Company Profile

Wasion Holdings Limited (“Wasion Holdings” or the “Group”) is the leading total solution provider of advanced metering, advanced distribution and energy efficiency management in China, and is committed to becoming an “Energy Metering and Energy Saving Expert” in China and across the world. The Group was listed on the Main Board of the Stock Exchange of Hong Kong Limited (the “Stock Exchange”) in December 2005, which was the first professional syndicate engaged in energy metering and energy efficiency management in China listed overseas, as well as the first company in Hunan Province listed on the Main Board overseas.

Wasion Holdings has long been focusing on the research and development, production and sales of total solutions relating to energy metering and energy efficiency management, the products and services of which have been extensively applied in energy supply industries for electricity, water, gas and heat, and large energy-consuming units of large-scale public infrastructure, petroleum and chemical, transportation, 5G communication, machine manufacturing, metallurgical and chemical fields and residents.

The advanced smart metering business of the Group mainly comprises of comprehensive smart meters, smart water meters, smart gas meters and ultrasonic calorimeters; various meters and power quality monitoring devices; comprehensive energy data collection terminals, load management terminals and user management devices; measurement automation systems and various application systems, services and energy data mining. The Group, with more than 20% of the domestic market share of high-end metering products, has built up its leading position in China and is the only professional manufacturer in China which provides various advanced energy metering products, systems and services for electricity, water, gas and heat, as well as satisfies the demand of the whole process from energy production, transmission and distribution to consumers.

The products and solutions of advanced distribution and energy efficiency management business of the Group covers new energy storage system solutions for comprehensive scenarios such as large energy storage, industrial and commercial energy storage, household photovoltaic-storage integration and mobile energy storage, high- and low voltage complete equipment, primary and secondary integration complete equipment, smart low-voltage components, tower energy and communication products and services, EMS system application, hydrogen production, new energy connection, industrial automation, battery swap and preparation, sales of power and supply-side management, etc. The Group is devoted to becoming the leading total solution provider for advanced distribution system in China.

In January 2020, the Group’s “Communication and Fluid AMI” business — Willfar Information Technology Company Limited (Stock Code: 688100), a 59.55% owned subsidiary of the Group — received approval from the China Securities Regulatory Commission to become the first company in Hunan Province to list on the STAR Market, and was included in the “STAR 50 Index” in August 2020. The Communication and Fluid AMI business mainly focuses on reshaping the energy management methods of electricity, water, gas and heat with the IoT technology, and provides a full-level integrated solution for the IoT of energy from data perception, network transmission to application management, with communication technology from basic chip design, data perception and data acquisition to high-speed data transmission and stable connection, as well as the capability to provide users with such digital solutions as software management.

In 2024, the Group made significant achievements in the development of its overseas business. The Group established its international department in 2000 and began to expand overseas markets. After development for more than two decades, the Group has successively set up production lines in Tanzania, Brazil, Mexico and Hungary, and proactively established production bases in Australia, Indonesia and Malaysia, truly realizing “localization” of its business mode, while covering surrounding countries and regions. This layout not only enhances the market competitiveness of Wasion Holdings globally, but also lays a solid foundation for the in-depth promotion of its internationalization strategy.

With green and low-carbon transformation of the global energy structure, the overseas layout of the Group also closely follows the development policies and market changes of various countries, and actively expands into various fields such as power distribution, energy storage, photovoltaic and battery swap. Wasion Holdings diversifies its business segments by exploring and exploiting new business areas, thus to inject new impetus into the Group’s long-term growth.

The goals of “Carbon Neutrality” and “CO2 Emission Peak” are driving substantial changes in energy production and energy consumption mode in China and even the world. Amidst the material social responsibility and development opportunities arisen from energy saving and carbon reduction as well as the substantial demand arisen from the transformation and upgrading of smart power grids to the internet of energy, Wasion Holdings will adhere to its corporate motto “Energy Metering and Energy Saving Expert” while upholding its core value “Perfect Work with Passion, and Success Achieved with Integrity” by continuous innovation and improvement in order to become the pioneer in smart power grids and smart metering in China, one of the major international smart power grids and smart metering provider and a well-known international brand.

