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ir.wasion.com 2026 Interim Results 2026.08.27 3393.HK
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Disclaimer ▪ The presentation is prepared by Wasion Holdings Limited (the “Group” or the “Company” or “Wasion Holdings”) and is for the purpose of corporate communication and general reference only. The presentation is not intended as an offer to sell, or to solicit an offer to buy or to form any basis of investment decision for any class of securities of the Company in any jurisdiction. All such information should not be used or relied on without professional advice. The presentation is a brief summary in nature and does not purport to be a complete description of the Group, its business, its current or historical operating results or its future business prospects. ▪ This presentation is provided without any warranty or representation of any kind, either expressed or implied. The Group specifically disclaims all responsibilities in respect of any use or reliance of any information, whether financial or otherwise, contained in this presentation. 2
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CONTENTS Financial Analysis Business Overview and Market Potential Development Strategy Outlook Company Overview Appendix 04 06 14 32 40 43 3
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Company Overview
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Company Overview About Wasion Holdings Company Structure Business Segment Smart Grid Solutions AI-Integrated Energy Efficiency Solutions Digital Energy Services 1H 2026 Revenue YoY 6% 1H 2026 Revenue YoY 22% 1H 2026 Revenue YoY 98% Segment Revenue Star Treasure Investments Holdings Limited Ji Wei Wasion Holdings Limited (3393.HK) Public Shareholder 51.70% 48.30% 100% HKEx Stock Code 3393.HK Listing date 2005-12-19 No. of shares issued (on August 26, 2026) 1,045,879,675 Share price (on August 26, 2026) HK$17.29 Market capitalization (on August 26, 2026) HK$18.06billion 5 RMB（’0000） 1H 2026 Change Revenue 538,939 ↑23% Net Profit 44,587 ↑1.4% EPS （RMB Cents） 44.4 ↓0.2% Return on Equity 14.0% ↓1.9 ppt As of 26 August 2026, the closing price of the Shares was HK$[●]. 2026 Interim Results Formerly known as “C&F AMI” Formerly known as “ADO”Formerly known as “Power AMI” China’s leading provider of energy measurement equipment and energy-saving solutions Products and services ranked in the top position in both State Grid’s and Southern Grid’s tenders The Group's major products hold significant market shares in the domestic market and are exported worldwide to Asia, America, Africa, Europe, and the Middle East.
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Financial Analysis
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1H 2026 Key Financial Figures Net Profit Attributable to Owners of the Company EPSRevenue RMB 100 million RMB 100 million Return on Equity（%） 50% 2.4 p.p. 4.0 p.p. 16% 50% Net Profit Margin Attributable to Owners of the Company（%） RMB cents 87.2 100.7 53.9 2024 2025 1H 2026 7.1 10.6 4.5 2024 2025 1H 2026 71.4 106.9 44.4 2024 2025 1H 2026 8.1% 10.5% 8.3% 2024 2025 1H 2026 13.0% 17.0% 14.0% 2024 2025 1H 2026 7 Operating Expense Ratio 1.9 p.p. 21.1% 19.2% 18.0% 2024 2025 1H 2026
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1H 2026 Key Financial Figures 4.4 4.5 10.0% 8.3% 1H 2025 1H 2026NPM Gross Profit and Gross Margin RMB (100 million) % of Revenue 1H 2025 1H 2026 Change (ppt) Selling Expenses 8.2% 7.6% ↓0.6 ppt Administrative Expenses 4.5% 4.0% ↓0.5 ppt R&D Expenses 7.2% 6.4% ↓0.8 pptRMB (100 million) AI-Integrated Energy Efficiency Solutions 37.4% Smart Grid Solutions 34.2% 26.3% Digital Energy Services Cost Analysis 15.4 16.9 35.1% 31.3% 1H 2025 1H 2026GPM 9% 1.4% In 1H 2026, net profit margin after deduction of non-controlling interests was 8.3 % YoY ↓ 1 .7 ppt (1H 2025: 10.0%) 1H 2026 Gross Margins of Three Business Segments 8 Net Profit Attributable to Owners of the Company & Net Margins
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Revenue Analysis – Business Segments 43% 37% 30% 19% 27% 44% 1H 2025 1H 2026 Smart Grid Solutions AI-Integrated Energy Efficiency Solutions Digital Energy Services Revenue Breakdown by Business SegmentsRevenue and Growth Rate RMB 100 million 43.9 53.9 1H 2025 1H 2026 23% 9
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41% 31% 31% 25% 28% 44% 1H 2025 1H 2026 Overseas customers Domestic non-power grid customers Domestic power grid customers Revenue Breakdown by Customers Revenue Analysis – Customers Type 18.1 13.3 12.4 16.7 13.3 23.9 Domestic Power Grid Customers Domestic Non-power Grid Customers Overseas customers 1H 2025 1H 2026 8% 92% Revenue and Growth Rate by Customers RMB 100 million 10
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Revenue Analysis – International Markets Smart Grid Solutions AI-Integrated Energy Efficiency Solutions 23.9 12.4 92% 2.8 2.6 1H 2025 1H 2026 7% 9.1 11.0 1H 2025 1H 2026 21% 73.0% 45.9% 22.8% 11.0%4.2% 43.1% 1H 2025 1H 2026 Digital Energy Services AI-Integrated Energy Efficiency Solutions Smart Grid Solutions Digital Energy Services 0.5 10.3 1H 2025 1H 2026 1862% 11 RMB 100 million Total Revenue and Breakdown by Business Segments RMB 100 million Revenue by Business Segments
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Financial Summary RMB ’000 1H 2025 1H 2026 Change Revenue 4,390,409 5,389,389 ↑23% Gross profit 1,542,278 1,685,797 ↑9% EBITDA 907,278 979,069 ↑8% Net profit for the year attributable to owners of the Company 439,649 445,866 ↑1% EPS (RMB cents) 44.5 44.4 ↓0.2% Gross profit margin 35.1% 31.3% ↓3.8 ppt EBITDA/Sales 20.7% 18.2% ↓2.5 ppt Net profit margin 10.0% 8.3% ↓1.7 ppt 12
