Core Viewpoint - Wasion Holdings (03393) has seen its stock price increase by over 3%, currently trading at HKD 16.86, following the announcement of a successful bid for a project in Brazil worth over RMB 80 million [1] Group 1: Company Developments - Wasion Holdings has established a wholly-owned subsidiary in Brazil, Wasion da Amazonia Industria de Instrumentos Electronicos S.A., which successfully won the CPFL project [1] - The contract amount for the CPFL project exceeds RMB 80 million, with CPFL being a leading player in Brazil's electricity sector, serving over 10 million users [1] Group 2: Market Performance - Since the initial coverage in June, Wasion Holdings' stock price has increased by 124.5% [1] - Despite the significant rise in stock price, recent visits to the company suggest that there is still ample room for further price appreciation [1] Group 3: Future Outlook - Demand for the company's smart distribution services from AI Data Center (AIDC) clients is expected to exceed expectations, with substantial growth in new orders anticipated for FY26 [1] - The company's development foundation is expanding from traditional industrial sectors to advanced technology sectors, supporting a higher valuation [1]

Core Viewpoint - Wasion Holdings (03393) has seen a stock price increase of over 3%, currently trading at HKD 16.86, following the announcement of a successful bid for a project in Brazil worth over RMB 80 million [1] Company Developments - Wasion Holdings has established a wholly-owned subsidiary in Brazil, Wasion da Amazonia Industria de Instrumentos Electronicos S.A., which successfully won the CPFL project [1] - The contract amount for the CPFL project exceeds RMB 80 million, with CPFL being a leading player in Brazil's electricity sector, serving over 10 million users across the entire energy supply chain [1] Market Performance - Since the initiation of coverage in June, the company's stock price has increased by 124.5% [1] - Despite the significant rise in stock price, recent visits to the company suggest that there is still ample room for further price appreciation [1] Future Outlook - Demand for the company's smart distribution services from AI Data Center (AIDC) clients is expected to exceed expectations, with substantial growth in new orders anticipated for FY26 [1] - The company's development foundation is expanding from traditional industrial sectors to advanced technology sectors, supporting a higher valuation [1]

Core Viewpoint - Wasion Holdings (03393) has seen a stock price increase of over 3%, currently trading at HKD 16.86, with a transaction volume of HKD 27.8395 million, following the announcement of a successful bid for the CPFL project in Brazil, valued at over RMB 80 million [1] Group 1: Company Developments - Wasion Holdings has established a wholly-owned subsidiary, Wasion da Amazonia Industria de Instrumentos Electronicos S.A., in Brazil, which successfully won the CPFL project [1] - The contract amount for the CPFL project exceeds RMB 80 million, indicating significant business growth potential in the Brazilian market [1] Group 2: Market Position and Performance - CPFL is a leading player in Brazil's electricity sector, serving over 10 million users and covering the entire energy supply chain, which enhances Wasion's market credibility [1] - Since the initial coverage by Zhongtai International in June, Wasion's stock price has increased by 124.5%, suggesting strong investor confidence [1] Group 3: Future Outlook - Demand for Wasion's smart distribution services from AI Data Center (AIDC) clients is expected to exceed expectations, leading to a substantial increase in new orders for FY26 [1] - The company's development foundation is expanding from traditional industrial sectors to advanced technology sectors, supporting a higher valuation [1]

