Wasion Holdings (3393) investor relations material

Executive summary

• Revenue rose 23% year-over-year in 1H 2026 to RMB5.39 billion, with net profit attributable to owners up 1% to RMB445.87 million.

• Gross profit increased 9% to RMB1,685.80 million, but gross margin declined to 31.3% from 35.1% due to product mix and cost pressures.

• All business segments posted double-digit revenue growth, except AI-Integrated Energy Efficiency Solutions, which declined 22% YoY; Digital Energy Services revenue surged 98% YoY.

• Overseas revenue surged 92% YoY to RMB2.39 billion, now accounting for 44% of total revenue, with orders up 108% YoY.

• No interim dividend was declared for the period.

Financial highlights

• Revenue: RMB5.39 billion, up 23% YoY; net profit attributable to owners: RMB445.87 million, up 1% YoY; gross profit: RMB1,685.80 million, up 9% YoY.

• Gross margin: 31.3% (down from 35.1% YoY); net profit margin: 8.3% (down from 10% YoY).

• EBITDA rose 18% YoY to RMB979 million; operating profit: RMB796.04 million (up 6% YoY); EPS stable at RMB44.4 cents.

• Cash and cash equivalents stood at RMB3,659.52 million as of 30 June 2026; bank borrowings decreased 12% YoY.

• Gearing ratio decreased to 11% from 14% at year-end 2025; interest coverage improved to 17.06x.

Outlook and guidance

• Expects continued growth driven by policy support for smart grids, dual-carbon goals, and digital energy transformation.

• Plans to deepen market penetration in North America, South America, Europe, Africa, and Asia, focusing on high-margin products and digital services.

• Will leverage R&D and innovation to capture opportunities in smart cities, new energy, and global energy digitalization.

• Overseas expansion and R&D investment are prioritized to capture multi-trillion-yuan market opportunities.

• Focus on product innovation, international market penetration, and leveraging policy tailwinds in the second half of 2026.