Changjiang Securities·2025-09-02 10:42Investment Rating - The report assigns a rating of "Accumulate" to the company [9]. Core Viewpoints - The fuel cell industry is experiencing a decline in market demand, leading to pressure on the company's sales and profits. The company is adopting a cautious expansion strategy, which has resulted in a significant decrease in both sales volume and profitability [2][6]. - In H1 2025, the company reported revenue of 72 million yuan, a year-on-year decrease of 53.25%. The net profit attributable to the parent company was -163 million yuan, compared to -141 million yuan in the same period last year [2][6]. - The company plans to issue new shares to acquire 100% of Dingzhou Xuyang Hydrogen Energy, with the controlling shareholder potentially changing to Xuyang Group [2][6]. Summary by Sections Financial Performance - In H1 2025, the company achieved a total sales power of 15.96 MW, a year-on-year decrease of 56.54%. The average selling price of the fuel cell system was 3,173 yuan/kW, with a year-on-year increase of 6.5% [13]. - The comprehensive gross margin for H1 2025 was -25.43%, down from 17.7% in the same period last year. The gross margin for the fuel cell system was -37.4%, compared to 22.9% last year [13]. - The operating cash flow significantly improved, with a net cash flow from operating activities of -35 million yuan in H1 2025, compared to -183 million yuan in H1 2024 [13]. Future Projections - Revenue projections for 2025 and 2026 are 258 million yuan and 339 million yuan, respectively [8].