Henan Jinyuan Hydrogenated Chemicals (2502) H1 2025 earnings summary

Executive summary

• H1 revenue fell 10.0% YoY to RMB1,442.2m; gross margin dropped to 1.6% from 4.5%, and results swung to a RMB9.3m net loss from RMB44.9m profit.

• Weaker chemical prices and margins weighed on results, while hydrogen-station activity continued to expand.

Financial highlights

• Gross profit was RMB22.5m versus RMB71.8m; loss before tax was RMB10.7m versus profit before tax of RMB54.9m.

• Loss attributable to owners was RMB20.2m versus profit of RMB30.2m; basic loss per share was RMB0.02 versus earnings of RMB0.03.

• Other income fell to RMB5.2m from RMB16.2m, mainly as government grants and interest income declined.

• Net cash from operating activities was RMB43.0m versus RMB104.2m; cash and cash equivalents were RMB158.9m at period-end.

• Total assets were RMB1,605.2m and total equity RMB1,059.4m at 30 June 2025, down from RMB1,676.4m and RMB1,091.6m at year-end 2024.

Outlook and guidance

• Continued investment planned in production efficiency, safety and environmental protection; listing proceeds remain earmarked for hydrogen refuelling stations and upstream/downstream investment, with use planned for 2025–2027.

• Hydrogen expansion remains a strategic focus, supporting PRC circular-economy and dual-carbon objectives.

• Production capacity remained generally utilized and sales were basically at full capacity in H1.