Jiangsu Guofu Hydrogen Energy Equipment (2582) H1 2026 earnings summary

Executive summary

• H1 revenue fell 4.5% YoY to RMB104.0m; net loss widened to RMB122.5m, with FX losses, higher R&D and tax factors cited as key drivers.

• Water electrolysis equipment became the main growth driver, while liquid-hydrogen storage, transport and cryogenic equipment advanced toward commercial application.

Financial highlights

• Gross profit rose 161.5% to RMB2.5m and gross margin increased to 2.4% from 0.9%, supported by a higher mix of higher-margin products.

• Loss attributable to owners widened to RMB120.2m from RMB89.2m; net loss was RMB122.5m versus RMB89.0m, and basic loss per share was RMB0.97 versus RMB0.85.

• Other gains and losses were a net loss of RMB22.1m versus RMB0.1m, mainly from higher FX and fair-value losses; income tax was an expense of RMB3.1m versus a credit of RMB17.3m.

• Net expected-credit-loss impairment reversed by RMB12.2m, mainly from reversal of trade-receivable provisions; prior-period net impairment loss was RMB5.4m.

• Other income fell 65.5% to RMB5.1m, mainly as government grants declined.

Outlook and guidance

• H2 priorities include growing water electrolysis sales, scaling liquid-hydrogen and cryogenic equipment, and advancing domestic and overseas demonstration projects; no numerical guidance was stated.

• Plans include overseas localized cooperation and R&D focused on product performance, manufacturing costs and operating efficiency.

• Revenue and operating profit are usually higher in H2, with vehicle-maker orders typically rising after local hydrogen-vehicle policy updates in H1.