Core Insights - The Chinese green hydrogen industry is rapidly advancing, with alkaline electrolyzers holding a dominant 90% market share in hydrogen production [2] - The membrane component, crucial for safety and stability, faces challenges in domestic production, with international giants like Agfa and Toray controlling a significant portion of the market [2][3] - The third-generation composite membrane shows promising performance advantages, particularly in handling current fluctuations from renewable energy sources, but its commercialization is hindered by issues in long-term stability and cost control [2][3][4] Industry Challenges - The industry is under pressure from both "import dependency" and "technology gaps," necessitating a comprehensive revolution from raw materials to large-scale production [3] - The ability to break through monopolistic barriers will be critical for the Chinese green hydrogen industry to maintain cost and efficiency [3] Company Developments - Liyuan Technology (688565) is strategically positioning itself in the hydrogen energy core materials sector, preparing to unveil significant technological advancements [3][4] - The company has successfully developed the third-generation PPS composite membrane and is simultaneously advancing the development of compatible alkaline electrolyzers [3][4] - A major product launch event is scheduled for August 27, 2025, in Wuxi, where Liyuan Technology will introduce the third-generation PPS composite membrane and a new square alkaline electrolyzer [4]