重塑能源(02570) - 2025 - 中期财报

Corporation Information Definitions Financial Highlights The company reported a 9.9% year-on-year revenue decrease to RMB 106.9 million, yet gross loss narrowed by 22.5% and loss attributable to owners decreased by 28.7% to RMB 332.7 million, with operating cash flow turning positive and cash and cash equivalents rising 19.0% to RMB 1.0511 billion Financial Highlights | Indicator | For the six months ended June 30, 2025 (RMB thousands) | For the six months ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 106,948 | 118,736 | | Gross Profit | (13,455) | (17,369) | | Loss before income tax | (352,408) | (489,819) | | Loss for the period | (352,201) | (487,929) | | Loss per share | RMB (3.86) | RMB (5.74) | | | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | Total Assets | 4,610,107 | 4,692,131 | | Total Liabilities | 2,999,300 | 2,753,042 | | Equity attributable to owners of the Company | 1,725,155 | 2,036,150 | | Cash and cash equivalents | 1,051,112 | 883,356 | - Total revenue decreased by approximately 9.9% year-on-year, with hydrogen fuel cell system sales revenue increasing by 141.8% and overseas revenue growing by 360.3%[23] - Gross loss narrowed by approximately 22.5% year-on-year, and loss attributable to owners of the company decreased by approximately 28.7% year-on-year[23] - Operating cash flow turned positive, achieving a net inflow of approximately RMB 95.1 million. Cash and cash equivalents at period-end increased by approximately 19.0% compared to the beginning of the period[23] - The Board of Directors recommended no interim dividend for the six months ended June 30, 2025[23][112] Management Discussion and Analysis Business and Industry Review In H1 2025, the company capitalized on improving Chinese hydrogen energy policies, advancing its Sirius series fuel cell system to mass production, expanding heavy-duty truck applications and overseas markets, and making key progress in green hydrogen ecosystem projects - China's hydrogen energy industry policies continued to improve, with the National Energy Administration promoting the establishment of hydrogen energy management mechanisms, expanding demonstration city clusters, and multiple provinces and cities introducing highway toll exemptions for hydrogen-powered vehicles, enhancing the economic viability of hydrogen heavy-duty trucks[24][25] - The company's independently developed new generation fuel cell system product, the Sirius series, has entered mass production, with both raw material and manufacturing costs further reduced compared to the previous generation[28][30] - The company continued to expand application scenarios, promoting the large-scale adoption of medium and long-haul hydrogen heavy-duty trucks, and participated in the Hong Kong hydrogen fuel cell tourist bus cross-border passenger transport project, which has received in-principle approval[32][33] - The two green hydrogen production, storage, transportation, and utilization integrated demonstration projects led by the company in Ningxia were successfully selected for the second batch of the National Development and Reform Commission's 'Green and Low-Carbon Advanced Technology Demonstration Project List'[35][36] - In June 2025, the company entered into domestic share subscription agreements with Qiyuan Fund and Cangnan Shanhaizerun to enhance competitiveness, expand into the Northwest market, and develop green hydrogen resources in the eastern coastal areas[38][39] Outlook and Prospect The company plans to prioritize market-driven R&D, deepen its full hydrogen energy value chain, expand commercial applications through ecosystem building, particularly in hydrogen heavy-duty trucks, and strengthen its overseas market presence and participation in international green hydrogen projects - The company will continue to invest in R&D innovation guided by market demand, addressing stringent requirements for reliability, durability, cost, and efficiency in commercial scenarios, and expanding fuel cell applications in diverse fields and developing hydrogen production technologies[42][44] - The company plans to consolidate the application advantages of hydrogen heavy-duty trucks in low-cost hydrogen markets and specific industrial sectors, and accelerate large-scale adoption in conjunction with policies such as toll exemptions[45][47] - The company will strengthen overseas market expansion, focusing