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].

这一成果解决了掺杂量与离子传输效率难以兼顾的长期难题，为开发低成本、低温SOFC提供了新路 径。研究人员表示，这一原理不仅适用于燃料电池，还可推广到低温电解器、氢气泵以及将二氧化碳转 化为有价值化学品的反应器等，有望为氢能普及和减碳带来更广泛影响。（张佳欣） 责任编辑：闫弘旭 研究团队最终发现，将高浓度的钪掺杂到锡酸钡和钛酸钡中，可在300℃条件下实现超过0.01S/cm的质 子电导率，这一数值与传统SOFC电解质在高温运行时的性能相当。 结构分析与分子动力学模拟显示，钪原子会将周围的氧原子连接成"ScO6高速通道"，使质子以极低的 迁移势垒快速通过。这条通道宽阔且振动柔和，避免了高掺杂氧化物中常见的质子陷阱。晶格动力学数 据还表明，锡酸钡和钛酸钡的结构比传统SOFC材料更"柔软"，可吸收更多钪，从而进一步提升质子传 输性能。 固体氧化物燃料电池（SOFC）因高效率和长寿命而备受关注，但其运行温度通常高达700—800℃，需 使用昂贵的耐高温材料，这制约了其广泛应用。据最新一期《自然·材料》杂志报道，日本九州大学研 究团队研制出可在300℃中温条件下高效运行的新型SOFC，有望推动低成本、低温SOFC的开发， ...

中化新网讯 近日，合肥工业大学化学与化工学院研究员郑亚荣与教授魏海兵研究团队联合香港城市大 学教授王振斌、中国科学技术大学教授高敏锐研究团队，在阴离子交换膜燃料电池（AEMFC）阳极催 化剂研究领域取得重要进展。相关研究成果发表在学术期刊《先进材料》上。 氢氧燃料电池因其高能效和零碳排放的环保特性，被认为是实现碳中和的重要能源转换技术。近年来， AEMFC因其更低成本和可持续性受到广泛关注，但其阳极氢氧化反应（HOR）在碱性条件下动力学迟 缓，即使在铂族金属催化剂上也难以实现高效催化，严重制约了AEMFC的大规模应用。 助力氢燃料电池大规模应用 针对这一难题，研究团队创新性地设计并合成了一种开口结构的六方相钌纳米笼。该催化剂由大量约 3.5nm的六方相Ru纳米晶组成，在氢气还原气氛下，形成了丰富的亚稳态晶面。该催化剂表现出优异的 碱性HOR催化性能，在50mV时的电流密度高达61mA/cm2，为商用Ru/C和Pt/C催化剂的25.6倍和7.8倍， 并展现出高达0.3V（相对可逆氢电极）的宽工作电位窗口及优异的CO抗中毒能力。 该研究为开发高效、低成本、无铂的AEMFC阳极催化剂提供了新的思路，对促进氢能关键技 ...

Group 1 - 44 A-share companies plan to distribute over 72 billion yuan in cash dividends [1] - The commercial factoring industry, valued at 3 trillion yuan, is expected to undergo significant regulatory changes, prohibiting "grey area" consumer loan activities [1] - Multiple bond funds have resumed large-scale subscriptions for institutional investors, with 19 funds making similar announcements since July [1] Group 2 - The issuance of technology innovation bonds has expanded significantly, with 684 bonds issued and a total scale of 880.6 billion yuan since May 7, 2025 [2] - Nearly 400 A-share companies have disclosed share buyback progress since July, involving over 60 billion yuan, but 17 companies have announced extensions of their buyback periods [2] - The semiconductor industry in China saw an investment of approximately 455 billion yuan in the first half of 2025, with a year-on-year decline of 9.8%, a significant improvement from a 41.6% decline last year [3] Group 3 - China continues to lead the world in industrial robot production and installation, with humanoid robot development gaining international attention [4] - A new type of solid oxide fuel cell (SOFC) has been developed to operate efficiently at 300°C, potentially accelerating commercialization [5] - Satellite Chemical reported a net profit of 2.744 billion yuan for the first half of 2025, a year-on-year increase of 33.44% [8]

Core Insights - Plug Power reported $173.97 million in revenue for the quarter ended June 2025, marking a year-over-year increase of 21.4% and exceeding the Zacks Consensus Estimate of $151.2 million by 15.06% [1] - The company posted an EPS of -$0.16, an improvement from -$0.36 a year ago, but fell short of the consensus EPS estimate of -$0.15 by 6.67% [1] Revenue Breakdown - Sales of equipment, related infrastructure, and other generated $99.17 million, surpassing the average estimate of $87.53 million by analysts, reflecting a year-over-year increase of 29.2% [4] - Revenue from services performed on fuel cell systems and related infrastructure was $16.37 million, exceeding the estimated $13.66 million, representing a 25.6% increase year-over-year [4] - Power purchase agreements contributed $23.63 million, above the $18.91 million estimate, indicating a 20.1% year-over-year growth [4] - Fuel delivered to customers and related equipment generated $34.4 million, exceeding the average estimate of $30.69 million, with a year-over-year increase of 15.1% [4] - Other revenue was reported at $0.4 million, significantly below the average estimate of $2.91 million, showing a drastic decline of 90% year-over-year [4] Gross Profit Analysis - Gross profit from sales of equipment, related infrastructure, and other was -$18.11 million, worse than the average estimate of -$10.33 million [4] - Gross profit from services performed on fuel cell systems and related infrastructure was $6.37 million, significantly better than the average estimate of -$1.34 million [4] - Gross profit from power purchase agreements was -$21.64 million, compared to the average estimate of -$14.27 million [4] - Gross profit from fuel delivered to customers and related equipment was -$31.24 million, worse than the average estimate of -$23.51 million [4] - Gross profit from other sources was $0.32 million, below the estimated $1.06 million [4] Stock Performance - Over the past month, Plug Power's shares have returned -6.8%, contrasting with the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]