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].

Core Viewpoint - The hydrogen energy industry is undergoing a transformative phase driven by technological innovation and the implementation of carbon emission control policies, with a focus on renewable energy hydrogen production [2]. Forum Information - The "2025 (Fifth) Renewable Energy Hydrogen Production Industry Development Forum" will be held on July 10-11, 2025, in Jiangsu, organized by DT New Energy [2][4]. - The forum aims to facilitate communication among industry experts and representatives from various sectors, promoting integrated development and cooperation in the hydrogen energy industry [2]. Key Topics - The current status and development trends of renewable energy electrolysis hydrogen production, including domestic and international developments, localization under trade disputes, and the role of energy storage in hydrogen production [5]. - Technical advancements and development trends in alkaline and PEM hydrogen production key materials and systems [6]. - Progress and application status of AEM hydrogen production key materials and technologies [7]. Exhibition Area - The forum will feature an exhibition area for key materials, equipment, and system solutions in the green hydrogen industry, promoting innovation and technology transfer [9]. - A research achievement display wall will be set up to showcase innovative projects from research teams and enterprises in the renewable energy hydrogen production field [9]. Participation and Registration - Registration fees for participants vary, with discounts available for early registration and group bookings [17]. - The forum encourages participation from research institutions, enterprises, government bodies, and third-party service organizations [11].

4月28，国家能源局公开发布的我国首份氢能发展报告《中国氢能发展报告(2025)》显示，2024年中国 氢能全年生产消费规模超3650万吨，位列世界第一。截至2024年底，全球可再生能源制氢项目累计建成 产能年均超过25万吨，中国占比超过一半，已逐步成为全球可再生能源制氢及相关产业发展的引领国 家。然而，我国氢能产业向大规模商用跃迁仍面临技术、成本和应用场景等方面的挑战，亟待完善产业 顶层设计，推进关键技术攻关和核心装备自主化，建立低成本大规模绿氢供应体系，打造全方位氢能产 业生态圈，促进氢能产业高质量发展。 向大规模商用跃迁面临挑战 经过多年发展，我国氢能产业在技术研发、产业布局等方面取得了显著进展：多项关键技术研发获得阶 段性成果，例如碱性电解槽技术已实现国产化、质子交换膜电解槽技术快速推进、35MPa高压储氢技术 已成熟、燃料电池堆的功率密度和耐久性不断提升等;初步形成了以长三角、珠三角、京津冀为核心的 产业集群;基础设施建设加快推进，应用领域不断拓宽。但整体来看，氢能产业发展路径、商业模式等 尚处于摸索和示范阶段，向大规模商用跃迁仍面临诸多挑战。 一是引领产业战略性发展的顶层设计不够。与日韩等国家相比 ...

Investment Rating - The report maintains a positive outlook on the photovoltaic and energy storage sectors, highlighting favorable policy developments and production stability [2][6]. Core Insights - The report emphasizes the positive impact of Shandong Province's new market-oriented pricing mechanism for renewable energy, which is expected to stabilize demand expectations for the second half of the year [6]. - It notes the potential changes in the European inverter market and suggests monitoring companies that may benefit from these shifts [6]. - The report highlights the increasing activity in offshore wind projects in China and the UK, indicating a growing market for related companies [2][9]. - It discusses the robust performance of the electric vehicle sector, particularly focusing on the launch of new models and the anticipated demand growth [3][12]. Summary by Relevant Sections Photovoltaic & Energy Storage - Shandong Province has released a comprehensive market-oriented pricing scheme for renewable energy, which is expected to support demand recovery in the second half of the year [6]. - The report indicates that May's component production is expected to remain stable, which is better than anticipated, contributing to market demand recovery [2][6]. - The European inverter market may undergo changes, with potential beneficiaries identified among Chinese companies [6]. Wind Energy - The Zhejiang deep-sea wind turbine bidding process has commenced, with expectations for construction to start within the year, indicating a positive trend in domestic offshore wind energy [9]. - The UK government has initiated reforms to its offshore wind bidding process, which may accelerate project demand [9]. Electric Grid - The report highlights the commissioning of the ±800 kV ultra-high voltage direct current transmission project in Gansu to Shandong, which is expected to enhance the performance of related companies [8]. - The first batch of framework bids for distribution network equipment in Southern China is valued at 5.4 billion yuan, indicating sustained high investment levels [8]. New Energy Vehicles & Lithium Batteries - The report notes that CATL's Hong Kong IPO has passed the hearing, signaling an expansion of the new energy sector's capital market activities [3][15]. - The electric vehicle market is expected to maintain strong demand, supported by new vehicle launches and favorable policies [12][16]. Hydrogen and Fuel Cells - The report indicates a long-term decline in hydrogen prices, with cities that have low hydrogen costs likely to promote commercial vehicle adoption [10]. - China has surpassed Japan in hydrogen-related patents, establishing itself as a global leader in the hydrogen energy sector [10].