on key 'Belt and Road' markets such as Southeast Asia, Central Asia, the Middle East, and North Africa, leveraging the high gross profit advantage of overseas orders to improve overall performance[46][48] Financial Review Revenue decreased by 9.9% to RMB 106.9 million, primarily due to lower component sales, yet fuel cell system sales grew 141.8%, leading to a narrowed gross loss of RMB 13.5 million and a 28.7% reduction in loss attributable to owners to RMB 332.7 million, supported by reduced share-based payment expenses and a strong cash position of RMB 1.0511 billion Revenue Total revenue for the period decreased by 9.9% to RMB 106.9 million, mainly due to reduced component sales, but hydrogen fuel cell system sales significantly increased by 141.8% to RMB 76.8 million, and overseas revenue grew by 360.3% to RMB 11 million, indicating an optimized revenue structure Revenue Breakdown by Product Type (RMB thousands) | Goods or Service Category | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Hydrogen fuel cell systems | 76,827 | 31,769 | | Components | 20,329 | 82,382 | | Hydrogen energy equipment and related components | 705 | – | | Hydrogen fuel cell engineering development services | 6,131 | 966 | | Others | 2,956 | 3,619 | | Total | 106,948 | 118,736 | - Revenue from overseas regions significantly increased by 360.3% from RMB 2.4 million in the same period last year to RMB 11 million, primarily due to the company's continuous expansion in European, North American, and Southeast Asian markets and the recognition of its product technology by overseas customers[55][59] Cost of Sales, Gross Profit and Gross Profit Margin Cost of sales decreased by 11.5% to RMB 120.4 million, leading to a narrowed gross loss from RMB 17.4 million to RMB 13.5 million and an improved gross margin from -14.6% to -12.6%, primarily driven by an optimized sales mix towards more profitable fuel cell systems - Gross profit improved from RMB -17.4 million in the same period last year to RMB -13.5 million, with gross margin increasing from -14.6% to -12.6%[58][61] - The improvement in gross margin was primarily due to optimized sales structure, with an increased proportion of higher-profitability fuel cell system sales[56][58][60] Selling, Administrative, Research and Development and Other Expenses Selling and marketing expenses slightly decreased to RMB 50.7 million, while administrative expenses significantly dropped from RMB 243.8 million to RMB 116.7 million and R&D expenses decreased from RMB 112.5 million to RMB 60.6 million, primarily due to reduced share-based payment expenses and enhanced operational efficiency - Administrative expenses significantly decreased year-on-year from RMB 243.8 million to RMB 116.7 million, primarily due to reduced share-based payment expenses. Excluding this impact, administrative expenses still decreased, mainly due to a reduction in administrative personnel and cost control[66][68] - R&D expenses decreased year-on-year from RMB 112.5 million to RMB 60.6 million. Excluding share-based payment expenses, R&D expenses decreased from RMB 74 million to RMB 56.7 million, primarily due to the company's continued focus on streamlining product series and improving the efficiency of R&D resource allocation[69][73] - Net impairment losses on financial assets and contract assets increased from RMB 45.9 million to RMB 83.3 million, mainly due to increased provision for expected credit losses on trade receivables[70][74] Loss Attributable to Owners of the Company and Non-IFRS Measure Loss attributable to owners of the company narrowed by 28.7% to RMB 332.7 million, down from RMB 466.4 million, driven by improved gross profit and expense control, while the non-IFRS adjusted net loss was RMB 331.9 million compared to RMB 318.1 million in the prior year Reconciliation of Adjusted Net Loss (Non-IFRS Measure) (RMB thousands) | | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the period | (352,201) | (487,929) | | Add back adjustments: | | | | Share-based payments | 20,346 | 160,650 | | Global offering related listing expenses | – | 9,181 | | Adjusted net loss | (331,855) | (318,098) | Liquidity, Financial and Capital Resources As of June 30, 2025, cash and cash equivalents increased by 19.0% to RMB 1.0511 billion, with total borrowings at RMB 1.6756 billion (29.6% non-current), while the current ratio decreased from 1.7 to 1.4 and the