Wasion Holdings (3393) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 rose 17% year-over-year to RMB4,390.41 million, with net profit attributable to owners up 33% to RMB439.65 million.

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

• Overseas business expanded 19% year-over-year, with major contract wins in Mexico, Tanzania, Southeast Asia, and Africa, and new factories operational in Indonesia and Malaysia.

• Maintained leading positions in State Grid and Southern Grid tenders, and continued innovation in smart metering, energy management, and digitalization solutions.

• No interim dividend was declared for the period.

Financial highlights

• Operating income reached RMB4.39 billion, up 17% year-over-year; net profit attributable to owners grew 33% to RMB439.65 million.

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

• Basic earnings per share rose to RMB44.5 cents from RMB33.5 cents a year earlier.

• Operating profit before finance costs and tax was RMB748.99 million, up 20% year-over-year.

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

Outlook and guidance

• Expects continued stable order streams from grid markets, with anticipated order wins over RMB500 million in the second half.

• Guidance for full-year overseas AMI income growth over 25%, with gross margin expected to rise 2-3 percentage points in H2.

• Focus on digital transformation, green energy, and expanding data center and non-grid businesses, especially in Southeast Asia, North America, and Europe.

• Continued investment in 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.