Core Viewpoint - The article discusses the growth and development of hydrogen refueling stations in China, highlighting significant increases in construction and investment, particularly from state-owned enterprises, as part of the country's hydrogen energy infrastructure goals by the end of 2025 [2][5][15]. Group 1: Construction and Growth of Hydrogen Stations - By the end of December 2025, a total of 631 hydrogen stations will be built in China, with 94 new stations completed in 2025, representing a 25.3% increase compared to 2024 [2]. - The construction of liquid hydrogen refueling stations marks a significant breakthrough, with the first commercial integrated liquid hydrogen storage and refueling station in Panzhihua, Sichuan, achieving a daily refueling capacity of 500 kg [2]. - Guangdong and Shandong provinces lead in the number of newly built hydrogen stations, accounting for 26.3% of the total, while cities in demonstration clusters contribute 27.4% of new stations [5]. Group 2: Types and Capabilities of Hydrogen Stations - As of the end of 2025, integrated energy stations (oil-hydrogen, oil-gas-hydrogen) will constitute 38% of all built hydrogen stations, a shift from earlier independent hydrogen stations due to the push from major state-owned enterprises [8]. - The average daily refueling capacity of newly built hydrogen stations in 2025 is expected to remain at 1200 kg, with 500 kg stations being the market mainstream [10]. - The largest hydrogen station globally, located in Xinjiang, will have a design capacity of 10,000 kg per day, capable of serving up to 500 vehicles daily [10]. Group 3: Investment and Market Dynamics - Over 50% of the investment in hydrogen stations in 2025 comes from state-owned enterprises, reflecting the high costs and long payback periods associated with hydrogen station construction [15]. - Major companies like Sinopec and local sales companies account for 13.8% of newly built stations, indicating their significant role in the sector [15]. - The competitive landscape among hydrogen station equipment integrators shows that the top five companies hold a market share of 58.2%, indicating a trend towards consolidation and resource allocation to firms with core competencies [18].