登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600475 公司简称：华光环能 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 第二节 公司基本情况 2.1公司简介 ■ 2.6在半年度报告批准报出日存续的债券情况 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 √适用 □不适用 单位:元 币种:人民币 ■ 反映发行人偿债能力的指标： √适用 □不适用 ■ 第三节 重要事项 公司应当根据重要性 ...

氢燃料电池汽车作为一种零排放、高能量密度的清洁能源解决方案，曾被寄予厚望。 然而，几年下来，数据与预期相差太远。 2024年，国内燃料电池汽车上牌销量仅为7075辆，市场规模不足万辆级别。这不仅与每年数百万辆级的纯电动汽车销量形成天壤之别，甚至不及某些热门 纯电车型的单月销量。 截至2025年上半年，全国燃料电池汽车保有量30212辆，虽然上了一个台阶，但与《中国氢能产业发展中长期规划（2021—2035年）》中设定的"到2025年 保有量达5万辆"的目标相去甚远。 不仅增速在下降，连销量也在下降。 根据上险数据统计，2024年燃料电池汽车销量同比2023年下滑5.4%；2025年上半年全国氢燃料电池汽车销量仅1965辆。同比2024年上半年销量2512辆， 下降21.8%。 这种"僧多粥少"的局面加剧了市场竞争，导致全行业陷入持续亏损的泥潭。亿华通、重塑能源、国鸿氢能等头部企业发布的最新财报，无一例外地揭示了 增收不增利甚至营收和利润双下滑、亏损扩大的残酷现实。 作为国内"氢能第一股"，亿华通的财务状况极具代表性。公司自上市以来持续亏损，进入2025年，情况并未好转。 2024年，亿华通经营急转直下，其营收 ...

添加文末微信，加 绿氢 群 电解槽作为水电解制氢的核心设备，其高可靠性直接决定了制氢系统的稳定性、经济性与安全性。 所谓高可靠性，即电解槽能够在长周期运行中持续稳定输出氢气，最大限度减少非计划停机，这不 仅是工业生产对设备的基本要求，更是降低运维成本、提升能源转化效率的关键。 "宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 重要会议： 2025势银绿氢产业大会（8月27-28日，江苏·无锡） 点此报名 而电解槽的高可靠性并非凭空而来，其背后是制氢电源、隔膜、电极等核心部件的"协同发力"—— 每个部件都在各自的"岗位"上承担着保障稳定运行的关键使命。 制氢电源：电解槽的"稳定心脏"，拒绝"电力波动" 制氢电源一般指整流器或直流变换器，在可再生电力制氢网络中，起到向上承接电网电力，向下为 制氢电解槽供电的功能： 对电网来说， 制氢电源是直接用电负载器件。制氢电源用电的过程也是与电网交互的过程，其用 电稳定性、对电网的响应特性、反馈特性等对电网连接安全、发电设备寿命等均有重要影响。 对制氢电解槽来说， 制氢电源主要负责提供稳定、符合电解槽电压要求的直流电。在交流电网 下，制氢电源 ...

Core Viewpoint - The article emphasizes the importance of green hydrogen as a zero-carbon energy carrier and highlights the need for advancements in storage and transportation technologies to overcome industry bottlenecks [2][3]. Group 1: Storage and Transportation - Current green hydrogen storage and transportation technologies include high-pressure gas storage, low-temperature liquid storage, solid-state storage, and organic liquid storage, each facing challenges related to cost and efficiency [3]. - High-pressure gas storage dominates the market due to its maturity, but it suffers from high equipment costs and energy consumption issues [3]. - Liquid hydrogen storage offers high transportation efficiency but is limited by high energy consumption and low-temperature operational difficulties [3]. - The industry faces a "disconnection" in the storage and transportation segment, leading to inefficiencies where hydrogen can be produced but not effectively transported or utilized [4]. Group 2: Hydrogen-based Energy - The hydrogen-based energy sector, including green ammonia, green methanol, and sustainable aviation fuel (SAF), is at a critical stage of technological breakthroughs and industrial validation [5]. - As of mid-2025, there are 83 green methanol projects in China, with 16.9% already under construction and 3.6% completed [5]. - Recent projects, such as the green hydrogen synthesis ammonia project and the green methanol project, have successfully validated the feasibility of large-scale renewable energy hydrogen production and application [5]. - The scale production of hydrogen-based energy can lead to significant procurement of core equipment, stimulating manufacturers to expand capacity and reduce costs, benefiting the entire industry [5]. Group 3: Upcoming Industry Conference - The 2025 TrendBank Green Hydrogen Industry Conference will be held on August 27-28, 2025, in Wuxi, Jiangsu, focusing on the challenges and solutions in green hydrogen storage and hydrogen-based energy [6][7]. - The conference will feature keynotes from industry leaders and discussions on technological advancements and market strategies [6][8].

