Core Insights - The fuel cell power generation industry in China is in its early commercialization stage, but its development potential is gradually becoming evident [1] - By 2030, the installed capacity of fuel cell power generation in China is expected to exceed 2000-2500 MW, with an annual compound growth rate of over 30% [1][14] Industry Overview - Fuel cell power stations convert chemical energy from fuels (like hydrogen and natural gas) into electrical energy through electrochemical reactions, achieving energy conversion efficiencies of 40%-60%, and up to 80% in combined heat and power (CHP) systems [2] - The industry has formed a complete ecosystem with innovative companies like Kunhua Technology, Aidemeng, and Qingneng Technology collaborating with listed companies and research institutions [1][16] Market Dynamics - The market size of China's hydrogen fuel cell industry grew from 1.63 billion yuan in 2019 to 3.93 billion yuan in 2023, with a compound annual growth rate of 24.61% [10] - In 2024, the industry is expected to experience explosive growth, with fuel cell heavy truck sales increasing by 80% year-on-year and the number of hydrogen refueling stations surpassing 550 [10] Technological Landscape - The fuel cell technology is categorized based on electrolyte type, operating temperature, and fuel applicability, including proton exchange membrane fuel cells (PEMFC), phosphoric acid fuel cells, molten carbonate fuel cells, and solid oxide fuel cells (SOFC) [3][5] - SOFCs have higher efficiency, reaching nearly 90% in CHP applications, and a broader range of fuel options, making them suitable for various applications [5] Competitive Landscape - The industry is characterized by a "leading enterprises, regional clustering, and diverse technologies" competitive structure, with major players like Dongfang Electric and Weichai Power leading in SOFC technology [19][21] - The collaboration between upstream material suppliers and downstream application developers is crucial for driving the commercialization of fuel cell power stations [8][19] Future Trends - The industry is transitioning from policy-driven to market-driven, with technological breakthroughs and cost reductions accelerating commercialization [23] - The application scenarios are expanding from demonstration projects to large-scale commercial use, with a projected 60% of installed capacity in CHP projects by 2030 [26] - The cost of green hydrogen production is decreasing, with projections of 25 yuan/kg in 2024 and potentially 15 yuan/kg by 2030, enhancing the competitiveness of hydrogen energy [27]

Investment Rating - The report maintains a "Buy" rating for the company [10][8]. Core Insights - In 2024, the company achieved revenue of 367 million yuan, a year-on-year decrease of 54.21%. The net profit attributable to the parent company was -456 million yuan, compared to -243 million yuan in the same period last year, indicating an expanded loss. For Q1 2025, revenue was 11 million yuan, down 19.92% year-on-year, with a net profit of -93 million yuan, slightly worse than -91 million yuan in the previous year [2][6]. - The industry is still in the early stages of commercialization, with intense competition leading to declines in volume, price, and profitability, which negatively impacts the company's performance. The company faces rigid expenses and credit impairment losses that further drag down profits [6][8]. - The company plans to issue new shares to acquire 100% of Dingzhou Xuyang Hydrogen Energy, with the controlling shareholder potentially changing to Xuyang Group. The total consideration for the asset purchase is yet to be evaluated, with a fundraising scale not exceeding 550 million yuan [6][8]. Financial Performance Summary - In 2024, the company’s total sales power was 98.8 MW, a decrease of 47.84% year-on-year, with a market share of 19.1%, the highest in the industry. The average selling price of the fuel cell system in 2024 was 2,760 yuan/kW, down 27.0% year-on-year. The overall gross margin for 2024 was 12.47%, a decline of 18.57 percentage points year-on-year, with the fuel cell system gross margin at 11.7%, down 21.19 percentage points [6][8]. - The company’s operating cash flow significantly improved in 2024, with a net cash flow from operating activities of -19 million yuan, a substantial improvement from -561 million yuan in 2023. The collection ratio was 101.48%, up 73.75 percentage points year-on-year [6][8]. - The company’s expense ratio for 2024 was 104.26%, an increase of 52.7 percentage points year-on-year, with management expenses rising significantly due to declining revenue [6][8].

证券代码：688339 证券简称：亿华通 公告编号：2025-025 北京亿华通科技股份有限公司 关于召开 2024 年度科创板电池行业集体业绩说明会 2025 年第一季度的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。 暨召开 2025 年第一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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 5 月 15 日(星期四)下午 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：上证路演中心网络互动 投资者可于 2025 年 5 月 8 日(星期四)至 5 月 14 日(星期三)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 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京億華通科技股份有限公司（「本公司」） 呈交日期: 2025年5月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 688339 | 說明 | | 於上海證券交易所科創板上市 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 195,787,119 | RMB | | 1 RMB | | 195,787,119 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 195,787,119 | RMB | | 1 RMB | | 195,787,119 | | 2. 股份 ...

