Sino-Synergy Hydrogen Energy Technology Jiaxing (9663) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was RMB57.613m, down 2.2% YoY; gross profit rose 19.4% to RMB3.699m and gross margin improved to 6.4%.

• Net loss narrowed to RMB148.063m from RMB184.427m; loss attributable to owners was RMB142.866m, down 22.4%.

• Non-vehicle applications generated RMB39.6m, or 68.8% of revenue, with deployments expanding across rail, marine and power generation.

• Priorities include commercialising R&D, integrating the hydrogen ecosystem, diversifying applications and improving operating efficiency amid weaker vehicle demand and subsidy phase-down.

Financial highlights

• Revenue was RMB57.613m versus RMB58.883m YoY; cost of sales declined 3.4% to RMB53.9m.

• Gross profit was RMB3.699m versus RMB3.095m; gross margin rose to 6.4% from 5.3%, supported by higher-margin non-automotive systems.

• Operating loss narrowed to RMB123.736m from RMB183.063m; net loss was RMB148.063m versus RMB184.427m.

• R&D expense fell to RMB46.5m from RMB67.8m; selling expenses were RMB10.2m versus RMB14.1m and administrative expenses RMB58.2m versus RMB96.7m.

• Other net results swung to a RMB9.7m loss from an RMB8.8m gain, mainly on lower FVPL gains; income-tax expense rose to RMB15.1m from RMB2.4m.

Outlook and guidance

• 2026 priorities include commercialising technology, integrating the hydrogen ecosystem, diversifying applications and strengthening lean management; standardised C240 marine, rail and megawatt power-generation packages are targeted.

• A megawatt-scale PEM electrolyser prototype and in-house testing are targeted for 2026; customised production is targeted for 2027, subject to demonstration-project progress.

• Plans include outfitting one to two vessels, commissioning two to three industrial-park rail lines and replicating one to two backup-power pilots, subject to project milestones and acceptance.

• Delivery of 200 Nm³/h and 250 Nm³/h PEM hydrogen-production equipment is scheduled for 2026; 5 Nm³/h equipment completed manufacturing and commissioning.

• Gross-profit recovery is to be driven by increased in-house stack integration, not price cuts; new system orders are targeted to include more advance and progress payments.