Group 1: Company Overview and Strategy - The roadshow was organized by Founder Securities, with the company's Vice President and Secretary of the Board, Mr. Zhang Qiqiang, participating to introduce the company's basic situation and development strategy [2] - The company emphasizes compliance with the commitment letter and relevant regulations on information disclosure [2] Group 2: Project Timelines and Deliverables - The ten newly approved nuclear power units are expected to complete the valve equipment bidding phase by the end of 2025 to the first quarter of 2026, with delivery to occur in 2-3 years [3] - The bidding for valves required for the 2024 approved nuclear power units is ongoing, with deliveries expected in 2026 and 2027 [4] Group 3: Financial Performance and Profitability - The gross profit margin for nuclear power valve products in 2024 is reported at 36.75%, which is within the normal fluctuation range [5] - The company has implemented effective measures for accounts receivable management to mitigate bad debt risks, ensuring overall controllable repayment risks [10] Group 4: Market Position and Product Development - The company is focusing on the development of nuclear-grade valves and has diversified its product offerings, including various types of nuclear valves and filters [9] - The company aims to establish a specialized production base for marine valves, leveraging the industrial advantages of the Nantong marine engineering base [8] Group 5: Future Growth Areas - Future growth is concentrated in nuclear power, hydrogen energy, semiconductor equipment, and marine engineering, with ongoing R&D investments to maintain technological leadership [11] - The company is also exploring opportunities in nuclear fusion technology and has committed resources to develop specialized valves for nuclear energy applications [12] Group 6: International Expansion and Market Trends - The company is actively expanding its international business, focusing on markets in the Middle East and Southeast Asia, particularly in oil refining and gas extraction [13] - The shift towards clean energy presents new opportunities for the company, which plans to enhance production efficiency and competitiveness through technological innovation and smart manufacturing projects [14]

作为央企、科研院所、地方政府产学研一体化合作的氢能"国家队"——国创氢能科技有限公司专注于燃 料电池发动机、电堆及核心部件的关键技术攻关、产品开发以及产业化应用，致力于打造国际一流、自 主可控的燃料电池技术策源地。公司构建设计仿真、控制开发、工艺开发、测试开发四大技术平台，具 备燃料电池自主可控的产品正向研发及快速迭代能力，开发了国内首款钛基金属板燃料电池及系统，单 电堆功率达300kW，首款单堆系统功率达240kW，综合性能国内领先，目前产品已在乘用车、商用车、 轨道交通、低空飞行器以及储能电站等领域开展多元化应用。 去年年末，位于金普新区氢能产业园的国创氢能绿色零碳氢燃料电池研发、先进制造基地正式投运，占 地面积4万平方米，建成国内首条自主设计的智能化全自动双极板生产线，以及燃料电池电堆和系统智 能装配产线，配套自主研制的燃料电池膜电极，并将开展燃料电池催化剂和质子交换膜（PEM）电解 水制氢设备中试。 国创氢能相关负责人介绍，产业园建完之后，这个基地实际上已经具备了年产5000台套燃料电池发动机 的规模，对应的全产业链，经济带动效应基本上是30到50个亿的规模。我们通过这种模式以点带面，带 动全产业链形 ...

Core Viewpoint - The company has experienced rapid growth over the past five years primarily driven by energy new materials, and it anticipates that tungsten and rare earth deep processing and applications will be the main growth drivers in the next five years [1][3]. Group 1: Business Strategy and Focus Areas - The company will focus on the application of magnetic materials in new scenarios such as rare earth permanent magnet motors, industrial robots, and humanoid robots, with related products currently under development [4]. - The company plans to transition from a traditional sales model of hard alloy cutting tools to providing comprehensive solutions and services, potentially through mergers and acquisitions to accelerate business growth [4]. - The company aims to enhance its resource assurance rate from the current 20% to 70% in the future [5]. Group 2: Technological Development and Market Position - In the energy new materials sector, the company will focus on solid-state battery technology and hydrogen energy technologies, having already developed lithium sulfide technology [5]. - The company recognizes the importance of recycling in all its industries, as they involve rare strategic metals [5]. - The company has strategically positioned itself to minimize impacts from current international trade challenges, with an export revenue of approximately 5.4 billion yuan, accounting for 16% of its main business income [5]. Group 3: International Expansion and Investment - The company has invested in an 800-ton hard alloy bar project in Thailand, aimed at the U.S. and ASEAN markets, with a total investment of about 190 million yuan and an average return on investment exceeding 20% [5]. - The company is currently advancing the construction of a second phase project in Thailand, having acquired 130 acres of land to expand hard alloy production and develop tungsten powder, tungsten carbide, CNC blades, and complete tool businesses [6].

