凯立新材回应称，公司布局的制氢业务正在有序推进，PEM电解水制氢催化剂完成试产，不断优化生 产工艺设备，进行市场推广。公司一直密切关注行业发展动态，包括新型催化剂的设计与制备新技术， 持续开展催化剂制备工艺开发与优化，公司始终以产业化为导向，积极推动新技术产业化应用。 格隆汇10月11日｜有投资者在互动平台向凯立新材提问：中科院大连化学物理研究所开发出一种被称 为"铠甲催化剂"的电解水制绿氢新型催化剂，它由铂原子、石墨烯壳、钴镍合金颗粒组成，单位质量铂 的产氢能力是传统催化剂的90倍，具备超高的稳定性耐久性让电解水制绿氢降本增效水平达到前所未有 的高度。请问公司目前电解水制氢催化剂研制有何进展？是否会参与到该新型催化剂的研发生产中？ ...

◐ 四川前8月完成投资3323 . 61亿元。 据四川日报 9月25日 报道，从四川省发展改革委获悉，前8月，32 0个共建成渝地区双城 经济圈重点项目完成投资3 3 23.61亿元，投资完成率7 5. 29%，超时序进度8.62个百分点。现代基础设施项目完成投资1933 .64亿 元，投资完成率6 7.88%。如成渝中线高铁四川段首座牵引变电所封顶，渝湘高铁重庆至黔江段开通运营，重庆巫溪至开州高速 公路主体工程基本完工，成都天府站配套综合交通枢纽工程站台及上下主体结构完工。 新闻聚焦 国际新闻 ◐ 乌克兰无人机袭击"友谊"输油管道泵站。 据央视新闻9月28日报道，乌克兰媒体9月27日援引乌克兰国家安全局消息人士的话 报道称，乌克兰国家安全局无人机当天对俄罗斯楚瓦什共和国的一处输油泵站进行了打击。乌方称袭击造成火灾，目前通过该泵 站的石油运输已停止。 ◐ 《有色金属行业稳增长工作方案（2025—2026年）》发布。 9月28日，工信部等八部门印发的《有色金属行业稳增长工作方 案（2 025—2 02 6年）》指出，实施新一轮找矿突破战略行动，加强铜、铝、锂、镍、钴、锡等资源调查与勘探，形成一批找矿 新成果。推 ...

据悉，氢气作为一种重要的化学能源载体，凭借其高能量密度、零碳排放和高转化效率等优势，被视为 最具发展潜力的清洁能源之一。电解水制氢是实现"绿氢"经济、推动能源清洁转型的关键途径，而开发 高效、稳定且具备规模化应用前景的电解水催化剂是降低能耗与成本、突破产业化瓶颈的关键技术核 心。 最近，赵慎龙课题组通过室温电沉积规模化制备工艺，实现了分钟级快速合成400 cm2大尺寸MOFs电 极，并将其应用于碱性电解水体系。该电极展现出低至4.11 kWh Nm−3 H2的电解能耗，且能够实现长 达5,000小时的稳定运行。 实验表明，所制备的MOFs 电极优异性能源于Ce掺杂构建的双金属结构所赋予的独特理化性质。Ce的 引入可通过3d-2p-4f轨道相互作用调控Co的电子结构，从而增强对关键含氧中间体的化学吸附，显著加 速阳极氧析出反应动力学。与传统无机催化剂在高活性与规模化制备难以兼顾的局限不同，CoCe- MOFs电极通过电子结构调控与快速规模化制备策略，实现了效率、稳定性与成本的协同突破。（青 山） 图源： 国家纳米科学中心官网 基于此，赵慎龙课题组前期在高效电解水及海水电极材料开发方面取得了一系列研究进展。 来源 ...

