Wasion market cap is $2.6 b, and annual revenue was ¥3.95 b in FY 2020

Wasion Gross profit (H1, 2021)678.2 M

Wasion Gross profit margin (H1, 2021), %32.8%

Wasion Net income (H1, 2021)200.9 M

Wasion Cash, 30-Jun-20211.9 B

Wasion EV3.6 B

Wasion revenue was ¥3.95 b in FY, 2020 which is a 8% year over year increase from the previous period.

Wasion revenue breakdown by business segment: 24.0% from Advanced distribution operations, 34.6% from Communication and fluid advanced metering infrastructure and 41.4% from Power advanced metering infrastructure

CNY | FY, 2018 | FY, 2019 | FY, 2020 |
---|---|---|---|

## Revenue | 3.3b | 3.7b | 3.9b |

| 9% | 8% | |

## Cost of goods sold | 2.3b | 2.5b | 2.7b |

## Gross profit | 991.3m | 1.1b | 1.2b |

| 30% | 31% | 32% |

## Sales and marketing expense | 292.9m | 329.3m | 360.6m |

## R&D expense | 217.7m | 245.7m | 169.3m |

## General and administrative expense | 174.5m | 179.6m | 334.9m |

## Operating expense total | 685.0m | 754.6m | 864.9m |

## Interest expense | 59.6m | 86.5m | 96.3m |

## Interest income | 55.7m | 60.8m | 73.4m |

## Pre tax profit | 359.5m | 414.6m | 395.9m |

## Income tax expense | 28.8m | 57.3m | 51.7m |

## Net Income | 330.8m | 357.4m | 344.2m |

## EPS | 0.3 | 0.3 | 0.2 |

CNY | H1, 2019 | H1, 2020 | H1, 2021 |
---|---|---|---|

## Revenue | 1.9b | 1.7b | 2.1b |

## Cost of goods sold | 1.3b | 1.1b | 1.4b |

## Gross profit | 581.3m | 542.7m | 678.2m |

| 30% | 32% | 33% |

## Sales and marketing expense | 151.7m | 148.8m | 186.6m |

## R&D expense | 115.9m | 127.0m | 183.5m |

## General and administrative expense | 84.9m | 85.3m | 85.7m |

## Operating expense total | 352.5m | 361.1m | 455.9m |

## Interest expense | 38.0m | 49.4m | 48.6m |

## Interest income | 38.3m | 38.0m | |

## Pre tax profit | 240.4m | 209.6m | 232.7m |

## Income tax expense | 28.5m | 35.7m | 31.7m |

## Net Income | 211.9m | 173.9m | 200.9m |

## EPS | 0.2 | 0.1 | 0.1 |

CNY | FY, 2018 | FY, 2019 | FY, 2020 |
---|---|---|---|

## Cash | 1.4b | 1.8b | 2.3b |

## Accounts Receivable | 2.7b | 3.2b | 3.9b |

## Prepaid Expenses | 3.5m | 467.0m | |

## Inventories | 495.5m | 541.3m | 497.8m |

## Current Assets | 5.8b | 7.3b | 8.6b |

## PP&E | 1.3b | 1.3b | 1.3b |

## Goodwill | 297.9m | 313.3m | 313.3m |

## Total Assets | 8.6b | 10.1b | 11.3b |

## Accounts Payable | 1.8b | 1.5b | 3.0b |

## Short-term debt | 1.1b | 1.6b | 1.8b |

## Current Liabilities | 3.5b | 4.8b | 5.1b |

## Long-term debt | 348.3m | 457.0m | 506.5m |

## Non-Current Liabilities | 367.0m | 475.6m | 525.9m |

## Total Debt | 1.4b | 2.1b | 2.3b |

## Total Liabilities | 3.9b | 5.3b | 5.6b |

## Common Stock | 10.0m | 99.5m | 9.9m |

## Total Equity | 4.7b | 48.5b | 5.7b |

## Debt to Equity Ratio | 0.3 x | 0 x | 0.4 x |

## Debt to Assets Ratio | 0.2 x | 0.2 x | 0.2 x |

## Financial Leverage | 1.8 x | 0.2 x | 2 x |

CNY | H1, 2019 | H1, 2020 | H1, 2021 |
