Henan Jinyuan Hydrogenated Chemicals (2502) H2 2025 earnings summary

Executive summary

• Revenue fell 16.2% YoY to RMB2,598.6m; net loss was RMB17.5m versus net profit of RMB11.5m in 2024, while loss attributable to owners widened to RMB34.3m.

• Lower chemical selling prices and weaker energy-segment margins drove gross margin down to 1.2% from 2.3%.

Financial highlights

• Gross profit declined to RMB30.9m from RMB71.6m; cost of sales was RMB2,567.7m versus RMB3,030.4m.

• Loss before tax was RMB30.2m versus profit before tax of RMB12.0m; a RMB12.7m income tax credit partly offset the loss.

• Loss attributable to owners was RMB34.3m versus RMB16.0m; basic loss per share widened to RMB0.04 from RMB0.02.

• Net cash from operating activities increased to RMB124.4m from RMB96.9m; year-end cash and bank balances were RMB142.2m.

Outlook and guidance

• Planned LNG facility upgrades of RMB19.2m are expected to raise capacity to ~88,000 tonnes/year, with completion estimated in Q3 2026.

• Listing-proceeds deployment is delayed by market conditions; RMB217.9m remained unutilised at year-end, with the timetable extended to 2025–2027.

• Management plans continued investment in chemical-plant efficiency, safety and environmental upgrades, alongside development across the hydrogen value chain.