Investment Rating - The report maintains a "Buy" rating for the company [10][8]. Core Insights - In 2024, the company achieved revenue of 367 million yuan, a year-on-year decrease of 54.21%. The net profit attributable to the parent company was -456 million yuan, compared to -243 million yuan in the same period last year, indicating an expanded loss. For Q1 2025, revenue was 11 million yuan, down 19.92% year-on-year, with a net profit of -93 million yuan, slightly worse than -91 million yuan in the previous year [2][6]. - The industry is still in the early stages of commercialization, with intense competition leading to declines in volume, price, and profitability, which negatively impacts the company's performance. The company faces rigid expenses and credit impairment losses that further drag down profits [6][8]. - The company plans to issue new shares to acquire 100% of Dingzhou Xuyang Hydrogen Energy, with the controlling shareholder potentially changing to Xuyang Group. The total consideration for the asset purchase is yet to be evaluated, with a fundraising scale not exceeding 550 million yuan [6][8]. Financial Performance Summary - In 2024, the company’s total sales power was 98.8 MW, a decrease of 47.84% year-on-year, with a market share of 19.1%, the highest in the industry. The average selling price of the fuel cell system in 2024 was 2,760 yuan/kW, down 27.0% year-on-year. The overall gross margin for 2024 was 12.47%, a decline of 18.57 percentage points year-on-year, with the fuel cell system gross margin at 11.7%, down 21.19 percentage points [6][8]. - The company’s operating cash flow significantly improved in 2024, with a net cash flow from operating activities of -19 million yuan, a substantial improvement from -561 million yuan in 2023. The collection ratio was 101.48%, up 73.75 percentage points year-on-year [6][8]. - The company’s expense ratio for 2024 was 104.26%, an increase of 52.7 percentage points year-on-year, with management expenses rising significantly due to declining revenue [6][8].

证券代码：688339 证券简称：亿华通 公告编号：2025-025 北京亿华通科技股份有限公司 关于召开 2024 年度科创板电池行业集体业绩说明会 2025 年第一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 暨召开 2025 年第一季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 5 月 15 日(星期四)下午 15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 8 日(星期四)至 5 月 14 日(星期三)16:00 前登录上证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 sinohytec@autoht.com 进行提问。公司 ...

Core Viewpoint - The company, Beijing Yihuatong Technology Co., Ltd., reported a net loss of 456.43 million yuan for the fiscal year 2024, which is an increase of 213.23 million yuan compared to the previous year, primarily due to the early-stage industrialization of the fuel cell industry and increased competition [2][6]. Group 1: Financial Performance - The company achieved a revenue of 366.67 million yuan in 2024, but still reported a net loss of 456.43 million yuan, indicating that it has not yet achieved profitability [6][12]. - The company has been facing challenges with negative operating cash flow, largely due to high accounts receivable and inventory levels, which consume significant working capital [3][12]. Group 2: Business Overview - The company specializes in the research, production, and industrial application of hydrogen fuel cell engine systems and core components, focusing on the hydrogen energy transportation sector [8][12]. - The main products include hydrogen fuel cell systems and related technical services, with applications in commercial vehicles such as buses and logistics vehicles [8][12]. Group 3: Industry Context - The hydrogen energy industry is still in its early commercialization phase, with a small overall market size, but it is recognized as a crucial part of global efforts to achieve carbon neutrality [11][12]. - The Chinese government has included hydrogen energy in its long-term economic and social development plans, emphasizing its strategic importance for energy structure improvement and low-carbon transition in transportation [11][12]. Group 4: Future Trends - The fuel cell vehicle market is expected to grow significantly, with projections indicating that by 2035, the number of fuel cell vehicles in China could reach around 1 million [15][12]. - The company is positioned to benefit from national policies promoting hydrogen energy and fuel cell vehicles, which are expected to stimulate technological advancements and infrastructure development in the sector [15][12].