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Key Financial Indicators RMB million As of 30 June 2025 As of 30 June 2026 Change Bank borrowings 2,661 2,345 ↓12% Cash and cash equivalents 2,898 4,188 ↑45% Current ratio 153% 178% ↑25 ppt Quick ratio 136% 156% ↑20 ppt Debt asset ratio 53.7% 56.4% ↑2.7 ppt Return on equity (ROE) 15.9% 14.0% ↓1.9 ppt Account receivable cycle (days) 250 261 ↑11 days Inventory cycle (days) 80 85 ↑5 days Account payable cycle (days) 330 318 ↓12 days 13
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Business Overview and Market Potential
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Domestic non-grid customers Overseas customers Domestic grid customers State Grid, Southern Grid, Inner Mongolia Power Group, China Three Gorges Power Corporation, local power companies, five major power generation groups, power plants, overseas power companies and overseas engineering, procurement and construction ("EPC") general contractors 15 Smart Grid Solutions Business Overview: Smart Grid Solutions (formerly known as "Power Advanced Metering Infrastructure") business focuses on providing full-stack intelligent solutions for power grid planning, operation, monitoring, maintenance, and optimization by leveraging cutting-edge technologies such as artificial intelligence and machine learning. The business not only continues the research and development, production and sale of high- quality smart power meters (including single-phase, three-phase, and high-end smart power meters), power transformers, online monitoring and other smart metering devices, but also deeply integrates AI algorithms and big data analytics to help customers build safe, reliable, and green modern power grids. Smart Grid Solutions business primarily serves power grid and non-power grid industrial customers, both domestically and overseas. Major Customers of Smart Grid Solutions Business: Telecommunication operators and service providers, large-scale public infrastructures, petroleum & petrochemicals, transportation, machine manufacturing, iron and steel metallurgical industries, and residential users Diversified smart metering devices Current, Voltage and Combined Transformers Overseas Grid Clients Channel Partners Overseas EPC General Contractors
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Smart Grid Solutions 6% Revenue Gross Profit and Gross Margins 34% 30% 18% 15% 48% 55% 1H 2025 1H 2026 Overseas customers Domestic non-power grid customers Domestic power grid customers 1H 2025 1H 2026 Domestic power grid customers 6.4 5.9 Domestic non- power grid customers 3.4 3.0 Overseas customers 9.1 11.0 RMB 100 million RMB 100 million RMB 100 million 4%7.1 6.8 37.8% 34.2% 550 650 750 1H 2025 1H 2026 GPM 18.8 19.9 1H 2025 1H 2026 Note: The former Power Advanced Metering Infrastructure business segment has now been renamed to Smart Grid Solutions.16 Revenue Breakdown by Customers
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17 • Due to the impact of the failed bidding in the third batch of State Grid's centralized procurement tenders in 2025, State Grid conducted two centralized procurement tenders in the first half of this year. Leveraging its outstanding performance in the power meter sector and steady technological improvements in instrument transformer products, the Group secured a total contract value of RMB309 million, ranking first in the industry with a year-on-year increase of 67%。 • The Group won contracts worth RMB84 million in the Inner Mongolia local power company's centralized procurement tender, also ranking first in the industry. Power Grid Business 1H2026 Business Overview Overseas Business Non-power Grid Business • Drawing on its years of technical expertise in the R&D and production of power meters, Wasion completed contracts exceeding RMB300 million in the first half of the year, achieving significant growth in contract value. • Leveraging its continuous R&D and technological advantages in base station photovoltaic integration products and communication power supply products, wasion maintained its market advantage and share in the telecommunications industry, securing a stable source of revenue. 17 Smart Grid Solutions • South American Market: Deepening cooperation with key existing clients like CPFL (Brazil) alongside steady progress in annual supplemental orders. Smart meter tenders in emerging Latin American markets are moving forward as planned, with initial market presence established in Central America. • North American market: With Mexico serving as the core strategic pivot, the Group won power meter bids worth RMB690 million in the first half of the year. Meanwhile, it established supporting high-end qualifications, successfully opening access to the high-end market. • African market: In South Africa, the Group successfully made the shortlist of national power suppliers, while local factory production capacity and market adaptability continued to improve. • European market: Cooperation with Hungary continued to deepen, laying a foundation for the large-scale expansion into high-end markets in Western and Central-Eastern Europe. The business model is extending from hardware supply to digital services, with customer value and stickiness steadily increasing. • Asian market: The channel foundation in the Middle East remained solid, while market shares in mature markets such as Malaysia, Singapore and Indonesia continued to rise. First-order breakthroughs were achieved in emerging markets like Myanmar and Fiji, with regional market coverage and penetration depth expanding continuously.
