Core Viewpoint - The hydrogen energy industry has undergone significant transformation over the past decade, evolving from initial challenges to a more mature stage, with a focus on product capabilities rather than capital investment [4][8]. Industry Development - From 2016 to 2018, the hydrogen energy industry faced difficulties, with domestic fuel cell power only at 30kW and limited hydrogen refueling stations [4]. - Between 2019 and 2022, the industry experienced a surge in capital investment, leading to a power increase in fuel cells from 30kW to 240kW within three years, driven by policies from five major demonstration city clusters [4]. - In 2023, the industry faced challenges such as delayed order fulfillment, reduced capital influx, and weakened local support, prompting a reevaluation of its growth trajectory [4][5]. Market Opportunities - The hydrogen energy sector must identify real value creation scenarios, with public transport and sanitation vehicles having direct orders but limited market space and intense competition from pure electric vehicles [5]. - High-power demand in long-haul heavy-duty trucks aligns well with hydrogen energy characteristics, with policies reducing operational costs and optimizing total cost of ownership (TCO) [5][6]. Technological Focus - Hydrogen energy technology has concentrated on durability, with early models like hydrogen buses achieving over 1 million kilometers and recent heavy-duty trucks reaching 5000 hours of operation [6][8]. - Challenges remain in durability for high-power long-haul trucks, including performance degradation of membrane electrodes under high power and long operation times [6]. Company Profile - Hydrogen Road Technology Co., Ltd. is headquartered in Hangzhou, with a production base in Jinhua, focusing on fuel cell systems for transportation and power generation [8]. - The company has a production capacity of 5000 fuel cells per year and has established partnerships with over 10 domestic and international vehicle manufacturers, developing more than 30 vehicle models [8]. - The industry has shifted from a capital-driven narrative to one focused on product strength, with hydrogen energy having a more established commercial foundation compared to emerging fields [8].

Group 1 - FuelCell Energy (FCEL) closed at $6.72, with a 57% gain over the past four weeks, and a mean price target of $9.38 indicating a 39.6% upside potential [1] - The average price targets range from a low of $5 to a high of $13.75, with a standard deviation of $3.19, suggesting variability in analyst estimates [2] - Analysts show strong agreement on FCEL's ability to report better earnings, with positive trends in earnings estimate revisions correlating with potential stock upside [4][11] Group 2 - The Zacks Consensus Estimate for FCEL has increased by 0.3% over the past month, indicating a positive outlook with no negative revisions [12] - FCEL holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While consensus price targets may not be reliable for predicting exact gains, they can provide a directional guide for potential price movements [13]

Core Viewpoint - Beijing Yihua Tong Technology Co., Ltd. is facing significant challenges in the hydrogen energy market, with a notable decline in sales and financial performance due to increased competition and market conditions [5][20]. Company Governance and Meeting Procedures - The company has established a series of regulations to ensure the rights of shareholders and the orderly conduct of shareholder meetings, including requirements for identification and voting procedures [1][2][4]. - The upcoming shareholder meeting is scheduled for June 20, 2025, and will utilize both on-site and online voting methods [4][5]. Financial Performance - In 2024, the company sold 742 sets of battery systems, a decrease of 60.95% year-on-year, with total sales power of 98,800 KW, also reflecting a decline [5]. - The company's revenue for 2024 was reported at 36,667.14 million RMB, a decrease of 54.57% compared to the previous year [19][20]. - The net loss attributable to shareholders was -45,643.29 million RMB, an increase in loss of 21,322.92 million RMB year-on-year [20][21]. Operational Challenges - The hydrogen energy sector is experiencing a phase of adjustment, leading to increased pressure on the company's cash flow and order acquisition [20]. - The company has faced challenges in maintaining product pricing amidst competitive pressures, resulting in a decline in gross margins [20]. Corporate Governance and Board Activities - The board of directors held seven meetings in 2024, addressing various operational and financial matters, including the approval of related party transactions and financial reports [6][12]. - The independent non-executive directors have actively participated in meetings and provided objective opinions on company matters [12]. Investor Relations and Communication - The company has enhanced its investor relations efforts, including hosting performance briefings and maintaining communication channels for investor inquiries [13]. Future Outlook - The board plans to focus on achieving operational goals for 2025, emphasizing market expansion and innovation in the hydrogen energy sector [13][14]. - The company aims to improve its governance structure and risk management systems to ensure sustainable development and protect shareholder interests [14][15].

