Core Viewpoint - The "subsidy for reward" policy for hydrogen fuel cell vehicles has shown positive results over the past three years, but the industry still faces significant challenges and requires continued policy support for future growth [1][9]. Group 1: Policy and Financial Support - The Ministry of Finance and other departments initiated a four-year "subsidy for reward" policy in 2021, which has led to a cumulative funding of over 5.1 billion yuan to support the hydrogen fuel cell vehicle industry [2][3]. - The current demonstration policy is set to expire at the end of this year, highlighting the urgent need for ongoing policy support to foster self-sustaining development in the industry [1][9]. Group 2: Market Expansion and Technological Advancements - As of June 2025, the cumulative sales of hydrogen fuel cell vehicles in China reached 30,000 units, with over 17,000 units promoted in key city clusters, covering diverse applications such as public transport and logistics [2][3]. - Key technological breakthroughs have been achieved, with the domestic production rate of core components rising from below 10% to over 90%, and the cost of fuel cell systems decreasing by over 80% from 15,000 yuan/kW to 2,000 yuan/kW [2][3]. Group 3: Infrastructure Development - China has built over 550 hydrogen refueling stations, ranking first globally, and has established a hydrogen supply system primarily based on industrial by-product hydrogen [3][8]. - The average hydrogen price in demonstration cities has decreased to around 30 yuan/kg, with some regions seeing prices drop to 20-25 yuan/kg, making it more competitive compared to traditional fuels [8]. Group 4: Challenges and Future Directions - The industry faces challenges such as the misalignment of hydrogen application areas and hydrogen source regions, high costs of fuel cell vehicles, and a lack of comprehensive support for hydrogen applications across various sectors [4][6]. - Recommendations for future policy support include expanding beyond just fuel cell vehicles to encompass hydrogen supply and applications, utilizing diverse financial instruments to support R&D and production, and promoting cross-regional cooperation for hydrogen infrastructure [9].