绿氢正处于从政策示范迈向市场化爆发的关键窗口期。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 三一氢能有限公司（ 以下简称 "三一氢能"） 日前 完成数亿元人民币 A轮融 资，本轮融资由启明创投领投，涌铧投资、广州基金旗下新兴基金联合跟投，华兴资本担任独家财务 顾问。 三一氢能于 2022年8月注册成立，是全球装备制造龙头三一集团面向"双碳"目标打造的氢能战略平 台。 依托三一集团 30余年工程机械与能源装备的技术积累、供应链体系和全球渠道，三一氢能 将"灯塔工厂"级的大规模制造能力、全球化交付经验与精益质量管理体系引入水电解制氢领域，迅 速突破，经3年发展已成为绿氢装备头部企业，稳居行业第一梯队。 自成立以来 ， 三一氢能专注水电解制氢装备的研发、制造与整体解决方案交付。以结构、电控、仿 真、材料、电化学等核心技术为支撑，现已形成圆形槽、方形槽、 PEM槽、BOP"3+1"产品矩阵， 单体电解槽型谱覆盖200Nm³/h至3000Nm³/h，全面满足规模化风光耦合制氢以及氢化工、氢冶 金、氢交通、天然气掺氢等下游客户的多元场景需求。 值得一 ...

Core Viewpoint - The article discusses the current state and future prospects of the hydrogen refueling station industry in China, highlighting key players, market statistics, and recent developments in the sector [3][6][10]. Industry Overview - As of June 30, 2025, China has built a total of 560 hydrogen refueling stations, with 29 new stations completed in the first half of 2025, showing stability compared to the same period in 2024 [3]. - The top five equipment integrators in the hydrogen station market maintain a combined market share of 52%, with traditional leaders like Haidilisen, Guofu Hydrogen Energy, and Houpu firmly established [3][6]. Company Highlights Haidilisen - Founded in 2001, Haidilisen specializes in high-pressure fluid equipment and has been a pioneer in hydrogen safety equipment and refueling station manufacturing [6]. - Key developments include the successful operation of a high-pressure hydrogen refueling station in Foshan, capable of refueling 100 hydrogen vehicles daily, and the delivery of liquid-driven compressors to international markets, including Australia and the UK [6][7]. Guofu Hydrogen Energy - Established in 2016, Guofu Hydrogen Energy is a leading provider of hydrogen production, storage, transportation, and utilization equipment, with a market share exceeding 35% [7][9]. - Recent projects include supplying equipment for a green hydrogen demonstration project in Malaysia and establishing a joint venture in Singapore to build a hydrogen refueling station [9]. Houpu - Houpu focuses on clean energy equipment manufacturing and has a strong presence in the hydrogen energy sector, participating in over 70 hydrogen station projects across China [10]. - The company has introduced advanced hydrogen compression technology and has been involved in significant projects, including the first carbon-neutral hydrogen station in China [8][10]. Youjiete - Youjiete is a high-tech enterprise engaged in hydrogen refueling systems and has been involved in various projects, including a successful collaboration with a hydrogen refueling station in Beijing [11][13]. - The company has been recognized for its innovative solutions in the hydrogen energy sector [11]. Naide Energy Equipment - Naide Energy provides comprehensive solutions for hydrogen production and refueling, recently winning contracts for integrated hydrogen production and refueling systems [12][16]. - The company has established itself as a key player in the hydrogen equipment market, focusing on high safety standards and efficient deployment [12][16].

Core Viewpoint - The article highlights the recent A-round financing completion of SANY Hydrogen Energy, emphasizing its strong market competitiveness and technological capabilities in the hydrogen equipment sector, with a focus on quality-driven strategies and innovative solutions [2][5]. Group 1: Company Overview - SANY Hydrogen Energy has achieved a total bid volume of 108MW in the first half of 2025, maintaining a leading position in the industry [2]. - The company leverages SANY Group's 40 years of experience in large equipment manufacturing to establish a leading hydrogen equipment R&D and delivery system, with an electrolyzer production capacity of 2GW per year [2][6]. Group 2: Strategic Focus Areas - SANY Hydrogen Energy is concentrating on three core scenarios: hydrogen chemical, hydrogen metallurgy, and hydrogen transportation, creating demonstration projects that empower green upgrades in the industry [4][7]. - The company has established partnerships with major domestic and international enterprises, including State Power Investment Corporation and China Coal Group, expanding its project footprint globally [4]. Group 3: Innovation and Technology - The company is addressing industry pain points by developing high-reliability hydrogen production solutions, focusing on key technologies such as PEM membrane electrodes and smart square tanks [5]. - SANY Hydrogen Energy's new generation of 4*1000 standard square-shaped electrolyzer platform has achieved mass production, significantly improving key performance indicators such as current density and operational costs [5][6]. Group 4: Product Matrix and Industry Position - SANY Hydrogen Energy has built a comprehensive product matrix covering the entire path from green electricity hydrogen production to system integration, supported by core technologies in structure, electrical control, simulation, and materials [6]. - The company is the only global entity with a full industry chain in wind power, photovoltaics, hydrogen energy, and energy storage, allowing it to implement integrated "green electricity hydrogen production" solutions [6].

