Xin Lang Cai Jing·2025-09-09 11:09Core Viewpoint - Yihuatong's major asset restructuring plan for hydrogen energy integration has been halted due to a lack of consensus between the parties involved [1][5] Company Overview - Yihuatong, established in 2012, is recognized as China's "first hydrogen stock," focusing on the research and production of hydrogen fuel cell systems primarily for commercial vehicles [2] - The company holds the largest market share in China's fuel cell installation, accounting for 20.8% of the total installed capacity [2] - Yihuatong has faced significant financial losses over the years, with cumulative losses exceeding 1.05 billion yuan from 2020 to 2024 [6][9] Transaction Details - The planned acquisition of 100% equity in Xuyang Hydrogen Energy by Yihuatong was terminated due to disagreements on the final transaction plan and funding arrangements [1][4] - The initial agreement included a share exchange at a price of 18.53 yuan per share and a capital injection of up to 550 million yuan from Xuyang Group [4] Financial Performance - Yihuatong reported a revenue decline of 53.25% year-on-year in the first half of the year, with a net loss of 163 million yuan, worsening from a loss of 141 million yuan in the same period last year [6][9] - Xuyang Group's net profit for 2024 is projected to drop by approximately 90% compared to 2023, primarily due to reduced profit margins in its chemical and coke sectors [8] Industry Context - The hydrogen energy sector is currently facing challenges, including low project return rates and reliance on government subsidies, which complicates financial sustainability for companies like Yihuatong [6][7] - The market for fuel cell vehicles in China is diversifying, moving beyond public transport to include logistics, waste management, and other applications [11] Strategic Direction - Yihuatong has announced a "tightening development" policy, focusing on reducing R&D expenditures, optimizing organizational structure, and improving cash flow management [9][10] - The company remains optimistic about the long-term prospects of the hydrogen energy industry, anticipating improvements in infrastructure and a decrease in hydrogen production costs [10][12]