致远新能：氢能政策催化股价涨停，2025年业绩预告亏损收窄

Group 1: Stock Performance and Market Reaction - On February 4, 2026, the stock price of Zhiyuan New Energy reached a limit up at 25.10 CNY per share, with a daily increase of 19.98%. This surge was driven by the Ministry of Industry and Information Technology's meeting on February 3, which proposed to promote breakthroughs in the hydrogen energy sector, leading to market expectations of long-term policy support for the company's hydrogen energy business [1] Group 2: Recent Financial Performance - On January 29, 2026, the company announced a profit forecast for 2025, expecting a net loss attributable to shareholders of 25 million to 40 million CNY, a significant reduction from a loss of 192 million CNY in 2024 (a decrease of 79.16% to 86.97%). This improvement is attributed to increased sales revenue from the LNG supply system, although profit margins are under pressure [2] - For the first three quarters of 2025, the company reported revenue of 1.205 billion CNY, a year-on-year increase of 24.49%, but a net profit of 46.1 million CNY, reflecting a year-on-year decline of 2.67%. The company faced pressure on profit margins and reported negative operating cash flow [6] Group 3: Strategic Adjustments and Project Developments - On January 13, 2026, the company announced the termination of the "Hydrogen Energy Equipment Intelligent Manufacturing Project," reallocating the remaining raised funds of 73.3683 million CNY to supplement working capital. The project had already invested 26.7637 million CNY, and the termination was due to insufficient market demand for hydrogen energy, a focus on core business, and the need to alleviate financial pressure [3] Group 4: Shareholder Dynamics - As of January 31, 2026, the number of shareholders decreased to 9,114, a reduction of 700 from January 20, representing a 7.13% decline and marking the third consecutive decrease. During the same period, the financing balance increased by 6.10%, indicating a rise in market concentration [4] Group 5: Insider Selling - On December 29, 2025, the company announced that a concerted action by the controlling shareholder planned to reduce holdings by up to 2.8 million shares (approximately 1.53% of total shares) within three months after 15 trading days. This plan may be implemented from early 2026 to April, and the impact of this reduction on market sentiment should be monitored [5]