势银数据 | 国内加氢站累计建成560座，2025年H1新增29座，TOP5集成商瓜分70%市场份额

Core Viewpoint - The hydrogen station construction in China is experiencing a slowdown, with a total of 560 stations built by June 30, 2025, and new constructions remaining stable compared to the first half of 2024 [2][5]. Group 1: Current Status of Hydrogen Stations - As of June 30, 2025, China has built a total of 560 hydrogen stations, with 29 new stations constructed in the first half of 2025, showing no significant growth compared to the same period in 2024 [2]. - The construction speed of hydrogen stations has been declining due to slow commercialization of fuel cell vehicles, high hydrogen storage and transportation costs, and low operational loads of hydrogen stations [2]. Group 2: Regional Distribution of New Stations - New hydrogen stations are primarily concentrated in Beijing, Chongqing, Hubei, and Guizhou, with other regions seeing fewer than two new stations each [5]. - Beijing has added 4 new hydrogen stations since the end of 2024, bringing its total to 23, which supports the fuel cell vehicle demand in the region [5]. Group 3: Types of New Stations - In 2025, 62% of new stations are integrated energy stations (hydrogen + electricity, hydrogen + oil, hydrogen + natural gas), significantly higher than previous years [6]. - The construction of integrated energy stations is encouraged due to shorter construction cycles and lower operational costs, making them the mainstream form of station construction in the short term [6]. Group 4: Investment and Ownership - Over 80% of new hydrogen stations are owned by local state-owned enterprises and central enterprises, reflecting the challenges in large-scale investment and cost recovery [12]. - Major players in the construction include Sinopec and local sales companies, which remain key contributors despite slower progress compared to the initial demonstration period [12]. Group 5: Equipment Integration Market - Leading traditional equipment integrators such as Haide Lisen, Guofu Hydrogen Energy, and Houpu Co. maintain a stable market share of 52% in the hydrogen station equipment market [14]. - Some traditional hydrogen station equipment integrators have not delivered large orders this year due to shifts in business focus and changes in ownership structures [14]. Group 6: Future Projections - The average refueling capacity of new stations is expected to reach 1150 kg/d by 2025, with some stations exceeding 2000 kg/d, primarily built as integrated energy stations [10]. - Future bidding information indicates that the refueling capacity may further increase to over 1500 kg/d [10].