Zheng Quan Shi Bao Wang·2025-09-05 12:19Core Viewpoint - Yihuatong has decided to terminate the plan to issue shares for asset acquisition and fundraising due to a lack of agreement on the transaction terms with the counterparty, emphasizing that this decision was made after careful consideration and will not adversely affect the company's operations or financial status [1] Company Summary - Yihuatong, established in 2012, focuses on the research and industrialization of fuel cell systems, having built strong barriers in technology and market application [2] - The company has engaged in significant national projects and has established a solid cooperative ecosystem in the commercial vehicle sector, with its fuel cell systems widely used in major domestic commercial vehicle manufacturers [2] Recent Developments - Since 2025, Yihuatong has been active in launching new products, expanding internationally, and collaborating within the industry [3] - The company has successfully exported its fuel cell engines to Australia and has signed strategic cooperation agreements to explore hydrogen heavy-duty truck applications [3] Industry Context - The termination of the acquisition occurs during a critical phase of rapid development in China's hydrogen energy industry, with the government promoting a comprehensive hydrogen energy industry chain [4] - Analysts suggest that the termination does not indicate a retreat from industry integration but rather a rational adjustment based on transaction value and the company's development pace [4] Competitive Advantages - Despite the short-term halt in acquisition plans, Yihuatong maintains significant advantages in technology accumulation, market share, and talent reserves, positioning itself as a key player in the rapidly expanding hydrogen energy sector [5]