Core Viewpoint - The "14th Five-Year Plan" period has seen significant achievements in high-quality development within China's energy sector, driven by technological innovation and a focus on self-reliance in key energy technologies [1][2]. Group 1: Energy Self-Innovation - The capacity for energy self-innovation has been continuously enhanced, with breakthroughs in areas such as renewable energy generation, large-scale hydropower, advanced nuclear power, heavy-duty gas turbines, smart grids, and deep-sea oil and gas exploration [1]. - Major technological projects and energy engineering have been pivotal in accelerating the development of core technologies [1]. Group 2: Modernization of Energy Industry Chain - The modernization of the energy industry chain has been expedited through the establishment of "production, learning, research, and application" innovation platforms, facilitating the transition of prototypes from laboratories to market-ready products [2]. - A total of 236 first-of-a-kind projects have been certified, some of which are not only the first in China but also globally [2]. Group 3: Development of New Industries and Business Models - New industries and business models, such as energy storage and hydrogen energy, have flourished, with the installed capacity of new energy storage reaching approximately 95 million kilowatts, a nearly 30-fold increase over five years [2]. - By 2024, China's hydrogen production and consumption scale is expected to exceed 36 million tons, leading the world, with renewable energy-based hydrogen production capacity surpassing half of the global total [2]. - Artificial intelligence is increasingly empowering the energy sector, expanding applications in areas like renewable energy generation, grid inspection, and oil and gas resource discovery, showcasing significant potential for revitalizing the energy industry [2].

Core Viewpoint - The National Energy Administration of China is focusing on international technological cooperation in key energy sectors, including hydrogen energy, energy storage, nuclear power, and smart energy, as part of the Belt and Road Initiative [1] Group 1: International Cooperation - The National Energy Administration is enhancing international technological cooperation with Belt and Road countries in critical energy fields [1] - There is a continuous push for clean energy industry collaboration, promoting Chinese technologies and standards in new energy generation, ultra-high voltage transmission, and smart grid systems to go global [1] Group 2: Cost Reduction Achievements - Over the past decade, China's efforts have led to a 60% reduction in the average cost per kilowatt-hour for global wind power projects and an 80% reduction for solar power projects [1] - These cost reductions significantly contribute to the global green transition [1]

Core Viewpoint - The article emphasizes the upcoming launch of new products in the hydrogen energy sector, specifically focusing on the third-generation PPS composite membrane and square electrolyzer from Liyuan Technology, aimed at reducing import dependency and overcoming technological gaps in the industry [5]. Group 1: Event Information - The 2025 TrendBank Green Hydrogen Industry Conference is scheduled for August 27-28, 2025, in Wuxi, Jiangsu [2][7]. - A countdown indicates that there is only 1 day left until the product launch event [4][6]. Group 2: Product Launch - Liyuan Technology is set to unveil two new products: the third-generation PPS composite membrane and a square electrolyzer, which are expected to drive the future of hydrogen energy [5]. - The launch event will be broadcasted live on the TrendBank energy chain platform, providing more insights into the products [8]. Group 3: Company Information - Ningbo Membrane Intelligence Information Technology Co., Ltd. serves as the sole registered entity and payment account for TrendBank [1]. Group 4: Additional Services - TrendBank offers various services including monthly analysis reports on the hydrogen energy and fuel cell industry, research services, data products, and consulting services [14].

