证券代码：000852 证券简称：石化机械 中石化石油机械股份有限公司投资者关系活动记录表 编号：2025-003 投资者关系活动类别 特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 路演活动 □现场参观 □其他（请文字说明其他活动内容） 活动参与人员 线上参与公司 2025 年半年度业绩说明会的全体投资者 上市公司接待人员 董事长：王峻乔 独立董事：郭 炜 财务总监：魏 钢 董事会秘书：王务红 时间 2025 年 8 月 26 日（星期二）下午 15:30-17:00 地点 价值在线（https://www.ir-online.cn/） 形式 网络文字互动交流 交流内容及具体问答 记录 交流主要内容： 1.问：董事长你好，公司每年有那么多应收账款，为 什么不收回？ 答:您好！感谢您的关注。公司一直以来高度重视应 收账款的清收工作，并制定了公司应收款项管理提升专项 行动方案（2025-2027 年），成立专项行动工作专班，建 立由销售、经营、财务、法律等多部门协同发力的工作运 行机制，按照"降存量、提质量，强管理、控增量"总体 目标，推动专项行动开展，公司 2025 年 1-6 月销售商品、 ...

Core Viewpoint - The article highlights the successful signing of an order for 100 fuel cell systems by Qingneng Co., Ltd. with Shanghai Wuliu Automotive Technology Co., Ltd. for the 42-ton Z413 hydrogen energy heavy truck, marking a significant advancement in the commercial vehicle sector for hydrogen energy [3][7]. Summary by Sections Fuel Cell System Order - Qingneng Co., Ltd. has signed an order for 100 fuel cell systems to be used in the 42-ton Z413 hydrogen energy heavy truck, indicating a new level of technical strength in the hydrogen energy commercial vehicle sector [3][7]. Truck Specifications - The 42-ton heavy truck is designed with a "lightweight + long endurance" concept, featuring Qingneng's self-developed VL-Ⅲ series 150kW fuel cell system and domestic Type IV hydrogen storage system, achieving a range of over 1500 kilometers and a hydrogen consumption of less than 8 kg per 100 kilometers [5][6]. Technology Development - The success of this order is attributed to Qingneng's mature VL-Ⅲ series system platform technology, which has seen nearly 400 units shipped since its launch in 2022, receiving high market and customer recognition [6][7]. Future Innovations - Qingneng plans to launch the next-generation VSL-Ⅳ series 400kW fuel cell stack by the end of 2024, which will reduce hydrogen consumption by 20%, achieving 7 kg per 100 kilometers for heavy trucks, further solidifying its leading position in high-power liquid-cooled fuel cell technology [6][7]. Commitment to Innovation - Qingneng Co., Ltd. remains committed to the research and innovation of hydrogen energy technology, aiming to contribute to the "dual carbon" goals through continuous development and application of hydrogen technology [7].

Group 1 - The 12th World Chemical Engineering Congress and the 21st Asia-Pacific Chemical Alliance Conference (WCCE12 & APCChE2025) opened in Beijing, marking the first time the event is held in China [1] - The conference theme is "Paradigm Shift in Chemical Engineering to Meet Global Challenges," attracting nearly 5,000 participants from 66 countries, including experts and leaders from academia, industry, and enterprises [2] - The conference aims to create a high-level communication platform with an international perspective, multidisciplinary integration, and cross-regional cooperation to promote future development and collaborative innovation in the international chemical field [2] Group 2 - Two significant research reports on hydrogen energy were released during the conference: "China Hydrogen Energy Technology Development Research Report 2024" and "Current Status and Path Research Report 2024 on Renewable Energy Hydrogen Production" [2] - The "China Hydrogen Energy Technology Development Research Report 2024" was compiled by the Hydrogen Energy Branch of the China Industrial Development Promotion Association in collaboration with over 30 leading enterprises and research institutions, covering key technology areas such as hydrogen production, storage, transportation, and application [2] - The "Current Status and Path Research Report 2024 on Renewable Energy Hydrogen Production" discusses the latest advancements, challenges, and future development paths of renewable energy hydrogen production technology, along with policy recommendations [2] Group 3 - The Executive Director of China Economic Publishing House emphasized that hydrogen energy is a key direction for global energy transition, and its technological breakthroughs and industrialization processes are crucial for achieving carbon neutrality goals [3] - Experts at the conference noted that with increased policy support and declining technology costs, hydrogen energy will accelerate its penetration in transportation, industry, and energy storage, becoming an important support for the green transition of the global energy system [3] - There is a need to strengthen international cooperation to build an open and shared hydrogen ecosystem, collectively moving towards a zero-carbon future [3]

