Written by丨Guo Xiaozhuoer
Produced by丨First Element Network
On December 20, accompanied by the sound of a loud gong, Henan Jinyuan Hydrogenation Chemical Co., Ltd., a subsidiary of Henan Jinma Energy Co., Ltd., hereinafter referred to as "Jinyuan Hydrogenation", 2502HK) was officially listed on the Main Board of the Hong Kong Stock Exchange.
This marks a breakthrough in the spin-off of hydrogen energy subsidiaries of national coal enterprises and the listing of zero results.
But then, on the first day of listing, the share price of Jinyuan Hydrogenation was generally below the issue price, and accelerated when it was approaching, and finally fell by 275% and 0HK$87, with a total market capitalization of 83.1 billion yuan.
This familiar scene was also staged on the first day of listing of Synergy Hydrogen Energy, the second share of hydrogen energy listed this year.
Over the years, the loss after listing seems to have become an inevitable common feature of hydrogen energy companies, after landing on the Hong Kong Stock Exchange, after the landing on the Hong Kong Stock Exchange, after Sinohytec and Synergy Hydrogen Energy the third domestic hydrogen energy listed company can avoid this loss curse?
Loss spell
At the end of this year, after the IPO twice, Synergy Hydrogen Energy finally successfully rang the bell for listing, breaking the situation that Sinohytec is a domestic hydrogen energy listed company.
However, there was no expectation that the new shares would rise, and on the first day of listing, the share price of Synergy Hydrogen Energy opened low and moved lower, the opening price is 165 Hong Kong dollars shares, the largest intraday drop of 26%, the final ** price is 19HK$80 shares, up 071%, the company's market value has fallen almost back to two years ago.
According to the latest prospectus, Synergy Hydrogen Energy's revenue in 2020, 2021, and 2022 will be 22.7 billion yuan, 45.7 billion yuan, 74.8 billion yuan;The operating profit was -200 million yuan and -6 million yuan respectively7.3 billion yuan, -26.7 billion yuan;The profit for the period was -22.1 billion yuan, -70.3 billion yuan, -2800 million yuan.
Source: Prospectus
Among them, the cost of sales and administrative expenses became the main factors, and the data showed that the cost of raw materials increased from 1100 million yuan increased to 48.6 billion yuan, with a compound annual growth rate of 110%, higher than the compound growth rate of revenue of 8166%。
The surge in cost of sales in 2022 also led to a decrease in gross margin from 33% in 2021 to 27% in 2022.
Since its listing on the Science and Technology Innovation Board in 2020, Sinohytec has lost money for three consecutive years, and its net profit attributable to the parent company in the third quarter of this year was 11.7 billion yuan, down 236 percent year-on-year8%。
Source: Sinohytec's financial report for the third quarter of 2023
According to SinoHytec's financial reports in the past three years, SinoHytec has been in a state of loss since 2019. In 2020, the net profit after deducting non-profits will be -4036590,000 yuan, a year-on-year increase of 18608%。By 2021, Sinohytec's net profit after deducting non-profits will be -17.8 billion yuan, the loss increased by 341 year-on-year95%。
Jinyuan Hydrogen Energy had hidden losses before it went public.
According to the relevant data of Jinyuan Hydrogenation, which is facing the dilemma of declining performance, under the influence of the two main products of liquefied natural gas and hydrophenyl chemicals, Jinyuan Hydrogen Energy will achieve revenue of 107.6 billion yuan, compared to 107.9 billion yuan fell slightly.
Source: Prospectus
During the same period, the company's net profit was 657140,000 yuan, compared to 11.7 billion yuan, down 4385%, and the company's gross profit margin also increased from 153% to 99%。
In 2021, Sinohytec will provide for the bad debt loss of Shenlong Bus and Zhongzhi Automobile (Chun'an) to 90%.
Dark battle before dawn
In the past year, the hydrogen energy industry is about to tighten the IPO policy, with the domestic refire shares, Guofu hydrogen energy, Zhizhen shares, Jiehydrogen shares, Synergy hydrogen energy, Zhongding Hengsheng and other domestic IPO companies have returned home, tightening rumors seem to come true.
However, the New Year is approaching, and two dark horses have been killed to land in a hurry.
Recently, policies such as the "Initiative for Jointly Building China's Hydrogen Energy High-speed Action" and the "Guidelines for the Construction of the Standard System of the Hydrogen Energy Industry (2023 Edition)" have been issued frequently, and the industry standards and decision-making levels are constantly improving, and the policy background in the second half of the year is showing a positive trend.
The hydrogen energy industry is in a long early stage of "burning money", and as of now, a total of 38 domestic hydrogen energy companies have passed 45 financings this year, with a financing amount of more than 5 billion yuanTherefore, although it continued to lose money after listing, financing and listing has also become the default strategy to go ashore and continue to live.
Through the comparison of relevant announcements, it is not difficult to find that the reasons for the losses of these enterprises are not only the increase in business promotion expenses, sales and administrative labor costs, but also the asset impairment losses including inventory impairment losses (rapid product upgrading) and accounts receivable impairment losses.
Finally, because the whole industry is still in the early stage of commercialization, the market size is small, and the scale effect has not yet been formed, and the R&D expenses, management expenses, and sales expenses are relatively fixed, which is of course a challenge for all enterprises in the entire industry.
Sinohytec has also previously stated in the prospectus that the hydrogen fuel cell system is still in the early stage of industrialization, the product is updated rapidly, and the investment is rising, and it is believed that with the continuous development of the hydrogen fuel cell automobile industry, the company's operating performance will gradually improve. At the same time, the company will continue to increase research and development efforts, promote technological innovation, improve product performance, and strive to improve the company's profitability.