Houpu Clean Energy (SZ:300471) Dong Jian Yan Bao·2025-09-17 15:27Group 1: Research Basic Information - The research object is Houpu Co., Ltd., belonging to the special equipment industry, and the reception time was September 17, 2025. The company's reception staff included the board secretary Hu Wanling, the securities affairs representative Chen Qiang, the deputy general manager of Chengdu Houpu Shen Naichen, and the secretary of the board office Liao Ting [16] Group 2: Detailed Research Institutions - The research institutions include Linrui Fund, Tyco Fuerman Fund, Galaxy Securities, Taoyanglve Trading, Yishu Investment, Puxing Assets, Shanghai Zhangying Investment, and individuals such as Li Yixian [17] Group 3: Main Content Company Overview - Houpu Co., Ltd. was established on January 7, 2005, and listed on the Growth Enterprise Market of the Shenzhen Stock Exchange on June 11, 2015. It is a provider of overall solutions for clean - energy refueling equipment. Its business covers R & D, production, and integration of natural gas/hydrogen refueling equipment; R & D and production of core components in the clean - energy and aviation parts fields; EPC of natural gas and hydrogen - energy related projects; R & D, production, and integration of intelligent IoT information - integrated supervision platforms; and professional after - sales services covering the entire industry chain [21] Business Profit - The company's aviation parts business is mainly carried out by its holding subsidiary Jiaqirui. In the first half of 2025, the gross profit margin of the company's aviation parts manufacturing industry increased by 8.26% compared with the same period last year [21] Business Cooperation - The company cooperates with China Shipbuilding Industry, Shantou Shipyard, and Chongqing Dagang Shipbuilding [21] Profit and Loss Situation - In the first half of 2025, the company achieved positive non - recurring profit after deduction, but the attributable net profit was in the red due to the provision of expected liabilities for litigation cases. The company will focus on clean - energy businesses such as natural gas and hydrogen, and expand instrument parts, marine cryogenic business, and aviation equipment business [23] Hydrogen Energy Application - According to the "Manufacturing Industry Green and Low - Carbon Development Action Plan (2025 - 2027)", hydrogen energy will be applied on a large scale in the metallurgy and chemical industries by 2027. The company believes hydrogen energy has more application value in special scenarios such as heavy trucks and logistics industrial parks [23] Hydrogen Energy Advantages - The company has a first - mover advantage in the hydrogen - energy field, starting related business in 2013. It has years of technology accumulation, and its self - developed key components of hydrogen - refueling equipment have broken international monopolies. It has comprehensive capabilities covering the entire hydrogen - refueling station industry chain and has an integrated service advantage in the "production, storage, transportation, and refueling" of hydrogen energy [23][24] Dividend and Incentive Plans - The company currently does not meet the profit - distribution conditions. Regarding the equity - incentive plan, it will study appropriate incentive plans according to strategic development, talent - structure optimization, and market - environment changes [24] Solid Hydrogen Storage - Solid hydrogen storage is safer, with hydrogen molecules physically adsorbed on the surface of metals or alloys, less prone to leakage or explosion, and it occupies less space when stacked. The company's current application directions for solid - hydrogen storage material technology are hydrogen - powered two - wheelers, hydrogen - energy production and storage projects, and emergency power sources, and it will explore applications in heavy trucks and passenger cars in the future [24] Hydrogen Energy Investment - The company is optimistic about the development of the hydrogen - energy field and will rely on traditional businesses to support the development of hydrogen - energy business [25] Competitiveness in the Hydrogen - Energy Field - The company has over 10 years of technology and market accumulation. It welcomes large enterprises entering the hydrogen - energy field, has advantages in niche areas, and will cooperate with other hydrogen - energy enterprises [25] Overseas Market Expansion - The company promotes through demonstration projects in Germany, the Netherlands, France, South Korea, and Malaysia, and actively expands its international sales network. This year, it has signed new projects such as the Nigerian CNG mobile refueling station project and the Papua New Guinea gasification station and LNG station design contract project [25]