Sino-Synergy Hydrogen Energy Technology (Jiaxing) Co., Ltd. released its 2026 interim results, showing a continued transition toward non-automotive applications and a marked improvement in profitability metrics despite flat top-line performance.
Revenue slipped 2.2% year on year to RMB 57.61 million, but gross profit rose 19.4% to RMB 3.70 million, lifting the gross margin to 6.4% from 5.3%. The company attributed the margin gain to a richer sales mix, with hydrogen fuel-cell systems for rail, marine and power-generation uses accounting for RMB 39.6 million, or 68.8% of total revenue—up from 14.3% a year earlier.
Loss before tax narrowed to RMB 132.92 million from RMB 182.03 million, while the net loss shrank 19.3% to RMB 148.06 million. Loss per share improved to RMB 0.28 from RMB 0.36.
Operating cash flow swung to a positive RMB 141.13 million (H1-25: negative RMB 93.61 million), aided by a reduction in working-capital outflows. Cash and cash equivalents rose to RMB 132.29 million from RMB 81.84 million at end-2025. Net current assets stood at RMB 1.48 billion, with a current ratio of 2.3.
R&D spending was trimmed to RMB 46.52 million (H1-25: RMB 67.79 million) as the company focused resources on high-conversion projects such as next-generation Hongxin GIV stacks, MW-scale PEM electrolysers and marine power systems. Capex reached RMB 65.70 million, largely for production capacity upgrades.
Total assets declined 7.8% to RMB 3.79 billion, reflecting trade-receivable collections, while total liabilities fell to RMB 1.40 billion. Equity attributable to shareholders decreased to RMB 2.30 billion, mainly due to the interim loss and share buybacks of HKD 7.17 million.
No interim dividend was declared, and the board reiterated its strategy of accelerating non-automotive market penetration, refining cost controls and extending R&D timelines to match industry demand. Management affirmed compliance with all loan covenants and public-float requirements, and reported no material post-balance-sheet events.
Sino-Synergy’s executive directors said priority will remain on commercialising technology and expanding applications in rail, marine, distributed generation and hydrogen production, aiming to leverage the current industry consolidation phase for market-share gains.