Core Viewpoint - The collaboration between Ningbo Shuntong Group, Daye Co., Ltd., and Shanghai Jiening New Energy Technology Development Co., Ltd. marks a significant step for Yuyao in the hydrogen energy sector, aiming to transform into a green low-carbon city [2][3] Group 1: Strategic Advantages - Yuyao has two unique advantages for developing the hydrogen energy industry: strategic location within the Ningbo metropolitan area and a strong industrial synergy with concentrated automotive parts and new materials companies [2] - The location near Zhoushan Port and the Hangzhou Bay Cross-Sea Passage provides natural conditions for establishing a hydrogen energy logistics hub [2] Group 2: Project Development - The three parties aim to create a comprehensive "production, storage, transportation, and utilization" project, which is seen as a crucial investment for Yuyao's future energy landscape [2] - Shuntong Group's chairman emphasized the role of state-owned capital in supporting the construction of a hydrogen energy logistics demonstration network [2] Group 3: Technological Innovation - Daye Co., Ltd.'s chairman praised Jiening Technology's hydrogen exchange technology as a core aspect of the energy revolution, which will reshape the energy supply model for heavy-duty logistics and expand applications in new energy for garden machinery [2] - Jiening Technology's chairman stated the goal is to make Yuyao a source of hydrogen energy technology innovation and a benchmark for green logistics ecosystems [3] Group 4: Future Outlook - The strategic agreement outlines a clear vision for Yuyao's hydrogen energy development, including upgrading traditional manufacturing, fostering new production capabilities, and promoting regional collaborative development [2]

Core Viewpoint - The article discusses the rapid development and commercialization of quadruped robots powered by hydrogen fuel cells, highlighting China's leading position in this emerging field and the advantages of hydrogen energy over traditional lithium batteries [3][4][19]. Group 1: Industry Trends - The integration of embodied AI and hydrogen energy is reshaping the robotics landscape, with quadruped robots showcasing significant application potential across various sectors [3]. - The commercialization of quadruped robots is driven by technological maturity and decreasing costs, shifting the competitive landscape from Western dominance to Chinese leadership [3][4]. Group 2: Company Insights - Jichong Hydrogen Energy, as the first domestic company to launch hydrogen-powered quadruped robots, has successfully completed key endurance tests, marking a significant step in practical applications of hydrogen energy in robotics [4][5]. - The company focuses on portable fuel cell development, with a core team that has been involved in significant national projects since 2016, positioning itself as a leader in portable fuel cell technology [5]. Group 3: Product Features - The hydrogen-powered quadruped robot developed by Jichong features a 300W fuel cell system, with a hydrogen storage capacity of 770L and operational temperature range from -5°C to 40°C, achieving a maximum speed of 1.5m/s and a load capacity of 4kg [7]. - Compared to lithium battery-powered quadruped robots, the hydrogen variant offers significantly improved endurance, with static operation lasting 7-8 hours and dynamic movement lasting 4-5 hours, effectively doubling the operational time [7][8]. Group 4: Technical Challenges - Key technical challenges include enhancing the energy density of the hydrogen fuel cell system and managing temperature control in low-temperature environments, which are critical for the robot's performance [12][13]. - The company employs a combination of simulation and experimental methods to optimize thermal management and mechanical structure, aiming to reduce system weight and volume while maintaining power output [13]. Group 5: Market Potential and Future Directions - The introduction of hydrogen-powered quadruped robots expands the application boundaries of hydrogen energy, moving beyond traditional transportation sectors into robotics, which could lead to broader adoption in various industries [19]. - Future developments may focus on enhancing the intelligence of quadruped robots and addressing hydrogen sourcing challenges, with potential applications in military, emergency rescue, and outdoor exploration [17][19].

