Sino-Synergy Hydrogen Energy Technology Jiaxing (9663) H2 2023 earnings summary

Executive summary

• FY2023 revenue fell 6.4% YoY to RMB700.6m, while gross profit rose 10.7% to RMB175.8m; loss attributable to owners widened to RMB404.4m from RMB273.4m.

• Basic loss per share was RMB0.95 vs RMB0.72; no dividend was declared.

Financial highlights

• Revenue was RMB700.6m vs RMB748.5m; cost of sales declined 11.0% to RMB524.9m, including inventory impairment of RMB21.2m vs RMB43.3m.

• Gross profit increased to RMB175.8m from RMB158.8m; operating loss widened to RMB398.9m from RMB266.9m.

• Loss before tax was RMB436.4m vs RMB293.7m; income tax credit was RMB28.8m vs RMB13.5m.

• Administrative expenses rose to RMB249.7m, R&D to RMB151.1m and selling expenses to RMB59.3m, reflecting investment, expansion and one-off listing costs.

Outlook and guidance

• Priorities include R&D and product iteration for fuel-cell stacks, systems and hydrogen production equipment, targeting lower costs, higher efficiency and broader applications.

• Plans include expanding capacity in response to regional policies and demand, developing diversified applications, and strengthening talent and operational systems.

• Completed Jiaxing Phase I, Ordos and Shanghai Lin-Gang factories were in trial production; capacity was expected to increase by 12,000 hydrogen fuel-cell system sets.