Group 1 - Two studies published in Nature confirm the efficacy and safety of a new diabetes drug, Masitide, developed by China's Innovent Biologics and Eli Lilly, showing superior blood sugar control and weight loss compared to placebo and Dulaglutide [1] - The studies involved Phase III clinical trials with Chinese type 2 diabetes patients, demonstrating improvements in cardiovascular, liver, and kidney-related indicators [1] - Masitide is a dual receptor agonist for glucagon-like peptide-1 and glucagon, providing high-quality evidence for overweight, obese, and diabetic patients, highlighting China's research capabilities in this field [1] Group 2 - U.S. stock indices rose collectively, with the Dow Jones up 65.88 points (0.14%), S&P 500 up 53.33 points (0.79%), and Nasdaq up 313.04 points (1.38%), driven by gains in large tech stocks [2] - Notable stock performances included Tesla rising over 3%, and Micron Technology increasing over 10% [2] - Chinese concept stocks also saw gains, with Zhihu up over 3% and XPeng Motors up over 2% [2] Group 3 - The State Council of China issued an opinion to combat illegal tobacco activities, focusing on countering counterfeit and smuggled tobacco products, and enhancing law enforcement collaboration with other countries [3] - The opinion aims to purify the tobacco market environment and protect national interests and consumer rights [3] Group 4 - BHP CEO Mike Henry emphasized the critical role of copper in the economy and its demand surge, predicting a bull market for copper due to supply constraints [4] - The annual market size for copper is estimated between $300 billion and $400 billion, with a projected 70% increase in demand by 2050, while new mining discoveries are becoming rarer and more challenging to develop [4] Group 5 - Meituan released and open-sourced a state-of-the-art virtual human video generation model, LongCat-Video-Avatar, which supports multiple tasks and has undergone significant upgrades in realism and stability [5] Group 6 - Zhihui Mining's shares rose 126.16% in dark trading, with a planned global offering of 122 million H-shares at HKD 4.51 each, focusing on zinc, lead, and copper mining in Tibet [6] Group 7 - Evergrande Auto announced a change in the registered shareholder of its subsidiary to Guangzhou Juliyi, with stock trading suspended pending further notice [7] Group 8 - Wasion Holdings' subsidiary won a contract worth over RMB 80 million for a project with CPFL, a leading power company in Brazil, and expects significant growth in AI data center revenues [8] - The company anticipates a doubling of AI data center revenue from RMB 1 billion in 2025 to RMB 2 billion in 2026, with new orders expected to grow significantly [8] Group 9 - Citigroup raised its profit forecasts for Wasion Holdings by 1% to 5% for 2025-2027, increasing the target price from HKD 15.5 to HKD 21, maintaining a "buy" rating [9]

Company News - Emperor Capital (00717.HK) reported total revenue of approximately HKD 730 million for the year ending September 30, 2025, representing a year-on-year increase of 37.3%. Net profit reached approximately HKD 147 million, up 121.4% year-on-year [2] - New Special Energy (01799.HK) plans to sell a 79.92% stake in Xinjiang Wind Power New Energy Partnership for approximately HKD 1.337 billion to facilitate a REITs issuance [2] - Bay Area Development (00737.HK) signed a construction contract for the Shenzhen section with a contract value of RMB 1.448 billion [2] - Weichai Power (03393.HK) won a bid for the Brazil CPFL project with a contract amount exceeding HKD 80 million [3] - WuXi AppTec (02359.HK) invested approximately EUR 30 million to acquire a 3.22% stake in a French biopharmaceutical fund [3] - Joy Spreader Group (02473.HK) established a long-term strategic cooperation with New Stone Technology in areas such as autonomous vehicle procurement and market promotion [3] - Fosun Pharma (02196.HK) signed a cooperation and option agreement with Clavis Bio to jointly advance preclinical development of selected target compounds [3] - CSPC Pharmaceutical Group (01093.HK) reported top-line analysis data from the Phase III clinical trial of its drug, Truxima [3] - Yihai International (01662.HK) announced a strategic cooperation between Trio AI and HGC [4] Financing and Buyback Activities - Zhi Yuan Holdings (00990.HK) plans to issue a total of 515 million new shares at a discount of approximately 1.4%, aiming to raise about HKD 355.3 million [5] - Tencent Holdings (00700.HK) repurchased 1.055 million shares for HKD 636 million, with buyback prices ranging from HKD 599.5 to HKD 605.5 [5] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for HKD 151 million, with buyback prices between HKD 40.12 and HKD 40.24 [6] - COSCO Shipping Holdings (01919.HK) repurchased 5.9 million shares for HKD 80.6 million, with buyback prices from HKD 13.52 to HKD 13.76 [7] - Kuaishou-W (01024.HK) repurchased 1.235 million shares for HKD 80.2 million, with buyback prices ranging from HKD 64.35 to HKD 65.60 [7] - Geely Automobile (00175.HK) repurchased 1.908 million shares for HKD 31.8 million, with buyback prices between HKD 16.26 and HKD 16.8 [8]

威胜控股(03393)公布，于2025年12月，公司于巴西成立的全资附属公司Wasion da Amazonia Industria de Instrumentos Electronicos S.A.成功中标CPFL项目，合同金额超过人民币8000万元( 8832万港元)。 CPFL是巴西电力行业的领军企业，作为巴西规模第二大的综合性电力事业集团，服务用户超过1,000 万，业务涵盖发电、输电、配电及电力商业化等全产业链领域，是当地重要的综合能源解决方案提供 商。 ...

