Sino-Synergy Hydrogen Energy Technology Jiaxing (9663) H2 2025 earnings summary

Executive summary

• FY2025 revenue was RMB299.9m, down 32.2% YoY; gross profit was RMB24.7m, down 38.4%, and loss attributable to owners widened to RMB483.8m from RMB407.2m.

• Basic loss per share was RMB0.94 vs RMB0.79 in FY2024; no dividend was declared for FY2025.

Financial highlights

• Revenue fell to RMB299.9m from RMB442.4m; cost of sales decreased 31.6% to RMB275.2m.

• Gross profit declined to RMB24.7m from RMB40.0m; gross margin narrowed to 8.2% from 9.0%, as selling-price declines exceeded cost reductions.

• Operating loss widened to RMB466.5m from RMB401.0m; net loss was RMB485.6m vs RMB407.2m.

• R&D expense was RMB132.8m vs RMB130.5m; selling and administrative expenses declined to RMB44.5m and RMB175.7m, respectively.

• Net impairment losses on financial and contract assets rose to RMB172.6m from RMB107.4m, primarily from higher expected credit loss provisions on trade receivables.

Outlook and guidance

• Priorities include R&D investment, product upgrades, hydrogen value-chain ecosystem development, broader applications and lean management; no numerical FY2026 guidance was stated.

• R&D pipeline includes high-power fuel-cell stacks and systems, megawatt-scale PEM electrolysers, 1,000 Nm³/h alkaline electrolysers and hydrogen production systems with safety systems.

• A 480kW fuel-cell system, 600kWh lithium-battery system and hybrid energy-management system for a rail project were expected to be delivered by mid-2026.

• Unutilized IPO proceeds of HKD1,169.4m were expected to be fully used by the end of 2026, subject to market developments.