Group 1 - The core point of the article is that Yihuatong (688339.SH) has established a new subsidiary focused on new energy but has not yet initiated research or business development related to solid-state battery technology [1] Group 2 - The company has communicated this information through an investor interaction platform, indicating transparency in its operations and strategic direction [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8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9月3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. 股份 ...

Investment Rating - The report assigns a rating of "Accumulate" to the company [9]. Core Viewpoints - The fuel cell industry is experiencing a decline in market demand, leading to pressure on the company's sales and profits. The company is adopting a cautious expansion strategy, which has resulted in a significant decrease in both sales volume and profitability [2][6]. - In H1 2025, the company reported revenue of 72 million yuan, a year-on-year decrease of 53.25%. The net profit attributable to the parent company was -163 million yuan, compared to -141 million yuan in the same period last year [2][6]. - The company plans to issue new shares to acquire 100% of Dingzhou Xuyang Hydrogen Energy, with the controlling shareholder potentially changing to Xuyang Group [2][6]. Summary by Sections Financial Performance - In H1 2025, the company achieved a total sales power of 15.96 MW, a year-on-year decrease of 56.54%. The average selling price of the fuel cell system was 3,173 yuan/kW, with a year-on-year increase of 6.5% [13]. - The comprehensive gross margin for H1 2025 was -25.43%, down from 17.7% in the same period last year. The gross margin for the fuel cell system was -37.4%, compared to 22.9% last year [13]. - The operating cash flow significantly improved, with a net cash flow from operating activities of -35 million yuan in H1 2025, compared to -183 million yuan in H1 2024 [13]. Future Projections - Revenue projections for 2025 and 2026 are 258 million yuan and 339 million yuan, respectively [8].

Core Viewpoint - Yihuatong, a leading hydrogen fuel cell company, reported significant losses in the first half of 2025, with revenue declining and net losses expanding, indicating ongoing challenges in the hydrogen fuel cell industry [1][3]. Financial Performance - Yihuatong's revenue for the first half of 2025 was 71.929 million yuan, a year-on-year decrease of 53.25% [1] - The company recorded a net loss of 163 million yuan, compared to a loss of 141 million yuan in the same period last year, marking a continued increase in losses [1] - Operating cash flow improved to -34.55 million yuan from -183 million yuan year-on-year [1] - Cumulative losses from 2020 to 2024 exceeded 1.05 billion yuan, with annual losses increasing each year [1] Debt and Receivables - As of mid-2025, Yihuatong's total liabilities stood at 679 million yuan, with a debt-to-asset ratio of approximately 16% [3] - The company faced increased short-term debt pressure, with non-current liabilities due within one year rising by about 20% to 31.84 million yuan [3] - Accounts receivable reached 2.13 billion yuan, nearly 30 times the revenue for the first half of the year, reflecting a 1.6% increase from the previous year [4] - Long-term accounts receivable over 5 years amounted to 311 million yuan, accounting for 14.6% of total receivables [4] Industry Trends - The hydrogen fuel cell vehicle market experienced a significant downturn, with production and sales nearly halved year-on-year [4] - National production of fuel cell vehicles was 1,364 units, down 47.2%, while sales were 1,373 units, down 46.8% [4] - The market for hydrogen fuel cell vehicles is facing challenges due to policy uncertainties, high costs, and infrastructure limitations [5][6] Market Position - Yihuatong's market share in the hydrogen fuel cell system sector has declined significantly, with the company not appearing in the top 10 manufacturers by installed capacity in the first half of 2025 [6] - The top three manufacturers accounted for 49.4% of the market, indicating a trend towards increased market concentration [7] Strategic Developments - In response to financial pressures, Yihuatong signed a framework agreement with Xuyang Group to exchange equity for hydrogen energy assets, aiming to enhance its supply chain and reduce costs [8] - Other leading companies in the hydrogen fuel cell sector also reported losses, but with some improvements in their financial performance compared to previous periods [8][9]

