Core Viewpoint - The company is actively developing its hydrogen fuel cell business, focusing on core technologies within the industry chain and expanding its applications in liquid hydrogen and hydrogen equipment [1] Group 1: Business Development - The company is engaged in the manufacturing of fuel cell stacks, power systems, and core components [1] - Existing compressor, refrigeration, and heat exchange technologies are being extended to the hydrogen energy sector [1] Group 2: Research and Development - A global hydrogen fuel cell technology R&D and supply chain system has been established, with research institutions set up in Europe and Japan [1] - The focus of these institutions includes the development of core components for hydrogen fuel cell systems, fuel cell stack components, and material technology [1] Group 3: Technological Advancements - The company has successfully developed a new generation of metal plate fuel cell stacks [1] - Efforts are underway to scale up the production of hydrogen fuel cells and core components domestically, aiming to build a comprehensive industrial ecosystem [1]

Core Viewpoint - The company is actively developing its hydrogen fuel cell business, focusing on core technologies within the industry chain and expanding its applications in liquid hydrogen and hydrogen equipment [1] Group 1: Business Development - The company is engaged in the manufacturing of fuel cell stacks, power systems, and core components [1] - The company is extending its existing compressor, refrigeration, and heat exchange technologies into the hydrogen energy sector [1] Group 2: Research and Development - The company has established a global research and development system for hydrogen fuel cell technology, with R&D institutions set up in Europe and Japan [1] - The R&D efforts focus on core components of hydrogen fuel cell systems, fuel cell stack components, and material technology [1] Group 3: Production and Ecosystem - The company has completed the development of a new generation of metal plate fuel cell stacks and is advancing the scale production of hydrogen fuel cells and core components domestically [1] - The company is gradually building a comprehensive industrial ecosystem around hydrogen fuel cells [1]

Core Viewpoint - Beijing Yihuatong Technology Co., Ltd. has established a wholly-owned subsidiary, Beijing Yihuatong Energy Storage Technology Co., Ltd., with a registered capital of 30 million RMB, marking its entry into the trillion-level energy storage market, which signifies a key step in the integration of hydrogen energy and energy storage [3][4]. Group 1: Company Developments - The establishment of the energy storage subsidiary is a strategic extension of Yihuatong's business, reflecting its commitment to technological innovation and a vertically integrated system covering fuel cells, electrolysis equipment, and hydrogen production [4][6]. - Yihuatong has accumulated practical experience through major projects in regions like Hebei, Guangxi, and Xinjiang, which will support the new company's operations [5][6]. Group 2: Market and Policy Context - The Chinese government has officially included hydrogen energy in its energy system, providing legal support for hydrogen storage applications, which aligns with the national goals of carbon neutrality [6][7]. - The hydrogen storage market in China is projected to exceed 500 billion RMB by 2030 and potentially reach a trillion-level market by 2035, indicating significant growth opportunities in this sector [6][7]. Group 3: Industry Implications - The establishment of the energy storage technology company positions Yihuatong as a leader in the integration of hydrogen energy and energy storage, setting a benchmark for the industry [7]. - The fusion of hydrogen and energy storage technologies is expected to contribute to achieving national carbon peak and carbon neutrality goals, highlighting the strategic importance of this sector [7].

Core Viewpoint - Beijing Yihuatong Technology Co., Ltd. has established a wholly-owned subsidiary, Beijing Yihuatong Energy Storage Technology Co., Ltd., with an investment of 30 million RMB, marking its entry into the trillion-level energy storage market, which signifies a key step in the integration of hydrogen energy and energy storage [1][5] Group 1: Company Developments - The new subsidiary was founded on December 11, 2025, with a registered capital of 30 million RMB, focusing on energy storage technology services, hydrogen storage facilities sales, and new energy technology research and development [1] - Yihuatong's strategic extension into energy storage is based on years of technological accumulation and industry chain sedimentation, establishing a vertically integrated system covering fuel cells, stacks, and hydrogen production equipment [2] - The company has already accumulated practical experience through major projects, including integrated projects in Hebei, Guangxi, and Xinjiang, which lay a solid foundation for the new company's operations [3] Group 2: Industry Context - The establishment of the energy storage subsidiary aligns with national policies that officially incorporate hydrogen energy into the energy system, providing legal support for hydrogen storage applications [4] - The hydrogen storage market in China is projected to exceed 500 billion RMB by 2030 and potentially reach a trillion-level market by 2035, indicating significant growth opportunities in this sector [4] - The integration of hydrogen energy and energy storage technologies is expected to contribute to the national goals of carbon peak and carbon neutrality, positioning Yihuatong advantageously in this emerging market [5]

Core Points - The 2025 (3rd) Hydrogen Storage and Transportation Key Technology Development Forum will be held on December 17-18 at the Shangri-La Hotel in Suzhou, Jiangsu [2] - The forum aims to discuss the development trends in the hydrogen storage and transportation industry, featuring key topics such as high-pressure gas storage, low-temperature liquid hydrogen storage, and material hydrogen storage technologies [10][14] Registration and Attendance - Participants are required to register and collect their conference materials, including badges and meal vouchers, during the designated sign-in times [3][2] - The forum will have strict attendance protocols, including wearing badges and maintaining a smoke-free environment [3] Weather and Travel Information - The weather forecast for the forum dates indicates temperatures ranging from 3°C to 15°C, with varying conditions [5] - The Shangri-La Hotel is conveniently located with various transportation options available from nearby train stations and the airport [7] Agenda Overview - The forum will feature keynote speeches and discussions on various topics, including advancements in high-pressure hydrogen storage technologies, low-temperature hydrogen transportation, and material storage innovations [10][14] - There will also be concurrent activities such as an innovation exhibition and technology showcases [10] Additional Events - A related forum on wide-temperature fuel cells and hydrogen energy drones will take place on December 18-19, offering participants a chance to explore further advancements in hydrogen technology [11]

