厚普股份2025年业绩扭亏，氢能业务海外拓展加速

Core Viewpoint - The company, Houp Co., Ltd. (厚普股份), is expected to turn a profit in 2025, driven by the recovery in natural gas demand and advancements in its hydrogen energy business, despite facing challenges from non-recurring losses [1][2]. Business Performance - For 2025, the company forecasts a net profit attributable to shareholders between 6.8 million and 10.1 million yuan, with a non-recurring net profit expected to be between 43.3 million and 46.7 million yuan, marking a turnaround from previous losses [2] - The performance improvement is primarily attributed to the recovery in natural gas demand, stable development of the hydrogen energy business, and growth in international revenue, although non-recurring losses, such as litigation provisions, negatively impact net profit [2][5]. Business Developments - Since 2025, the company has made significant strides in the hydrogen energy sector, including the imminent export of 1000Nm/h electrolysis hydrogen production equipment to Europe, the demonstration of a 220kW solid-state hydrogen fuel cell emergency power generation system, and the delivery of a 70MPa ultra-high-pressure hydrogen refueling station [3] - Additionally, solid-state hydrogen products have entered the South American market, LNG all-in-one products are being exported in bulk to Russia, and a gasification station project in Ethiopia has been launched, indicating accelerated overseas business expansion [3]. Stock and Capital Performance - The company's stock has shown volatility, closing at 14.84 yuan per share on February 12, 2026, with a daily increase of 2.13% and a net capital inflow of 6.2573 million yuan; however, it had previously dropped by 2.09% on February 2, with a net capital outflow of 9.7596 million yuan [4] - Year-to-date, the stock has risen by 17.78%, but it has decreased by 2.11% over the last five trading days, reflecting mixed market sentiment [4]. Financial Situation - The company has recorded a provision for expected liabilities of 61.47 million yuan due to a lawsuit involving its wholly-owned subsidiary, which is expected to negatively impact non-recurring losses by approximately 35 million yuan for 2025 [5].