证券之星消息，2025年5月13日赫美集团（002356）发布公告称公司于2025年5月13日召开业绩说明会。 具体内容如下： 问：31.35亿元风电制氢项目进度仅 0.09%，如何筹措资金？预计何 时产生收益？ 答:投资者您好！该项目的建设资金除公司自有资金以外，还将通 过融资、盘活资产以及引入产业基金 等方式和途径筹集资金。公司将根 据政策调整、市场波动等因素，从实际出发及时调整本项目投资规 模及 进展方向。根据项目的后续进展情况及时履行信息披露义务，敬请投资 者理性投资，注意投资风 险。谢谢关注！ 问：2025年有没有进一步的资产注入计划，投资的项目为什么一直处 于前期阶段？ 答:投资者您好！取得项目所需用地及项目建设过程中涉及环评、 立项、规划、设计、施工等环节，需 要获得有关部门批复，存在不确定 性，公司将按照法律法规的要求办理环评、规划、施工许可等手 续。如 因国家或地方政策调整、项目审批实施条件发生变化、外部因素影响等， 项目可能存在顺延、 变更、中止、终止或可能存在未获得有关机构批准 等风险，敬请注意投资风险。公司如有重大事项达 到信息披露标准，将 通过公告的形式进行披露。谢谢关注！ 问：管理 ...

贵州六盘水首座氢能综合能源站投用。 项目建设初期，东德氢能不仅承担核心设备供应，还承接了工程施工和整站联调服务。"接到客户任务后，东德氢能迅速组建专业团队赴 现场勘测，优化施工方案，高效统筹采购、生产与施工环节，最终高质量按期交付，赢得客户高度认可。"东德氢能项目交付负责人表 示，此次合作充分展现了东德氢能从设备制造到整站交付的全流程服务能力，为深化区域氢能合作提供示范样本。 贵州六盘水首座氢能综合能源站为LNG、加氢合建站。其中，加氢站属于固定式大型加氢站，日加氢能力达2000公斤，对长期运行稳定 性要求比较高。该加氢站的核心设备隔膜压缩机由烟台企业东德氢能提供，同时，东德氢能还参与了项目工程施工和整站联调服务。 "目前该能源站一共设有3台加氢机，每天能保证为130台—150台的氢能重卡加注。当三台加氢机同时给3台氢能重卡加注时，只需20分钟 左右就能加满。"该加氢站站长车猛表示。 其中，三台加氢机配置了两套东德氢能隔膜压缩机，采用创新膜腔设计与智能监控系统，可在5-20MPaG进气压力下实现45MPaG高压输 出，流量1500Nm3/h，满足加氢站大流量、高效率的加氢需求。东德氢能通过云平台远程运维功能， ...

Plug Power (PLUG) Q1 2025 Earnings Call May 12, 2025 04:30 PM ET Company Participants Teal Vivacqua Hoyos - VP -Marketing & CommunicationsAndrew Marsh - CEOJose Crespo - Chief Revenue OfficerBill Peterson - Equity ResearchColin Rusch - Managing Director - Head of Sustainable Growth & Resource Optimization ResearchDushyant Ailani - Senior VP Conference Call Participants George Gianarikas - Managing Director and Senior AnalystEric Stine - Senior Research Analyst Operator Greetings, and welcome to the Plug Pow ...

Financial Data and Key Metrics Changes - In Q1 2025, Plug Power reported revenue of $134 million, aligning with guidance and showing progress towards profitability with improved margins and reduced cash burn [4][5] - The company projects revenue between $140 million to $180 million for Q2 2025 [5] - Cash burn in Q1 was down nearly 50% year-over-year, with expectations for further reductions due to the Quantum Leap cost-saving program [7][10] Business Line Data and Key Metrics Changes - The material handling business saw renewed momentum, highlighted by a $10 million initial order from a major customer, linked to over $200 million in future opportunities [5][6] - The hydrogen generation capacity increased to 40 tons per day with the commissioning of a new plant in Louisiana [6] Market Data and Key Metrics Changes - The company is actively engaged in the European market, tracking an electrolyzer opportunity funnel worth over $21 billion across 2025 and 2026 [14][22] - In Europe, regulatory frameworks and funding initiatives are driving significant demand for electrolyzers, with Plug Power positioned favorably in this market [21][22] Company Strategy and Development Direction - Plug Power is focusing on expanding its presence in Europe, leveraging regulatory support and funding for green hydrogen projects [14][21] - The company is implementing a major cost-saving initiative called Quantum Leap, targeting over $200 million in annualized reductions across various operational areas [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to navigate a turbulent macro environment while achieving operational targets [4][5] - There is uncertainty regarding U.S. clean energy policies, but the company remains engaged with policymakers to advocate for stable hydrogen policy frameworks [13][14] Other Important Information - Plug Power raised $280 million in equity and secured a $525 million structured financing facility to bolster liquidity and reduce risk [8][10] - The company is actively working to mitigate the impact of increased tariffs on Chinese imports affecting core product lines [11][12] Q&A Session Summary Question: Impact of the tax bill on Texas facility and the DOE loan - Management indicated that they are working to start construction this year to qualify for the tax credit, and they see significant opportunities in Europe [27][30] Question: Update on electrolyzer orders and FID - Management confirmed a backlog of $200 million for electrolyzers, with expectations for two gigawatts to reach FID by year-end, though some projects may extend into 2026 [34][35] Question: Cost cuts and potential business rationalization - Management stated there are no plans to sell parts of the business and emphasized ongoing investments in Europe [42][43] Question: Update on hydrogen production facilities - Management reported record production in Georgia and expressed confidence in the ramp-up of operations in Louisiana [55][56] Question: Demand for material handling outside the U.S. - Management noted new opportunities in Europe, including partnerships with BMW and STEF [59][60] Question: Economic outlook and customer expansion - Management confirmed growth with existing customers and new opportunities, maintaining a focus on achieving gross margin breakeven by year-end [66][67] Question: Update on Texas project CapEx and safe harbor status - Management confirmed $250 million spent on the Texas project, with a total CapEx of $800 million, and expressed optimism about qualifying for safe harbor [73][74] Question: Conversations regarding tariff surcharges - Initial conversations about surcharges have occurred, but current inventory levels are providing some protection against cost increases [76][77]

