Core Viewpoint - Weisheng Holdings (03393) has seen a significant increase in stock price, reaching a historical high of HKD 17.99, driven by strategic developments in its ADO business and the introduction of a new investor [1] Group 1: Company Developments - Weisheng Holdings' subsidiary, Weiyuan Energy, has introduced a strategic shareholder, Boyu Investment, which will invest RMB 380 million for 48.81 million new shares, representing approximately 8% of Weiyuan Energy's expanded share capital [1] - The valuation of Weiyuan Energy is approximately RMB 4.75 billion [1] - Weisheng Holdings holds about 65% of Weiyuan Energy, indicating a strong controlling interest in the subsidiary [1] Group 2: Market and Industry Insights - Guotou Securities (International) has reported that the demand for data center business is entering an explosive growth phase, which is expected to drive rapid growth in Weisheng Holdings' ADO business [1] - The collaboration between Weisheng Holdings and Boyu Investment is anticipated to enhance cooperation in industrial resources and cross-border layout [1] - Weiyuan Energy is also progressing towards an A-share listing, which, if successful, could further unlock the company's value [1]

（文章来源：每日经济新闻） 每经AI快讯，威胜控股(03393.HK)尾盘涨近5%，高见17.99港元，再创历史新高。截至发稿，威胜控股 涨4.37%，报17.93港元，成交额2440.84万港元。 ...

Core Viewpoint - Weisheng Holdings (03393) has seen a significant increase in stock price, reaching a historical high of HKD 17.99, driven by strategic developments in its ADO business and the introduction of a new investor [1] Group 1: Company Developments - Weisheng Holdings' subsidiary, Weiyuan Energy, has introduced a strategic shareholder, Boyu Investment, which will invest RMB 380 million for 48.81 million new shares, representing approximately 8% of Weiyuan Energy's expanded share capital [1] - The valuation of Weiyuan Energy is approximately RMB 4.75 billion [1] - Weisheng Holdings holds about 65% of Weiyuan Energy, indicating a strong controlling interest in the subsidiary [1] Group 2: Market and Industry Insights - Guotou Securities (International) has reported that the demand for data center business is entering an explosive growth phase, which is expected to drive rapid growth in Weisheng Holdings' ADO business [1] - The collaboration between Weisheng Holdings and Boyu Investment is anticipated to enhance cooperation in industrial resources and cross-border layout [1] - Weiyuan Energy is also progressing towards an A-share listing, which, if successful, could further unlock the company's value [1]

Core Viewpoint - Weisheng Holdings (03393) has seen a significant increase in stock price, reaching a historical high of HKD 17.99, driven by strategic developments in its ADO business and the introduction of a new investor [1] Group 1: Company Developments - Weisheng Holdings' subsidiary, Weiyuan Energy, has introduced a strategic shareholder, Boyu Investment, which will invest RMB 380 million for 48.81 million new shares, representing approximately 8% of Weiyuan Energy's expanded share capital [1] - The valuation of Weiyuan Energy is approximately RMB 4.75 billion [1] - Weisheng Holdings holds about 65% of Weiyuan Energy, indicating a strong controlling interest in the subsidiary [1] Group 2: Market and Industry Insights - Guotou Securities (International) has reported that the demand for data center business is entering an explosive growth phase, which is expected to drive rapid growth in Weisheng Holdings' ADO business [1] - The collaboration between Weisheng Holdings and Boyu Investment is anticipated to enhance cooperation in industrial resources and cross-border layout [1] - Weiyuan Energy is also progressing towards an A-share listing, which, if successful, could further unlock the company's value [1]

