Wasion Holdings (3393) investor relations material

Executive summary

• Revenue for the six months ended 30 June 2025 rose 17% year-over-year to RMB4,390.41 million, with net profit attributable to owners up 33% to RMB439.65 million.

• All three business segments—Power AMI, Communication & Fluid AMI, and Advanced Distribution Operations—achieved year-over-year revenue growth, with Power AMI up 30%, Communication & Fluid AMI up 13%, and ADO up 6%.

• Overseas business turnover increased 19% year-over-year, with major contract wins in Mexico, Tanzania, Southeast Asia, and Africa.

• New factories commenced operations in Indonesia and Malaysia, enhancing Southeast Asian market presence and supply chain resilience.

• No interim dividend was declared for the period.

Financial highlights

• Operating income/revenue reached RMB4.39 billion, up 17% year-over-year, with operating profit up 20% to RMB748.99 million.

• Net profit attributable to owners rose 33% to RMB439.65 million; basic earnings per share increased to RMB44.5 cents.

• Gross profit increased 16% to RMB1,542.28 million, with a gross margin of 35.13%.

• Net profit margin improved to 10% (2024: 8.8%).

• Gearing ratio increased to 17% from 16% at year-end 2024.

Outlook and guidance

• Expects continued growth from State Grid and Southern Grid tenders, with anticipated order wins over RMB500 million in the second half.

• Overseas AMI income projected to grow over 25% for the full year, with gross profit margin expected to rise by 2–3 percentage points.

• Focus on expanding in Southeast Asia, North America, South America, Europe, and Africa, and further penetration in non-power grid and new energy sectors.

• Continued focus on R&D and technological innovation to maintain industry leadership.

• Policy changes in China supporting market-based pricing and digitalization are expected to drive demand for smart meters and energy management solutions.