Even more powerful than 'computing-electricity synergy'! Hydrogen energy sets clear 2030 targets; seven leading companies aggressively bought up by major institutional investors

【Answer 1】 First: Antai Group Core highlights: The company operates domestically advanced JN60-6A coke ovens in the coking sector, producing 2.4 million tons of high-quality metallurgical coke annually, and is equipped with comprehensive chemical by-product recovery and dry quenching coke facilities. Hydrogen energy core logic: In 2023, the company raised funds for a 30,000 Nm³/h coke oven gas-to-hydrogen project. This project produces hydrogen from coke oven gas—a low-cost hydrogen production method. Hydrogen extraction from coke oven gas incurs significantly lower costs, approaching the government’s target for low-cost hydrogen. Prior to large-scale adoption of green hydrogen, coke-derived hydrogen will serve as the primary low-cost supply source. The company stands to benefit substantially from performance growth driven by accelerated hydrogen energy development over the next five years. Second: Zhejiang New Energy Co., Ltd. Core highlights: The company focuses on investment, development, construction, operation, and management across wind power, photovoltaics, hydropower, hydrogen energy, and energy storage. As of end-June 2025, its grid-connected, wholly owned installed capacity totaled 6.6299 GW—including 1.1328 GW of hydropower, 3.4639 GW of photovoltaics, and 2.0332 GW of wind power. Hydrogen energy core logic: As Zhejiang Province’s clean energy platform, the company leverages abundant local hydropower, wind, and solar resources to produce green electricity, which it uses directly for electrolytic hydrogen production—enabling the “green electricity → green hydrogen” conversion and facilitating renewable energy consumption. It has also established a majority-owned subsidiary, Zhejiang Zheneng Aerospace Hydrogen Energy Technology Co., Ltd., specializing in hydrogen equipment sales—achieving an integrated hydrogen production–hydrogen storage closed loop. Third: Huadian Liaoning Power Generation Co., Ltd. Core highlights: The company engages primarily in power and heat generation and sales, covering thermal, wind, and photovoltaic power generation. It has introduced world-class wind turbine units to accelerate its energy transition. Hydrogen energy core logic: Leveraging regional wind and solar resources in Liaoning Province, the company is advancing integrated “wind–solar–thermal–storage–hydrogen” bases. Its access to low-cost green electricity at the source provides cost-dilution advantages, aligning well with clean energy base development and green hydrogen consumption pathways. It has jointly invested with China Huadian Engineering Co., Ltd. to construct a 25 MW off-grid wind-powered hydrogen production integrated project, expected to yield 1,230 tons of green hydrogen annually. Fourth: Meijin Energy Core highlights: The company possesses a complete industrial chain spanning coal, coking, natural gas, and hydrogen fuel cell vehicles. Hydrogen energy core logic: It has established a closed-loop system—“coal → coke → by-product hydrogen → hydrogen refueling stations → fuel cells → vehicles (Feichi Technology)”—combining low-cost hydrogen supply with end-market vehicle deployment, thereby ensuring strong operational resilience. Fifth: Jiugang Hongxing Core highlights: The company specializes in steel production and operates an integrated steel complex encompassing mining, ore dressing, sintering, coking, ironmaking, steelmaking, hot rolling, cold rolling, and stainless steel production, with an annual steel output capacity exceeding 10 million tons. Hydrogen energy core logic: Its austenitic stainless steel for hydrogen storage has already been applied in large-volume, double-layer spherical vacuum-insulated liquid hydrogen tanks. The company will significantly benefit from rising hydrogen storage demand driven by accelerated hydrogen energy application over the next five years. Sixth: Luhua Technology Core highlights: The company is a comprehensive chemical enterprise integrating coal chemical, salt chemical, fine chemical, combined heat and power generation, and chemical equipment manufacturing—ranked among the top three chemical equipment manufacturers in China’s fertilizer and chemical industry.

