Henan Jinyuan Hydrogenation Chemical Co., Ltd. was listed on the main board of the Hong Kong Stock Exchange, becoming the first coal enterprise in China to split its hydrogen energy subsidiary. However, the stock price fell 27.5% on the first day of listing, with a market value of 831 million yuan, showing the common characteristics of the loss of hydrogen energy companies after listing.
On December 20, accompanied by loud gongs, Henan Jinyuan Hydrogenation Chemical Co. , Ltd. (Hereinafter referred to as "Jinyuan Hydrogenation"), a subsidiary of Henan Jinma Energy Co., Ltd., was officially listed on the main board of the Stock Exchange of Hong Kong.
This marks a zero breakthrough in the listing of hydrogen energy subsidiaries of coal enterprises across the country.
But then, on the first day of listing, Jinyuan Hydrogenation's share price was generally below the issue price, and the decline accelerated near the close, eventually falling 27.5% , closing at HK $0.87 per share, with a total market value of 831 million yuan .
This familiar scene was also staged on the first day of listing of Guohong Hydrogen Energy , the second share of hydrogen energy listed this year.
Over the years, the loss after listing seems to be an inevitable common feature of hydrogen energy enterprises. After landing on the Hong Kong Stock Exchange, can Jinyuan Hydrogenation, the third hydrogen energy listed company in China after Yihuatong and Guohong Hydrogen Energy, escape the curse of loss?
Since Yihuatong was listed three times as the "first share of hydrogen energy", domestic hydrogen companies have been on the way to listing for a long time, and finally at the end of this year, after two impacts on IPO, Guohong Hydrogen Energy finally succeeded in ringing the bell of listing. It has broken the situation that Yihuatong outshines others in domestic hydrogen listed companies. On the first day of
listing, Guohong Hydrogen Energy's share price opened low, with an opening price of HK $16.5 per share, a maximum intraday decline of 26% , and a final closing price of HK $19.80 per share, a slight increase of 0.71%. The company's market value has almost fallen back to two years ago.
According to the latest prospectus, the revenue of Guohong Hydrogen Energy in 2020, 2021 and 2022 is 227 million yuan, 457 million yuan and 748 million yuan respectively, and the operating profit is-200 million yuan, 673 million yuan and 267 million yuan respectively; The profits during the period were-221 million yuan,-703 million yuan and-280 million yuan respectively.
Source: In the prospectus
, the cost of sales and administrative expenses became the main factors. The data showed that the cost of raw materials increased from 110 million yuan in 2020 to 486 million yuan in 2022, with a compound annual growth rate of 110% . Higher than compound growth rate of revenue of 81.66%. The surge in cost of sales
in 2022 also led to a decline in gross profit margin from 33% in 2021 to 27% in 2022. Yihuatong, the first share of
hydrogen energy, is also unable to escape the curse. Since its listing in 2020, Yihuatong has been losing money for three consecutive years. In the third quarter of this year, its net profit loss was 117 million yuan , down 236.8% from the same period last year.
Source: Yihuatong Financial Report
for the Third Quarter of 2023 According to the financial report of Yihuatong in the past three years, Yihuatong has been in a state of loss since 2019. In 2020, Yihuatong's net profit after deducting non-profits was-40.3659 million yuan, and its loss increased by 186.08% year on year. By 2021, Yihuatong's net profit after deduction was-178 million yuan, and its loss increased by 341.95% year on year. Before the listing
of Jinyuan Hydrogen Energy, there was a state of loss. According to the relevant data of Jinyuan Hydrogenation, which
is facing the dilemma of declining performance, under the influence of falling prices of liquefied natural gas and hydrophenyl chemicals, Jinyuan Hydrogen Energy realized revenue of 1.076 billion yuan in the first half of 2023, a slight decline from 1.079 billion yuan in the first half of 2022.
Source: Prospectus & nbsp;
During the same period, the company's net profit was 65.714 million yuan, down 43.85% from 117 million yuan in the first half of 2022, and the company's gross interest rate also dropped from 15.3% in the first half of 2022 to 9.9% in the first half of 2023. Behind the continuous expansion of the losses of
a number of enterprises, the main reasons are the provision of bad debts of accounts receivable and the over-concentration of business. In 2021, Yihuatong's provision of bad debts of accounts receivable of Shenlong Bus and Zhongzhi Automobile (Chun'an) reached 90%. The secret war
before
dawn in the past year, the hydrogen energy industry is about to tighten the IPO policy frequently, with the domestic remodeling shares, Guofu hydrogen energy, Zhizhen shares, Jiehe shares, Guohong hydrogen energy, Zhongding Hengsheng and other domestic IPO breakthrough enterprises have failed, tightening rumors seem to come true.
However, the end of the year is approaching, and there are two dark horses rushing to land.
Recently, policies such as "Building China's High-speed Hydrogen Energy Initiative" and "Guidelines for the Construction of Hydrogen Energy Industry Standard System (2023 Edition)" have occurred frequently, and industry standards and decision-making levels are constantly improving. The policy background in the second half of the year shows a good trend.
Hydrogen energy industry is in a long early stage of "burning money", and up to now, there are 38 domestic hydrogen energy enterprises through 45 financing this year, the amount of financing is more than 5 billion yuan, so although the listing continues to lose money, but financing listing has become the default strategy of landing life.
By comparing the relevant announcements, it is not difficult to find that the reasons for the losses of these enterprises are not only the increase of business promotion costs, sales and administrative labor costs, but also the impairment losses of assets including inventory impairment losses (rapid product renewal) and impairment losses of accounts receivable.
Finally, because the whole industry is still in the early stage of commercialization, the market is small and has not yet formed a scale effect, while R & D costs, management costs and sales costs are relatively fixed, of course, this is a challenge for all enterprises in the whole industry.
Yihuatong has previously said in the prospectus that the hydrogen fuel cell system is still in the early stage of industrialization, with rapid product renewal and rising investment. 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.
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