Core Viewpoint - The gas diffusion layer (GDL) industry is closely related to the demand for fuel cells, with significant growth driven by government policies promoting hydrogen fuel cell vehicles in China. The market size of the GDL industry is expected to reach 1.258 billion yuan in 2024, reflecting a year-on-year increase of 52.4% [1][10]. Industry Overview - The gas diffusion layer is a critical component in fuel cells, providing uniform diffusion channels for gaseous reactants and managing water flow [3][4]. - The GDL is primarily composed of materials such as carbon fiber paper and carbon fiber woven fabric, each with distinct performance characteristics under varying humidity conditions [4][6]. Market Size and Growth - The GDL industry in China is projected to grow significantly, with a market size of 1.258 billion yuan in 2024, up 52.4% year-on-year [1][10]. - The carbon fiber production in China is expected to reach 59,044 tons in 2024, marking an 8.2% increase, while the carbon fiber paper market size is anticipated to be 620 million yuan, up 6.9% [6][7]. Competitive Landscape - The GDL market has been historically dominated by foreign companies, with domestic production rates currently below 10%. However, this is expected to improve in the coming years [10][11]. - Key domestic companies in the GDL sector include Carbon Energy Technology Co., Ltd., Shandong Renfeng Special Materials Co., Ltd., and Hunan Jinbo Carbon Co., Ltd. [10][11]. Development Trends - Technological innovation is expected to lead to performance breakthroughs in GDL materials, with advancements in nanotechnology and new low-cost materials enhancing efficiency [15]. - Cost reduction is a critical focus for the GDL industry, with efforts to optimize production processes and supply chains to lower overall costs [15][16]. - The market is anticipated to become more competitive and diversified as new entrants leverage technological advancements and cost control strategies [16].

Core Viewpoint - Yihuatong (688339.SH) has experienced a stock price decline, closing at 23.63 yuan with a drop of 3.75%, currently in a state of share price below its initial public offering (IPO) price [1] Group 1: Company Financials - Yihuatong was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 10, 2020, with an IPO price of 76.65 yuan per share, raising a total of 1.351 billion yuan [1] - The company has reported continuous losses for five and a half years, with revenues and net profits showing negative figures from 2020 to 2025 [4] - The revenue figures for Yihuatong from 2020 to 2025 are as follows: 572.29 million yuan, 629.37 million yuan, 738.12 million yuan, 800.70 million yuan, 366.67 million yuan, and 71.93 million yuan respectively [4] Group 2: Capital Increase and Stock Issuance - Yihuatong has conducted multiple capital increases through stock issuance, including a specific issuance of 850,991 shares at 235.02 yuan per share in 2021, raising approximately 200 million yuan [1] - The company has executed stock increases based on capital reserves, with the most recent increase in 2023 resulting in a total share capital of 231,652,081 shares after distributing 66,186,309 shares [2] - The company also listed on the Hong Kong Stock Exchange on January 12, 2023, with a share price of 60 HKD, raising an estimated net amount of approximately 982.8 million HKD (around 862 million yuan) [3]

Core Viewpoint - Yihuatong's major asset restructuring plan for hydrogen energy integration has been halted due to a lack of consensus between the parties involved [1][5] Company Overview - Yihuatong, established in 2012, is recognized as China's "first hydrogen stock," focusing on the research and production of hydrogen fuel cell systems primarily for commercial vehicles [2] - The company holds the largest market share in China's fuel cell installation, accounting for 20.8% of the total installed capacity [2] - Yihuatong has faced significant financial losses over the years, with cumulative losses exceeding 1.05 billion yuan from 2020 to 2024 [6][9] Transaction Details - The planned acquisition of 100% equity in Xuyang Hydrogen Energy by Yihuatong was terminated due to disagreements on the final transaction plan and funding arrangements [1][4] - The initial agreement included a share exchange at a price of 18.53 yuan per share and a capital injection of up to 550 million yuan from Xuyang Group [4] Financial Performance - Yihuatong reported a revenue decline of 53.25% year-on-year in the first half of the year, with a net loss of 163 million yuan, worsening from a loss of 141 million yuan in the same period last year [6][9] - Xuyang Group's net profit for 2024 is projected to drop by approximately 90% compared to 2023, primarily due to reduced profit margins in its chemical and coke sectors [8] Industry Context - The hydrogen energy sector is currently facing challenges, including low project return rates and reliance on government subsidies, which complicates financial sustainability for companies like Yihuatong [6][7] - The market for fuel cell vehicles in China is diversifying, moving beyond public transport to include logistics, waste management, and other applications [11] Strategic Direction - Yihuatong has announced a "tightening development" policy, focusing on reducing R&D expenditures, optimizing organizational structure, and improving cash flow management [9][10] - The company remains optimistic about the long-term prospects of the hydrogen energy industry, anticipating improvements in infrastructure and a decrease in hydrogen production costs [10][12]