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 重要会议： 2025势银（银川）长时储能产业大会（7月2日-3日，宁夏·银川） 点此报名 添加文末微信，加 燃料电池 群 访问戈尔专家，一同探讨交通运输行业的无碳化 到2050年，年度货运卡车里程数预期还会大幅增长，这使得其它低碳能源的开发及商业化应用刻不 容缓。 燃料电池电堆制造商面临的挑战 氢燃料能够以更小的重量储存更多的能量，因而非常适合大型运输。燃料电池电堆的功率可通过增 加额外的燃料电池来提高，而重量却不会增加太多，从而可进一步提升商业氢能车队的运载能力。 氢能卡车已经展现出一定的竞争优势，其燃料加注速度甚至比传统内燃机更快。 2025年，交通运输体系的绿色低碳转型成为政策焦点之一，是推动高质量发展的重要抓手。在"双 碳"目标与国七排放标准升级的双重驱动下，氢燃料电池技术被列为重型车辆零碳转型的重要路 径。 美国戈尔的GORE-SELECT ® 质子交换膜 凭借其高效能、耐久性等特性，将推动氢燃料电池的应 用发展，成为重型车辆行业绿色转型的"核心引擎"。 重 ...

Core Insights - The rapid advancement of China's new energy vehicle industry is driving a transformation in vehicle power systems, particularly in battery technologies such as lithium-ion and fuel cells [1] Group 1: Battery Technology Innovations - The demand for longer range in electric vehicles necessitates an increase in battery energy density, with lithium-ion batteries nearing their theoretical limits. Lithium-rich manganese-based cathode materials are emerging as a promising solution, potentially achieving energy densities of 600-700 Wh/kg in solid-state batteries [3][5] - Sodium-ion batteries are highlighted for their long lifespan, wide temperature range, and cost-effectiveness, with the potential to enhance cargo capacity by 15% in heavy-duty applications. A new company has been established to scale up production of sodium-ion battery materials and cells [8] - Solid-state batteries are transitioning from laboratory to industrial applications, offering improved energy density and safety. Hybrid solid-liquid batteries are seen as a viable interim solution before full solid-state technology becomes mainstream [10] Group 2: Safety and Standards - The new national standards for battery safety emphasize a "zero tolerance" approach, mandating that batteries must not catch fire or explode. This includes rigorous testing protocols to ensure safety under various conditions [12][14] - Innovations in battery management systems are crucial for enhancing safety, utilizing real-time monitoring to predict and mitigate potential hazards [14] Group 3: Fuel Cell Developments - Fuel cells are recognized for their efficiency and environmental benefits, but high production costs hinder commercialization. Efforts are underway to reduce costs through domestic production of key components [20][22] - The integration and smart control of fuel cell systems are advancing, leveraging big data and AI for improved performance and reliability [22] Group 4: Market Applications and Synergies - Fuel cells are expanding into diverse applications beyond transportation, including distributed power generation and military uses, with significant advantages in energy density [24] - The complementary nature of battery and fuel cell technologies allows for innovative hybrid solutions, catering to different travel needs and enhancing overall system efficiency [25]

Group 1 - Megui's major shareholders plan to reduce their holdings by a total of up to 5% of the company's shares, with Beijing Yindi Investment Co., Ltd. and its concerted parties planning to reduce by 2.5% and shareholder Lu Chunquan and his concerted parties also planning to reduce by 2.5% [1] - The reduction may impact market sentiment, and investors should monitor subsequent stock price fluctuations, although the company's fundamentals remain unchanged [1] Group 2 - Yihuatong announced the termination of the fundraising project "Fuel Cell Comprehensive Testing and Evaluation Center Project" after assessing the economic environment, industry trends, and current operational conditions [2] - The termination of the project will not adversely affect the company's research and development efforts or business operations, indicating a focus on future strategic adjustments [2] Group 3 - The silicon wafer prices have remained stable as of May 29, with most companies showing a strong willingness to maintain prices, while only a few smaller firms are selling at lower prices [3] - The stability in silicon wafer prices is attributed to a recovery in market sentiment and an increase in order transactions from upstream and downstream, particularly with strong demand for 210 model silicon wafers [3] - The outlook for the silicon wafer market suggests continued stability in the short term, supported by manufacturers' efforts to reduce supply and maintain prices [3]