Core Viewpoint - Weisheng Holdings' ADO business is entering a rapid growth phase driven by strong demand in the data center sector, with the recent strategic investment from Boyu Capital expected to enhance business expansion and market competitiveness [1][2]. Group 1: Business Development - Weisheng Holdings announced that its subsidiary, Weiyuan Energy, has introduced strategic investor Boyu Capital, which will invest a total of RMB 380 million for 48.81 million new shares, representing approximately 8% of Weiyuan Energy's expanded share capital [1]. - The partnership with Boyu Capital is anticipated to leverage Boyu's extensive resources in data centers, technology, and new energy sectors, facilitating global expansion and enhancing operational capabilities [1][2]. - The ADO business, primarily involving power supply for domestic telecom operators and internet companies, as well as overseas data center operations, is expected to benefit significantly from the explosive growth in AI and data center demand [1][2]. Group 2: Financial Projections - The company has secured strategic orders from major clients such as GDS and ByteDance, with data center orders expected to reach RMB 2.3 billion by 2025, and RMB 1 billion anticipated to be recognized as revenue this year [2]. - The ADO business is projected to experience a doubling of both orders and revenue in the coming year, indicating a robust growth trajectory [2]. - The company maintains a "Buy" rating and has raised the target price to HKD 19.58, with net profit growth forecasted to exceed 30% for both 2025 and 2026, driven by strong demand in the data center sector [3].

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12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12月31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 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,0 ...

Group 1 - The core viewpoint of the report is that Weisheng Holdings' ADO business is entering a rapid growth phase driven by strong demand in data centers, becoming a key engine for the group's overall business growth [1][2] - Weisheng Holdings has announced that its subsidiary, Weiyuan Energy, has introduced strategic investor Boyu Capital, which will invest a total of RMB 380 million for a stake of approximately 8% in Weiyuan Energy, valuing it at around RMB 4.75 billion [1][2] - The partnership with Boyu Capital is expected to enhance Weiyuan Energy's business expansion and market competitiveness through capital and industrial resource collaboration, leveraging Boyu's extensive experience in data centers, technology, and new energy sectors [1][3] Group 2 - The ADO business, operated by Weiyuan Energy, includes power supply services for major domestic telecom operators and internet companies, as well as overseas data center and distribution businesses [2] - The demand for data centers is experiencing explosive growth, driven by the rise of AI, with Weisheng Holdings securing significant orders from strategic clients like GDS and ByteDance, and projecting a doubling of orders and revenue in the coming year [2] - The company anticipates a net profit growth rate exceeding 30% for both 2025 and 2026, with the valuation of the company expected to rise significantly due to the strong performance of the data center business [3]

Group 1 - The core viewpoint of the report is that Weisheng Holdings' ADO business is entering a rapid growth phase driven by strong demand in data centers, becoming a key engine for the group's overall business growth [1][3]. - Guotou Securities maintains a "Buy" rating for Weisheng Holdings and has raised the target price to HKD 19.58 based on peer valuation comparisons [1]. Group 2 - Weisheng Holdings' subsidiary, Weiyuan Energy, has introduced strategic investor Boyu Capital, which will invest RMB 380 million for an 8% stake, valuing Weiyuan Energy at approximately RMB 4.75 billion [2]. - The partnership with Boyu Capital is expected to enhance Weisheng's business expansion and market competitiveness through capital and industrial resource collaboration, leveraging Boyu's extensive experience in data centers, technology, and new energy [2][4]. Group 3 - The ADO business, operated by Weiyuan Energy, includes power supply services for major domestic telecom operators and internet companies, as well as overseas data center and distribution businesses [3]. - The demand for data centers is experiencing explosive growth, with Weisheng Holdings securing strategic orders from major clients like GDS and ByteDance, and projecting a total of RMB 2.3 billion in data center orders by 2025, with RMB 1 billion expected to be recognized as revenue this year [3]. - The company anticipates a doubling of both orders and revenue in the data center business next year, indicating a strong growth trajectory for the ADO business [3]. Group 4 - Weisheng Holdings is expected to see net profit growth exceeding 30% in both 2025 and 2026, driven by the strong performance of the data center business [4]. - The valuation of Weisheng Holdings is expected to exceed that of traditional meter companies due to the strong correlation between data center power supply and AI development [4]. - Weiyuan Energy is also pursuing an A-share listing, which could further unlock the company's value if successful [4].