手机号 15769519125 2025 年 中国氢能源行业市场 研究报告 主编：雷静兰 编辑：张潞玮 商业合作： collaboration@shuoyuanconsulting.com 1 / 32 1.中国氢能源行业概述 1.1 氢能源的定义与分类 1.1.1 氢能源的基本概念 氢能源是指以氢气作为能源载体，通过燃烧或电化学反应释放能量的一种清洁 能源形式。氢气作为一种高效的能源载体，具有许多显著的优势。氢能源因其 高能量密度、清洁环保特性及多领域应用潜力，被视为推动绿色低碳发展和能 源结构转型的重要战略能源。目前，全球多个国家和地区纷纷加大对氢能源技 术研发和基础设施建设的投入，推动氢能产业链的完善，包括制氢、储氢、运 氢和加氢站等关键环节。绿色制氢技术的发展尤为重要，即利用可再生能源电 解水制氢，避免传统制氢过程中的碳排放，从根本上实现氢能的清洁化。 综上所述，氢能源作为一种安全、高效、环保的能源形式，不仅在技术上日趋 成熟，而且在政策和市场的推动下，正逐步成为全球能源转型和实现碳中和目 标的重要支柱。未来，随着技术进步和成本降低，氢能源有望在全球范围内得 到更广泛的应用和推广，助力构建绿色低碳的能 ...

Core Insights - Plug Power has been a pioneer in the hydrogen industry, creating the first commercially viable market for hydrogen fuel cell technology and deploying over 69,000 fuel cell systems and more than 250 fueling stations globally [1][2] - Despite significant investments in expanding operations, Plug Power has not generated value for investors over the past decade, with a $100 investment now worth approximately $98.63 [2][3] - The company's stock price has experienced volatility, peaking at over $3,000 for a $100 investment at one point during the decade [3] Financial Performance - Current market capitalization stands at $3 billion, with a current stock price of $2.11 and a day’s change of +9.90% [4][5] - The company has faced substantial financial challenges, including a gross margin of -7128.74% and a significant increase in outstanding shares by 672% over the past decade due to capital raises [5] - Plug Power has taken steps to reduce costs and raise non-dilutive capital, aiming for increased profitability in the coming years, which may improve stock performance [6]

Group 1: Market Developments - The U.S. stock market will be closed for Thanksgiving [1] - Japan is experiencing a significant COVID-19 outbreak, with infection numbers reaching the highest level in nearly a decade [2] - Nvidia's CEO Jensen Huang announced the release of new robotics technology on November 28 [2] Group 2: Corporate Actions and Strategies - Alibaba launched its first AI glasses, powered by its self-developed Qianwen model, priced at 1899 yuan, marking its entry into the consumer-grade AI wearable market [10] - Puma's stock surged nearly 19% amid reports that Anta and Li Ning are considering acquisitions [2] - Morgan Stanley upgraded its rating on Chinese stocks to "overweight," citing a higher likelihood of substantial returns in the Chinese stock market next year [4] Group 3: Policy and Regulatory Updates - The Ministry of Commerce in China plans to promote large-scale consumption and foster new consumption growth points, including AI and consumption integration [3] - The National Development and Reform Commission (NDRC) is encouraging the orderly development of various new energy storage and hydrogen energy technologies [4] - The NDRC is actively promoting infrastructure REITs, expanding their scope to include urban renewal facilities, hotels, and commercial office spaces [10][11] Group 4: Industry Insights - The global market for AI and AR smart glasses is projected to reach approximately 1.4 billion units, with a penetration rate of about 70% as the industry matures [10] - The green hydrogen and methanol industry in China is expected to enter a phase of rapid growth, driven by policy support and market demand [13] - The gaming industry is experiencing high market sentiment, with an increase in user ARPU values contributing to steady market growth [12]

Group 1 - The first hydrogen refueling station in China utilizing 45 MPa high-pressure hydrogen storage well technology has been operational for 1500 days, supplying over 400 tons of hydrogen [1] - The underground hydrogen storage technology is a global innovation with complete independent intellectual property rights, designed for a lifespan of 25 years [1] - The hydrogen energy port in Shanghai Jiading integrates photovoltaic power generation with hydrogen storage, allowing solar energy to be converted into hydrogen for later use [3][5] Group 2 - The photovoltaic panels on the rooftops convert sunlight into electricity, which is then transformed into hydrogen through a series of processes involving an electrolyzer [7] - Hydrogen storage is more durable and suitable for large-scale storage compared to batteries, making it ideal for addressing seasonal electricity fluctuations [9] - The stored hydrogen can be converted back into electricity using a fuel cell system, which emits only water vapor during the process [11][12] Group 3 - The electrolyzer's membrane electrode is crucial for determining hydrogen production efficiency and purity, while the bipolar plate ensures uniform distribution of hydrogen and oxygen [13] - The technology developed in Shanghai is set to be implemented in western regions with abundant sunlight, combining Shanghai's technology with western resources [14] - By 2026, it is expected that over 10 hydrogen energy comprehensive stations based on this technology will be established nationwide, transitioning the hydrogen energy industry from laboratory to market [15]

Core Viewpoint - The company, Xiongtao Co., Ltd. (002733), indicated that the revenue share from its hydrogen energy project is currently low but has significant potential for growth [1] Company Summary - Xiongtao Co., Ltd. is actively engaging with investors regarding its hydrogen energy initiatives, highlighting the current low revenue contribution from this segment [1] - The company expresses optimism about the future growth opportunities within the hydrogen energy market [1]