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及高压直流继电器 18 Integrated Power Supply focusing on outdoor integrated power supply and other products, featuring high reliability and strong environmental adaptability, widely applied in various outdoor communication scenarios Application Scenarios Magnetic Latching Relay Communication Power Supply Sector actively expanding into server power supply, committed to providing efficient and stable power solutions for data centers and cloud computing infrastructure. Data Center Sector Applied in the North American power meter market Applied in the African power meter market State Grid 25- specification single- phase products Single-phase and two-phase integrated terminal blocks Integrated power supply Photovoltaic integration (stacked PV) controller Photovoltaic integration (stacked PV) DC power supply Minimalist power supply Industry-first integrated modular architecture, having passed all type tests at the China Electric Power Research Institute (CEPRI) and meeting customized overseas requirement Application scenarios: PACK battery systems, high-voltage power distribution BDU/PDU/multi-in- one integration Application industries: charging piles, electric vehicles, energy storage and industrial control- Application scenarios: home appliances, smart homes, new energy, industrial control, charging piles, electric vehicles ZKG300B ZKG600 ZKG63A ZKG40P ZKG400P ZG115F ZG33F ZG165FK ZD3 Self-cooling rectifier module-- Smart Grid Solutions High-Voltage DC Contactor General-Purpose Relay
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Business Overview: ◼ AI-Integrated Energy Efficiency Solutions (formerly known as the “Communication and Fluid Advanced Metering Infrastructure”) business is operated by Willfar Information Technology Co., Ltd. (stock code: 688100, a 59.55% shareholding subsidiary of the Group, hereinafter referred to as “Willfar Information”), which is the first company in Hunan Province listed on the STAR Market of the Shanghai Stock Exchange (“SSE”). ◼ As a leading comprehensive solution provider in energy digitalization, the Group takes “Connecting the World with Internet of Things (“IoT”), Linking the Future with Chips” as its development strategy and leverages the core competitive advantage of “IoT + Chips + AI” to drive industry advancement. It deeply integrates digitalization and intelligent technologies, incorporates AI algorithms, and provides customers with comprehensive energy efficiency analysis, management, and optimization services. ◼ Driven by opportunities presented by the “Dual Carbon” goals, new power systems, and global energy transformation, the Group is committed to co-developing digital power grids and smart cities, promoting green low carbon energy transition and continuous upgrades of the global energy IoT ecosystem. Globalization Domestic Market Business covers over 30 provincial capitals, more than 600 cities, with over 100 million IoT device connections, and over 10,000 enterprises utilizing its solutions and IoT products. Business covers over 50 countries and regions, with over 10 million user connections. Overseas Market 19 AI-Integrated Energy Efficiency Solutions
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AI-Integrated Energy Efficiency Solutions 5.1 3.8 39.2% 37.4% 1H 2025 1H 2026 GPM Gross Profit and Gross Margins 61% 58% 17% 16% 22% 26% 1H 2025 1H 2026 Overseas customers Domestic non-power grid customers Domestic power grid customers 1H 2025 1H 2026 Domestic power grid customers 7.9 5.8 Domestic non- power grid customers 2.2 1.6 Overseas customers 2.8 2.6 RMB 100 million 22% 26% RMB (100 million) 13.0 10.1 1H 2025 1H 2026 Note: The former Communications and Fluid Advanced Metering Infrastructure business segment has now been renamed to AI-Integrated Energy Efficiency Solutions. 20 Revenue Revenue Breakdown by Customers RMB 100 million
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21 AI-Integrated Energy Efficiency Solutions Communication and Chips: The Solid Bedrock of Smart Applications
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22 Digital Energy Services Colocation providers, telecom operators, large cloud computing companies, and major internet companies, etc. Data Centers Power generation groups, renewable energy investors, and industrial and commercial customers, etc. New Energy Storage Typical Customers of the Three Major Businesses: Power grid companies, power generation groups, other public utilities, and industrial and commercial customers, etc. Smart Distribution Networks Business Overview: The Digital Energy Services (formerly known as “Advanced Distribution Operations”) business is operated by Wasion Holdings’ subsidiary Wayon Energy Technology Co., Ltd. (“Wayon Energy”, formerly known as “Wasion Energy Technology Co., Ltd.”), focusing on three major business sectors: smart distribution networks, data centers, and new energy storage. Together, these three sectors collectively build a digital energy solution system that covers the entire chain of “generation, grid, load, and storage,” with a focus on the synergistic development of power and computing capabilities. In the sector of smart distribution networks, it offers a range of products including smart switchgear and high- efficiency transformers, as well as smart distribution solutions, helping customers achieve reliable and efficient power distribution. In the sector of data centers, it provides products such as distribution prefabricated cabins and modules, IT prefabricated cabins and skids, distribution equipment, and high-voltage direct current (HVDC) power supply systems, offering continuous and stable power infrastructure guarantees for data center facilities. In the sector of new energy storage, it provides new energy storage systems, photovoltaic-storage microgrids, and charging and swapping solutions, promoting the efficient utilization of new energy.