Investment Rating - The industry rating is "Outperform the Market" [3] Core Insights - The construction of hydrogen pipelines has achieved multiple breakthroughs, and hydrogen fuel cell trucks have seen a resurgence in bulk orders. This week, five new electrolyzer projects were awarded, suggesting a focus on companies with strong bidding capabilities for electrolyzers. The midstream sector is accelerating the construction of hydrogen pipelines, with several projects making progress, indicating a recommendation to pay attention to companies capable of hydrogen transportation. Additionally, bulk orders for hydrogen fuel cell trucks were announced this week, highlighting the potential of related enterprises [2][36]. Industry Performance - As of August 15, 2025, the hydrogen energy index closed at 2386.88 points, with a weekly increase of 2.75% and a year-to-date increase of 34.33%. The hydrogen energy sector ranked 39th among Shenwan's secondary industry rankings, showing a slight decline [8][14]. Stock Performance - The top five companies in the hydrogen energy sector by weekly increase were Dayuan Pump Industry (61.11%), Tenglong Co., Ltd. (35.05%), Kaimete Gas (34.73%), Fuan Energy (28.72%), and Chuanhuan Technology (27.58%). Conversely, the top five companies with the largest weekly declines were Donghua Energy (-11.49%), Xiling Power (-6.65%), Xinxinda (-5.75%), Shandong Molong (-5.59%), and Huadian Liaoning Energy (-5.48%) [14][15]. Hydrogen Industry Data Review - This week, there were a total of six awarded hydrogen projects with a scale of 15MW, and a total hydrogen production capacity of 3000 Nm³/h. Among these, two electrolyzer projects were awarded to Aidemann and Han Hydrogen Technology [16][17]. Industry Dynamics - Domestic developments include Geely's signing of an order for 270 alcohol-hydrogen commercial vehicles, and the planned construction of a 195 km hydrogen pipeline by Huadian, set to begin on September 5, 2025. Additionally, breakthroughs in hydrogen pipeline steel products have been achieved by Shougang Jingtang [31][32]. Policy and Announcements - The Ministry of Finance announced that hydrogen energy can be tax-deductible under certain conditions, which is expected to stimulate the industry. Furthermore, the 398th batch of the "Announcement of Production Enterprises and Products of Road Motor Vehicles" has been released, indicating a resurgence of hydrogen fuel cell passenger vehicles [33][34].

Core Viewpoint - The company has signed a significant sales agreement for green hydrogen production equipment, marking a milestone in the application of electrolysis technology in the industrial sector of Northwest China [1] Group 1: Sales Agreement Details - The company’s subsidiary, Xinjiang Guofu Mingzhi Hydrogen Energy Technology Co., Ltd., has entered into a sales agreement for 100 megawatts of green hydrogen production equipment valued at over RMB 150 million [1] - The agreement includes the supply of 22 sets of 1,000 standard cubic meters per hour electrolyzers, gas-liquid treatment equipment, green hydrogen control systems, safety detection systems, and auxiliary equipment [1] Group 2: Strategic Importance - This collaboration signifies a deep partnership with the customer, leveraging the abundant renewable energy resources in the Hami region, such as wind and solar power [1] - The agreement represents the company's first comprehensive green hydrogen metallurgy solution in the green metallurgy sector, aligning with the long-term strategic planning of integrating hydrogen energy with the metallurgy industry [1]

