Core Insights - Company reported a significant increase in revenue and profit for the first half of 2025, with operating income reaching 134 million yuan, a year-on-year growth of 26.42%, and a net profit attributable to shareholders of 2.797 million yuan [1] - The company achieved a remarkable growth in its thermal and nuclear power segments, with combined revenue of 120 million yuan, reflecting a year-on-year increase of 193.40% [2] - The company is actively expanding its hydrogen energy business, showcasing key technological breakthroughs in alkaline electrolyzers and composite membranes, which are expected to enhance the efficiency and cost-effectiveness of green hydrogen production [4][5] Financial Performance - The company achieved an operating income of 134 million yuan, a 26.42% increase compared to the previous year [1] - The net profit attributable to shareholders was 2.797 million yuan, with a significant improvement in cash flow from operating activities, amounting to 20.7439 million yuan [1] - The gross profit margin for the first half of 2025 was 18.73%, an increase of 11.49 percentage points year-on-year, indicating enhanced profitability [1] Business Segments - The thermal and nuclear power sectors generated a combined revenue of 120 million yuan, with thermal power revenue at 87.49 million yuan (up 114.36%) and nuclear power revenue at 32.91 million yuan [2] - The industrial water treatment segment achieved revenue of 12.17 million yuan, reflecting the company's efforts to diversify its offerings beyond the power sector [3] Market Position and Strategy - The company has established a strong market presence in the water treatment systems for thermal and nuclear power plants, evidenced by contracts worth 46.86 million yuan signed with major energy groups [2] - The company is also expanding into non-power sectors such as metallurgy and chemicals, aiming to build a comprehensive product system and competitive edge [3] - The company is focusing on international expansion, participating in global exhibitions to showcase its fuel cell products and hydrogen technology breakthroughs [5] Technological Advancements - The company has made significant advancements in hydrogen energy technology, including the development of a first-generation alkaline electrolyzer and a third-generation PPS composite membrane, which enhance performance and reduce costs [4] - The new alkaline electrolyzer is designed to address traditional challenges in electrolysis, improving temperature control and extending the lifespan of the equipment [4]

Core Viewpoint - The article highlights the significant advancements in China's green hydrogen industry, particularly focusing on the launch of the third-generation PPS composite membrane and the square alkaline electrolyzer by Liyuan Technology, marking a new era of domestic production capabilities in core materials for green hydrogen production [2][6][14]. Group 1: Third-Generation PPS Composite Membrane - The third-generation PPS composite membrane developed by Liyuan Technology is a breakthrough in domestic production, significantly reducing material costs while matching the performance of international products like AGFA [6][9]. - The membrane features three core advantages: excellent barrier properties for high-purity hydrogen production, significantly lower ionic resistance to reduce energy consumption, and high stability in alkaline environments [7][9]. - Key performance metrics of the membrane include a thickness of 480um, a bubble point pressure of 3.4 bar, and a tensile strength of 26.0 MPa [8]. Group 2: Square Alkaline Electrolyzer - The transition from traditional round electrolyzers to square alkaline electrolyzers represents a critical shift in the hydrogen production industry, with square designs offering advantages such as reduced footprint, faster load response, and lower lifecycle costs [10][12]. - The HYPSR ALK-50 square alkaline electrolyzer has a hydrogen production capacity of 50 Nm3/h, operates at pressures between 1.0-1.6 MPa, and achieves hydrogen purity of 99.8% [13]. - Liyuan Technology's innovations in the square electrolyzer design address traditional issues such as uneven alkali distribution and gas accumulation, enhancing operational efficiency and extending the lifespan of the equipment [12][14]. Group 3: Industry Impact and Future Outlook - Liyuan Technology's advancements in both the composite membrane and electrolyzer technology signify a comprehensive breakthrough from materials to equipment, providing high-cost performance solutions for the green hydrogen industry [14]. - The company aims to continue its focus on hydrogen technology research and industrial manufacturing, collaborating with industry partners to shape a cleaner and more efficient energy future [14].

Core Viewpoint - The article emphasizes the upcoming launch of new products in the hydrogen energy sector, specifically focusing on the third-generation PPS composite membrane and square electrolyzer from Liyuan Technology, aimed at reducing import dependency and overcoming technological gaps in the industry [5]. Group 1: Event Information - The 2025 TrendBank Green Hydrogen Industry Conference is scheduled for August 27-28, 2025, in Wuxi, Jiangsu [2][7]. - A countdown indicates that there is only 1 day left until the product launch event [4][6]. Group 2: Product Launch - Liyuan Technology is set to unveil two new products: the third-generation PPS composite membrane and a square electrolyzer, which are expected to drive the future of hydrogen energy [5]. - The launch event will be broadcasted live on the TrendBank energy chain platform, providing more insights into the products [8]. Group 3: Company Information - Ningbo Membrane Intelligence Information Technology Co., Ltd. serves as the sole registered entity and payment account for TrendBank [1]. Group 4: Additional Services - TrendBank offers various services including monthly analysis reports on the hydrogen energy and fuel cell industry, research services, data products, and consulting services [14].