Group 1 - The A-share market showed a trend of initial decline followed by recovery in Q2, with significant drops in major indices due to "reciprocal tariffs" but later rebounded due to stabilizing funds and increased local asset allocation [1] - By June 30, the quarterly gains for major indices were as follows: Shanghai Composite Index at 3.26%, SSE 50 at 1.74%, CSI 300 at 1.25%, CSI 500 at 0.98%, and CSI 1000 at 2.08% [1] - Structural opportunities were identified in sectors such as new consumption, innovative pharmaceuticals, dividends, military, and solid-state batteries despite limited upward space for indices [1] Group 2 - The Ministry of Finance, State Taxation Administration, and Ministry of Commerce announced a tax credit policy for foreign investors to encourage long-term investment and reinvestment in China, particularly benefiting advanced manufacturing and modern service industries [2] - The policy aims to guide capital into the real economy and prevent financial speculation, with a focus on substantial equity investments rather than secondary market trading [2] - This initiative is expected to attract foreign capital into A-share market, especially benefiting "specialized, sophisticated, and innovative" companies with market values below 20 billion [2] Group 3 - A trend of de-dollarization is prompting some foreign capital to consider entering the Chinese stock market, with a survey indicating increased investor willingness to wait for more easing signals before increasing positions [3] - Key points to monitor in July include the mid-year reporting period for companies with significant profit growth, the expiration of the 90-day exemption from reciprocal tariffs, and an important meeting at the end of July [3] - The evolution of policies in the second half of the year is expected to be crucial for the A-share market's performance, with potential policy actions anticipated in late Q3 or early Q4 [3]

Group 1: Hydrogen Energy Development - The company is actively promoting the second phase of its hydrogen equipment base construction to scale up production [2] - The company has achieved breakthroughs in hydrogen production, storage, and supply through resource integration [2] - The company is involved in the research of large-scale hydrogen storage systems and has been recognized by the National Energy Administration [2][3] Group 2: Business Growth and Strategy - The company focuses on a "345" industrial layout, enhancing competitiveness through technological innovation and cost reduction [2] - The company has four emerging businesses: hydrogen equipment, environmental protection equipment, chemical equipment, and digitalization [3] - The company is committed to actively participating in hydrogen energy project tenders and developing key technologies for upstream and downstream hydrogen markets [2][3] Group 3: Financial and Market Position - The hydrogen energy industry is currently in a nurturing phase, with expectations for improved performance as the industry matures [3] - The company has received support from its parent company, Sinopec, in technology and market aspects for hydrogen equipment development [5] - The company is not yet eligible for tax incentives as its wholly-owned subsidiary was established less than a year ago [3] Group 4: Collaboration and Future Plans - The company encourages collaboration with investors, customers, and suppliers, maintaining an open and honest approach [4] - The company is integrating into Sinopec's upstream strategy to enhance order acquisition and technical capabilities [4]

Core Insights - The report provides a timely and predictive analysis of the hydrogen equipment industry, covering its development background, supply and demand situation, market size, and competitive landscape, while also making cautious forecasts about future prospects [1] Overview Section - The report defines the hydrogen equipment industry and its classification, including its regulatory framework and standardization efforts in China [4][5] - It outlines the data sources and statistical standards used in the research [4] Current Status Section - The global hydrogen equipment industry development history and technological advancements are discussed, along with current market trends and competitive dynamics [5] - The report analyzes the supply and demand conditions in the global hydrogen equipment market, including trade status and market scale predictions for the next five years [5] China Market Analysis - The report details the current state of the hydrogen equipment industry in China, including technological development, research investment levels, and innovation outcomes [6][7] - It examines the market supply and demand situation, including the balance of supply and demand and market trends [6][8] - The competitive landscape in China is analyzed, including market concentration and the strategic positioning of key players [6][9] Industry Chain and Segmentation - The report provides a comprehensive overview of the hydrogen equipment industry chain, including value chain analysis and the market for raw materials and components [7][8] - It discusses the development status and trends of various segments within the hydrogen equipment market, such as hydrogen refueling equipment, hydrogen liquefaction equipment, and hydrogen storage and transportation equipment [7][8] Application Market Demand - The report analyzes the demand potential for hydrogen equipment in various application fields, including industrial hydrogen, hydrogen power generation, and fuel cell vehicles [8][9] - It highlights the strategic importance of different application markets and their growth prospects [8][9] Future Outlook - The report assesses the development potential of the hydrogen equipment industry in China, identifying key growth points and making forecasts for the next five years [13][14] - It discusses the impact of macroeconomic factors and policy environments on the industry's future [13][14]