Core Viewpoint - Yihuatong (688339.SH), known as the "first hydrogen stock," has suspended its efforts to expand upstream in the hydrogen energy industry, marking a significant setback in its strategic plans [1][2]. Group 1: Company Performance - Yihuatong has reported continuous losses since its listing in 2020, with cumulative losses exceeding 1 billion yuan over five years [1][8]. - In the first half of 2025, the company experienced a 53.25% year-on-year decline in revenue, with a net loss of 163 million yuan [2][9]. - The company's cautious marketing strategy, influenced by its current liquidity situation, has led to a reduction in product sales volume [9]. Group 2: Termination of Acquisition Plans - The company announced the termination of its plan to acquire 100% of Dingzhou Xuyang Hydrogen Energy Co., which was intended to enhance its position in the hydrogen energy supply chain [1][3]. - The acquisition was expected to involve raising up to 550 million yuan for transaction-related expenses and project development, but the deal was halted due to a lack of consensus among transaction parties [6][7]. - The financial performance of Dingzhou Xuyang Hydrogen Energy was projected to decline significantly, with net profit expected to drop over 60% from 59.03 million yuan in 2023 to 23.13 million yuan in 2024 [4][6]. Group 3: Industry Challenges - The hydrogen fuel cell market is facing a contraction in demand, contributing to Yihuatong's struggles [2][10]. - The domestic market for high-purity hydrogen is experiencing oversupply, leading to downward pressure on prices [4][6]. - The synthetic ammonia market is also underperforming, with prices hitting new lows, reflecting a broader trend of weak market conditions [6][10]. Group 4: Research and Development Setbacks - The company has reduced its R&D expenses by 66.01% in the first half of 2025, resulting in a significant decrease in the number of research personnel [9]. - The termination of the "Fuel Cell Comprehensive Testing and Evaluation Center Project," which was supposed to receive 150 million yuan in funding, further highlights the company's operational challenges [7][9].

Core Viewpoint - The company has terminated a significant asset restructuring deal and will implement a tightening development policy focusing on reducing R&D investment, optimizing organizational structure, and enhancing cash flow management [1][2]. Company Financials - In the first half of the year, the company's R&D expenses decreased by over 66% to 17.17 million yuan, and the number of R&D personnel was cut from 300 to 128 [3]. - The company has reported continuous net losses from 2020 to 2024, with cumulative losses exceeding 1.2 billion yuan over five and a half years [2]. Strategic Adjustments - Following the failed restructuring, the company plans to control R&D costs prudently, focusing resources on core projects, and streamline personnel to improve operational efficiency [3]. - The company aims to accelerate cash recovery and reduce operational funding pressure while controlling capital expenditures [3]. Market Outlook - Despite current challenges, the company remains optimistic about the long-term development of the hydrogen fuel cell industry, anticipating improvements in infrastructure and a rapid development of the hydrogen market [3]. - The company plans to expand its application scenarios for fuel cell systems, moving beyond public transport to include waste management, urban logistics, cold chain transport, and bulk goods [3].

（在中華人民共和國註冊成立的股份有限公司） （股份代號：2402） 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。 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 分析和展望。 張國強 中國，北京 2025年9月8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。 股票代码：688339 股票简称：亿华通 北京亿华通科技股份有限公司 投资者关系活动记录表 | | □特定对象调研□分析师会议 | | --- ...

Core Viewpoint - Yihuatong (688339.SH) announced the termination of the share issuance for asset acquisition and related fundraising due to a lack of consensus among transaction parties, prioritizing the long-term interests of the company and its investors [1] Group 1: Transaction Details - The company planned to acquire 100% equity of Danzhou Xuyang Hydrogen Energy Co., Ltd. through share issuance and raise supporting funds [1][2] - The transaction was expected to constitute a major asset restructuring as per the regulations but did not qualify as a restructuring listing [1] - The total amount of supporting funds was not to exceed 550 million yuan, with the number of shares issued not exceeding 30% of the total share capital before issuance [4] Group 2: Financial Performance - Yihuatong has reported continuous losses for five and a half years, with revenues from 2020 to the first half of 2025 showing a decline, and net profits remaining negative [5] - The company's revenue figures were 572.29 million yuan in 2020, 629.37 million yuan in 2021, 738.12 million yuan in 2022, 800.70 million yuan in 2023, 366.67 million yuan in 2024, and 71.93 million yuan in the first half of 2025 [5] Group 3: Shareholder Structure - Prior to the proposed transaction, Yihuatong's controlling shareholder was Zhang Guoqiang, and post-transaction, it was expected to change to Xuyang Group [3] - Xuyang Group is indirectly wholly owned by China Xuyang Group [3][4]

