Group 1: Company Overview - The company was established on January 7, 2005, and listed on the Shenzhen Stock Exchange on June 11, 2015 (stock code: 300471) as a provider of clean energy refueling equipment solutions [2]. - The company has expanded its business to include R&D, production, and integration of natural gas/hydrogen refueling equipment, as well as core components for clean energy and aerospace sectors [2][3]. Group 2: Financial Performance - In the first half of 2025, the gross profit margin for the aerospace components manufacturing segment increased by 8.26% compared to the same period last year [3]. - The company achieved a positive net profit excluding non-recurring items in the first half of 2025, despite a net loss attributable to shareholders due to litigation-related provisions [3]. Group 3: Hydrogen Energy Business - The company has been actively involved in the hydrogen energy sector since 2013 and is recognized as a domestic solution provider for box-type hydrogen refueling stations [3][4]. - The State Council's "Green and Low-Carbon Development Action Plan for Manufacturing (2025-2027)" aims for large-scale hydrogen applications in metallurgy and chemical industries by 2027 [3]. - The company believes that hydrogen energy has significant application value in specific scenarios such as heavy-duty trucks and logistics industrial parks [3]. Group 4: Competitive Advantages and Market Strategy - The company possesses a comprehensive capability in the hydrogen energy sector, covering the entire industry chain from design to key component R&D, production, and installation [3][4]. - The company is optimistic about the hydrogen energy market despite current profitability challenges, viewing it as a high-potential clean energy source [4]. - The company has established international sales networks and is actively promoting its products in markets such as Germany, the Netherlands, France, South Korea, and Malaysia [4].

Core Viewpoint - The article highlights the successful export of high-performance mobile metal hydride hydrogen storage bottles by Hupu International, a subsidiary of Hupu Co., to Brazil, marking the entry of solid-state hydrogen storage products into the South American market [2][16]. Group 1: Product Features - The mobile metal hydride hydrogen storage bottles are characterized by their lightweight, high safety, and compact design, making them easy to carry. They utilize AB2-type hydrogen storage alloy materials, allowing efficient hydrogen absorption and release under normal temperature and low pressure conditions. The products boast high hydrogen storage density, high purity of released hydrogen, no leakage, and excellent safety [6][9]. - The accompanying simple hydrogen charging equipment is flexible and plug-and-play, significantly lowering the barriers to hydrogen energy usage, facilitating practical and scalable applications of hydrogen energy [6][9]. Group 2: Market Applications - The hydrogen storage bottles are suitable for various applications powered by low-power hydrogen fuel cells, including electric vehicles, e-bikes, tricycles, forklifts, and portable outdoor power sources. They enable zero-emission and long-range green travel in light transportation, provide stable power sources for electric forklifts, and support various electronic devices in outdoor activities and emergencies [9][10]. Group 3: Validation and Projects - The mobile metal hydride hydrogen storage bottles have been validated in China, having been successfully used in over a thousand hydrogen-powered shared e-bikes across multiple locations, demonstrating excellent performance in diverse environments [11][12]. - Hupu Co. and Chengdu Jihydrogen have participated in several hydrogen energy demonstration projects in China, including the first solid-state hydrogen power generation project connected to the grid, achieving international recognition for key technologies in hydrogen storage and energy systems [12][15]. Group 4: Strategic Significance - The successful export of solid-state hydrogen storage products to Brazil showcases Hupu Group's industrial synergy advantages. Leveraging Hupu International's established global market channels and Chengdu Jihydrogen's leading product development capabilities, this achievement not only signifies international recognition of Hupu's efficient and safe hydrogen storage solutions but also provides a "Chinese solution" for Brazil's low-carbon transition in multiple scenarios, contributing to global carbon neutrality goals [16].

Group 1 - The core point of the article is that the company, Houp, through its subsidiary Houp International, has successfully exported high-performance mobile metal hydride hydrogen storage bottles and accompanying simple hydrogen charging equipment to Brazil, marking the entry of its solid-state hydrogen storage products into the South American market [1]

Core Viewpoint - The company held an online investor meeting to discuss its performance and future strategies, focusing on clean energy and hydrogen storage applications [1][2]. Group 1: Company Performance and Strategy - The company successfully applied solid-state hydrogen storage products in hydrogen two-wheelers, although specific pricing details were not disclosed [2]. - The company has established a comprehensive industrial chain in the natural gas vehicle sector, covering design, core component R&D, production, equipment integration, station construction, and after-sales service [2]. - The company aims to expand its clean energy business, including natural gas and hydrogen, while optimizing production efficiency and product quality [2]. Group 2: Technology and Innovation - The company has developed a dynamic knowledge graph for the CNG/LNG/hydrogen sectors, integrating data resources for self-evolving capabilities [2]. - The company is testing an AI initiative to create a knowledge matrix covering energy production, storage, transportation, and usage, aimed at reducing consulting costs and fostering an open industrial ecosystem [2]. Group 3: Legal and Financial Matters - The company is involved in ongoing litigation regarding the Lingstone project, with an appeal filed against the first-instance judgment, awaiting the second-instance court's decision [2]. - The company plans to address its financial needs through a public offering approved by the regulatory authority, which is currently progressing as scheduled [2].

