Sino-Synergy Hydrogen Energy Technology Jiaxing (9663) H2 2024 earnings summary

Executive summary

• FY2024 revenue fell 36.9% YoY to RMB442.4m and gross profit fell 77.2% to RMB40.0m; loss attributable to owners was RMB407.2m vs RMB404.4m in FY2023.

• Basic loss per share was RMB0.79 vs RMB0.95; no dividend was declared for FY2024.

• Near-term results reflected weaker system sales, industry commercialization adjustments and mass-production transition costs for new products.

Financial highlights

• Revenue was RMB442.4m, down 36.9% YoY; cost of sales declined 23.3% to RMB402.4m.

• Gross profit was RMB40.0m, down 77.2%; reported gross margin fell to 9.0% from 25.1%.

• Operating loss was RMB401.0m vs RMB398.9m; net loss was RMB407.2m vs RMB407.6m, while owners’ loss was RMB407.2m vs RMB404.4m.

• Net other gains rose to RMB62.4m, including RMB51.1m fair-value gains and RMB9.1m gains on financial-product redemptions; net finance shifted to RMB14.7m cost from RMB2.5m income.

Outlook and guidance

• Priorities include more R&D in high-efficiency fuel-cell stacks, systems, power-generation equipment and hydrogen-production equipment, alongside lower product costs.

• Planned expansion targets transportation, power generation, energy storage, marine and UAV applications, with domestic and overseas market development.

• Production-base expansion is to align with regional policies and demand; plans also emphasize localized production and industry-chain partnerships.