Group 1 - Xiaomi Group reported a 47.4% year-on-year revenue increase to 111.3 billion yuan in Q1, with adjusted net profit rising 64.5% to 10.7 billion yuan, both hitting record highs [1] - Tencent Music's Q1 online music revenue grew 15.9% year-on-year to 5.8 billion yuan, with paid users reaching 122.9 million and ARPPU increasing to 11.4 yuan [1] - Zhejiang Shibao's stock rose over 9% as the company secured multiple projects in the steer-by-wire sector, with expected production in 2026, benefiting from the growing demand for L3+ autonomous driving [1] Group 2 - Miniso's Q1 revenue increased by 18.9% to 4.43 billion yuan, but net profit attributable to shareholders fell 28.5% to 420 million yuan, marking the first quarterly profit decline in three years [2] - Nuclear power stocks surged, with China National Nuclear Corporation rising 11.84% and China General Nuclear Power Corporation up 8.57%, driven by U.S. plans to build 10 large nuclear power plants by 2030 [2] - Jitu Express saw its stock rise over 3%, with a logistics network covering over 17,000 islands in Southeast Asia and a market share of 39% in the region [2] Group 3 - Alibaba Pictures' stock increased over 8% as the company plans to rebrand as "Damai Entertainment Holdings Limited," with its ticketing and investment business seen as a stabilizer for performance [3] - Junshi Biosciences' stock rose over 4% after its PCSK9-targeted drug received approval for two new indications, filling a clinical demand gap [3] - Kuaishou's Q1 revenue grew 10.9% year-on-year to 32.608 billion yuan, with adjusted net profit increasing by 4.4% to 4.58 billion yuan [3] Group 4 - SF Express's stock rose over 6%, with a significant increase in delivery volumes during the May Day holiday, particularly in supermarkets and last-mile deliveries [4] - Honghua Group's stock opened up over 14% after securing a 1.5 billion yuan order for smart drilling rigs, indicating international market recognition [4] - H&H International's stock rose over 4%, driven by increased online sales of its anti-aging products amid a growing aging population [4] Group 5 - Yiming Anke's stock rose over 5% as it announced a Phase II trial for a lung cancer treatment, with initial data expected later this year [5] - Meizhong Jiahe's stock increased over 6% after announcing significant progress in cancer precision diagnosis technology [5] - Guofu Hydrogen Energy's stock rose over 4% as the company plans to redirect 78.1 million HKD in fundraising towards hydrogen energy projects [5]

内容概要：当前，中国撬装式加氢站行业尚处于市场示范推广阶段，凭借其"低成本投入、快速落地部 署"的核心优势，在港口物流、矿山运输等重型燃料电池车辆密集运营场景中加速渗透，成为区域氢能 补给网络的关键节点。随着燃料电池汽车保有量持续攀升，撬装站建设需求将迎来爆发式增长。截至 2024年，国内撬装式加氢站累计建成量已突破190座，占全国加氢站总量的35%，其中长三角、珠三角 及京津冀三大示范城市群占比超八成，区域集聚效应显著。2025年是氢能"十四五"规划收官之年，各地 将加速冲刺建设目标。例如，广东省规划2025年建成200座加氢站，撬装站占比预计达40%，进一步凸 显其在氢能基础设施建设中的战略地位。 上市企业：中国石化（600028.SH）、中国石油（601857.SH）、东方电气（600875.SH）、中联重科 （000157.SZ）、国富氢能（02582.HK） 相关企业：中集氢能科技（北京）有限公司、上海氢枫能源技术有限公司、青岛康普锐斯能源科技有限 公司、北京海德利森科技有限公司、北京普发动力控股股份有限公司、正星氢电科技郑州有限公司、山 东赛克赛斯氢能源有限公司 关键词：撬装式加氢站、燃料电池汽车 ...

【解剖大盘】 既然关税回到正常水平，那么市场就要纠错了，反响最强烈的就是消费电子，尤其是果链，在中国有大 规模的采购和供应链布局，关税降低受益最大。高伟电子(01415)、瑞声科技(02018)、比亚迪电子 (00285)、舜宇(02382)、丘钛科技(01478)均涨超13%。再是在北美业务占比较高的汽配股敏实集团 (00425)、泉峰控股(02285)涨近10%，出口家电类的海信家电(00921)、电脑业务占比高的联想集团 (00992)也涨超9%。上次提到的航运类如德翔海运(02510)、东方海外国际(00316)继续涨超5%；今天发 酵的中远海控(01919)涨超8%。 利好有点多，都有点不习惯，尤其是中美这次会谈居然大超预期，恒指直接暴涨2.98%，量能更是大幅 放大到了3224亿。 先说一下周末的利好，首先是印度和巴基斯坦同意停火。上周五判断印巴冲突会"市场倾向于会逐步降 温。"但直接停火是没想到的。印度这么能装的国家都装不下去了，只能说明实力真不允许，或许是背 后的军火供应商扛不住了，再打就彻底要玩脱了。停火当然是好事，周一，印度和巴基斯坦股市强势上 涨。巴基斯坦基准股指KSE-30指数一度飙升 ...