Core Insights - Yihua Tong (688339) reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 71.93 million yuan, down 53.25% year-on-year, and a net loss of 163 million yuan, a 15.51% decrease compared to the previous year [1] Financial Performance - Total revenue for Q2 2025 was 61.40 million yuan, reflecting a 56.36% year-on-year decline [1] - The net profit for Q2 2025 was a loss of 70.42 million yuan, down 40.04% year-on-year [1] - The company's gross margin was -25.43%, a decrease of 252.45% year-on-year, while the net margin was -278.55%, down 151.5% year-on-year [1] - The total of financial, sales, and administrative expenses reached 126 million yuan, accounting for 174.66% of total revenue, an increase of 105.36% year-on-year [1] Asset and Liability Management - Cash and cash equivalents decreased to 414 million yuan, down 30.79% year-on-year [1] - Accounts receivable stood at 1.478 billion yuan, an 8.95% decrease year-on-year [1] - Interest-bearing debt was reported at 498 million yuan, a reduction of 37.93% year-on-year [1] Shareholder Metrics - Earnings per share (EPS) was -0.71 yuan, a decrease of 16.39% year-on-year [1] - Net asset value per share was 10.35 yuan, down 41.04% year-on-year [1] - Operating cash flow per share was -0.15 yuan, an increase of 86.52% year-on-year [1] Business Evaluation - The company's historical return on invested capital (ROIC) has been poor, with a median ROIC of -1.28% since its listing, and the worst year being 2013 with a ROIC of -103.42% [3] - The company has reported losses in 7 out of 10 years since its IPO, indicating a lack of investment appeal [3] Debt Servicing Capability - The company maintains a healthy cash asset position, but the average operating cash flow over the past three years has been -38.39% relative to current liabilities [3] - Financial expenses have been a concern, with negative net cash flow from operating activities over the past three years [3]

Group 1 - The core viewpoint of the article is that Yihua Tong (02402) reported a significant decline in revenue and an increase in net loss for the six months ending June 30, 2025 [1] Group 2 - The total operating revenue for the company was 71.93 million yuan, representing a year-on-year decrease of 53.25% [1] - The net loss attributable to shareholders was 163 million yuan, which expanded by 15.51% year-on-year [1] - The basic loss per share was 0.71 yuan [1]

Group 1 - The company Yihuatong (02402) reported total revenue of 71.9293 million RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 53.25% [1] - The net loss attributable to shareholders was 163 million RMB, which is an increase of 15.51% compared to the previous year [1] - The basic loss per share was 0.71 RMB [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：2402） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 北 京 億 華 通 科 技 股 份 有 限 公 司（「 本公司 」）於 上 海 證 券 交 易 所 網 站 (www.sse.com.cn)所刊發的公告，僅供參考。 承董事會命 北京億華通科技股份有限公司 董事長 張國強 中國，北京 2025年8月28日 於 本 公 告 日 期，本 公 司 董 事 會 成 員 包 括 執 行 董 事 張 國 強 先 生、宋 海 英 女 士 及 戴東哲女士；非執行董事宋峰先生；獨立非執行董事紀雪洪先生、陳素權先生及 李志杰先生；及職工代表董事張紅黎女士。 证券代码：688339 证券简称：亿华通 公告编号：2025-043 北京亿华通科技股份有限公司 关于 2025 年半年度募集资金存放与使用 情况的专项报告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：2402） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 北 京 億 華 通 科 技 股 份 有 限 公 司（「 本公司 」）於 上 海 證 券 交 易 所 網 站 (www.sse.com.cn)所刊發的公告，僅供參考。 承董事會命 北京億華通科技股份有限公司 董事長 張國強 中國，北京 2025年8月28日 於 本 公 告 日 期，本 公 司 董 事 會 成 員 包 括 執 行 董 事 張 國 強 先 生、宋 海 英 女 士 及 戴東哲女士；非執行董事宋峰先生；獨立非執行董事紀雪洪先生、陳素權先生及 李志杰先生；及職工代表董事張紅黎女士。 北京亿华通科技股份有限公司 2025 年半年度报告 公司代码：688339 公司简称：亿华通 北京亿华通科技股份有限公司 2025 年半年度报告 1 / 1 ...