Financial Performance - The company's operating revenue for the first quarter was ¥10,526,272.58, representing a decrease of 19.92% compared to the same period last year[7]. - The net profit attributable to shareholders was a loss of ¥93,008,005.78, compared to a loss of ¥91,204,404.13 in the previous year[7]. - The basic and diluted earnings per share were both -¥0.40, compared to -¥0.55 in the same period last year[7]. - Net loss for Q1 2025 was CNY 114,559,560.15, compared to a net loss of CNY 105,373,005.48 in Q1 2024, indicating a worsening of about 8.3%[28]. - The total comprehensive income for Q1 2025 was -114,559,560.15 CNY, compared to -105,373,005.48 CNY in Q1 2024, indicating a decline of approximately 8.3% year-over-year[30]. - The net loss attributable to the parent company for Q1 2025 was -93,008,005.78 CNY, slightly worse than the loss of -91,204,404.13 CNY in Q1 2024, reflecting a year-over-year increase in losses of about 1.97%[30]. Research and Development - Research and development expenses totaled ¥17,278,538.51, a significant decrease of 47.61% year-on-year, with R&D expenses accounting for 164.15% of operating revenue[7][11]. - Research and development expenses decreased to CNY 12,539,215.39 in Q1 2025 from CNY 23,397,306.09 in Q1 2024, a reduction of approximately 46.6%[27]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,505,389,738.70, down 5.72% from the previous year[7]. - The equity attributable to shareholders decreased by 3.62% to ¥2,468,384,271.64 compared to the end of the previous year[7]. - The total current assets amounted to ¥3,051,977,468.80, a decrease of approximately 6.87% from ¥3,276,729,037.21 on December 31, 2024[21]. - The total non-current assets decreased to ¥1,453,412,269.90 from ¥1,502,239,825.90, reflecting a decline of about 3.25%[22]. - Total liabilities as of March 31, 2025, were CNY 1,776,181,143.39, down from CNY 1,935,624,484.90 as of December 31, 2024[24]. - Non-current liabilities totaled CNY 175,869,251.93 as of March 31, 2025, compared to CNY 181,055,251.09 as of December 31, 2024, reflecting a decrease of about 2.1%[24]. Cash Flow - The net cash flow from operating activities was a negative ¥88,279,579.38, worsening from a negative ¥79,890,325.92 in the previous year[7]. - Cash inflows from operating activities in Q1 2025 totaled 57,174,288.95 CNY, down 36.1% from 89,453,879.93 CNY in Q1 2024[34]. - Cash outflows from operating activities in Q1 2025 were 145,453,868.33 CNY, a decrease of 14.1% compared to 169,344,205.85 CNY in Q1 2024[35]. - The net cash flow from investment activities for Q1 2025 was 9,360,090.53 CNY, a recovery from -22,967,355.31 CNY in Q1 2024[36]. - The net cash flow from financing activities for Q1 2025 was -113,142,351.27 CNY, contrasting with a positive net flow of 92,109,964.38 CNY in Q1 2024[36]. - The net increase in cash and cash equivalents for Q1 2025 was -192,473,340.95, compared to -10,231,328.35 in Q1 2024, indicating a significant decline[37]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,253[13]. - The top shareholder, Zhang Guoqiang, holds 15.73% of the shares, totaling 36,444,469 shares[15]. Future Plans - The company plans to acquire 100% of Xuyang Hydrogen Energy Co., Ltd. through a share issuance, with the total amount of matching funds not exceeding 100% of the asset purchase price[18]. - The number of shares issued for the acquisition will not exceed 30% of the company's total share capital prior to the issuance[18].

