势银能链·2025-08-18 04:03Core Viewpoint - The fuel cell industry is facing challenges such as high manufacturing costs, inadequate infrastructure, intense market competition, and reduced policy subsidies, leading to a decline in sales of fuel cell vehicles. However, several companies are committed to technological research and development, resulting in significant advancements in fuel cell stack innovation and commercialization [2][4]. Summary by Sections Industry Overview - The sales of fuel cell vehicles in 2024 were 7,131 units, a year-on-year decrease of 6.8%. In the first half of 2025, the sales further dropped to 1,967 units, reflecting a year-on-year decrease of 22.0% and a quarter-on-quarter decrease of 57.3% [2]. Technological Innovations - Jichong Hydrogen Energy: Launched the MH290 metal plate fuel cell stack with a peak power of 410.9 kW, setting a new industry record. The stack has a design life of 30,000 hours, addressing the issue of frequent core component replacements [2][4]. - Xie Hydrogen New Energy: Released its first mass-produced 20 kW air-cooled hydrogen fuel cell, achieving a new record for single-stack power output [5]. - Shenli Technology: Introduced the Gen4 stack, capable of power coverage from 180 kW to 400 kW, targeting heavy transport and energy storage applications [6]. - Hydrogen Pioneering Energy: Unveiled two new stacks, ST280VID and ST1D4AII, with significant improvements in power density and flexibility for various applications [7]. - GAC Group: Developed a 140 kW fuel cell stack, achieving a power density of 7 kW/L and reducing size and weight by 30% and 25% respectively [9]. - Dongfeng Motor: Released a 400 kW fuel cell stack designed for heavy-duty trucks, with capabilities for low-temperature cold starts and significant fuel efficiency improvements [10]. Market Outlook - Jichong Hydrogen Energy aims for profitability over diesel vehicles by 2025 under specific conditions (fuel cell price ≤ 800 RMB/kW and hydrogen price ≤ 32 RMB/kg) and complete commercialization by 2027 with further price reductions [4].