Core Insights - Dongyue Silicon Material announced its capital layout, revealing that its subsidiary, Dongyue Future Hydrogen Energy Materials Co., Ltd., has passed the listing guidance acceptance by Shandong Securities Regulatory Bureau and plans to list on the Sci-Tech Innovation Board, potentially becoming the third listed company under the Dongyue system [1] - The founder, Zhang Jianhong, appears to hold less than 1% of shares but maintains control through voting rights arrangements, holding 35.50% control [1] - The company has faced challenges in its IPO journey, attempting to go public three times since 2020, and recently signed a guidance agreement with CITIC Securities on March 10, 2024, aiming to raise 560 million yuan for a perfluorosulfonic acid membrane project [1] Company Overview - Dongyue Future was established in December 2017 with a registered capital exceeding 440 million yuan, leveraging Dongyue Group's 35 years of fluorochemical experience to achieve breakthroughs in proton exchange membrane technology [1] - The company plans to launch a low-permeability hydrogen proton membrane in 2024, which will reduce hydrogen permeability by 42% [1] Market Context - Global investment in clean hydrogen projects has surged from approximately 10 billion USD in 2020 to an estimated 75 billion USD in 2024, indicating a diversification of hydrogen fuel cell application scenarios [1] - Despite having leading technology in proton exchange membranes, the company faces challenges in technology, market, and profitability, with the competitive landscape becoming increasingly fierce [1] - The company must keep pace with technological trends to maintain its competitive edge, as failure to do so may weaken its technological advantages [1]