Group 1 - Yihuatong (02402) shares increased by over 7%, currently up 7.63% at HKD 29.64, with a trading volume of HKD 71.58 million [1] - The Zhangjiakou Wind-Hydrogen Integration Source Network Load Storage Comprehensive Demonstration Project (Phase I) has initiated the EPC general contracting bidding for its hydrogen production section [1] - The project, located in Zhangbei County, Zhangjiakou City, includes a hydrogen production system with a capacity of 16,000 Nm³/h, a hydrogen storage system of 8,000 Nm³, and a 40 MW hydrogen fuel cell power generation system [1] Group 2 - This project is the first large-scale wind-hydrogen integration project in Hebei Province, led by Hebei Guochuang Hydrogen Energy Technology Co., Ltd., a company indirectly held by Yihuatong [1] - The aim is to reduce green hydrogen production costs through off-grid renewable energy hydrogen production, promoting the large-scale application of fuel cell vehicles [1] - The cost of fuel cell systems has significantly decreased in recent years, supported by national and local policy incentives, bringing the purchase cost of fuel cell vehicles closer to market promotion thresholds [1] Group 3 - However, the high price of hydrogen supply, especially green hydrogen, remains a key bottleneck for the large-scale development of the industry [1] - The demonstration project aims to address this challenge, with preliminary estimates suggesting that the cost of green hydrogen production could drop to below RMB 18/kg upon reaching full production [1] - This reduction in production cost will provide strong support for the large-scale promotion of fuel cell vehicles and establish a sustainable, replicable economic development model for China's hydrogen energy industry [1]

Summary of YiHuaTong Conference Call Company Overview - YiHuaTong focuses on the research and manufacturing of fuel cell systems and core components, primarily for commercial vehicles, achieving multiple innovations in technology aimed at reducing costs and improving reliability, durability, and maintainability [2][3][4] Management and Ownership - The management team has extensive experience in the automotive industry, with key personnel previously employed at well-known companies like XinYuan Power [2][4] - Major shareholders include Zhang Guoqiang (15.73%), Hong Kong Central Clearing Limited (15.43%), and strategic investor Dongxu Optoelectronics [6] Financial Performance - YiHuaTong's financial performance has been volatile, with a reported revenue of 70 million yuan in 2025, a 53.2% year-over-year decline [7] - The net profit loss for 2024 was 460 million yuan, nearly doubling from the previous year, with a loss of 160 million yuan in the first half of 2025 [7][10] Cost Reduction Achievements - The price of the fuel cell system per kilowatt has significantly decreased from approximately 20,000 yuan in 2019 to between 3,000 and 4,000 yuan currently, attributed to the localization of various components [8] Market Dynamics - The hydrogen vehicle market experienced rapid growth from 2021 to 2023 due to government policies, but sales plateaued in 2024, with a 45.6% year-over-year decline in commercial vehicle sales in the first eight months of 2025 [9][10] - The structure of the commercial vehicle market has shifted dramatically, with the proportion of trucks rising from 44.2% in 2021 to 94.1% in 2025 [11][12] Competitive Position - YiHuaTong held a 19.4% market share in fuel cell vehicle sales in 2024, ranking first in the industry, but this dropped to 10.4% in the first half of 2025 due to a focus on cash flow over order fulfillment [4][19] Research and Development Advantages - The company has a comprehensive product system for fuel cells, covering various applications and power ranges, and has established a vertically integrated R&D system [13][16] - YiHuaTong has surpassed many industry peers in patent metrics and has contributed to the formulation of national standards [16] Strategic Partnerships - Collaborations with companies like Toyota and Shanghai Shenli have enhanced YiHuaTong's competitive edge in core technology and market position [14] Future Outlook - Despite challenges such as cash flow pressure and declining gross margins, YiHuaTong is expected to improve cash flow with policy adjustments and has a strong technological foundation for future growth [15][21] - The company plans to develop next-generation integrated R&D platforms and expand into hydrogen production applications [23] Industry Trends - The hydrogen industry is projected to face challenges in meeting national targets for fuel cell vehicle ownership, with a current estimate of 30,000 to 40,000 vehicles by 2025 [21][22] - Future government policies and market dynamics will be crucial for the industry's growth and cost reduction [20][22]