亿华通原计划收购旭阳集团（01907.HK）旗下旭阳氢能100%股权及资产，同时募集配套资金，向产业链上游延伸。 优化产业链布局对亿华通而言确有必要。长江商报记者发现，2020年至今的5年半，亿华通净利润持续亏损，累计亏损12.14亿元；扣非净利润更是连续亏 损6年半，2019年以来累计亏损14.22亿元。 不过，亿华通依然表示，从应用场景看，中国燃料电池汽车应用场景已由前期单一的公交领域商业化示范应用向多场景示范应用转变，同时也在船舶、热 电联供等新领域展开应用。 点击蓝字关注我们 长江商报记者 黄聪 业绩"断崖式"下滑之下，"氢能A+H第一股"亿华通（688339.SH、02402.HK）的重大资产重组也宣告折戟。 9月5日晚间，亿华通发布公告显示，公司董事会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，原因为"交易相关方未能就本次交易的 最终方案达成一致意见"。 旭阳集团表示，此次合作标志着双方在氢能产业的深度合作，将共同推动氢能业务的战略发展。 不过，旭阳氢能业绩并不理想，其2023年实现营业收入4.05亿元、净利润5903.3万元。到了2024年，旭阳氢能营业收入降至3.2亿元，净利润降 ...

Core Viewpoint - Yihuatong, known as the "first hydrogen energy A+H stock," has announced the termination of its major asset restructuring plan due to a lack of consensus among transaction parties, amidst significant financial losses [1][4]. Group 1: Company Performance - Yihuatong has experienced continuous net profit losses since 2020, accumulating a total loss of 1.214 billion yuan over five and a half years [1][8]. - The company's net profit has deteriorated from a profit of 63.92 million yuan in 2019 to a loss of 243 million yuan in 2023, with a cumulative loss of 1.422 billion yuan in non-recurring net profit since 2019 [7][8]. - In 2024, Yihuatong's revenue dropped by 54.21% to 367 million yuan, with a net loss of 456 million yuan and a non-recurring net loss of 543 million yuan [7][8]. - In the first half of 2025, Yihuatong reported a revenue of 71.93 million yuan, a year-on-year decline of 53.25%, and a net loss of 1.63 billion yuan, a decrease of 15.51% compared to the previous year [8]. Group 2: Industry Context - The hydrogen fuel cell vehicle application landscape in China is evolving from a single focus on buses to multiple application scenarios, including logistics, sanitation, and marine applications [1][8]. - Yihuatong's strategic move to acquire Xuyang Hydrogen Energy aimed to enhance its position in the hydrogen energy supply chain, but the deal has now been terminated [2][4]. - Xuyang Hydrogen Energy has also faced declining performance, with revenues falling from 405 million yuan in 2023 to 320 million yuan in 2024 [4].

Group 1 - The company announced the termination of the acquisition of 100% equity in Xuyang Hydrogen Energy due to a lack of consensus among transaction parties [3][4] - The termination of the acquisition is not expected to have a significant adverse impact on the company's production, operations, or financial status [3][4] - The company has faced significant operational pressure in recent years and aims to enhance its comprehensive strength through upstream and downstream integration [4] Group 2 - The company's financial performance has been declining, with a reported net profit of approximately -163 million yuan in the first half of the year, marking an increase in losses year-on-year [5][6] - Revenue for the first half of the year was approximately 71.93 million yuan, a decrease of 53.25% compared to the previous year [6] - The company has adopted a cautious marketing expansion strategy due to its current liquidity situation, leading to a reduction in product sales [6] Group 3 - The company has seen a continuous decline in net profit since its listing, with losses increasing from -225.24 million yuan in 2020 to an estimated -456 million yuan in 2024 [6] - Research and development expenses decreased by 66.01% year-on-year, primarily due to team optimization and reduced external collaborations [7] - The number of R&D personnel has decreased from 300 to 128 over the same period [7]