2025 年 5 月 1 日 燃料电池系统销量阶段性承压，持续重视技术研发。 公司研究 在行业整体销量不及预期叠加公司在资金周转压力下采取审慎拓展的市场策略 因素影响下，2024 年公司燃料电池系统销量同比减少 60.95%至 742 套，营业 收入同比减少 61.94%至 2.73 亿元，毛利率则在燃料电池系统价格下降和成本 降幅趋缓的背景下同比减少 21.19 个 pct 至 11.70%。2024 年公司零部件收入 同比增长 14.60%至 0.35 亿元，毛利率同比增长 4.06 个 pct 至 16.67%，技术 开发及服务营业收入同比增长 15.34%至 0.25 亿元，毛利率同比增长 15.51 个 pct 至 21.33%。经营承压背景下公司持续重视技术研发，2024 年公司研发投入 同比减少 18.37%至 1.39 亿元，占营业收入的比例提升 16.68 个 pct 至 37.99%。 燃料电池系统销量阶段性承压，旭阳集团有望助力公司迎来新发展 2025Q1 公司营业收入和毛利率环比均有一定程度下滑，我们认为主要系行业季 节性波动带来的交付和收入确认因素影响。根据中汽协公布的数据，燃料电池 ...

Core Viewpoint - The company, Beijing Yihuatong Technology Co., Ltd., reported a net loss of 456.43 million yuan for the fiscal year 2024, which is an increase of 213.23 million yuan compared to the previous year, primarily due to the early-stage industrialization of the fuel cell industry and increased competition [2][6]. Group 1: Financial Performance - The company achieved a revenue of 366.67 million yuan in 2024, but still reported a net loss of 456.43 million yuan, indicating that it has not yet achieved profitability [6][12]. - The company has been facing challenges with negative operating cash flow, largely due to high accounts receivable and inventory levels, which consume significant working capital [3][12]. Group 2: Business Overview - The company specializes in the research, production, and industrial application of hydrogen fuel cell engine systems and core components, focusing on the hydrogen energy transportation sector [8][12]. - The main products include hydrogen fuel cell systems and related technical services, with applications in commercial vehicles such as buses and logistics vehicles [8][12]. Group 3: Industry Context - The hydrogen energy industry is still in its early commercialization phase, with a small overall market size, but it is recognized as a crucial part of global efforts to achieve carbon neutrality [11][12]. - The Chinese government has included hydrogen energy in its long-term economic and social development plans, emphasizing its strategic importance for energy structure improvement and low-carbon transition in transportation [11][12]. Group 4: Future Trends - The fuel cell vehicle market is expected to grow significantly, with projections indicating that by 2035, the number of fuel cell vehicles in China could reach around 1 million [15][12]. - The company is positioned to benefit from national policies promoting hydrogen energy and fuel cell vehicles, which are expected to stimulate technological advancements and infrastructure development in the sector [15][12].

