Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd. (abbrev. Guofu Hydrogen) released its 2026 interim results, outlining mixed operational progress against a backdrop of sustained investment in technology and overseas expansion.
Revenue and Segment Mix • Group revenue slipped 4.50% year-on-year to RMB104.04 million. • Water electrolysis hydrogen production equipment contributed RMB60.77 million, up 1,556.80% and now representing 58.40% of total sales. • Vehicle-mounted high-pressure hydrogen systems declined 76.40% to RMB21.55 million. • Hydrogen refuelling station equipment rose 55.20% to RMB21.71 million.
Profitability • Gross profit increased to RMB2.48 million from RMB0.95 million; gross margin improved to 2.40% (2025: 0.90%) on richer product mix. • Net loss widened 37.70% to RMB122.48 million, driven mainly by RMB24.60 million in R&D spend (+46.60%), RMB22.13 million in other losses—largely foreign-exchange—and lower government grants. • Basic loss per share was RMB0.97 (2025: RMB0.85).
Balance Sheet and Liquidity • Total assets reached RMB3.08 billion; equity attributable to shareholders stood at RMB1.28 billion. • Cash and cash equivalents declined to RMB208.40 million from RMB427.38 million, reflecting capex and loan advances; net current assets were RMB277.70 million. • Gearing ratio eased to 57.90% (end-2025: 59.20%). • Outstanding interest-bearing debt totalled RMB995.30 million; average fixed-rate borrowings ranged 3.00%–7.78%.
Capital Expenditure & Commitments • First-half capex was RMB74.90 million, mainly for property, plant and equipment; outstanding commitments amounted to RMB136.60 million.
Capital Market Activity • During H1 2026 Guofu Hydrogen raised HK$148.50 million (RMB equivalence) via a March share placing and received HK$60.19 million from warrant exercises. • All 6.00 million warrants issued in 2025 have been fully converted, adding 6.06 million H-shares. • Post-period, 18.42 million domestic shares were converted into H-shares under the Full Circulation program, effective 4 Aug 2026.
Operational Highlights • Liquid hydrogen storage, transport and refuelling systems moved from R&D to commercial deployment; China’s first domestically built 10-ton/day liquefaction unit entered scale-production readiness. • The company targets growth in green hydrogen applications across industrial decarbonisation, green ammonia, methanol and hydrogen metallurgy, while pursuing domestic and overseas project opportunities.
Outlook Management expects continued revenue momentum from water electrolysis systems and accelerating demand for comprehensive hydrogen solutions, while reiterating commitment to high R&D spend and international partnerships to support medium- and long-term growth.
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