证券代码：688339 证券简称：亿华通 公告编号：2025-049 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/） 投资者可于 2025 年 11 月 28 日（星期五）至 12 月 04 日（星期四）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，公司将在说明会上对投资者普遍关注的问题进 行回答。 北京亿华通科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 月 05 日（星期五） 14:00-15:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 北京亿华通科技股份有限公司 关于召开 2025 年第三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 ...

Core Viewpoint - Yihuatong's stock price has shown significant volatility, with a year-to-date increase of 36.18%, while recent trading activity indicates a net outflow of funds [1][3]. Company Overview - Yihuatong Technology Co., Ltd. is based in Beijing and specializes in the manufacturing of fuel cell systems, primarily for commercial vehicles such as buses and trucks [2]. - The company was established on July 12, 2012, and went public on August 10, 2020 [2]. - Revenue composition includes 70.41% from fuel cell systems, 14.73% from other sources, 11.84% from technology development and services, and 3.02% from components [2]. Financial Performance - As of September 30, 2025, Yihuatong 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]. Market Activity - As of November 17, Yihuatong's stock price was 32.82 yuan per share, with a market capitalization of 7.603 billion yuan [1]. - The trading volume indicated a net outflow of 12.7571 million yuan from main funds, with significant selling pressure observed [1].

Market Performance - On November 11, U.S. stock indices closed mixed, with the Dow Jones up 1.18% at 47,927.96 points, the S&P 500 up 0.21% at 6,846.61 points, and the Nasdaq down 0.25% at 23,468.3 points [2][4] - The U.S. Technology Seven Index fell by 0.19%, with Nvidia down nearly 3% and Tesla down over 1% [4] Chinese Stocks - Chinese stocks showed mixed performance, with the Nasdaq Golden Dragon China Index down 0.06%. Notable movements included Xiaopeng Motors up nearly 8% and Hesai Technology down nearly 10% [4] Commodity Markets - International precious metal futures generally rose, with COMEX gold futures up 0.27% at $4,133.2 per ounce and COMEX silver futures up 1.52% at $51.075 per ounce [4] - Crude oil prices also increased, with light crude oil futures for December delivery up $0.91 to $61.04 per barrel (1.51% increase) and Brent crude for January delivery up $1.10 to $65.16 per barrel (1.72% increase) [4] Employment Data - According to ADP, the U.S. private sector saw an average weekly job loss of 11,250 positions for the four weeks ending October 25, indicating challenges in sustaining job growth in the latter half of the month [5] Legal Developments in AI - A Munich court ruled that OpenAI infringed on copyright by using lyrics from a German musician without authorization, which may set a significant precedent for copyright regulation of generative AI technologies in Europe [6]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [9] Core Views - The company reported a significant decline in revenue and an increase in losses due to a decrease in market demand for fuel cells and cautious expansion strategies. The revenue for Q3 2025 was 0.32 billion, down 80.6% year-on-year, with a net profit attributable to the parent company of -1.48 billion, compared to -1.17 billion in the same period last year [2][6] - The overall market demand for the fuel cell industry has decreased, leading to a contraction in sales and profits. The company is expected to perform better in the future as it enters a phase of scaling down costs [2][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.04 billion, a decrease of 67.31% year-on-year. The net profit attributable to the parent company was -3.11 billion, compared to -2.58 billion in the same period last year. The net profit excluding non-recurring items was -3.12 billion, compared to -2.77 billion last year [6] - In Q3 2025, the company reported a revenue of 0.32 billion, a year-on-year decrease of 80.6%, and a net profit of -1.48 billion, which is a larger loss compared to -1.17 billion in the same quarter last year [6] Market and Industry Analysis - The fuel cell vehicle market in China is experiencing a downturn, with production and sales of fuel cell vehicles dropping by 46.8% and 46.6% respectively in the first nine months of 2025 [12] - The company has adopted a cautious marketing expansion strategy due to its current liquidity situation, which has contributed to the decline in revenue [12] - The gross margin for Q3 2025 was -6.18%, a decrease of 23.55 percentage points year-on-year, attributed to reduced economies of scale and increased unit costs [12] Future Outlook - The company is expected to generate revenues of 2.58 billion and 3.39 billion in 2025 and 2026, respectively, as it navigates through the current challenges in the fuel cell market [12]

Core Viewpoint - The article highlights the significant advancements in hydrogen fuel cell technology, particularly through the collaboration between Yihuatong and Mitsubishi Fuso, marking a new phase in the commercialization of zero-emission heavy-duty trucks in Japan [1] Company Summary - Yihuatong's stock price increased by 5.95% to 33.86 HKD, with a trading volume of 70.37 million HKD [1] - The company provided the latest 260kW liquid hydrogen fuel cell system, which is a key technological breakthrough for the heavy-duty truck sector [1] - The fuel cell system developed by Yihuatong features a low hydrogen supply pressure of 5 bar and high power output of 260 kW, catering to various operational demands of heavy-duty trucks [1] Industry Summary - The unveiling of the world's first heavy-duty truck equipped with a 260kW fuel cell system at the 2025 Tokyo Motor Show signifies a pivotal moment for the hydrogen energy sector in commercial vehicles [1] - The new truck is recognized as a "new benchmark for zero-emission heavy-duty trucks," showcasing the potential of liquid hydrogen technology in the industry [1] - This development indicates a reliable technological pathway for achieving zero emissions in Japan's heavy-duty truck market [1]

