Core Viewpoint - Yihuatong has decided to terminate the "Fuel Cell Comprehensive Testing and Evaluation Center Project" due to the current development needs and the adequacy of existing testing capabilities [2][5][6] Group 1: Project Termination - The project was initially planned with a total investment of 220 million yuan, with 150 million yuan intended to be funded from raised capital [2][5] - As of May 20, the actual investment in the project was only 32.44 million yuan, with 125 million yuan remaining in the dedicated account [2][5] - The decision to halt the project was influenced by the rapid changes in the hydrogen energy industry and the emergence of third-party testing capabilities, which reduced the necessity for self-built testing facilities [6][7] Group 2: Financial Performance - In 2024, Yihuatong reported a net loss of 456 million yuan, marking five consecutive years of losses totaling over 1 billion yuan [12] - The company’s revenue in the first quarter of 2025 was 10.53 million yuan, a year-on-year decline of 19.92% [12] - As of the end of the first quarter, Yihuatong had only 533 million yuan in cash, while short-term borrowings amounted to 648 million yuan [12] Group 3: R&D Adjustments - Yihuatong's R&D investment decreased to 139 million yuan in 2024, a year-on-year reduction of 18.37% [8] - The number of R&D personnel dropped from 346 to 156, although total compensation for R&D staff saw a slight increase [8] - The company is focusing on optimizing its R&D strategy to concentrate resources on more strategically significant projects [8][9] Group 4: Funding and Financing - Yihuatong has attempted to broaden its financing channels, raising approximately 790 million yuan during its time on the New Third Board and 1.551 billion yuan through IPO and additional offerings on the Sci-Tech Innovation Board [12] - The company is currently in the process of acquiring 100% of Xuyang Hydrogen Energy and plans to raise up to 550 million yuan in matching funds [13][14] - The stock price for the last trading day before suspension was 24.23 yuan per share, with the expected issuance price at 18.53 yuan per share, indicating a discount of approximately 23.52% [13]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has established a hydrogen industry investment fund with an initial scale of 5 billion yuan, marking it as the largest fund in China focused on the hydrogen industry chain [4][6]. Group 1: Fund Establishment - The hydrogen industry investment fund has completed its registration and is now officially established, focusing on the entire hydrogen industry chain from production, storage, transportation, to application [4]. - The fund aims to create a hydrogen industry ecosystem by making forward-looking investments in key materials, core equipment, and original technologies within the hydrogen industry chain [4][6]. Group 2: Investment Structure - Sinopec Capital holds a 48.98% stake in the fund, contributing 2.449 billion yuan, while Shandong New Kinetic Energy Green Pioneer Investment Center contributes 12.5 million yuan for a 25% stake [4][6]. - The fund is managed by Sinopec's wholly-owned subsidiary, Sinopec Private Fund Management Co., Ltd., which aims to centralize fund management and enhance operational efficiency [6]. Group 3: Strategic Importance - Sinopec is positioning itself as a strategic player in the hydrogen industry, having initiated the establishment of a central enterprise green hydrogen innovation coalition and high-standard projects like the Xinjiang Kuqa green hydrogen demonstration project [6]. - The company has made 46 direct investment events totaling over 8.4 billion yuan in various strategic sectors, including new energy and advanced manufacturing [6].

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has officially established the largest hydrogen energy investment fund in China, with an initial scale of 5 billion yuan, aimed at developing the hydrogen energy industry chain [1] Group 1: Fund Establishment - The hydrogen industry chain venture capital fund initiated by Sinopec has completed its business registration and has been filed with the Asset Management Association of China [1] - The fund will focus on key materials, core equipment, and original technologies with significant development potential across the entire hydrogen energy industry chain [1] Group 2: Infrastructure Development - Sinopec has built 11 hydrogen fuel cell hydrogen supply centers and 144 hydrogen refueling stations [1] - The company has established seven "hydrogen corridors," including the Western Land-Sea New Corridor and major highways such as Jinghu, Jingtian, Chengdu-Chongqing, and Hanjing [1] - Sinopec is now the company with the most hydrogen refueling stations in operation globally [1]