长春致远新能源装备股份有限公司 2025 年半年度报告全文 证券代码： 300985 证券简称：致远新能 公告编号：2025-049 长春致远新能源装备股份有限公司 长春致远新能源装备股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人张远、主管会计工作负责人周波及会计机构负责人(会计主管 人员)刘庆春声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的 实质性承诺，敬请投资者及相关人士注意投资风险。 公司在本半年度报告中详细阐述了未来可能存在的风险因素及对策，具 体内容详见本报告第三节"管理层讨论与分析"之"十、公司面临的风险和 应对措施"，敬请投资者予以关注。 二、载有公司法定代表人签名并盖章的 2025 年半年度报告原件； 三、报告期内公开披露过的所有公司文件的正本及公告的原稿； 四、其他相关文件。 以上文件的备置地点：公司证券部。 | | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the supply of platinum and palladium is expected to decline, with platinum's mineral supply dropping by 4% to 529.5 million ounces and palladium's by 5% to 616.5 million ounces. However, the global palladium recycling volume is expected to rise to 270.5 million ounces [21][24]. - The demand for platinum is expected to slightly increase to 720.5 million ounces in 2025, while the demand for palladium is expected to decline to 862.5 million ounces, mainly due to the decline in automotive industry demand [41]. - In 2025, the supply - demand pattern of platinum and palladium is expected to show a differentiated trend, mainly due to the relative low price of platinum compared to palladium and the impact of the Russia - Ukraine conflict on palladium circulation [48]. 3. Summary by Relevant Catalogs 3.1 Platinum and Palladium Industry Chain Introduction - Platinum group metals include six elements: ruthenium (Ru), rhodium (Rh), palladium (Pd), osmium (Os), iridium (Ir), and platinum (Pt). Platinum and palladium are important industrial precious metals with wide applications in industry and jewelry [3][5]. - The mining and purification of platinum and palladium are complex. They are often symbiotic with copper - nickel sulfides and chromite, and the average grade of primary ore is only 2 - 10 g/t. Recycling accounts for about 30% of platinum supply and 20% of palladium supply. After refining, they are mainly used in automotive exhaust catalysts, as well as in chemical, electronic, glass, petroleum, medical, and other fields [12]. 3.2 Platinum and Palladium Supply Situation 3.2.1 Reserve Distribution and Major Production Enterprises - In 2024, the total proven reserves of platinum - group metals globally exceeded 81,000 tons, concentrated in southern Africa, North America, and the Far East of Europe. China's reserves are less than 1% of the global total [18]. - The top 10 global suppliers of platinum and palladium are mainly concentrated in South Africa, Russia, and North America [18]. 3.2.2 Platinum Supply - In 2025, the platinum mineral supply is expected to decline by 4% to 529.5 million ounces, with South Africa's supply expected to decrease by 170,000 ounces. The recycling supply in 2025 is expected to slightly recover [21]. 3.2.3 Palladium Supply - In 2025, the palladium mineral supply is expected to decline by 5% to 616.5 million ounces, mainly affected by the production decline in South Africa and North America. The global palladium recycling volume is expected to rise to 270.5 million ounces [24]. 3.2.4 Introduction of Major Supply Enterprises - Anglo American Platinum Ltd. is the world's largest platinum producer, with 80% of its assets in South Africa's Bushveld Complex. In 2025, its production is expected to be 3.8 million ounces, accounting for 30% of the global supply [29]. - OJSC MMC Norilsk Nickel is a leading global mining and metallurgy group. Its palladium production accounts for nearly 40% of the global total. In the first three quarters of 2024, its palladium production was 2.156 million ounces and platinum production was 521,000 ounces [29]. - Impala Platinum Holdings Ltd is a major global producer of platinum - group metals, with mines in South Africa, Zimbabwe, and Canada. In 2024, its total production of platinum - group metals was 3.65 million ounces, accounting for over 30% of the global supply [30]. - Stillwater Mining Co. is a leading global producer of platinum - group metals. In 2023, its annual production of platinum and palladium was about 408,000 ounces, accounting for about 7% of the global supply [30]. 3.3 Platinum and Palladium Downstream Applications 3.3.1 Automotive Catalysts - Platinum, palladium, and rhodium are key components of automotive catalysts. In the long - term, the demand for platinum and palladium in automotive catalysts is not optimistic due to the development of new energy vehicles. In the short - term, the sales increase of second - hand gasoline vehicles may boost the demand. In 2024, the demand for platinum and palladium in automotive catalysts accounted for 48% and 83% respectively [33]. 3.3.2 Jewelry - Platinum is regarded as a high - end jewelry representative, while palladium is rarely used in jewelry due to its discoloration. In the future, the application of platinum and palladium in jewelry faces a downward risk. In 2024, the demand for platinum and palladium in jewelry accounted for 19% and 1% respectively [34]. 3.3.3 Industry - Platinum's industrial demand is concentrated in glass manufacturing, chemical catalysis, and electronics. Palladium's industrial use is mainly in the chemical and electronic industries. In 2024, the demand for platinum and palladium in industry accounted for 32% and 15% respectively [35]. 3.3.4 Hydrogen Energy - Platinum - group metals play a crucial role in hydrogen energy development. The development of hydrogen energy is in its infancy, and the demand for platinum and palladium may increase in the future. In 2024, the demand for platinum and palladium in hydrogen energy accounted for 1% and 0.3% respectively [38]. 3.4 Price and Futures 3.4.1 Global Platinum and Palladium Supply - Demand Balance - In 2020, the prices of platinum and palladium rose significantly due to the shutdown of mining and smelting in South Africa. In 2021, the supply surplus intensified. In 2025, the supply - demand pattern of platinum and palladium is expected to show a differentiated trend [48]. 3.4.2 Global Platinum and Palladium Futures Market - The Guangzhou Futures Exchange is expected to launch platinum and palladium futures contracts this year. The London Platinum and Palladium Market (LPPM) is the most important global spot trading market, and the New York Mercantile Exchange (NYMEX) is the largest global platinum futures trading market [56][60].