Group 1 - The stock of Yihua Tong (02402.HK) experienced a significant increase, rising over 7% at one point and currently up by 5.82%, trading at 33.82 HKD [1] - The trading volume reached 67.0959 million HKD, indicating strong market interest [1]

Core Viewpoint - Yihuatong (02402) has seen a significant stock price increase, rising over 7% and currently trading at 33.82 HKD, with a transaction volume of 67.1 million HKD, following the unveiling of a groundbreaking hydrogen fuel cell heavy truck at the 2025 Tokyo Motor Show [1] Group 1: Company Developments - Yihuatong provided the latest 260kW liquid hydrogen fuel cell system, which is a key technological breakthrough for the new heavy truck [1] - The fuel cell system is based on Yihuatong's proprietary graphite plate stack technology, achieving a low hydrogen supply pressure of 5 bar and high-performance power output of 260 kW [1] - The system is designed to meet the power demands of heavy trucks in various scenarios, including climbing, overtaking, high altitude, and heavy loads, thus supporting the zero-emission transition of hydrogen heavy trucks in the Japanese market [1] Group 2: Industry Insights - The Mitsubishi Fuso Truck and Bus Corporation launched the world's first heavy truck equipped with a 260kW high-power fuel cell system, marking a significant milestone in the hydrogenization process of commercial vehicles in Japan [1] - This new model is recognized as a "new benchmark for zero-emission heavy trucks," highlighting the industry's shift towards advanced hydrogen technologies [1]

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Yihuatong (02402), which increased by over 7% and is currently trading at 33.82 HKD with a transaction volume of 67.1 million HKD [1] - At the recently opened 2025 Tokyo Motor Show, Mitsubishi Fuso Truck and Bus Corporation unveiled the world's first liquid hydrogen heavy-duty truck equipped with a 260 kW high-power fuel cell system, marking a new benchmark for zero-emission heavy trucks [1] - The 260 kW liquid hydrogen fuel cell system developed by Yihuatong is a key technological breakthrough, achieving a low hydrogen supply pressure of 5 bar and high-performance power output, which meets the power demands of heavy trucks in various scenarios [1]

Group 1 - The core viewpoint of the news is that Yihuatong's stock has shown a significant increase in price and trading activity, indicating positive market sentiment towards the company [1][2]. - As of November 11, Yihuatong's stock price rose by 30.50% year-to-date, with a recent increase of 1.48% over the last five trading days and 33.04% over the last 60 days [1]. - The company has a market capitalization of 7.285 billion yuan and reported a trading volume of 42.2442 million yuan on November 11 [1]. Group 2 - Yihuatong, established on July 12, 2012, specializes in the manufacturing of fuel cell systems, primarily for commercial vehicles such as buses and trucks [2]. - The company's revenue composition includes 70.41% from fuel cell systems, 14.73% from other sources, 11.84% from technology development and services, and 3.02% from components [2]. - As of September 30, 2025, Yihuatong reported a revenue of 104 million yuan, a decrease of 67.31% year-on-year, and a net profit of -311 million yuan, a decrease of 20.66% year-on-year [3].

Core Insights - The Hang Seng AH Premium Index has slightly rebounded to 118.42 points as of November 7, following a low of 115.44 points on October 2, indicating a shift in market dynamics for A+H shares [1] Group 1: Recent H-Share Listings - Several well-known A-share companies have recently listed on the Hong Kong stock market, contributing to the AH Premium Index's movements [2] - Junsheng Electronics, listed on November 6, aims to raise funds for automotive intelligent solutions, smart manufacturing, and global expansion, but has seen a cumulative drop of 15.91% since listing, with an A-share premium of 71.63% over H-shares [2] - Seres, which listed on November 5, has experienced a cumulative decline of 13.31%, with an A-share premium of 33.41% over H-shares [2] Group 2: Premium Structure and Trends - The AH premium structure has become more differentiated, with five A+H stocks showing "price inversion" as of November 7, including Ningde Times and Midea Group, with Ningde Times showing the largest premium inversion at -22.303% [4] - The overall trend indicates that the phenomenon of A-shares having premiums over H-shares exceeding 300% has disappeared, with only 30 out of 166 A+H stocks having premiums over 100% [5] - The premium rates for some companies, such as Hongye Futures and Sinopec Oilfield Services, exceed 200%, while others like WuXi AppTec and Zijin Mining have premiums below 5% [5] Group 3: Expansion of A+H Market - The pace of expansion in the A+H market is accelerating, with companies like Baile Tianheng starting their IPO process and planning to raise up to 3.358 billion HKD [6] - The A+H market is becoming a crucial link between A-share and H-share markets, providing investors with more cross-market investment options [7] - Differences in investor structures and trading mechanisms between A-shares and H-shares are fundamental factors contributing to the observed price disparities [7]