Beijing SinoHytec Co., Ltd. (“SinoHytec”) released its audited results for the year ended 31 December 2025, highlighting a challenging twelve months marked by weaker top-line performance, larger impairments and a significantly deeper loss.
Financial Performance • Revenue declined 29.49% to RMB 258.54 million (2024: RMB 366.67 million), primarily reflecting softer demand and lower pricing in the early-stage hydrogen fuel-cell market. • Gross profit rose to RMB 54.65 million from RMB 1.72 million a year earlier, aided by a sharp contraction in cost of sales to RMB 203.89 million (-44.10% YoY). • Operating loss widened 20.65% to RMB 557.06 million, driven by higher net impairment losses on financial assets (RMB 256.53 million) and on non-current assets (RMB 134.72 million). • Net loss attributable to shareholders expanded 36.91% to RMB 618.50 million, resulting in a basic loss per share of RMB 2.67 (2024: RMB 1.95). • Total comprehensive loss attributable to shareholders reached RMB 761.98 million (2024: RMB 483.82 million) after recognising RMB 157.85 million in fair-value declines on financial assets through other comprehensive income.
Segment & Sales Highlights • Fuel-cell system sales slipped 55.25 million kW to 56,370 kW on 545 units, as management adopted a conservative market-expansion strategy amid intensifying competition and liquidity pressures. • Revenue mix (HKFRS 15): fuel-cell systems RMB 121.96 million, components RMB 6.94 million, technology development services RMB 120.04 million, other income RMB 9.60 million. • Three customers each accounted for more than 10% of annual sales; the largest contributed RMB 94.34 million.
Cost Structure and R&D • Selling and distribution expenses were broadly stable at RMB 59.26 million (2024: RMB 58.60 million). • R&D spending fell 50.68% to RMB 47.84 million as project focus narrowed to core system durability, reliability and cost-reduction initiatives. • Administrative expenses remained elevated at RMB 223.99 million, little changed from 2024.
Balance-Sheet Position • Total assets stood at RMB 3.68 billion, while net assets declined to RMB 2.17 billion (2024: RMB 2.84 billion). • Cash and cash equivalents were RMB 372.98 million, down from RMB 719.39 million a year earlier. • Trade and bill receivables decreased 29.34% to RMB 1.10 billion after an impairment provision of RMB 903.48 million. • Interest-bearing bank and other borrowings totalled RMB 442.65 million (current) and nil non-current, compared with RMB 772.44 million in 2024.
Capital Activity In December 2025 SinoHytec raised approximately HKD 198 million (about RMB 176 million) through a private placement of 8.88 million new H-shares, representing 3.69% of enlarged share capital. The proceeds strengthened liquidity and optimized the capital structure.
Operational Developments • The company delivered a 100 kW fuel-cell generator set for a distributed power project in Brisbane, marking its first overseas power-generation deployment. • An “1+2+1+N” industrial layout was advanced, integrating Beijing R&D capabilities with renewable hydrogen production in Zhangjiakou for regional applications in the Beijing-Tianjin-Hebei corridor. • SinoHytec received multiple industry accolades, including “Champion Enterprise in Manufacturing” and science-and-technology progress awards from national and provincial bodies.
Outlook Regulatory support for hydrogen, notably the March 2026 launch of a national hydrogen-energy comprehensive-application pilot programme, underpins long-term demand in transportation and industrial sectors. SinoHytec intends to: 1. Deepen participation in regional pilot projects to scale commercial vehicle and logistics applications. 2. Broaden market coverage across production, storage, transportation and utilisation to reinforce its “1+N+X” ecosystem strategy. 3. Continue cost-down and performance-upgrade R&D on fuel-cell systems and core components. 4. Strengthen capital-structure management through diversified financing channels and tightened working-capital controls.
Dividend The Board does not recommend a final dividend for FY 2025.
Trading Status Trading in SinoHytec’s H-shares (02402.HK) is expected to resume at 09:00 on 4 May 2026 following publication of the audited results.
Auditor Confirmation Beijing Xinghua Caplegend CPA Limited has agreed the figures in this announcement to the amounts in the audited financial statements; no separate assurance opinion on the announcement itself has been issued.
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