中期報告 2025 INTERIM REPORT INTERIM REPORT 2025 中期報告 2025 目 錄 | 第一節 | 釋義 | 4 | | --- | --- | --- | | 第二節 | 公司簡介和主要財務指標 | 8 | | 第三節 | 管理層討論與分析 | 12 | | 第四節 | 公司治理、環境和社會 | 58 | | 第五節 | 重要事項 | 61 | | 第六節 | 股份變動及股東情況 | 70 | | 第七節 | 債券相關情況 | 76 | | 第八節 | 財務報告 | 77 | 1. 業績大幅下滑或虧損的風險 報 告 期 內，公 司 歸 屬 於 上 市 公 司 股 東 的 淨 虧 損 為 人 民 幣16,342.78 萬 元，虧 損 金 額 同 比 增 加 人 民 幣 2,193.85萬 元。本 期 業 績 虧 損 主 要 原 因 為：（1）燃 料 電 池 行 業 市 場 需 求 整 體 下 降，行 業 規 模 同 比 縮 減； （2）基 於 當前流動資金狀況考量，公司採取了審慎的營銷擴張策略，導致報告期間產品銷售量減少。 公司全面推行精細化管理降低單位產品成本，力圖介入上游 ...

Financial Performance - The company reported a net loss attributable to shareholders of RMB 163.43 million, an increase of RMB 21.94 million compared to the previous year[4]. - The company's operating revenue for the first half of 2025 was ¥71,929,258.41, representing a decrease of 53.25% compared to the same period last year[25]. - The total profit for the reporting period was -¥200,946,473.53, indicating a continued loss[25]. - The net profit attributable to shareholders was -¥163,427,812.69, reflecting a worsening financial position compared to the previous year[25]. - The net cash flow from operating activities was -¥34,553,748.71, showing a significant improvement from -¥183,120,171.18 in the previous year[25]. - The total assets at the end of the reporting period were ¥4,254,071,963.23, a decrease of 10.98% from the previous year[25]. - The net assets attributable to shareholders decreased by 6.38% to ¥2,397,692,764.75[25]. - The company reported a basic earnings per share of -0.71 CNY for the first half of the year, compared to -0.61 CNY in the same period last year, indicating a decline[26]. - The weighted average return on equity decreased to -6.59%, down 1.83 percentage points from the previous year[26]. Market Conditions - The decline in performance is primarily due to a decrease in market demand for fuel cell products and a cautious marketing expansion strategy, leading to reduced sales volume[4]. - Future industry development may not meet expectations, leading to sustained market demand decline and intensified competition[4]. - The company has adopted a prudent marketing strategy considering its current liquidity situation, which has impacted sales performance[4]. - The company is experiencing high customer concentration risk, which may affect its independent sustainability if major customers face business challenges[88]. - The company anticipates a decline in gross margin due to increased competition and the rapid decrease in fuel cell costs and prices[89]. Research and Development - The company continues to focus on the development of hydrogen fuel cell technology, which is a key area of its business strategy[16]. - The research and development expenditure accounted for 35.41% of operating revenue, down from 50.45% in the same period last year[26]. - The company has established deep cooperation with major commercial vehicle manufacturers, including Yutong and BAIC Foton, for fuel cell systems[33]. - The company has undertaken several national high-tech research and development projects in the fuel cell field[33]. - The company has established a strong position in the fuel cell system R&D and commercialization, with independent core intellectual property rights and mass production capabilities[44]. - The company has accumulated 325 invention patents and 119 software copyrights, showcasing strong technical and R&D advantages[52]. - The company has made significant progress in the development of high-performance membrane electrodes, with an investment of $187.41 million and a cumulative investment of $823.69 million[70]. Financial Management - There is a risk of continued negative operating cash flow due to high accounts receivable and inventory, which may lead to insufficient working capital[5]. - The company is focusing on enhancing R&D capabilities, improving supply chain management, and increasing brand awareness to mitigate operational risks[85]. - The company has implemented strict risk control systems for investment, financing, and cash management[149]. - The company has confirmed no significant contractual breaches regarding outstanding debts and has not faced any unusual difficulties in obtaining bank loans[155]. - The company has established a compensation policy system based on legality, competitiveness, incentivization, and fairness to attract and retain talent[158]. Corporate Governance - The board of directors has confirmed the authenticity and completeness of the interim report[6]. - The report has not been audited, and the company emphasizes the importance of investment risk awareness for investors[8]. - The company emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value[127]. - The audit committee, consisting of three independent non-executive directors, regularly reviews and recommends improvements to the financial reporting processes and internal controls[125]. - The company maintains a separation of responsibilities between the chairman and the CEO to ensure effective strategic planning[127]. Shareholder Information - The company has no treasury shares as of the end of the reporting period[129]. - The largest shareholder, Zhang Guoqiang, holds 36,444,469 shares, accounting for 15.73% of the total shares[197]. - The number of ordinary shareholders as of the end of the reporting period is 14,356[194]. - The top ten unrestricted shareholders include Zhang Guoqiang with 36,444,469 shares and HKSCC Nominees Limited with 35,859,552 shares[199]. - The company has not disclosed any significant changes in the scope of consolidation beyond the newly included subsidiaries[124]. Operational Challenges - The company is in the early stages of R&D and industrialization, with limited debt financing capabilities, posing a risk if funding channels are not expanded[5]. - The company faces risks of significant performance decline due to decreased market demand in the fuel cell industry and a cautious marketing expansion strategy[86]. - The company acknowledges the potential for seasonal fluctuations in performance due to the cyclical nature of the fuel cell vehicle market[92]. - The company is at risk of negative operating cash flow due to high accounts receivable and inventory levels, which may lead to insufficient operating capital[95]. Investment and Capital Expenditure - The company has invested a total of $2.527 billion in the development of fuel cell stack series products, with a current investment of $578.22 million and cumulative investment of $1.713 billion[73]. - The company aims to achieve a significant reduction in production costs and operational costs through the development of a high-power, long-lifetime fuel cell engine system[69]. - The company has completed the architecture design for the megawatt fuel cell combined heat and power system, which includes key components such as high-efficiency injectors and supercritical humidification systems[72]. - The company has made commitments related to shareholding intentions and reduction intentions as of August 10, 2020, with a lock-up period of 24 months[170]. Social Responsibility - The company has actively participated in social responsibility initiatives, including donations to local schools to support talent cultivation and rural revitalization[168].

