1. Decoding the ₩26 Billion Contract

On August 22, 2025, Doosan Fuel Cell secured a ₩26 billion fuel cell system supply contract. This represents 6.31% of the company’s annual revenue in 2024, with the contract period extending until November 15, 2026. This equates to approximately 11.39% of the first-half 2025 revenue, raising expectations for improved second-half performance.

2. Significance: A Key to Recovery from a Weak First Half?

Doosan Fuel Cell reported losses in both operating income and net income in the first half of 2025. Increased investment in new businesses and R&D expenses were cited as primary causes, along with concerns over declining equity and rising debt ratios. This contract is expected to contribute to improved profitability and restore market confidence through increased sales.

3. The Path Forward: Balancing Opportunities and Risks

  • Positive Aspects: Increased sales, potential for profit improvement, strengthened market confidence
  • Risks: May not fundamentally reverse the declining profitability trend, vulnerability to exchange rate and interest rate fluctuations, increased cost burden due to rising oil prices and shipping costs

While a short-term stock rebound is possible, the improvement in fundamentals remains uncertain. Therefore, careful analysis is crucial before making investment decisions.

4. Action Plan for Investors

  • Continuously monitor profit improvement trends.
  • Examine the company’s strategies for managing exchange rate and interest rate volatility.
  • Check the progress of new businesses and efforts to secure future growth engines.