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The hydrogen energy index closed at 2322.90 points as of August 8, 2025, with a weekly increase of 3.68% and a year-to-date increase of 30.73% [9][10] - The number of successful bids for electrolyzer projects has increased, and the hydrogen heavy-duty truck has made significant progress, with a 400kW fuel cell hydrogen truck entering the testing phase [36] Summary by Sections 1. Hydrogen Industry Market Performance - The hydrogen energy index has shown an upward trend, ranking 29th among Shenwan secondary industries as of August 8, 2025 [9] - The top five companies in the hydrogen energy sector for weekly gains were Huaguang Huaneng (46.75%), Koweir (39.81%), Sulian Co. (31.25%), ST Diweixun (30.77%), and Chunhui Zhikong (23.31%) [14] 2. Hydrogen Industry Data Review 2.1 Electrolyzer Data Review - A total of 5 successful bids for hydrogen projects were recorded this week, including 3 for electrolyzers, with a total hydrogen production capacity of 3 Nm³/h [16] - New bidding projects for electrolyzers include a total scale of 55 MW and a hydrogen production capacity of 11,000 Nm³/h [18] 2.2 FCV Related Data Review - In July 2025, the production of fuel cell vehicles (FCVs) increased by 21.81% month-on-month, with 229 new units produced [19] - Cumulative production of FCVs reached 1,593 units in the first seven months of 2025, a year-on-year decrease of 54.47% [19] 3. Industry Dynamics and Company Updates 3.1 Industry Dynamics - A 50,000-ton wind-solar green electricity hydrogen liquefaction project has been approved [31] - The world's first 30MW pure hydrogen gas turbine demonstration project has officially started construction [31] 3.2 Hydrogen Company Dynamics - The 400kW fuel cell hydrogen heavy-duty truck developed by Rongcheng New Energy has completed integration and entered the testing phase [34] - Tianhe Yuan Hydrogen's MW-level container hydrogen production equipment has been shipped to Europe for demonstration [34]

Financial Data and Key Metrics Changes - The company reported revenue of $174 million for Q2 2025, representing a 21% increase year-over-year, driven by strong demand across its platforms [6][10] - Gross margins improved significantly from negative 92% in Q2 2024 to negative 31% in Q2 2025, attributed to operational efficiencies and better pricing [6][7] - Net cash in operating and investing activities declined over 40% year-over-year, ending the quarter with over $140 million in cash and access to more than $300 million in additional debt capacity [10] Business Line Data and Key Metrics Changes - Electrolyzer sales more than tripled year-over-year, reaching approximately $45 million in the quarter, highlighting the growing demand for GenEco in industrial applications [6][10] - The service performance is improving due to unit-level enhancements and pricing adjustments, contributing to the overall margin profile [7][10] Market Data and Key Metrics Changes - The company is actively pursuing pre-FID agreements to secure value earlier in the process, with a robust electrolyzer pipeline expected to close additional deals this year [8][10] - Recent congressional legislation has provided long-term clarity on production and investment tax credits, which is expected to benefit the company's hydrogen production strategy [9][10] Company Strategy and Development Direction - The company is focused on six key priorities under Project Quantum Leap, including driving gross margin improvements, streamlining operations, and expanding the hydrogen generation network [4][5] - The company aims to achieve gross margin neutrality by Q4 2025, with tangible steps already in place to reach this goal [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to begin construction on DOE-supported projects by the end of the year, which will accelerate the expansion of the hydrogen generation network [10] - The management team is optimistic about the second half of the year, expecting sequential growth and continued improvements in gross margins [74][75] Other Important Information - The company has removed the equivalent of a medium-sized power plant from the grid as customers transition to hydrogen solutions, enhancing energy reliability and sustainability [9] - The company is maintaining strict cash discipline, with a focus on bridging to positive EBITDAS by 2026 [5][10] Q&A Session Summary Question: Can you talk about the electrolyzer pipeline and project cadence? - Management indicated a strong sales funnel for electrolyzers, with projects expected to close before the end of the year and others moving towards FID in 2026 [13][16] Question: What can you tell us about hydrogen production uptime and yield? - Management reported strong performance from hydrogen plants in Georgia and Louisiana, with expectations for continued improvement [19][20] Question: Can you discuss recent changes and customer conversations regarding tax credits? - Management noted that recent tax credit legislation has reignited customer interest and strengthened business cases for electrolyzers and material handling [28][29] Question: How do you expect margin improvement to play out over the next two quarters? - Management expects gradual improvement in margins, with significant benefits anticipated in Q4 due to increased sales and operational efficiencies [70][73] Question: What is the status of the Texas facility and potential partnerships? - Construction is expected to commence by the end of the year, with plans to bring in a partner by mid-Q4 [61][63] Question: How are tariffs impacting the business? - Management stated that the hydrogen generation business is unaffected by tariffs, while the impact on the electrolyzer business is minimal [56][58] Question: Are customers delaying orders to take advantage of the ITC? - Management indicated that many customers are mobilizing early to procure equipment, which allows them to benefit from the ITC upon commissioning [80][84] Question: What is the outlook for equipment cost improvements? - Management confirmed that improvements in equipment costs are expected, driven by volume growth and operational efficiencies [91][92]