内容概要：核能制氢就是利用核反应堆产生的热作为制氢的能源，通过选择合适的工艺，实现高效、大 规模的制氢；同时减少甚至消除温室气体的排放。现阶段，利用核能发电与电解水耦合制氢是一种具有 规模化应用潜力的核能制氢技术，而以水为原料与利用核反应热的甲烷蒸汽重整、高温蒸汽电解和热化 学循环则是代表未来发展方向的核能制氢技术。放眼全球，随着新一代核堆型的成熟与氢能产业的发 展，美日英中等核电大国均已启动本国的核能制氢工程。美国市场，早在2004年，美国能源部 （DOE）就启动了核能制氢研究工作。通过与电力企业合作，对在九英里峰核电厂在内的4个核电厂生 产清洁氢的示范项目提供支持。其中，九英里角核电站中的一座1250千瓦低温电解制氢设施（质子交换 膜电解槽）已于2023年3月启动运行，每天可生产560千克氢气。日本市场，日本原子力研究机构自1998 年建成运行热功率30MWe的高温气冷试验堆，成功实现在850℃下稳定运行。2004年冷却剂出口温度达 到950℃并成功完成了连续一周制氢试验运行。2019年，该堆连续运行150个小时，示范了热化学碘硫循 环制氢工艺。中国市场，中国核能制氢项目起步于"十一五"，研究了当初的主流 ...

Group 1 - The Hang Seng Index rose by 0.69%, gaining 154 points to reach 22,658 points, while the Hang Seng Tech Index fell by 0.10% [1] - The Hong Kong stock market saw a trading volume of HKD 124.5 billion in the morning session [1] - Airline stocks experienced significant gains, with China National Aviation (00753) up 7.31%, China Southern Airlines (01055) up 8.44%, and China Eastern Airlines (00670) up 8.58%, driven by double-digit growth in passenger traffic during the May Day holiday and expectations of falling oil prices supporting airline performance [1] Group 2 - Ant Group's Ant International is reportedly planning to list in Hong Kong, leading to a nearly 20% rise in Yao Cai Securities [1] - Alibaba-related stocks also saw increases, with China Dynamics (03818) up 6.41% and Yunfeng Financial (00376) up over 11.72% [1] - Shandong Molong (00568) surged by 50% after being added to the Hong Kong Stock Connect eligible securities list [1] Group 3 - The rare earth sector showed strength, with Jinli Permanent Magnet (06680) rising over 10% due to export restrictions causing some rare earth metals to surge over 200% [1] - Dongyue Group (00189) increased by 6.65% as the refrigerant consumption is expected to enter a traditional peak season, potentially leading to a new round of price increases in Q2 [1] - Chow Tai Fook (01929) rose by 5.85%, reaching a new high in over a year, following target price upgrades from several major brokerages [1] Group 4 - Guofu Hydrogen Energy (02582) increased by 6.57% after participating in the compilation of the "Industrial By-product Hydrogen Carbon Emission Accounting Method," achieving significant results in international cooperation [2] - MGM China (02282) led the gaming sector with a 7.96% increase, as visitor numbers to Macau during the May Day Golden Week exceeded expectations, and April's gaming revenue in Macau rose by 1.7% year-on-year [3] - CRO sector stocks fell in the morning session, with Weiya Bio (01873) down 5.88% and WuXi AppTec (02359) down 2.33%, following U.S. President Trump's announcement of upcoming tariff measures on pharmaceutical products [3]

国家能源局28日上午举行新闻发布会，介绍《中国氢能发展报告》相关情况。 京城机电股份(00187)、国富氢能(02582)、国鸿氢能(09663)、亿华通(02402)、重塑能源（02570）、中 集安瑞科(03899)、潍柴动力（02338）、中国重汽（03808）、中国旭阳集团(01907)。 国家能源局举行例行新闻发布会，能源节约和科技装备司副司长徐继林在会上介绍，我国高度重视氢能 产业发展，通过加强顶层设计，制定产业政策，积极推动氢能技术创新，各地也有序探索氢能产业发展 和项目落地模式。 截至2024年底，全国各地累计发布氢能专项政策超560项，22个省级行政区将氢能写入政府工作报告， 因地制宜推进氢能产业布局。下一步，国家能源局将会同相关部门积极发挥氢能产业发展部际协调机制 作用，推动地方结合自身基础条件科学合理布局氢能产业，实现产业健康有序发展。 国金证券发布研报称，FCV首次12月单月负增长，全年上险功率持续增长，行业高功率化趋势显著。 2025年是氢能中长期规划的结算时点，氢能及燃料电池行业将进入放量冲刺期，燃料电池汽车及绿氢项 目落地将加速，氢能和燃料电池制造是目前的两条主线。 氢能产业链相 ...

