CROSBY Research – Wasion Holdings (3393 HK/BUY): Strong top line growth with profitability impacted by margin erosion

1 Sept 2026

Wasion recorded a turnover of Rmb5.4bn in 1H26, representing a YoY increase of 22.8%. NP grew 1.4% YoY to Rmb445.9m in 1H26. GPM edged down by 3.8ppt to 31.3% due to change in product mix. 1H26 MI increased by 40.3% YoY.