Core Viewpoint - The increasing emphasis on hydrogen energy by government officials, particularly in Shanxi Province, indicates a growing recognition of its importance alongside wind and solar energy, marking the fourth mention in three years, which is expected to drive interest and investment in the sector [1][3]. Group 1: Hydrogen Energy Development - The support for hydrogen energy in Europe and the U.S. has exceeded expectations, with the extension of tax credits under Trump's "Build Back Better" plan and new aggressive legislation in Europe aimed at providing direct government investment and subsidies for low-carbon hydrogen and methanol [1][3]. - The fuel cell vehicle insurance volume showed a recovery in June, with 599 vehicles insured, representing a year-on-year increase of 54%, while the total for the first half of the year was 1,965 vehicles, down 22% year-on-year [2]. - The installed capacity of fuel cell systems reached 133 MW in June and 389 MW in the first half of the year, reflecting a year-on-year increase of 185% and 21% respectively, driven by the active performance of major system manufacturers [2]. Group 2: Electrolyzer and Methanol Projects - The bidding volume for electrolyzers surged to 568 MW in June and July, with a total of 1.35 GW from January to July, marking a 76% year-on-year increase, indicating a forthcoming large-scale opening of bids for electrolyzers [2]. - The demand for methanol is accelerating due to the green shipping requirements under the IMO policy, with numerous projects being launched, particularly in methanol production, which is expected to enhance the progress of green hydrogen projects [3]. - Several significant projects have been initiated, including the start of a green methanol project by Jidian Co., the production launch of a 50,000-ton green methanol project by Shanghai Electric, and an increase in planned production capacity by Goldwind Technology from 500,000 tons to 850,000 tons, a 70% increase [3].

Group 1 - The Chengdu Future Industry Fund, with a total scale exceeding 100 billion yuan, will be launched at an event themed "To Chengdu, Invest in the Future" [1] - The fund aims to focus on 10 future industry incubation parks in Chengdu and will provide a "one-stop investment navigation" for investors [1][5] - The event will showcase representatives from 24 sub-sectors of future industries, including flying cars, advanced biology, and quantum technology [1] Group 2 - The term "future industry" is defined in the government work report as strategic, leading, disruptive, and uncertain emerging industries that drive technological progress and industrial upgrades [4] - Chengdu is focusing on six major directions and 24 sub-sectors, including artificial intelligence, future transportation, digital intelligence, and aerospace [4] - Chengdu's hydrogen energy sector is highlighted, with over 100 related enterprises and more than 30 key hydrogen energy products, positioning the city as a national leader in this field [4] Group 3 - The upcoming future industry fund will leverage government investment to attract social capital, with a focus on "hard technology" sectors such as integrated circuits, high-end software, and artificial intelligence [5][6] - The fund is part of a broader strategy to drive investment and innovation in Chengdu, including a 100 billion yuan "chain master fund action plan" launched earlier this year [5] - The fund aims to connect scientists, entrepreneurs, and investors on a single platform to enhance resource mobilization and improve the link from discovery to industrial transformation [6]