp-up, and raw material costs. The balance sheet shows a net liability position (mainly due to redemption liabilities), which is expected to turn into net assets after the termination of redemption rights post-IPO. Operating cash flow fluctuated significantly, turning negative in 2025 mainly due to increases in receivables and inventory. Advantages and Risks Advantages lie in full-stack self-developed technology, high customer stickiness (net dollar retention rate close to 100%), rapid increase in nominations, and long-term drivers such as domestic substitution policies and increasing penetration of intelligent driving. The management team is experienced, with R&D personnel accounting for over 40%. Main risks include: fierce industry competition, uncertainty in technology iteration and customer nominations (nominations are not binding commitments, with long verification cycles), high customer concentration (top five customers often account for over 90%), continuous losses and negative operating cash flow, patent litigation (five lawsuits against ESC by German suppliers), and limited supply chain bargaining power. Uncertainties also exist regarding market acceptance of brake-by-wire solutions and the progress of OEM architecture upgrades. Commentary July has historically been a transition period for new HK stock listings, with weak trading activity and generally cold performance in both the broader market and new stocks. The main reason is that the mid-year report deadline of June 30 has just passed, and the window for inclusion in Stock Connect is still far away, making the cost of entry high. Prospectus documents also face expiration pressure, so most issuers choose to avoid this period. As the first new stock listed in August, Nasen Technology is expected to help repair sentiment after the July slump. The fact that the issuer is pushing forward with the prospectus at this time already indicates thorough preparation. Without sufficient preparation, they would certainly not choose to list at this node. Historical experience also shows that the first few new stocks in early August often perform well. The above is merely an observation of market rhythm and does not guarantee individual stock price increases. It is recommended to participate rationally based on your own risk tolerance and control position size. ### Related Stocks - [02261.HK](https://longbridge.com/en/quote/02261.HK.md)