---|---|---|---|

## Cash | 1.5b | 1.7b | 1.9b |

## Accounts Receivable | 4.0b | 3.7b | 4.3b |

## Prepaid Expenses | 361.3m | ||

## Inventories | 520.9m | 611.6m | 740.8m |

## Current Assets | 6.5b | 8.4b | 9.1b |

## PP&E | 1.3b | 1.3b | 1.4b |

## Goodwill | 297.9m | 313.3m | 313.3k |

## Total Assets | 9.4b | 11.0b | 12.0b |

## Accounts Payable | 2.6b | 2.7b | 3.0b |

## Short-term debt | 1.5b | 2.2b | 1.8b |

## Current Liabilities | 4.3b | 5.4b | 5.2b |

## Long-term debt | 381.6m | 141.4m | 1.1b |

## Non-Current Liabilities | 399.3m | 159.8m | 1.1b |

## Total Debt | 1.9b | 2.4b | 2.9b |

## Total Liabilities | 4.7b | 5.6b | 6.3b |

## Common Stock | 9.9m | 9.9m | 9.9m |

## Total Equity | 4.8b | 5.4b | 5.7b |

## Debt to Equity Ratio | 0.4 x | 0.4 x | 0.5 x |

## Debt to Assets Ratio | 0.2 x | 0.2 x | 0.2 x |

## Financial Leverage | 2 x | 2 x | 2.1 x |

CNY | FY, 2018 | FY, 2019 | FY, 2020 |
---|---|---|---|

## Net Income | 359.5m | 41.5b | 395.9m |

## Depreciation and Amortization | 152.1m | 198.8m | 212.6m |

## Accounts Receivable | 227.1m | 975.0m | 654.7m |

## Inventories | 11.0m | 37.0m | (52.9m) |

## Accounts Payable | 123.5m | 716.2m | 82.5m |

## Cash From Operating Activities | 163.7m | 152.6m | 187.3m |

## Purchases of PP&E | (60.3m) | (61.4m) | (98.2m) |

## Cash From Investing Activities | (219.3m) | (35.7m) | (554.4m) |

## Long-term Borrowings | (748.7m) | (1.1b) | (1.8b) |

## Dividends Paid | (202.5m) | (221.7m) | (216.5m) |

## Cash From Financing Activities | 206.1m | 251.0m | 591.8m |

## Net Change in Cash | 132.6m | 367.9m | 224.7m |

## Interest Paid | 59.6m | 86.5m | 96.3m |

## Income Taxes Paid | 17.9m | 69.3m | 61.2m |

CNY | H1, 2019 | H1, 2020 | H1, 2021 |
---|---|---|---|

## Net Income | 211.9k | 173.9m | 200.9m |

## Cash From Operating Activities | (116.0m) | (226.4m) | (304.4m) |

## Purchases of PP&E | (21.0m) | (30.6m) | (95.6m) |

## Cash From Investing Activities | (29.9m) | (786.5m) | (400.4m) |

## Long-term Borrowings | (384.9m) | (780.3m) | (1.0b) |

## Dividends Paid | (168.5m) | (36.3m) | (211.5m) |

## Cash From Financing Activities | 213.8m | 722.3m | 401.4m |

## Net Change in Cash | 67.9m | (290.6m) | (303.3m) |

## Income Taxes Paid | 28.5m | 26.7m |

CNY | FY, 2018 |
---|---|

## Debt/Equity | 0.3 x |

## Debt/Assets | 0.2 x |

## Financial Leverage | 1.8 x |

Wasion's Enterprise Customers was reported to be 4.5 k in H1, 2020. Wasion's Customers was reported to be 4 k in H1, 2021.