In the future, every city, every enterprise and every family will be benefited from the use of the technology, products and services of Wasion.

Chairman’s Statement

TO ALL SHAREHOLDERS,

On behalf of the board of directors of Wasion Holdings Limited (the “Group”), I am pleased to present the operating results of the Group for the financial year ended 31 December 2024.

During the year under review, the Group achieved good performance with a revenue of approximately RMB8.717 billion recorded, representing a year-on-year (“YoY”) increase of 20%. The Group recorded growth in revenue from all three major business segments: a YOY increase of 21% in the Power AMI business, a YOY increase of 24% in the Communication and Fluid AMI business, and a YOY increase of 17% in the ADO business. During the year under review, the international business of the Group experienced further expansion. As a result, revenue from the international business remarkably increased by 50% to approximately RMB2.397 billion. Benefitting from the increase in sales revenue and the implementation of effective cost control measures, the Group’s net profit attributable to the owners of the parent for last year increased by 35% to approximately RMB706 million. Basic earnings per share stood at RMB71.4 cents, representing an increase of 35% YoY. The board of directors proposed to pay a final dividend of HK$0.38 per share, representing an increase of 36% over last year.

As we look forward to the future of the three major businesses, in respect of the Power AMI business, for the power grid market, demand from centralized procurement organized by State Grid and Southern Grid remained the primary revenue source for this business. As the State Grid gradually introduced power meters that comply with the new technical standards, the Group will seize this opportunity to maintain its leading position in the industry. Building on its collaboration with Southern Grid in 2024, the Group will also further advance the deep application of the Power Harmony IoT in smart meters, expanding market opportunities. For the non-power grid market, the Group will focus on traditional export industries and the new energy industry, and continue to establish its presence and achieve business breakthroughs in the non-power grid market, with main focus on the telecommunications operators and service providers and petrochemical industries.

In respect of the Communication and Fluid AMI business, with the continuous roll-out of national policies, alongside the electrification of new energy and the increasingly prominent global AMI 2.0 trend, “going global” is crucial to seizing global opportunities. The Group will focus on advancing R&D in “IoT + Chip + AI” and continue to increase investment in the R&D of chips and communication modules. Meanwhile, the Group will also actively participate in economic development and energy internet construction of countries along the “Belt and Road”, and seize opportunities brought by the energy infrastructure development in emerging markets such as Latin America, the Middle East, and Africa. The Group aims to complete its overseas network expansion by this year to further optimize its global structure.

In respect of the ADO business, for the domestic power grid market, the Group will focus on developing a “New Power System” business and aim to enhance product coverage and market share. In terms of the domestic non-power grid market, the Group will focus on five key industries to concentrate on data centers and distribution products for AIDC operators. It will also develop direct current power supply capability solutions and liquid cooling module products as its core competitive strengths. For the international market, the smart power distribution business will focus on fully expanding into the Southeast Asia, North America and South America regions, while making active efforts to penetrate European and African markets. In the field of smart energy, the Group will focus on various application scenarios such as off-grid, grid-connected/off-grid hybrid systems, PV-storage microgrids and PV-storage-charging integrated systems to achieve a comprehensive capability of “high-quality hardware + high-level application software + professional EPC engineering capabilities + photovoltaic microgrid solutions”.

In the international market, the Group will focus on integrated energy management and smart city development to horizontally expand its global business, while vertically strengthening its development in niche segments, so as to continuously consolidate its position in the Latin American, the Asian and African markets, thus actively exploring new markets.

