MJNY(SZ:000723)2025-05-21 07:44Financial Performance - In 2024, the company experienced its first loss in several years, primarily due to a structural imbalance between the prices and costs of coal and coke, with both sales prices declining more than the corresponding cost reductions [1] - The coke business was the main source of operational losses, with the market showing a weak trend in 2024, leading to a significant drop in prices due to weak terminal demand and reduced cost support [1][2] - Other income increased by 186.18% in Q1 2025, mainly due to increased government subsidies related to the hydrogen energy industry, although the sustainability of these subsidies remains uncertain [4] Hydrogen Energy Initiatives - The company is collaborating with Guohua Technology to promote 10,000 hydrogen commercial vehicles nationwide, addressing high costs and inadequate refueling infrastructure through a comprehensive industrial loop [2][3] - The company has established the Anhui Xun'an Equity Investment Fund in 2025, focusing on advanced manufacturing and new energy sectors, which will enhance its technological reserves in hydrogen and fuel cells [3] - As of Q1 2025, the company has operated over 1,100 hydrogen fuel vehicles, with nearly 4,000 hydrogen fuel cell vehicles promoted, achieving a total operational mileage exceeding 200 million kilometers and reducing carbon emissions by approximately 200,000 tons [10][11] Market and Infrastructure Development - The company is actively participating in the development of hydrogen energy infrastructure, including hydrogen production bases and refueling networks, to create a replicable regional development model [4][6] - The hydrogen energy industry is expected to see significant growth, with the company planning to extend its hydrogen energy supply chain and explore applications in heavy-duty vehicles and shipping [6][7] - The company is also focusing on integrating traditional energy and hydrogen energy sectors to create a circular economy model, enhancing resource efficiency [5][6] Risk Management and Financial Stability - The company is implementing measures to stabilize its stock price amidst high pledge ratios, including optimizing production processes and enhancing communication with investors [9] - Accounts receivable increased by 6.84% due to market competition and customer financial difficulties, prompting the company to strengthen credit risk management and monitoring [8]