Guohong Hydrogen Energy (09663.HK) announced on August 2 that, according to the unaudited preliminary evaluation of the comprehensive management accounts for the six months ending on June 30, 2024, the Group is expected to record a shareholder attributable loss of approximately RMB 0.203 billion to RMB 0.216 billion for the reporting period, compared with a net loss attributable to shareholders of approximately RMB 0.124 billion for the same period last year.
Mainly due to (i) the company promoting the next generation of products into the stage of mass production during the reporting period, but the new product is still in the small-scale production stage, resulting in a temporary relatively low gross profit; (ii) the company continued to increase investment in research and development of hydrogen fuel cell stacks, systems, power generation systems, and electrolysis water to hydrogen and other key projects, resulting in a year-on-year increase in research and development expenses during the reporting period; and (iii) the extension of accounts receivable aging during the reporting period led to an increase in provision for credit impairment.