Core Viewpoint - Shanxi Meijin Energy Co., Ltd. is facing significant financial challenges, with a reported net loss of 1.13 billion yuan in 2024, primarily due to declining profits in the coking industry and ongoing losses in the hydrogen energy sector [9][12][18]. Group 1: Bond Issuance and Management - The company issued convertible bonds totaling 3.59 billion yuan, with a current balance of 2.78912 billion yuan [4]. - The bonds have a six-year term, with an initial coupon rate starting at 0.30% in the first year and increasing to 3.00% by the sixth year [4]. - The bond's credit rating was downgraded to A+ due to ongoing financial difficulties and high debt levels [5][18]. Group 2: Financial Performance - In 2024, the company reported total assets of 45.043 billion yuan, an increase of 5.95% from 2023, while total liabilities rose to 28.832 billion yuan, a 12.65% increase [11]. - Operating revenue decreased by 8.55% to 19.031 billion yuan, and operating profit turned negative at -1.444 billion yuan, reflecting a significant decline in profitability [11][12]. - The company’s cash flow from operating activities was stable, with net cash flow of 0.941 billion yuan in 2024 [15]. Group 3: Business Operations and Sector Challenges - The company is involved in various sectors, including coking, coal mining, and hydrogen energy, but has faced challenges in profitability due to market conditions [9][12]. - The hydrogen energy sector continues to incur losses, and projects have experienced delays, raising concerns about investment risks [13]. - The coking industry is currently in a downturn, impacting the company's overall financial health and future earnings potential [12][18]. Group 4: Use of Proceeds from Bond Issuance - The proceeds from the convertible bonds are allocated for projects including the production of new chemical materials and hydrogen fuel cell systems, as well as to supplement working capital [14]. - The company has established a special account for managing the proceeds from the bond issuance, ensuring proper oversight and usage of funds [15].

DT新能源 . 以下文章来源于DT新能源 ，作者DT新能源 DT新能源是德泰中研旗下旨在搭建国内与国际之间氢能及燃料电池电池产业产、学、研、资、用合作 交流的平台与桥梁。我们提供产业研究与咨询、投融资、科技成果转移转化、市场推广、媒体会议、数 据分析等多方位服务。 市场化程度越高的产业，发展也往往更具话题性。 电解槽作为目前氢能产业最热也是最主要的整机设备 之一，其发展情况相对燃料电池产业链的市场化程度更高。也因此，不同技术路线电解槽的竞争也更具备 市场化特征。碱性和PEM两大主流路线，近年在大规模绿电制绿氢项目示范推动影响下，PEM制氢设备 迎来了更多的市场关注。 然而碱性电解槽一定程度上的内卷化，也给PEM带来了不小的成本压力，在现阶段的市场环境下，PEM 电解槽在降本压力和企业产品差异化竞争需求下，企业已进行了大量的产品创新，而其中最有代表性同时 也是电解槽最核心的零部件之一——全氟磺酸质子交换膜，在近一年中出现了材料到工艺的巨大创新尝 试。 质子交换膜市场两大关键词——降低成本和提升性能 安全 是产业发展的前提，而在此基础上，目前PEM电解槽如何快速降低成本的同时提升性能，以确保与 碱性电解槽的竞争优 ...

电力设备 | 证券研究报告 — 行业周报 2025 年 6 月 29 日 强于大市 电力设备与新能源行业 6月 第 4 周周报 5 月风光装机高增，小米 YU7 订单亮眼 新能源汽车方面，本周小米 YU7 正式上市，1 小时大定突破 28.9 万台，下 半年随着新能源新车型不断推出，新能源汽车产品力不断增强，2025 年国内 新能源汽车销量有望保持高增，带动电池和材料需求增长。动力电池方面， 固态电池催化不断，本周美国 QS 宣布其固态电池生产获里程碑式进展，固 态电池产业化趋势明确，后续关注固态电池相关材料和设备企业验证进展。 光伏方面，中央经济工作会议明确提出综合整治"内卷式"竞争，国家市场监 管总局针对光伏组件进行抽检，光伏供给侧改革力度有望加强；需求侧，我 国 5 月光伏装机高达 92.92GW，装机同比增长 388%，可能一定程度上压制 25H2 光伏装机需求，密切关注供给变化情况，光伏板块重点关注硅料环节 和 BC 以及贱金属降本方向。氢能方面，政策持续推动氢能产业化发展，能 源局开展能源领域氢能试点，地方政策催化不断，建议关注具备成本优势、 技术优势的电解槽生产企业、受益于氢能基础设施建设的燃料 ...