Investment Rating - The report maintains an "Outperform" rating for the hydrogen energy sector [4] Core Viewpoints - The hydrogen energy industry is experiencing continuous development due to favorable policies in China, with an increase in electrolyzer bidding projects and breakthroughs in hydrogen production technology. It is recommended to pay attention to companies involved in electrolyzer bidding [3][41] - The midstream sector is accelerating the development of hydrogen transportation and the construction of hydrogen refueling stations, suggesting a focus on companies capable of hydrogen transportation [3][41] - The downstream sector is exploring various application scenarios for hydrogen energy, promoting the adoption of hydrogen vehicles, and recommending attention to companies in the hydrogen vehicle application field [3][41] Industry Performance - As of June 13, 2025, the hydrogen energy index closed at 2047.76 points, with a weekly increase of 0.34% and a year-to-date increase of 15.25%. The hydrogen energy index ranked 42nd among the Shenwan secondary industry rankings, improving by 9 places compared to the previous week [8][15] - The top five companies in the hydrogen energy sector by weekly increase were Meichen Technology (40.96%), Yong'an Pharmaceutical (26.38%), Hengguang Co., Ltd. (25.1%), ST Baili (22.89%), and Pan-Asia Micro透 (22.02%). The top five companies by weekly decrease were Chaojie Co., Ltd. (-23.23%), Xue Ren Co., Ltd. (-14.57%), Huapei Power (-9.09%), Zhongcai Technology (-8.54%), and Xin Xun Da (-8.3%) [15][16] Hydrogen Industry Data Review - As of June 13, 2025, there have been 20 cumulative electrolyzer bidding projects in China, primarily involving alkaline and PEM types. A significant breakthrough was achieved with the development of a 2 MW AEM electrolyzer by Beijing Green Wave Hydrogen Energy Technology Co., Ltd. [17] - In April 2025, the production of fuel cell vehicles (FCVs) saw a decrease, with 342 units produced and 328 units sold, marking a month-on-month decline of 6.3% and 13%, respectively. Cumulatively, 926 FCVs were produced and 957 sold from January to April 2025, representing year-on-year declines of 22.45% and 10.89% [21][24] Industry Dynamics and Company Developments - Significant breakthroughs in hydrogen transportation technology were reported, including the successful operation of a non-metal flexible hydrogen pipeline by State Power Investment Corporation [36] - The first domestic hydrogen internal combustion engine generator set has been commercially operated in Hubei, showcasing the ability to utilize industrial by-product hydrogen for power generation [36] - Plug Power has partnered with Allied Green to advance a green hydrogen project in Uzbekistan, highlighting international collaboration in the hydrogen sector [38]

Group 1 - Indonesia's state-owned electricity company has partnered with Singapore's Sembcorp Industries to build one of Southeast Asia's largest green hydrogen plants in Sumatra, with an annual production capacity of 100,000 tons [1] - The green hydrogen industry is crucial for addressing energy shortages in Indonesia's industrial sector and achieving carbon reduction goals [1] - Indonesia is the world's second-largest geothermal power producer and is expected to exceed 200 GW of solar photovoltaic capacity, providing a solid foundation for the green hydrogen industry [1] Group 2 - Indonesia's current annual hydrogen production is approximately 1.75 million tons, primarily used in the industrial sector for fertilizer production [2] - In November 2023, 21 green hydrogen plants operated by the state electricity company began production, generating about 200 tons of green hydrogen annually [2] - The company plans to launch its first hydrogen refueling station in Jakarta in February 2024, which will use hydrogen produced from its green hydrogen plants [2] Group 3 - The Indonesian government aims to achieve an annual hydrogen production of 9.9 million tons by 2060, prioritizing hydrogen energy development in the transportation sector [2] - The National Energy Commission estimates that by 2035, Indonesia will have over 240,000 hydrogen-powered trucks [2] - Numerous companies are conducting hydrogen technology research projects across various regions in Indonesia, contributing to the long-term development of the hydrogen industry [2] Group 4 - The Ministry of Energy and Mineral Resources is actively developing a national hydrogen and ammonia roadmap and industry standards to enhance the competitiveness of Indonesia's green hydrogen market [3] - Indonesia has competitive advantages in hydrogen production and the potential to become a global hydrogen energy hub [3]

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].

Company Overview - The company reported a profit growth in 2024 due to strategic transformation and accelerated implementation of its four major business segments [2] - The company has established a joint venture with Shudao Group and Toyota to build a fuel cell stack production line and assembly line in Chengdu [2] Contractual Developments - The total new contracts signed in 2024 amounted to CNY 1.335 billion, with CNY 1.071 billion from cryogenic technology equipment manufacturing [3] - The transportation service equipment manufacturing segment contributed approximately CNY 80.6 million, focusing on gas station equipment and new energy charging facilities [3] Research and Development - R&D investment for 2024 was CNY 31.5831 million, resulting in 22 new patent authorizations [4] - The total number of patents held by the company and its subsidiaries reached 132 by the end of 2024 [4] Product Offerings - The company provides extraction and storage equipment for special gases such as helium and nitrogen, leveraging its expertise in cryogenic technology [5] Dividend Distribution - The profit distribution plan for 2024 includes a cash dividend of CNY 0.50 per 10 shares and a capital reserve conversion of 4 shares for every 10 shares held [6] Acquisition Progress - The company is in the process of acquiring a 65.43% stake in Keyi Gas Company, with the acquisition actively progressing [8]