Sino-Synergy Hydrogen Energy Technology (Jiaxing) Co., Ltd. released unaudited results for the six months ended 30 June 2026, showing a smaller loss and an improved sales mix despite slightly lower revenue.
Total revenue slipped 2.2% year on year to RMB57.61 million, primarily because maintenance-service income dropped to RMB0.06 million from RMB18.65 million. Core product sales strengthened: hydrogen fuel-cell systems, components and stacks contributed RMB56.97 million (up 44.8%), with non-automotive applications—rail transit, marine and power generation—providing RMB39.60 million, or 68.8% of total revenue versus 14.2% a year earlier.
Gross profit increased 19.4% to RMB3.70 million, and gross margin widened to 6.4% from 5.3% as lower raw-material costs and higher product energy density offset softer volumes.
Loss attributable to shareholders narrowed 22.4% to RMB142.87 million; basic loss per share improved to RMB0.28 from RMB0.36. The board proposed no interim dividend.
Cost of sales declined 3.4% to RMB53.91 million. Operating cost discipline was evident: selling expenses fell 27.8% to RMB10.20 million; R&D outlays eased 31.4% to RMB46.52 million; administrative costs dropped 39.8% to RMB58.25 million. Impairment charges on financial and contract assets almost halved to RMB11.68 million. Net finance costs decreased 19.4% to RMB8.77 million.
Other income rose 44.1% to RMB8.89 million on higher government grants, while net other gains swung to a loss of RMB9.68 million from a prior-year gain, reflecting weaker fair-value movements on wealth-management products.
Total assets stood at RMB3.79 billion, down 7.8% from end-2025, mainly due to lower trade receivables and inventory. Cash and cash equivalents increased 61.7% to RMB132.29 million, complemented by RMB1.10 billion of wealth-management products. Net current assets were RMB1.48 billion, with the current ratio improving to 2.3 from 2.1.
Interest-bearing borrowings fell 13.2% to RMB392.39 million; long-term debt accounted for 35.1% of the total. Weighted-average interest rates were 3.53% on bank loans and 3.31% on third-party borrowings, keeping the gearing ratio stable at 0.2.
Capital expenditure reached RMB65.70 million, and outstanding committed capex totalled RMB256.10 million. The workforce contracted to 259 employees, reducing staff costs to RMB37.29 million.
Management reiterated its strategic focus on commercialising core technology, expanding non-automotive hydrogen applications, and pursuing lean operations amid China’s transition from subsidy-driven to scenario-driven hydrogen demand. Of the HK$1.46 billion net proceeds from its December 2023 IPO, HK$148.70 million (10.2%) had been deployed by 30 June 2026; the balance is slated for use by 2029 across capacity expansion, R&D and ecosystem investments.
No interim dividend was declared, and no material post-balance-sheet events were reported.