Jiangsu Guofu Hydrogen Energy Equipment (2582) H1 2025 earnings summary

Executive summary

• H1 2025 revenue fell 19.2% YoY to RMB108.956 million; gross profit fell to RMB0.947 million, while net loss narrowed 20.1% to RMB88.979 million.

• The smaller loss reflected receivables recovery, higher government grants and electricity income, increased other income, and lower costs and expenses.

Financial highlights

• Revenue was RMB108.956 million versus RMB134.886 million YoY; cost of sales fell 10.9% to RMB108.009 million.

• Gross profit was RMB0.947 million versus RMB13.613 million; gross margin fell to 0.9% from 10.1% amid lower selling prices and price competition.

• Loss before tax was RMB106.251 million versus RMB131.581 million; net loss was RMB88.979 million versus RMB111.402 million.

• Other income rose 157.8% to RMB14.878 million, including RMB11.849 million in government grants; ECL impairment losses declined 72.4% to RMB5.409 million.

• Loss attributable to owners was RMB89.248 million versus RMB112.089 million; basic loss per share was RMB0.85 versus RMB1.14.

Outlook and guidance

• H2 priorities include building regional hydrogen ecosystems across production, storage, transport, refueling and vehicle applications, and advancing liquid-hydrogen products.

• Plans target a higher revenue mix from liquefaction, liquid-hydrogen storage and transport equipment, and water electrolysis products.

• Strategy includes cost reduction, efficiency targets, R&D and technology upgrades, expanded manufacturing capacity, overseas expansion, industry-chain synergies and workforce development.