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Digital Energy Services 3.2 6.3 26.7% 26.3% 1H 2025 1H 2026 Revenue ADO Gross Profit and Gross Margins 1H 2025 1H 2026 Changes Smart Distribution Network 7.4 11.2 ↑50% Data Centers 2.5 10.8 ↑328% New Energy Storage Related 2.1 1.9 ↓11% RMB 100 million RMB 100 million RMB 100 million 95% 98% 12.1 23.9 1H 2025 1H 2026 Note: The former ADO business segment has now been renamed to Digital Energy Services 23 Domestic 11.6 13.6 ↑17% Overseas 0.5 10.3 ↑1862% Revenue Mix 21% 45% 4% 43% 1H 2025 1H 2026 1H 2025 1H 2026 By Data Center Business By Overseas Business 24 p.p 39 p.p GPM
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• Domestic market: in the smart distribution network segment, benefiting from the positive impact of tender reforms, the Group's core product categories, such as primary and secondary integration pole-mounted circuit breakers and transformer packages, recorded impressive growth, with brand value and market share steadily rising. In the non-power grid sector, the Group continued to deepen its presence in diversified business segments, targeting strategic customers and major projects in key industries and core regions, resulting in steady growth in contract wins that provided solid support for overall business growth. • Overseas markets: in overseas markets, the Group focused on North and South America as core growth regions, achieving rapid growth in the transformer and recloser businesses. Key breakthroughs were successively made in transformers in Europe, ring-main units and pole-mounted circuit breakers in the Asia-Pacific region, and transformers in South Africa, continuously broadening the Group's overseas market footprint. Smart Distribution Network Business Data Center Business New Energy Storage Related Business • Domestic market: In the domestic market, on the basis of consolidating the position with the three major telecommunications operators and continuously increasing market share, the Group deepened cooperation with leading internet enterprises and became a strategic partner to these companies, while completing benchmark projects for multiple third-party data centers (COLO operators), thereby securing longer-term business cooperation. • Overseas markets: In overseas markets, leveraging the core customer resources, the Group successfully expanded into several markets including Malaysia, Thailand, and Indonesia, and was shortlisted in the supplier system of major overseas AIDC service providers, making positive progress in multiple key project developments. The Group continuously optimized the customer structure and regional layout, steadily broadening its business coverage. • Domestic market: As for the new energy storage-related business, during the period under review, the Group focused on the charging and swapping segment in the domestic market and launched lithium-ion battery-swapping cabinet projects in multiple provinces, further consolidating its market position as a core supplier. Meanwhile, the Group continued to deepen cooperation with leading telecommunications service providers and upgraded the provincial-level local supporting delivery service system. • Overseas markets: In overseas markets, the Group deeply cultivated key global regions and successfully established a presence in North America, Australia, Europe and Africa. The Group built a standardized and replicable development model for multiple scenarios, steadily laying a solid foundation for its overseas market footprint. 24 Business Overview Digital Energy Services
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25 Power distribution equipment Distribution prefabricated cabins and modules HVDC power supply systems Liquid cooling systemsIT containers & skids Data Center New Energy Storage Related New energy storage systems Smart Distribution Networks + A proven track record and deep expertise in smart power distribution and new energy storage provide a solid foundation and a direct catalyst for the explosive growth of the data center business. PV-storage microgrids Power Management Solutions + Thermal Management Solutions First Generation Integrated All-in-One Container Second Generation PowerModule—Integrated Modularized Container Third Generation PowerPod—Standardized LiB-Separate Container for Sea Transportation Fourth Generation …… + = The first generation integrates all critical power products— including low- and medium-voltage switchgear, transformers, UPS systems, and batteries—into a single container module, which, paired with the environmental control system (ECS), delivers all-in-one power substation and distribution. It can be transported as a complete unit and deployed rapidly on-site, laying the foundation for the integration of power distribution containers The second generation is designed as separate medium-voltage containers, transformer containers and low-voltage containers, which allow for independent operation of each functional module. Designed with non-standard dimensions, the containers can be flexibly adapted to the layouts of project sites and equipment. In particular, the low-voltage containers integrate switchgear, UPS systems, battery cabinets, CRAC and ECS with standardized functional zoning, effectively improving delivery efficiency The third generation is designed with standard container dimensions to enable global maritime transportation and precise match of distribution functions within a standardized enclosure. Each set integrates transformer containers and low- voltage containers and is equipped with separate lithium-ion battery (LiB) containers. With more reasonable functional configurations, the product improves site utilization, and offers higher safety and reliability with enhanced LiB separation Committed to becoming a leader in digital energy solutions in the AI era Through continuous, focused research on critical components of power supply and distribution systems and liquid cooling systems for data center applications, we create end-to-end power and heat dissipation solutions accommodating high-density data centers with increasing integration and power density per container, deeply empowering a new future of intelligent computing centers Product Strategy Digital Energy Services Primary-secondary integrated smart switchgears High-efficiency transformers Smart distribution solutions Charging & swapping solutions
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26 …… 把握AIDC机遇，打造新增长曲线 ⚫ Continuously iterate and innovate based on customers’ core needs to launch data center power management solutions that are more compact, more secure, more responsive, more energy-efficient, and adaptable to a wider range of niche application scenarios ⚫ Continuously iterate integrated IT room solutions ⚫ Accelerate the R&D of liquid cooling systems and related products, and launch solutions including coolant distribution units (CDU) and secondary loop piping ➢ Focus on power management and thermal management, providing customers with full-chain digital infrastructure solutions covering critical power, power supply and distribution, cooling systems, and management software ⚫ Develop innovative products for high- voltage direct current (HVDC) systems, including 800V HVDC core components, solid- state transformers and DC power distribution equipment ⚫ Leverage integrated storage and backup systems and renewables-plus- storage model as the power supply solution for data centers Delve deeply into customer demands and enrich product matrix Accelerate product iteration and upgrades, and launch integrated solutions Deploy PV-storage microgrids on the ground ⚫ Place a key focus on enriching and upgrading our smart distribution network product series, represented by high-efficiency transformers ⚫ Continuously launch products and comprehensive solutions that meet the diverse, customized and localized needs of global customers ⚫ Integrate PV-storage microgrid and source-grid- load-storage integration technologies with the local needs of emerging markets to promote the deployment and implementation of solutions Capitalizing on AIDC opportunities and focusing on power management and thermal management Keeping pace with trends in smart distribution networks Digital Energy Services