Investment Rating - The report maintains a "Buy" rating for 威胜控股 (3393.HK) and raises the target price to HKD 19.58 [1][4][6]. Core Insights - 威胜控股's ADO business is entering a rapid growth phase driven by strong demand in the data center sector, with significant orders already secured from major clients such as 万国数据 and 字节 [2][3]. - The partnership with 博裕投资 is expected to enhance 威胜控股's business development through capital and industrial resource collaboration, leveraging 博裕's extensive experience in data centers, technology, and renewable energy [1][3]. - The company's financial forecasts indicate a net profit growth rate exceeding 30% for both 2025 and 2026, supported by the booming data center business [4][5]. Financial Summary - Sales revenue is projected to grow from RMB 7.25 billion in FY 2023 to RMB 10.61 billion in FY 2025, reflecting a growth rate of 21.7% [5][12]. - Net profit is expected to increase from RMB 521.23 million in FY 2023 to RMB 923.22 million in FY 2025, with a growth rate of 30.8% [5][12]. - The gross margin is forecasted to remain stable around 34.6% from FY 2025 onwards, while the net profit margin is expected to improve to 8.7% by FY 2025 [5][12]. - The company is also projected to achieve a return on equity (ROE) of 11.9% in FY 2025, increasing to 15.2% by FY 2027 [5][12]. Market Position - 威胜控股's ADO business is strategically positioned to capitalize on the explosive growth in data center demand, both domestically and internationally, particularly benefiting from the rise of AI technologies [2][3]. - The company holds approximately 65% of the shares in its subsidiary, 惟远能源, which operates the ADO business [2][3].

Company News - Bank of China (03988.HK) has completed the issuance of 50 billion yuan in subordinated capital bonds, with the funds intended to supplement the bank's Tier 2 capital, subject to applicable laws and regulatory approvals [2] - Huadian International Power (01071.HK) has fully commissioned two 660,000 kW ultra-supercritical units at the Huadian Longkou Phase IV project, which integrates advanced technologies and achieves energy consumption levels comparable to the best in the domestic market, enhancing grid stability and local heating and industrial steam supply [2] - Weisheng Holdings (03393.HK) has entered into a capital increase agreement with Boyu Capital, with Boyu investing a total of 380 million yuan to subscribe for additional shares in its subsidiary [3] - Green Leaf Pharmaceutical (02186.HK) has granted Enhua exclusive commercialization rights for three long-acting injectable antipsychotic products in mainland China [4] - Heng Rui Medicine (01276.HK) has had its injectable SHR-A1904 included in the list of breakthrough therapy products by the drug review center [5] - Youzhiyou Biotechnology-B (02496.HK) has received IND approval from NMPA for Y225 (Aimeisai monoclonal antibody injection) [6] - MicroPort Robotics-B (02252.HK) has achieved a global commercialization milestone with over 100 installations of its Tumi laparoscopic surgical robot [7] - Gao Shan Enterprises (00616.HK) has signed a memorandum of understanding to establish a joint venture to participate in or invest in stablecoins and blockchain-related industries [8] - Energy International Investment (00353.HK) plans to issue a total of 1.035 billion subscription shares at a discount of approximately 18.33%, aiming to raise about 254 million HKD [9] Buyback Activities - Tencent Holdings (00700.HK) has repurchased approximately 636 million HKD worth of 1.056 million shares at prices ranging from 598 to 604 HKD [10] - Xiaomi Group-W (01810.HK) has spent 149 million HKD to repurchase 3.8 million shares at prices between 39.08 and 39.26 HKD [11] - China COSCO Shipping Holdings (01919.HK) has repurchased shares worth approximately 27.225 million HKD, acquiring 1.96 million shares at prices from 13.82 to 13.95 HKD [12] - Kuaishou-W (01024.HK) has repurchased shares for about 29.9896 million HKD, buying 464,000 shares at prices between 64.05 and 64.9 HKD [13]