近日，中汽中心发布的《氢燃料电池汽车运营大数据分析报告》（以下简称《报告》）显 示，我国氢燃料电池汽车已进入规模化、商业化发展新阶段。 经典案例验证燃料电池汽车商业运营可行性 "氢车万里行"展现出很多典型优秀案例，部分企业通过构建地方政府-整车-零部件-物流-货主-氢能 全产业链生态闭环，打通产业堵点，形成可借鉴的商业模式。 燃料电池汽车具备较强技术适应性、运营经济性和安全性 《报告》提出，请燃料电池汽车产业已经实现了从0到1的突破，进入迈过技术经济性拐点、快速规 模化的发展关键阶段。自2009年开始，通过做好燃料电池汽车示范、谋划氢能高速和氢能走廊、扩展氢 能应用场景三大标志性工程，推动了产业规模化发展。 自《共建中国氢能高速行动倡议》发布后，"10省4市"（山东、吉林、陕西、湖南、湖北、四川、 青海、河南、辽宁、山西和鄂尔多斯、吕梁、包头、六盘水）出台氢能高速通行费减免政策，有力的推 动了"氢高速"的发展。2025年4月，中汽政研联合行业"氢车万里行"活动，通过大规模、跨区域实车示 范验证，探索技术先进、经济可行的商业闭环。这是全国首次大规模实车示范验证，超过200辆燃料电 池汽车、超过40座加氢站投入， ...

Core Viewpoint - The hydrogen fuel cell vehicle industry is facing significant challenges, including increased losses among companies, a lack of effective commercialization, and the impending expiration of supportive policies by 2025, prompting urgent calls for new policy measures and financial support [3][5][15]. Group 1: Financial Performance of Hydrogen Fuel Cell Companies - Companies in the hydrogen fuel cell sector are experiencing heightened losses due to multiple factors, including accounts receivable crises, excessive R&D investments, and declining stack prices [3][8]. - In 2024, major companies like Yihuatong reported a revenue drop of 54.21% to 367 million yuan, with net losses expanding to 456 million yuan. Collectively, four leading firms faced losses exceeding 1.81 billion yuan, with an average loss increase of over 60% [3][7]. - The cash flow crisis is exacerbated by delayed government subsidies, leading to a paradox where increased subsidies do not alleviate cash flow issues [8][9]. Group 2: Commercialization Challenges - The hydrogen energy industry has not achieved effective commercialization, primarily due to the mismatch between hydrogen production costs and terminal demand, as well as a lack of diverse application scenarios [11][12]. - Currently, green hydrogen accounts for less than 10% of production, with gray hydrogen being the predominant source, leading to significant cost disparities (gray hydrogen at approximately 10 yuan/kg versus green hydrogen at 30-40 yuan/kg) [11][12]. - The logistics sector, which is highly cost-sensitive, faces challenges in scaling up hydrogen fuel cell vehicles due to high lifecycle fuel costs compared to diesel vehicles [13]. Group 3: Policy and Industry Demands - Industry stakeholders are calling for continuous policy support, a national hydrogen network, specialized financing channels, cost reduction strategies for green hydrogen, and the diversification of application scenarios [15][18]. - There is a consensus on the need for a long-term mechanism to prevent policy gaps that could hinder capital investment and technological progress [16]. - The establishment of a national hydrogen energy fund and the promotion of green hydrogen through mandatory quotas in industrial sectors are seen as essential steps for the industry's growth [17][18]. Group 4: Future Outlook - Despite current difficulties, there is optimism within the industry regarding the potential for hydrogen fuel cell vehicles to achieve cost parity with traditional fuel vehicles within the next 3-5 years [19]. - The upcoming years are critical for the industry, with expectations that companies lacking core competitiveness may be eliminated, while strong players could thrive [19].