Group 1: Business Operations and Market Position - The company has established a comprehensive industrial chain in the natural gas vehicle sector, covering design, core component R&D, production, equipment integration, station construction, and after-sales service [1] - The company has been actively involved in the hydrogen energy sector since 2013, developing solutions for hydrogen refueling [1][3] - The company is participating in multiple hydrogen production and storage projects, leveraging PEM hydrogen production technology for efficient hydrogen preparation [4] Group 2: Financial Performance and Challenges - The company reported a significant increase in revenue driven by rising demand for natural gas, supported by national industrial policies and a decline in natural gas prices [3] - The company is currently facing litigation related to the Lingstone project, with the first-instance judgment issued and an appeal filed, creating uncertainty regarding future financial impacts [4][5] - The company has experienced three consecutive years of losses, leading to a decline in stock price and market recognition [5] Group 3: Future Strategies and Investor Relations - The company aims to enhance its profitability and market value through quality improvement, cost reduction, and expansion into overseas markets [5] - The company is committed to transparent communication with investors, providing regular updates on strategic planning and business progress [5] - The company is in the process of a private placement approved by the China Securities Regulatory Commission, with ongoing efforts to address funding gaps [5]

本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 为进一步加强与投资者的互动交流，厚普清洁能源(集团)股份有限公司（以下简称"公 司"）将参加由四川省上市公司协会、深圳市全景网络有限公司联合举办的"四川辖区2025 年投资者网上集体接待日及半年度报告业绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" （https://rs.p5w.net）参与本次互动交流，活动时间为2025年9月12日（周五）14:00- 17:00。届时公司高管将在线就公司2024年度及2025年半年度业绩、公司治理、发展战略、 经营状况、融资计划和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 大投资者踊跃参与！ 证券代码：300471 证券简称：厚普股份 公告编号：2025- 054 厚普清洁能源（集团）股份有限公司 关于参加四川辖区 2025 年投资者网上集体接待日及半年度报 告业绩说明会活动的公告 特此公告。 厚普清洁能源（集团）股份有限公司 董事会 二零二五年九月八日 1 ...

Core Insights - The stock of Hupu Co., Ltd. experienced a slight decline of 0.09% on August 28, with a trading volume of 147 million yuan [1] - The company reported a significant year-on-year revenue growth of 97.59% for the first half of 2025, reaching 392 million yuan, while the net profit attributable to shareholders was -19.84 million yuan, reflecting a 0.88% increase [2] Financing and Trading Activity - On August 28, Hupu Co., Ltd. had a financing buy-in amount of 11.58 million yuan and a financing repayment of 12.61 million yuan, resulting in a net financing outflow of 1.03 million yuan [1] - The total financing and securities balance for Hupu Co., Ltd. as of August 28 was 214 million yuan, accounting for 4.74% of its market capitalization, which is above the 60th percentile level over the past year [1] - The company had a securities lending activity on August 28, with 100 shares sold and a total lending balance of 1,119 yuan, also exceeding the 60th percentile level over the past year [1] Company Overview - Hupu Co., Ltd. was established on January 7, 2005, and went public on June 11, 2015. The company specializes in the development, production, and integration of equipment related to natural gas and hydrogen refueling, as well as smart IoT information platforms [2] - The main business revenue composition includes 85.04% from specialized equipment manufacturing, 5.99% from aviation parts manufacturing, 5.27% from engineering and design, and 3.71% from other sources [2] - As of June 30, the number of shareholders increased to 32,400, with an average of 11,296 circulating shares per person, a decrease of 3.26% from the previous period [2] Dividend Information - Since its A-share listing, Hupu Co., Ltd. has distributed a total of 149 million yuan in dividends, with no dividends paid in the last three years [3]