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International Revenue Analysis Smart Grid Solutions: 1.10 billion 21% RMB 2.39 billion YoY Growth 92% 1H 2026 Overseas Revenue 45.9% AI-Integrated Energy Efficiency Solutions: 260 million11.0% 27 Digital Energy Services: 1.03 billion 1862% 43.1% YoY Growth YoY Decline YoY Growth 7%
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Overseas Business – Significant year-on-year growth in new contracts Asian Market ◼ In the Asian market, the Group identified the Middle East and Southeast Asia as key markets, with business already extending to South Asia and Oceania, achieving a year-on-year increase of 578% in new contract value. ◼ Large-scale framework orders were secured in a concentrated manner, with ample order reserves for channel business, and the pulling effect of EPC new products and major projects was significant, with relevant orders expected to be delivered gradually over the next year. ◼ Market layout continued to deepen, with a solid channel foundation in the Middle East and steadily increasing market shares in mature markets such as Malaysia, Singapore and Indonesia. First orders were also achieved in emerging markets such as Myanmar and Fiji, with regional coverage and market penetration depth expanding simultaneously. ◼ In the African market, the Group relied on dual production bases in Tanzania and South Africa as core growth drivers, covering East Africa, Southern Africa, West Africa and Central-East Africa, and achieved a 52% year-on- year increase in newly signed contracts. ◼ Tanzania, a long-established deep-rooted market for the Group, posted robust performance in retaining existing customers and developing new ones, consistently generating stable revenue contributions. Kenya, an emerging market, delivered initial fruitful results, further consolidating the Group’s footprint across East Africa. ◼ In South Africa, the Group has successfully been shortlisted by Eskom Holdings SOC Ltd as a major supplier, with local factory production capacity continuously optimized to match regional market demand. ◼ For emerging markets, the Group is advancing projects in Côte d'Ivoire, Nigeria, Uganda and other West African and Central-East African regions in a phased manner, with regional market coverage continuing to expand. At the same time, the dual localized manufacturing bases formed core advantages for regional order fulfillment, capable of meeting the delivery requirements of investment projects from international financial institutions such as the World Bank and African Development Bank. Furthermore, the EPC system solutions business has begun to gain initial momentum, with the business model continuing to upgrade. African Market 28
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◼ Mexico: In the North American market, the Group positioned Mexico as its strategic hub to cover the United States and Canada, achieving a 43% year-on-year increase in newly signed contracts. During the period under review, both core businesses and new product lines delivered outstanding results. The value of bids won for power meters reached RMB690 million, while contracts and deliveries for reclosers and transformers both hit record highs. High-margin power distribution products have become the primary growth driver for the region. At the same time, the Group's new businesses, including energy storage, water utility services and smart city solutions, achieved breakthrough implementations during the period. The foundation of localized manufacturing continued to be reinforced, with the Mexico factory establishing core competitive advantages in terms of compliance, cost and delivery. Concurrently, the Group built supporting high-end qualifications, successfully opening access to the high-end market and achieving steady progress, laying a solid foundation for subsequent large-scale development. ◼ Brazil: In the South American market, the Group took Brazil as its core strategic pivot, extending business coverage across South and Central America. Among these, the bid value for the Brazilian recloser project approached RMB260 million, which propelled the total contract value in the South American market to a remarkable year-on-year surge of 287%. ◼ Other Latin American regions: Initial launch of market layout in South and Central America American Markets ◼ In the European market, the Group took the Hungarian manufacturing base as its core, covering Western and Eastern Europe, Northern Europe and Turkey, and achieved a 59% year-on-year increase in newly signed contracts. Notably, the high-end power distribution business made significant progress, with transformer, eco-friendly switchgear projects and system software contracts successfully concluded. This drove the business structure to comprehensively upgrade from single power meters to distribution network equipment and digital software services, with the proportion of high-margin products increasing markedly. ◼ The Group’s capacity to access high-end markets continued to strengthen. Certification work for cooperation projects in Germany and Turkey was progressing steadily, while existing cooperation in Hungary was also deepening continuously, laying a solid foundation for large- scale expansion in the high-end markets of Western Europe and Central and Eastern Europe. The business model is extending from hardware supply to digital services, with customer value and stickiness steadily increasing. European Market 29 Overseas Business – Significant year-on-year growth in new contracts
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Delegation of the Seminar for Political Party Leaders from South America Visits Wasion for Inspection and Research Chinese Ambassador to Hungary Visits Wasion Hungary for Inspection and Research His Excellency Gong Tao, Chinese Ambassador to Hungary, led a delegation to Wasion Hungary for an inspection visit and toured the production workshop. The two sides held in-depth discussions on topics including the application prospects of smart metering and digital energy solutions in the context of Hungary's energy transition, the localized operation experience of Chinese enterprises, and opportunities for China-Hungary cooperation in the energy sector. Wasion shared its layout and development in the Hungarian and European markets, with a particular focus on its practical experience and achievements in responding to the European Green Deal and actively participating in and promoting the digital upgrading of regional power grids. A delegation participating in the Seminar for Political Party Leaders from South America visited Wasion for an inspection and exchange. The delegation consisted of 24 political party representatives, legislators, and think tank experts from four South American countries, including Brazil, Argentina, Chile, and Uruguay. The delegation gained a comprehensive understanding of the company's development history, global business layout, and innovative achievements in the field of energy digitalization, with a particular focus on the introduction to the company's international operations and market expansion in Latin America. 30 Overseas Business – International Cooperation His Excellency President Daniel Francisco Chapo of the Republic of Mozambique led a delegation to visit Wasion Holdings. This visit marks the first overseas trip of the newly elected president, with Hunan, China chosen as the first stop. Wasion Holdings was a key enterprise on his itinerary in Hunan, fully reflecting the traditional friendship between China and Mozambique and the shared commitment to deepening pragmatic cooperation in the energy sector. Both sides held in-depth discussions on Mozambique's 2030 national development vision, energy infrastructure development, and China-Africa cooperation in energy digitalization, reaching important consensus. President of Mozambique Visits Wasion, Discussing a New Blueprint for China-Africa Energy Digitalization Cooperation