[Performance Summary](index=1&type=section&id=Performance%20Summary) The company reported a significant decrease in total operating revenue and an increase in net loss attributable to shareholders for the first half of 2025 Key Financial Indicators for H1 2025 | Indicator | For the six months ended June 30, 2025 (RMB) | For the six months ended June 30, 2024 (RMB) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 71.93 million yuan | 153.84 million yuan | -53.25% | | Net Loss Attributable to Shareholders of Listed Company | 163.43 million yuan | 141.49 million yuan | Loss increased by 21.94 million yuan | | Basic Loss Per Share | 0.71 yuan | 0.61 yuan | Loss increased by 0.10 yuan | [Financial Statements](index=2&type=section&id=Financial%20Statements) This section presents the company's consolidated balance sheet and income statement, highlighting key financial performance and position changes [Consolidated Balance Sheet](index=2&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets decreased to RMB 4.254 billion from RMB 4.779 billion at the end of 2024, with both current and non-current assets declining, while total liabilities also decreased to RMB 1.611 billion from RMB 1.936 billion, primarily due to a significant reduction in short-term borrowings Changes in Key Items of Consolidated Balance Sheet (June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (RMB yuan) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | 413,683,646.28 | 722,234,518.26 | -308,550,871.98 | | Financial assets held for trading | 723,355,622.97 | 727,426,376.60 | -4,070,753.63 | | Accounts receivable | 1,477,671,515.46 | 1,547,509,301.12 | -69,837,785.66 | | Inventories | 161,291,832.60 | 192,962,787.88 | -31,670,955.28 | | Total current assets | 2,845,213,261.05 | 3,276,729,037.21 | -431,515,776.16 | | Long-term equity investments | 241,582,155.22 | 283,798,699.12 | -42,216,543.90 | | Fixed assets | 470,439,279.81 | 497,106,247.86 | -26,666,968.05 | | Total non-current assets | 1,408,858,702.18 | 1,502,239,825.90 | -93,381,123.72 | | **Total Assets** | **4,254,071,963.23** | **4,778,968,863.11** | **-524,896,899.88** | | **Liabilities** | | | | | Short-term borrowings | 456,503,292.47 | 762,428,281.10 | -305,924,988.63 | | Accounts payable | 649,770,541.48 | 669,625,643.10 | -19,855,101.62 | | Total current liabilities | 1,441,058,116.93 | 1,754,569,233.81 | -313,511,116.88 | | Total non-current liabilities | 169,750,471.22 | 181,055,251.09 | -11,304,779.87 | | **Total Liabilities** | **1,610,808,588.15** | **1,935,624,484.90** | **-324,815,896.75** | | **Owners' Equity** | | | | | Total equity attributable to owners of the parent company | 2,397,692,764.75 | 2,561,032,869.37 | -163,340,104.62 | | Non-controlling interests | 245,570,610.33 | 282,311,508.84 | -36,740,898.51 | | **Total Equity** | **2,643,263,375.08** | **2,843,344,378.21** | **-200,080,993.13** | [Consolidated Income Statement](index=6&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company's total operating revenue significantly decreased by 53.25% to RMB 71.93 million, primarily due to reduced fuel cell system sales, leading to an expanded operating loss and an increased net loss attributable to shareholders of RMB 163.43 million Changes in Key Items of Consolidated Income Statement (For the six months ended June 30, 2025 vs. June 30, 2024) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | Year-on-year Change (RMB yuan) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 71,929,258.41 | 153,843,525.55 | -81,914,267.14 | -53.25% | | Total Operating Costs | 234,704,181.06 | 311,105,634.20 | -76,401,453.14 | -24.55% | | Of which: Operating Costs | 90,220,424.30 | 128,182,431.97 | -37,962,007.67 | -29.62% | | Selling Expenses | 22,562,159.50 | 26,334,247.30 | -3,772,087.80 | -14.32% | | Administrative Expenses | 98,341,944.00 | 104,470,916.99 | -6,128,972.99 | -5.87% | | R&D Expenses | 17,174,589.82 | 50,534,103.58 | -33,359,513.76 | -66.01% | | Financial Expenses | 4,730,217.01 | 40,122.08 | 4,690,094.93 | 11689.56% | | Investment Income | -38,075,319.83 | -17,451,849.93 | -20,623,469.90 | -118.17% | | Gains from changes in fair value | 2,111,040.20 | 7,029,295.56 | -4,918,255.36 | -69.97% | | Operating