Core Insights - The event in Kobe, Japan, highlighted a strategic partnership between the Guangdong-Hong Kong-Macao Greater Bay Area and Japan's Kansai region, focusing on green energy and health industries [1][2] - The collaboration aims to integrate resources and innovation across various sectors, including offshore wind power, hydrogen energy, and smart medical devices [1][3] Group 1: Industry Collaboration - The meeting attracted 350 representatives from Chinese and Japanese enterprises, discussing cooperation in health technology, market expansion, and product innovation [2] - The Guangdong-Hong Kong-Macao Greater Bay Area is recognized for its high economic vitality and innovation-driven approach, leading to a new wave of industrial transformation [2][3] - The partnership emphasizes a "Japan technology + Bay Area intelligence" model, leveraging Japan's advanced medical technology and Guangdong's market potential [3][4] Group 2: Aging Population Solutions - Both regions face aging population challenges, with Japan having a well-established elder care system and Guangdong possessing advantages in AI healthcare and remote monitoring [5][4] - The collaboration aims to combine Japan's expertise in elder care with Guangdong's technological capabilities, creating new business opportunities [5][6] Group 3: Innovative Business Models - The event showcased a shift from traditional trade to innovative collaboration, with over 60% of discussions focused on joint research and technology licensing rather than simple trade [6][7] - The partnership is expected to enhance global competitiveness, with examples of successful integration of Japanese precision manufacturing in Guangdong's wind power equipment [6][7] Group 4: Investment Opportunities - Hong Kong is positioned as a regional headquarters for over 1,400 Japanese companies, facilitating connections to mainland innovation [7] - The Greater Bay Area's market size and high GDP per capita make it an attractive investment destination for Japanese enterprises [7][8]

新京报讯（记者田杰雄）6月28日，2025能源产业生态论坛在昌平区举办。论坛以"面向'十五五'，加速 构建新型能源体系"为主题，由主论坛暨全体大会、三场分论坛、参观未来科学城活动等环节组成。知 名企业负责人、国内外专家学者，在会上围绕我国能源行业绿色低碳转型、构建安全稳定可持续的能源 体系探讨交流，旨在通过论坛凝聚行业智慧，推动能源绿色低碳转型和能源改革创新发展。 6月28日，2025能源产业生态论坛在昌平区举办。昌平区供图 记者获悉，大会的举办地昌平区先进能源产业要素集聚，"两张网""三桶油""五大发电集团"全部设立了 分支机构，三一重能、明阳智慧能源等大批优质民营高科技企业落户，入驻了石油大学、华北电力、矿 业大学等能源领域高校10余所，累计建成国家和市级重点实验室、工程技术中心60个，是全国能源创新 要素最富集的区域之一。形成了能源互联网高成长赛道，化石能源清洁高效利用、风电光伏成熟赛道， 氢能、储能、碳固存前沿赛道三大赛道，重点布局了AI+能源、新型电力系统、钙钛矿光伏等方向。 2024年全区能源产业收入突破了2500亿元。 论坛上，《2025能源产业生态报告》《加油站景气指数》等成果对外发布，公布能 ...

国家能源局近日印发《关于组织开展能源领域氢能试点工作的通知》，将遴选部分项目和区域开展氢能 试点工作，进一步推动创新氢能管理模式，探索氢能产业发展的多元化路径。 氢能是能源转型的重要载体。国家能源局能源节约和科技装备司副司长徐继林介绍，氢能在新型电力系 统、新型能源体系建设中将发挥重要作用，有力促进新能源开发消纳。同时，氢能产业科技含量高、产 业链条长、涉及环节多，发展过程中可以全方位带动产业创新、内需扩大、人才培养和国际合作。 由国家能源局组织行业相关机构和专家编制发布的《中国氢能发展报告（2025）》显示，截至去年底， 全球可再生能源制氢项目累计建成产能超25万吨/年，我国占比超50%，已逐步成为全球可再生能源制 氢及相关产业发展的引领国家。去年我国氢能全年生产消费规模超3650万吨，位列世界第一。 但整体来看，全球氢能产业仍处于发展初期，与传统能源和风光等新能源相比，还存在一些短板：一是 项目经济性仍有差距。规模化可再生能源制氢项目规划数量快速增长，但相关技术工艺和建设运营水平 较传统技术路线仍有不足，可再生能源制氢项目落地实施和多元化场景探索较为缓慢。二是技术成熟度 存在短板。氢能部分技术和场景离商业 ...

