Wasion Holdings (3393) H2 2025 earnings summary

Executive summary

• Achieved record revenue of RMB 10.07 billion in 2025, up 16% year-over-year, with net profit attributable to owners rising 50% to RMB 1.06 billion and EPS increasing 50% to RMB 106.9 cents.

• All three business segments—Smart Grid Solutions, AI-Integrated Energy Efficiency Solutions, and Digital Energy Services—delivered double-digit revenue growth.

• Overseas revenue accounted for 29.8% of total, with significant growth in Asia, Africa, and the Americas; overseas business turnover rose 25% to RMB 3,000.30 million.

• Gross profit margin improved to 35.7% from 34.8% in 2024.

• Final dividend proposed at HKD 48 cents per share, up from HKD 38 cents last year.

Financial highlights

• Gross profit rose 19% to RMB 3.60 billion, with gross margin up to 35.7%.

• EBITDA increased 35% to RMB 2.22 billion, and EBITDA margin improved to 22.1%.

• Operating profit before finance costs and tax rose 39% to RMB 1,851.46 million.

• Operating expenses were RMB 1,936.29 million, 19% of revenue, down from 21% in 2024.

• Finance costs decreased to RMB 106.60 million due to lower borrowings and interest rates.

Outlook and guidance

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

• Power grid investment in China is set to rise, with State Grid planning RMB 4 trillion investment during the 15th Five-Year Plan.

• Overseas expansion will focus on smart grid, data centers, and energy storage, targeting key markets in South America, North America, Africa, Europe, and Asia.

• Anticipates increased demand for smart meters and energy efficiency solutions in both domestic and international markets.

• The Group aims to leverage technological innovation and internationalization for future growth.