根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内容与格式准则第26号一一上 市公司重大资产重组》《上海证券交易所上市公司自律监管指引第6号一一重大资产重组》等相关规 定，公司对终止本次重大资产重组事项相关内幕信息知情人买卖公司股票的情况进行了自查，并取得了 中国证券登记结算有限责任公司出具的《信息披露义务人持股及股份变更查询证明》《股东股份变更明 细清单》以及相关内幕信息知情人出具的自查文件等，具体情况如下： 一、内幕信息知情人自查期间和自查范围 (一)内幕信息知情人自查期间 登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 北京亿华通科技股份有限公司 关于终止重大资产重组事项相关内幕信息知情人买卖股票情况的自查报告的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 北京亿华通科技股份有限公司（以下简称"上市公司"或"公司"）于2025年9月5日召开第四届董事会第三 次会议审议通过了《关于终止发行股份购买资产并募集配套资金暨关联交易事项的议案》，同意公司终 止发行股份购买资产并募集配套资金暨关联交 ...

北京德恒律师事务所 关于北京亿华通科技股份有限公司 终止重大资产重组事项 相关内幕信息知情人自查期间内买卖股票情况 的自查报告的专项核查意见 。北京德恒律师事务所 DeHeng Law Offices 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 北京德恒律师事务所 关于北京亿华通科技股份有限公司终止重大资产重组事项相关内 幕信息知情人自查期间内买卖股票情况的自查报告的专项核查意见 北京德恒律师事务所 关于北京亿华通科技股份有限公司 终止重大资产重组事项 相关内幕信息知情人自查期间内买卖股票情况 的自查报告的专项核查意见 德恒 01F20250249-00001 号 致: 北京亿华通科技股份有限公司 根据北京德恒律师事务所(以下简称"德恒"或"本所")与北京亿华通科 技股份有限公司(以下简称"亿华通"或"上市公司")签订的《专项法律服务 协议》,本所接受亿华通的委托,担任亿华通发行股份购买旭阳集团有限公司持 有的定州旭阳氢能有限公司 100%股权并募集配套资金（以下简称"本次重组" 或"本次交易"）事宜的专项法律顾问 ...

证券代码：688339 证券简称：亿华通 公告编号：2025-047 北京亿华通科技股份有限公司 关于终止重大资产重组事项相关内幕信息知情人买卖股票 情况的自查报告的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 (一)相关机构买卖上市公司股票的情况 自查期间内，本次交易核查范围内的相关机构不存在买卖公司股票的情况。 (二)自然人买卖上市公司股票的情况 北京亿华通科技股份有限公司（以下简称"上市公司"或"公司"）于 2025 年 9 月 5 日召开第四届董事会第三次会议审议通过了《关于终止发行股份购买 资产并募集配套资金暨关联交易事项的议案》，同意公司终止发行股份购买资产 并募集配套资金暨关联交易事项，并授权公司管理层办理本次终止相关事宜，具 体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《北京亿华 通科技股份有限公司关于终止发行股份购买资产并募集配套资金暨关联交易事 项的公告》（公告编号：2025-045）。 根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内 容与格式准则 ...