Core Viewpoint - The financial performance of Houpu Co., Ltd. (300471) shows significant growth in revenue, but the company continues to report net losses, indicating a mixed financial outlook for the future [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 reached 392 million yuan, a year-on-year increase of 97.59% [1]. - The net profit attributable to shareholders was -19.84 million yuan, a slight improvement of 0.88% compared to the previous year [1]. - In Q2 2025, total revenue was 251 million yuan, up 68.8% year-on-year, while the net profit attributable to shareholders was -26.18 million yuan, a decline of 3250.2% [1]. - Gross margin increased by 3.49% year-on-year to 33.55%, while net margin improved by 62.44% to -4.65% [1]. - Total expenses (selling, administrative, and financial) amounted to 82.82 million yuan, accounting for 21.12% of revenue, a decrease of 37.74% year-on-year [1]. Cash Flow and Debt Management - Operating cash flow per share improved significantly to 0.12 yuan, a year-on-year increase of 217.46% [1]. - The company reported a 155.71% increase in short-term borrowings due to cash flow management strategies [4]. - Long-term borrowings also increased as part of the cash flow management strategy [4]. Asset and Investment Changes - Fixed assets increased by 18.93% due to the hydrogen energy industrial park reaching its intended use status [3][4]. - Construction in progress decreased by 83.52%, also attributed to the hydrogen energy industrial park reaching its intended use status [4]. Market and Operational Insights - The significant revenue growth is attributed to strong support from national industrial policies and a decline in natural gas prices, leading to increased market demand [4]. - Operating costs rose by 83.63% in line with revenue growth [4]. - Sales expenses increased by 73.01% due to higher market expansion costs related to international business [4]. Historical Performance Context - The company's historical return on invested capital (ROIC) has been generally low, with a median ROIC of 1.99% since its listing [5]. - The company has reported losses in five out of nine annual reports since its IPO, indicating a challenging financial history [5].

Core Insights - The company reported a significant increase in revenue for the first half of 2025, achieving 392 million yuan, a year-on-year growth of 97.59% [1] - The net profit attributable to shareholders showed a loss of 19.84 million yuan, although this represented an improvement compared to the previous year [1] - The company turned a profit in its non-recurring net profit, reporting 34.66 million yuan, marking a turnaround from losses in the previous year [1] Group 1: Business Performance - The company benefits from the national "dual carbon" strategy, leading to increased demand in the natural gas equipment market [1] - The penetration rate of LNG heavy trucks reached a historical peak during the reporting period, contributing to revenue growth in the equipment business [1] - The accelerated "old-to-new" transformation in inland shipping has significantly boosted the company's natural gas marine business [1] Group 2: Profitability and Margins - The gross margin for the traditional "specialized equipment manufacturing" segment improved to 35.04% during the reporting period [2] - The expansion of revenue scale and optimization of profit efficiency created a positive feedback loop, significantly enhancing the company's profit levels [2] Group 3: Hydrogen Energy Initiatives - The company has actively developed hydrogen-related businesses through independent research and development and collaborations, achieving capabilities in high-density, large-scale electrolysis for hydrogen production [2] - The company has engaged in multiple national and provincial-level research demonstration projects for emerging solid-state hydrogen storage technology, leading to commercial sales [2] - In the first half of 2025, the company provided a 70MPa ultra-high-pressure integrated hydrogen refueling device for hydrogen-powered aircraft and successfully delivered the first 220kW high-safety solid-state hydrogen fuel cell emergency power generation system in Southwest China [2]

Core Viewpoint - The company, Houpu Co., Ltd., reported a significant increase in revenue and improvements in its core business profitability, despite a net loss due to a one-time provision related to a lawsuit [1][2] Group 1: Financial Performance - The company achieved an operating revenue of 392 million yuan, a year-on-year increase of 97.59% [1] - The net profit was negative due to a one-time provision of 60.93 million yuan related to a lawsuit, resulting in a net loss of 19.84 million yuan [2] - The adjusted net profit, excluding non-recurring items, was 34.66 million yuan, reflecting a year-on-year increase of 231.70% [1] Group 2: Business Operations - The company operates as a provider of comprehensive solutions for clean energy equipment, covering various fields including hydrogen energy, natural gas, and marine applications [1] - The company capitalized on market opportunities arising from the "dual carbon" policy, leading to a historical high in LNG heavy truck penetration and a rapid increase in demand for refueling equipment [1] - The company reported sufficient orders on hand, indicating stable and positive business development [1] Group 3: Profitability and Margins - The gross margin for the specialized equipment manufacturing segment reached 35.04%, an increase of 5.84 percentage points compared to the same period last year [2] - The operating profit improved, reducing losses by 28.60% year-on-year, achieving an operating profit of 43.26 million yuan [2] Group 4: Future Outlook - The company plans to continue focusing on its core capabilities in clean energy equipment and overall solutions, with an emphasis on hydrogen and natural gas sectors [2] - The company aims to accelerate its internationalization strategy and is expected to benefit from ongoing energy structure transformation and management optimization [2]