Profit | -200,328,816.28 | -182,075,291.47 | -18,253,524.81 | -10.02% | | Net Profit | -170,390,756.85 | -200,359,399.71 | 29,968,642.86 | 14.96% | | Net Profit Attributable to Shareholders of Listed Company | -163,427,812.69 | -141,489,332.28 | -21,938,480.41 | -15.50% | | Basic Loss Per Share | -0.71 | -0.61 | -0.10 | -16.39% | [Notes to Financial Statements](index=10&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed notes on the company's accounting policies, estimates, and specific financial statement items [General Information](index=10&type=section&id=General%20Information) Beijing SinoHytec Co., Ltd. is a leading Chinese fuel cell system manufacturer for commercial vehicles, established in 2012, with revenue primarily from fuel cell system sales, component sales, and technical services, and its shares are listed on both the Hong Kong and Shanghai stock exchanges - The company is a leading Chinese fuel cell system manufacturer, primarily designing, developing, and manufacturing fuel cell systems and stacks for commercial vehicles such as buses and trucks[13](index=13&type=chunk) - The company's main revenue sources include sales of fuel cell systems, fuel cell components, and provision of technical services[13](index=13&type=chunk) - The company's ordinary shares are listed on both The Stock Exchange of Hong Kong Limited and the Shanghai Stock Exchange[14](index=14&type=chunk) [Basis of Preparation](index=10&type=section&id=Basis%20of%20Preparation) The financial data in this interim results announcement is extracted from unaudited internal financial statements, prepared in accordance with China Accounting Standards for Business Enterprises, and complies with disclosure requirements of the Hong Kong Companies Ordinance and HKEX Listing Rules, with no material uncertainties regarding the company's ability to continue as a going concern for the next 12 months - The financial statements are prepared in accordance with China Accounting Standards for Business Enterprises and comply with the disclosure requirements of the Hong Kong Companies Ordinance and the HKEX Listing Rules[15](index=15&type=chunk) - The company has assessed its ability to continue as a going concern for 12 months from the end of the reporting period, found no material uncertainties, and thus prepared the financial statements on a going concern basis[15](index=15&type=chunk) [Significant Accounting Policies, Accounting Estimates and Methods of Preparation of Consolidated Financial Statements](index=10&type=section&id=Significant%20Accounting%20Policies%2C%20Accounting%20Estimates%20and%20Methods%20of%20Preparation%20of%20Consolidated%20Financial%20Statements) The company's accounting period is January 1 to December 31, with RMB as the functional currency; consolidated financial statements are prepared based on control, including all subsidiaries with unified accounting policies and periods, and the Ministry of Finance's Interpretation No. 18 of Accounting Standards for Business Enterprises impacted accounting for warranty-type quality assurance provisions, resulting in a RMB 1,587,461.69 decrease in selling expenses and an equal increase in operating costs - The company's accounting period is from January 1 to December 31 of the Gregorian calendar, and the functional currency is RMB[16](index=16&type=chunk)[17](index=17&type=chunk) - Consolidated financial statements are prepared based on control to determine the scope of consolidation, with all subsidiaries included and their accounting policies and periods unified[18](index=18&type=chunk) Impact of Interpretation No. 18 of Accounting Standards for Business Enterprises on Financial Statement Items for January-June 2024 | Affected Financial Statement Item | January–June 2024 (RMB yuan) | | :--- | :--- | | Selling Expenses | -1,587,461.69 | | Operating Costs | 1,587,461.69 | [Operating Revenue and Operating Costs](index=12&type=section&id=Operating%20Revenue%20and%20Operating%20Costs) For the six months ended June 30, 2025, the company's main business revenue decreased by 53.40% to RMB 71.12 million, primarily due to a significant reduction in fuel cell system sales, while main business costs decreased by 29.60% to RMB 89.85 million, with