Core Viewpoint - The strategic partnership between Baoshilai and Shanghai Hydrogen Era aims to enhance the hydrogen production capabilities in China, focusing on the development of advanced electrolysis technology and equipment [4][5]. Group 1: Company Overview - Baoshilai is recognized as a leading supplier of green hydrogen electrodes in China, integrating advanced material engineering and a manufacturing supply chain for key hydrogen equipment components [4]. - Shanghai Hydrogen Era, a subsidiary of Shanghai Electric, is a prominent player in the electrolysis hydrogen production sector, committed to providing advanced, reliable, and customizable hydrogen products and energy system solutions [4]. Group 2: Strategic Cooperation - The collaboration between Baoshilai and Shanghai Hydrogen Era represents a strong alliance in the electrolysis hydrogen production field, with Baoshilai's high-performance electrodes supporting the enhancement of Shanghai Hydrogen Era's equipment performance and market competitiveness [5]. - This partnership is expected to drive the further development of electrolysis hydrogen technology and support the scaling and commercialization of China's hydrogen energy industry [5]. Group 3: Future Outlook - Baoshilai plans to continue its commitment to environmental protection, quality assurance, and innovation, increasing R&D investment to improve product performance and service quality [5]. - Shanghai Hydrogen Era aims to leverage Shanghai Electric's technological strength and industrial resources to expand its hydrogen energy market and promote the widespread application of hydrogen technology [5].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is expected to achieve a revenue of 10.5 billion yuan in 2025, with a total profit of 1.15 billion yuan [2][3]. - The thermal power operation scale is steadily increasing, with a projected revenue of 10.5 billion yuan by 2025 [2][3]. - The equipment manufacturing business has shown signs of recovery, with a 20.18% year-on-year increase in revenue for 2024 [1][2]. - The company is actively expanding its thermal power generation projects, with a nearly 1.3 GW installed capacity by the end of 2024 [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 9.113 billion yuan, a decrease of 13.31% year-on-year, and a net profit of 704 million yuan, down 4.98% [1][4]. - For Q1 2025, the revenue was 1.965 billion yuan, a decline of 32.25% year-on-year, with a net profit of 129 million yuan, down 30.77% [1][2]. Business Segments - The equipment manufacturing segment's revenue increased to 1.742 billion yuan in 2024, up 20.18% year-on-year, although the gross margin decreased by 6.74 percentage points to 10.23% [1][2]. - The engineering and services segment saw a significant revenue drop of 54.42% in 2024, totaling 1.985 billion yuan, while the gross margin improved by 4.57 percentage points to 17.38% [2]. Future Outlook - The company anticipates achieving a revenue of 10.5 billion yuan in 2025, with a total profit of 1.15 billion yuan [2][3]. - The company is focusing on hydrogen energy projects and flexible coal-fired power generation technology, which are expected to contribute positively to future earnings [3][4].

中新社张家口4月29日电 题：捕风制氢 ——探访京津冀首个全链条绿氢基地 作者 艾广德 肖光明 陈林 以风为弦、以氢为谱，"捕风制氢"在河北张家口赤城变成了现实。近日，笔者走进京津冀首个全链条绿 氢基地，探访自然之力如何转化为绿色氢能。 地处内蒙古高原与华北平原交会地带的赤城县，风能资源丰富。国家能源集团国华投资(氢能公司)河北 分公司赤城制氢厂厂长袁建栋说，国家能源集团国华投资(氢能公司)河北赤城风氢储多能互补示范项目 包括一个风力发电场和一个制氢厂，其中风力发电场共安装33台5兆瓦风力发电机组，总装机容量165兆 瓦，每年可提供3.38亿千瓦时绿色电力。"我们利用风能优势，将自然之力转化为绿色氢能。" 风力发电具有波动性，而电解水制氢需要相对稳定的能源供给。如何实现新能源发电与电解水制氢系统 的高效协同，是这个项目面临的首要挑战。国家能源集团国华投资(氢能公司)河北分公司赤城制氢厂技 术负责人孙名名说，他们尝试引入智能调度系统，通过气象数据、风功率预测和实时监测风机发电量， 调控电解槽负荷，确保了每一度绿电都能被充分利用，转化为氢能。 据了解，为保持电解槽装置的高效运行，该项目增加了热电联供系统，利用太阳 ...

