一、行情 8月15日，SOFC（固体氧化物电池）概念股迎来反弹。佛燃能源涨停，壹石通盘中涨超10%，三环集团、大洋电机、雄韬股份、蜀道装备、凯中精密小幅跟 涨。 二、事件：海外龙头企业订单落地，推动行业站上风口 1）7月24日，美国SOFC龙头企业Bloom Energy宣布与甲骨文公司开展合作，将为其在美国的部分数据中心部署现场燃料电池系统，并承诺在90天内为甲骨 文的第一个数据中心供电。 7月30日，Bloom Energy公布25Q2业绩，二季度公司实现收入4.0亿美元，同比增长20%，毛利率28.2%，同比增长6.5%，净利润-4219万美元，同比减亏 31%。 当地时间8月14日，Bloom Energy收涨2.34%，创下收盘价历史新高，近16个交易日累计涨幅超67%。 2）新加坡首个氢能数据中心采用SOFC燃料电池技术，该项目整合了100%可再生能源、基于固体氧化物燃料电池（SOFC）的氢发电技术以及尖端的混合冷 却技术。（氢能源与燃料电池） 三、机构解读 1）SOFC具有能源转化效率高、燃料适应性广等优势，在长时储能场景、分布式离网供电及热电联供市场领域有着广泛应用，在各类数据中心、移动终端 ...

Summary of the Conference Call Industry Overview - The conference call discusses the Solid Oxide Fuel Cell (SOFC) industry, highlighting its rapid growth and potential market size. The market is expected to reach $50-70 billion by 2027 and could exceed $200 billion in the next three to five years [2][4]. Key Points and Arguments - **SOFC Technology**: SOFC is a device that converts chemical energy into electrical energy at high temperatures without the need for precious metal catalysts. It boasts an efficiency of 50%-65% and can achieve over 90% in combined heat and power applications. The operational cost is approximately $0.09 per kWh, which is lower than grid electricity costs [2][5][6]. - **Market Demand**: By 2027, the demand for data centers is projected to reach 70 GW, with SOFC accounting for 5% (around 4 GW). The commercial and industrial demand is estimated at about 1 GW [2][6]. - **Company Positioning**: 易事通 (Yishitong) is identified as the leading company in the SOFC industry chain, with plans to achieve 2 GW of production capacity by 2027. If global demand reaches 4-5 GW, Yishitong is expected to contribute 0.5 GW, leading to projected revenues of 7.5 billion RMB and net profits of 1-1.5 billion RMB [2][7]. Supporting Policies - Various countries are providing subsidies for SOFC technology. The U.S. offers a 30% subsidy on equipment, Germany provides up to €28,000 based on power output, and China offers subsidies of 1,000 RMB per kW in Guangzhou and 20% of sales in Shenzhen. These incentives are crucial for the development and promotion of SOFC technology [2][8]. Other Notable Companies - Besides Yishitong, other companies to watch include 三环集团 (Sanhuan Group), 潍柴动力 (Weichai Power), 福然能源 (Furan Energy), 中资科技 (Zhongzi Technology), and 新奥股份 (Xinao Co.), which are all positioned to benefit from the SOFC industry chain [3][9]. Additional Insights - The call emphasizes the importance of recent orders and subsidies in driving the growth of the SOFC market, particularly highlighting a significant order received by a U.S. company and the impact of the Inflation Reduction Act [4]. - The potential for Yishitong to expand its market capitalization beyond 15 billion RMB is noted, contingent on increased domestic and international project orders [7].

Summary of Conference Call on Solid Oxide Fuel Cells (SOFC) and BE Company Industry Overview - **Industry**: Solid Oxide Fuel Cells (SOFC) in North America - **Key Technology**: SOFC offers high efficiency of 55%-70%, superior to traditional internal combustion engines and gas turbines (30%-40%) [1][5] - **Fuel Flexibility**: SOFC can utilize various fuels including natural gas, which is abundantly available in North America [1][5] Core Insights and Arguments - **Government Support**: The U.S. IRA and OBBB acts provide subsidies that reduce the purchase cost of SOFC from approximately $3,000 per kW to around $2,000, enhancing market competitiveness [1][5] - **Order Structure Shift**: Starting in 2024, BE Company anticipates a significant change in its order structure, with one-third of orders coming from data centers and two-thirds from non-AI sectors, indicating a growth phase driven by increased capital expenditure in North America [1][10] - **Production Capacity Expansion**: BE Company plans to double its production capacity from 1.2 GW to 2 GW to meet rising demand, expecting to have sufficient capacity by the end of 2026 [1][10] - **Profitability Forecast**: Adjusted net profit margin is projected to be 8.5% this year, with expectations of reaching double digits next year due to improved utilization rates and shared capital expenditures [1][11] Additional Important Points - **Market Demand**: The rapid increase in power demand in North America due to AI development presents significant order opportunities for SOFC as an independent power source for data centers [2][18] - **Comparison with Other Technologies**: SOFC operates at higher temperatures (800-1,000°C) compared to Proton Exchange Membrane Fuel Cells (PEMFC), leading to higher efficiency and the ability to use a wider range of fuels [3][5] - **Competitive Landscape**: Despite higher initial costs, SOFC's efficiency and government subsidies make it competitive with traditional power generation methods, with a delivery cycle of about one year compared to longer cycles for gas turbines [9][10] - **Financial Performance**: The company’s revenue structure includes 70% from product sales, with expectations of a 20%-30% growth rate in sales, and a gradual increase in gross margin as utilization rates improve [15][16] Future Outlook - **Domestic vs. North American Market**: The domestic market is slower in SOFC technology adoption compared to North America, but partnerships with leading companies may present investment opportunities in the A-share market [19] - **Strategic Positioning**: BE Company is well-positioned to capitalize on the growing demand for power supply in AI data centers, with a strong focus on expanding its market presence in North America and potential growth in Asia and Europe [12][14][18]

