688339，终止重大资产重组！

Core Viewpoint - Yihuatong (688339) has decided to terminate its major asset restructuring plan to acquire 100% equity of Xuyang Hydrogen Energy due to a lack of consensus among transaction parties, despite efforts to push the deal forward [1][2]. Group 1: Company Overview - Yihuatong, established in 2012, is a national high-tech enterprise focused on the research and industrialization of hydrogen energy and hydrogen fuel cells [1]. - The company had announced plans to raise up to 550 million yuan through the issuance of shares for the acquisition of Xuyang Hydrogen Energy [1]. Group 2: Transaction Details - The proposed acquisition aimed to integrate Xuyang Group's hydrogen energy assets, extending Yihuatong's upstream fuel cell supply chain and creating a comprehensive layout from production to application [2]. - Xuyang Hydrogen Energy specializes in the production and sales of high-purity hydrogen and synthetic ammonia, and operates three comprehensive energy stations in the Beijing-Tianjin-Hebei region [2]. Group 3: Financial Performance - Yihuatong has reported consecutive losses from 2020 to 2024, with a revenue of 71.93 million yuan in the first half of 2025, a year-on-year decline of 53.25%, and a net loss of 163.4 million yuan [2]. - The decline in performance is attributed to a decrease in market demand for fuel cells and a cautious marketing expansion strategy due to current liquidity conditions [2]. Group 4: Market Position - As of September 5, Yihuatong's stock price was 24.81 yuan per share, with a total market capitalization of 5.747 billion yuan [3].