格隆汇8月26日｜蜀道装备公告，2025年上半年营业收入2.05亿元，同比增长35.24%；净利润1015.13万 元，同比增长5972.30%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Financial Performance - The company's operating revenue for the first half of 2025 was CNY 204,960,715.43, representing a 35.24% increase compared to CNY 151,549,179.71 in the same period last year[21]. - The net profit attributable to shareholders was CNY 10,151,348.77, a significant increase of 5,972.30% from CNY 167,174.61 in the previous year[21]. - The basic earnings per share rose to CNY 0.0442, up 4,320.00% from CNY 0.0010 in the same period last year[21]. - The company reported a net cash flow from operating activities of CNY -94,731,311.28, contrasting with CNY 59,263,160.56 in the same period last year[21]. - The company's operating costs increased by 31.88% to ¥148,064,982.90, primarily due to the corresponding increase in costs associated with the rise in revenue[53]. - The company's total operating revenue for the reporting period was ¥204,960,715.43, representing a year-on-year increase of 35.24% due to the completion of projects that met revenue recognition conditions[53]. - The company's net profit for the first half of 2025 was ¥9,932,480.77, a substantial increase from ¥192,046.60 in the first half of 2024, indicating strong financial performance[143]. - The total operating costs for the first half of 2025 were ¥199,966,109.04, an increase from ¥171,105,649.46 in the first half of 2024, suggesting rising operational expenses[142]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,032,171,933.65, a decrease of 3.27% from CNY 2,100,830,514.65 at the end of the previous year[21]. - The company's total liabilities decreased to ¥839,437,648.14 in the first half of 2025 from ¥976,798,367.41 in the first half of 2024, showing improved financial health[142]. - The company's total liabilities decreased from ¥981,063,300.30 to ¥914,133,798.57, a decline of about 6.8%[136]. - The company's cash and cash equivalents increased by 235.90% to ¥112,053,902.04, primarily due to increased cash inflows from investment activities[53]. - The company's total equity decreased slightly from ¥1,119,767,214.35 to ¥1,118,038,135.08, a decrease of about 0.15%[136]. - The company's total equity at the end of the period is RMB 1,021,966,455, an increase of RMB 22,431,869.24 compared to the beginning of the period[169]. Research and Development - The company invested 11.12 million yuan in R&D during the reporting period, focusing on projects such as high-efficiency low-temperature expansion machines and LNG skids[45]. - Research and development expenses decreased by 22.94% to ¥11,120,151.26, indicating a reduction in investment in R&D activities[53]. - Research and development expenses for the first half of 2025 were ¥11,120,151.26, down from ¥14,431,164.20 in the first half of 2024, indicating a potential shift in investment strategy[142]. Market Position and Operations - The company holds a leading market share in LNG equipment domestically and has made significant technological advancements, including the development of the first domestic LNG liquefaction unit[33]. - The company is actively expanding its gas investment operations and clean energy operations, producing and selling industrial gases, specialty gases, rare gases, and LNG[35]. - The company aims to enter the top tier of the national hydrogen energy industry by 2027, with plans to promote over 4,000 hydrogen vehicles and establish more than 40 hydrogen refueling stations[30]. - The company has developed a comprehensive range of products, including LNG liquefaction units, air separation units, and hydrogen refueling stations, leveraging its deep-cooling technology[34]. - The company is positioned to benefit from the ongoing growth in the industrial gas market, particularly in the electronic specialty gas sector, driven by demand from key industries[29]. Shareholder and Equity Information - The total number of shares before the changes was 165,375,993, which decreased to 163,970,793 after the repurchase and cancellation of 1,405,200 restricted shares[116]. - The company distributed a cash dividend of RMB 0.50 per 10 shares and increased capital by 4 shares for every 10 shares held, resulting in a total share capital increase to 229,559,110 shares[117]. - The total number of shares held by the top 10 shareholders is 92,000,000 shares, accounting for a significant portion of the company's equity[125]. - The largest shareholder, Shudao Transportation Service Group Co., Ltd., holds 29.35% of shares, totaling 67,386,985 shares[124]. - The company’s total restricted shares at the end of the period were 22,831,906, reflecting changes due to the repurchase and the 2024 profit distribution[121]. Corporate Governance and Compliance - The company maintained a 100% product quality pass rate and was recognized as an "Environmental Integrity Enterprise" during the reporting period[47]. - The company actively participated in the formulation of industry standards, including the "Technical Specifications for Liquid Hydrogen Supply Systems for Fuel Cell Vehicles," which was officially implemented in July[46]. - The company has established a comprehensive employee rights protection system, including social security benefits and a safety management system[82]. - The company held two shareholder meetings during the reporting period, ensuring equal voting rights for all shareholders, especially minority shareholders[81]. Community Engagement and ESG - The company disclosed its first ESG report, achieving an A-level rating and ranking 23rd among 561 peers in the industry[85]. - The company initiated a photovoltaic oxygen supply project in Aba County, enhancing local tourism and health services at an altitude of 3,300 meters[85]. - The company organized various community support activities, including participation in safety production month events[85]. - The company engaged in "purchase instead of donation" activities to support rural revitalization in key areas like Aba County and Mabi County[85].