Financial Performance - The company's operating revenue for the first quarter was ¥10,526,272.58, representing a decrease of 19.92% compared to the same period last year[7]. - The net profit attributable to shareholders was a loss of ¥93,008,005.78, compared to a loss of ¥91,204,404.13 in the previous year[7]. - The basic and diluted earnings per share were both -¥0.40, compared to -¥0.55 in the same period last year[7]. - Net loss for Q1 2025 was CNY 114,559,560.15, compared to a net loss of CNY 105,373,005.48 in Q1 2024, indicating a worsening of about 8.3%[28]. - The total comprehensive income for Q1 2025 was -114,559,560.15 CNY, compared to -105,373,005.48 CNY in Q1 2024, indicating a decline of approximately 8.3% year-over-year[30]. - The net loss attributable to the parent company for Q1 2025 was -93,008,005.78 CNY, slightly worse than the loss of -91,204,404.13 CNY in Q1 2024, reflecting a year-over-year increase in losses of about 1.97%[30]. Research and Development - Research and development expenses totaled ¥17,278,538.51, a significant decrease of 47.61% year-on-year, with R&D expenses accounting for 164.15% of operating revenue[7][11]. - Research and development expenses decreased to CNY 12,539,215.39 in Q1 2025 from CNY 23,397,306.09 in Q1 2024, a reduction of approximately 46.6%[27]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,505,389,738.70, down 5.72% from the previous year[7]. - The equity attributable to shareholders decreased by 3.62% to ¥2,468,384,271.64 compared to the end of the previous year[7]. - The total current assets amounted to ¥3,051,977,468.80, a decrease of approximately 6.87% from ¥3,276,729,037.21 on December 31, 2024[21]. - The total non-current assets decreased to ¥1,453,412,269.90 from ¥1,502,239,825.90, reflecting a decline of about 3.25%[22]. - Total liabilities as of March 31, 2025, were CNY 1,776,181,143.39, down from CNY 1,935,624,484.90 as of December 31, 2024[24]. - Non-current liabilities totaled CNY 175,869,251.93 as of March 31, 2025, compared to CNY 181,055,251.09 as of December 31, 2024, reflecting a decrease of about 2.1%[24]. Cash Flow - The net cash flow from operating activities was a negative ¥88,279,579.38, worsening from a negative ¥79,890,325.92 in the previous year[7]. - Cash inflows from operating activities in Q1 2025 totaled 57,174,288.95 CNY, down 36.1% from 89,453,879.93 CNY in Q1 2024[34]. - Cash outflows from operating activities in Q1 2025 were 145,453,868.33 CNY, a decrease of 14.1% compared to 169,344,205.85 CNY in Q1 2024[35]. - The net cash flow from investment activities for Q1 2025 was 9,360,090.53 CNY, a recovery from -22,967,355.31 CNY in Q1 2024[36]. - The net cash flow from financing activities for Q1 2025 was -113,142,351.27 CNY, contrasting with a positive net flow of 92,109,964.38 CNY in Q1 2024[36]. - The net increase in cash and cash equivalents for Q1 2025 was -192,473,340.95, compared to -10,231,328.35 in Q1 2024, indicating a significant decline[37]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,253[13]. - The top shareholder, Zhang Guoqiang, holds 15.73% of the shares, totaling 36,444,469 shares[15]. Future Plans - The company plans to acquire 100% of Xuyang Hydrogen Energy Co., Ltd. through a share issuance, with the total amount of matching funds not exceeding 100% of the asset purchase price[18]. - The number of shares issued for the acquisition will not exceed 30% of the company's total share capital prior to the issuance[18].

Financial Performance - The company reported a revenue of RMB 366.67 million for the fiscal year 2024, with a net loss attributable to shareholders of RMB 456.43 million, representing an increase in loss of RMB 213.23 million year-on-year [5]. - The net loss excluding non-recurring items was RMB 542.76 million, indicating that the company has not yet achieved profitability [5]. - The company's operating revenue for 2023 was RMB 36,667.14 million, a decrease of 54.21% compared to the previous year [32]. - The net profit attributable to shareholders was a loss of RMB 45,643.29 million, compared to a loss of RMB 24,320.37 million in 2022 [32]. - The company's cash flow from operating activities showed a net outflow of RMB -1,862.38 million, compared to a net outflow of RMB -56,063.82 million in the previous year [32]. - The company's total assets at the end of 2023 were RMB 477,896.89 million, a decrease of 3.37% from the previous year [32]. - The company reported a net loss attributable to shareholders of RMB 456.43 million, an increase in loss of RMB 213.23 million year-on-year [104]. - The gross margin for the company's main product, fuel cell systems, was 11.70%, a decrease of 21.19 percentage points compared to the previous year [108]. Operational Challenges - The company faces risks of continued operating losses, primarily due to the early-stage industrialization of the fuel cell industry and increased competition leading to reduced gross margins [6]. - Operating cash flow remains negative, largely due to high accounts receivable and inventory levels, which consume significant working capital [8]. - Future industry developments and competition levels are critical factors that could impact the company's ability to secure sufficient orders and achieve economies of scale [7]. - The company is exposed to supply chain risks due to the limited number of quality suppliers in the early development stage of the fuel cell vehicle industry [112]. - The company's products are subject to safety concerns due to the inherent risks associated with hydrogen, which may impact public perception and sales [109]. - The company anticipates that the competitive landscape in the fuel cell industry may lead to continued losses if market demand does not meet expectations [105]. - The company is at risk of losing market share and facing price declines if R&D outcomes do not meet expectations [106]. Research and Development - The company has invested RMB 200 million in R&D for new technologies in fuel cell applications [25]. - Research and development expenses accounted for 37.99% of operating revenue, an increase of 16.68 percentage points compared to the previous year [34]. - The company emphasizes ongoing R&D and technological innovation, focusing on improving the environmental adaptability, durability, and reliability of fuel cell systems [52]. - The company has achieved domestic mass production capabilities for fuel cell stacks and follows a procurement process that includes supplier development and management [58]. - The company has developed a high-efficiency fuel cell waste heat utilization technology to improve energy conversion efficiency [70]. - The company has achieved advancements in long-life fuel cell system control technology, ensuring operational longevity [69]. - A total of 126 new intellectual property rights were obtained during the reporting period, including 55 invention patents and 57 utility model patents [75]. Market Strategy and Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025 [25]. - The company is actively promoting the industrialization of fuel cell technology and market expansion despite facing challenges in the macroeconomic environment [51]. - The company continues to implement a "point-line-surface" development strategy, focusing on fuel cell vehicle deployment in major cities, with products already operational in cities like Beijing, Shanghai, and Chengdu [54]. - The company aims to optimize fuel cell systems and core components, improving performance in extreme weather, high temperature resistance, durability, reliability, energy conversion efficiency, safety, and cost-effectiveness [176]. - The company intends to strategically expand its customer base and regional coverage to increase market share, particularly in commercial heavy-duty applications [177]. - The company has established business relationships with several well-known suppliers of fuel cell system components and aims to deepen cooperation to ensure supply chain stability and improve product quality [179]. Financial Management - The board has proposed no cash dividends or stock bonuses for the fiscal year 2024, pending approval at the annual shareholders' meeting [10]. - The company emphasizes the importance of expanding financing channels to improve operating cash flow and mitigate risks of insufficient working capital [8]. - The company has established stable supply relationships with major domestic component suppliers, supporting its production capabilities [100]. - The company plans to enhance overall management and operational efficiency by building a high-quality professional talent team and optimizing organizational structure, aiming to reduce operating costs and strengthen competitive advantage for sustainable development [180]. Future Outlook - The company projects a revenue guidance of RMB 2 billion for the next fiscal year, reflecting an expected growth of 33% [25]. - The company aims to reduce production costs by 10% through enhanced manufacturing processes by the end of 2024 [25]. - The company plans to enhance research and development capabilities, focusing on optimizing low-temperature start performance and improving product reliability, durability, and integration, while establishing a comprehensive fuel cell testing and evaluation center [183]. - The company will strengthen strategic cooperation with upstream enterprises in the industrial chain, aiming for integrated development in hydrogen energy production, storage, transportation, and application scenarios [186].