股票代码：600860 股票简称：京城股份 编号：临 2025-024 北 京 京 城 机 电 股 份 有 限 公 司 二、 本次说明会投资者提出的主要问题及公司回复情况 公司在本次说明会上，针对投资者关心的公司业绩、经营情况等内容，与广 大投资者互动交流，在信息披露允许的范围内就投资者普遍关注的问题进行了回 答，具体如下： 答：投资者您好！谢谢您对公司的关注！公司目前生产经营情况正常，业绩情 况请查询公司已披露的 2024 年年度报告及 2025 年第一季度报告。后续业绩情况， 请关注披露的 2025 年半年度报告。谢谢！ 答：投资者您好！谢谢您对公司的关注！公司气体储运板块及智能制造板块， 均是公司的业务增长点。公司业绩情况，请关注公司后续披露的定期报告。 答：投资者您好！谢谢您对公司的关注！公司目前生产经营情况正常，营收情 况请查询公司已披露的定期报告。后续业绩情况，请关注 2025 年半年度报告。 谢谢！ BEIJING JINGCHENG MACHINERY ELECTRIC COMPANY LIMITED (在中华人民共和国注册成立之股份有限公司) 关于 2024 年度暨 2025 年第一季度业绩 ...

Financial Performance - In 2024, the company experienced its first loss in several years, primarily due to a structural imbalance between the prices and costs of coal and coke, with both sales prices declining more than the corresponding cost reductions [1] - The coke business was the main source of operational losses, with the market showing a weak trend in 2024, leading to a significant drop in prices due to weak terminal demand and reduced cost support [1][2] - Other income increased by 186.18% in Q1 2025, mainly due to increased government subsidies related to the hydrogen energy industry, although the sustainability of these subsidies remains uncertain [4] Hydrogen Energy Initiatives - The company is collaborating with Guohua Technology to promote 10,000 hydrogen commercial vehicles nationwide, addressing high costs and inadequate refueling infrastructure through a comprehensive industrial loop [2][3] - The company has established the Anhui Xun'an Equity Investment Fund in 2025, focusing on advanced manufacturing and new energy sectors, which will enhance its technological reserves in hydrogen and fuel cells [3] - As of Q1 2025, the company has operated over 1,100 hydrogen fuel vehicles, with nearly 4,000 hydrogen fuel cell vehicles promoted, achieving a total operational mileage exceeding 200 million kilometers and reducing carbon emissions by approximately 200,000 tons [10][11] Market and Infrastructure Development - The company is actively participating in the development of hydrogen energy infrastructure, including hydrogen production bases and refueling networks, to create a replicable regional development model [4][6] - The hydrogen energy industry is expected to see significant growth, with the company planning to extend its hydrogen energy supply chain and explore applications in heavy-duty vehicles and shipping [6][7] - The company is also focusing on integrating traditional energy and hydrogen energy sectors to create a circular economy model, enhancing resource efficiency [5][6] Risk Management and Financial Stability - The company is implementing measures to stabilize its stock price amidst high pledge ratios, including optimizing production processes and enhancing communication with investors [9] - Accounts receivable increased by 6.84% due to market competition and customer financial difficulties, prompting the company to strengthen credit risk management and monitoring [8]

