Summary of Shudao Equipment Conference Call Company Overview - Shudao Equipment has transitioned from equipment manufacturing to gas investment operation services and clean energy, with a focus on the hydrogen energy industry chain [2][4] - The company was originally named Senleng Co., established in 2001, and is one of the earliest companies in China to engage in liquid air separation equipment [4] Key Developments in Hydrogen Energy - A joint venture with Toyota, Shudao Toyota Hydrogen Technology Sichuan Co., was established with a registered capital of 236 million yuan, focusing on high-end equipment R&D and industrial promotion [2][5][6] - The first phase of the hydrogen fuel cell system has a planned annual production capacity of 1,500 units, with competitive pricing for heavy-duty trucks [2][8] - Shudao Equipment aims to achieve a production capacity of 1,500 heavy-duty trucks within the next 2 to 3 years [11] Market and Pricing Insights - Hydrogen prices at refueling stations in Sichuan are currently set below 30 yuan per kilogram, which is critical for subsidy eligibility [10][26] - The cost comparison shows that hydrogen fuel cell vehicles are slightly more expensive than diesel trucks but cheaper than electric trucks, with operational cost advantages due to free highway access in Sichuan [12] Low-Altitude Economy Initiatives - Shudao Group is actively developing the low-altitude economy, collaborating with domestic universities to develop liquid hydrogen storage systems and engaging with leading aircraft manufacturers [13][14] Liquid Hydrogen Production and Applications - Shudao Equipment is one of the first companies in China to hold liquid hydrogen patents, with a current production capacity of 5 tons per day and ongoing development for a 30-ton capacity [17] - The primary application for liquid hydrogen is expected to be in commercial aerospace, particularly for high-orbit and lunar missions [17][18] International Business Growth - In 2025, Shudao Equipment's overseas business saw significant growth, with total orders reaching 700 million yuan, primarily driven by LNG equipment orders from Africa [3][22] Strategic Partnerships and Future Plans - The company has signed a strategic cooperation agreement for the renovation of energy stations, aiming to enhance the infrastructure for hydrogen refueling [20] - Shudao Equipment is exploring liquid transportation as a solution to high gas transportation costs, with plans to reduce industrial electricity prices to enhance economic viability [21] Industry Trends and Government Support - The hydrogen energy sector is expected to grow significantly, supported by national strategies aimed at reducing carbon emissions and promoting clean energy [25] - The company is well-positioned to benefit from the low-cost hydrogen production in Sichuan, leveraging local resources for competitive advantages [27] Conclusion - Shudao Equipment is making substantial strides in the hydrogen energy sector, with a comprehensive approach to the entire industry chain, including production, storage, and application, making it a noteworthy player in the clean energy landscape [27]