Financial Performance - In the fiscal year 2024, the company reported total revenue of RMB 458.609 million, a decrease of 12.2% compared to RMB 522.442 million in 2023[10] - The gross profit for 2024 was RMB 45.937 million, down from RMB 93.365 million in 2023, indicating a significant decline in profitability[10] - The company recorded a pre-tax loss of RMB 252.629 million in 2024, compared to a loss of RMB 88.809 million in the previous year, reflecting increased operational challenges[10] - The company's total revenue for the fiscal year 2024 decreased by approximately 12.2% to about RMB 458.6 million, down from RMB 522.4 million in 2023[15] - The gross profit for the fiscal year 2024 decreased by approximately 50.8% to about RMB 45.9 million, with a gross margin dropping from approximately 17.9% in 2023 to about 10.0% in 2024[25] - The net loss for the year rose by approximately 178.0% from RMB 75.0 million in FY2023 to RMB 208.6 million in FY2024[37] - Other income decreased by approximately 36.9% to about RMB 15.9 million in fiscal year 2024, primarily due to a reduction in government subsidies[26] Assets and Liabilities - Total assets increased to RMB 2,564.529 million in 2024, up from RMB 2,097.535 million in 2023, showing growth in the company's asset base[11] - The total liabilities rose to RMB 1,571.621 million in 2024, compared to RMB 1,531.913 million in 2023, indicating a slight increase in financial obligations[11] - As of December 31, 2024, the current ratio remained stable at approximately 1.1, with net current assets increasing to RMB 134.8 million from RMB 56.1 million as of December 31, 2023[39] - The debt-to-asset ratio decreased to approximately 61.3% as of December 31, 2024, down from 73.0% as of December 31, 2023, due to an increase in equity attributable to owners[41] Operational Efficiency and Growth - The company reported a significant increase in operational efficiency, achieving a 15% reduction in production costs year-over-year[61] - User data indicates a 25% growth in active users, reaching a total of 1.5 million users in the last quarter[61] - The company projects a revenue growth of 20% for the upcoming fiscal year, driven by new product launches and market expansion strategies[61] - Investment in R&D has increased by 30%, focusing on innovative technologies in the hydrogen energy sector[61] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[61] - A strategic acquisition of a local competitor is expected to enhance the company's product offerings and customer base by 15%[61] - The company has introduced two new products, which are anticipated to contribute an additional $50 million in revenue over the next year[61] Research and Development - The company aims to enhance its competitive advantage in the core hydrogen energy equipment sector for green energy transportation and plans to focus on the research and development of hydrogen liquefaction and liquid hydrogen storage equipment[17] - The company plans to leverage its unique technology in liquid hydrogen to promote a comprehensive development model for the liquid hydrogen industry chain[9] - The company aims to gradually increase the revenue proportion from hydrogen liquefaction and liquid hydrogen storage equipment as well as water electrolysis hydrogen production equipment[17] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[175] - The board of directors is composed of a balanced mix of executive and non-executive directors, ensuring strong independence and effective decision-making[178] - The company has adopted a corporate governance code and has complied with all applicable provisions since its listing date[175] - The supervisory board will continue to strengthen its supervisory functions and improve the corporate governance structure in 2025[172] - The board held ten meetings in the fiscal year 2024, with all directors attending 100% of the meetings[182] Market Expansion and Strategic Initiatives - The company has expanded its international footprint, establishing joint ventures in key strategic regions including Germany, the Netherlands, and Brazil, to build a global hydrogen energy ecosystem[6] - The company is actively expanding its overseas partnerships and business layout to promote green hydrogen projects in the coming year[17] - The company plans to implement a strategy to leverage existing business synergies to create a hydrogen energy industry development ecosystem[18] Financial Management and Expenses - Sales expenses rose by approximately 7.7% from RMB 43.5 million in FY2023 to RMB 46.9 million in FY2024, mainly due to an increase in share-based payment expenses included in sales expenses[29] - R&D expenses increased by approximately 12.0% from RMB 39.1 million in FY2023 to RMB 43.8 million in