Core Viewpoint - Hydrogen energy is becoming a crucial direction for global energy green and low-carbon transition, driven by the dual requirements of "energy security" and "dual carbon" goals. Renewable energy-generated green hydrogen can replace gray and blue hydrogen, aiding the clean low-carbon transition of traditional fossil energy sectors [5]. Group 1: Hydrogen Production and Technology - The integration of renewable energy with water electrolysis for hydrogen production can leverage the advantages of both, providing electricity for hydrogen production while using hydrogen as a storage method for renewable energy [5]. - Industrial hydrogen production requires a stable and continuous supply, but renewable energy sources like wind and solar are intermittent, making reliable hydrogen supply challenging [5]. - Research on adaptive strategies for hydrogen production under unstable renewable energy supply is essential to achieve stability, safety, and economic efficiency in hydrogen production systems [5]. Group 2: Course and Technical Analysis - A specialized online course on off-grid renewable energy hydrogen production and its economic analysis is being offered, focusing on capacity optimization and lifecycle economic analysis of off-grid systems [6][7]. - The course will cover key technologies for optimizing capacity in off-grid renewable energy electrolysis systems and analyze comprehensive application scenarios [6][7]. Group 3: Industry Forum - The "2025 Renewable Energy Hydrogen Production Industry Development Forum" will be held on July 10-11, 2025, in Suzhou, Jiangsu, focusing on the current status and development trends of the renewable energy electrolysis hydrogen production industry [10][11]. - The forum will discuss key materials and system innovations in hydrogen production technology, including ALK/PEM/AEM technologies, and explore new trends in green hydrogen project applications [11][14]. - Various activities, including a youth forum and technical seminars, will facilitate discussions on cutting-edge technologies and industry challenges [18][19].

Core Viewpoint - The article discusses the significance of anion exchange membranes (AEM) in the hydrogen production industry, highlighting key manufacturers and their product specifications, as well as upcoming industry events related to green hydrogen technology [3][5][6]. Group 1: Anion Exchange Membrane Overview - Anion exchange membranes are critical components of AEM electrolyzer systems, requiring excellent mechanical properties, low dimensional expansion, high conductivity, and outstanding chemical stability [3]. - Major overseas manufacturers of AEMs are located in the Asia-Pacific and North America, including companies like FuMa-Tech, Dioxide Materials, Versogen, and others [3]. Group 2: Performance Summary of AEMs - A summary table lists various AEM products, their thickness, ion exchange capacity, ionic conductivity, surface resistance, tensile strength, elongation at break, and water absorption rates [5]. - For example, FuMa-Tech's Fumasep FAA3-50 has a thickness of 45-55 micrometers, an ion exchange capacity of 1.6-2.0 meq/g, and a water absorption rate of 10-25% at 25°C [5]. Group 3: Industry Developments - Evonik announced plans to build a pilot production facility in Marl, Germany, for its DURAION® AEM, expected to be operational by the end of 2025, with an annual production capacity sufficient for 2.5 GW of hydrogen electrolyzer demand [5]. - NovaMea, established in 2023, focuses on advanced AEM and catalyst development, with its first production line in Suzhou expected to be operational by April 2025 [6]. - Greenlyzer, founded by a team from Dioxide Materials, aims to develop low-cost green hydrogen production technologies, with plans to launch a megawatt-level AEM electrolyzer product by 2025 [6].

Core Viewpoint - DT New Energy aims to build a platform for cooperation and exchange in the hydrogen energy and fuel cell industry between domestic and international sectors, providing comprehensive services including industry research, consulting, investment, technology transfer, market promotion, media conferences, and data analysis [1]. Forum Information - The "2025 (Fifth) Renewable Energy Hydrogen Production Industry Development Forum" will be held on July 10-11, 2025, in Jiangsu [4]. - The forum will focus on the current status and development trends of renewable energy electrolysis hydrogen production, including the impact of trade disputes on the industry chain [7]. Main Topics - **Topic 1**: Current status and development trends of renewable energy electrolysis hydrogen production, including domestic and international developments, localization of green hydrogen under tariff wars, and the role of energy storage in hydrogen production [7]. - **Topic 2**: Technological advancements and development trends in alkaline/PEM hydrogen production key materials and systems [9]. - **Topic 3**: Progress and application status of AEM hydrogen production key materials and technologies [10]. Activities and Engagement - The forum will feature a youth forum focusing on AEM hydrogen production technologies, encouraging young researchers to discuss technical challenges and scientific issues [11]. - A PEM hydrogen industry innovation development seminar will address the current status and trends of alkaline/PEM electrolysis hydrogen production technology, including advancements in key materials and components [12][13]. Supporting Organizations - The forum is organized by DT New Energy, with support from the Shanghai Hydrogen Science and Technology Research Association and Bosch Intelligent Manufacturing Solutions Division [5]. Historical Context - Previous forums have successfully gathered industry experts and stakeholders, focusing on various aspects of renewable energy and hydrogen production technologies, indicating a growing interest and development in this sector [23][26][28].