Group 1: Economic Performance - The total import and export value of the Beijing-Tianjin-Hebei region reached 1.43 trillion yuan in the first four months of 2025, accounting for 10.1% of China's total during the same period, with exports hitting a record high of 445.46 billion yuan, a growth of 1.7% [1][2] - In April 2025, exports from the Beijing-Tianjin-Hebei region amounted to 121.66 billion yuan, marking a historical high for the same period, with an increase of 8%, the highest growth rate since June 2024 [1][2] Group 2: Technological Advancements - By the end of 2027, Beijing aims to achieve large-scale 5G applications, having already established over 140,000 5G base stations and more than 3.5 million 5G terminal connections [2] - The hydrogen energy industry is being prioritized in Beijing's 14th Five-Year Plan, focusing on key areas of the hydrogen supply chain, including production, storage, transportation, and refueling [4] Group 3: Renewable Energy Initiatives - Beijing and Xinjiang have successfully implemented a peak-shifting green electricity trading model, with 12 million kilowatt-hours of green electricity traded, primarily from photovoltaic power plants in Xinjiang [3] - The first offshore photovoltaic project in Hebei, with a total capacity of 1,800 megawatts, has entered large-scale construction, expected to generate approximately 2.75 billion kilowatt-hours annually, saving 840,000 tons of standard coal and reducing CO2 emissions by 2.1595 million tons [6] Group 4: Employment and Skills Development - Tianjin has launched a training initiative aiming to provide subsidized vocational skills training for over 100,000 individuals in 2025, focusing on advanced manufacturing, health care, and modern services [9] - The platform economy in Tianjin generated revenue of 157.8 billion yuan in the first quarter of 2025, reflecting a year-on-year growth of 23% [10] Group 5: Urban Development and Infrastructure - The 2025 Service Trade Fair will be held from September 10 to 14 at the Shougang Park, with over 30 countries and regions expressing intent to participate, aiming to enhance the event's international profile [5] - Hebei's port and shipping construction projects completed an investment of 1.84 billion yuan in the first quarter of 2025, achieving a year-on-year growth of 17.3% [8]

Group 1 - The solid oxide fuel cell/electrolyzer technology in China has seen significant advancements in the past one to two years, with expectations for broader applications in the near future [1] - The solid oxide electrolysis hydrogen production technology is considered a promising new high-efficiency hydrogen production method due to its higher efficiency and lower costs compared to alkaline and proton exchange membrane (PEM) hydrogen production technologies [1] - Since the announcement of the "dual carbon" goals by the government, there has been a surge in the development of solid oxide fuel cells and electrolyzer technologies, supported by multiple policies from various government departments starting in 2024 [1] Group 2 - The hydrogen equipment manufacturing sector in Yulin, where Shaanxi Hydrogen Energy is located, has officially launched in 2024, with multiple high-end hydrogen equipment manufacturing projects under construction [2] - Yulin's hydrogen industry plan aims to establish a "gray hydrogen extraction + green hydrogen preparation" supply system, promoting the development of hydrogen applications in industrial and transportation sectors [2] Group 3 - Shaanxi Hydrogen Energy's first hydrogen equipment project, the solid oxide fuel cell, was launched in March 2024, supported by a technology team from Tsinghua University, and the first fully automated stack production line was completed in September [4] - The company plans to start the construction of a 300-acre industrial park in 2026, aiming to achieve a 300MW full industrial chain cluster [4] - Yulin is recognized as a significant energy and chemical base in the country, possessing unique resource advantages and favorable conditions for the development of the hydrogen industry [4] Group 4 - In recent years, various regions have accelerated the high-quality development of the hydrogen industry, with hydrogen fuel cells and related products gaining widespread application [5] - The development of green hydrogen production projects is primarily led by state-owned enterprises, while the hydrogen equipment sector has seen a diverse participation from both private and state-owned enterprises [5]

北京市国资委组织氢能产业专题调研学习 将氢能产业作为"十五五"规划研究重点方向 金十数据5月20日讯，北京市国资委官方微信消息，近日，北京市国资委党委委员、副主任贺昂率相关 市管企业到大兴国际氢能示范区调研。调研组邀请北京清华工业开发研究院副院长朱德权围绕氢能产业 的发展机遇做专题讲座。贺昂提出，市管企业要高度重视氢能产业的战略地位，以更大的力度、更有效 的举措推动氢能产业高质量发展。下一步，要坚持统筹谋划，将氢能产业作为"十五五"规划研究的重点 方向，把握制、储、运、加产业链条上的重点领域、关键环节，加快培育具有产品创新力、市场竞争 力、行业引领力的领军企业。加快推进液氢重卡、沼气制氢、制加氢一体站等一批重点项目建设，继续 深化在塑粉材料、关键零部件等领域的技术创新。要加强协同发展，一方面加强产业链上下游业务合 作，一方面充分借助国家实验室、高校院所等科研力量，为产业发展提供智力支持。 ...