FY2024, attributed to higher depreciation of equipment and increased salaries for R&D personnel[30] - Administrative expenses surged by approximately 54.7% from RMB 90.9 million in FY2023 to RMB 140.6 million in FY2024, driven by increased share-based payment expenses, consulting fees, and higher employee compensation due to an increase in management personnel[32] - Listing expenses skyrocketed by approximately 711.8% from RMB 3.2 million in FY2023 to RMB 26.2 million in FY2024, primarily due to professional fees related to the IPO and H-shares listing[33] - Financial costs increased by approximately 43.6% from RMB 22.8 million in FY2023 to RMB 32.8 million in FY2024, mainly due to higher interest from increased loan amounts[35] Shareholder and Stakeholder Relations - The company is committed to creating shareholder value by improving its governance system and focusing on technology productization, industrial capitalization, and global market expansion[8] - The company has maintained strong relationships with stakeholders, including customers and suppliers, and conducts annual evaluations of suppliers[97][98] - The company has not had any directors in the past three years who served on any listed company boards[65][69][70][74] Risks and Challenges - The company faces significant risks including reliance on customer demand, market competition, and potential fluctuations in raw material prices[85] - The company reported a net loss for the fiscal years 2023 and 2024, indicating ongoing financial challenges[85] Listing and Capitalization - The company successfully listed its H-shares on the main board of the Hong Kong Stock Exchange on November 15, 2024, marking a significant milestone for international capitalization[13] - The net proceeds from the global offering amounted to approximately HKD 339.7 million (equivalent to about RMB 314.5 million)[89] - 56.1% of the net proceeds will be used to expand production capacity for certain products, with RMB 176.5 million allocated for this purpose[90] - 33.9% of the net proceeds, amounting to RMB 106.6 million, will enhance R&D capabilities and continue technology upgrades and product iterations[90]

Financial Performance - Total revenue for the fiscal year 2024 was approximately RMB 458.6 million, a decrease of about 12.2% year-on-year[4]. - Gross profit for the fiscal year 2024 was approximately RMB 45.9 million, down approximately 50.8% year-on-year[4]. - Loss attributable to owners of the company for the fiscal year 2024 was approximately RMB 210.3 million, compared to a loss of RMB 73.3 million in the fiscal year 2023[4]. - Basic loss per share for the fiscal year 2024 was approximately RMB 2.12, compared to RMB 0.81 in the fiscal year 2023[4]. - No dividends were declared for the fiscal year 2024[4]. - The company reported a pre-tax loss of RMB 252.63 million for the fiscal year 2024, compared to RMB 88.81 million in the fiscal year 2023[5]. - Total comprehensive loss for the fiscal year 2024 was RMB 206.53 million, compared to RMB 75.3 million in the fiscal year 2023[6]. - Revenue for the year ended December 31, 2024, was RMB 458,609,000, a decrease of 12.2% from RMB 522,442,000 in 2023[17]. - The loss for the fiscal year 2024 increased by approximately 178.0% to about RMB 208.6 million[40]. - The gross profit decreased by approximately 50.8% to about RMB 45.9 million, with the gross profit margin dropping from approximately 17.9% in 2023 to about 10.0% in 2024[46]. Expenses and Costs - Research and development expenses for the fiscal year 2024 were RMB 43.76 million, compared to RMB 39.06 million in the fiscal year 2023[5]. - Administrative expenses for the fiscal year 2024 were RMB 140.6 million, an increase from RMB 90.88 million in the fiscal year 2023[5]. - The total employee costs for the year reached RMB 163,276,000, an increase of 69.3% compared to RMB 96,431,000 in 2023[25]. - Sales expenses increased by approximately 7.7% to about RMB 46.9 million in 2024, mainly due to an increase in share-based payment expenses[50]. - R&D expenses increased by approximately 12.0% from RMB 391 million in FY2023 to RMB 438 million in FY2024, primarily due to increased depreciation and higher personnel costs[51]. - Administrative expenses rose by approximately 54.7% from RMB 909 million in FY2023 to RMB 1,406 million in FY2024, driven by increased share-based payment expenses and consulting service fees[52]. - Listing expenses surged by approximately 711.8% from RMB 32 million in FY2023 to RMB 262 million in FY2024, mainly due to professional fees related to the IPO and H-share listing[53]. - Financial costs increased by approximately 43.6% from RMB 228 million in FY2023 to RMB 328 million in FY2024, attributed to higher interest from increased loan amounts[55]. Assets and