Jing Ji Guan Cha Wang·2025-10-13 04:51Core Viewpoint - The domestic hydrogen fuel cell leader, Yihuatong, is facing uncertainties in its strategic development due to tight operating capital, leading to project terminations, expanding losses, and equity transfers [2][3]. Financial Performance - In the first half of the year, Yihuatong reported a loss of 163 million yuan, an increase of 21.94 million yuan year-on-year, with a gross margin of -25%, down from 17% in the same period last year [3][4]. - The company's accounts receivable reached 1.478 billion yuan, and inventory was 161.3 million yuan, accounting for nearly 60% of total current assets [4]. Strategic Decisions - Yihuatong signed a share transfer agreement with Toyota, transferring its unfulfilled capital contribution of 950 million yen (approximately 44.81 million yuan) in the joint venture Huafeng Fuel Cell Co., reducing its stake from 50% to 35% [2][4]. - The decision to transfer shares was based on Huafeng's funding needs and Yihuatong's current operational situation and strategic development plans [2]. Industry Context - The hydrogen fuel cell industry is experiencing a decline in market demand, with a 46.8% year-on-year drop in sales of hydrogen fuel cell vehicles, totaling 1,373 units in the first half of 2025 [6]. - The industry is still in the early stages of research and commercialization, with significant funding needs and limited debt financing capabilities [3][6]. Joint Venture Dynamics - Huafeng Fuel Cell was established in June 2021 as a joint venture between Yihuatong and Toyota, each holding 50% of the shares, focusing on the production and sales of fuel cell systems [5]. - The joint venture is seen as a key pathway for Toyota's hydrogen fuel cell technology to enter the Chinese market, with a commercial model based on collaboration between Yihuatong and Toyota [5].