Beijing-based fuel-cell specialist SinoHytec reported first-half 2026 revenue of RMB 73.94 million, edging up 2.80 % year-on-year. Sales of hydrogen fuel-cell systems fell 15.49 % to RMB 42.80 million, but a 72.20 % jump in “other” businesses, including initial energy-storage deliveries, offset the decline.

Gross profit swung to a positive RMB 14.25 million from a RMB 30.15 million loss a year earlier, lifting gross margin to 19.3 % from –41.9 %. Management cited tighter supply-chain coordination, inventory reductions and cost-cutting measures for the turnaround.

Loss attributable to shareholders narrowed to RMB 105.04 million, a 35.70 % improvement versus the RMB 163.35 million shortfall in 1H 2025. Basic loss per share improved to RMB 0.44 from RMB 0.71.

Operating performance reflected muted sector demand: total sales power rose 32.83 % to 21,200 kW, yet unit pricing pressure persisted, with average revenue per kilowatt down 36.38 % to RMB 2.02 thousand.

R&D spending fell 44.64 % to RMB 14.10 million, representing 19.07 % of revenue, as projects were streamlined. The pipeline includes multi-megawatt PEM power systems, high-power engine platforms and electrochemical energy-storage solutions.

Operating cash outflow narrowed to RMB 12.74 million. Cash and cash equivalents stood at RMB 344.42 million at 30 June, while net debt totalled RMB 919.55 million, implying a 49.0 % gearing ratio.

SinoHytec continued diversifying beyond vehicle fuel-cell systems, establishing an energy-storage subsidiary and completing its first equipment deliveries. International expansion progressed with an overseas heavy-duty truck fuel-cell project.

The board declared no interim dividend.

Management flagged risks from policy shifts, industry overcapacity, customer concentration and lingering subsidy collection delays, but reaffirmed its strategy to deepen R&D, broaden application scenarios and strengthen liquidity management.