Three Departments Issue Major Directive as Hydrogen Energy Track Ushers in Key Pilot Program! 19 Companies Achieve Profitability

Three departments deploy hydrogen energy comprehensive application pilot; 19 hydrogen companies to become profitable by 2025.

Two listed companies under investigation by the CSRC

On the evening of March 16, ST KeliDa (603828) announced that the company and Chairman Gu Yiming recently received notices from the China Securities Regulatory Commission (CSRC) regarding case filing. The investigation is due to suspected violations of information disclosure laws and regulations. According to relevant laws and regulations, the CSRC has decided to file cases against the company and Gu Yiming.

ST KeliDa stated that the company’s production and operations are normal, and the above matters will not affect normal business activities. During the investigation, the company and Chairman Gu Yiming will actively cooperate with the CSRC’s inquiries and strictly fulfill their information disclosure obligations according to applicable laws and regulations.

ST KeliDa has issued a forecast for 2025 performance, expecting net profit attributable to shareholders of -200 million to -160 million yuan, turning from profit to loss year-on-year. During the reporting period, due to macroeconomic weakness and tightening market conditions, the domestic construction industry faced increased downward pressure, and market competition intensified. The company proactively shrank its market scope, focusing on local markets, resulting in reduced construction projects and revenue; due to increased competition, project gross margins further declined.

ST KeliDa’s main businesses include building curtain walls, architectural decoration, prefabricated renovation, and photovoltaic building integration. As of March 16, the stock price was 6.68 yuan per share, with a total market value of nearly 4 billion yuan. The stock has surged significantly since the second half of 2024, with a cumulative increase of over 370%.

Additionally, Xiangyou Technology (600476) also announced on the evening of March 16 that, due to suspected violations of information disclosure laws, the CSRC has decided to file a case against the company.

The company previously issued a warning that its 2024 annual performance may be a loss and that it might face delisting risk. The company expects net profit attributable to shareholders of -550 million to -370 million yuan for 2025; at the end of the period, net assets will turn negative, estimated at -409 million to -229 million yuan.

The company stated that if the final financial report still shows negative net assets, it will trigger the regulation regarding “the most recent audited net assets at the end of the fiscal year being negative, or after restatement, the net assets at the end of the most recent fiscal year being negative.” The stock will be delisted after the 2025 annual report is disclosed, with a delisting risk warning by the Shanghai Stock Exchange.

Public information shows that Xiangyou Technology is affiliated with China Post Group Corporation, mainly engaged in software and big data R&D, platform operation, system integration, and product sales. As of the close on March 16, the stock price was 12.82 yuan per share, with a market value of nearly 2.1 billion yuan.

Hydrogen energy receives policy support

On March 16, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission issued the “Notice on Launching Hydrogen Energy Comprehensive Application Pilot Projects” (hereinafter referred to as the “Notice”).

The “Notice” states that the three departments will select city clusters with strong industrial foundations, rich application scenarios, robust hydrogen resource guarantees, and complete industrial chains to lead the pilot projects through a “challenge-based” approach. The goal is to explore commercialized hydrogen energy applications in a scientific, orderly, and proactive manner, improve industry policies, and promote integrated development of the entire hydrogen energy industry chain including production, storage, transportation, and utilization.

By 2030, hydrogen energy in urban clusters will achieve large-scale application across multiple fields, with the average price of terminal hydrogen reduced to below 25 yuan per kilogram, aiming for around 15 yuan per kilogram in some advantageous regions; the national fuel cell vehicle fleet will double compared to 2025, reaching 100,000 units.

Through expanding application scale, technological and process innovations in hydrogen energy, including equipment upgrades for fuel cells, electrolyzers, storage and transportation devices, and materials, will be driven, making hydrogen energy a new engine for economic growth.

Huatai Securities stated that the 2026 government work report emphasizes “cultivating new growth points such as hydrogen energy and green fuels,” and the “14th Five-Year Plan” also elevates hydrogen energy to a “future industry” strategic level. Additionally, tightening global shipping and aviation carbon regulations may create a nonlinear growth inflection point for hydrogen energy under the resonance of domestic and international policies. With increasing demand for green hydrogen, domestic project operators, hydrogen ammonia and alcohol equipment suppliers, and electrolyzer providers are expected to benefit.

Guojin Securities pointed out that by 2025, top-level attention to hydrogen energy will significantly increase, with frequent policy releases and sustained high-level guidance. Deep decarbonization in non-electric sectors makes hydrogen ammonia an indispensable key carrier, and the industry chain is entering a systematic development phase. Focus should be on three areas with strong economic viability, demand certainty, and dense policies: green alcohol, electrolyzers, and fuel cells.

19 hydrogen companies to be profitable by 2025

According to Data Treasure of Securities Times, as of March 16, 35 listed wind power equipment companies had released performance reports related to 2025. Based on annual reports, quick reports, or median forecasts, 19 hydrogen companies are expected to be profitable in 2025.

Baofeng Energy and SAIC Motor lead in net profit, with 11.35 billion yuan and 10 billion yuan respectively; CNBM Technology, Guanghui Energy, Foton Motor, China Automotive Research Institute all report net profits over 1 billion yuan.

Baofeng Energy disclosed its annual report on March 12. In 2025, the company achieved revenue of 48.038 billion yuan, up 45.64%; net profit attributable to shareholders was 11.35 billion yuan, up 79.09%. The company has invested 100 billion yuan in Ningdong, Ningxia, to build the largest, most complete, and most advanced modern coal chemical industry chain in China, with capacities including 240 million cubic meters of green hydrogen, 7 million tons of coke, 14 million tons of methanol, 5.5 million tons of polyolefins, and 1.35 million tons of fine chemicals.

Guanghui Energy expects to achieve net profit attributable to shareholders of 1.32 billion to 1.47 billion yuan in 2025, a decrease of 50.03% to 55.13%. The company’s hydrogen demonstration project entered hydrogen station trial operation in March 2024; green power was successfully connected in June; by the end of 2024, the project operated stably, with hydrogen production reaching design standards, totaling 94,000 kg of hydrogen, and green power generation of 1.6 million kWh.

In terms of profit changes, companies like Foton Motor, Hekang New Energy, SAIC Motor, Doushi Technology, King Long Motor are expected to see their net profits double in 2025. Among them, Foton Motor’s profit growth is the highest at 15.51 times. CaiMet Gas and Houpu Holdings turned losses into profits in 2025.

CaiMet Gas’s wholly owned subsidiaries, Hainan CaiMet, Changling CaiMet, and Anqing CaiMet, operate hydrogen-related businesses mainly through recovering and purifying petrochemical tail gases, then returning the purified gases to upstream companies via pipelines.

Houpu Holdings has established a full industry chain of hydrogen production, storage, transportation, and refueling equipment manufacturing, engineering contracting, and operation services.

(Source: Data Treasure)