fuel cell system revenue accounting for 71.20% of main business revenue despite a 53.73% year-on-year decline Details of Operating Revenue and Operating Costs (For the six months ended June 30, 2025 vs. June 30, 2024) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Main Business Revenue | 71,122,996.84 | 152,555,616.42 | -53.40% | | Other Business Revenue | 806,261.57 | 1,287,909.13 | -37.39% | | **Total Operating Revenue** | **71,929,258.41** | **153,843,525.55** | **-53.25%** | | Main Business Costs | 89,845,402.30 | 127,610,449.40 | -29.60% | | Other Business Costs | 375,022.00 | 571,982.57 | -34.44% | | **Total Operating Costs** | **90,220,424.30** | **128,182,431.97** | **-29.62%** | Details of Main Business Revenue (For the six months ended June 30, 2025 vs. June 30, 2024) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Fuel Cell Systems | 50,642,296.45 | 109,418,025.07 | -53.73% | | Components | 2,173,862.78 | 24,551,506.10 | -91.14% | | Technology Development and Services | 8,519,193.20 | 6,825,639.15 | 24.81% | | Others | 9,787,644.41 | 11,760,446.10 | -16.78% | | **Total** | **71,122,996.84** | **152,555,616.42** | **-53.40%** | [Accounts Receivable](index=13&type=section&id=Accounts%20Receivable) As of June 30, 2025, the company's net accounts receivable slightly decreased to RMB 1.478 billion from RMB 1.548 billion at the end of 2024, with the total balance at RMB 2.130 billion, showing a decrease in receivables aged within one year but an increase in those aged one to two years and three to four years, indicating extended collection cycles Accounts Receivable Balance and Provision for Bad Debts (June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | | :--- | :--- | :--- | | Accounts Receivable Balance | 2,129,999,367.34 | 2,195,580,854.96 | | Less: Provision for Bad Debts | 652,327,851.88 | 648,071,553.84 | | Net Accounts Receivable | 1,477,671,515.46 | 1,547,509,301.12 | Accounts Receivable Aging Analysis (June 30, 2025 vs. December 31, 2024) | Aging | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | | :--- | :--- | :--- | | Within 1 year | 269,123,796.53 | 365,276,012.90 | | 1 to 2 years | 810,217,998.77 | 777,239,088.68 | | 2 to 3 years | 457,695,010.79 | 498,177,597.19 | | 3 to 4 years | 266,223,559.53 | 225,801,954.47 | | 4 to 5 years | 15,989,981.27 | 18,337,181.27 | | Over 5 years | 310,749,020.45 | 310,749,020.45 | | **Total** | **2,129,999,367.34** | **2,195,580,854.96** | [Accounts Payable](index=14&type=section&id=Accounts%20Payable) As of June 30, 2025, the company's total accounts payable slightly decreased to RMB 650 million from RMB 670 million at the end of 2024, with a decline in payables aged within one year but an increase in those aged two to three years and over three years, indicating extended payment cycles to some suppliers Accounts Payable Aging Analysis (June 30, 2025 vs. December 31, 2024) | Aging | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | | :--- | :--- | :--- | | Within 1 year | 270,023,331.61 | 336,343,117.90 | | 1–2 years | 274,478,100.33 | 286,384,082.60 | | 2–3 years | 84,112,320.45 | 35,197,061.34 | | Over 3 years | 21,156,789.09 | 11,701,381.26 | | **Total** | **649,770,541.48** | **669,625,643.10** | [Income Tax Expense](index=14&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the company's income tax expense significantly decreased to RMB -0.59 million from RMB -11.28 million in the prior year, primarily due to a reduction in deferred income tax expense from RMB -11.24 million to RMB -1.82 million Details of Income Tax Expense (For the six months ended June 30, 2025 vs. June 30, 2024) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Current Income Tax Expense | 1,230,436.49 | -40,189.92 | | Deferred Income Tax Expense | -1,817,510.31 | -11,243,807.08 | | **Total** | **-587,073.82** | **-11,283,997.00** | [Return on Net Assets and Earnings (Loss) Per Share](index=15&type=section&id=Return%20on%20Net%20Assets%20and%20Earnings%20(Loss)%20Per%20Share) For the six months ended June 30, 2025, the company's weighted average return on net assets attributable to ordinary shareholders was -6.59%, with basic and diluted loss per share both at RMB 0.71, while after deducting non-recurring