Core Viewpoint - The article emphasizes the rapid growth and development of the hydrogen energy industry, particularly focusing on green hydrogen projects and the increasing scale of electrolyzer procurement in China, indicating a significant market opportunity for stakeholders in this sector [3][8][10]. Group 1: Industry Dynamics - The hydrogen energy research team at TrendBank closely monitors industry trends, analyzing aspects such as hydrogen production, storage, transportation, and utilization [3]. - The monthly report delivery is scheduled between the 10th and 15th of the following month, provided in PDF format [4]. Group 2: Green Hydrogen Projects - As of 2025 Q1, there are a total of 788 green hydrogen projects in China, with a significant increase in the scale of electrolyzer procurement, which grew over 58 times compared to the same period last year [8]. - In the first quarter of 2025, 78 new projects were added, with 125 updates on existing projects, indicating active development in the sector [8]. Group 3: Electrolyzer Procurement - The publicly announced procurement scale for electrolyzers in Q1 2025 reached approximately 482.83 MW, showing a substantial increase compared to previous years [9][10]. - Major projects contributing to this growth include large-scale initiatives such as the Shaanxi hydrogen procurement project and the China Coal 100,000-ton project [10]. Group 4: Fuel Cell Industry - In Q1 2025, the total installed capacity of fuel cells was 47.6 MW, with Oriental Hydrogen leading the market with a share of 30.5%, followed by Rongcheng Hydrogen and Guohua Technology [12][16]. - The top five companies in the fuel cell market have a high concentration rate of 74.0%, indicating a competitive landscape [16]. Group 5: Project Orders and Deliveries - In February 2025, 50 units of 10.5-meter large buses were delivered to the Qingyang Public Transport Company, marking a significant order in the hydrogen vehicle sector [19]. - The total number of buses delivered by Oriental Hydrogen to Qingyang has reached 100 units, showcasing the company's growing presence in the hydrogen vehicle market [19].

"作为澳大利亚首个天然气掺氢示范项目与IGBT电源系统方案商业化落地工程，该项目验证了'绿氢不 仅能替代传统能源，更能与现有传统能源网络深度融合'的技术可行性，为能源转型提供灵活、高效的 解决方案和可复制路径。"隆基氢能总裁马军表示，未来将与更多合作伙伴携手，共同推动绿氢在更多 领域的耦合应用，为澳实现2050年净零排放目标贡献力量。 据了解，澳大利亚市场对电解槽设备的安全性、可靠性和合规性有极高的要求，此次发运的设备已顺利 通过AS 3000电气安全认证、ASME压力容器规范、IECEx防爆认证等澳洲市场准入要求。隆基氢能在 材料、生产和检测等环节严格把关，实现从设计图纸到制造工艺的"全流程合规"。在选材和设计上，该 公司对电解槽设备进行优化设计，提高设备的制氢效率和稳定性。生产过程中，采用先进的制造工艺和 严格的质量控制体系，确保每个零部件都符合高品质要求。 中化新网讯 近日，隆基氢能科技有限公司生产的两台1000Nm3/h电解槽设备在完成最后调试与检 查后，从江苏无锡工厂启运发往澳大利亚默里谷氢能园区。这是澳大利亚最大的绿氢项目之一，也是隆 基氢能为之交付的首单绿氢设备。 澳大利亚默里谷绿氢园区项目充分 ...

