Wasion Holdings Limited reported strong topline and bottom-line expansion for the year ended 31 December 2025.
Revenue and Profitability • Group revenue rose 16.00% year-on-year (YoY) to RMB10.07 billion, driven by double-digit growth across all three business lines. • Gross profit increased 18.50% to RMB3.60 billion, lifting gross margin to 35.7% (2024: 34.8%). • Net profit attributable to shareholders jumped 50.00% to RMB1.06 billion, reflecting operational leverage and lower finance costs. • Basic earnings per share advanced to RMB1.069, up from RMB0.714.
Segment Performance • Smart Grid Solutions: revenue RMB3.65 billion, up 14.17%, contributing 36% of the total. • AI-Integrated Energy Efficiency Solutions: revenue RMB2.86 billion, up 9.27%, accounting for 28%. • Digital Energy Services: revenue RMB3.56 billion, up 22.75%, representing 36%.
Geographical Mix • Mainland China remained the core market with revenue of RMB7.07 billion (70% of total). • Americas delivered RMB1.32 billion (13%), while Asia ex-China added RMB1.16 billion (12%).
Operating Metrics • Operating expenses (selling, administrative, R&D) totalled RMB1.94 billion, or 19% of revenue (2024: 21%). • Finance costs declined 15.06% to RMB106.60 million, aided by reduced borrowings and lower interest rates. • R&D spend remained high at RMB734.18 million, underscoring the company’s innovation focus.
Balance Sheet and Liquidity • Cash and bank balances stood at RMB3.02 billion; total borrowings were RMB2.49 billion, bringing the gearing ratio down to 14% (2024: 16%). • Net current assets improved to RMB5.22 billion (2024: RMB4.42 billion).
Dividend The board recommended a final dividend of HK$0.48 per share (equivalent to RMB0.422), subject to shareholder approval at the 15 May 2026 AGM. Payment is scheduled for 11 June 2026 to shareholders on the register as of 27 May 2026.
Outlook Management highlighted sustained investment in smart grids, digital energy and overseas expansion as key growth drivers, supported by an 18% increase in gross profit and a 50% rise in attributable earnings during the reporting period.