Hydrogen fuel cell systems developer Beijing SinoHytec Co. Ltd. (2402.HK; 688339.SH) announced on Monday it recorded a net loss a of 618.5 million yuan ($91 million) last year, widening 36.9% year-on-year, while its revenue fell 29.49% to 258.54 million yuan.
The company’s revenue from fuel cell systems for the year totaled 121.96 million yuan, while revenue from technology development services was about 120.04 million yuan. During the period, it sold 545 fuel cell system sets, down approximately 26.55% from 2024.
The company blamed the declines on the hydrogen fuel cell industry’s early stage of commercialization, intensified competition, and a more cautious market expansion strategy amid its own working capital constraints. Those factors led to lower fuel cell system sales and affected the company’s overall profitability.
Separately, SinoHytec reported that its net loss for the first quarter narrowed about 45% year-on-year to 51.04 million yuan.
SinoHytec’s shares were suspended from trading on the Hong Kong Stock Exchange on April 1 due to a delay in publishing its annual results. They resumed trading on Monday, opening flat before falling to HK$17.57 by the midday break, down 8.54%.
By Lee Shih Ta
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