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Global Business Presence Overseas orders on hand as of 30 June, 2026：totaled RMB 5.473 billion, up 52% YoY 31
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Development Strategies
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Industry-leading R&D Capabilities Total 2,102 Software copyrights Total 2,209 Technology Patents The Group drives innovation in digital-smart cities and new energy, supporting China‘s dual-carbon goals and digital grid transition through R&D and technology. 33 R&D investment reached 6.4% of total revenue
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Customer Overview “ “ Business network covers Asia, Africa, America, Europe and the Middle East, etc. Further expansion of global customer base The Group‘s products and services are widely used by over 4,000 customers In the centralized procurement bidding process of State Grid and Southern Grid, tenders won by the Group led the industry Products and solutions for serving different fields such as residents, 5G base station construction for new infrastructure, UHV, rail transit, EV chargers, big data centers, and industrial Internet The international market is expanding rapidly, and the business has been established in 70+ countries and regions around the world 34
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Power, Non-power and Overseas Customers of Wasion Holdings (Partial) Power Industry Non-power industry Overseas 35
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Driven by top-level policy guidelines such as the 15th Five-Year Plan for Building a New Power System and the 15th Five-Year Plan for Building a New Energy System , the nation is vigorously advancing the intelligent transformation of distribution networks and accelerating the upgrading and replacement of power equipment. Fixed-asset investments in the national power grid are projected to exceed RMB 5 trillion during the "15th Five-Year Plan" period. Spurred by these policies, power grid operators are increasing their investments in smart sensing and metering equipment. The Group will continue to deepen its presence in the power grid market, strengthen research on key technologies for power metering, and strategically expand into businesses such as latching relays, instrument transformers, online monitoring, and high-end smart metering. This approach aligns closely with national energy strategies and core power grid investment priorities, positioning the Group to capitalize on market opportunities presented by the digital and intelligent upgrading of the power grid. Leveraging its core power grid business, the Group will continuously solidify its technical barriers in energy metering and extend along the upstream and downstream value chains centered around metering. Priority focus will be placed on businesses including latching relays for meters, medium-and-low voltage metering transformers, online monitoring for transformers, and high-end smart metering. By accurately assessing macroeconomic policies and market trends, the Group aims to deeply integrate into the strategic window of opportunities driven by power grid equipment upgrades and smart transformations. Power Grid Market Policy and Investment Direction Growth in Metering Equipment Procurement Non-Power Grid Market The country is fully advancing the major strategy of achieving peak carbon and carbon neutrality. Under the national dual-carbon strategy, the period leading up to the 2030 carbon peaking target has entered a critical execution phase. Industrial enterprises and industrial parks have inelastic demands for energy consumption control and carbon emission accounting, which will directly drive market demand for energy-consumption monitoring meters, carbon metering devices, energy-carbon solutions, and zero-carbon park solutions, which is expected to generate a market worth hundreds of billions of RMB. The power meter industry in the non-power grid market as a whole is trending toward vertical, industry-specific applications and diversified product portfolios. Benefiting from the construction of the new power system, market demand in the non-power grid sector will continue to grow. The Company has proactively positioned itself in products such as magnetic latching relays and high-voltage DC contactors to meet non-grid market needs, aiming to capture market share in core power control components and high-voltage DC circuit control. Policy and Investment Direction Product Diversification 36 Future Prospects for Smart Grid Solutions
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37 Looking ahead, China's 15th Five-Year Plan and its strategy to transition the nation from a major energy country into an energy powerhouse will continue to provide clear policy guidance for the industry's development. The Central Economic Work Conference has listed "upholding the guidance of the dual-carbon goals and promoting a comprehensive green transition" as one of the eight key tasks for economic work. These policies focus on deepening the Digital China initiative, accelerating the construction of a new-type power system, and developing new-type energy storage and distributed energy resources. Meanwhile, they call for fostering emerging pillar industries and accelerating the development of strategic emerging industrial clusters such as renewable energy and new materials, providing a solid policy foundation for high-quality industry development. Industry Trends and Market Opportunities Focusing on "Dual Carbon" and the "15th Five-Year Plan" The global energy transition is becoming deeply integrated with the digital economy. Market demand is shifting from stand-alone hardware products toward integrated hardware-and-software solutions encompassing sensing, AI analytics, dispatching, and operations and maintenance. Meanwhile, computing power networks are becoming deeply synergistic with new-type power grids. The coordinated development of computing capacity and electricity supply and the bidirectional empowerment of AI and energy are emerging as core industry directions. In addition, expanding globally and the rise of emerging industrial clusters are together giving rise to several related markets worth trillions of yuan. In light of these market opportunities, the Group will pursue international expansion and technological innovation as its two core growth drivers, adhering to a dual-drive strategy encompassing both domestic and international markets. The Group will continue to increase R&D investment, while capitalizing on multi-trillion-yuan market opportunities in three fields: dual-carbon goals, smart power grids, and domestic and global data centers, advancing technological breakthroughs and global market expansion. Computing-Power Integration and Digital Upgrading Dual-Drive Strategy and Technological Innovation The Group will steadily improve its four business pillars: smart power grids, smart water management, AI-driven intelligent computing, and satellite communications. By empowering the digitalization and green transformation of public utilities, the Group is committed to becoming a leading enterprise in the global energy digitalization sector and contributing to the development of a new-type power system and the achievement of the dual-carbon goals. Building a Global Leader in Energy Digitalization Future Prospects for AI-Integrated Energy Efficiency Solutions
