Group 1 - The core point of the article is that Weisheng Holdings (03393) has won significant contracts in the first batch of framework bidding projects for metering equipment announced by China Southern Power Grid for 2025, with a total value of approximately RMB 3.7013 billion (around HKD 4.0448 billion) [1] Group 2 - Weisheng Group Limited, a subsidiary of the company, secured a contract worth approximately RMB 2.0116 billion (around HKD 2.1983 billion) [1] - Weisheng Information Technology Co., Ltd., another subsidiary, won a contract valued at approximately RMB 1.6897 billion (around HKD 1.8465 billion) [1] - The company ranked first in the bid amount in this framework bidding process [1]

智通财经APP讯，威胜控股(03393)公布，于2025年9月1日，中国南方电网公司(南方电网)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，该公司的附属公司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。 （原标题：威胜控股 (03393) 旗下两附属公司斩获南方电网订单，2025 年首批计量设备招标中标额第 一） ...

（ 於開曼群島註冊成立之有限公司） （股份代號︰3393） 自 願 公 告 南 方 電 網 招 標 結 果 本公告由威勝控股有限公司自願刊發。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 威勝控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈，於二零二五年九月一日，中國 南方電網公司（「南方電網」）公佈二零二五年計量設備第一批框架招標項目的中標結果，其 中本公司之附屬公司威勝集團有限公司奪得約人民幣201.16百萬元（ 約219.83百萬港元）的合 同。此外，本公司之附屬公司威勝信息技術股份有限公司亦奪得約人民幣168.97百萬元（ 約 184.65百萬港元）的合同。本公司在本次框架招標中標金額排名第一。 本 公 告 乃 承 董 事 會 之 命 而 作 出 ， 各 董 事 就 本 公 告 所 披 露 資 料 的 準 確 性 個 別 及 共 同 承 擔 責 任。 承董事會命 威勝控股有限公司 公司秘書 蔡偉龍 香港，二零二五年九月八日 於本公告 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 威勝控股有限公司 | | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03393 | 說明 | 不適用 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 100,0 ...

Core Viewpoint - Weisheng Holdings (03393) has seen a significant stock price increase of over 25% following the release of its interim results, with a current trading price of 11.19 HKD and a trading volume of 47.63 million HKD [1] Financial Performance - The company reported a revenue of 4.39 billion RMB, representing a year-on-year increase of 17.34% [1] - Net profit attributable to shareholders reached 440 million RMB, marking a year-on-year increase of 32.81% [1] Market Analysis - CICC's report indicates that Weisheng Holdings' performance exceeded expectations, driven by expansion in external markets such as communications, and better-than-industry performance in domestic meter deliveries and collections [1] - Citigroup's report highlights that the net profit for the first half of the year rose by 32.8% to 440 million RMB, surpassing the market's expectation of a full-year profit increase of 28.3% to 906 million RMB [1] Business Segments - The revenue from the smart distribution and utilization system and solutions (ADO) segment grew by 9.2% year-on-year, primarily due to strong product demand from overseas data centers [1] - Management maintains a dividend payout ratio of 50% for 2025 and capital expenditure guidance, anticipating 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]

Core Viewpoint - Weisheng Holdings (03393) has seen a significant stock price increase of over 25% following the release of its interim results, indicating strong market performance and investor confidence [1] Financial Performance - The company reported a revenue of 4.39 billion RMB, representing a year-on-year increase of 17.34% [1] - Net profit attributable to shareholders reached 440 million RMB, marking a year-on-year growth of 32.81% [1] Market Analysis - CICC's report highlights that Weisheng's performance exceeded expectations, driven by expansion in external markets such as telecommunications and better-than-peer domestic meter deliveries [1] - Citigroup's analysis indicates that the net profit for the first half of the year rose by 32.8% to 440 million RMB, surpassing the market's forecast of a 28.3% increase for the full year [1] Business Segments - The revenue from the smart distribution and power supply system solutions (ADO) grew by 9.2% year-on-year, primarily due to strong product demand from overseas data centers [1] - Management maintains a dividend payout ratio of 50% for 2025 and anticipates robust new orders from overseas data centers, supporting a projected 21% growth in ADO business revenue for the year [1]

Core Viewpoint - The company reported strong financial performance for 1H25, with revenue and net profit exceeding expectations, driven by market expansion and robust demand in both domestic and overseas markets [1][2]. Financial Performance - Total revenue for 1H25 reached 4.39 billion yuan, a year-on-year increase of 17.3%, with net profit attributable to shareholders at 440 million yuan, up 32.8% [1]. - Revenue from electric AMI grew by 29.8% to 1.88 billion yuan, while communication AMI revenue increased by 12.8% to 1.30 billion yuan, and distribution ADO revenue rose by 6.1% to 1.21 billion yuan [1]. Overseas Revenue and Orders - Overseas revenue for 1H25 increased by 19.1% to 1.24 billion yuan, accounting for 28.3% of total revenue [2]. - By region, revenue from the Americas rose by 26.0% to 680 million yuan, Asia saw a significant increase of 76.2% to 290 million yuan, while Europe surged by 834% to 40 million yuan [2]. - New overseas orders for 1H25 grew by 22.9% to 2.13 billion yuan, with backlog orders up 28% to 3.61 billion yuan as of June [2]. Profitability and Cost Control - The company's gross margin stood at 35.1%, a decrease of 0.4 percentage points year-on-year, while net profit margin improved by 1.2 percentage points to 10.0% [3]. - The company achieved a reduction in expense ratio to 21.2%, down 1.6 percentage points, with decreases in sales, management, and R&D expenses [3]. Growth Outlook - The company is optimistic about growth opportunities in overseas markets and data centers, with new factories in Hungary, Indonesia, and Malaysia expected to enhance order volumes [3]. - Collaborations with major players in the data center sector, including ByteDance, are anticipated to drive further growth [3]. Profit Forecast and Valuation - The company maintains net profit forecasts of 916 million yuan for 2025 and 1.136 billion yuan for 2026, with current stock price corresponding to P/E ratios of 9.5x and 7.6x for 2025 and 2026, respectively [3]. - The target price has been raised by 22% to 12 HKD, indicating a potential upside of 25% from the current stock price [3].