“The First Hydrogen Stock” has incurred RMB 1.7 billion in losses over six years; fuel cells are trapped in a commercialization dilemma

【Answer 2】 Globally, the hydrogen energy industry is currently undergoing a systemic "correction," encountering strong, short-term headwinds. Take hydrogen fuel cell vehicles as an example: although this technology pathway has long been viewed favorably by industry insiders, its real-world implementation has progressed with great difficulty. The industry’s persistent failure to take off has directly dragged down the financial performance of listed hydrogen energy companies—even industry leaders have not been spared. On the evening of February 27, Yihua Tong—the so-called “first hydrogen stock”—released its 2025 performance快报 (flash report), reporting revenue of RMB 262 million, a 28.51% year-on-year decline; net attributable profit was a loss of RMB 628 million, down 37.65% year-on-year, representing an additional RMB 172 million in losses compared to 2024. Notably, this marks the company’s sixth consecutive year of net losses since its IPO in 2020—and the magnitude of losses continues to widen. From 2020 to 2024, the company reported losses of RMB 23 million, RMB 162 million, RMB 166 million, RMB 243 million, and RMB 456 million respectively—accumulating over RMB 1.05 billion in losses over five years. Adding the RMB 628 million loss in 2025 brings the total six-year cumulative loss close to RMB 1.7 billion. Although hydrogen energy has been designated a critical component of China’s national energy strategy, Yihua Tong—as the leading fuel cell system manufacturer—remains mired in deepening losses. Its predicament reflects broader challenges facing the hydrogen industry’s commercialization: prohibitively high costs, insufficient market demand, and excessive reliance on policy support. Economically unviable calculations and heavy dependence on government subsidies characterize the current state of the hydrogen industry. On February 28, a Yihua Tong representative told the China Times in an interview that inadequate disbursement of downstream national subsidies has dampened the entire industry’s sales volume, cash flow, and order enthusiasm. Caption: Yihua Tong releases its 2025 performance flash report. Yihua Tong went public on the STAR Market in 2020 and subsequently listed on the Hong Kong Stock Exchange in 2023, earning the title “China’s first hydrogen fuel cell stock.” It built China’s first mass-production line for fuel cell engines; its products are mainly deployed in buses, logistics vehicles, and heavy-duty trucks—covering virtually all road transportation scenarios with fuel cell systems of varying power ratings. Despite its status as the industry’s leading fuel cell system provider, Yihua Tong’s recent financial performance has been bleak. In 2019—the year before its IPO—it posted a net profit of RMB 63.92 million, though its non-recurring net profit was a loss of RMB 14.11 million. Yet since its 2020 listing, Yihua Tong has remained consistently unprofitable. Financial data show net losses of RMB 22.52 million, RMB 162 million, RMB 167 million, RMB 243 million, and RMB 456 million for 2020 through 2024, respectively. In 2025, losses widened further to RMB 628 million—setting a new record. Specifically for 2025: revenue in H1 amounted to RMB 72 million; H2 revenue reached RMB 190 million—with Q4 alone contributing RMB 158 million, accounting for the bulk. Yet despite higher H2 revenue, Yihua Tong incurred even greater losses. H1 losses totaled RMB 163 million; H2 losses reached RMB 465 million—including RMB 317 million in Q4 alone, exceeding the sum of losses from the first three quarters combined.

Hydrogen Stocks Diverge as Industrial Gas Incumbents Outpace Fuel-Cell Pure Plays

Nov 2, 2026

Hydrogen stocks diverge as industrial gas incumbents like Linde and Air Products outperform fuel-cell pure plays such as Plug Power. Investors prioritize profitability and momentum over broad sector speculation amid valuation concerns.

ChartMill

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UBS Adjusts Price Target on Air Products and Chemicals to $307 From $285, Maintains Neutral Rating

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Air Products and Chemicals (NYSE:APD) Given New $307.00 Price Target at UBS Group

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Air Products Tops Turnover Chart as $260 Million Surge Signals Deep Institutional Faith in Hydrogen Future

2026-04-12

Greenup Street Wealth Management Reduces Air Products and Chemicals Holdings

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BMO Capital Adjusts PT on Air Products and Chemicals to $325 From $282, Keeps Market Perform Rating