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• Domestic market: In the smart distribution network business, the Group will maintain its stronghold in the core grid market, dynamically optimize its bidding system to adapt to market changes, make forward-looking deployments in 35 kV and above products, and continuously advance toward the dual goals of "core product iteration + market capability enhancement", thereby achieving a comprehensive leap in overall competitiveness. In the non-power grid market, it will target high-value segments and core regions, deeply explore the demands of strategic customers and key projects, and drive steady expansion in order scale, thereby achieving growth in both volume and efficiency of its businesses. • Overseas markets: The Group will seize growth opportunities in North and South America to consolidate its market base, while deeply expanding into emerging markets such as Europe, the Asia-Pacific region, and South Africa, driving order volume growth across regions and steadily increasing market share. Smart Distribution Network Business Data Center Business New Energy Storage Related Business 38 • The data center business will adhere to a globalization strategy, focusing on the dual priorities of performance growth and capability upgrades. On the one hand, it will capitalize on the strategic opportunity of "coordinated development of computing power and electric power", leverage power modules and IT prefabricated cabins to drive rapid business growth, accelerate the R&D and mass production of new products such as liquid cooling CDUs, HVDC, and solid-state transformers, and build an integrated "equipment supply + electromechanical general contracting" service system, thereby forming a full-chain supply advantage for computing infrastructure. • The business will reinforce long-term competitive barriers around the three core directions of localized manufacturing, agile delivery, and green solutions, while continuously optimizing regional layout and customer structure to enhance global competitiveness. • Domestic market: The Group will continue to advance centralized procurement tenders with leading telecommunications service providers and participate in battery-swapping cabinet project bids in multiple provinces, actively expanding cooperation with regional swapping operators to broaden the swapping ecosystem. • Overseas markets: The Group will focus on key countries and key customers, launch standardized energy storage products tailored to diverse scenarios to cultivate new growth drivers; iterate liquid-cooled commercial and industrial energy storage systems and lithium-ion UPS products for data centers; introduce lithium-ion battery cabinets that meet the integrated backup and storage needs of data centers; optimize the modular design of PV-storage and off-grid systems; place special emphasis on the diesel-replacement and high-reliability hybrid power supply markets; and refine regional EMS adaptation algorithms, thereby continuously consolidating its market and technological competitiveness. Future Prospects for Digital Energy Services
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European Market ◼ The Group will continue to consolidate its established market share in Hungary, focus on developing high-end markets in Germany, Turkey and Northwest Europe, improve high-end product certifications, expand the sales scale of system software, and build the Company's core base for high-end markets and digital services in Europe. ◼ The Group will make every effort to promote the implementation of projects in Hungary, ensuring that new contracts are secured and delivered on schedule. It will accelerate batch certification and production ramp-up in Germany, and promote project implementation in Turkey. It will ensure the continued stable delivery of power distribution equipment, gradually expand its coverage of high-end markets in Northwest Europe and Central and Eastern Europe, and continue to expand the sales scale of system software such as HES and MDM, achieving the transition from hardware supply to digital services and enhancing business value-added and long-term customer value. Asian Market ◼ The Group will drive the transition from broad coverage to deep localized rooting, consolidate its base in mature markets, tackle major projects in emerging markets, and improve the risk control system. It will make every effort to secure contract signings for channel business in the second half of the year, ensure the timely delivery of EPC projects, and continuously consolidate its core order advantage in the region. ◼ The Group will continue to deepen the renewal and expansion of contracts with existing customers in Singapore, Malaysia and Indonesia, consolidating its market share in mature markets. It will improve localized cooperation frameworks in emerging markets such as Myanmar and Fiji, establishing long-term cooperation frameworks to mitigate market expansion risks. It will improve the integrated local system covering sales, technology and after- sales service, enhance project conversion efficiency and customer service capabilities, and achieve sustainable development of regional business. North American Market ◼ The Group will take Mexico as its core manufacturing base, stabilize the existing businesses of power meters, reclosers and transformers, strengthen and expand its power distribution business, and strive to break into the high-end market. It will target the renewal of power meter contracts and transformer centralized procurement projects in Mexico. It will accelerate the market launch and batch delivery of high-end power meters, continuously consolidating its market share in the North American power meter market. It will comprehensively promote bidding for projects in industrial and commercial energy storage, water AMI, smart cities and other areas. It will continue to expand the market scale of power distribution products such as reclosers and transformers, consolidating the core of regional profitability. African Market ◼ The Group will rely on the dual production bases in Tanzania and South Africa as its core, deepen its presence in mature markets in East Africa and Southern Africa, tackle high-potential markets in West Africa and Central-East Africa, strengthen its EPC turnkey solution capabilities, and build the African market into an important growth pole for the Group's international business. It will ensure the timely performance of contracts in Tanzania. It will make every effort to penetrate the South African market, complete full certifications such as NRCS and SABS to achieve mass supply, and establish South Africa as a regional production and growth center. It will make every effort to tackle key AMI projects in the West African region, addressing the shortcomings in West African market development. It will steadily advance the deepening layout in Central-East African markets such as Uganda and Kenya, achieving multi-point growth across the region. South American Market ◼ The Group will take Brazil as its core pivot, deepen its presence in mature markets in South America, tackle incremental markets in Central America, build a second growth curve for power distribution equipment, and become a leading integrated energy solutions service provider in Latin America. ◼ Leveraging the local factory in Brazil, the Group will optimize its localized R&D, production and delivery systems to reduce costs and improve efficiency. It will make every effort to promote the implementation of new projects in Latin America and Central America, gradually addressing the shortcomings in Central American market development and achieving coordinated development between South American and Central American markets. It will promote market development for transformers and inverters, improving the integrated product matrix of "meters + distribution equipment + system software", and enhancing the region's overall profitability. 39 Overseas Business
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Outlook
