Group 1 - The core viewpoint of the article highlights that Guohong Hydrogen Energy (09663) reported a significant decline in revenue and a narrowed loss for the six months ending June 30, 2025 [1] - The company's revenue was 58.883 million RMB, representing a year-on-year decrease of 55.7% [1] - The loss attributable to shareholders was 184 million RMB, which is a 13.2% reduction compared to the previous year [1] - The basic loss per share was 0.36 RMB [1] Group 2 - The decline in revenue is primarily attributed to the hydrogen fuel cell industry being in the early stages of commercialization, with inadequate infrastructure and a transition from a "policy demonstration-driven" model to a "scenario commercialization-driven" model [1] - This transition has led to short-term market sales pressure, affecting market promotion and project implementation pace [1] - Additionally, the average selling price of hydrogen fuel cell systems has decreased [1]