Core Insights - Deyang is actively transforming into a "High-end Equipment Technology City," focusing on enhancing its manufacturing capabilities and fostering new industries [4][5] - The city's equipment manufacturing industry is projected to account for 37% of the total industrial output value by 2024, highlighting its significance as the leading industry in Deyang [5] Group 1: Equipment Manufacturing Industry - Deyang's equipment manufacturing sector has seen a significant increase in production, with over 7 million kilowatts of power generation equipment produced, contributing to one-fourth of the country's electricity [4] - The establishment of specialized departments for equipment industry promotion has improved operational efficiency, allowing for a more focused approach on traditional and emerging sectors [5] Group 2: Research and Development - Deyang has maintained a high level of R&D investment, ranking among the top three in the province since 2008, leading to several groundbreaking achievements in equipment manufacturing [5] - The Deyang University Science and Technology Park is being developed to enhance R&D capabilities, with plans to collaborate with over 210 universities and 1,000 research teams [5] Group 3: Hydrogen Energy Development - Deyang is developing a hydrogen energy ecosystem, including the construction of a hydrogen production and refueling station to support local hydrogen-powered vehicles [5] - The city is collaborating with neighboring regions to create a comprehensive supply chain for hydrogen energy, positioning itself as a technological hub in this sector [5]

Core Viewpoint - Guofu Hydrogen Energy (Hong Kong) Development Co., Ltd. officially commenced operations, marking a significant milestone for Guofu Hydrogen Energy after its listing on the Hong Kong Stock Exchange. The company aims to leverage Hong Kong's international platform to accelerate the international standard certification of core equipment for liquid hydrogen storage and transportation, as well as green hydrogen production, while deepening cross-border cooperation in the hydrogen energy sector to support global low-carbon energy transition [1]. Group 1: Company Development and Strategy - Guofu Hydrogen Energy is a leading enterprise in the hydrogen energy sector and a "quasi-chain leader" in Jiangsu's hydrogen energy industry chain. Since its establishment in 2016, the company has developed a complete industrial chain from manufacturing hydrogen supply systems and refueling stations to achieving the highest domestic market share in hydrogen refueling equipment and supply systems [1]. - The current development strategy of Guofu Hydrogen Energy involves a dual approach targeting both domestic and international markets. Domestically, the company is ramping up production capacity with an annual output of 80,000 vehicle-mounted hydrogen storage bottles in Zhangjiagang and 50,000 in Shanghai. Internationally, the company is expanding its footprint by forming joint ventures with overseas firms and establishing eight assembly bases across Europe, South America, Oceania, the Middle East, and North Africa [1][2]. Group 2: Technological Innovation and Projects - Guofu Hydrogen Energy has recently signed a $5 million contract with ADVAIT in India for alkaline water electrolysis hydrogen production equipment and core components, marking a shift from single equipment exports to systematic cooperation and industrial layout collaboration [2]. - The company is focusing on technological innovation, with a key project being the off-grid hydrogen production technology, which aims to utilize Xinjiang's abundant wind and solar resources for hydrogen production. The project faces challenges related to the intermittent nature of renewable energy sources, but the company is working with research institutions to address these issues [2]. Group 3: Industry Impact and Local Development - Guofu Hydrogen Energy plays a pivotal role in the hydrogen energy industry in Zhangjiagang, where it has become a partner in attracting investment. The company has announced plans to develop a supply chain base and establish a hydrogen energy industry fund with a total scale of 2 billion yuan to support promising projects [3]. - Zhangjiagang has implemented various policies to foster the development of the hydrogen energy sector, including the establishment of innovation platforms and talent development alliances. The city has nearly 50 hydrogen-related enterprises and actively supports the construction of hydrogen refueling stations and the purchase of hydrogen vehicles [3]. - The practical applications of hydrogen energy in Zhangjiagang include hydrogen buses with a range of over 300 kilometers, hydrogen fuel trucks with a maximum load of 60 tons, and over 500 hydrogen-sharing bicycles. The city has deployed 224 hydrogen fuel cell vehicles, accumulating over 15 million kilometers in operational mileage, and has established five hydrogen refueling stations with a daily refueling capacity of 3.2 tons [4].