Looking forward to the Group’s future development, the Group will seize opportunities brought by the growth of local power companies to maintain its leading position in the power grid industry. In response to the national dual-carbon strategy, the Group advances innovation in power metering and microgrid technology to consolidate its position in the green energy market, with a special focus on the clients’ demand for management of carbon emissions. The Group will promote digitalization and intelligentization of power grid to cover multi-energy IoT platform, and apply them in the management of infrastructure in cities for the purpose of digital and low-carbon operation. Meanwhile, by integrating IoT, big data, AI and other technologies and leveraging virtual reality and augmented reality technologies, the Group will provide innovative solutions for smart water services, smart fire protection and other industries.


Yours faithfully,
Ji Wei
Chairman

Hong Kong, 27 March 2025

Board of Directors

Mr. Ji Wei - Executive Directors

Mr. Ji Wei (吉為), aged 68, is the executive Director, and is the chairman of the Company and the founder of the Group. Mr. Ji is responsible for the Group’s overall strategic planning and the formulation of corporate policies. Prior to founding the Group in 2000, Mr. Ji was a business manager of Hunan Province Minerals Import and Export Company (湖南省五金礦產進出口公司) between 1980 and 1985 and the import and export manager of Hunan International Economic Development (Group) Company (湖南省國際經濟開發(集團)公司) between 1985 and 1989. Mr. Ji was appointed as an executive Director of the Company with effect from 20 July 2004. Mr. Ji 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. He was awarded with several honorary titles such as the “Most Socially Responsible Entrepreneur in China”, “The Sixth Top Ten Educational Entrepreneur Award in China”, “Most Caring Entrepreneur on Staff Development”, “National Machinery Industry Excellent Entrepreneur”, “Key Personnel for the Construction of Innovative Culture in Hunan Province”, “Special Recognition Award for Occupational Technology Creation in Hunan Province”, “Excellent Entrepreneur” at the 30th anniversary of Changsha Hi-Tech Zone and “Chinese Red Cross Dedication Medal”.

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Mr. Kat Chit - Executive Directors

Mr. Kat Chit (吉喆), aged 41, is the executive Director. Mr. Kat graduated from the University of British Columbia of Canada with a bachelor’s degree in economics in 2007. From 2007 to 2011, he was an executive of the equity capital markets division of Macquarie Group Limited. Mr. Kat was appointed as a non-executive Director of the Company on 12 August 2014, and was redesignated as an executive Director of the Company and appointed as CEO of the Company with effect from 1 June 2022. On 17 January 2023, Mr. Kat was appointed as a member of the 13th Chinese People’s Political Consultative Conference of Hunan Province. Mr. Kat is the son of Mr. Ji Wei, the chairman, executive Director and controlling shareholder of the Company.

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Ms. Li Hong - Executive Directors

Ms. Li Hong (李鴻), aged 49, graduated from the Hunan University majoring in law, and obtained an EMBA degree from the Renmin University of China. Ms. Li joined the Group in 2000 and held various positions within the Group and its various subsidiaries, including the director of personnel and the executive directors, respectively. Ms. Li is also chairman (董事長) of Willfar Information Technology Co., Ltd., a non-wholly owned subsidiary of the Company listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange. In 2018, Ms. Li was awarded with several honorary titles such as the “National Innovative Entrepreneur in Electronic Industry”, and was recognized as the “High-level Talent in Changsha City”, the “Excellent Entrepreneur in Hunan Province 2020”, the “Excellent Entrepreneur in Software Industry in China 2020” , the “Top 100 New Economic Leaders Nationwide in China”, the “Excellent Entrepreneur by China Electronics Enterprises Association 2021 (二零二一年中國電子企業協會優秀企業家)” and the “Leading Talents in Science and Technology Innovation 2023 (二零二三年科技創新領軍人才)”. She also won the Second Prize of the China Machinery Industry Science and Technology Award (中國機械工業科學技術獎二等獎). Ms. Li was appointed as an executive Director of the Company on 18 June 2020.