Group 1 - Ningbo Membrane Intelligence Information Technology Co., Ltd. is the only registered entity and payment account for TrendBank [1] - The 2025 TrendBank Green Hydrogen Industry Conference will be held on August 27-28 in Wuxi, Jiangsu [1] - A countdown of 2 days is announced for the launch of new products from Liyuan Technology, including the third-generation PPS composite membrane and square electrolyzer [2] Group 2 - The product launch event for Liyuan Technology is set to begin on August 27, 2025, with more exciting content available in the TrendBank Energy Chain live broadcast room [4] - Various companies such as Kunhua Technology, Zhongding Hengsheng, and others are featured in the video and graphic versions of the event [5] - Subscription is available for the "Monthly Analysis Report on China's Hydrogen Energy and Fuel Cell Industry" through TrendBank Research [9]

Core Viewpoint - The article discusses the advancements and challenges in the development of alkaline water electrolysis membranes, particularly focusing on the transition from second-generation PPS membranes to third-generation composite membranes, which offer significant advantages in performance and stability [3][18]. Summary by Sections Alkaline Water Electrolysis Membranes - Membranes are critical components in alkaline water electrolysis, directly affecting electrolysis efficiency, gas purity, and system safety [3]. - The second-generation PPS membrane remains the mainstream application, while third-generation composite membranes are emerging with benefits such as low resistance, high hydrophilicity, gas tightness, safety, and enhanced mechanical strength [3][4]. Challenges in Composite Membrane Development - The development of composite membranes faces dual bottlenecks in materials and processes, with issues in adaptability and reliability being prominent [3][18]. - Cost and scalability challenges, along with a lack of standard certifications, hinder the growth of composite membranes [3][18]. Key Companies and Innovations - **Liyuan Technology**: A listed company focusing on fuel cell components, has made breakthroughs in third-generation PPS composite membranes and will unveil new products at the 2025 TrendBank Green Hydrogen Industry Conference [5][6]. - **Tongwei New Energy**: Specializes in core membrane materials for hydrogen energy storage, achieving large-scale shipments of composite membranes with excellent electrochemical performance [6][7]. - **Carbon Energy Technology**: Launched the first industrial-scale production line for composite membranes in China and has secured significant funding for expanding production capabilities [8][9]. - **Kewok Technology**: Focuses on high-end membrane materials, producing a series of composite membranes with enhanced performance metrics [13]. - **Huashangxia Geng Hydrogen Energy**: Recently established a production line for large-scale composite membranes, enhancing production capabilities for high-performance electrolysis [14][15]. - **Yuantai Energy Materials**: Aims to provide lifecycle products based on hydrogen membrane and electrode materials, with significant production capacity for composite membranes [16]. - **Zhongke Hydrogen Easy**: Established in 2022, has developed a range of composite membranes and electrodes, collaborating with various well-known electrolyzer companies [17]. Upcoming Events - The 2025 TrendBank Green Hydrogen Industry Conference will be held on August 27-28, 2025, in Wuxi, Jiangsu, focusing on solutions and development plans from domestic composite membrane companies [18].

Core Insights - The Chinese green hydrogen industry is rapidly advancing, with alkaline electrolyzers holding a dominant 90% market share in hydrogen production [2] - The membrane component, crucial for safety and stability, faces challenges in domestic production, with international giants like Agfa and Toray controlling a significant portion of the market [2][3] - The third-generation composite membrane shows promising performance advantages, particularly in handling current fluctuations from renewable energy sources, but its commercialization is hindered by issues in long-term stability and cost control [2][3][4] Industry Challenges - The industry is under pressure from both "import dependency" and "technology gaps," necessitating a comprehensive revolution from raw materials to large-scale production [3] - The ability to break through monopolistic barriers will be critical for the Chinese green hydrogen industry to maintain cost and efficiency [3] Company Developments - Liyuan Technology (688565) is strategically positioning itself in the hydrogen energy core materials sector, preparing to unveil significant technological advancements [3][4] - The company has successfully developed the third-generation PPS composite membrane and is simultaneously advancing the development of compatible alkaline electrolyzers [3][4] - A major product launch event is scheduled for August 27, 2025, in Wuxi, where Liyuan Technology will introduce the third-generation PPS composite membrane and a new square alkaline electrolyzer [4]