Are you optimistic about the development of hydrogen energy?

Yi Huatong is a veteran leader in fuel cell systems. In 2025, its system sales totaled 545 units—a 26.5% year-on-year decline. More troubling is the mounting difficulty in collecting accounts receivable, leading to continuously rising credit impairment losses. The company’s annual revenue stood at RMB 259 million, while its net loss reached RMB 671 million—meaning it lost RMB 2.6 for every RMB 1 of revenue generated. Guohong faces similar issues: revenue of RMB 300 million, with impairment-related losses surging from RMB 107 million to RMB 173 million—a 61.7% increase. Though revenue appears on paper, cash isn’t collected, forcing the company to book bad-debt provisions. Guofu Hydrogen Energy recorded the sharpest loss expansion among the four companies—up 82.1% year-on-year. Its two traditional core businesses—on-board high-pressure hydrogen supply systems and hydrogen refueling station equipment—saw revenues drop by 43% and 40%, respectively. Its water electrolysis hydrogen production business did grow, with its revenue contribution jumping from 6.9% to 28.6%, but this growth falls far short of offsetting the overall shortfall. Shu Chong Energy is the only one among the four to narrow its losses: net loss decreased from RMB 737 million to RMB 603 million—a 18.2% reduction. How? By slashing expenses. Administrative expenses dropped sharply to RMB 206 million; R&D spending fell from RMB 219 million to RMB 128 million—a nearly 42% cut. In short, it’s surviving by cutting costs—not by generating profits from operations. All four companies’ annual reports highlight the same point: the industry is transitioning from 'policy-driven demonstration' to 'scenario-driven commercialization'—but that transition remains incomplete. In plain terms: subsidies have been withdrawn, yet market demand hasn’t caught up. Cross-sector players: profitable core businesses fund hydrogen losses Compared to pure-play hydrogen companies, cross-sector firms engaged in hydrogen are faring much better. Sungrow Power Supply reported 2025 revenue of RMB 89.184 billion and net profit of RMB 13.461 billion—a 21.97% year-on-year increase. It ranked first nationally in hydrogen-related tender awards—but hydrogen-related revenue constitutes a negligible share of its total business. Sungrow funds its hydrogen initiatives using profits from its photovoltaic and energy storage businesses. Goldwind Technologies posted revenue of RMB 73.023 billion and net profit of RMB 2.774 billion—a 49% year-on-year rise. Its green methanol business secured new orders totaling 150,000 tons, with over 750,000 tons in backlog; its 250,000-ton green methanol project in Xing’anmeng has successfully commenced operations. Goldwind’s hydrogen strategy is clear: it doesn’t sell electrolyzers—it sells green methanol. Wind generates green electricity; green electricity produces green hydrogen; green hydrogen synthesizes green methanol—directly targeting marine fuel and chemical markets. This adds one more value-creation step beyond selling equipment alone, bringing it closer to monetization. Houpu Co., Ltd. exemplifies this pattern even more clearly. It posted a net loss of RMB 82.39 million in 2024, but in 2025 achieved revenue of RMB 1.079 billion—a 71% year-on-year surge—and net profit attributable to shareholders of RMB 7.84 million, finally turning profitable. Yet this turnaround wasn’t driven by hydrogen—it came from LNG refueling equipment. Falling natural gas prices and rising LNG vehicle sales revived its traditional business, pulling the company out of the red. While hydrogen progress exists—delivery of 70MPa ultra-high-pressure hydrogen refueling equipment and export of 1,000 Nm³/h alkaline water electrolysis equipment to Europe—the contribution to profitability remains minimal. For all three companies, their hydrogen businesses are essentially parasitic on profits from core operations: as long as the main business remains profitable, hydrogen investment can continue; if the core business falters, hydrogen funding dries up immediately. Meijin Energy: full hydrogen industry chain, sustained by coal coking Meijin Energy’s situation differs somewhat. In 2025, its revenue totaled RMB 17.969 billion, with a net loss attributable to shareholders of RMB 1.123 billion. This sounds grim—but examining its revenue structure reveals something more interesting: coal coking products accounted for 97.73% of revenue, while hydrogen (new-energy vehicles and related operations) contributed just 2.27%.

