Wasion Holdings Ltd
HKEX:3393
Wasion Holdings Ltd
Wasion Holdings Ltd. engages in the development, manufacture, and supply of energy metering products. The firm operates its business through three segments. The Smart Meter segment is engaged in the development, manufacture and sales of standardized smart meter products to power grids. The Advanced Metering Infrastructure segment engages in the development, manufacture and sale of non-standardized smart meter products and provision of system solution and communication terminals solution services. The Advanced Distribution Operations segment engages in the manufacture and sale of smart power distribution devices and provision of smart power distribution solution and energy efficiency solution services.
Wasion Holdings Ltd. engages in the development, manufacture, and supply of energy metering products. The firm operates its business through three segments. The Smart Meter segment is engaged in the development, manufacture and sales of standardized smart meter products to power grids. The Advanced Metering Infrastructure segment engages in the development, manufacture and sale of non-standardized smart meter products and provision of system solution and communication terminals solution services. The Advanced Distribution Operations segment engages in the manufacture and sale of smart power distribution devices and provision of smart power distribution solution and energy efficiency solution services.
Strong Revenue Growth: Wasion reported operating income of RMB 4.39 billion in H1 2025, up 17% year-on-year, driven by strong performance across all major business segments.
Profitability: Net profit attributable to the parent grew by 33% to RMB 440 million, with net profit margin improving by 1.2 percentage points to about 10%.
Segment Outperformance: Power AMI revenue rose 30%, C&F AMI by 13%, and ADO by 6% year-on-year, with Power AMI and C&F AMI both seeing notable gross profit contributions.
Overseas Expansion: Overseas revenue grew 19% to RMB 1.25 billion, with new factories operational in Indonesia and Malaysia, and large contracts secured in Mexico and Tanzania.
Data Center Momentum: Data center business, including liquid cooling solutions, saw robust growth with over RMB 1 billion in orders secured for 2025, especially with key clients like GDS and ByteDance.
Stable Margins Despite Pricing: Gross margin remained steady at 35.1%, with effective cost controls offsetting domestic meter price pressure.
Guidance Affirmed: Management confirmed expectations of over 25% overseas AMI revenue growth and gross margin expansion of 2–3 percentage points in H2 2025.
Dividend and CapEx Steady: CapEx guidance for 2025 remains RMB 500 million, and the dividend payout policy is to be maintained at the 2024 level (around 50%).
