联合研究丨行业点评 [Table_Title] 氢能周度观察（10）：工信部明确发挥新型举国 体制优势，推动氢能等攻关突破 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2026 年 2 月 3 日，工信部党委会明确将氢能定为推动攻关突破领域的第 4 位，值得重视。2026 年 1 月氢能产业政策密集推进：1）顶层机制与标准体系加速完善；2）地方政策不断精细化与 场景化，着力降低全生命周期成本；3）电力市场机制破冰，探索绿电直连机制；4）重大项目 与试点示范持续推进，形成产业拉动效应。展望"十五五"，预计氢能产业将向规模化、商业化 深度演进，重视氢能标的投资机会。 分析师及联系人 [Table_Author] 徐科 司鸿历 贾少波 SAC：S0490517090001 SAC：S0490520080002 SAC：S0490520070003 SFC：BUV415 SFC：BVD284 李博文 盛意 SAC：S0490524080004 SAC：S0490525070006 请阅读最后评级说明和重要声明 2 / 7 %% %% % ...

Core Viewpoint - The development of Solid Oxide Fuel Cells (SOFC) is gaining momentum due to the electricity shortages in the U.S., driven by power construction cycles and transmission capacity limitations [1] Group 1: Market Opportunities - The high reliability requirements for power supply in data centers, coupled with significant load fluctuations, create a favorable environment for SOFC technology [1] - SOFC's low redundancy configuration and power tracking advantages make it particularly suitable for meeting the demands of data centers [1] Group 2: Cost Competitiveness - The Levelized Cost of Energy (LCOE) for SOFC is approaching that of gas-fired power generation, indicating a competitive edge as scaling reduces costs further [1] - The global SOFC market is entering a phase of accelerated capacity expansion, suggesting strong future growth potential [1]

Core Viewpoint - The development of Solid Oxide Fuel Cells (SOFC) is gaining momentum due to the electricity shortages in the U.S., driven by power construction cycles and grid transmission capacity limitations [1] Group 1: Market Opportunities - The high reliability requirements for power supply in data centers, coupled with significant load fluctuations, create a favorable environment for SOFC technology [1] - SOFC's low redundancy configuration and power tracking advantages make it particularly suitable for meeting the demands of data centers [1] Group 2: Cost Competitiveness - The Levelized Cost of Energy (LCOE) for SOFC is approaching that of gas power generation, indicating a competitive edge as costs scale down [1] - The global SOFC market is entering a phase of accelerated expansion, suggesting increased production capabilities and potential cost reductions [1]

Core Viewpoint - The company reported a significant reduction in net loss for the first half of 2025, demonstrating resilience and potential for growth despite industry challenges [1] Group 1: Financial Performance - The company achieved operating revenue of 420 million yuan in the first half of 2025, with a net loss attributable to shareholders of 27.67 million yuan, marking a 68.5% reduction in loss compared to the same period last year [1] - The overall gross profit margin improved significantly compared to the previous year, supporting the company's efforts to reduce losses [1] Group 2: Operational Strategy - The company employs a full industry chain model, integrating self-owned pastures, research and development, and market marketing to enhance control over various segments [1] - The company has implemented "scale cost reduction + refined efficiency improvement" strategies to enhance profitability, including centralized procurement to lower feed costs and automation to improve production efficiency [1] Group 3: Production and Quality - Despite a slight decrease in herd size, the company achieved a fresh milk output of approximately 55,600 tons, reflecting a 2.3% year-on-year increase due to improved breeding efficiency [2] - Several of the company's pastures received certifications such as "National Quality Milk Project Demonstration Pasture," reinforcing its leading position in quality milk source construction [2] Group 4: Innovation and Branding - The company invested 7.06 million yuan in research and development, focusing on health-oriented, functional, and specialty products, which cater to consumer demands for "additive-free" and "functional" offerings [2] - The company has enhanced brand recognition through innovative marketing strategies, including collaborations with cultural institutions and participation in events [2] Group 5: Market Expansion - The company has established a comprehensive online and offline channel network, improving product delivery efficiency and customer loyalty [3] - The company has made significant strides in international markets, successfully entering Hong Kong and Southeast Asia, with the first batch of 100 tons of pure milk shipped to Southeast Asia in May [3]