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Companies with Increased Holdings - The company with the largest increase in holdings is 大眾公用 (01635), which saw an increase of 9.54%, bringing its total holding to 44.50% [2]. - 恆生中国企业 (02828) experienced a 4.80% increase, resulting in a holding of 7.82% [2]. - 山高控股 (00412) had a 1.79% increase, with a current holding of 11.35% [2]. - Other notable increases include 盈富基金 (02800) and 赤峰黄金 (06693), both with a 1.64% increase [2]. Group 2: Companies with Decreased Holdings - 南方恆生科技 (03033) saw the largest decrease in holdings, down by 1.29% to 59.21% [2]. - 龙蟠科技 (02465) decreased by 1.08%, now holding 47.46% [2]. - 亿华通 (02402) experienced a 1.03% decrease, bringing its holding to 22.44% [2]. - Other companies with notable decreases include 天立国际控股 (01773) and 海昌海洋公园 (02255), with decreases of 0.73% and 0.68%, respectively [2]. Group 3: Five-Day Changes in Holdings - Over the last five trading days, 亿华通 (02402) had the highest increase at 13.01%, with a current holding of 22.44% [3]. - 大眾公用 (01635) increased by 11.51%, now at 44.50% [3]. - 山高控股 (00412) saw a 9.91% increase, holding 11.35% [3]. - Conversely, 山东墨龙 (00568) had the largest decrease at -4.88%, now holding 52.35% [3]. Group 4: Twenty-Day Changes in Holdings - In the last twenty days, 长飞光纤光缆 (06869) had the highest increase at 14.20%, with a holding of 69.08% [4]. - 中远海能 (01138) increased by 13.80%, now at 70.23% [4]. - 亿华通 (02402) also saw a significant increase of 13.26% [4]. - On the decrease side, 宜搜科技 (02550) had the largest drop at -13.57%, now holding 34.65% [4].

Core Insights - The report highlights significant changes in the shareholding ratios of various companies under the Hong Kong Stock Connect program, indicating investor sentiment and potential market trends [1][2]. Group 1: Increased Shareholding Ratios - The companies with the largest increases in shareholding ratios include: - Shandong Holdings (00412) with an increase of 8.01%, reaching a holding ratio of 9.56% [2]. - Hang Seng China Enterprises (02828) with an increase of 2.21%, reaching a holding ratio of 3.02% [2]. - Tianyue Advanced (02631) with an increase of 2.02%, reaching a holding ratio of 15.74% [2]. - Over the last five trading days, the largest increases were observed in: - Yihua Tong (02402) with a 14.13% increase, holding 23.47% [3]. - Shandong Holdings (00412) with an 8.12% increase [3]. - Changfei Optical Fiber (06869) with a 6.79% increase, holding 69.57% [3]. Group 2: Decreased Shareholding Ratios - The companies with the largest decreases in shareholding ratios include: - Haotian International Investment (01341) with a decrease of 1.56%, holding 60.48% [2]. - Beijing Machinery (00187) with a decrease of 1.23%, holding 51.92% [2]. - Shandong Molong (00568) with a decrease of 0.99%, holding 52.79% [2]. - Over the last five trading days, the largest decreases were observed in: - Baiguoyuan Group (02411) with a 4.05% decrease, holding 8.48% [3]. - Shandong Molong (00568) with a 3.84% decrease [3]. - Yisou Technology (02550) with a 2.90% decrease, holding 34.78% [3]. Group 3: Long-term Trends - Over the last 20 days, the largest increases in shareholding ratios were: - Yihua Tong (02402) with a 14.25% increase, holding 23.47% [4]. - Changfei Optical Fiber (06869) with a 13.15% increase [4]. - COSCO Shipping Energy (01138) with a 13.07% increase, holding 69.53% [4]. - The largest decreases over the same period were: - Yisou Technology (02550) with a 13.71% decrease, holding 34.78% [4]. - Baiguoyuan Group (02411) with a 6.37% decrease [4].

Core Viewpoint - The announcement from Hebei Public Resources Trading Service Platform highlights the EPC general contracting tender for the hydrogen production part of the Zhangjiakou "Wind-Hydrogen Integration Source Network Load Storage Comprehensive Demonstration Project (Phase I)" led by Hebei Guochuang Hydrogen Energy Technology Co., Ltd, indicating a significant step in the development of green hydrogen production in China [1][2]. Group 1: Project Overview - The project includes the construction of a hydrogen production system with a capacity of 16,000 Nm3/h, a hydrogen storage system of 8,000 Nm3, and a 40 MW hydrogen fuel cell power generation system [1]. - The project aims to enhance hydrogen production technology and contribute to the overall technological advancement of the hydrogen production industry in China [1]. Group 2: Strategic Implications - The project is expected to provide a replicable model for large-scale hydrogen storage projects, covering aspects such as technology selection, project planning, construction management, and operation maintenance [2]. - As the main implementing entity, the company behind the project, Yihua Tong, is likely to enhance its brand influence and solidify its position as a leader in the hydrogen energy sector [2].