证券代码：688339 证券简称：亿华通 公告编号：2025-030 北京亿华通科技股份有限公司 关于终止以简易程序向特定对象发行股票的募投项目的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 北京亿华通科技股份有限公司（以下简称"公司"）于 2025 年 5 月 29 日召 开第三届董事会第二十四次会议、第三届监事会第十九次会议，分别审议并通过 了《关于终止以简易程序向特定对象发行股票的募投项目的议案》，同意公司终 止募投项目"燃料电池综合测试评价中心项目"。该事项尚需提交公司股东大会 审议。 一、 募集资金基本情况 根据中国证券监督管理委员会于 2021 年 7 月 9 日出具的《关于同意北京亿 华通科技股份有限公司向特定对象发行股票注册的批复》（证监许可20212357 号）核准，公司获准向特定对象非公开发行普通股 850,991 股，每股面值人民币 元，扣除相关发行费用人民币 4,766,650.85 元（不含增值税），实际募集资金 净额为人民币 195,233,253.97 元。截止 202 ...

证券代码：688339 证券简称：亿华通 公告编号：2025-031 北京亿华通科技股份有限公司 关于使用部分超募资金归还银行贷款的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 北京亿华通科技股份有限公司（以下简称公司）于 2025 年 5 月 29 日召开 第三届董事会第二十四次会议、第三届监事会第十九次会议审议通过了《关于 使用部分超募资金归还银行贷款的议案》，同意公司使用超募资金中的 740 万元 归还银行贷款，占超募资金总额的 29.9968%。本事项尚需提交公司股东大会审 议。 一、 募集资金基本情况 根据中国证券监督管理委员会《关于同意北京亿华通科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2020〕1447 号），公司获准向社会公 众公开发行人民币普通股 17,630,523 股，每股面值为人民币 1 元，每股发行价 格为人民币 76.65 元，募集资金总额为人民币 135,137.96 万元，扣除发行费用 后募集资金净额为人民币 122,466.93 万元。前述募集资金到位情况已经信永中 ...

北京亿华通科技股份有限公司 内部审计制度 北京亿华通科技股份有限公司 内部审计制度 二零二五年五月 北京亿华通科技股份有限公 司 内部 审计制度 目 录 北京亿华通科技股份有限公司 内部审计制度 第一章 总则 第一条 为进一步规范北京亿华通科技股份有限公司（以下简称"公司"） 内部审计工作，提高内部审计工作质量，实现公司内部审计工作规范化、标准化， 发挥内部审计工作在促进公司经济管理、提高经济效益中的作用，根据《中华人 民共和国公司法》《中华人民共和国证券法》《中华人民共和国审计法》《香港 联合交易所有限公司证券上市规则》《上海证券交易所科创板上市公司自律监管 指引第 1 号——规范运作》等有关法律、法规和其他规范性文件以及《公司章程》 的规定，并结合公司实际情况制定本制度。 第二条 本制度适用于公司各内部机构及控股子公司的与财务报告相关 的所有业务环节所进行的内部审计工作。 第三条 本制度所称内部审计，是指公司内部审计机构依据国家有关法律 法规和本制度的规定，对本公司各内部机构及控股子公司的内部控制和风险管理 设计的合理性及运行的有效性、财务信息的真实性、完整性以及经营活动的效率 和效果等开展的一种评价活动 ...

亿华通公告，公司决定终止募投项目"燃料电池综合测试评价中心项目"。该项目原计划总投资额2.2亿 元，拟使用募集资金金额为1.5亿元。截至2025年5月20日，募集资金实际投入金额为3243.55万元，剩余 募集资金1.25亿元。终止原因为市场环境与行业发展变化，公司现有测试能力已能满足核心研发测试需 求，需优化配置研发资源，第三方测试能力提升也为项目投入计划调整提供条件。本次终止不会对公司 研发工作及业务经营产生不利影响，剩余募集资金将继续留存于专用账户。 ...