天眼查商业履历信息显示，四川蜀道装备科技股份有限公司，成立于2008年，位于成都市，是一家以从 事通用设备制造业为主的企业。企业注册资本16069.1993万人民币，实缴资本6000万人民币。公司法定 代表人为胡圣厦。 通过天眼查大数据分析，四川蜀道装备科技股份有限公司共对外投资了13家企业，参与招投标项目177 次，知识产权方面有商标信息7条，专利信息132条，此外企业还拥有行政许可130个。 金融界消息 截至2025年8月19日收盘，蜀道装备（300540）报收于17.86元，下跌0.83%，换手率2.8%， 成交量5.69万手，成交金额1.01亿元。 资金流向方面，今日主力资金净流出1523.11万元，占比成交额15.01%。其中，超大单净流出252.20万 元、占成交额2.49%，大单净流出1270.91万元、占成交额12.53%，中单净流出流入772.00万元、占成交 额7.61%，小单净流入751.11万元、占成交额7.4%。 蜀道装备最新一期业绩显示，截至2025一季报，公司营业总收入5145.98万元、同比增长28.10%，归属 净利润65.59万元，同比减少116.57%，扣非净利润155. ...

一、行情 8月15日，SOFC（固体氧化物电池）概念股迎来反弹。佛燃能源涨停，壹石通盘中涨超10%，三环集团、大洋电机、雄韬股份、蜀道装备、凯中精密小幅跟 涨。 二、事件：海外龙头企业订单落地，推动行业站上风口 1）7月24日，美国SOFC龙头企业Bloom Energy宣布与甲骨文公司开展合作，将为其在美国的部分数据中心部署现场燃料电池系统，并承诺在90天内为甲骨 文的第一个数据中心供电。 7月30日，Bloom Energy公布25Q2业绩，二季度公司实现收入4.0亿美元，同比增长20%，毛利率28.2%，同比增长6.5%，净利润-4219万美元，同比减亏 31%。 当地时间8月14日，Bloom Energy收涨2.34%，创下收盘价历史新高，近16个交易日累计涨幅超67%。 2）新加坡首个氢能数据中心采用SOFC燃料电池技术，该项目整合了100%可再生能源、基于固体氧化物燃料电池（SOFC）的氢发电技术以及尖端的混合冷 却技术。（氢能源与燃料电池） 三、机构解读 1）SOFC具有能源转化效率高、燃料适应性广等优势，在长时储能场景、分布式离网供电及热电联供市场领域有着广泛应用，在各类数据中心、移动终端 ...

Group 1 - Shudao Equipment announced the establishment of Shudao Toyota Hydrogen Energy Technology (Sichuan) Co., Ltd. with a registered capital of 236 million yuan, where Toyota holds 50%, Shudao Equipment holds 45%, and Shudao Group holds 5% [1] - This marks Toyota's significant move in the Chinese hydrogen energy market following its partnership with Yihuatong to establish Huafeng Fuel Cell Company [1] - The fuel cell production line project has completed site selection and overall design in Qingbaijiang District, with construction progressing smoothly, expected to be operational by Q4 2025 [1] Group 2 - The Sichuan government has released a long-term development plan for the hydrogen industry, aiming to promote over 4,000 hydrogen fuel cell vehicles by 2027 [1] - The construction of the Chengyu Hydrogen Corridor provides ample application scenarios for hydrogen fuel cell heavy trucks, which are particularly suitable for drones and other weight-sensitive aircraft due to their high energy density and long range [1] - The new company will leverage the Toyota Production System (TPS) to create a localized production system and deepen cooperation in the production, sales, and commercialization of hydrogen fuel cells [2]

Group 1 - The establishment of Shudao Toyota Hydrogen Energy Technology (Sichuan) Co., Ltd. has been reported, with a registered capital of 236 million yuan [1] - The company is co-owned by Shudao Equipment, Shudao Investment Group, and Toyota Motor Corporation [1] - The business scope includes technology services, battery manufacturing and sales, electric vehicle charging infrastructure operation, and various consulting and maintenance services [1] Group 2 - The legal representative of the new company is Hu Shengxia [1] - The company is involved in a wide range of activities, including import and export of goods and technology, software development, and enterprise management consulting [1] - The company operates under the principle of conducting business activities independently as per its business license, except for projects requiring approval [1]

天眼查App显示，近日，蜀道丰田氢能科技（四川）有限公司成立，法定代表人为胡圣厦，注册资本 2.36亿人民币，经营范围包括电池制造、电池销售、汽车零配件批发、电动汽车充电基础设施运营等。 股东信息显示，该公司由丰田汽车公司、蜀道装备、蜀道投资集团有限责任公司共同持股。 ...