Jinhong Gas, a leading domestic industrial gas company

The company operates nearly 60 subsidiaries and branches, primarily concentrated in the East China region. In recent years, it has actively expanded nationwide, investing in and establishing multiple subsidiaries in Sichuan, Chongqing, Henan, and other provinces. Three core businesses with diversified product offerings Industrial gases—often dubbed 'the blood of industry'—are a foundational element of China’s national economy. The company operates three core business segments and offers over 100 distinct gas products. Its products serve a broad range of sectors, including integrated circuits, LCD panels, LEDs, optical fiber communications, photovoltaics, healthcare, environmental protection and energy conservation, new materials, new energy, high-end equipment manufacturing, food processing, metallurgy, chemicals, and machinery manufacturing. The company independently developed ultra-pure ammonia, high-purity hydrogen, high-purity nitrous oxide, high-purity carbon dioxide, silane mixtures, octafluorocyclobutane, high-purity argon, and high-purity nitrogen—among other ultra-high-purity specialty gases. It holds numerous proprietary intellectual property rights, and its product quality and technical capabilities have reached import-substitution levels, fully meeting the requirements of China’s semiconductor industry. As of the end of the reporting period, the company held a total of 255 patents—including 43 invention patents. Specialty gases are high-value-added industrial gases used in specific applications requiring exceptional purity—such as ultra-pure ammonia, hydrogen, high-purity nitrous oxide, and other high-purity gases. The company’s independently developed ultra-pure ammonia, high-purity hydrogen, high-purity nitrous oxide, and other electronic-grade ultra-high-purity gases are protected by proprietary IP, with quality and technology meeting import-substitution standards. Bulk gases refer to industrial gases produced and sold in large volumes and requiring relatively lower purity—such as oxygen, nitrogen, and argon (produced via air separation), as well as carbon dioxide and acetylene (synthesized gases). The company primarily produces carbon dioxide by capturing and technologically reprocessing waste CO₂ emissions—closely aligning with green ecological development goals. Natural gas is mainly used as fuel for residential and industrial purposes, for power generation, and in nitrogen fertilizer production. Given that some bulk-gas customers also require natural gas, the company engages in natural gas filling and sales to meet clients’ multi-gas needs—creating synergies with its other gas businesses. Simultaneous growth in bulk and specialty gases drives record-high revenue—40% YoY increase, solidifying competitive advantage Record-high performance: revenue rose 40.05% year-on-year in 2021, with a three-year compound annual growth rate (CAGR) of 17.63%. In 2021, the company achieved revenue of RMB 1.741 billion—a 40.05% increase over 2020—and a 2018–2021 CAGR of 17.63%. Net profit attributable to shareholders amounted to RMB 167 million—a 15.34% decline year-on-year—but maintained a 2018–2021 CAGR of 6.33%. Vertical development and horizontal expansion—combined with strong industry tailwinds—propelled substantial revenue growth. In 2021, the company’s revenue surged year-on-year, reflecting favorable industry and corporate trends: it adhered to a strategy of vertical development and horizontal expansion; newly launched, self-developed multi-gas projects gradually entered commercial operation; its East China base was strengthened while rapid expansion into Central China and the Sichuan-Chongqing region was achieved through M&A. As one of China’s high-tech industries prioritized under national industrial policy, the domestic industrial gas sector is experiencing robust import substitution momentum. Coupled with strong downstream demand, industry prosperity continues to rise.

Air Products stock holds near recent highs as LNG and hydrogen growth support earnings outlook

Jul 22, 2026

Air Products stock trades near highs driven by industrial gas demand and expanding LNG/hydrogen projects. The company targets double-digit earnings growth supported by a $30 billion project backlog and investments in energy transition.

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