Core Viewpoint - The article highlights significant international advancements in the fuel cell sector, showcasing the successful entry of Chinese companies into global markets, specifically through the achievements of Yihua Tong in Australia and Weishi Energy in Brazil [3][5]. Group 1: Yihua Tong's Breakthrough in Australia - Yihua Tong has successfully exported its 240kW hydrogen fuel cell engine (G20+) to Australia, marking a significant milestone for Chinese hydrogen energy heavy trucks [3]. - The hydrogen fuel cell heavy trucks have a maximum range of 500 kilometers and demonstrate industry-leading hydrogen consumption levels, meeting or exceeding local requirements in terms of environmental performance, durability, and overall system safety [3]. Group 2: Weishi Energy's Delivery in Brazil - Weishi Energy has delivered the first domestically produced mobile hydrogen power generation unit for maritime use to Brazil, developed in collaboration with Haida Qingneng for NAUTICA [5]. - This mobile hydrogen power generation unit is designed for a 36-meter research vessel and incorporates advanced hydrogen fuel cell technology, modular hydrogen management technology, and specialized hydrogen safety technology for ships [5].

Core Viewpoint - The fuel cell vehicle market in China is struggling with low sales and high competition, leading to significant financial losses for many companies in the sector [2][4][8]. Industry Overview - In 2024, the sales of fuel cell vehicles in China were only 7,075 units, far below the millions of electric vehicles sold annually, indicating a weak market demand [2][18]. - By mid-2025, the total number of fuel cell vehicles in China reached 30,212, but this still fell short of the target of 50,000 set by the national hydrogen energy development plan [3][18]. - The market is characterized by a high number of suppliers (96 in 2024), but over 80% of them sold fewer than 100 units, leading to intense competition and financial strain across the industry [7][8]. Financial Performance - Leading companies like Yihuatong and Reshape Energy reported significant revenue declines and increased losses in 2024, with Yihuatong's revenue dropping by 54.21% and net profit falling by 87.68% [10][12]. - Reshape Energy's revenue for the first half of 2025 was approximately 107 million RMB, a decrease of about 9.9% compared to the same period in 2024, with a negative gross profit indicating unsustainable operations [14][18]. Market Dynamics - The fuel cell vehicle market is highly fragmented, with sales concentrated in a few cities and lacking large-scale, stable orders, which hampers production efficiency and cost reduction [19][20]. - The industry faces a "chicken or egg" dilemma, where the lack of hydrogen refueling infrastructure (only about 500 stations by the end of 2024) limits vehicle sales, while low sales further discourage infrastructure investment [23][24]. Policy and Future Outlook - 2025 marks the end of the current fuel cell vehicle subsidy policies, shifting the focus from government-driven incentives to market-driven growth, which introduces uncertainty for companies reliant on subsidies [15][32]. - Companies are urged to innovate and diversify their business models, moving beyond just vehicle sales to include hydrogen production and broader applications in various sectors [35][36][37]. Strategic Responses - Leading firms are exploring vertical integration by acquiring upstream hydrogen production capabilities and expanding into non-automotive applications to mitigate risks associated with the automotive market [36][40]. - The shift towards a comprehensive hydrogen energy solution provider model is seen as a necessary strategy for long-term sustainability and growth in the industry [38][43].

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。 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 （在中華人民共和國註冊成立的股份有限公司） （股份代號：2402） 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。 張國強 中國，北京 2025年8月22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。 证券代码：688339 证券简称：亿华通 公告编号：2025-042 北京亿华通科技股份有限公司 关于参加 2025 年半年度科创板新能源行业集体业绩 说明 ...

Core Insights - The overall activity level of the A-share merger and acquisition market in China has slightly decreased, characterized by high frequency, diverse participants, and broad sectors [1] - A total of 80 merger and acquisition events were disclosed during the period, with a total transaction amount of 601.88 billion RMB, showing a significant increase in both the number and value of major M&A events compared to the previous period [2] - The real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts sectors are particularly active in M&A activities [2][3] - Private enterprises and local state-owned enterprises are actively engaging in horizontal integration and strategic cooperation, indicating diverse motivations for mergers and acquisitions [1][2] - The M&A market is expected to further release integration and value reconstruction potential, supported by regulatory policy optimization, economic recovery, policy encouragement, and capital market reforms [1] M&A Market Overview - The number of major M&A events in the A-share market increased by 60% compared to the previous period, with a total disclosed transaction amount of 601.88 billion RMB, representing a 187.97% increase [2] - Key sectors for M&A activities include real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts [2] - The market is entering a new phase characterized by "efficiency improvement + structural optimization," driven by policy and proactive corporate adjustments [2] Listed Companies' M&A Plans - A total of 44 listed companies announced or planned M&A activities, with an average stock price fluctuation of 7.53% over two weeks [2] - 22 companies made significant progress after announcing M&A plans, with an average stock price fluctuation of 3.76% [2] - The number of major restructuring events increased by 60% compared to the previous period, with research enthusiasm rising by 11.54% [2] Companies with Significant Progress - Companies such as Yunnan Cheng Investment and AnYuan Coal Industry have made notable advancements in their M&A plans, with various strategic objectives including asset adjustments and diversification [10][11] - The progress of these companies reflects a broader trend of active restructuring and strategic realignment within the A-share market [10][11] Market Sentiment and Performance - The restructuring index showed a fluctuation of 5.10% over the two-week period, indicating a positive sentiment in the M&A market [12] - The average price-to-earnings (PE) ratios and market values of companies involved in M&A activities vary significantly, reflecting diverse market conditions and investor sentiments [7][8]