gains and losses, the weighted average return on net assets was -7.03%, and basic and diluted loss per share were both RMB 0.75 Return on Net Assets and Earnings (Loss) Per Share (For the six months ended June 30, 2025) | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | -6.59 | -0.71 | -0.71 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-recurring Gains and Losses | -7.03 | -0.75 | -0.75 | [Dividends](index=15&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the corresponding period in 2024 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024 corresponding period: nil)[26](index=26&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the company's operational performance, key financial changes, and strategic outlook for future development [Business Review](index=16&type=section&id=Business%20Review) In H1 2025, the company actively pursued its development strategy, focusing on core businesses, fostering new growth areas, and optimizing asset structure; however, total operating revenue decreased by 53.25% and net loss attributable to shareholders increased due to a decline in fuel cell market demand and cautious marketing, while the company continued R&D and expanded product applications to cold chain, sanitation, and heavy trucks - The company actively promoted its development strategy and operational goals, focusing on core businesses, cultivating a second growth curve, optimizing asset structure, and strengthening industrial chain collaboration[27](index=27&type=chunk) - Total operating revenue decreased by **53.25%** year-on-year to **RMB 71.93 million**, with total sales power of fuel cell systems decreasing by **56.54%**, and net loss attributable to shareholders increasing by **RMB 21.94 million**, primarily due to declining market demand and cautious marketing strategies[28](index=28&type=chunk) - The company adheres to the R&D philosophy of "researching one generation, developing one generation, and promoting one generation," focusing on core technical indicators such as environmental adaptability, durability, and reliability of fuel cell systems[28](index=28&type=chunk) - The company's product application scenarios have further expanded to multiple areas such as cold chain transportation, sanitation, and heavy trucks, and are operational in several demonstration cities[28](index=28&type=chunk) Reasons for Changes in Key Expenses and Income | Item | Change (%) | Reason | | :--- | :--- | :--- | | Operating Revenue | -53.25 | Product fuel cell system sales decreased | | Financial Expenses | 11,689.56 | Decrease in interest income | | R&D Expenses | -66.01 | R&D team optimization, reduced outsourced R&D, focus on technology iteration | | Gains from changes in fair value | -69.97 | Decrease in interest income from wealth management products | [Outlook for the Company's Future Development](index=18&type=section&id=Outlook%20for%20the%20Company%27s%20Future%20Development) The company is confident in the significant growth potential of the fuel cell industry, projecting over one million fuel cell vehicles in China by 2035, and aims to become a world-leading fuel cell system supplier and global technology leader by optimizing R&D, expanding customer base and geographical coverage, strengthening the supply chain, enhancing corporate management, and integrating across the industrial chain - The company believes the Chinese government will continue to implement strong supportive policies to promote the development of hydrogen energy-related industries, projecting that the number of fuel cell vehicles in China will exceed **1 million** by **2035**[31](index=31&type=chunk) - The company is committed to becoming a world-leading fuel cell system supplier and a global leader in fuel cell technology[31](index=31&type=chunk) - Continue to optimize the R&D of fuel cell systems and core components, improving product adaptability to harsh weather, high-temperature resistance, durability, reliability, energy conversion efficiency, safety, and economic viability[31](index=31&type=chunk) - Strategically expand the customer base and geographical coverage, utilize new-generation R&D platforms to improve products, increase product portfolio, and broaden the application