生产：关税扰动下，工业生产边际放缓。4 月，工业增加值同比增速 6.1%，低于前值，高于万得一致预期，环比增速弱于季节性，指向关税政 策扰动下，企业倾向于审慎观望，生产意愿边际回落，造成工业生产边际 放缓。4 月，出口交货值同比增速 0.9%，较上月大幅下降。总体看，工 业生产整体依旧较强：4 月工业增加值累计增速 6.4%，高出 2024 年全年 增速 0.6 个百分点，与一季度增速基本持平。产品产量上看，主要工业品 产量增速分化。上游传统能源类产量增速降低。下游消费品中，智能手 机、微型计算机、移动通信手持机等产量增速下降至负增区间，或指向电 子产品受关税政策扰动出现减产倾向。但 4 月中旬，美国海关与边境保护 局宣布对智能手机、电脑、芯片等电子产品免除"对等关税"，后续相关 电子产品产量或迎来修复。此外，新能源汽车、工业机器人、光伏电池等 代表新质生产力工业产品产量高增。 投资：固定资产投资增速略有回落，韧性依旧。基建方面，广义基建累计 增速 10.9%，略低于前置，整体依旧较强。但 4 月沥青开工率相对偏低， 主因化债背景下，按财务支出法统计时，基建投资与实物工作量情况存在 偏差。4 月，新增专项债累 ...

Core Viewpoint - The company is focusing on a strategic transformation towards hydrogen energy, aiming to enhance operational efficiency and customer loyalty while optimizing its energy station network and expanding its service offerings [1][2][6]. Business Strategy - The company plans to continue its hydrogen energy strategic transformation by expanding low-cost and stable gas supply channels, optimizing the layout of energy stations, and reducing user costs to enhance customer loyalty [1][2]. - The company aims to create a comprehensive "energy + service" model by integrating retail and service offerings, leveraging digital transformation, and optimizing supply chain efficiency [1][2]. Financial Performance - In Q1 2025, the company reported revenue of 170 million yuan, a year-on-year increase of 365.39%, while the net profit attributable to shareholders was -5.63 million yuan, a decrease of 1.41% year-on-year [10]. - The company's gross profit margin was reported at 13.65%, indicating a focus on improving profitability despite challenges in the energy sales sector [10]. Project Development - The company is progressing on a 3.135 billion yuan wind power hydrogen production project, currently at 0.09% completion, with funding sourced from internal funds, financing, and industry funds [2]. - The company is actively pursuing green hydrogen projects in Shanxi and Inner Mongolia, utilizing local wind and solar resources to establish green energy bases [1]. Competitive Advantage - The company leverages its location in Shanxi, a key area for national energy transition, to benefit from local policy support and industry upgrade demands [6]. - The company has established a stable upstream supply chain and focuses on customer-centric service models to enhance customer loyalty and market presence [6]. Cost Control Measures - The company has implemented several cost control measures, including optimizing supply chain management, enhancing retail efficiency, and adopting digital management tools to reduce operational costs [8][9]. - The company has closed underperforming stores and improved inventory turnover through various sales channels [8]. Future Growth Potential - The company is committed to deepening its hydrogen energy strategic transformation and expanding its market presence, with external factors such as national energy policies and technological advancements expected to drive growth [9]. - The company is exploring new business directions and will adapt its strategies based on market conditions and policy changes [2][9].

Group 1 - The core viewpoint emphasizes the importance of maintaining fair pricing practices during the "May Day" holiday to protect consumer rights [1][2] - The regulatory body in Urumqi City has issued a reminder to ensure that all businesses adhere to clear pricing regulations, ensuring transparency and accuracy in pricing [1][2] - The reminder specifically targets various sales channels, including physical stores, e-commerce platforms, and live marketing, prohibiting deceptive pricing practices such as misleading discounts and price hikes [2] Group 2 - The reminder highlights the need for businesses, especially in tourism and hospitality, to clearly display pricing information and adhere to their pricing commitments [2] - The market supervision department will enhance its monitoring efforts during the holiday period, focusing on preventing price gouging and fraudulent pricing practices [2]