Jiangsu Guofu Hydrogen Energy Equipment (2582) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 24.5% YoY to RMB346.4m; gross profit dropped 91.5% to RMB3.9m, with gross margin at 1.0%.

• Net loss attributable to owners widened to RMB383.0m from RMB210.3m; basic loss per share was RMB3.57 vs RMB2.12.

• Water electrolysis hydrogen production expanded, but did not offset declines in vehicle-mounted systems and refueling-station equipment; no FY2025 dividend was declared.

Financial highlights

• Cost of sales declined 17.0% YoY to RMB342.5m, less than the revenue decline; lower sales and higher fixed costs compressed gross margin to 1.0% from 10.0%.

• Other income rose to RMB40.3m from RMB15.9m, mainly on higher government grants, electricity income and bank interest.

• ECL impairment losses increased to RMB73.1m from RMB22.0m, including provisions on new-customer and long-aged receivables.

• FY2025 loss before tax was RMB294.6m; income tax expense was RMB87.1m, versus a tax credit of RMB44.0m in FY2024.

• Finance costs rose 6.7% to RMB35.0m; R&D expenses declined 18.0% to RMB35.9m and administrative expenses fell 9.2% to RMB127.6m.

Outlook and guidance

• 2026 priorities include liquid hydrogen and cryogenic equipment, green hydrogen applications, overseas localization and improving operating quality; no numerical financial guidance was stated.

• Plans include expanding liquid hydrogen solutions across production, storage, transport, refueling and utilization, and targeting industrial applications such as chemicals, metallurgy and green fuels.

• Overseas focus markets include the Middle East, Southeast Asia, Europe and South America, with a shift from exports and pilot projects toward localized manufacturing and delivery.