Sino-Synergy Hydrogen Energy Technology Jiaxing (9663) H1 2025 earnings summary

Executive summary

• H1 revenue fell 55.7% YoY to RMB58.883m amid commercialization delays, lower system prices and slower project implementation; net loss narrowed to RMB184.427m from RMB212.297m.

• Gross margin improved to 5.3% from 0.6%; attributable loss narrowed to RMB184.248m, while R&D spending rose to RMB67.8m.

Financial highlights

• Revenue was RMB58.883m versus RMB133.012m; gross profit was RMB3.095m versus RMB0.770m.

• Operating loss narrowed to RMB183.063m from RMB207.962m; loss before tax was RMB182.031m versus RMB213.937m.

• Basic and diluted loss per share improved to RMB0.36 from RMB0.41; total comprehensive loss was RMB184.500m versus RMB192.045m.

• R&D expense rose to RMB67.8m from RMB65.3m; administrative expense fell to RMB96.7m from RMB113.5m, with no share-based payment expense in H1 2025.

• Net finance costs increased to RMB10.771m from RMB6.065m, reflecting higher borrowing interest and lower bank interest income.

Outlook and guidance

• Priorities include core technology development, hydrogen ecosystem integration, diversified applications and leaner operations; no quantified financial targets were stated.

• R&D focus includes high-power stacks and systems, multi-scenario power generation, electrolyzers, flexible graphite bipolar plates and mass-production cost reductions.

• Expansion priorities include rail, marine, two-wheeled vehicles, electrolytic hydrogen, distributed power and hydrogen-powered drones.

• Management expected most fuel-cell system sales in H2, citing seasonality; no quantified full-year guidance was stated.

• Remaining global offering proceeds of HK$1,273.7m were expected to be used in full by end-2026, subject to market conditions.