Core Viewpoint - Guangdong Yuanshang Logistics Co., Ltd. plans to purchase 100 hydrogen fuel cell vehicles from Hyundai Motor, with a total contract value of 78.32 million yuan [1][6]. Group 1: Transaction Details - The purchasing party is Guangdong Yuanshang Logistics Co., Ltd., and the selling party is Hyundai Motor Hydrogen Fuel Cell Systems (Guangzhou) Co., Ltd. [5] - The unit price for each vehicle is 783,200 yuan, leading to a total price of 78,320,000 yuan for 100 vehicles [6]. - Payment will be made via bank transfer [7]. Group 2: Payment Schedule - A deposit of 1 million yuan (10,000 yuan per vehicle) is due within 5 working days after contract signing [8]. - A second payment of 10 million yuan is due by November 27, 2025, with the first payment returned within 5 working days after this payment [8]. - The third payment of 100,000 yuan per vehicle is due by April 28, 2026 [8]. - The fourth payment of 300,000 yuan per vehicle will be made based on the hydrogen fuel cell vehicle system subsidy, regardless of the actual subsidy amount received [8]. - Subsequent payments (fifth to seventh) will be based on available operational subsidies, with specific amounts outlined for each phase [8]. Group 3: Delivery and Compliance - Delivery of the vehicles will occur in seven batches from November 19 to November 30, 2025 [9]. - The contract includes clauses for breach of contract, detailing responsibilities for both parties in case of delays or failures in obligations [10][11]. - The contract will take effect upon signing by both parties [12]. Group 4: Impact on Company - The transaction is expected to influence the company's future financial status and operational results positively [14]. - The counterparty is a non-related party, ensuring no new related transactions will arise from this deal [15]. - This transaction will not create new competition within the same industry [16].

Group 1: Industry Overview - The global automotive industry is experiencing a shift towards electrification, with hydrogen fuel cell vehicles (FCVs) gaining attention due to their zero emissions and long driving range [2] - Major automakers like Toyota, Hyundai, and Honda have invested heavily in hydrogen FCVs, launching models such as Toyota Mirai, Honda Clarity, and Hyundai Nexo [2] - Despite the investments, the hydrogen industry faces challenges, including high purchase prices and operational costs of FCVs, leading to low consumer demand and insufficient hydrogen station utilization [2][3] Group 2: Market Challenges in the U.S. - In California, a lawsuit has been filed against Toyota by hundreds of Mirai owners, claiming the company misled consumers about the convenience of hydrogen refueling [3] - The number of operational hydrogen stations in the U.S. is declining, with only 51 public and 21 private stations reported as of July 2025, significantly below the required infrastructure for widespread FCV adoption [4] - The rising cost of hydrogen, from $13 per kilogram in 2022 to $36 per kilogram in 2024, exacerbates the challenges faced by FCV owners [4] Group 3: European Market Developments - Stellantis has halted its hydrogen fuel cell technology development due to limited refueling infrastructure and high funding requirements, indicating a lack of commercial viability for hydrogen FCVs in the near term [8][9] - The European hydrogen station network is underdeveloped, with only about 250 stations across the EU as of 2024, far below initial targets [11] - Several hydrogen stations in Europe have closed due to profitability issues, highlighting the slow commercialization of hydrogen FCVs [10] Group 4: Japan's Hydrogen Strategy - Japan has been proactive in developing a hydrogen society, with significant government investment in hydrogen infrastructure and FCVs [12] - However, the number of operational hydrogen stations in Japan has decreased from 161 in April 2024 to 151 by July 2025, reflecting operational difficulties [13] - The high cost of hydrogen FCVs, such as the Toyota Mirai priced at approximately ¥7.414 million to ¥8.6108 million, remains a barrier to consumer adoption [13] Group 5: South Korea's Hydrogen Initiatives - South Korea has launched the new generation of Hyundai Nexo, with a price range of 7.644 million to 8.345 million KRW, but faces challenges in infrastructure and safety incidents [17][19] - The number of hydrogen stations in South Korea is 218, but safety concerns and supply chain issues have hindered growth [18] - The South Korean government plans to provide subsidies for 11,000 hydrogen FCVs and 2,000 hydrogen buses by 2025, aiming to enhance infrastructure and reduce costs for users [20]