人民财讯8月13日电，亿华通(02402.HK)8月13日晚间在港交所公告，预期上半年营业收入同比减少约 53%。该变动主要由于：市场需求整体下降，导致燃料电池行业规模同比减少；鉴于当前流动资金状 况，公司采取谨慎的扩张营销战略，保障资金安全的同时，导致报告期间产品销售量减少。 转自：证券时报 ...

Core Viewpoint - Yihuatong (02402.HK) expects a significant decrease in revenue for the first half of 2025, projecting a reduction of approximately 53% compared to the same period in 2024, when revenue was around RMB 154 million [1] Group 1: Revenue Forecast - The company anticipates that its operating revenue will decline to about RMB 72 million in the first half of 2025 due to overall market demand decrease [1] - The expected revenue drop is attributed to a contraction in the fuel cell industry, which has seen a year-on-year reduction in scale [1] Group 2: Strategic Response - In response to the current liquidity situation, the company is adopting a cautious marketing expansion strategy to ensure financial safety, which has resulted in a decrease in product sales during the reporting period [1]

格隆汇8月13日丨亿华通(02402.HK)公布，集团预计截至2025年6月30日止六个月集团营业收入将较截至 2024年6月30日止六个月营业收入约人民币15,384.35万元减少约53%。该变动主要由于(1)由于市场需求 整体下降，导致燃料电池行业规模同比减少；及(2)鉴于当前流动资金状况，公司采取谨慎的扩张营销 战略，保障资金安全的同时，导致报告期间产品销售量减少。 ...

格隆汇8月13日丨亿华通(02402.HK)公布，集团预计截至2025年6月30日止六个月集团营业收入将较截至 2024年6月30日止六个月营业收入约人民币15,384.35万元减少约53%。该变动主要由于(1)由于市场需求 整体下降，导致燃料电池行业规模同比减少；及(2)鉴于当前流动资金状况，公司采取谨慎的扩张营销 战略，保障资金安全的同时，导致报告期间产品销售量减少。 ...

Group 1 - The company expects its revenue in the first half of 2025 to decrease by approximately 53% compared to the same period in 2024, which had a revenue of about RMB 154 million [1] - The decline in revenue is primarily attributed to an overall decrease in market demand, leading to a year-on-year reduction in the fuel cell industry scale [1] - Additionally, the company's cautious expansion and marketing strategy, aimed at ensuring financial safety due to current liquidity conditions, has resulted in a decrease in product sales during the reporting period [1]

智通财经APP讯，亿华通(02402)公布，预期于2025年上半年该集团营业收入将较2024年同期营业收入约 人民币1.54亿元减少约53%。该变动主要由于(1)由于市场需求整体下降，导致燃料电池行业规模同比减 少;及(2)鉴于当前流动资金状况，公司采取谨慎的扩张营销战略，保障资金安全的同时，导致报告期间 产品销售量减少。 ...

Investment Rating - The report maintains a positive outlook on Plug Power, indicating a strong revenue performance driven by GenDrive fuel cell demand, despite a net loss in Q2 2025 [2][3]. Core Insights - Plug Power reported a net loss of $227 million in Q2 2025, which was worse than the consensus estimate of a $163 million loss, but revenue of $174 million exceeded expectations of $158 million, primarily due to strong demand for GenDrive fuel cells [2][3]. - The company reiterated its annual cost reduction target of $150 million to $200 million and its long-term strategic plan, aiming for operational profitability by the end of FY 2027 and overall profitability by FY 2028 [2][3]. - Plug Power expects to achieve a gross margin breakeven in Q4 2025, with a Q2 2025 gross margin of -31%, better than the expected -36% [2][3]. Financial Performance - For Q2 2025, Plug Power's revenue was $174 million, a 30% increase quarter-over-quarter and a 22% increase year-over-year [4]. - The operating costs for Q2 2025 were $227 million, reflecting a 9% increase from the previous quarter but a 17% decrease year-over-year [4]. - The adjusted net income for Q2 2025 was -$227 million, a 15% improvement from the previous quarter but a 13% decline year-over-year [4]. Cash Position and Project Progress - The company holds over $140 million in unrestricted cash and cash equivalents, with an additional debt financing capacity of over $300 million [3]. - Plug Power's packaging and liquefier technology has gained customer recognition, with revenue contributions expected from renewable diesel and sustainable aviation fuel businesses in the second half of 2025 [3].