Henan Jinyuan Hydrogenated Chemicals (2502) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 7.0% YoY to RMB1,543.5m; gross profit was RMB112.8m and net profit RMB41.6m, versus a RMB9.3m loss a year earlier.

• Profit attributable to owners was RMB36.4m; basic EPS was RMB0.04 versus a RMB0.02 loss per share in H1 2025.

• Gross margin improved to 7.3% from 1.6%, mainly as raw-material purchase prices rose more slowly than average selling prices.

• Operations remained broadly stable, with principal products selling at near-full capacity; hydrogen expansion and efficiency, safety and environmental investment continued.

Financial highlights

• Revenue increased RMB101.3m YoY to RMB1,543.5m; cost of sales rose RMB11.0m to RMB1,430.7m.

• Gross profit rose to RMB112.8m from RMB22.5m; profit before tax improved to RMB58.8m from a RMB10.7m loss.

• Net profit was RMB41.6m versus a RMB9.3m loss; income tax was an expense of RMB17.2m versus a credit of RMB1.4m.

• Total comprehensive income was RMB41.4m versus a RMB9.3m expense; owners’ attributable profit was RMB36.4m versus a RMB20.2m loss.

Outlook and guidance

• Strategy includes expanding the energy business to include hydrogen, with continued investment in production efficiency, safety and environmental protection.

• Management intends to refinance or repay borrowings from internally generated funds as they fall due and expects replacement financing to remain accessible under prevailing market conditions.

• Unused listing proceeds of RMB210.6m were scheduled for use during 2026–2028, including RMB188.0m for hydrogen-refuelling stations.