Chang Jiang Shang Bao·2025-09-07 23:17Core Viewpoint - Yihuatong, known as the "first hydrogen energy A+H stock," has announced the termination of its major asset restructuring plan due to a lack of consensus among transaction parties, amidst significant financial losses [1][4]. Group 1: Company Performance - Yihuatong has experienced continuous net profit losses since 2020, accumulating a total loss of 1.214 billion yuan over five and a half years [1][8]. - The company's net profit has deteriorated from a profit of 63.92 million yuan in 2019 to a loss of 243 million yuan in 2023, with a cumulative loss of 1.422 billion yuan in non-recurring net profit since 2019 [7][8]. - In 2024, Yihuatong's revenue dropped by 54.21% to 367 million yuan, with a net loss of 456 million yuan and a non-recurring net loss of 543 million yuan [7][8]. - In the first half of 2025, Yihuatong reported a revenue of 71.93 million yuan, a year-on-year decline of 53.25%, and a net loss of 1.63 billion yuan, a decrease of 15.51% compared to the previous year [8]. Group 2: Industry Context - The hydrogen fuel cell vehicle application landscape in China is evolving from a single focus on buses to multiple application scenarios, including logistics, sanitation, and marine applications [1][8]. - Yihuatong's strategic move to acquire Xuyang Hydrogen Energy aimed to enhance its position in the hydrogen energy supply chain, but the deal has now been terminated [2][4]. - Xuyang Hydrogen Energy has also faced declining performance, with revenues falling from 405 million yuan in 2023 to 320 million yuan in 2024 [4].