Di Yi Cai Jing·2025-09-08 11:25Core Viewpoint - The company has terminated a significant asset restructuring deal and will implement a tightening development policy focusing on reducing R&D investment, optimizing organizational structure, and enhancing cash flow management [1][2]. Company Financials - In the first half of the year, the company's R&D expenses decreased by over 66% to 17.17 million yuan, and the number of R&D personnel was cut from 300 to 128 [3]. - The company has reported continuous net losses from 2020 to 2024, with cumulative losses exceeding 1.2 billion yuan over five and a half years [2]. Strategic Adjustments - Following the failed restructuring, the company plans to control R&D costs prudently, focusing resources on core projects, and streamline personnel to improve operational efficiency [3]. - The company aims to accelerate cash recovery and reduce operational funding pressure while controlling capital expenditures [3]. Market Outlook - Despite current challenges, the company remains optimistic about the long-term development of the hydrogen fuel cell industry, anticipating improvements in infrastructure and a rapid development of the hydrogen market [3]. - The company plans to expand its application scenarios for fuel cell systems, moving beyond public transport to include waste management, urban logistics, cold chain transport, and bulk goods [3].