Group 1 - The Wuhan Jiangfeng Electronic Materials Co., Ltd. specializes in the production of ultra-pure metal sputtering targets and precision molybdenum for new display core materials, with an emphasis on leveraging local talent for technological and management innovations [1] - The China Saibao (Central China) Laboratory provides high-quality measurement and component testing services for industries such as optoelectronics, communications, and aerospace, aiming to support the development of key industries in Wuhan [1] - The Xihu Agricultural Modernization Project in the Jinghe Street area focuses on integrating agriculture with tourism, promoting the development of modern urban agriculture and the fusion of primary, secondary, and tertiary industries [2] Group 2 - Sinopec Hydrogen Energy Machinery (Wuhan) Co., Ltd. is engaged in the research, manufacturing, and system integration of hydrogen energy equipment, with a call for the company to seize opportunities in the hydrogen energy sector and enhance its technological capabilities [2] - The emphasis on high-quality development and the integration of technological and industrial innovation is crucial for traditional industries to upgrade and for new industries to emerge, ensuring sustainable economic growth [3] - The need for effective governance and social stability is highlighted as essential for supporting high-quality development, with a focus on addressing community concerns and risks [3]

Core Viewpoint - Eps Energy Technology (Shanghai) Co., Ltd. has developed a patented bipolar plate that effectively reduces bypass current in AEM electrolyzers by over 50%, enhancing system stability and electrolysis efficiency [1][2] Group 1: Technology Development - The newly patented bipolar plate addresses the long-standing issue of bypass current that has hindered the development of AEM electrolyzers [1] - AEM electrolyzers combine the high current density of PEM electrolysis with the low-cost advantages of alkaline water electrolysis, making them a focus of industry interest [1] - The innovative design of the bipolar plate includes special geometric channels to guide current and an insulating barrier to block bypass currents [2] Group 2: Operational Efficiency - Bypass current leads to uneven current distribution, reduced hydrogen production efficiency, localized overheating, accelerated material aging, and increased operational complexity [1] - Eps has implemented a complete solution by optimizing current paths, interface impedance, and contact structures to enhance overall efficiency and stability [2] Group 3: Future Plans - Eps aims to further advance its intellectual property in the core components of hydrogen energy equipment and strengthen collaboration with upstream and downstream partners [2] - The company is focused on transitioning AEM water electrolysis from laboratory settings to engineering and large-scale applications [2]

Core Viewpoint - Shanghai is fostering high-end industrial clusters and has achieved significant advancements in manufacturing quality and competitiveness, leading the nation for 15 consecutive years in manufacturing quality competitiveness index [2]. Group 1: Advanced Manufacturing Development - Shanghai is leveraging technological innovation and reform to drive growth and transformation in advanced manufacturing [2]. - The Shanghai Free Trade Zone's Lingang New Area is a key site for advanced manufacturing, with significant production activities such as a medium-sized excavator rolling off the assembly line every 20 minutes at SANY Heavy Industry [2]. - The Shanghai Jiao Tong University Intelligent Manufacturing Base is focused on common technologies for intelligent manufacturing, featuring a 12,000 square meter facility with robotic arms in operation [2]. Group 2: High-Tech Enterprises - Shanghai Jiekar Robot Co., Ltd. specializes in collaborative robots and smart factory innovations, serving major global brands in automotive, electronics, and semiconductor industries [7]. - Shanghai Hydrogen Era Technology Co., Ltd. is a supplier of green hydrogen equipment and integrated hydrogen energy solutions, operating under Shanghai Electric Group [13]. - Shanghai Saibaiming Lighting Technology Co., Ltd. integrates lighting with IoT and AI technologies, providing solutions for sports lighting and smart fitness venues [5]. Group 3: Workforce and Innovation - The workforce in Shanghai's advanced manufacturing sector is highly skilled, with companies like Shanghai Jiao Tong University Intelligent Manufacturing Base employing over 200 staff, more than 50% of whom are R&D personnel [19]. - Training programs are in place at companies like Shanghai Jiekar Robot Co., Ltd. to educate clients on the use of robotic technology [19].

Core Viewpoint - The article highlights the successful delivery of a large-scale liquid-driven compressor by Haidilisen to Australia, marking a significant milestone for China's high-end equipment manufacturing and its entry into the Oceania market [3][5][13]. Group 1: Project Overview - The liquid-driven compressor is the largest integrated design project by Haidilisen to date, featuring both 50MPa and 90MPa compressors within a single skid, capable of receiving 2MPa inlet pressure and flexibly outputting either 50MPa or 90MPa discharge pressure [5]. - This project represents China's first entry into the Australian market for liquid-driven compression technology, providing efficient and low-carbon hydrogen solutions [3][13]. Group 2: Safety and Certification - The equipment adheres to IEC Ex explosion-proof certification standards, and the project successfully passed dual HAZOP analysis by a third-party certification body and the Australian client, ensuring the safety of the process and control systems [8]. - Haidilisen has also achieved GEMS energy efficiency certification for its domestic explosion-proof motors, facilitating the entry of domestic core equipment into international markets [8]. Group 3: Design and Innovation - The self-developed equipment utilizes European standard container design, meets IP54 protection level, and employs finite element methods to ensure compliance with local Australian standards regarding seismic, wind, and lifting loads [11]. - The company emphasizes its commitment to innovation and global cooperation, aiming to enhance its research capabilities and international service levels in the hydrogen equipment sector [13].