能源和电力是经济高速增长和硬核科技进步的基石。进入新世纪以来，能源清洁化成为人类文明发展到 一定阶段后基于自身安全提出的重要追求，然而时至今日，氢能作为真正意义上零排放的能源，仍未在 全球能源体系中占据重要角色。追根溯源，这是因为能源替代严格遵循成本逻辑和产业链效益，摆在大 规模应用面前的难题，主要是产业链基础设施不完善导致的成本过高，以及下游难以承受相对较高的用 氢成本。 不过，随着可再生能源时代的来临，可再生能源的规模化发展，使得大规模边际成本为零的电力为压低 制氢成本提供了可能性，同时中国政府持续加大氢能全产业链设施和新基建投入，氢能降本进程有望就 此提速，后续氢能产业或将"跑步"奔向大规模商业化。 氢能产业处在由量变向质变过渡的"前夜"，产业链相关公司的投资价值自然也值得重视。就拿刚刚披露 了中报的国富氢能（02582）来说，公司在氢能领域形成了产业链设备一体化布局，深耕氢瓶、液氢装 备、电解槽等氢能核心设备环节，覆盖"制、储、运、加、用"全产业链，具备卡位优势，预计势必会充 分受益全球氢能行业高速增长的贝塔。 战略投入期蓄势待发 作为国家能源战略转型的重要方向，氢能产业正处于政策驱动向"政策+市场" ...

Core Insights - The hydrogen energy industry is transitioning from policy-driven to a dual-driven model of "policy + market," indicating a critical development phase for the sector [2] - National policies and the scaling of renewable energy are expected to accelerate the cost reduction of hydrogen production, paving the way for large-scale commercialization [1][2] - Guofu Hydrogen (国富氢能) has established a comprehensive layout in the hydrogen energy sector, covering the entire value chain from production to storage, transportation, and utilization [1][2] Financial Performance - In the first half of the year, Guofu Hydrogen reported revenues of 109 million yuan, with the vehicle-mounted high-pressure hydrogen supply system contributing 91.3 million yuan, a year-on-year increase of 26.7% [2][3] - The company’s hydrogen station equipment generated revenues of 13.99 million yuan, reflecting steady market expansion [2] - Despite facing profitability challenges, Guofu Hydrogen's losses decreased by approximately 20.1% year-on-year due to improved receivables recovery and reduced costs [3] Strategic Developments - Guofu Hydrogen has secured a sales agreement for 100 MW green hydrogen production equipment valued at over 150 million yuan, indicating strong future growth potential [4][5] - The company is exploring an integrated business model for green hydrogen, which includes production, liquefaction, transportation, and refueling [6] - Guofu Hydrogen is actively pursuing overseas projects in regions such as the Middle East, North Africa, and Europe, which are expected to enhance its market presence and order volume [6][7] Market Outlook - The hydrogen energy sector is on the brink of explosive growth, with Guofu Hydrogen positioned to capitalize on its first-mover advantage and scale [5][6] - The company is focusing on liquid hydrogen technology, which is seen as a key future development direction due to its advantages in large-scale and long-distance hydrogen transportation [5][6] - Guofu Hydrogen's strategic investments and project developments are anticipated to translate into significant financial growth in the near future [7]

国富氢能(02582)发布截至2025年6月30日止6个月中期业绩，该集团取得收益1.09亿元;公司拥有人应占 亏损8924.8万元;每股亏损0.85元。 展望2025年下半年，本集团将充分发挥其作为国内头部企业及地方氢能准链主企业的优势，联合产业链 上下游核心单位选择优势明显的区域打造氢能生态闭环圈。通过闭环模式，整合氢能产业上下游资源， 形成从制氢、储氢、运氢到加氢，再到氢能车辆应用的完整产业链条，促进氢能产业在区域内的规模 化、集群化发展。本公司将继续提升在用于绿色能源运输的氢能核心装备领域的竞争优势，并继续发挥 如车载供氢系统(包括高压及液氢)及加氢站设备(包括高压及液氢)等业务线的协同效应。通过开发及示 範液氢创新产品，推动燃料电池汽车及加氢站的商业化应用的新发展。接下来本公司将逐步提升氢气液 化及液氢储运设备以及水电解制氢设备及相关产品产生的收益比例。 虽然本集团的收益于报告期间减少，但本公司正积极扩展其海外合作及业务布局。本公司旨在推动透过 技术及产品提升以及与其海外合作伙伴全面合作，促进绿氢项目于下一年度在相关地区实施及应用。本 公司亦旨在通过设立降本增效目标降低制造成本及提升生产效率，以逐步 ...

