晋豫富豪“联姻”告吹，“氢能第一股”路在何方？

Core Viewpoint - Beijing Yihuatong Technology Co., Ltd., known as the "first hydrogen energy stock," has decided to terminate its major asset restructuring plan to acquire 100% equity of Danzhou Xuyang Hydrogen Energy Co., Ltd., marking a setback in its strategy to enhance the hydrogen energy industry chain [1][2]. Group 1: Company Overview - Yihuatong was founded by Zhang Guoqiang in 2012 and became the first domestic hydrogen energy stock listed on the Science and Technology Innovation Board in 2020, later achieving A+H listing in 2023 [3][4]. - The company has faced continuous financial losses since its listing, with cumulative losses exceeding 1 billion yuan from 2020 to the first half of 2025 [5][6]. Group 2: Financial Performance - In the first half of 2025, Yihuatong reported revenue of 71.93 million yuan, a year-on-year decline of 53.25%, and a net loss of 163 million yuan, an increase of over 40% compared to the previous year [5][6]. - The company's financial struggles are attributed to a significant drop in demand for hydrogen fuel cell vehicles, with production and sales down nearly 50% in the first half of 2025 [6]. Group 3: Market Challenges - The hydrogen fuel cell vehicle market is hindered by slow infrastructure development, high vehicle costs, and reliance on government subsidies, which have decreased significantly, exposing Yihuatong's operational vulnerabilities [6][7]. - The company has also experienced a significant reduction in its R&D team, from 346 members in 2024 to 128 in the first half of 2025, raising concerns about its technological capabilities [7]. Group 4: Industry Context - The hydrogen energy industry in China faces common challenges, including high production costs for hydrogen fuel cell vehicles and slow construction of hydrogen refueling stations, which limits market acceptance [8]. - Yihuatong's experience reflects the broader difficulties in the hydrogen energy sector, emphasizing the need for a sustainable business model and balance between R&D investment and commercial viability [8].