4月27日至28日，内蒙古自治区经济工作剖析会在呼和浩特召开，自治区党委书记孙绍骋主持并讲话。 孙绍骋表示，当前自治区经济发展的基本面是好的，农牧业和能源两个基本盘是稳的，产业基础、积极 态势没有变，外部条件在变好，目标任务不能变。各级要坚定发展信心，充分认识"不进是退、慢进也 是退"，切实增强加快经济建设的紧迫感。要拉长板、补短板、打堵点，进一步做大做强新能源这个优 势产业，拿出务实举措解决农牧、建筑、金融等领域存在的突出问题，更加注重依靠改革的办法破解项 目审批慢、绿电供需不匹配、银企对接不顺畅等瓶颈制约。要开辟新战场，紧盯临空经济、绿氢、核 能、无人驾驶、算力等领域加快培育新质生产力。要千方百计增加财政收入和居民收入，不断提升发展 效益。 内蒙古自治区党委书记孙绍骋：要紧盯临空经济、绿氢、核能、无人驾驶、算力等领域加快培育新质生 产力 ...

Group 1 - The urgency of addressing carbon emissions in industries like steel and chemicals has led to the exploration of green hydrogen as a key solution for achieving carbon neutrality [2][8] - Green hydrogen, produced through renewable energy sources like wind and solar, is seen as a crucial partner for deep decarbonization in transportation and industrial sectors, while also addressing the intermittency of renewable energy [2][8] - The production of economically viable green hydrogen is challenging, with the electrolysis process relying heavily on the performance of electrolyzers, which are critical equipment in this process [2][3] Group 2 - The electrolyzer industry in China has rapidly developed, accounting for over 80% of global production capacity, but faces significant challenges with an imbalance between production capacity and actual shipments [3][6] - Companies in the electrolyzer sector are under pressure due to overcapacity and competition, prompting discussions on how to achieve high-quality development through technological innovation [3][6] - Hydrogen Yi Energy is one of the few companies mastering the complete PEM electrolysis technology, emphasizing the importance of innovation and cost control to navigate the competitive landscape [3][6][11] Group 3 - The hydrogen industry is expected to undergo a period of adjustment, with weaker companies facing potential exit from the market, while stronger firms with technological and cost advantages will thrive [6][10] - The demand for clean energy, driven by the dual carbon goals, is projected to grow, particularly in transportation, electricity, and industrial sectors, indicating a promising market for hydrogen technology [8][9] - The potential for hydrogen fuel cell vehicles in commercial applications is significant, supported by favorable policies and increasing infrastructure for hydrogen refueling stations [8][9] Group 4 - The future of the hydrogen industry is seen as promising, with expectations that the cost of green hydrogen will become competitive with gray hydrogen within the next 3-5 years due to technological advancements and reduced electricity prices [9][10] - Companies that can integrate technology, control costs, and effectively expand their market presence are likely to emerge as leaders in the competitive electrolyzer market [10][11] - The international market for electrolyzers is expanding, with opportunities in regions like the Middle East, Southeast Asia, and Europe, although challenges such as international standards and geopolitical risks remain [16][18] Group 5 - The hydrogen industry faces several bottlenecks, including technological challenges, high costs, limited market applications, and policy inconsistencies that hinder growth [20][21][22] - Addressing these bottlenecks requires innovation in technology, cost reduction strategies, expansion of application scenarios, and improved policy frameworks to support the hydrogen sector [22][23] - The envisioned future energy system will be characterized by a diversified structure, collaboration between electricity and hydrogen, and intelligent management, moving away from reliance on fossil fuels [24][25]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 2025势银绿氢产业大会（7月16-17日，江苏·无锡） 点此报名 添加文末微信，加 绿氢 群 作为支撑新型电力系统的关键技术方向，氢储能正迎来规模化发展的重要窗口期。其核心逻辑在于通 过 "绿电制氢 - 储氢 - 氢发电" 的能量闭环，实现长周期、跨季节的大规模储能。去年，国家和地方政 策从氢能供应设施的布局、产业链标准化问题的确立，以及制储运加不同环节的推动等多方面发力， 都在为氢储能发电领域的未来发展提供方向指引和坚实基础。 据产业人士表示， 氢发电作为氢能应用的重要场景，是氢储能系统价值释放的关键载体 。从技术特性 看，氢发电凭借燃料电池的模块化集成优势，天然适配氢储能系统对 "可扩展、长周期、跨区域运行" 的需求。 据势银（TrendBank）预计，2030年全国新增氢发电装机量有望达到511.9MW，相应的市场 规模为10.2亿元左右。2022年至2030年，我国氢发电市场的年均复合增长率达32%，潜力可观。 20 ...