天眼查工商信息显示，近日，福田卡文汽车关联公司北京卡文新能源汽车有限公司发生工商变更，新增 安鹏绿色（北京）能源产业投资基金（有限合伙）、武汉博原丰成创业投资合伙企业（有限合伙）、北 京市绿色能源和低碳产业投资基金（有限合伙）等为股东，注册资本由5亿人民币增至约13.06亿人民 币，增幅约161%，同时，部分主要人员也发生变更。该公司成立于2022年10月，法定代表人为常瑞， 经营范围含道路机动车辆生产、新能源汽车整车销售、汽车销售、汽车零部件研发、汽车零部件及配件 制造、汽车零配件零售等。股东信息显示，该公司由亿华通（688339）、上海博原嘉成创业投资合伙企 业（有限合伙）、深圳市福源智慧投资合伙企业（有限合伙）及上述新增股东等共同持股。 ...

会议召开时间：2025 年 09 月 03 日（星期三）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：上证路演中心网络文字互动 证券代码：688339 证券简称：亿华通 公告编号：2025-042 北京亿华通科技股份有限公司 关于参加 2025 年半年度科创板新能源行业集体业绩 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： 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。 二、 说明会召开的时间、地点 (一)会议召开时间：2025 年 09 月 03 日（星期三）15:00-17:00 投资者可于 2025 年 08 月 27 日（星期三）至 09 月 02 日（星期二）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 ...

Group 1: Strategic Collaborations - SAIC-GM and Momenta have signed a strategic cooperation agreement to deepen collaboration in the field of assisted driving, with Buick's high-end electric sub-brand "Zhijing" set to feature the Momenta R6 flywheel model based on reinforcement learning [1] - Yihuatong and Pengfei Group have entered into a strategic cooperation agreement to focus on the research and large-scale application of hydrogen fuel cell technology, aiming to establish Luliang as a national manufacturing base for hydrogen energy heavy trucks [4] Group 2: Industry Positioning and Market Sentiment - BYD's senior executive reiterated the company's commitment to avoid negative competition with peers, emphasizing the importance of healthy competition for industry progress, which may enhance the company's image among consumers and investors [2] - Dongfeng Group's plan to transfer 50% of its stake in Dongfeng Honda Engine Company reflects a strategic shift towards optimizing its fuel vehicle asset structure and accelerating its transition to new energy, potentially strengthening market confidence in the automotive sector's electrification efforts [3]

Core Viewpoint - The collaboration between Pengfei Group and Yihuatong marks a significant step towards commercializing the hydrogen energy industry in Shanxi, aiming to establish Luliang as a national manufacturing base for hydrogen energy heavy trucks [1][10]. Group 1: Pengfei Group's Hydrogen Energy Strategy - Pengfei Group, founded in 1993, has diversified into various sectors including coal mining, modern coal chemical industry, and hydrogen energy equipment manufacturing, with a total investment of 78 billion yuan in the Pengwan Hydrogen Port industrial park [3][6]. - The industrial park aims to develop a complete hydrogen energy value chain, including hydrogen production, storage, transportation, and downstream applications, with a projected annual output value of 180 billion yuan upon completion [3][5]. - Luliang, where Pengfei Group is based, is leveraging its unique resources to build a complete "coal-coke-chemical-electricity-hydrogen" industrial ecosystem, targeting a hydrogen production capacity of 500,000 tons by 2030 [5][6]. Group 2: Yihuatong's Role in the Hydrogen Industry - Yihuatong, known as the "first stock of hydrogen energy," has been a pioneer in the hydrogen fuel cell sector, achieving significant milestones including being the first to list on both A-share and H-share markets [6][7]. - The company plans to enhance its competitiveness in the hydrogen energy supply chain through its collaboration with Pengfei Group, focusing on large-scale terminal applications [8][9]. - Yihuatong's recent acquisition of Xuyang Hydrogen Energy is expected to strengthen its position in the hydrogen market, as it integrates various elements of the hydrogen supply chain [7][8]. Group 3: Industry Trends and Future Prospects - The hydrogen energy sector in China is projected to reach a market value of 1 trillion yuan by 2025, with companies like Pengfei Group, Yihuatong, and Meijin Energy intensifying their efforts to capture market share [10]. - Meijin Energy, a major player in the hydrogen fuel cell heavy truck market, is also planning to list on the Hong Kong Stock Exchange, which would enhance its global strategy and competitive edge [9][10]. - The collaboration between these companies is expected to reshape the hydrogen energy landscape, moving from isolated segments to a comprehensive industrial ecosystem [8].

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。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：2402） 董事會召開日期 北 京 億 華 通 科 技 股 份 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）謹 此 宣 佈，本 公 司 將 於 2025 年 8 月 28 日（星 期 四）舉 行 董 事 會 會 議，其 中 議 程 包 括 審 議 及 批 准 本 公 司 及 其 附 屬 公 司 截 至 2025 年 6 月 30 日 止 六 個 月 之 中 期 業 績 及 其 刊 發。 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 北京億華通科技股份有限公司 董事長 張國強 中 國，北 京 於 本 公 告 日 期，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 ...

北京億華通科技股份有限公司 董事長 （股份代號：2402） 董事會召開日期 北 京 億 華 通 科 技 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 公 司 將 於2025年8月28日（星 期 四）舉 行 董 事 會 會 議，其 中 議 程 包 括 審 議 及 批 准 本 公 司 及 其附屬公司截至2025年6月30日止六個月之中期業績及其刊發。 承董事會命 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。 （在中華人民共和國註冊成立的股份有限公司） 張國強 中國，北京 2025年8月18日 於本公告日期，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。 ...