Beijing SinoHytec (688339) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was RMB 366.67 million, down 54.21% year-over-year; net loss attributable to shareholders was RMB -456.43 million, with losses increasing by RMB 213.23 million year-over-year.

• Fuel cell system sales dropped 60.95% to 742 units; gross margin on main products fell 21.19 percentage points to 11.70%.

• Operating cash flow improved but remained negative at RMB -18.62 million; R&D investment was 37.99% of revenue.

• The company remains unprofitable and faces significant industry and operational headwinds.

Financial highlights

• Revenue: RMB 366.67 million, down 54.21% year-over-year.

• Net loss attributable to shareholders: RMB -456.43 million, loss increased by RMB 213.23 million year-over-year.

• Gross margin for fuel cell systems: 11.70%, down 21.19 percentage points.

• Basic and diluted EPS: -1.97 yuan, down 33.13% year-over-year.

• R&D expenses: RMB 97.01 million, down 31.15% year-over-year.

• Operating cash flow: RMB -18.62 million, improved by RMB 542.01 million year-over-year.

Outlook and guidance

• The company will continue to focus on R&D, supply chain optimization, and market expansion, especially in heavy-duty commercial vehicles and regional markets.

• Plans to strengthen upstream and downstream integration in the hydrogen energy value chain.

• No cash dividend, bonus shares, or capital reserve transfer planned for 2024.