Core Viewpoint - The article highlights the advancements and opportunities in the hydrogen energy sector, focusing on various companies and their innovative technologies in hydrogen production, storage, and safety management [3][4][5][6][8]. Group 1: Company Innovations - Suzhou Zhiqing Bo Materials Technology Co., Ltd. specializes in the research and industrialization of anion exchange membranes, achieving stable production of 10 kg of resin and a product matrix of differentiated AEM products [3]. - Beijing Jiatai New Energy Technology Co., Ltd. is developing a new compressed gas energy storage project aimed at large-scale, long-duration, and environmentally friendly energy storage solutions [4]. - Fan Hydrogen Technology (Beijing) Co., Ltd. integrates hydrogen-sensitive color-changing materials with smart sensing technology for hydrogen leak detection, addressing challenges in leak detection [5]. Group 2: Market Trends - The article emphasizes the growing importance of hydrogen energy in the context of green transformation and sustainable development, with various companies focusing on innovative solutions to enhance hydrogen production and safety [8][10][12]. - The distributed green hydrogen supply model introduced by Beijing Hydrogen Ring Energy Technology Co., Ltd. utilizes local biogas resources for hydrogen production, addressing the industry's challenges of gas shortages and insufficient refueling stations [6]. Group 3: Investment Opportunities - The article mentions several investment managers and funds focusing on green energy, particularly in hydrogen and related technologies, indicating a robust interest in financing innovative projects in this sector [8][10][12][14][18][20].

Core Viewpoint - South Korean President Lee Jae-myung's visit to Japan before the United States marks a significant shift in diplomatic protocol, indicating a need for closer cooperation between South Korea and Japan in the face of external pressures, particularly from the United States [1][3]. Group 1: Change in Attitude Towards Japan - Lee Jae-myung's meeting with Japanese Prime Minister Kishida Fumio resulted in agreements on enhancing security communication and cooperation in hydrogen energy and artificial intelligence, marking the first joint statement from a South Korean and Japanese leader in 17 years [2]. - Lee's previous strong criticisms of Japan regarding historical issues have softened since taking office, as he emphasizes the need for mutual benefits and cooperation rather than dwelling on past grievances [2]. - The shift in Lee's stance reflects a broader political strategy to demonstrate inclusivity and pragmatism in governance, moving away from the confrontational approach he adopted while in opposition [2]. Group 2: Joint Response to U.S. Pressure - Lee's decision to visit Japan first is seen as a strategic move to better prepare for discussions with U.S. President Trump, amid ongoing U.S. pressures on both countries regarding trade and defense spending [3]. - Analysts suggest that coordinated positions between South Korea and Japan could enhance their negotiating power with the U.S., particularly in light of Trump's administration's demands for increased defense spending and tariffs [3]. - The meeting also serves as a platform for Lee to align with Japan on how to navigate the uncertainties posed by the Trump administration, with both leaders recognizing the importance of a united front [3]. Group 3: Historical Issues Remain a Challenge - Despite the current diplomatic thaw, historical grievances between South Korea and Japan are expected to continue to pose challenges to their relationship, as Lee acknowledges the historical issues as a significant hurdle [5]. - The rise of right-wing political forces in Japan complicates the potential for reconciliation, as these groups often resist acknowledging historical wrongs, which could exacerbate tensions with South Korea [5]. - The political landscape in Japan, characterized by increasing nationalism, may hinder future efforts to address historical disputes, potentially reigniting conflicts over issues such as wartime labor and the "comfort women" controversy [5].

