CROSBY Research – Wasion Holdings (3393 HK/NEUTRAL): A stellar set of 1H25 results

1 September 2025

Wasion’s 1H25 turnover increased by 17.3% YoY to Rmb4.4bn, while NP grew by 32.8% YoY to Rmb439.6m. In 1H25, sales of Wasion’s power AMI/ communication and fluid (C&F) AMI/ ADO, all recorded growth of 29.8%/12.8%/6.1% to Rmb1.9bn/ Rmb1.3bn/ Rmb1.2bn, accounting for 42.9%/29.6%/27.5% of total sales, respectively.