Core Viewpoint - The article discusses the current state of the fuel cell vehicle (FCEV) market, highlighting significant declines in installation and registration volumes in Q3 2025, while also noting the market concentration among leading companies in the sector [2][10]. Group 1: Fuel Cell Vehicle Market Performance - In Q3 2025, the fuel cell installation capacity was 155.6 MW, representing a year-on-year decrease of 50.1% but a quarter-on-quarter increase of 57.7% [2]. - The number of registered fuel cell vehicles in Q3 2025 was 1,298, showing a year-on-year decline of 52.2% but a quarter-on-quarter increase of 57.9% [2]. Group 2: Leading Companies in the Market - The top five companies in the fuel cell vehicle market accounted for 76.4% of the total installations, with YunTao Hydrogen Energy leading at 26.3% of the market share, followed by RuiWei Technology and WeiShi Energy [8][10]. - YunTao Hydrogen Energy delivered 341 fuel cell commercial vehicles in Q3, with 205 of these being specialized vehicles, primarily concrete mixers [8][14]. Group 3: Vehicle Production and Registration - The leading vehicle manufacturers for FCEVs in Q3 included SANY Automotive, Dongfeng Motor, and Yutong Group, with SANY Automotive achieving the highest sales of 340 vehicles [15][17]. - The cities with the highest registration numbers were Tangshan (300 vehicles), Guangzhou, and Zhengzhou, with Tangshan leading the market [18][20]. Group 4: Market Trends and Applications - The majority of registered fuel cell vehicles were traction vehicles, accounting for 45.7%, followed by cold chain logistics vehicles [21]. - There has been an increase in the proportion of specialized and dump trucks compared to Q3 2024, indicating a trend towards higher power applications in fuel cell technology [23].