Group 1 - The core announcement is that Wasion Holdings (03393.HK) has successfully won a contract for the CPFL project in Brazil, with a contract value exceeding RMB 80 million (HKD 88.32 million) [1] - CPFL is recognized as a leading enterprise in the Brazilian electricity sector, being the second-largest integrated power group in Brazil, serving over 10 million users across the entire energy supply chain, including generation, transmission, distribution, and commercialization [1] - The successful bid reflects the internationalization of Wasion's brand and the recognition of its products by international clients [1]

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，並明確表示概不就因本公告全部或任何部分內容而產生或因依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，於二零二五年十二月，本公司 於巴西成立的全資附屬公司Wasion da Amazonia Industria de Instrumentos Electronicos S.A.成功 中標CPFL項目，合同金額超過人民幣80百萬元（ 88.32百萬港元）。 CPFL是巴西電力行業的領軍企業，作為巴西規模第二大的綜合性電力事業集團，服務用戶 超過1,000萬，業務涵蓋發電、輸電、配電及電力商業化等全產業鏈領域，是當地重要的綜 合能源解決方案提供商。 以上中標體現了威勝的品牌國際化和國際客戶認可度。 （ 於開曼群島註冊成立之有限公司） （股份代號︰3393） 自願公告 海外中標結果 本公告由威勝控股有限公司自願刊發。 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 ...

Group 1 - The core viewpoint of the report is that the company's stock price has increased by 124.5% since coverage began in June, and there is still significant upside potential due to high demand for smart distribution services from AIDC clients [1] - The company has raised its net profit forecasts for FY25-27 by 1.2%, 1.6%, and 2.1% respectively, and has increased the target price from HKD 17.40 to HKD 21.75, reflecting a 30.4% upside potential based on a target P/E ratio of 16.0 times for FY26 [1] - The company expects substantial growth in new orders from AIDC clients, projecting approximately RMB 2.3 billion in new orders for FY25 and RMB 3.6 billion for FY26, representing a year-on-year increase of 56.5% [1] Group 2 - The smart distribution business is anticipated to maintain high growth, with projected compound annual growth rates for revenue and gross profit of 25.4% and 27.9% respectively from FY24 to FY27, surpassing the overall company growth rates [2] - The contribution of the smart distribution business to total revenue and gross profit is expected to rise from 33.3% and 24.9% in FY24 to 38.1% and 27.6% in FY27 [2] - The company is not only collaborating with major AIDC clients like GDS but is also expected to sign new large clients, particularly in Southeast Asia [2]

Summary of Weisheng Holdings Conference Call Company Overview - **Company**: Weisheng Holdings - **Industry**: Smart grid, data center, and energy storage solutions Key Points Order and Revenue Forecast - Weisheng Holdings expects to add 400 million in new orders in Q1 2026, bringing total orders to 1.6 billion [2][5] - Non-grid customers include major companies like ByteDance, Baidu, and Alibaba, with a significant contract of 260 million from ByteDance [2][5] - The data center segment is the fastest-growing, with total orders expected to reach 2.3 billion in 2025, including 1.3 billion from a partnership with GDS and 600 million from overseas [2][5] Data Center Business - Data center revenue is projected to double to 1 billion in 2025, with expectations of 30-35 contracts in 2026 [2][7] - The company has secured a data center order of 600 to 700 megawatts in Malaysia, with a delivery cycle of approximately 45 days starting in 2026 [9] - Major partners in the data center business include GDS and its subsidiary Day One, with significant contracts signed in Thailand and other regions [8][10] ADO Business Insights - ADO business revenue for the first half of 2025 is 1.2 billion, with contributions from data centers (400 million), smart grid distribution (570 million), and energy storage solutions (200 million) [6] - The gross margins for energy storage are around 20%, smart grid distribution is 25-26%, and data centers exceed 26% [6] Market Expansion and Strategy - Weisheng Holdings is expanding its overseas market presence, particularly in Mexico and Brazil, where it has achieved significant revenue from distribution [2][5][17] - The company plans to expand into Europe and Turkey, focusing on distribution, data centers, and energy storage [2][5] Competitive Landscape - The company maintains a strong competitive position due to localized production and a comprehensive service model, which includes market development and after-sales service [14][21] - The gross margin for overseas orders is expected to be higher than domestic due to less competition in certain regions [14] Future Outlook - The company anticipates maintaining over 20% growth in overseas markets, driven by diverse business segments including smart meters, energy storage, and smart city solutions [31] - Management believes the current valuation is underestimated and sees potential for significant growth as the company transitions towards TMT industry valuations [36] Regulatory and Market Trends - The Mexican market is crucial, contributing 57% of revenue in 2024, with a 30% year-on-year increase in orders for smart meters [17][19] - New standards for smart meters are expected to increase prices by 20-40%, which may positively impact gross margins [24][20] Conclusion - Weisheng Holdings is positioned for robust growth in the smart grid and data center sectors, with strategic partnerships and a focus on international expansion. The company is optimistic about future revenue and profit growth, supported by strong demand in both domestic and international markets.