Core Insights - Company reported a significant increase in total revenue and net profit for the first half of 2025, with total revenue reaching 1.822 billion yuan, up 23.21% year-on-year, and net profit of 51.2187 million yuan, up 187.23% year-on-year [1] - The company's gross margin improved to 15.39%, an increase of 3.68% year-on-year, while the net profit margin surged to 1.25%, reflecting a substantial increase of 273.73% [1] - Accounts receivable rose by 31.41% year-on-year, indicating a potential increase in credit risk [1] Financial Performance - Total revenue for 2025 was 1.822 billion yuan compared to 1.478 billion yuan in 2024, marking a 23.21% increase [1] - Net profit increased from 17.8321 million yuan in 2024 to 51.2187 million yuan in 2025, a growth of 187.23% [1] - The company’s operating cash flow per share rose significantly by 134.39%, reaching 0.17 yuan [1] Cost and Expenses - Total expenses (sales, management, and financial) amounted to 259 million yuan, accounting for 14.23% of revenue, which is a slight increase of 3.2% year-on-year [1] - Financial expenses increased by 71.76%, attributed to higher exchange losses and interest expenses [5] Asset and Liability Management - Cash and cash equivalents increased by 27.39% to 2.238 billion yuan, driven by higher cash inflows from operating activities and increased borrowings [1] - Accounts receivable increased by 31.41% to 519 million yuan, reflecting a rise in sales [1][2] - Short-term borrowings rose by 12.33%, indicating increased reliance on debt financing [2] Investment and R&D Focus - The company is focusing on several R&D areas, including customized nickel foam for hydrogen production, nickel-hydrogen battery applications, and solid-state battery technology [10] - Investment income surged by 240.76%, driven by increased net profits from associated companies [6] Market Position and Future Outlook - The company’s return on invested capital (ROIC) was reported at 2.94%, indicating a relatively weak capital return [7] - The company has a healthy cash position, but concerns exist regarding its debt levels and accounts receivable management [9]

Group 1 - The core viewpoint emphasizes the importance of strengthening cooperation between Germany and China amidst global geopolitical tensions, supply chain pressures, and increasing trade barriers [1] - The Stuttgart Exhibition Center serves as a vital platform for economic connection between Germany and China, with significant participation from both Chinese and German businesses in exhibitions [1] - The optimistic outlook on Germany-China cooperation highlights numerous opportunities that can benefit both nations and the world, focusing on shared interests and collaborative efforts [1] Group 2 - The current era is characterized by disruptive technologies such as artificial intelligence, quantum computing, and automation, which are reshaping global operational rules, necessitating cooperation over division [2] - Global challenges like climate change present significant opportunities in green technologies, hydrogen energy, and fuel cells, requiring collaborative efforts from Germany, China, and other nations [2]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is expected to benefit from the dual momentum of hydrogen production and flexible transformation of thermal power, supporting rapid development [5]. - The company reported a revenue of 9.113 billion yuan in 2024, a year-on-year decrease of 13.31%, and a net profit of 704 million yuan, down 4.98% year-on-year [1][6]. Financial Performance - In 2024, the company's revenue from power station engineering dropped significantly by 70.08% to 675 million yuan due to price fluctuations in photovoltaic components and increased uncertainty in project returns [2]. - The environmental operation services generated revenue of 638 million yuan, an increase of 5.50% year-on-year, while thermal power operations saw a total heat sale of 9.7132 million tons, up 18.76% year-on-year [3]. - The equipment manufacturing segment achieved a revenue of 1.742 billion yuan, a year-on-year increase of 20.18%, driven by the development of high-end environmental boiler markets [3]. Future Projections - The company is projected to achieve net profits of 801 million yuan, 935 million yuan, and 1.051 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.84, 0.98, and 1.10 yuan per share [5][6]. - The report anticipates a revenue growth rate of 12.1% in 2025, followed by 11.8% in 2026 and 13.8% in 2027 [6]. Orders and Projects - The company has secured a significant order for hydrogen production equipment and is involved in the world's largest integrated green hydrogen project [4]. - As of the end of 2024, the company had a total order backlog of 11 billion yuan for traditional power station engineering, with a notable increase in orders for environmental boiler equipment [3][4].