电解水制氢装备检测关键技术获重大突破 智通财经5月26日电，近日，由国家能源集团国华投资（氢能公司）牵头，所属国能氢创公司具体组织 实施的"电解水制氢装备检测关键技术及应用"项目成果，通过了中国电机工程学会组织的技术成果鉴 定，关键技术处于国际领先水平。该项目针对电解水制氢装备的检测需求，研发了全球首个千方级碱性 电解水制氢装备一体化测试平台，对提升我国制氢装备的优化设计水平、加快绿氢的大规模应用具有重 要意义。 ...

三是能源产品产量保持平稳。1-4月，内蒙古规上工业原煤产量4.28亿吨，同比增长0.6%；发电量2797 亿千瓦时，同比增长5.1%，其中新能源发电量1005亿千瓦时，增长43%，占全区发电量的35.9%，同比 提高9.6个百分点；外送电量1105亿千瓦时，同比增长7.9%，其中外送新能源电量350亿千瓦时，增长 63%；原油产量109.4万吨，同比增长2.2%；天然气产量114.7亿立方米，同比基本持平。 四是能源重点工作取得实效。内蒙古大力推进新能源"沙戈荒"外送基地建设，两个基地配套煤电项目获 得核准。新增自用煤电规模已分解至5个盟市，其中3个自用煤电项目已完成选址，预计年底前取得核 准。1-4月，内蒙古新增新能源装机325万千瓦，累计装机达到1.38亿千瓦，占电力总装机的51.2%，同 比提高6.4个百分点；新型储能新增装机53万千瓦，累计建成装机达到1085.7万千瓦；绿氢产量2413吨， 已达到2024年全年产量的87%。（侯倩） （文章来源：新华财经） 据内蒙古自治区能源局消息，今年1-4月，内蒙古能源重大项目延续一季度较快增长态势，能源产品稳 产稳供，全区能源经济稳中向好。 一是能源贡献作用持 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% [4]. Core Insights - In 2024, the company achieved total revenue of 3.41 billion yuan, a year-on-year increase of 21.46%, and a total profit of 266 million yuan, up 37.7%. The net profit attributable to shareholders was 189 million yuan, reflecting a modest growth of 1.09%. The significant growth in revenue and total profit is primarily attributed to the consolidation of the gas operation business in Q2 2024, while traditional coal chemical equipment and engineering businesses performed steadily. The gross margin for core equipment is expected to remain stable [1][2]. - The company is strategically positioning itself in the green hydrogen and green alcohol industry chain, focusing on core equipment such as electrolyzers, gasifiers, and purification devices. This transition from coal chemical to green chemical is anticipated to create a second growth curve for the company's profits as the penetration rate of green hydrogen and hydrogen-based products increases [1][3][12]. Summary by Sections Coal Chemical Main Business - In 2024, revenue from coal efficient utilization reached 1.82 billion yuan with a gross margin of 24.7%. The expected revenue from EPC/design/consulting is estimated at 500-600 million yuan with a gross margin of 5-8%. Revenue from gasifiers is projected to be between 1.3 billion and 1.4 billion yuan, maintaining a gross margin of approximately 30% [3]. - High-end equipment manufacturing generated 300 million yuan in revenue with a gross margin of 28.7%, primarily from valve manufacturing, which was separately reported from equipment sales in 2023 [3]. Industrial Gas Operations - In April 2024, the company increased its stake in the previously affiliated company, Aerospace Hydrogen Energy, to 34.35%, becoming its controlling shareholder and consolidating it into the company's financial statements. This acquisition has made the industrial gas operation business a significant part of the company's operations, with ongoing projects such as the Cangzhou gas phase II project exceeding 80% completion and the successful commissioning of the Xinxiang gas project [3][11]. Hydrogen Energy Industry Chain Core Equipment - The company has made significant progress in the hydrogen energy industry chain, completing tests on a 2000-type alkaline water electrolyzer prototype, achieving leading domestic performance. Development of PEM electrolyzers in various capacities is ongoing, and the electrolyzer manufacturing process has been certified under three systems. The company has also received energy efficiency certification from the China Hydrogen Energy Alliance [12]. - The first hydrogen deep purification system and trace impurity removal system have completed trial operations, which can be used for purifying hydrogen from chemical by-products. The company possesses biomass gasification technology and equipment reserves, which are expected to contribute to profit growth as the industry transitions from coal chemical to green chemical [12][13]. Financial Projections - The company forecasts revenues of 5.42 billion yuan, 6.24 billion yuan, and 6.87 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 236 million yuan, 310 million yuan, and 345 million yuan. The projected P/E ratios for these years are 38, 29, and 26 times [14][13].

