Core Viewpoint - Yihuatong (02402) has seen a significant stock price increase of over 8%, currently trading at 33.98 HKD with a transaction volume of 111 million HKD, despite reporting a substantial decline in revenue and an increased net loss for the first three quarters of the year [1] Financial Performance - For the first three quarters, Yihuatong reported total revenue of 104 million CNY, a year-on-year decrease of 67.31% [1] - The company recorded a net loss attributable to shareholders of 311 million CNY, compared to a loss of 258 million CNY in the same period last year [1] - Notably, the net cash flow from operating activities for the first three quarters of 2025 was 4.61 million CNY, a significant improvement from a negative 221 million CNY in the previous year, attributed to better collection of accounts receivable and optimization of supply chain management and personnel structure [1] Industry Insights - Guojin Securities has released a report indicating that multiple provinces and cities have introduced policies to waive highway tolls for hydrogen energy vehicles, which is expected to create breakthroughs in fuel cell vehicle applications [1] - The year 2025 marks the final year for demonstration city cluster policies and the first settlement point for the medium to long-term hydrogen energy plan, suggesting that the expansion of city clusters and the issuance of subsidies will accelerate the release of fuel cell vehicles [1] - The report recommends focusing on leading companies in the fuel cell components sector, such as Yihuatong, as subsequent supportive policies are expected to be introduced [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京億華通科技股份有限公司（「本公司」） 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 688339 | 說明 | | 於上海證券交易所科創板上市 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 195,787,119 | RMB | | 1 RMB | | 195,787,119 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 195,787,119 | RMB | | 1 RMB | | 195,787,119 | | 2. ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 備註： 第 1 頁 共 11 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 北京億華通科技股份有限公司（「本公司」） 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 688339 | 說明 | | 於上海證券交易所科創板上市 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 195,787,119 | RMB | | 1 RMB | | 195,787,119 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 195,787,119 | RMB | | 1 RM ...

Company Overview - Beijing Yihuatong Technology Co., Ltd. is primarily engaged in the manufacturing of fuel cell systems, focusing on commercial vehicles such as buses and trucks [2] - The company offers various fuel cell system models with power outputs ranging from 30kW to 120kW, with the main business revenue composition being 70.41% from fuel cell systems, 14.73% from other services, 11.84% from technical development, and 3.02% from components [2] Financial Performance - As of September 30, 2025, the company reported a revenue of 104 million yuan, a year-on-year decrease of 67.31%, and a net profit attributable to shareholders of -311 million yuan, a decrease of 20.66% [3] - The number of shareholders increased by 9.27% to 15,700, with an average of 0 circulating shares per person [3] Stock Market Activity - On November 4, the company's stock price rose by 2.06% to 30.68 yuan per share, with a total market capitalization of 7.107 billion yuan [1] - Year-to-date, the stock price has increased by 27.30%, with a 3.02% rise over the last five trading days and a 32.53% increase over the last 60 days [1] - The net inflow of main funds was 1.265 million yuan, with significant buying and selling activity recorded [1]

格隆汇10月30日丨亿华通(688339.SH)发布三季报，2025年前三季度实现营业总收入1.04亿元，同比下降 67.31%；归属母公司股东净利润-3.11亿元，较上年同期亏损增加5332.17万元；基本每股收益为-1.34 元。 ...

格隆汇10月30日丨亿华通(688339.SH)发布三季报，2025年前三季度实现营业总收入1.04亿元，同比下降 67.31%；归属母公司股东净利润-3.11亿元，较上年同期亏损增加5332.17万元；基本每股收益为-1.34 元。 ...

格隆汇10月30日丨亿华通(688339.SH)发布三季报，2025年前三季度实现营业总收入1.04亿元，同比下降 67.31%；归属母公司股东净利润-3.11亿元，较上年同期亏损增加5332.17万元；基本每股收益为-1.34 元。 （原标题：亿华通(688339.SH)：前三季度净亏损3.11亿元） ...

Core Viewpoint - Yihua Tong (02402) reported a significant decline in revenue and an increase in net loss for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters of 2025 was 104 million RMB, representing a year-on-year decrease of 67.31% [1] - The net loss attributable to shareholders of the listed company was 311 million RMB, which is a year-on-year increase of 20.7% [1] - The basic loss per share was 1.34 RMB [1]

Core Viewpoint - Yihuatong is a leading enterprise in China's hydrogen fuel cell industry, focusing on the research and manufacturing of fuel cell systems and stacks, with significant advantages in technology development and industry chain layout, making it highly valuable for investment [1] Group 1: Business Performance - In Q3 2025, Yihuatong's revenue reached 104 million yuan, ranking first in the industry, with fuel cell system revenue accounting for 70.41% of total revenue [2] - The company reported a net profit of -362 million yuan in the same period, also ranking first in the industry [2] Group 2: Financial Metrics - As of Q3 2025, Yihuatong's asset-liability ratio was 39.22%, an increase from 37.76% in the previous year, indicating that its debt repayment ability is in line with the industry average [3] - The gross profit margin for Q3 2025 was -19.56%, a significant decline from 17.54% in the previous year, suggesting a need for improvement in profitability [3] Group 3: Shareholder Information - As of June 30, 2024, the number of A-share shareholders decreased by 4.56% to 14,200, while the average number of circulating A-shares held per account increased by 4.78% [5] - Hong Kong Central Clearing Limited became the seventh largest circulating shareholder with 3.24 million shares as of September 30, 2025 [5] Group 4: Market Outlook - According to CICC, the company's performance in the first half of 2025 met market expectations, but industry demand has declined, leading to a decrease in shipments [5] - Longjiang Securities noted that the overall market demand for fuel cells is declining, and the company's cautious expansion has put pressure on sales and profits [5]

前三季度营收约为1亿元，同比减少67.31%。净亏损约为3.1亿元。 格隆汇10月30日丨亿华通(02402.HK)公布2025年第三季度报告。营收约为人民币3158万元，同比减少 80.6%。净亏损约为1.48亿元。基本每股收益为-0.63元。 ...