Beijing SinoHytec (688339) Q4 2025 earnings summary

Executive summary

• 2025 revenue was RMB 258.54 million, down 29.49% year-over-year; net loss attributable to shareholders was RMB -671.20 million, with losses expanding by RMB 214.77 million from the prior year.

• Fuel cell system sales volume dropped 26.55% year-over-year to 545 units; gross margin for main business was negative, reflecting continued pricing pressure and insufficient scale.

• The company remains unprofitable, with accumulated undistributed losses of RMB -1.62 billion as of year-end.

• No cash dividend, bonus shares, or capital reserve transfer planned for 2025 due to ongoing losses.

Financial highlights

• Operating income: RMB 258.54 million, down 29.49% year-over-year.

• Net loss attributable to shareholders: RMB -671.20 million, compared to RMB -456.43 million last year.

• Basic and diluted EPS: RMB -3.06, down from RMB -1.97 last year.

• Gross margin for main business: negative 11.91%.

• R&D investment: RMB 61.82 million, 23.91% of revenue, down 55.62% year-over-year.

• Net cash flow from operating activities: RMB -43.12 million.

Outlook and guidance

• The company will focus on optimizing business structure, cost control, and nurturing stable profit growth points.

• Strategic priorities include deepening hydrogen application pilots, expanding into new energy storage, and strengthening core technology R&D.

• 2026 plans emphasize market-driven product development, quality management, and expanding sales in key city clusters.