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Ms. Zheng Xiao Ping - Executive Directors

Ms. Zheng Xiao Ping (鄭小平), aged 61, is a senior engineer, a master of engineering in automation, the executive Director of Wasion Holdings Limited, dean of the research institute and chairman of Wasion Group Limited. Between 1987 and 1988, Ms. Zheng was a teaching assistant at the North China Institute of Technology. She lectured at the Taiyuan University of Technology between 1988 and 1993 and was the research director of Hunan Weisheng Electronics Co., Ltd. (湖南威勝電子有限公司) from 1993 to 2000, being responsible for the research and development work. She joined the Group in 2000 and was responsible for the research and development work of the Group. Ms. Zheng was appointed as an executive Director of the Company on 1 September 2005. Ms. Zheng was also awarded with various honorary titles such as “The Seventh Group of Outstanding Experts in Changsha”, “Top Ten Women Entrepreneurs with Outstanding Achievement in Changsha City”, “High-level Leading Talents in Changsha”, “Advanced Individual of Technological Innovation in Hunan Province”, “National Labour Day Medal”, “National Top Ten Technological Worker in Electronic Devices and Meters Industry” and “Outstanding Contributor to the Standardization Work of the Fifth Committee of National Standardization Technical Committee of Devices and Meters (全國儀器儀表標準化技術委員會第五屆委員 會標準化工作突出貢獻者)”.

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Mr. Tian Zhongping - Executive Directors

Mr. Tian Zhongping (田仲平), aged 44, is a senior engineer, an executive Director and the president of Wasion Group Limited. Mr. Tian graduated from Xiangtan University (湘潭大學) with a bachelor’s degree in Engineering in 2002, and obtained a master’s degree in Control Engineering from Zhongnan University (中南大學) in 2008. Mr. Tian joined the Group in 2002 after graduation and had held positions as Development Engineer for firmware, Project Manager, Product Development Manager, Deputy Chief Engineer and General Manager of the Overseas Sales Department of the Group. During the period when he was a Development Engineer of the Group, Mr. Tian has obtained more than sixty patents for products and technology. Mr. Tian was appointed as an executive Director of the Company on 26 January 2017. He serves as the president of Wasion International Co., Ltd. (威勝國際貿易有限公司) since the beginning of 2021. Mr. Tian was awarded with the honorary titles of Excellent Entrepreneur of Changsha Hi-Tech Zone and Excellent Manager in China in 2017, Outstanding Entrepreneur by China Electronics Enterprises Association in 2018 and Leading Figures in Business Startups and Innovation in Xiangjiang New District, Changsha City in 2020. In 2021, he was awarded the Top Ten Celebrities in the Software and Information Technology Service Industry in Hunan Province.

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Ms. Cao Zhao Hui - Non-Executive Directors

Ms. Cao Zhao Hui (曹朝輝), aged 57, is the non-executive Director, and is also the chairman of Wasion Energy Technology Co., Ltd. (威勝能源技術股份有限公司). Ms. Cao graduated from Hunan College of Finance and Economics (湖南財經學院) with a bachelor’s degree in Economics. She also obtained a degree in executive master of business administration (EMBA) from the University of Hunan (湖南大學). Ms. Cao joined the Group in 2000 and was appointed as an executive Director of the Company on 3 March 2005. Ms. Cao was successively awarded with several honorary titles such as the “Outstanding Builder of the Socialism with Chinese Characteristic in Changsha City”, the “Mayor Quality Award and Quality Innovation Award (市長質量獎質量創新獎)”, the “Excellent Entrepreneur in Hunan Province”, the “Excellent Entrepreneur in China”, the “Most Socially Responsible Entrepreneur in China 2017” and the “Excellent Entrepreneur in Changsha County and Changsha Economic Development Zone”. She was also awarded with the “Certificate of Highlevel Talent in Xiangtan City” in 2019, the “Certificate of Senior Management Engineer” in 2020 and the title of “Leading Talents for Science and Technology Entrepreneurship in Hunan Province 2022 (湖南省2022年科技創業領軍人才)” in 2022.

