Group 1 - The company Yihuatong (688339.SH) has stated that it has not yet ventured into solid-state hydrogen storage technology [1] - The company's main products are primarily aligned with gaseous hydrogen, and it has not developed fuel cell system products related to solid-state hydrogen storage technology [1]

Core Viewpoint - Yihuatong (02402) is experiencing a significant stock price increase due to the initiation of a large-scale hydrogen integration project in Zhangjiakou, which aims to reduce green hydrogen production costs and promote fuel cell vehicle applications [1] Company Summary - Yihuatong's indirect subsidiary, Hebei Guochuang Hydrogen Energy Technology Co., Ltd., is leading the EPC total contracting for the hydrogen production part of the Zhangjiakou wind-hydrogen integration project [1] - The project 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 fuel cell power generation system [1] Industry Summary - The hydrogen energy industry is entering a rapid development phase, with significant cost reductions in fuel cell systems in recent years [1] - National and local policy incentives are helping to bring the purchase costs of fuel cell vehicles closer to market promotion thresholds [1] - High costs of hydrogen supply, particularly green hydrogen, remain a critical bottleneck for the large-scale development of the industry [1] - The demonstration project aims to address these challenges, with initial estimates suggesting that the cost of green hydrogen production could drop to below 18 yuan/kg, supporting the large-scale promotion of fuel cell vehicles and establishing a sustainable economic development model for China's hydrogen industry [1]

每经AI快讯，9月29日，港股亿华通(02402.HK)涨超7%，截至发稿，涨7.63%，报29.64港元，成交额 7155.79万港元。 ...

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 ...

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 | 備查文件目錄 載有公司法定代表人、主管會計工作負責人、會計機 構負責人簽名並蓋章的財務報告 載有現任法定代表人簽字和公司蓋章的2025年半年 度報告全文及摘要 報告期內在中國證監會指定網站上公開披露過的所 有公司文件的正文及公告的原稿 重要提示 一、本公司董事會及董事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，不存在虛假記 載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、重大風險提示 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 ...

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 ...