Investment Rating - The report maintains a "Buy" rating for the company with an updated target price of HKD 11.65, reflecting an upside potential of 21.6% based on an 8.5x FY26 target P/E ratio [4][6][19]. Core Insights - The company's FY25 interim results exceeded expectations, with a 32.8% year-on-year increase in net profit attributable to shareholders, reaching RMB 440 million. This growth was driven by a 17.3% increase in total revenue to RMB 4.39 billion, primarily from the smart metering business, which saw a 29.8% revenue increase to RMB 1.88 billion [1][3]. - The company effectively controlled sales, administrative, and R&D expenses, leading to a decrease in financial costs by 5.4% to RMB 59 million, and a reduction in the effective tax rate from 16.9% to 15.1% [1][3]. Revenue Breakdown - Domestic grid customers remain the largest revenue source, with a 21.6% year-on-year increase in related revenue to RMB 1.80 billion, accounting for 41.0% of total revenue. However, overseas customer revenue grew rapidly, increasing by 19.2% to RMB 1.24 billion, representing 30.8% of total revenue, primarily from the smart metering business [2][11]. - The company has commenced operations at its factories in Johor, Malaysia, and PT Willfar in Indonesia, which are expected to further drive overseas business growth [2]. Profit Forecast Adjustments - Following the FY25 interim results, the profit forecasts for FY25-27 have been raised by 9.1%, 9.6%, and 10.1%, respectively, resulting in projected net profits of RMB 980 million, RMB 1.26 billion, and RMB 1.54 billion, with year-on-year growth rates of 38.4%, 28.6%, and 22.9% [3][15].

中金发布研报称，维持威胜控股(03393)2025/2026年净利润预测9.16/11.36亿元，当前股价对应 9.5x/7.6x2025/2026eP/E。维持跑赢行业评级，考虑到板块估值中枢上移，上调目标价22%至12港元，对 应12.0x/9.5x2025/2026eP/E，较当前股价仍有25%上行空间。 中金主要观点如下： 1H25营收同比+17.3%，归母净利润同比+32.8%，业绩超出该行的预期 看好出海、数据中心持续打开成长空间 1H25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。公司积极带动多产品出海，1H25配电业务在北美、南美等区 域取得了重大市场突破，在北美、欧洲及澳洲有多个工商储试点项目稳定运行。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。该行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。 风险提示：国内电表招标不及预期，海外竞争加剧，海外业务经营风险。 ...

Core Viewpoint - Company maintains net profit forecasts for 2025/2026 at 916 million and 1.136 billion HKD respectively, with current stock price corresponding to 9.5x and 7.6x P/E ratios for those years, and raises target price by 22% to 12 HKD, indicating a 25% upside potential from current price [1] Group 1: Financial Performance - For 1H25, company reported total revenue of 4.39 billion HKD, a year-on-year increase of 17.3%, with net profit attributable to shareholders at 440 million HKD, up 32.8% year-on-year, exceeding expectations [2] - Revenue breakdown shows electric AMI revenue increased by 29.8% to 1.88 billion HKD, communication AMI revenue rose by 12.8% to 1.30 billion HKD, and distribution ADO revenue grew by 6.1% to 1.21 billion HKD [2] Group 2: Overseas Revenue and Orders - Overseas revenue for 1H25 increased by 19.1% to 1.24 billion HKD, accounting for 28.3% of total revenue, with significant growth in the Americas (up 26.0% to 680 million HKD), Asia (up 76.2% to 290 million HKD), and Europe (up 834% to 40 million HKD) [3] - New overseas orders signed in 1H25 rose by 22.9% to 2.13 billion HKD, with backlog orders as of June 30 increasing by 28% to 3.61 billion HKD [3] Group 3: Cost Control and Profitability - Gross margin for 1H25 was 35.1%, a decrease of 0.4 percentage points year-on-year, with electric AMI gross margin down 2.4 percentage points to 37.8% due to declining domestic tender prices [4] - Net profit margin for 1H25 improved by 1.2 percentage points to 10.0%, supported by a reduction in expense ratios across sales, management, and R&D [4] Group 4: Growth Opportunities - Company’s new factories in Hungary, Indonesia, and Malaysia are now operational, which is expected to enhance order volumes in Europe and Asia [5] - Company is actively expanding its product offerings overseas, achieving significant market breakthroughs in North and South America, and is collaborating with major players in the data center sector to capture domestic and international demand [5]