1. Bumhan Fuel Cell H1 2025 Earnings: Below Market Expectations

Bumhan Fuel Cell reported revenue of KRW 7 billion (down 34.2% YoY), operating profit of KRW 100 million, and a net loss of KRW 400 million for the first half of 2025. These figures are significantly below market expectations, and the net loss, in particular, has disappointed investors.

2. Reasons for Underperformance: Struggling Hydrogen Charging Station Business and Intensifying Competition

The main reasons for this underperformance are analyzed as the deteriorating profitability of the hydrogen charging station business and overall intensifying competition. Revenue from the hydrogen charging station business decreased by 56.5% YoY to KRW 2.02 billion.

3. Investment Points: Analysis of Positive and Negative Factors

Positive Factors

  • • Stable revenue generation from the submarine fuel cell business
  • • Long-term growth potential driven by the growth of the hydrogen economy
  • • Active R&D investment for future technology acquisition

Negative Factors

  • • Poor profitability of the hydrogen charging station business
  • • High debt ratio (89.49%) and convertible bond burden
  • • Intensifying global competition

4. Investment Strategy: Maintain a Conservative View, Close Monitoring Required

At this point, it is advisable to maintain a conservative investment perspective. It is recommended to closely monitor future quarterly earnings and business improvement plans, and make investment decisions after confirming improvements in the profitability of the hydrogen charging station business, performance of new business segments, and improvement in financial structure. Continuous monitoring of exchange rate and interest rate volatility is also necessary.