Executive Summary
SinoSynergy Hydrogen Energy reported QQ2 2025 revenue of 58.883 million CNY, up to a modest extent from the prior period in nominal terms but down sharply on a year-over-year basis. The company delivered a gross profit of 3.095 million CNY, resulting in a gross margin of 5.26%. However, operating expenses remained elevated at 186.158 million CNY, driven primarily by Research and Development (67.785 million CNY) and General and Administrative expenses (96.667 million CNY), contributing to an EBITDA of -136.361 million CNY and an operating loss of -183.063 million CNY. Net income registered -184.248 million CNY with an EPS of -0.36 for Q2 2025. YoY revenue declined by approximately 61.9%, while the QoQ change was flat (0.0%). The large delta between top-line revenue and operating burn indicates a company-focused on heavy R&D and capacity-building ahead of scale, which is typical for early-stage hydrogen-fuels-cell technology developers in a capital-intensive market.
Liquidity metrics show a mixed picture: current ratio of 2.53 suggests short-term liquidity headroom, yet the cash ratio stands at 0.0763, underscoring a reliance on working capital and potential near-term liquidity pressures if revenue traction does not improve. Free cash flow per share and operating cash flow per share are negative (-0.192 and -0.181 respectively), signaling ongoing cash burn despite some cash conversion efficiency signals embedded in other ratios. There is no formal management-provided forward guidance in the QQ2 release; the outlook therefore hinges on the industry backdrop, execution on product commercialization, and potential contract wins that could translate R&D investment into revenue.
Overall, the QQ2 2025 quarter reflects a company in an aggressive investment phase with limited near-term profitability visibility. The sustainability of this burn will depend on sales execution, product-market fit, and the speed with which R&D progress can be translated into recurring revenue or sizable project-based contracts. Investors should monitor any shift in revenue mix, the trajectory of operating costs, and the ability to convert R&D investments into scaled sales.
Key Performance Indicators
Key Insights
Revenue: 58.883 million CNY (YoY: -61.94%, QoQ: 0.00%)
Gross Profit: 3.095 million CNY; Gross Margin: 5.26%
Operating Expenses: 186.158 million CNY; EBITDA: -136.361 million CNY; EBITDA Margin: -2.32%
Operating Income: -183.063 million CNY; Operating Margin: -3.11%
Income Before Tax: -182.031 million CNY; Pre-tax Margin: -3.09%
Net Income: -184.248 million CNY; Net Margin: -3.13%
EPS: -0.36 CNY; Diluted EPS: -0.36 CNY; Weighted Avg Shares: ~517.6 million
Liquidity: Current Ratio 2.53; Quick Rati...
Financial Highlights
Revenue: 58.883 million CNY (YoY: -61.94%, QoQ: 0.00%)
Gross Profit: 3.095 million CNY; Gross Margin: 5.26%
Operating Expenses: 186.158 million CNY; EBITDA: -136.361 million CNY; EBITDA Margin: -2.32%
Operating Income: -183.063 million CNY; Operating Margin: -3.11%
Income Before Tax: -182.031 million CNY; Pre-tax Margin: -3.09%
Net Income: -184.248 million CNY; Net Margin: -3.13%
EPS: -0.36 CNY; Diluted EPS: -0.36 CNY; Weighted Avg Shares: ~517.6 million
Liquidity: Current Ratio 2.53; Quick Ratio 2.39; Cash Ratio 0.0763
Leverage: Debt Ratio 0.138; Debt to Equity 0.216; Long-Term Debt to Capitalization 0.0583; Total Debt to Capitalization 0.177
Cash Flow: Operating Cash Flow per Share -0.181 CNY; Free Cash Flow per Share -0.192 CNY
Price/Average Metrics: P/S 65.83x; P/BV 1.395x; P/E negative; EV Multiple -32.13x
Notes: The quarter reflects heavy R&D and SG&A investment with minimal current profitability; no peers data provided in the dataset for direct benchmarking.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
58.88M |
-61.94% |
0.00% |
| Gross Profit |
3.10M |
-84.23% |
0.00% |
| Operating Income |
-183.06M |
-89.63% |
0.00% |
| Net Income |
-184.25M |
-89.09% |
0.00% |
| EPS |
-0.36 |
-89.47% |
0.00% |
Key Financial Ratios
operatingProfitMargin
-311%
operatingCashFlowPerShare
$-0.18
freeCashFlowPerShare
$-0.19
Management Commentary
Transcript highlights not available for QQ2 2025. The earnings transcript field is empty, so no management quotes or theme-by-theme commentary could be extracted from the call. This limits the ability to quote management on strategy, roadmap, or near-term execution milestones. Implication for investors: in the absence of a released transcript, rely on the Q2 2025 results release and supplemental materials for any stated guidance or milestones. If a transcript becomes available, key themes to capture would include orders/backlog, contract wins, supply chain updates, manufacturing cost discipline, and near-term profitability milestones.
Forward Guidance
No formal forward guidance was provided by management in the QQ2 2025 results release. Given the company’s current profitability profile, investors should treat near-term guidance as conditional on securing revenue growth from commercialization of fuel cell stacks/systems and any scale benefits from an updated manufacturing footprint. External factors to watch include policy incentives for hydrogen and fuel cell adoption in China, customer pipeline progression, and potential partnerships or joint ventures that could accelerate revenue realization. If management refrains from issuing explicit targets, emphasis should be on visible milestones (e.g., contract wins, pilot deployments, production ramp plans) and the timeline to breakeven or meaningful cash flow generation.