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0 1 0 2 0 3 0 7 0 6 0 5 0 4In March, the National Data Administration officially announced at the China Development Forum 2026 Annual Conference that it will vigorously promote the “computing power and electric power coordination” project, ensuring that newly built AIDC (artificial intelligence data centers) and large-scale intelligent computing centers at the eight national computing hub nodes achieve a green power utilization rate of over 80%. This target has become a mandatory standard for computing infrastructure construction during the 15th Five-Year Plan period. In February, the State Council issued the “Implementing Opinions on Improving the National Unified Electricity Market System”-. The Opinions set out that by 2030, a national unified electricity market system will be basically established, with all types of power generation sources and all electricity users except guaranteed residential users directly participating in the electricity market, and market- based traded electricity accounting for approximately 70% of total societal electricity consumption. In May, the National Energy Administration issued the “Action Plan for Promoting Bidirectional Empowerment of Artificial Intelligence and Energy”. The Plan sets out phased targets: by 2027, a safe, green, and economically viable energy security system supporting AI innovation will be preliminarily established, with significantly enhanced interaction between clean energy and computing facilities; by 2030, China’s clean energy supply security capabilities for AI computing facilities will reach world-leading levels. In June, energy ministers from 22 EU member states and energy storage industry representatives jointly signed the “Tripartite Agreement on Energy Storage”. The core elements and targets of the Agreement include: a rigid quantitative target of adding 30–35 GW of new storage capacity annually from 2026 to 2028, and total EU energy storage installed capacity reaching 200 GW by 2030; supporting grid policies, including unified EU-wide grid connection technical standards for energy storage and the removal of local grid connection barriers across member states. In March, the European Commission issued the “Cloud and AI Development Act” (proposal), setting the target of tripling the EU’s data center capacity within five to seven years; establishing “Data Center Acceleration Zones” to streamline land, environmental impact assessment, and electricity approval processes; introducing a “European Cloud Tier Certification” system (four-tier classification); and supporting the development of leading indigenous AI enterprises. In May, Mexico’s Ministry of Energy announced the “2026–2030 National Electric System Strengthening and Expansion Plan,” introducing three new policy instruments to promote electricity investment-. The Plan sets the target of increasing the share of renewable energy generation from 24% to 38% by 2030. Total investment under the Plan is approximately MXN 740 billion, with 32 GW of new generation capacity to be added. 41 In February, the U.S. State of the Union address established the principle that newly built large-scale AI data centers must be equipped with self-supplied power sources. The data center power supply model is shifting from “grid purchase” to “self-supply + grid purchase,” with gas turbines, energy storage, and SMRs becoming standard configurations. In March 2026, the “AI Seven Giants” signed a commitment to bear all grid upgrade costs. Policy Outlook
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42 Note: To more accurately reflect the current status and future strategic direction of the Group's business development, the former Power AMI, C&F AMI, and ADO business segments have now been renamed to Smart Grid Solutions, AI-Integrated Energy Efficiency Solutions, and Digital Energy Services, respectively. Mid-to-long Run Target Market Scale and Growth Potentials • The Group will continue to stabilize market share in key markets, deeply explore and meet customer needs, enhance product quality and service levels, and actively pursue new markets. • The Group champions R&D and technological innovation, aligns with national dual-carbon policies, and develops digital smart cities and new energy sectors to meet evolving customer needs and drive technological progress. Smart Grid Solutions Digital Energy Services AI-Integrated Energy Efficiency Solutions • Seize growth opportunities from local power companies and sustain a leading industry position. • Enhance independently developed equipment, expand market share for high-end products, and meet State Grid bidding requirements. • Under the dual-carbon strategy, advance innovations in electric energy metering and microgrid technologies to solidify the position in the green energy market, focusing on carbon emission management. • In international markets, become the primary supplier of electricity meters, develop comprehensive energy management solutions for microgrid scenarios, and offer customized services for industries like communications and petrochemicals, driving innovative growth. • Anchor the Group’s development in Next-Generation Power Systems, leveraging smart power distribution capabilities to actively expand grid market presence. Through multi-product portfolio optimization, the Group enhances competitive edge to secure industry leadership. • Targeting industries including data center colocation providers, telecom operators, large cloud computing companies, and major internet companies, with ongoing expansion into new markets and applications. • Maintain strategic focus on North America, South America, Southeast Asia, Australia, and Europe, accelerating market share growth through diversified product portfolios and multi-channel strategies, while deepening market penetration via strategic partnerships and specialized solution deployments. • The Group collaborates with State Grid and China Southern Power Grid to advance grid digitalization and intelligence, aligning with national goals. • It develops a multi-energy Internet of Things platform for urban infrastructure, enhancing digital and low-carbon operations. • Integrating IoT, big data, and AI with VR and AR technologies, the Group offers innovative solutions for smart water and fire protection industries. • Responding to the growing demand for communication function electricity meters, particularly from 2023 to 2029, the Group aims to significantly boost its market share and performance. Overseas R&D
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Appendix
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44 Management Team Mr. Ji Wei Chairman, Founder and Executive Director • Responsible for the Group’s overall strategic planning and the formulation of corporate policies. • Was appointed as an Executive Director of the Group effect from 20 July 2004. • Was consecutively appointed as a member of the 10th, 11th, and 12th Chinese People‘s Political Consultative Conference of Hunan Province from 2007 to 2022. Mr. Kat Chit Executive Director and CEO • Responsible for the Group's overall business management and strategic execution. • From January 2017 to 22 December 2022, he has been the chairman of Willfar Information Technology Co., Ltd. ("Willfar Information"), and was redesignated as an executive Director and CEO of the Group on 1 June 2022. • Was appointed as a member of the 13th Chinese People's Political Consultative Conference of Hunan Province on 17 January 2023. Ms. Li Hong Executive Director and Chairman of Willfar Information • Responsible for the management and implementation and of the development strategy of Willfar Information. • Since 22 December 2022, she has been appointed as the Chairman of Willfar Information, and was appointed as an Executive Director of the Company on 18 June 2020. Ms. Zheng Xiaoping Executive Director and Chairman of Wasion Group • Responsible for the Group's research and development, and holds the title of senior engineer. • Since 1 September 2005, she was appointed as an Executive Director of the Company. Mr. Tian Zhongping Executive Director and Chairman of Wasion International • Responsible for Wasion's international business management, guiding the implementation of overseas development strategies. • Was appointed as an executive Director of the Company on 26 January 2017. Ms. Cao Zhao Hui Non-Executive Director and Chairman of Wasion Energy • Responsible for the management and implementation of the development strategy of Wayon Energy Technology Co., Ltd. • Transfers as a Non-Executive Director of the Group on 1 June 2022. Mr. Choi Wai Lung, Edward CFO and Company Secretary • Responsible for the Group's finance, auditing, investment and financing, and business compliance management. • A fellow member of the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants, with over 34 years of experience in accounting, auditing and finance
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