Core Insights - The portable hydrogen refueling station industry in China is currently in the market demonstration and promotion stage, leveraging its advantages of low-cost investment and rapid deployment to penetrate key operational scenarios for heavy fuel cell vehicles, such as port logistics and mining transportation [1][15] - The demand for portable stations is expected to surge as the number of fuel cell vehicles continues to rise, with projections indicating that by 2024, the cumulative number of portable hydrogen stations in China will exceed 190, accounting for 35% of the total hydrogen stations nationwide [1][15] - The "14th Five-Year Plan" for hydrogen energy is set to conclude in 2025, prompting accelerated construction efforts across various regions, with Guangdong province planning to establish 200 hydrogen stations by 2025, of which 40% are expected to be portable stations [1][15] Industry Overview - Portable hydrogen stations integrate multiple functional modules, such as hydrogen production, compression, storage, and refueling, into a movable shell, offering advantages like compact structure, low investment costs, and ease of operation and maintenance [2] - The industry is characterized by a collaborative ecosystem driven by upstream equipment manufacturing and hydrogen supply, midstream construction and operation services, and downstream applications in fuel cell vehicles [9][11] Technical and Economic Advantages - Portable hydrogen stations exhibit significant advantages in terms of technical economics, with a modular design that reduces land use to 1/3 to 1/2 of traditional fixed stations, and initial investment costs that are 30%-50% lower [5][8] - The rapid installation feature allows for a site commissioning period of just 1-2 weeks, greatly enhancing the efficiency of hydrogen infrastructure deployment [5][8] Competitive Landscape - The competitive landscape includes state-owned enterprises, private companies, and innovative firms, with major players like Sinopec and PetroChina leading the market due to their extensive fuel station networks and financial strength [17][20] - The industry is witnessing a shift towards regional development, with eastern regions focusing on commercial applications while central and western regions leverage green hydrogen resources [17][20] Future Trends - The portable hydrogen station industry is transitioning from policy pilot projects to large-scale applications, characterized by a combination of policy-driven initiatives, technological breakthroughs, and innovative business models [22] - Future developments will focus on integrating renewable energy sources, enhancing energy service capabilities, and fostering global collaboration within the industry [22][25]