scenarios of fuel cell systems in commercial heavy-duty categories (e.g., heavy trucks)[32](index=32&type=chunk) - Expand and strengthen the supply chain, deepen cooperation with suppliers, identify alternative suppliers, and pursue vertical integration of the supply chain and resources to reduce raw material costs, ensure supply chain stability, and improve product quality[33](index=33&type=chunk) - Strengthen corporate management and optimize operational efficiency by building a high-quality professional talent team, improving the management system, optimizing the organizational structure, and comprehensively enhancing corporate governance[34](index=34&type=chunk) - Extend and integrate into the upstream and downstream of the industrial chain, entering the "production-storage-transportation-refueling-R&D-application" industrial segments to achieve chain extension and supplementation, broaden application scenarios, and enhance comprehensive strength[35](index=35&type=chunk) [Corporate Governance and Other Information](index=20&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers changes in the company's consolidation scope, audit committee review, corporate governance practices, securities trading standards, and global offering proceeds [Changes in Consolidation Scope](index=20&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company newly included nine subsidiaries in its consolidation scope, such as Zhangjiakou Lingtan Technology Co., Ltd., Zigong SinoHytec Hydrogen Energy Technology Co., Ltd., and Guyuan Tongyuan New Energy Co., Ltd., primarily established between April and June 2025 Newly Included Subsidiaries in Consolidation Scope During the Reporting Period | Name | Date of Establishment | | :--- | :--- | | Zhangjiakou Lingtan Technology Co., Ltd. | April 11, 2025 | | Zigong SinoHytec Hydrogen Energy Technology Co., Ltd. | April 23, 2025 | | Guyuan Tongyuan New Energy Co., Ltd. | May 21, 2025 | | Shenqili Chong (Nan) Technology Co., Ltd. | May 23, 2025 | | Shurong Space (Sichuan) Hydrogen Technology Co., Ltd. | May 26, 2025 | | Guyuan Yigu New Energy Co., Ltd. | June 12, 2025 | | Guyuan Tonggu New Energy Co., Ltd. | June 12, 2025 | | Guyuan Yifeng New Energy Co., Ltd. | June 12, 2025 | | Guangxi Hydrogen Energy Technology Innovation Center Co., Ltd. | June 23, 2025 | [Audit Committee and Review of Financial Data Contained in This Announcement](index=21&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Data%20Contained%20in%20This%20Announcement) The company's Audit Committee, comprising three independent non-executive directors, is responsible for reviewing financial reporting procedures, internal controls, external auditor appointments, and financial statements, and has reviewed and confirmed the unaudited interim results announcement for the six months ended June 30, 2025 - The Audit Committee is composed of three independent non-executive directors, responsible for reviewing financial reporting procedures, internal controls, and providing recommendations for the appointment of external auditors[37](index=37&type=chunk) - The Audit Committee has reviewed and confirmed the unaudited interim results announcement for the six months ended June 30, 2025[38](index=38&type=chunk) [Corporate Governance Code](index=21&type=section&id=Corporate%20Governance%20Code) During the reporting period, the company complied with the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules, except for the combined roles of Chairman and Chief Executive Officer held by Mr. Zhang Guoqiang, which the Board believes ensures consistent leadership and enhances strategic planning efficiency - The company complied with the code provisions set out in the Corporate Governance Code during the reporting period, except that the roles of Chairman and Chief Executive Officer are combined and held by Mr. Zhang Guoqiang[39](index=39&type=chunk) - The Board believes that combining the roles of Chairman and General Manager ensures consistent leadership for the Group, making overall strategic planning more effective and efficient[39](index=39&type=chunk) [Standard Code for Securities Transactions by Directors and Supervisors](index=22&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors%20and%20Supervisors) The