Financial Performance - The company reported a revenue of RMB 366.67 million for the fiscal year 2024, with a net loss attributable to shareholders of RMB 456.43 million, representing an increase in loss of RMB 213.23 million year-on-year [5]. - The net loss excluding non-recurring items was RMB 542.76 million, indicating that the company has not yet achieved profitability [5]. - The company's operating revenue for 2023 was RMB 36,667.14 million, a decrease of 54.21% compared to the previous year [32]. - The net profit attributable to shareholders was a loss of RMB 45,643.29 million, compared to a loss of RMB 24,320.37 million in 2022 [32]. - The company's cash flow from operating activities showed a net outflow of RMB -1,862.38 million, compared to a net outflow of RMB -56,063.82 million in the previous year [32]. - The company's total assets at the end of 2023 were RMB 477,896.89 million, a decrease of 3.37% from the previous year [32]. - The company reported a net loss attributable to shareholders of RMB 456.43 million, an increase in loss of RMB 213.23 million year-on-year [104]. - The gross margin for the company's main product, fuel cell systems, was 11.70%, a decrease of 21.19 percentage points compared to the previous year [108]. Operational Challenges - The company faces risks of continued operating losses, primarily due to the early-stage industrialization of the fuel cell industry and increased competition leading to reduced gross margins [6]. - Operating cash flow remains negative, largely due to high accounts receivable and inventory levels, which consume significant working capital [8]. - Future industry developments and competition levels are critical factors that could impact the company's ability to secure sufficient orders and achieve economies of scale [7]. - The company is exposed to supply chain risks due to the limited number of quality suppliers in the early development stage of the fuel cell vehicle industry [112]. - The company's products are subject to safety concerns due to the inherent risks associated with hydrogen, which may impact public perception and sales [109]. - The company anticipates that the competitive landscape in the fuel cell industry may lead to continued losses if market demand does not meet expectations [105]. - The company is at risk of losing market share and facing price declines if R&D outcomes do not meet expectations [106]. Research and Development - The company has invested RMB 200 million in R&D for new technologies in fuel cell applications [25]. - Research and development expenses accounted for 37.99% of operating revenue, an increase of 16.68 percentage points compared to the previous year [34]. - The company emphasizes ongoing R&D and technological innovation, focusing on improving the environmental adaptability, durability, and reliability of fuel cell systems [52]. - The company has achieved domestic mass production capabilities for fuel cell stacks and follows a procurement process that includes supplier development and management [58]. - The company has developed a high-efficiency fuel cell waste heat utilization technology to improve energy conversion efficiency [70]. - The company has achieved advancements in long-life fuel cell system control technology, ensuring operational longevity [69]. - A total of 126 new intellectual property rights were obtained during the reporting period, including 55 invention patents and 57 utility model patents [75]. Market Strategy and Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025 [25]. - The company is actively promoting the industrialization of fuel cell technology and market expansion despite facing challenges in the macroeconomic environment [51]. - The company continues to implement a "point-line-surface" development strategy, focusing on fuel cell vehicle deployment in major cities, with products already operational in cities like Beijing, Shanghai, and Chengdu [54]. - The company aims to optimize fuel cell systems and core components, improving performance in extreme weather, high temperature resistance, durability, reliability, energy conversion efficiency, safety, and cost-effectiveness [176]. - The company intends to strategically expand its customer base and regional coverage to increase market share, particularly in commercial heavy-duty applications [177]. - The company has established business relationships with several well-known suppliers of fuel cell system components and aims to deepen cooperation to ensure supply chain stability and improve product quality [179]. Financial Management - The board has proposed no cash dividends or stock bonuses for the fiscal year 2024, pending approval at the annual shareholders' meeting [10]. - The company emphasizes the importance of expanding financing channels to improve operating cash flow and mitigate risks of insufficient working capital [8]. - The company has established stable supply relationships with major domestic component suppliers, supporting its production capabilities [100]. - The company plans to enhance overall management and operational efficiency by building a high-quality professional talent team and optimizing organizational structure, aiming to reduce operating costs and strengthen competitive advantage for sustainable development [180]. Future Outlook - The company projects a revenue guidance of RMB 2 billion for the next fiscal year, reflecting an expected growth of 33% [25]. - The company aims to reduce production costs by 10% through enhanced manufacturing processes by the end of 2024 [25]. - The company plans to enhance research and development capabilities, focusing on optimizing low-temperature start performance and improving product reliability, durability, and integration, while establishing a comprehensive fuel cell testing and evaluation center [183]. - The company will strengthen strategic cooperation with upstream enterprises in the industrial chain, aiming for integrated development in hydrogen energy production, storage, transportation, and application scenarios [186].

