Group 1 - The stock of Weisheng Holdings (03393.HK) increased by over 3% on September 22, reaching a rise of 3.3% to HKD 11.57 [1] - The trading volume for Weisheng Holdings was reported at HKD 14.6482 million [1]

Core Viewpoint - Weisheng Holdings (03393) has seen a stock increase of over 3%, currently at HKD 11.57, with a trading volume of HKD 14.6482 million [1] Financial Performance - Weisheng Holdings' overseas business revenue for the first half of 2025 reached RMB 1.24 billion, a year-on-year increase of 19% [1] - ADO overseas revenue surged by 754%, increasing from RMB 6 million to RMB 50 million, accounting for 4.2% of total revenue [1] - The overseas revenue from the power AMI business grew by 12% to RMB 910 million, representing approximately 73% of overseas revenue [1] - Revenue from communication and fluid AMI business overseas rose by 26% to RMB 280 million [1] - As of June 30, the company had an unfulfilled order amount of RMB 3.605 billion in its overseas business [1] Strategic Focus - The company is focusing on the data center industry and is deeply involved in the "East Data West Computing" project, achieving significant orders from ByteDance in the first half of the year [1] - The Malaysian factory commenced operations in the first half of the year, and the company is collaborating with Siemens and GDS in the intelligent computing center power distribution sector, showcasing a technological advantage [1] Future Outlook - It is anticipated that the total data center orders for 2025 will exceed RMB 2 billion, with a conservative estimate of over RMB 1 billion in revenue recognition based on 50% of orders being fulfilled [1] - The order from GDS is projected at RMB 1.3 billion (with RMB 500 million in hand and RMB 480 million in Q4), while the three major telecom operators and other industries are expected to contribute around RMB 1 billion, with deliveries estimated at RMB 500-600 million [1]

该行指出，公司重点聚焦数据中心行业，深度参与东数西算工程，并在上半年实现字节跳动的订单突 破；在海外市场方面，上半年马来西亚工厂正式投产，通过技术出海与西门子、万国数据等企业合作， 在智算中心配电领域具有技术领先优势。预计2025全年数据中心订单将超过20亿，保守按50%出库确认 收入将超过10亿。其中万国数据订单13亿(在手5亿+Q48亿)，交付约5亿，三大运营商和其他行业约10 亿，交付约5-6亿左右。 智通财经APP获悉，威胜控股(03393)涨超3%，截至发稿，涨3.3%，报11.57港元，成交额1464.82万港 元。 国元国际发布研报指出，威胜控股2025年上半年海外业务营业收入增长至12.4亿元，同比上升19%；其 中ADO海外收入大幅增长754%，由去年同期人民币600万增长至5000万元，占比4.2%；电力AMI业务 海外收入增长12%至人民币9.1亿元，占海外收入约73%；通讯及流体AMI业务海外收入上升26%至2.8亿 元。截止6月30日，公司海外业务未完成订单金额达人民币36.05亿元。 ...

中期報告 2025 （股份代號：3393） （於開曼群島註冊成立的有限公司） 計量 與 能源 管理專家 能效 Interim Report 2025 (Stock Code: 3393) (incorporated in the Cayman Islands with limited liability) ENERGY METERING & ENERGY SAVING EXPERT 中期報告 Interim Report 2025 目 錄 2 公司資料 4 公司簡介 6 集團科技創新歷程回顧 10 管理層討論與分析 28 其他資料 31 獨立審閱報告 32 中期簡明綜合損益及其他全面利潤表 34 中期簡明綜合財務狀況表 36 中期簡明綜合權益變動表 38 中期簡明綜合現金流量表 40 中期簡明綜合財務資料附註 吉為先生 （主席） 吉喆先生 李鴻女士 鄭小平女士 田仲平先生 非執行董事 曹朝輝女士 獨立非執行董事 陳昌達先生 欒文鵬先生（於二零二五年五月十五日退任） 姜新建先生（於二零二五年五月十五日獲委任） 王耀南先生 公司秘書 蔡偉龍先生 FCCA, FCPA 法定代表 公司資料 執行董事 陳昌達先生 （主 ...

Group 1 - The 2025 China International Service Trade Fair is held in Beijing from September 10 to 14, showcasing nearly 40 enterprises from Changsha, highlighting the city's service trade capabilities [3] - The Hunan Pavilion, covering 100 square meters, features interactive multimedia, digital navigation, and innovative non-heritage displays, attracting attention [3] - Key exhibitors include Wanxing Technology and Caohua Interactive, demonstrating strengths in digital creativity and game development, while Hunan Provincial Malanshan Audio-Video Laboratory showcases comprehensive audio-video technology [3][6] Group 2 - The fair is focused on the theme "Digital Navigation, Service Trade Renewal," featuring six types of activities including global service trade summits, exhibitions, forums, and promotional events [3] - A total of 85 countries and international organizations participate, with nearly 2,000 enterprises exhibiting, including around 500 Fortune 500 and industry-leading companies [3] - During the 14th Five-Year Plan period, China's service trade scale surpassed $1 trillion for the first time, maintaining the second position globally, indicating the growing importance of service trade in international trade [5] Group 3 - Changsha has been recognized as a national service outsourcing demonstration city, with significant growth in service trade, becoming a key driver for stabilizing foreign trade, employment, and promoting industrial transformation [6] - In the first half of this year, Changsha's service trade totaled $2.451 billion, marking a year-on-year increase of 20.56%, with a per capita service trade amount of $230.87, both ranking first in the province [6][7]