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Mr. Chan Cheong Tat - Independent Non-Executive Directors

Mr. Chan Cheong Tat (陳昌達), aged 75, obtained his master’s degree in Financial Management from Central Queensland University. Mr. Chan is a fellow member of Hong Kong Institute of Certified Public Accountants, Association of Chartered Certified Accountants and CPA Australia. He is also an associate member of The Chartered Governance Institute (formerly known as The Institute of Chartered Secretaries and Administrators) of London, the United Kingdom and The Hong Kong Institute of Chartered Secretaries. Mr. Chan served in the Inland Revenue Department of the Hong Kong Government for more than 30 years and retired in early 2005. Mr. Chan is currently a director of a tax consultancy company. He also acts as an independent non-executive director of Hyfusin Group Holdings Limited (Stock Code: 8512), Medicskin Holdings Limited (Stock Code: 8307), Chong Fai Jewellery Group Holdings Company Limited (Stock Code: 8537), Accel Group Holdings Limited (Stock Code: 1283) and Ye Xing Group Holdings Limited (Stock Code: 1941), and a non-executive director of Alpha Financial Group Limited. Mr. Chan also acted as an independent non-executive director of Man Sang International Limited (Stock Code: 938) from January 2015 to November 2016. Mr. Chan was appointed as an independent non-executive Director of the Company on 18 June 2020.

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Mr. Jiang Xinjian - Independent Non-Executive Directors

Mr. Jiang Xinjian (姜新建), aged 61, graduated from the Department of Electrical Engineering at Tsinghua University in July 1987 and remained at the university to teach. From September 2008 to August 2009, he pursued advanced studies at Aalborg University in Denmark. He currently serves as an Associate Professor in the Department of Electrical Engineering and Applied Electronics at Tsinghua University, Director of the Tsinghua University-TI(III) DSP Laboratory, and Director of the High-Speed Flywheel and Composite Energy Storage Research Laboratory at the Green Transportation Drive and High-Efficiency Energy Conversion Research Center. His academic and research focus spans power electronics, electric machines and their control, power quality management, and wind power generation. Mr. Jiang has led or participated in numerous national initiatives, including the National Eighth Five-Year Plan Key Project on electric vehicles, the National Tenth Five-Year Plan 863 Program and Eleventh Five-Year Plan Support Program on wind power, and the National Eleventh Five-Year Plan 863 Program on power quality. He has also overseen four funded projects and more than 50 collaborative projects with international and domestic companies. Many of his research outcomes have been industrialized. His accolades include the Beijing Municipal Science and Technology Progress Third Prize and five national invention patents. He has authored one book and published approximately 100 academic papers. Mr. Jiang was appointed as an independent non-executive Director of the Company on 15 May 2025.

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Mr. Wang Yaonan - Independent Non-Executive Directors

Mr. Wang Yaonan (王耀南), aged 67, graduated from East China University of Technology with a bachelor’s degree in computer science in 1981, and obtained his master’s degree and doctorate degree in industrial automation from Hunan University in 1992 and 1995 respectively. Mr. Wang is currently a professor and doctoral tutor at the College of Electrical and Information Engineering of Hunan University, a director of the National Engineering Research Center for Visual Perception and Control Technology for Robots (機器人視覺感知與控制技術國家工程研究中心), a fellow of the China Automation Association (中國自動化學會), a fellow of the China Computer Federation (中國計算機學會), a supervisor of the China Artificial Intelligence Association (中國人工智能學會) and an academician of the Chinese Academy of Engineering. Mr. Wang was appointed as an independent non-executive Director of the Company on 17 July 2020.

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Mr. Choi Wai Lung Edward - Senior Management

Mr. Choi Wai Lung Edward (蔡偉龍), aged 56, is the chief financial officer and company secretary of the Company. Mr. Choi is 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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Corporate Governance