Core Viewpoint - Houpu Clean Energy Group Co., Ltd. is planning to issue shares to specific investors in 2024, aiming to raise funds to improve its financial structure and expand business operations. The company has faced continuous losses and declining revenues in recent years, which raises concerns about its financial health and operational risks [2][3][5]. Financial Performance - The company reported revenues of 713.74 million yuan, 936.23 million yuan, and losses of 70.20 million yuan and 82.39 million yuan over the last three years. The net profit attributable to shareholders, excluding non-recurring gains and losses, was -146.40 million yuan, -87.11 million yuan, and -73.81 million yuan, indicating ongoing financial struggles [2][3]. - In 2024, the company's revenue is expected to decline by 32.67% year-on-year, and the net profit attributable to shareholders is projected to decrease by 17.38% compared to the previous year [2][3]. Business Risks - The company faces significant risks related to its core business in natural gas and hydrogen refueling equipment, which are subject to market demand fluctuations and regulatory changes. The demand for natural gas refueling equipment has been impacted by policies promoting alternative energy vehicles, leading to reduced investment in natural gas stations [3][4]. - The hydrogen energy business is still in its early development stage, with sales revenue from hydrogen-related projects accounting for 15.33% and 33.26% of total revenue in recent years, indicating a reliance on emerging markets with uncertain growth prospects [3][4]. Project Development - The Houpu Hydrogen Equipment Industrial Park project is planned in two phases, with an initial investment of 2.4 billion yuan and a second phase of 7.6 billion yuan. The first phase is expected to be completed by June 2025, but there are concerns about the actual investment scale and potential delays in project completion [5][6]. - The company has already acquired land for the first phase and initiated construction, but there are risks associated with meeting government requirements and potential penalties if the project does not generate expected revenues [5][6]. Legal and Financial Liabilities - The company is currently involved in several legal disputes, with pending litigation amounts totaling 132.35 million yuan, which represents 11.15% of the company's latest audited net assets. This situation poses a risk to the company's financial stability and operational continuity [6][7]. - As of the latest reporting period, the company has also faced asset impairment losses totaling 19.83 million yuan, 10.23 million yuan, and 5.10 million yuan over the past three years, indicating potential challenges in asset management and valuation [7][8]. Share Issuance Details - The share issuance price is set at 6.39 yuan per share, which is not less than 80% of the average stock price over the 20 trading days prior to the pricing date. The funds raised will be used to supplement working capital and enhance the company's market competitiveness [10][11]. - The issuance is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, and the final number of shares to be issued will be determined based on actual conditions at the time of issuance [10][11].

电力设备 电力设备 2025 年 05 月 12 日 氢能深度系列（二）：政策助推应用落地，氢能两轮 车有望迎放量元年 ——行业深度报告 行业走势图 数据来源：聚源 -29% -19% -10% 0% 10% 19% 29% 2024-05 2024-09 2025-01 电力设备 沪深300 相关研究报告 《低空经济行业周报（5 月第 2 周）： 沃兰特获 100 架 eVTOL 订单，小鹏汇 天 PC 证正式获民航局受理—行业周 报》-2025.5.11 《低空经济行业周报（5 月第 1 周）： 峰飞获 100 架 eVTOL 订单，中科星图 拟募资进行低空平台建设—行业周 报》-2025.5.4 《低空经济行业周报：（4 月第 4 周） 美团获全国首张低空物流全境覆盖 OC，欣旺达与航天飞鹏合作—行业周 报》-2025.4.27 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 政策驱动助推氢能两轮车应用落地，0-1 渗透贡献产业链增量 氢能两轮车相较锂电、铅酸车型具备能量密度、续航、环境适应性、安全性等方 面优势，更适用于 2B 端应用场景，例如共享出行 ...