CROSBY Research – Wasion Holdings (3393 HK/BUY): 2025 marked as a pivotal year, redefining Wasion’s trajectory

30 March 2026

Wasion recorded a turnover of Rmb10.1bn in FY25, representing a YoY increase of 15.6%. NP grew 50.0% YoY to Rmb1.1bn in FY25. GPM edged up 0.9ppt to 35.7% in FY25.