Core Viewpoint - The collaboration between Shanghai Shenmei Research Institute and Shanhai Hydrogen marks a significant advancement in China's green hydrogen industry, aiming to overcome existing challenges such as high costs and high electricity abandonment rates, with a target to reduce green hydrogen costs to below 13 yuan per kilogram [2][4][11]. Technological Breakthroughs - The new PEM electrolysis system integrates advanced materials and intelligent systems, addressing key issues in green hydrogen projects, including high investment and operational costs [6]. - Shanhai Hydrogen's innovative membrane electrode technology achieves a current density of 4 A/cm², significantly enhancing hydrogen production capacity [7]. - The system's design allows for a 30% reduction in initial investment costs by decreasing the number of electrolyzers needed for the same hydrogen output [7]. Performance Characteristics - The system maintains excellent stability across a load range of 0%-400%, enabling it to effectively respond to fluctuations in renewable energy sources [8]. - The intelligent control system provides rapid response capabilities, ensuring optimal operation under varying conditions, thus enhancing project economics [8]. - The membrane electrode shows a theoretical lifespan of 24 years, significantly exceeding industry averages, contributing to lower Levelized Cost of Hydrogen (LCOH) [9]. Economic Impact - The collaboration aims to produce a PEM electrolysis system that can achieve a hydrogen production scale of over 1000 Nm³/h, with energy consumption below 4.5 kWh/Nm³, leading to substantial operational cost reductions [10]. - The expected reduction in green hydrogen costs to below 13 yuan per kilogram positions it competitively against fossil fuel-based hydrogen production [11]. Application Prospects - The new system serves as a critical link between renewable energy generation and industrial decarbonization, facilitating a cycle of green hydrogen production and consumption [13]. - It enables large-scale wind and solar energy projects to convert previously wasted electricity into hydrogen, enhancing project profitability [18]. - The technology supports various industries, including steel and chemical sectors, by providing a viable zero-carbon hydrogen source [18].

Core Viewpoint - Liyuan Technology (688565.SH) has conducted extensive research to balance the performance, cost, and durability of membrane electrode products, leading to significant cost reductions while maintaining high performance and durability [1] Group 1: Product Development - The company has developed multiple membrane electrode products in response to market demand [1] - Optimization of raw material selection, formulation, and process improvements has been implemented to achieve cost reductions [1] Group 2: Market Recognition - Liyuan Technology's membrane electrode products have gained substantial recognition in the target market [1] - High market acceptance lays a solid foundation for the company's future business development and revenue growth [1]