Core Viewpoint - The article analyzes the 2024 annual reports of 15 companies involved in electrolysis water hydrogen production equipment, highlighting the performance and challenges faced by both traditional energy companies and those primarily focused on hydrogen energy [2][5]. Group 1: Traditional Energy Companies - 11 companies from traditional sectors such as energy equipment, photovoltaics, and automotive components have entered the hydrogen sector, leveraging their existing manufacturing capabilities and resources [2][4]. - Despite decent revenue figures, many of these companies reported their worst net profits in recent years due to industry supply-demand imbalances and declining prices in photovoltaic products [2][4]. - Notable companies include China CRRC, Sunshine Power, and Shanghai Electric, with China CRRC achieving a revenue of 2464.57 billion and a net profit of 123.88 billion, reflecting a year-on-year growth of 5.21% and 5.77% respectively [6][7]. Group 2: Hydrogen-Focused Companies - Four companies primarily focused on hydrogen energy—Guofu Hydrogen Energy, Guohong Hydrogen Energy, Yihua Tong, and Reshape Energy—reported losses in 2024 due to several factors, including immature market demand and high R&D costs [5][6]. - Guofu Hydrogen Energy reported a revenue of 4.59 billion with a net loss of 2.09 billion, while Guohong Hydrogen Energy had a revenue of 4.42 billion and a net loss of 4.072 billion [6][18]. - The hydrogen industry is still in its early commercial stage, with significant reliance on policy subsidies and a lack of robust market growth, making profitability challenging for pure hydrogen companies [5][6]. Group 3: Performance Summary of Key Companies - China CRRC: Revenue of 2464.57 billion, net profit of 123.88 billion, both showing positive growth [6][7]. - Sunshine Power: Revenue of approximately 778.57 billion, net profit of about 110.36 billion, with a year-on-year increase of 7.76% and 16.92% respectively [7][8]. - Shanghai Electric: Revenue of 1161.86 billion, net profit of 7.52 billion, with a slight decline in profit [10][11]. - Guofu Hydrogen Energy: Revenue of 4.59 billion, net loss of 2.09 billion, indicating a significant increase in losses compared to the previous year [18]. - Guohong Hydrogen Energy: Revenue of 4.42 billion, net loss of 4.072 billion, with losses slightly reduced year-on-year [18].

Core Viewpoint - The company is facing significant challenges in its financial performance due to a downturn in the photovoltaic industry, resulting in a substantial decrease in revenue and net profit for the year 2024 [8][20]. Company Overview - The company reported a total revenue of 1,303,780.89 million yuan for 2024, a decrease of 43.68% year-on-year [8]. - The net profit attributable to shareholders was -213,368.56 million yuan, representing a year-on-year decline of 242.10% [8]. - The weighted average return on equity was -36.07%, down by 57.22 percentage points compared to the previous year [8]. Business Segments - The company operates in two main segments: equipment manufacturing and clean energy, with the former providing stability and the latter driving growth [8]. - The equipment manufacturing segment has achieved breakthroughs in heat pumps, heat exchangers, and air cooling, while the clean energy segment has made significant investments in photovoltaic and hydrogen energy technologies [8][20]. Market Conditions - The photovoltaic industry is experiencing a downturn, with the company’s component business achieving some performance breakthroughs despite the overall industry losses [8][20]. - The global photovoltaic market is projected to continue growing, with an expected addition of nearly 530 GW of new installations in 2024, despite a slowdown in growth rates [24][25]. Regulatory Environment - The company is subject to various regulations, including the newly implemented "Water Conservation Ordinance," which emphasizes the importance of water-saving technologies in industrial applications [23][20]. - The government has set ambitious targets for energy savings and carbon reduction, which are expected to drive demand for energy-efficient equipment and services [21][20]. Future Outlook - The company is well-positioned to benefit from the increasing demand for energy-saving and water-saving technologies, particularly in sectors such as power generation, petrochemicals, and metallurgy [20][24]. - The ongoing development of hydrogen energy is recognized as a crucial strategy for achieving carbon neutrality, with significant policy support expected to enhance the industry’s growth prospects [26][27].