Liabilities - Total assets increased to RMB 1,433,003 thousand in 2024, up from RMB 1,001,598 thousand in 2023, representing a growth of approximately 42.9%[7]. - Non-current assets rose to RMB 1,298,249 thousand in 2024, compared to RMB 945,497 thousand in 2023, reflecting a year-over-year increase of about 37.4%[7]. - The company's equity attributable to owners increased significantly to RMB 991,025 thousand in 2024, up from RMB 565,391 thousand in 2023, marking a growth of approximately 75.3%[8]. - Current liabilities decreased to RMB 1,131,526 thousand in 2024 from RMB 1,095,937 thousand in 2023, indicating a reduction of about 3.2%[8]. - Total liabilities increased slightly to RMB 440,095 thousand in 2024 from RMB 435,976 thousand in 2023, reflecting a marginal growth of about 0.3%[8]. - The debt-to-asset ratio improved to approximately 61.3% as of December 31, 2024, down from 73.0% as of December 31, 2023, due to an increase in equity[60]. Market and Strategic Focus - The company has been focusing on the production and sales of hydrogen energy equipment, indicating a strategic emphasis on renewable energy solutions[10]. - The company plans to continue expanding its market presence and investing in new technologies related to hydrogen energy[10]. - The company is focusing on the hydrogen energy sector, which is seen as a key driver for global energy transition and sustainable economic growth, with increasing demand for hydrogen fuel cell vehicles and supporting infrastructure[38]. - The company has expanded its business into the upstream segments of the hydrogen energy value chain, including the development of core equipment for hydrogen production and storage[38]. - The company aims to enhance its competitive advantage in core hydrogen energy equipment for green energy transportation and plans to focus on R&D for hydrogen liquefaction and storage equipment[41]. - The company plans to implement strategies to achieve economies of scale, reduce manufacturing costs, and improve production efficiency[41]. Customer and Revenue Breakdown - Revenue from on-board high-pressure hydrogen systems and related products was RMB 279,089,000, down 7.3% from RMB 301,060,000 in 2023[17]. - Revenue from hydrogen station equipment and related products increased by 20.5% to RMB 147,945,000 from RMB 123,036,000 in 2023[17]. - Major customer A contributed RMB 105,930,000 to total revenue, significantly up from RMB 54,785,000 in 2023[24]. - Revenue from the on-board high-pressure hydrogen supply systems and related products accounted for approximately 60.9% of total revenue, while revenue from hydrogen refueling station equipment and related products accounted for about 32.3%[40]. Tax and Credit - The company recognized a tax credit of RMB 44,001,000 for the year ended December 31, 2024, compared to RMB 13,766,000 in 2023[26]. - The company’s tax expenses calculated at a 25% rate amounted to RMB 63,157,000 for the year ended December 31, 2024, compared to RMB 22,202,000 in the previous year, reflecting a significant increase in tax liabilities[28]. - The expected credit loss under the expected credit loss model increased by approximately 259.2% to about RMB 22.0 million in 2024[49]. Corporate Governance and Compliance - The company has complied with all applicable corporate governance codes since the listing date until December 31, 2024[70]. - No purchases, sales, or redemptions of the company's listed securities occurred from the listing date until December 31, 2024[71]. - The audit committee has reviewed the audited consolidated annual results for the fiscal year 2024 and confirmed compliance with applicable accounting principles[73]. - No significant events affecting the group occurred after December 31, 2024, up to the date of this announcement[76]. - The company plans to propose amendments to its articles of association at the annual general meeting scheduled for May 20, 2025, to reflect recent changes in Chinese laws and regulations[78]. - The Nomination Committee will undergo changes effective March 27, 2025, with Dr. Zou Jiaseng stepping down and Ms. Tang Shiyun appointed to enhance corporate governance and comply with new gender diversity regulations[79]. - The Nomination Committee will consist of Mr. Zhang Yongjun (Chairman), Mr. Shi Jian, and Ms. Tang Shiyun following the changes[79]. - Dr. Zou Jiaseng will remain an independent non-executive director and chairman of the Remuneration and Assessment Committee[79]. - The executive directors include Mr. Wu Pinfang, Mr. Wang Kai, and Mr. Shi Jian as of the announcement date[81]. - Non-executive directors include Mr. Gu Yanjun, Mr. Zhou Lin, and Ms. Liu Yilin[81]. - Independent non-executive directors consist of Ms. Tang Shiyun, Mr. Zhang Yongjun, and Dr. Zou Jiaseng[81].