北京亿华通科技股份有限公司 2024年度审计委员会履职情况报告 北京亿华通科技股份有限公司（以下简称"公司"）审计委员会根据《公司 法》《证券法》等相关规范性文件以及《公司章程》《董事会审计委员会议事规则》 的有关规定，本着勤勉尽责、恪尽职守的原则，认真履行了审计监督职责。 现将审计委员会 2024 年度履职情况汇报如下： 公司第三届董事会审计委员会由公司李志杰、纪雪洪、陈素权三名成员组成， 以上三名成员均为公司独立非执行董事，主任委员由会计专业人士李志杰先生担 任。审计委员会委员任职均符合中国证监会、上海证券交易所的相关规定及《公 司章程》公司《审计委员会议事规则》的规定。 报告期内，公司审计委员会合计召开了6次会议，全体委员均亲自出席了会 议，具体情况如下： | | | 《关于<审计委员会2023年度对会计师事务所 | | | --- | --- | --- | --- | | | | 履行监督职责情况报告>的议案》 | | | | | 《关于<2023年度内部控制评价报告>的议案》 | | | | | 《关于<2023年度募集资金存放与使用情况的 | | | | | 专项报告>的议案》 | | | | ...

证券代码：688339 证券简称：亿华通 公告编号：2025-022 北京亿华通科技股份有限公司 2024 年度募集资金存放与实际使用情况的专项报告 根据中国证券监督管理委员会于 2020 年 7 月 13 日出具的《关于同意北京亿 华通科技股份有限公司首次公开发行股票注册的批复》（证监许可[2020]1447 号）核准，公司获准首次向社会公众公开发行普通股（A 股）股票 1,763.05 万 股，每股面值 1 元，每股发行价人民币 76.65 元。募集资金总额 1,351,379,587.95 元，扣除发行费用 126,710,267.45 元，募集资金净额 1,224,669,320.50 元。 截止 2020 年 8 月 4 日，本公司上述发行募集的资金已全部到位，业经信永 中和会计师事务所（特殊普通合伙）以"XYZH/2020BJA90594 号"验资报告验证 确认。 截止 2024 年 12 月 31 日，公 司对 募集 资金 承诺 投资项目 累计 投 入 807,744,894.62 元，其中：2020 年度使用募集资金 457,717,330.91 元，2021 年度使用募集资金 257,467 ...