底价1元，国家电投出售一家氢能公司股权

Core Viewpoint - The State Power Investment Corporation (SPIC) is transferring its 50% stake in the Inner Mongolia Kubuqi Hydrogen Fertilizer Technology Co., Ltd. for a nominal price of 1 yuan, indicating a significant write-off of a previously made hydrogen energy investment [1][9]. Group 1: Company Overview - SPIC's Inner Mongolia Energy Co., Ltd. is a wholly-owned subsidiary of SPIC, which has been involved in hydrogen energy investments since 2017 [1][10]. - The Kubuqi Hydrogen Fertilizer Company was established in July 2022 with a registered capital of 100,000 yuan and has total assets and liabilities of 15.84 million yuan, resulting in a net asset value of zero [1]. - The company was formed as a joint venture with Yili Clean Energy Co., Ltd., which is part of Yili Resources Group, focusing on photovoltaic and hydrogen energy projects [1][3]. Group 2: Industry Context - The hydrogen energy sector in China saw a peak investment of 8.846 billion yuan in 2022, driven by government policies that recognized hydrogen as a strategic emerging energy source [5]. - Despite the investment boom, many hydrogen energy companies, including Yili Clean Energy, have faced declining revenues and financial difficulties, with Yili's revenue dropping from 17.371 billion yuan in 2018 to 3.298 billion yuan in 2024 [6]. - The industry is currently experiencing a wave of asset divestitures, with over 18 hydrogen companies selling stakes this year, attributed to high operational costs and insufficient downstream demand [14][15]. Group 3: Financial and Operational Challenges - Yili Clean Energy has encountered significant financial issues, leading to a series of penalties and a decline in stock price, resulting in its delisting in July 2024 [7][9]. - The company has been implicated in financial misconduct, including fraudulent disclosures and related party transactions, leading to fines totaling 375 million yuan [7]. - The overall profitability of hydrogen energy companies remains low, with many, including Yihua Tong, reporting substantial losses over recent years [12].