Group 1 - The core viewpoint of the article highlights the significant contract wins for Weisheng Holdings, with its subsidiary winning approximately RMB 201.16 million in a tender by Southern Power Grid, and another subsidiary securing about RMB 168.97 million, making the company the top bidder in this framework tender [1][1][1] - Weisheng Holdings' net profit for the first half of the year increased by 32.8% year-on-year to RMB 440 million, surpassing market expectations for an annual profit increase of 28.3% to RMB 906 million [1][1][1] - The revenue from the smart power distribution system and solutions business (ADO) grew by 9.2% year-on-year, driven primarily by strong product demand from overseas data centers [1][1][1] Group 2 - The management of Weisheng Holdings maintains a dividend payout ratio of 50% for 2025 and has provided guidance for capital expenditures, anticipating strong performance in new orders from overseas data centers to support a 21% growth in ADO business revenue for the year [1][1][1]

Core Viewpoint - 威胜控股's stock rose over 5% following the announcement of significant contract wins in the metering equipment sector, indicating strong market performance and growth potential [1] Group 1: Contract Wins - 威胜控股's subsidiary, 威胜集团有限公司, won a contract worth approximately RMB 201.16 million in the first batch of framework tender results announced by 南方电网 for metering equipment [1] - Another subsidiary, 威胜信息技术股份有限公司, secured a contract valued at approximately RMB 168.97 million [1] - The company ranked first in terms of the total amount won in this framework tender [1] Group 2: Financial Performance - In the first half of the year, 威胜控股 reported a net profit increase of 32.8% year-on-year, reaching RMB 440 million, surpassing market expectations [1] - The full-year net profit is projected to rise by 28.3% to RMB 906 million [1] - Revenue from the smart distribution and utilization system and solutions business (ADO) grew by 9.2% year-on-year, driven by strong demand from overseas data centers [1] Group 3: Future Outlook - Management has maintained a dividend payout ratio of 50% for 2025 and provided guidance on capital expenditures [1] - The company anticipates strong performance in new orders from overseas data centers, which is expected to support a 21% growth in ADO business revenue for the year [1]

消息面上，威胜控股近日公布，9月1日，中国南方电网公司公布2025年计量设备第一批框架招标项目的 中标结果，其中该公司的附属公司威胜集团有限公司夺得约人民币2.0116亿元( 约2.1983亿港元)的合 同。此外，附属威胜信息技术股份有限公司亦夺得约人民币1.6897亿元( 约1.8465亿港元)的合同。公司 在本次框架招标中标金额排名第一。 中金此前指出，上半年公司匈牙利新工厂进入正常交付运营期，印尼、马来新工厂正式投产运营，该行 认为本地化有望推动欧洲、亚洲区域订单再上一个台阶。数据中心领域，公司与万国数据、 DAYONE、西门子开展海外市场的深度合作，国内市场取得字节跳动订单突破，除供配电系统外，积 极布局液冷散热相关产品。看好公司凭借客户资源、海外供应链配套以及一站式解决方案优势，把握国 内外数据中心建设的需求机遇。 智通财经APP获悉，威胜控股(03393)涨超4%，截至发稿，涨4.15%，报11.05港元，成交额838.53万港 元。 ...

消息面上，威胜控股近日公布，9月1日，中国南方电网公司公布2025年计量设备第一批框架招标项目的 中标结果，其中该公司的附属公司威胜集团有限公司夺得约人民币2.0116亿元(约2.1983亿港元)的合 同。此外，附属威胜信息技术股份有限公司亦夺得约人民币1.6897亿元(约1.8465亿港元)的合同。公司 在本次框架招标中标金额排名第一。 威胜控股(03393)涨超4%，截至发稿，涨4.15%，报11.05港元，成交额838.53万港元。 中金此前指出，上半年公司匈牙利新工厂进入正常交付运营期，印尼、马来新工厂正式投产运营，该行 认为本地化有望推动欧洲、亚洲区域订单再上一个台阶。数据中心领域，公司与万国数据、 DAYONE、西门子开展海外市场的深度合作，国内市场取得字节跳动订单突破，除供配电系统外，积 极布局液冷散热相关产品。看好公司凭借客户资源、海外供应链配套以及一站式解决方案优势，把握国 内外数据中心建设的需求机遇。 ...

Core Viewpoint - Weisheng Holdings has secured significant contracts with China Southern Power Grid, totaling approximately 370 million RMB, which is expected to positively impact the company's performance [1][2]. Group 1: Contract Wins - Weisheng Holdings' subsidiaries won the first batch of framework tender projects for metering equipment from China Southern Power Grid, with contract amounts of 201 million RMB and 169 million RMB respectively [2]. - The company ranked first in the total bid amount for this tender, indicating strong competitive positioning [2]. Group 2: Financial Performance - In the first half of 2025, Weisheng Holdings achieved a revenue of 4.39 billion RMB, representing a year-on-year growth of 17%, while net profit surged to 440 million RMB, a significant increase of 33% [4]. - The three core business segments of the company showed stable growth, with the smart metering solutions segment growing by 30% to 1.88 billion RMB [4]. Group 3: Business Expansion - Weisheng Holdings is actively expanding its overseas market presence, with exports reaching 1.244 billion RMB in the first half of 2025, a 19% increase year-on-year [5]. - The company has established six overseas production bases, including factories in Indonesia and Malaysia, and plans to further develop smart distribution businesses in Southeast Asia, North America, and South America [5]. Group 4: Research and Development - The company has been increasing its R&D expenditure, which reached 315 million RMB in the first half of 2025, accounting for 7.2% of its revenue [6]. - Weisheng Holdings holds over 4,000 intellectual property rights, including 2,042 patents and 1,986 software copyrights, showcasing its commitment to innovation [6].