值得注意的是，李在明首次针对特定国家的外访首先选择日本，而非美国，打破了此前历任韩国总统首 访必须美国的先例。 对此，上海市朝鲜半岛研究会副会长、上海对外经贸大学朝鲜半岛研究中心主任詹德斌告诉第一财 经，"李在明此次先访日再访美，其实最终目的还是铺垫对美国的访问。" 向日方"取经" 李在明此行也是为了"取经"，向日方了解如何与这届美国政府打交道。 时隔17年，日韩领导人再度发表联合新闻公报。 据韩国政府此前的吹风信息，韩国总统李在明于8月23日至24日先访日本，与日本首相石破茂会晤。随 后启程访问美国，与美国总统特朗普举行会谈。两次访问都属于工作性质。 8月23日，李在明抵达日本，这是他就任韩国总统以来的首次访日。当天傍晚，李在明在东京首相官邸 与石破茂举行会谈。这是两国领导人自今年6月加拿大七国集团（G7）峰会期间会晤以来的第二次面对 面会谈。24日，李在明结束访日行程，启程访美。 "实用主义"外交 23日，日韩双方领导人在东京会谈后发表联合新闻公报。这是日韩领导人时隔17年再次以联合文件的形 式公布会谈成果。 据新华社报道，两国首脑一致同意稳步推进双边关系：包括在安全领域加强战略沟通；推动双方在氢 能、人 ...

Group 1 - The meeting between South Korean President Lee Jae-myung and Japanese Prime Minister Kishida Fumio marks the first joint press release after a summit in 17 years, indicating a significant diplomatic milestone [1][3] - The meeting lasted 113 minutes, and it is noted that this is the first time since the normalization of diplomatic relations in 1965 that a South Korean president has chosen Japan as the first visit after taking office [3] - Both leaders expressed a commitment to revitalizing bilateral relations, with Lee Jae-myung hoping for a new model of "shuttle diplomacy" between the two countries [3] Group 2 - The joint statement highlighted agreements to enhance strategic communication in security, promote cooperation in hydrogen energy and artificial intelligence, and establish a discussion framework on common issues such as local revitalization and aging population [3] - There is an intention to expand the working holiday visa system to further promote people-to-people exchanges between South Korea and Japan [3]

Financial Performance - The company reported a total revenue of 5.224 billion yuan for the first half of 2025, an increase of 5.1% year-on-year, while the net profit attributable to shareholders was 105 million yuan, a decrease of 28.9% [1] - In Q2 2025, the total revenue was 2.473 billion yuan, up 9.04% year-on-year, but the net profit attributable to shareholders fell by 20.13% to 159 million yuan [1] - The gross margin decreased to 7.42%, down 9.28% year-on-year, and the net margin was 2.28%, a decline of 27.14% [1] - The company’s accounts receivable accounted for 211.1% of the latest annual net profit, indicating a significant amount of outstanding payments [1][4] Cash Flow and Financial Ratios - The operating cash flow per share dropped to 0.02 yuan, a decrease of 91.3% year-on-year, reflecting cash flow challenges [1] - The company’s total financial expenses increased by 636.3%, primarily due to a decline in foreign exchange gains from yen loans [3] - The company’s cash flow from operating activities decreased by 91.36%, attributed to adjustments in salary payment timing and settling due payables [3] Business Strategy and Operations - The company focuses on its core business of urban gas supply while actively exploring new sectors such as hydrogen energy and smart gas [7] - The company has initiated 41 integrated energy projects, including distributed energy and photovoltaic projects, enhancing operational synergies [9] - The company is currently in the research and market survey phase for hydrogen energy applications, leveraging local industrial by-products [8] Dividend Policy - The company has disclosed a three-year dividend plan, committing to distribute at least 30% of the distributable profits in cash after reserving for statutory surplus [11] - The company plans to implement mid-term dividends starting from 2024, with future distributions subject to financial conditions [11]