gearing ratio slightly rose from 0.46 to 0.52, maintaining relative stability - As of June 30, 2025, the Group's cash and cash equivalents were approximately RMB 1.0511 billion, an increase of approximately 19.0% from RMB 883.4 million at the beginning of the reporting period[89][90] - As of June 30, 2025, the Group's total borrowings were approximately RMB 1.6756 billion, comprising RMB 1.1794 billion in current borrowings and RMB 496.2 million in non-current borrowings[82][83][85] - The gearing ratio remained relatively stable at 0.52 as of June 30, 2025, compared to 0.46 as of December 31, 2024[91][94] Use of Net Proceeds from Global Offering Following its December 2024 listing, the company received net proceeds of HKD 623.3 million, of which HKD 91.5 million was utilized by June 30, 2025, primarily for R&D and capacity expansion, overseas market development, and working capital, leaving HKD 531.8 million unutilized Use of Net Proceeds and Utilization (As of June 30, 2025) | Intended Use | Allocated Amount (HKD millions) | Amount Utilized (HKD millions) | Unutilized Balance (HKD millions) | | :--- | :--- | :--- | :--- | | R&D activities and capacity expansion (hydrogen fuel cell systems) | 464.4 | 59.9 | 404.5 | | Capacity expansion (hydrogen energy equipment) | 95.3 | 5.6 | 89.7 | | Overseas market business expansion | 48.0 | 10.4 | 37.6 | | Working capital and general corporate purposes | 15.6 | 15.6 | 0 | | Total | 623.3 | 91.5 | 531.8 | Other Information Corporate Governance During the reporting period, the company largely complied with the Corporate Governance Code, with deviations including the combined roles of Chairman and CEO held by Mr. Lin Qi and the absence of a formal dividend policy prior to stable profitability, which the Board continues to review - The company deviated from the Corporate Governance Code: the roles of Chairman and Chief Executive Officer are combined and held by Mr. Lin Qi. The Board believes this arrangement benefits Group management, and the Board's composition (including three independent non-executive directors) ensures a balance of power[116][117] - The company has not yet adopted a dividend policy, planning to use future profits for business development. Under Chinese law, the company must first cover accumulated losses and set aside statutory reserves before distributing dividends[119][120] Directors' and Shareholders' Interests This section discloses the interests of the company's directors, chief executive, and substantial shareholders in the company's shares as of June 30, 2025, with Chairman Mr. Lin Qi holding approximately 21.88% and other major shareholders including Shanghai Weiqing, Sinopec Capital, and the National Manufacturing Transformation and Upgrading Fund Directors' Interests in Shares (As of June 30, 2025) | Director Name | Share Class | Number of Shares Held | Percentage of Total Issued Shares (%) | | :--- | :--- | :--- | :--- | | Mr. Lin Qi | Domestic Shares | 18,852,700 | 21.88% | | Dr. Hu Zhe | Domestic Shares | 375,000 | 0.44% | | Ms. Ma Jingnan | Domestic Shares | 1,867,500 | 2.17% | | Dr. Zhai Shuang | Domestic Shares | 75,000 | 0.09% | | Mr. Zhao Yongsheng | Domestic Shares | 75,000 | 0.09% | - Disclosed shareholdings of major shareholders, including Shanghai Weiqing (4.24%), Sinopec Capital (3.38%), National Manufacturing Transformation and Upgrading Fund (4.34%), Shenzhen Qianhai Chunyang Asset Management Co., Ltd. (6.43%), and Zhengzhou Yunshan Automobile Industry Equity Investment Fund (5.80%)[137][138][140] Other Corporate Governance Matters and Events After Reporting Period During and after the reporting period, the company adjusted its governance structure, dissolving the Supervisory Committee post-AGM on May 19, 2025, with its functions transferred to the Audit Committee, and subsequently announced two significant capital injections on August 8, 2025, to expand its hydrogen production market and business - In accordance with the new Company Law, the company's Supervisory Committee was dissolved following approval at the Annual General Meeting on May 19, 2025, with its functions to be exercised by the Audit Committee[176][177][180] - After the reporting period, on August 8, 2025, the company's subsidiary, Guangdong Tansuo Automobile, agreed to inject RMB 100 million into Guangdong Enze; concurrently, the Board resolved to increase capital by RMB 70 million in Seraph Remodeling (Ningxia) Hydrogen Electric Energy Co., Ltd. to expand the hydrogen production market[187][189] Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, the company reported RMB 106.9 million in revenue, a gross loss of RMB 13.46 million, a loss for the period of RMB 352.2 million, and a loss attributable to owners of the parent of RMB 332.7 million, with basic and diluted loss per share of RMB 3.86, showing narrowed gross and net losses despite a slight revenue decrease compared to the prior year Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets were RMB 4.61 billion, total liabilities RMB 2.999 billion, and net assets RMB 1.611 billion, with current assets at RMB 3.492 billion and current liabilities at RMB 2.41 billion, reflecting a decrease in both total and net assets compared to year-end 2024 Interim Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash flow from operating activities turned positive to RMB 95.09 million from a prior year outflow of RMB 160 million, with net cash outflows from investing activities of RMB 65.49 million and net inflows from financing activities of RMB 142.7 million, resulting in period-end cash and cash equivalents of RMB 1.051 billion, an increase of RMB 172.3 million Notes to the Interim Condensed Consolidated Financial Information Note 5. REVENUE, OTHER INCOME AND GAINS This note details revenue composition, showing hydrogen fuel cell systems as the primary source at 71.8% of total revenue, with mainland China contributing 90% and other countries/regions increasing to 10%, while other income and gains totaled RMB 35.58 million, mainly from government grants and interest income Analysis of Other Income and Gains (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Government grants and subsidies | 27,053 | 14,494 | | Interest income | 7,087 | 3,072 | | Others | 1,419 | 3,076 | | Subtotal Other Income | 35,559 | 20,642 | | Gains | 17 | 1,488 | | Total | 35,576 | 22,130 | Note 16. TRADE AND BILLS RECEIVABLES AND CONTRACT ASSETS As of June 30, 2025, trade receivables, commercial acceptance bills, and contract assets (net of impairment) totaled RMB 2.152 billion, with approximately 70% current or due within one year, and total impairment loss provisions increased to RMB 601 million from RMB 530 million at period-start Aging Analysis of Trade Receivables, Commercial Acceptance Bills and Contract Assets (Net of Loss Allowance, RMB thousands) | Aging | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Current | 881,882 | 1,160,525 | | Within 1 year | 625,244 | 730,293 | | 1 to 2 years | 440,657 | 281,027 | | 2 to 3 years | 85,136 | 16,441 | | Over 3 years | 119,411 | 142,497 | | Total | 2,152,330 | 2,330,783 | Note 23. INTEREST-BEARING BANK AND OTHER BORROWINGS As of June 30, 2025, total interest-bearing bank and other borrowings increased to RMB 1.676 billion from RMB 1.559 billion at year-end 2024, with RMB 1.179 billion due within one year, and some borrowings are secured by the company's buildings, land, and machinery and equipment - Portions of the Group's bank loans are secured by buildings with a net book value of approximately RMB 64.91 million, leasehold land of RMB 21.82 million, and machinery and equipment of RMB 116 million[381] Note 26. SHARE-BASED PAYMENTS Total share-based payment expenses for the period were RMB 20.35 million, entirely from the pre-IPO share option scheme and significantly lower than RMB 160.7 million in the prior year, primarily recognized in administrative expenses (RMB 12.19 million), with 2.26 million unexercised options remaining at period-end Share-based Payment Expenses (RMB thousands) | | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Share incentive scheme | – | 70,501 | | Pre-IPO share option scheme | 20,346 | 90,149 | | Total | 20,346 | 160,650 | Note 27. CONTINGENT LIABILITIES The company provided a guarantee to its major customer, FAW Jiefang, for the collection of RMB 252.6 million in government subsidies by December 31, 2025, with management assessing the probability of collection as extremely high, resulting in a very low guarantee provision - The company provided a guarantee to its major customer, FAW Jiefang, for the collection of government subsidies, with a total guaranteed amount of RMB 252.6 million. Management believes the customer is highly likely to receive the subsidies, thus the related guarantee provision is assessed as very low[417][418]