Wasion Holdings (03393) reported interim revenue of RMB5.39 billion for the six months ended 30 June 2026, up 23% year-on-year, driven chiefly by strong expansion in Digital Energy Services.
Net profit attributable to shareholders edged up 1% to RMB445.87 million, while basic earnings per share were RMB0.444. Gross profit rose 9% to RMB1.69 billion, although the gross margin narrowed to 31.28% from 35.13% a year earlier, reflecting product-mix shifts and cost dynamics. The board did not declare an interim dividend.
Segment performance • Digital Energy Services revenue surged 98% to RMB2.39 billion, accounting for 44% of the group total. • Smart Grid Solutions recorded RMB1.99 billion, up 6% and representing 37% of revenue. • AI-Integrated Energy Efficiency Solutions fell 22% to RMB1.01 billion, contributing 19%.
Cost and expenses Cost of sales climbed 30% to RMB3.70 billion. Operating expenses (selling, administrative and R&D) increased 12% to RMB972.02 million, representing 18% of revenue versus 20% last year. Finance costs declined to RMB46.66 million from RMB59.30 million, aided by lower borrowings and interest rates.
Balance-sheet highlights • Cash and bank balances: RMB3.66 billion • Total bank borrowings: RMB2.34 billion, of which RMB1.44 billion is short-term • Gearing ratio (debt/total assets): 11%, down from 14% at end-2025 • Net current assets: RMB7.14 billion
Capital moves In April 2026 the company raised HK$1.47 billion net via a top-up placing and subscription of 50 million shares at HK$30.00 each. Proceeds are earmarked for magnetic-latching and HVDC product development, domestic R&D and smart manufacturing, overseas expansion, an energy-management acquisition, debt repayment and general working capital. As of 30 June 2026, HK$436.35 million had been utilised.
Earnings per share and dividend Basic and diluted EPS were RMB0.444; no interim dividend was proposed, consistent with the prior-year period.
Outlook indicators Management highlighted record first-half grid-investment spending by China’s State Grid and Southern Grid and continued international demand for smart grid, data-center and energy-storage solutions, while noting a lower gross margin environment. The company plans to leverage recent capital raising to accelerate product development and global market penetration in the second half.
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