| | 元，其中公司持股45%，蜀道集团持股5%（表决权委托给公司行使），日 | | --- | --- | | | 本丰田持股50%。技术研发方面，合资公司将组建独立的研发团队，逐步 | | | 具备技术研发及迭代能力；生产制造方面，合资公司在成都建设生产线， | | | 实现氢燃料电池系统的本地化生产、销售、售后；市场拓展方面，以川渝 | | | 双城经济圈丰富应用场景为牵引，在商用车及非车用领域等方面推广合资 | | | 公司产品。 | | | 3、请问液态氢与固态氢在应用场景和储运方面的比较如何？ | | | 回复：液态氢（LH2）与固态氢在应用场景和储运方面各有优劣：液 | | | 态氢凭借其高体积能量密度，特别适用于对重量和空间要求严苛的场景， | | | 如航天推进、重型卡车及长途运输等，且在大规模、长距离运输中，其单 | | | 位质量输氢效率较高；固态储氢技术虽储氢密度潜力大、安全性高、无需 | | | 高压或超低温条件，更适合分布式、小规模或固定式应用（如燃料电池备 | | | 用电源、小型加氢站），但目前普遍存在吸放氢温度/压力要求高、循环 | | | 寿命有限、材料成本昂贵等问题。液态 ...

Core Viewpoint - The company plans to establish a gas industry equity investment fund in collaboration with two other entities to enhance its strategic development and optimize its industrial layout [1] Group 1: Investment Fund Details - The new fund, named Sichuan Gas Industry Fund, is expected to have a scale of 2 billion yuan and a duration of 8 years [1] - The company will contribute 1 billion yuan, representing 50% of the fund, while the other partner will contribute approximately 998 million yuan, accounting for 49.9% [1] - The funding will come from the company's own resources and will be disbursed in phases based on the fund's investment progress, ensuring no significant impact on the company's cash flow [1] Group 2: Strategic Importance - The investment aims to support the company's strategic needs by accelerating the implementation of industrial layout optimization and merger and acquisition projects [1] - The company views the partnership with the equity fund as a way to effectively control and diversify investment risks through shared interests and risk-sharing [2] - The company retains a priority buyback right under equal conditions during project exits, which could enhance future returns [2] Group 3: Business Expansion and Focus - The company has been expanding its operations in gas investment and clean energy, focusing on hydrogen energy and other advanced fields [3] - Its main products include industrial gases, special gases, rare gases, and liquefied natural gas (LNG), which are utilized across various sectors such as metallurgy, chemicals, and healthcare [3] - The company aims to leverage capital operations and mergers to accelerate its transition into clean energy and industrial gas investment, fostering new growth engines [3]

Company Overview - The company introduced its development history, competitive advantages, and the layout of its four major business segments [2] - The strategic focus for 2025 includes enhancing core business, ensuring steady growth, and leveraging resources from the Shudao Group [2] Financial Performance - The company aims for continuous revenue growth, with a focus on "transformation, innovation, internal growth, and external expansion" [2] - The gross margin for 2024 is expected to improve due to comprehensive cost control measures, optimizing cost structure, and enhancing operational efficiency [3] - New signed contracts from 2021 to 2024 were approximately CNY 245 million, CNY 899 million, CNY 1.003 billion, and CNY 1.335 billion respectively, indicating a significant increase in order volume [4] Business Development - The company provides extraction and storage equipment for various gases, including helium and nitrogen, based on its expertise in cryogenic technology [4] - Recent projects, such as the Inner Mongolia Yahui Helium Project and Shuneng Mabei Nitrogen Project, have contributed to new growth momentum [4] - As of the end of 2024, the company and its subsidiaries hold 132 authorized patents, including 40 invention patents and 92 utility model patents [4] Joint Ventures and Collaborations - A joint venture with Shudao Group and Toyota was approved on April 14, 2025, to establish a fuel cell stack production line in Chengdu [5][6] - The project aims to integrate the supply chain for hydrogen energy technology and promote local production and commercialization [6] Hydrogen Energy Initiatives - The company is actively developing liquid hydrogen locomotive technology and collaborating with leading industry players [7] - A research plan is being formulated for the design and production of liquid hydrogen devices and onboard storage tanks [7] Compliance and Communication - The company adheres to information disclosure regulations, ensuring that all communications with investors are accurate, complete, and timely [7]