Meeting Overview - The 39th meeting of the 10th Board of Directors of Shanxi Meijin Energy Co., Ltd. was held on June 27, 2025, via communication, with all 9 directors participating [2][5] - The meeting was chaired by Chairman Yao Jinlong, and the procedures complied with relevant laws and regulations [2] Resolutions Passed - The Board unanimously approved the proposal to postpone the completion date of the "Meijin Hydrogen Energy Headquarters Base Phase I" project from June 2025 to June 2026 due to the actual construction progress and investment status [3][22] Monitoring Committee's Opinion - The Supervisory Committee also approved the postponement, stating it was a prudent decision based on the project's actual situation and would not affect the implementation of the fundraising project [9][22] Fundraising Project Details - The company issued 35,900,000 convertible bonds at a face value of 100 RMB each, raising a total of 3.59 billion RMB, with a net amount of approximately 3.56 billion RMB after expenses [18] - As of May 31, 2025, the company had invested approximately 328 million RMB in the fundraising projects, leaving a balance of about 29 million RMB [18] Project Progress and Delay Reasons - The project consists of four main buildings, with three having passed preliminary acceptance, while one building is undergoing design changes [19][21] - The delay was attributed to design adjustments, supply delays, and other unforeseen factors, leading to a cumulative delay of over 100 days [21] Impact of Delay on Operations - The postponement is expected to have no significant adverse impact on the company's current operations, as it does not involve changes to the project’s implementation subject, total investment, or fund usage [22][24] Approval Procedures - The postponement was approved by both the Board of Directors and the Supervisory Committee, adhering to necessary procedures and regulations [23][24] Guarantee Situation - The company provided a guarantee of 46.93 million RMB for its subsidiary, which is seeking a credit line of up to 110 million RMB from a bank [31] - The subsidiary, Foshan Feichi Automotive Technology Co., Ltd., has a high debt ratio exceeding 70% as of March 31, 2025 [30][31] Investment Fund Establishment - The company is a limited partner in the establishment of the Anhui Jun'an Equity Investment Fund, contributing 150 million RMB [43] - The fund has completed registration and is progressing with its operations [44]

Core Viewpoint - Jianlong Micro-Nano is planning to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through a cash payment for equity transfer, which will make Jianlong Micro-Nano the controlling shareholder of Hanxing Energy [1][2]. Group 1: Acquisition Details - The acquisition aims to enhance collaboration in product technology, market resources, and organizational capabilities between Jianlong Micro-Nano and Hanxing Energy [1][2]. - Jianlong Micro-Nano is the first listed company on the Science and Technology Innovation Board in Henan, focusing on the research, production, and sales of molecular sieve adsorbents and catalysts for various industries [2][3]. Group 2: Hanxing Energy Overview - Hanxing Energy specializes in the hydrogen energy industry, covering upstream hydrogen production, midstream transportation, storage, and hydrogen refueling stations [2][4]. - The company has developed a comprehensive hydrogen energy ecosystem over 20 years, focusing on hydrogen production technology and related services [2][4]. Group 3: Financial Performance - Hanxing Energy reported revenues of 296 million yuan and 389 million yuan in 2021 and 2022, respectively, with a revenue of 488 million yuan in 2023, marking a year-on-year growth of 25.45% [4][5]. - The net profit attributable to shareholders was 52.87 million yuan in 2021, 68.58 million yuan in 2022, and 73.97 million yuan in 2023, reflecting a growth of 7.85% [4][5]. Group 4: Strategic Implications - The acquisition is seen as a strategic integration of the upstream and downstream of the industry chain, enhancing the company's full-chain closed-loop capability and facilitating its transition from a material manufacturer to a technology service provider [5]. - Hanxing Energy has a strong technical reserve in the petrochemical industry and possesses numerous patents and proprietary technologies, which can be leveraged by Jianlong Micro-Nano to enhance its competitive edge [3][4].

Group 1 - The company has announced a delay in the completion of the "Meijin Hydrogen Energy Headquarters Base Phase I" from June 2025 to June 2026 [1] - The delay in the fundraising investment project does not involve changes to the implementation entity, implementation method, or main investment content [1] - As of May 31, 2025, the company has invested a total of 3.28 billion yuan in the fundraising investment project, with a remaining balance of 292 million yuan [1]

21世纪经济报道记者曹恩惠、实习生朱可鑫 上海报道 在全球绿色能源转型加速的背景下，铂族金属作为氢能产业链的核心材料，正迎来前所未有的战略机 遇。 今年6月份，原英美资源集团（Anglo American）旗下铂族金属板块完成战略分拆，以Valterra Platinum （中文名称"未泰铂业"）为全新品牌独立运营，并成功登陆南非约翰内斯堡证券交易所（JSE）和伦敦 证券交易所（LSE）。 值得一提的是，作为氢能产业链中的关键材料，铂族金属广泛用于燃料电池和电解水制氢。作为全球最 大的汽车保有量和消费量国家，中国被未泰铂业视为最具潜力的氢能交通战略高地。 "我们在本次FCVC大会观察到，中国燃料电池产业链的整体成熟度在快速提升，许多过去依赖进口的 零部件都已实现国产替代。"Hilton Ingram对中国氢能产业链中加氢设备与储氢系统的成熟度印象深 刻。他还透露，未泰铂业正评估相关产品的合作与采购可能性，希望中国方案推广至其他新兴市场。 在肯定中国氢能技术持续进步的同时，Hilton Ingram也指出"基础设施"与"终端产品"这两大制约氢能交 通规模化落地的核心问题。 "目前，氢气储运仍有成本压力，70MP ...