Core Viewpoint - Hydrogen Qi Energy focuses on hydrogen energy and storage technologies, aiming to provide advanced and reliable AEM hydrogen production and solid-state hydrogen storage technologies, promoting the development and application of clean energy [1]. Group 1: Company Developments - On July 16, Hydrogen Qi Energy held a delivery ceremony for solid-state hydrogen storage bottles, marking the first large-scale delivery since the establishment of its headquarters base, which is set to produce 1,000 sets of hydrogen storage systems annually starting January 2025 [5]. - In July 2025, Hydrogen Qi Energy was officially listed as a key R&D project in Chengdu, receiving a funding grant of 5.8 million yuan, making it the only hydrogen energy project among ten collaborative innovation projects [7]. - The company signed a contract for a solid-state hydrogen system project with Harbin Institute of Technology, demonstrating its competitive edge among various bidders [9][10]. - In May 2025, Hydrogen Qi Energy signed a sales contract with a Polish company and an overseas agency agreement, aiming to expand its market presence internationally [14]. - The company has signed 34 commercial contracts in the first half of 2025, with a total contract value exceeding 20 million yuan, indicating strong market demand and collaboration potential [24]. Group 2: Product Innovations - Hydrogen Qi Energy's solid-state hydrogen storage technology is being applied in various sectors, including industrial vehicles and commercial transportation, enhancing safety and efficiency in hydrogen storage [12]. - The company has developed AEM hydrogen production products in standard capacities of 2.5KW, 5KW, and 10KW, with plans to release a hundred-kilowatt AEM hydrogen production product in the second half of 2025 [19]. - The solid-state hydrogen storage system used in hydrogen-powered two-wheelers allows for easy energy replenishment without the need for extensive refueling infrastructure, significantly lowering the entry barrier for users [27][31]. Group 3: Market Trends - The deployment of over 6,000 hydrogen-powered two-wheelers in tourist areas and urban short-distance travel highlights the growing acceptance and market potential of hydrogen energy solutions [27]. - The operational model of hydrogen two-wheelers, which includes a modular quick-change system, allows for a cost-effective and sustainable approach to zero-carbon transportation, appealing to both consumers and investors [28].

Core Viewpoint - The launch of hydrogen fuel electric two-wheelers by Northern Rare Earth Hydrogen Storage Company marks a significant advancement in zero-carbon transportation, with a 1.5 times increase in range compared to traditional electric vehicles [1][3]. Group 1: Product Features - The hydrogen fuel electric two-wheeler features a solid-state hydrogen storage bottle developed by Northern Rare Earth, capable of storing 80 to 90 grams of hydrogen, ensuring a range of over 90 kilometers [3][4]. - The vehicle operates on hydrogen fuel cells, producing only water as a byproduct, thus achieving complete zero-carbon emissions and being environmentally friendly [3][4]. - The two-wheeler exhibits strong low-temperature performance, outperforming traditional lithium batteries in cold environments, allowing for reliable operation even in harsh weather [3][4]. Group 2: Industry Development - Solid-state hydrogen storage is a key technology in the hydrogen energy industry and is a national development focus [4]. - Northern Rare Earth is accelerating its transformation towards high-end products, successfully developing solid-state hydrogen alloy products with high absorption capacity and efficient thermal management [4]. - The company has adopted a dual approach of independent and collaborative development to overcome challenges in the hydrogen storage device's engineering applications, significantly enhancing the vehicle's range from less than 10 kilometers to over 90 kilometers [4]. Group 3: Market Deployment - The first batch of 20 hydrogen fuel electric two-wheelers has been deployed at the Northern Rare Earth smelting subsidiary to address the "last mile" commuting issue for employees [6]. - An additional 30 vehicles are set for trial operation within Baogang Group by the end of July, with plans to expand deployment in Baotou and other cities, aiming to establish a unique "Rare Earth + Hydrogen Energy" brand in Inner Mongolia [6]. - Northern Rare Earth continues to deepen its engagement in the hydrogen energy sector, focusing on cultivating a hydrogen energy industry ecosystem and promoting pilot demonstrations to enhance the "North Rare Hydrogen Energy" brand [6].

Core Viewpoint - The company reported significant growth in its first-quarter performance for 2025, with substantial increases in revenue and net profit, driven by strong demand in the rare earth market and effective operational strategies [2][4][5]. Financial Performance - In Q1 2025, the company achieved operating revenue of 9.28 billion, up from 5.76 billion in the same period last year, representing a year-on-year increase of 61.19% [2]. - The net profit attributable to shareholders was 430 million, compared to 52 million in the previous year, marking a remarkable growth of 727.3% [2]. - The net profit after deducting non-recurring gains and losses was also 430 million, a staggering increase of 11622.98% year-on-year [2]. Production and Sales - The production of rare earth oxides reached 5,700 tons, a year-on-year increase of 33.99%, while sales volume was 10,600 tons, up 57.61% [2]. - Rare earth salts production was 37,400 tons, with a sales volume of 32,100 tons, reflecting a production increase of 1.25% and a sales increase of 52.95% [2]. - The production of rare earth metals was 12,100 tons, with sales of 11,300 tons, showing a production increase of 56.50% and a sales increase of 46.55% [2]. - Magnetic materials production was 16,400 tons, with sales of 16,200 tons, indicating a production increase of 40.88% and a sales increase of 46.63% [2]. Market Strategy - The company has optimized its production structure and marketing strategies, leading to increased sales of major products [3]. - A new pricing mechanism has been implemented to enhance the company's pricing power and market influence [3]. - The company is actively expanding compliant trade channels, resulting in increased trade revenue from rare earth products [3]. Industry Outlook - The rare earth industry is experiencing overall profitability and growth, with the company maintaining a leading position among its peers [5]. - The government has shown strong support for the rare earth industry, implementing policies to optimize resource allocation and enhance industry resilience [6][7]. - The company is optimistic about the long-term development prospects of the rare earth industry, particularly in the context of the "dual carbon" strategy and the growth of new energy and materials sectors [8]. Project Development - The company's green smelting upgrade project is progressing smoothly, with the first phase already operational and the second phase planned to start construction in the second half of 2025 [9][10]. - This project aims to enhance the automation and efficiency of rare earth smelting processes, contributing to the company's goal of becoming a leading player in the global rare earth market [10]. Investment and Expansion - The company has received a bank loan at an interest rate of 1.95% to support its shareholding increase plan, reflecting confidence in its future development [11]. - The company is closely monitoring developments in the hydrogen energy sector and has initiated research and development in solid-state hydrogen storage materials [12].