SINOHYTEC (02402) saw its shares fall more than 7% in today's session, following a decline of over 18% at one point yesterday when the stock resumed trading, ultimately closing down 7.39%. At the time of writing, the stock was down 7.64%, trading at HK$16.43, with a turnover of HK$1.2833 million.

The decline comes after the company released its annual results for the period ending December 31, 2025. The group reported revenue of RMB 259 million, a decrease of 29.49% year-on-year. The loss attributable to owners of the company widened by 36.9% to RMB 618 million. In 2025, the company sold 545 fuel cell systems, with a total power output of 56,370 kW, representing a year-on-year decline of approximately 26.55%.

The company's announcement stated that the primary reasons for the weaker performance include the hydrogen fuel cell industry still being in the early stages of commercialization, intensified market competition leading to continued pressure on product prices, and the impact of liquidity pressures. As a result, the company adopted a cautious market expansion strategy, which led to the decline in fuel cell system sales during the reporting period and affected overall profitability. It is noteworthy that SINOHYTEC has reported losses for six consecutive years since 2020.