company has adopted a code of conduct for securities transactions by directors and supervisors that is no less exacting than the Standard Code in Appendix C3 of the Listing Rules, and all directors and former supervisors (whose board was abolished on June 20, 2025) confirmed compliance during the reporting period - The company has adopted a code of conduct for securities transactions by directors and supervisors that is no less exacting than the Standard Code set out in Appendix C3 of the Listing Rules[41](index=41&type=chunk) - The company's supervisory board was abolished on **June 20, 2025**[41](index=41&type=chunk) - All directors and former supervisors have complied with the required standards for securities transactions by directors as set out in the Standard Code[41](index=41&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=22&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and as of June 30, 2025, the company held no treasury shares - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[42](index=42&type=chunk) - As of **June 30, 2025**, the company held no treasury shares[42](index=42&type=chunk) [Use of Proceeds from Global Offering](index=22&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) The company received net proceeds of approximately HKD 1.022 billion from its global offering, which will be utilized progressively in accordance with the purposes outlined in the prospectus dated December 29, 2022 - The company received net proceeds of approximately **HKD 1.022 billion** from its global offering[43](index=43&type=chunk) - The proceeds will be utilized progressively in accordance with the purposes set out in the company's prospectus dated **December 29, 2022**[43](index=43&type=chunk) [Material Matters](index=23&type=section&id=Material%20Matters) This section details the company's significant external investment plans and proposed share issuance for acquisition and fundraising [Significant External Investments and Issuance of Shares and Bonds](index=23&type=section&id=Significant%20External%20Investments%20and%20Issuance%20of%20Shares%20and%20Bonds) The company plans to acquire 100% equity of Dingzhou Xuyang Hydrogen Energy Co., Ltd. through share issuance, concurrently raising supporting funds not exceeding 100% of the asset acquisition price and with share issuance not exceeding 30% of the company's total share capital before the issuance, pending approval from the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission - The company intends to acquire **100%** equity of Dingzhou Xuyang Hydrogen Energy Co., Ltd. through share issuance, while simultaneously raising supporting funds[45](index=45&type=chunk)[46](index=46&type=chunk) - Upon completion of this transaction, Xuyang Hydrogen Energy will become a wholly-owned subsidiary of the company[45](index=45&type=chunk) - The total amount of supporting funds to be raised will not exceed **100%** of the transaction price for the share issuance to acquire assets, and the number of shares issued will not exceed **30%** of the company's total share capital prior to this issuance[47](index=47&type=chunk) - The final transaction plan and issuance quantity are subject to approval by the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission[46](index=46&type=chunk)[47](index=47&type=chunk) [Other Information](index=24&type=section&id=Other%20Information) This section provides details on the publication of the interim results announcement and the upcoming interim report [Publication of Interim Results Announcement and Interim Report](index=24&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This announcement has been published on the company's website (http://www.sinohytec.com/) and the HKEX website (www.hkexnews.hk), and the company's interim report for the six months ended June 30, 2025, will be published on these websites in due course - This announcement has been published on the company's website (http://www.sinohytec.com/) and the HKEX website (www.hkexnews.hk)[48](index=48&type=chunk) - The company's interim report for the six months ended **June 30, 2025**, will be published on the aforementioned websites in due course[48](index=48&type=chunk)