展望2025年下半年，本集团将充分发挥其作为国内头部企业及地方氢能准链主企业的优势，联合产业链 上下游核心单位选择优势明显的区域打造氢能生态闭环圈。通过闭环模式，整合氢能产业上下游资源， 形成从制氢、储氢、运氢到加氢，再到氢能车辆应用的完整产业链条，促进氢能产业在区域内的规模 化、集群化发展。本公司将继续提升在用于绿色能源运输的氢能核心装备领域的竞争优势，并继续发挥 如车载供氢系统(包括高压及液氢)及加氢站设备(包括高压及液氢)等业务线的协同效应。通过开发及示 範液氢创新产品，推动燃料电池汽车及加氢站的商业化应用的新发展。接下来本公司将逐步提升氢气液 化及液氢储运设备以及水电解制氢设备及相关产品产生的收益比例。 虽然本集团的收益于报告期间减少，但本公司正积极扩展其海外合作及业务布局。本公司旨在推动透过 技术及产品提升以及与其海外合作伙伴全面合作，促进绿氢项目于下一年度在相关地区实施及应用。本 公司亦旨在通过设立降本增效目标降低制造成本及提升生产效率，以逐步达致规模经济以降低本公司的 生产成本及改善盈利能力。本公司相信海外市场对公司业务发展至关重要。于2025年上半年，本公司已 积极拓展其海外合作及业务布局。自 ...

Core Viewpoint - China Tianying (000035.SZ) is facing performance challenges in 2024, with revenue growth accompanied by a significant decline in net profit, primarily due to a tax payment of approximately 183 million yuan related to its Spanish subsidiary, Firion, which is a legacy issue from the acquisition of Urbaser S.A.U. [1][4] Financial Performance - In 2024, China Tianying achieved revenue of 5.667 billion yuan, a year-on-year increase of 6.46%, but the corresponding net profit attributable to shareholders fell by 16.99% to 280 million yuan [2] - The company's performance in the second half of 2024 significantly impacted annual results, with revenue of 3.018 billion yuan in the second half, a mere 2.83% increase, and a net profit loss of 80.09 million yuan, a decline of 146% [2] Tax Issues and Historical Context - The tax adjustment for the overseas subsidiary led to a substantial increase in tax expenses, eroding profits. Firion, which was acquired in 2016, faced a tax reassessment that required it to repay 23.7843 million euros (approximately 183 million yuan) [3][4] - China Tianying sold Urbaser in 2021 for 10.937 billion yuan, which had previously contributed significantly to its revenue and profit, with Urbaser's revenue being about eight times that of China Tianying at the time of acquisition [4][5] Financial Pressure and Debt - The acquisition of Urbaser resulted in a goodwill of 5.6 billion yuan and a high debt ratio, reaching 75% in 2020, which has constrained the company's financing capabilities [5] - As of the end of Q1 2024, China Tianying had cash reserves of 1.218 billion yuan, but short-term borrowings and current liabilities totaled 3.866 billion yuan, indicating significant financial pressure [10] New Energy Investments - Following the divestiture of Urbaser, China Tianying has focused on the new energy sector, with substantial investments in various projects, including a total investment of approximately 16.95 billion yuan in a hydrogen energy project in Heilongjiang [7][8] - The company has seen a continuous increase in construction projects, with a total of 2.369 billion yuan in ongoing projects by the end of 2024, primarily in the new energy sector [8] Revenue Composition - In 2024, traditional environmental services, including power supply and waste management, generated revenue of 2.447 billion yuan, accounting for 43.18% of total revenue, while construction and urban sanitation services contributed 1.011 billion yuan and 1.046 billion yuan, respectively [10]