Zhi Tong Cai Jing·2025-11-05 02:49Core Viewpoint - Yihuatong (02402) has seen a significant stock price increase of over 8%, currently trading at 33.98 HKD with a transaction volume of 111 million HKD, despite reporting a substantial decline in revenue and an increased net loss for the first three quarters of the year [1] Financial Performance - For the first three quarters, Yihuatong reported total revenue of 104 million CNY, a year-on-year decrease of 67.31% [1] - The company recorded a net loss attributable to shareholders of 311 million CNY, compared to a loss of 258 million CNY in the same period last year [1] - Notably, the net cash flow from operating activities for the first three quarters of 2025 was 4.61 million CNY, a significant improvement from a negative 221 million CNY in the previous year, attributed to better collection of accounts receivable and optimization of supply chain management and personnel structure [1] Industry Insights - Guojin Securities has released a report indicating that multiple provinces and cities have introduced policies to waive highway tolls for hydrogen energy vehicles, which is expected to create breakthroughs in fuel cell vehicle applications [1] - The year 2025 marks the final year for demonstration city cluster policies and the first settlement point for the medium to long-term hydrogen energy plan, suggesting that the expansion of city clusters and the issuance of subsidies will accelerate the release of fuel cell vehicles [1] - The report recommends focusing on leading companies in the fuel cell components sector, such as Yihuatong, as subsequent supportive policies are expected to be introduced [1]