北京亿华通科技股份有限公司 董事会审计委员会2024年度对会计师事务所 履行监督职责情况报告 截至2024年末，立信拥有合伙人296名、注册会计师2,498名、从业人员总数 10,021名，签署过证券服务业务审计报告的注册会计师743名。 (二) 聘任会计师事务所履行的程序 公司于2024年6月7日召开第三届董事会第十七会议，以9票同意，0票反对， 0票弃权，审议通过了《关于变更拟聘任会计师事务所的议案》。董事会同意聘任 立信为公司2024年度财务和内部控制审计机构，并经公司2023年年度股东大会审 议通过。 二、 审计委员会履行监督职责的工作情况 北京亿华通科技股份有限公司（以下简称"公司"）聘请立信会计师事务所（特 殊普通合伙）（以下简称"立信"）作为公司2024年度出具审计报告的会计师事务 所。根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》等规定和要求，公司对 会计师事务所2024年度履职情况进行了评估，具体情况汇报如下： 一、 2024年年审会计师事务所基本情况 (一) 会计师事务所基本情况 立信会计师事务所（特殊普通合伙）（以 ...

北京亿华通科技股份有限公司 募集资金年度存放与使用情况 2024 年度 信会师报字[2025]第 ZB10930 号 目录 | ⚫ | 鉴证报告 | 第 | 页 | 1 | - | 2 | | --- | --- | --- | --- | --- | --- | --- | | ⚫ | 专项报告 | 第 | 页 | 1 | - | 7 | 关于北京亿华通科技股份有限公司 2024年度募集资金存放与使用情况 专项报告的鉴证报告 信会师报字[2025 ]第ZB10930号 北京亿华通科技股份有限公司全体股东： 我们接受委托，对后附的北京亿华通科技股份有限公司（以下简 称"贵公司"） 2024年度募集资金存放与使用情况专项报告（以下简 称"募集资金专项报告"）执行了合理保证的鉴证业务。 一、董事会的责任 贵公司董事会的责任是按照中国证券监督管理委员会《上市公司 监管指引第2号——上市公司募集资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15号）、《上海证券交易所科创板 上市公司自律监管指引第1号——规范运作》以及《上海证券交易所 上市公司自律监管指南第1号——公告格式》的相关规定编制募集资 ...

关于北京亿华通科技股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位：北京亿华通科技股份有限公司 审计单位：立信会计师事务所（特殊普通合伙） 联系电话：+86（010）62796418-821 目录 ● 专项报告 第 1 -2 页 第 1 -2 页 汇总表 . 立信会计师事务所(特殊普通合伙) O CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LI 关于北京亿华通科技股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2025]第 ZB10929 号 北京亿华通科技股份有限公司全体股东: 我们审计了北京亿华通科技股份有限公司(以下简称"贵公 司")2024年度的财务报表,包括 2024年12月31日的合并及母公司 资产负债表、2024年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注,并于 2025 年 4 月 28 日出具了报告号为信会师报字[2025]第 ZB10928 号 的无保留意见审计报告。 贵公司管理层根据 ...

国泰海通证券股份有限公司 关于北京亿华通科技股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为北京 亿华通科技股份有限公司（以下简称"亿华通"或"公司"）的持续督导机构，持续 督导期已于 2023 年 12 月 31 日届满。鉴于亿华通首次公开发行及以简易程序向 特定对象发行募集资金尚未使用完毕，保荐机构继续就公司剩余募集资金管理及 使用情况继续履行持续督导职责，并根据《证券发行上市保荐业务管理办法》《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证 券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引 第 1 号——规范运作》等相关规定，对亿华通 2024 年度募集资金存放与使用情 况进行了审慎核查，具体情况如下： 一、募集资金基本情况 （一）首次公开发行 A 股股票募集资金情况 1、实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监许可〔2020〕1447 号文《关于同意北京亿 华通科技股份有限公司首次公开发行股票注册的批复》，公司向社会公开发行人 民币普通股（A 股 ...

北京亿华通科技股份有限公司 内部控制审计报告 2024 年度 信会师报字[2025]第 ZB10931 号 目录 ⚫ 内部控制审计报告 第 1 -2 页 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了北京亿华通科技股份有限公司（以下简称亿华通） 2024 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是亿华通董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 内部控制审计报告 信会师报字[2025]第 ZB10931 号 北京亿华通科技股份有限公司全体股东： 中国注册会 ...