Core Viewpoint - The collaboration between Shudao Equipment and Toyota focuses on hydrogen energy technology, particularly in heavy-duty trucks and other applications, with a joint venture established to enhance production capabilities in this sector [1][4]. Group 1: Joint Venture Details - The joint venture, named Shudao Toyota Hydrogen Energy Technology (Sichuan) Co., Ltd., was officially registered on July 28, with a registered capital of 236 million yuan [2]. - Shudao Equipment holds a 45% stake in the joint venture, while Toyota holds 50%, and Shudao Group holds 5% [2]. - The joint venture aims to produce hydrogen fuel cell systems, stacks, and components, and is in the process of forming an independent R&D team [2][5]. Group 2: Production and Market Focus - The production line for the hydrogen fuel cell project is being established in Chengdu, with plans for local production of related products [2][5]. - The joint venture will focus on the large-scale application of hydrogen energy in heavy-duty trucks and expand into hydrogen power generation [2][4]. Group 3: Strategic Importance - Toyota's interest in collaborating with Shudao Equipment is driven by the latter's technological capabilities in hydrogen energy and the logistical advantages of Sichuan [4]. - The project aligns with Sichuan's long-term development plans for the hydrogen industry, which include significant targets for hydrogen fuel cell vehicle deployment by 2027 [6].

Group 1 - Toyota has become more aggressive in the Chinese market, particularly in the hydrogen energy sector, by establishing a joint venture with Shudao Equipment and Shudao Investment Group [1] - The joint venture, Shudao Toyota Hydrogen Energy Technology (Sichuan) Co., Ltd., has a registered capital of 236 million yuan, with Toyota holding 50% of the shares [1][2] - The joint venture will focus on the production, sales, and development of hydrogen fuel cell systems and components, with plans to establish a local production line in Chengdu [1][2] Group 2 - The fuel cell production line project is progressing well, with site selection and overall design completed, and is expected to be operational by Q4 2025 [2] - The primary application for hydrogen fuel cells is in heavy-duty trucks, with the joint venture also targeting low-altitude drones and energy storage [2] - Toyota showcased its hydrogen fuel cell systems at the 7th China International Import Expo, introducing the TL Power300 fuel cell system designed for heavy-duty logistics [2] Group 3 - Toyota is exploring the "hydrogen exchange" model to facilitate hydrogen refueling for commercial vehicles, especially in areas with underdeveloped refueling infrastructure [3] - A strategic cooperation agreement was signed between Toyota and Shenneng Co. to explore the use of nickel-hydrogen batteries in energy storage applications [3] - Toyota's subsidiary, Prime Planet Energy & Solutions, is investing 3.7 billion yuan in a new electric vehicle battery production project in Dalian [3] Group 4 - A strategic cooperation agreement was signed between the Shanghai government and Toyota, leading to the establishment of a Lexus electric vehicle and battery R&D company in Jinshan District, Shanghai [4] - The Lexus electric vehicle project is expected to be completed by August 2026, with an annual production capacity of 100,000 units [4] - In the first half of the year, Toyota's sales in China reached 837,700 units, a year-on-year increase of 6.8%, making it the first Japanese automaker to surpass 25 million cumulative sales in China [4]

Core Viewpoint - The collaboration between Shudao Equipment and Toyota has progressed with the establishment of a joint venture focused on hydrogen energy applications, particularly in heavy-duty trucks and other sectors [1][2]. Group 1: Joint Venture Details - The joint venture, named Shudao Toyota Hydrogen Energy Technology (Sichuan) Co., Ltd., was officially registered with a capital of 236 million yuan, with Shudao Equipment holding 45%, Shudao Group 5%, and Toyota 50% [2]. - The joint venture will engage in the production, sales, and after-sales service of hydrogen fuel cell systems and components, and is in the process of forming an independent R&D team [2][3]. - The production line for hydrogen fuel cells is being established in Chengdu, aiming for localized production [2][3]. Group 2: Market Focus and Applications - The primary application for hydrogen energy batteries is currently in heavy-duty trucks, with plans to also target low-altitude economic drones and energy storage [1][2]. - The joint venture aims to leverage the Chengdu-Chongqing hydrogen corridor to promote the large-scale application of hydrogen energy in heavy-duty trucks and expand into hydrogen power generation [2]. Group 3: Project Timeline and Development Goals - The joint venture's fuel cell production line is expected to be completed and operational by the fourth quarter of 2025 [3]. - The project is part of a broader strategy to integrate hydrogen energy technology into transportation infrastructure and vehicles, enhancing the hydrogen industry's development in Sichuan [3]. Group 4: Regional Policy Support - Sichuan Province has introduced supportive policies for hydrogen energy development, including a long-term development plan aiming for significant advancements in hydrogen fuel cell vehicle applications by 2027 [4][5]. - The plan includes goals for the promotion of over 4,000 hydrogen fuel cell vehicles and the establishment of hydrogen refueling stations, positioning Sichuan as a key player in the national hydrogen energy landscape [4][5].